Stock Control

Question 1

What is stock?

Accepted Answer

Stock refers to goods or materials kept by an organisation in a special place called a warehouse or store or stock room.

Answer

Stock refers to businesses that keep goods in return for incentives.

Question 2

Internal requests from stock are called ?

Accepted Answer

Requisitions

Answer

Deductions

Answer

order

Question 3

What are orders?

Accepted Answer

Request for supplies from customers.

Answer

Request for customers from different countries.

Answer

Request for money from customers.

Question 4

To ensure what, a close check of stock must be maintained?

Accepted Answer

To ensure that sufficient quantity is always available when needed.

Answer

Because the country is facing a recession  employees can get food for their family.

Question 5

Whys is stock control important?

Accepted Answer

Because it is used to support internal operations.

Answer

To facilitate the owner of the business.

Question 6

If a business holds too much stock it can be a drain on its resources, such as space for storage, selling displays, cash, credit limit and so on.

Answer

true

Question 7

Items such as Diamonds will need protection.

Answer

true

Question 8

Stock is a current Liability of the business.

Answer

true

Question 9

Assets are things the business owes.

Answer

true

Question 10

Liabilities are things the business owes.

Answer

true

Question 11

All assets and liabilities are shown in a financial statement called a balance sheet.

Answer

true

Question 12

What is stock in trade?

Accepted Answer

Stock purchased for resale.

Answer

Stock sold for resale.

Question 13

What are consumable stocks?

Accepted Answer

Raw materials for manufacturing.

Answer

Money that a company owns.

Answer

The amount of cars that is owned by the company.

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