📚 Worksheet Answers – Chapter 24 | 第24章练习题答案
This worksheet covers key concepts from Chapter 24 on Inventory Management. It includes definitions, calculations, and explanation questions that frequently appear in A-Level Business examinations. The model answers below provide full-mark responses, with bilingual explanations to support both English and Chinese learners.
本练习题涵盖第24章存货管理的关键概念。内容包括定义、计算和解释题，这些题型在A-Level商务考试中经常出现。下方的标准答案提供满分回答，并配有双语解释，帮助英语和中文学习者理解。
1. Define the term 'inventory' and identify three main types. | 定义“存货”并指出三种主要类型。
Inventory refers to the stock of raw materials, work-in-progress, and finished goods held by a business to meet production needs or customer demand. The three main types are: (1) raw materials – basic inputs used in production; (2) work-in-progress – partially completed goods still on the production line; and (3) finished goods – products ready for sale to customers.
存货是指企业为满足生产需求或客户需求而持有的原材料、在制品和成品的库存。三种主要类型是：（1）原材料——用于生产的基本投入物；（2）在制品——仍在生产线上尚未完工的产品；（3）成品——已准备好销售给客户的最终产品。
2. Explain two costs of holding too much inventory. | 解释持有过多存货的两个成本。
Holding excessive inventory leads to increased storage costs, such as warehousing rent, security, and insurance. Large stock levels also tie up working capital, reducing liquidity and increasing the opportunity cost of money that could be invested elsewhere in the business.
持有过多库存会导致存储成本增加，如仓库租金、安保和保险费用。高库存水平还会占用营运资金，降低流动性，并增加资金的机会成本，因为这笔资金本可投资于企业的其他方面。
3. Explain two costs of holding too little inventory. | 解释持有过少存货的两个成本。
When inventory levels are too low, a business risks stock-outs, leading to lost sales and damage to customer loyalty. Production may also be halted if essential raw materials are unavailable, resulting in idle machinery and labour, which increases unit costs due to wasted capacity.
当库存水平过低时，企业面临缺货风险，导致销售损失和客户忠诚度下降。如果关键原材料无法获得，生产也可能中断，造成机器和劳动力闲置，从而因产能浪费而增加单位成本。
4. Calculate the Economic Order Quantity (EOQ) given annual demand of 12,000 units, ordering cost of £75 per order, and holding cost of £1.25 per unit per year. | 已知年需求量12000件，每次订购成本75英镑，每件年持有成本1.25英镑，计算经济订货量（EOQ）。
The EOQ formula is √2 × D × O , O = ordering cost per order, and H = holding cost per unit per year. Substituting: EOQ = √2 × 12,000 × £75 / £1.25 = √1,800,000 / 1.25 = 1,341.64 / 1.25? Careful: EOQ = √((2 × 12,000 × 75) / 1.25). Actually standard formula: EOQ = √2DO/H. So EOQ = √2×12,000×75 ÷ 1.25 = √1,800,000 ÷ 1.25 = √1,440,000 = 1,200 units. The optimal order quantity is 1,200 units.
EOQ公式为 √2 × D × O / H，其中D为年需求量，O为每次订购成本，H为每件年持有成本。代入数值：EOQ = √2 × 12,000 × 75 ÷ 1.25 = √1,800,000 ÷ 1.25 = √1,440,000 = 1,200 件。最优订货量为1200件。
5. What is the reorder level if maximum daily usage is 80 units, lead time is 4 days, and minimum daily usage is 50 units? | 如果最大日用量为80件，交货期为4天，最小日用量为50件，再订货水平是多少？
usage × Lead time = 80 × 4 = 320 units. This ensures that even during the highest demand, stock will not run out before the next delivery arrives. (Note: if buffer stock is included, the reorder level = (average usage × lead time) + buffer stock; but with data given, the simple reorder level based on maximum usage is 320 units.)
再订货水平的计算使用最大日用量×最长交货期。本题给定交货期固定，再订货水平 = 最大用量 × 交货期 = 80 × 4 = 320件。这样即使在需求最高时，库存也不会在下一次交货前耗尽。（注：若包含缓冲库存，再订货水平 =（平均用量 × 交货期）+ 缓冲库存；但根据所给数据，基于最大用量的再订货水平为320件。）
6. Explain how Just-in-Time (JIT) inventory management works and state two advantages. | 解释准时制（JIT）存货管理如何运作，并说明两个优点。
JIT is a production and inventory system where raw materials and components are delivered right before they are needed in the production process, eliminating the need to hold large stocks. Two advantages: reduced storage and holding costs, and less money tied up in inventory, which improves cash flow. Also, JIT can reduce waste, as faulty materials are identified quickly and not hidden in large stockpiles.
JIT是一种生产和库存系统，原材料和零部件在生产需要之前准时送达，无需持有大量库存。两个优点：降低存储和持有成本，减少库存占用的资金，从而改善现金流。此外，JIT可以减少浪费，因为次品物料会被迅速发现，而不会隐藏在大批库存中。
7. State two disadvantages of JIT. | 说明JIT的两个缺点。
JIT relies heavily on reliable suppliers and efficient logistics; any disruption in supply can halt production immediately. Also, frequent small deliveries may increase administration and transportation costs. The system is vulnerable to unexpected demand surges, leaving the business unable to meet customer orders promptly.
JIT高度依赖可靠的供应商和高效的物流；任何供应中断都会立即导致停产。同时，频繁的小批量交货可能增加管理和运输成本。该系统容易受到意外需求激增的冲击，使企业无法及时满足客户订单。
8. What is buffer stock and why is it held? | 什么是缓冲库存，为什么持有缓冲库存？
Buffer stock (or safety stock) is a minimum level of inventory held to protect against uncertainties in demand and lead time. It is maintained to prevent stock-outs during unexpected surges in demand or delays in delivery from suppliers. By holding buffer stock, a business can continue to operate smoothly and maintain customer satisfaction even when conditions deviate from the normal.
缓冲库存（或安全库存）是为防止需求和交货期不确定性而持有的最低库存量。持有缓冲库存是为了在需求意外激增或供应商交货延迟时避免缺货。通过持有缓冲库存，企业即使在情况偏离正常时也能继续平稳运营并保持客户满意度。
9. Calculate the inventory turnover ratio if cost of goods sold is £500,000 and average inventory is £125,000. Interpret the result. | 若已售商品成本为500,000英镑，平均存货为125,000英镑，计算存货周转率并解释。
Inventory turnover = Cost of goods sold / Average inventory = £500,000 / £ tory management, as stock moves quickly and holding costs are lower, but ratios should be compared with industry averages.
存货周转率 = 已售商品成本 / 平均存货 = 500,000 / 125,000 = 4次。这意味着企业每年售空并补充库存4次。较高的周转率通常表明存货管理高效，因为存货流动快，持有成本低，但该比率应与行业平均水平进行比较。
10. Discuss the importance of effective inventory management for a business's overall profitability. | 讨论有效存货管理对企业整体盈利能力的重要性。
Effective inventory management ensures that the right quantity of stock is available at the right time, reducing costs and maximising sales revenue. By minimising holding costs and avoiding stock-outs, a business can lower operating expenses and retain customer loyalty. Adequate stock levels also mean production runs smoothly, avoiding idle time and keeping unit costs low. In contrast, poor inventory management leads to tied-up capital, wastage, and lost sales, all of which reduce profit margins. Therefore, inventory control directly influences gross profit, net profit, and return on capital employed.
有效的存货管理确保在正确的时间获得正确的库存数量，从而降低成本并最大化销售收入。通过将持有成本降至最低并避免缺货，企业可以降低运营费用并保持客户忠诚度。充足的库存还意味着生产平稳进行，避免闲置时间并使单位成本降低。相反，不良的存货管理导致资金占用、浪费和销售损失，所有这些都会降低利润率。因此，存货控制直接影响毛利、净利以及资本回报率。
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