It is a record that is kept with the physical stock. There is a separate card used for each item which containd a description of the item, its codes unit of issue, quantities received and issued, and balance stock.
What is a bin card?
100
It involves a cyclical review of all product levels at periodic intervals.
What is the periodic review method of stock control?
100
It refers to checks on physical quantities which may be applied regularly or when required.
What is a stock check?
100
Stocks that are delivered first should be issued first.
What is the FIFO method of stock rotation?
100
It is the process of systematically specifying and describing all items of stock.
What is the definition of "stock identification"?
200
It is the process of recording stock movement and balances in value.
What is store accounting?
200
1) Minimises investment cost, seeking to reduce the amount of money tied-up in stocks.
2) Minimises losses through damage and obsolescence.
3) Minimises warehousing cost.
What are the reasons for stock management?
200
It involves counting a number of pre-determined items daily until the whole stock is counted within a specified cycle.
What is a continuous stocktake?
200
They arise when there is a change in demand or requirement, or from the result of over-ordering.
What are redundant stocks?
200
This process can help to avoid repeated use of long descriptive names and simplifies recording.
What are the advantages of coding of stock?
300
For the first type, the record is kept with the physical stock and for the other type, records are kept together in one place.
What is the difference between a bin card and a stock card?
300
1) Large write-offs for obsolete or expired goods.
2) Periodic lack of adequate storage space.
3) Excessively high inventory at stocktake.
What can be observed when there is poor stock management?
300
Total stockholding & cost of goods sold < total purchases of stock.
What is considered as a negative balance after a stocktake?
300
1) Circulating to other potential users (hospitals).
2) Negotiating with suppliers for return.
What are the ways to dispose redundant stock?
300
1 year
What is the typical expiry date of stock received at a hospital?
400
1) To satisfy the legal requirements.
2) To supply information for stocktaking.
3) To serve the purpose of a price list.
What are the reasons for keeping stock records?
400
MQL + ROQ
What is the re-order level?
400
1) To check that the physical inventory stock value and the purchasing records are in concordance with each other.
2) To reveal any weakness in the system for the custody and control of stock.
What are the purposes of a stocktake?
400
They can either be crushed and thrown into the rubbish bin.
What is the method to dispose deteriorated stock?
400
1) description and strength.
2) pack size.
3) quantity.
4) cost price.
5) bonuses that are agreed upon.
What are the items that should be matched between the delivery order/invoice issued by the supplier against the purchase order raised?
500
Staff responsible for physical receipt and issue of stocks, should not be allowed access to store records without supervision.
What is done to minimize fraud and theft from the store?
500
It involves calculating the annual usage value of each item in the inventory and grouping them into three categories based on a 80:20 rule.
What is the Pareto Principle in ABC Analysis method of stock control?
500
Receipt without updating of stockcard.
What is an example of a common reason for surplus in a stocktake?
500
Destruction shall be conducted under the supervision of HSA officers.
What is the additional condition that must be met for the disposal of controlled drugs?
500
1) Item description.
2) Quantity required.
3) Name/signature of requester.
4) Where the stocks are required.
5) Date of issue.
What should be documented when there is an issue from the Store?