Sorry, but you're not allowed to access this unit.
Certified Inventory Specialist Exam
You'll need to correctly answer at least 64 of the 75 questions below (at least 85%) to progress to the next unit.
Question #1: Designation as a Certified Inventory Specialist states that you have an all-around knowledge base of the inventory industry.
Question #2: By accepting the Code of Ethics, one endorses the importance of being supportive of all asset industry professionals, and agrees to do so.
Question #3: The inventory industry sector that is evolving and becoming much more recognizable is
Question #4: A loss inventory is more challenging than preparedness inventory, but more rewarding because of the immediate outcome resulting from your work.
Question #5: A business contents inventory can save a company from unnecessary spending
Question #6: An inventory of the items in a storage unit is important because
Question #7: A pre-nuptial inventory can be beneficial because
Question #8: There is no niche market for inventories at the time one moves, because all moving companies provide a thorough inventory of the items placed on the truck.
Question #9: Work in process inventory accounts for items that have begun to be assembled but are not yet completed.
Question #10: One benefit of tracking personal property inventory is to avoid unnecessary purchases.
Question #11: Direct materials are components incorporated in the manufacturer’s final product.
Question #12: Finished goods inventory is
Question #13: A subcontractor is someone who
Question #14: It is imperative to know the laws of your state, as some states require you to be a licensed adjuster to assign values.
Question #15: Another name for a Business Services Bond is a(n)
Question #16: It is only right and ethical for me to offer services only for which I am qualified, and make every effort to refer a service professional for those I cannot perform.
Question #17: Raw material inventory is
Question #18: A Business Services Bond
Question #19: The Code of Ethics states those certified will conduct business with
Question #20: To achieve certification, one must
Question #21: To make others aware of my designation (CIS), I can include these initials on my business cards, marketing materials, website, and signature line in my emails.
Question #22: The most commonly known reason for a home inventory is for
Question #23: Personal property can be best described as
Question #24: An example of a furniture manufacturer’s work in process inventory item would be the knobs purchased that have not yet been attached to a drawer.
Question #25: Raw material inventory
Question #26: A finished goods inventory is helpful for many reasons, but does not provide value for the delivery schedules.
Question #27: The purpose of work in process inventory is mainly to
Question #28: Merchandise inventory is a list of items purchased for personal use.
Question #29: To receive an equitable insurance settlement, the insurance company will most likely require an itemized list of the items for which you want to be reimbursed.
Question #30: Renters don’t need a personal property inventory because their landlord has an insurance policy that will cover the contents.
Question #31: A business benefits from a personal property inventory because
Question #32: A proactive inventory is the best way to prepare for any life event that requires information regarding one’s belongings.
Question #33: An inventory created prior to when it is needed is called a reactive inventory.
Question #34: Asset tracking is a benefit of a business inventory because it can identify the location of each asset, which saves hours of time searching for items.
Question #35: The Code of Ethics states that I can use the intellectual property of others if it is on the internet.
Question #36: To be successful in the inventory industry, you must have knowledge of entrepreneurship, marketing, customer service, best business practices, and finances.
Question #37: A business needs a current inventory of their contents for the following reason(s).
Question #38: Indirect materials are items used during the production process to help create the product, but not components of the product, such as lubricants for equipment.
Question #39: Replacement value is
Question #40: There is an established process that all inventory professionals must follow when providing their service.
Question #41: A boat or vessel asset inventory is unique because
Question #42: Due to the emotional stress after the death of a loved one, an executor is likely to seek an inventory service professional to document the estate’s assets.
Question #43: The benefits of hiring a third party inventory company far outweigh the cost of the service because the disaster victims will be able to maximize their insurance claim.
Question #44: Achieving certification benefits you by
Question #45: The owner of an inventory company is responsible to do business according to the Code of Ethics; employees and subcontractors of the inventory companies are exempt from abiding by these standards.
Question #46: Proactive inventories are beneficial when claiming uninsured or under-insured losses on an income tax return.
Question #47: Personal property can be best described as
Question #48: A structure inventory includes the grade of materials used in a home such as crown molding, texturing, and similar upgrades.
Question #49: Many companies have a depreciation schedule but not an inventory of all assets.
Question #50: Examples of merchandise inventory in a department store are linens, decorative items, clothing, and cosmetics.
Question #51: An antique store or small machine shop are examples of special niche markets that a personal property inventory service professional might want to serve.
Question #52: The purpose of a Code of Ethics is to
Question #53: If you have insurance, you don’t need to have a personal property inventory; if you experience a loss, the insurance company will issue you a check for the value of your coverage.
Question #54: Pursuing continued education is one way to promote professionalism and adhere to the Code of Ethics.
Question #55: A structure inventory is an inventory that is performed for rental property
Question #56: When a business owner plans on selling, an inventory will help determine the value of the assets.
Question #57: The need for a personal property inventory service is growing because
Question #58: A Business Services Bond
Question #59: There only 2 reasons for an inventory of a home or business contents - disaster preparedness and disaster recovery.
Question #60: An inventory helps protect one’s personal financials by
Question #61: Confidentiality is one of the sections of the Code of Ethics. It states that it is within our guidelines to share customer databases as long as the other organization pays a fair fee for them.
Question #62: Since most retail inventory is tracked with software programs on a daily basis, it is not necessary to complete a physical count,
Question #63: Having an up-to-date personal property inventory can shorten the amount of time a policyholder will have to wait to receive necessary funds when
Question #64: Insurance company websites, and also agents, recommend that policyholders have a personal property inventory.
Question #65: There is an established pricing model that all inventory professionals follow when providing their service.
Question #66: It is the homeowner’s or business owner’s responsibility to
Question #67: When a couple decides to separate or divorce, an inventory serves the purpose of
Question #68: “Recovery” and “reactive” are other terms for “loss” inventory.
Question #69: Items purchased by retail or wholesale stores for resale purposes are considered merchandise inventory.
Question #70: Renters need inventories of their belongings because
Question #71: The Code of Ethics states that you will exhibit professionalism in this way:
Question #72: Cash value, when talking about an insurance policy, is
Question #73: When merging two companies, separate inventories conducted prior to the acquisition aren’t necessary since they will own all of the assets.
Question #74: The certification for which I am applying is
Question #75: To retain my certification, I must meet an established number of CEUs