1. Choctaw Travel Plazas take inventory and place orders every Monday and Thursday for deliveries every Tuesday and Friday. What inventory ordering model do they use?

	a.	Single period model
	b.	Fixed-order-interval model
	c.	Fixed-order-quantity model
	d.	Reorder Point ordering model
	e.	Economic order quantity model

2. What would be the average inventory for a company who received $500,000 of stock on January 1 and consumed all that inventory by January 31?

	a.	$100,000
	b.	$150,000
	c.	$200,000
	d.	$250,000
	e.	$300,000

3. inventory Holding costs or Carrying costs are difficult to calculate due to all the factors that can impact that cost. Thus, CFO's working with Supply Chain Managers often use a typical percentage cost of inventory. What would be the estimated holding costs for $1,600,000 in inventory using a rule of thumb percentage?

	a.	$100,000
	b.	$200,000
	c.	$300,000
	d.	$400,000
	e.	$500,000

4. Why is Inventory management so important in a company's performance related to ROI, Return on Investment?

	a.	Inventory is a small part of COGS, Cost of Goods Sold
	b.	Inventories represent a significant portion of total assets
	c.	Inventories represent management's response to forecasted demand
	d.	Inventory is a major factor in cost of quality
	e.	Inventory is the major source of revenue for Retail and Wholesale businesses

5. Takt time is the cycle time needed in production to match the pace of production to the demand rate. What is the Takt time (minutes per demand cycle) in this example? i. Total time per shift = 480 minutes (8 hours per day x 60 minutes per hour) ii. Rest breaks = 40 minutes (20 minutes in morning and 20 minutes in afternoon) iii. Lunch = 40 minutes iv.Demand = 40 units per day

	a.	5
	b.	10
	c.	12
	d.	15
	e.	20