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1. Relating the pharmacy's inventory productivity to its gross margins is known as which of the following:

A. Return on Investment (ROI) B. Gross Domestic Product (GDP) C. Gross margin return on investment (GMROI) D. Gross margin return (GMR)

2. Unclaimed prescriptions in the community pharmacy setting should be returned to stock within which of the following time frames:

A. 4 to 7 days B. 5 business days C. 3 days D. 7 to 10 days

3. Most pharmacies will consider the placement of a drug into a dispensing vial a repackaging and will apply a shelf life/expiration date ________ months from the date of the prescription being filled.

A. 12 B. 6 C. 4 D. 8

4. The amount of time that elapses between the placement of an order and the receipt of the merchandise is called the

A. Order cycle time B. Wait time C. Inventory cycle D. Incubation time

5. The National Community Pharmacists Association (NCPA) defines adequate inventory as which of the following:

A. Whatever you have on the shelf B. Whatever you have on the shelf and on order C. Basic stock + safety stock D. Two times what you sold the previous day

6. A positive inventory event shelf inventory, it also has a impact on pharmacy profitability.

A. Increases; negative B. Decreases; positive C. Increases; positive D. Decreases; negative

7. A situation in which the use of or exposure to a violative product may cause temporary or medically reversible adverse health consequences or where the probability of serious adverse health consequences is remote is an example of a__________.

A. Class I recall B. Class III recall C. Class II recall D. Market withdrawal

8. The Generic Pharmaceutical Association (GPhA) reported that the average retail price of a generic medication prescription was less than _______ the price of a brand medication prescription in 2007.

A. 1/3 B. 1/8 C. 2/8 D. 5/8

9. To maximize a pharmacy's GMROI and reduce the pharmacy's financial exposure, it would be a best practice to manage the brand name product inventory down at least _________ days prior to the introduction of a generic product.

A. 45 B. 30 to 60 C. 15 D. 7

10. A ________ is an inventory auditing procedure where a small subset of inventory, in a specific location, is counted on a specific day.

A. Cycle count B. Perpetual inventory C. Spot count D. Sight count

11. It is also important to employ a ________ method of counting in an effort to mitigate the introduction of errors that could result from different users completing the cycle count.

A. Random B. Standardized C. Integrated D. Segmented

12. Example(s) of positive inventory events include which of the following:

A. Return to stock and new product introductions B. Recalls and generic introductions C. Short cycle count D. Damaged product returns

13. A pharmacist ________ return drug products to the pharmacy's stock once they have been out of the pharmacy's possession because the product's strength, quality, purity, or identity can no longer be ensured.

A. Should not B. Could C. Sometimes will D. With permission will

14. Which of the following are costs associated with carrying and maintaining inventories:

A. Sunk costs B. Hidden costs C. Carrying costs D. Procurement costs

15. Negative inventory events include which of the following:

A. New product introductions B. Brand-to-generic transitions C. Return-to-stock D. Price increases

16. The Current Good Manufacturing Practice (cGMP) regulations require, with certain exceptions, that drug products must bear expiration dates derived from tests conducted on samples stored in ______ container closure system in which the drug is marketed.

A. The same immediate B. A like C. A similar D. A comparable

17. In 2011, the Food and Drug Administration (FDA) approved ______ new molecular entities.

A. 24 B. 14 C. 44 D. 34

18. When a pharmaceutical company recalls its product from the market because product tampering is suspected, this is considered which of the following:

A. Class I recall B. Class II recall C. Class III recall D. Market withdrawal

19. In an authorized generic transition the brand will license to a generic company to keep the generic price to support a brand price.

A. Lower/higher B. Higher/higher C. Higher/lower D. Lower/lower