CPPB Inventory Management 3

Question 1

Which inventory document is used to record the official transfer of goods from the storeroom to an end user department?

Accepted Answer

Material Issue Voucher (Stores Requisition)

Answer

A material issue voucher or stores requisition documents the authorized withdrawal of inventory items from stores and charges the consuming department.

Question 2

Surplus property in public procurement is generally defined as:

Accepted Answer

Items no longer needed by one agency that may still have value to others

Answer

Surplus property is excess or unneeded property that retains value and should be offered to other public entities before disposal or sale.

Question 3

The purpose of a stock record card (or item master) in inventory management is to:

Accepted Answer

Maintain a running record of receipts, issues, and balances for each stock item

Answer

A stock record card provides a detailed transaction history for each inventory item, enabling accurate tracking of receipts, issues, and current balance.

Question 4

Which federal program requires public agencies receiving federal funds to maintain specific records and dispose of surplus equipment according to prescribed procedures?

Accepted Answer

The Uniform Guidance (2 CFR Part 200)

Answer

2 CFR Part 200 (Uniform Guidance) establishes property management and disposal standards for federally funded equipment and supplies.

Question 5

An agency's inventory shrinkage is most accurately described as:

Accepted Answer

The difference between recorded inventory quantities and actual physical counts due to loss, theft, or error

Answer

Shrinkage refers to unexplained losses between book inventory and physical count, often caused by theft, damage, or recording errors.

CPPB - Certified Professional Public Buyer Practice Test

CPPB - Certified Professional Public Buyer Practice Test

CPPB Inventory Management 3