Inventory Position Is

question 16

Multiple Choice

Inventory position is

• A)the amount of inventory on hand in excess of expected demand.
• B)the amount of inventory on hand.
• C)the amount of inventory on hand plus the amount of inventory on order.
• D)None of these are correct.

---

Definitions:

Purchase Order

A formal document sent from a buyer to a seller specifying the type, quantity, and price of products or services ordered.

Contract Amendment

A change or addition to the terms of an existing contract, agreed upon by all parties involved.

Legal Obligation

A requirement by law for an entity or person to adhere to certain behaviors or standards.

Materials Manager

A professional responsible for overseeing the acquisition, control, and distribution of materials and products within an organization, ensuring efficient operations and cost management.