Actually, in the VCE course, a point of inflection only occurs when the first derivative changes sign. f''(x) = 0 is a necessary but insufficient condition. y=x^4 would have a global minimum at the origin. There, the first derivative is 4x^3 but does not change sign at the origin. The second derivative is zero, but so is the third derivative.
For the general nth derivative test, if the first n derivatives are all zero at a point, but the (n+1)th derivative is not, then if n+1 is even, the stationary point is a local extremum, but if n+1 is odd, then the stationary point is a point of inflection. If n+1 is even and the (n+1)th derivative is positive, then we have a local minimum and vice versa.