0 votes, 0 avg

STORES AND MATERIALS MANAGEMENT

Welcome to Membership Exams. We wish you all the best as you kick start a wonderful career with us

ONLINE EXAMINATIONS

The online assessment is taken on completion of the training material. You will be asked 100 multiple choice questions with a pass mark of 50%. The answers are marked automatically so you will instantly know whether you have passed. If you don’t pass don’t worry! You can take the Exam again

Whether you are a student on our platform or not we encourage you to email your enquires to our friendly team if you need help with anything at info@membershipexams.com

REGISTER TO START YOUR EXAMINATION

1 / 50

SIM. One of these is not a subjective method of forecasting into the future?

a. Dephi method

b. Personal consensus

d. Multiple Regression Analysis

2 / 50

SIM. N Harris (1915) and Naddar (1966) come up with concepts of inventory problem solving by resulting into three simple costs which includes?

a. Holding cost

b. Ordering cost and Shortage cost

d. All of the above

3 / 50

SIM. How many dependent variable(s) do we have in the above statement?

a. One

b. Two

c. Three

4 / 50

SIM. What are the factors that influence effective use of a warehouse?

a. Cube utilization and accessibility

b. Stock location

c. all of the above

5 / 50

SIM. What are the major component of logistics.

a. inbound and outbound logistics

b. material and outbound logistics

c. Inbound, material and outbound logistics

6 / 50

SIM. A Bought-Out-Part inventory is that goes directly into

a. used in shipment and transit period

b. Assemblage of product

c. used as spare part in machines

7 / 50

SIM. Enterprise Resource Planning promises one database, one application and ……….

a. One report

b. One standardization

c. One user interface

8 / 50

SIM. What are the reasons individual and/or organization keep inventory?

a. Variability in lead time, height, and weight variables

b. Seasonal variability, demand variability, pipeline inventory

c. Age, education, and income variables

9 / 50

SIM. What is the observable or number of cases in the statement?

a. Ten

Twelve

Fifteen

10 / 50

SIM. A unit of a stock is the ………………….. size or quantity of an item.

a. numerous

b. distinct

c. standard

11 / 50

SIM. What explodes the master schedules to plan of supply of materials

a. BOP

b. MRP

c. ERP

12 / 50

SIM. Categories of stocks that are used without seeing the stock in the final product is called………..

a. consumables

b. Cycle Stock

c. Buffer Stock

13 / 50

SIM. All these are method of evaluating safety stock except ……….

a. Normative

b. Conservative

c. Sporadic

14 / 50

SIM. In a partnership under the Partnership Act 1890, the partners:

a. have limited liability for the obligations of the partnership

b. have joint liability for the obligations of the partnership

c. have joint and several liability for the obligations of the partnership

15 / 50

SIM. The solution to the concept of inventory problems dealt with two aspect………… and ………….

a. when not to demand and when to demand

b. what to supply and what to demand

c. when to buy and quantity to buy

16 / 50

SIM. The aim of the warehousing is to provide necessary storage at a key point in supply chain, giving secure storage of needed materials, keeping them in good condition with little damage or loss with ………………………………. and ………………………………

a. high cost and low productivity

b. low cost and high productivity

c. moderate cost and high productivity

17 / 50

SIM. How many variables do we have in the above statement?

a. One

b. Four

c. Twelve

18 / 50

SIM. A warehouse will do the following except ………………..

a. Receiving materials from upstream suppliers;

b. Unloading materials from delivery vehicles;

d. Transporting of materials

19 / 50

SIM. How many independent variable(s) do we have in the above statement?

a. One

b. Two

c. Three

20 / 50

SIM. ……………… is the computation and mathematical adjustment on how organization scheduled and finalized operational activities

a. Operational planning

b. Sales forecasting and demand management

c. Production planning

21 / 50

SIM. An inventory whereby the components goes directly into assemblage of final products and from different manufacturers is called ………………….

a. Raw material inventory

b. Finished goods inventory

c. Bought out part

22 / 50

SIM. What is the most essential factors that influence effective use of a warehouse?

a. Cube utilization and accessibility

b. Stock location

c. Order picking and assembly

23 / 50

SIM. Key Performance Indicator in warehousing practice includes the following except……...

a. Line point

b. Safety stock quantity

c. Reduction in stock

24 / 50

SIM. A cycle stock is a sequential and continuous replenishment of stock involving ……… stages.

a. Eight

b. Four

c. Six

25 / 50

SIM. An item or materials put to manufacturing system is called………………

a. Raw materials inventory

b. Work in progress inventory

c. Bought-out-part inventory

26 / 50

SIM. What type of model is this Y= a + b₁X_{1 +}b₂X₂?

a. Multiple Regression model

b. Analysis of Variance

c. Chi-Square

27 / 50

SIM. The key warehousing assets includes the following except ……….

a. Space and People

b. Equipment

c. All of the above

28 / 50

SIM. The key facilities in a typical warehouse are as follow ……...

a. Arrival bay, departure bay, Line point, material handling equipment and information and communication relating to finance and stock

b. Arrival bay, departure bay, material handling equipment and information and communication relating to finance and stock

c. Arrival bay, material handling equipment and information and communication relating to finance and stock,

29 / 50

SIM. A correlation coefficient of 0.98 implies a ………………….

a. Moderate positive correlation between variables

b. Strong negative correlation between variables

c. Strong positive correlation between variables

30 / 50

SIM. What is the difference between inventory management and warehousing?

a. Inventory management is managerial function while warehousing is an operational function on stock.

b. Warehousing is managerial function while inventory management is an operational function on stock.

c. Inventory management is store of material while warehousing is secure storage of materials.

31 / 50

SIM. Categories of stocks that are base on usage are called………………..

a. Spare parts and consumables

b. Cycle and Safety Stock

c. Buffer and Safety Stock

32 / 50

SIM. Assuming the unit cost is $ 320 what is the cost of safety stock at the end of June.

a. $700,000

b. $260,000

c. $380,000

33 / 50

SIM. The subjective method of forecasting that relied on historical books like Bible and Quran is called ………………….

a. Tenacity

b. Authority

c. Science

34 / 50

SIM. Just in case inventory is referred to a situation where the ……........ and ………. at …………. lead time

a. demand and supply can be determined at zero

b. demand and supply cannot be determined at varied

c. supply is determined and demand undetermined at little

35 / 50

SIM. The production of automobile like Toyota Mercedes Benz and so on fall into what categories of production system ………..

a. Types of production line

b. Type of product

c. Rate of production

36 / 50

SIM. The most crucial and critical information used in Materials Requirement Planning is ……….

a. Master Schedule Plan

b. Bill of Material

c. Records of Inventory

37 / 50

SIM. A production category system where products are made to satisfy a specific order and always in a small lot size and custom in nature is called……………….

a. Mass production

b. Job shop

c. Batch production

38 / 50

SIM. Long time forecasting is the one that span through several…………

a. months

b. days

c. years

39 / 50

SIM. The order point in a KPI flow chart is the summation of safety stock and …………….

a. absolute demand

b. predicted demand

c. absolute supply

40 / 50

SIM. A well structured Materials Requirement Planning sourced information from how many sources.

a. One

b. Two

c. Three

41 / 50

SIM. Cube utilization and accessibility as to do with ……….

a. Irregular arrangement of stock in warehouse

b. Best practice of arrangement of stock in the warehouse

c. Inadequate arrangement of stock in warehouse

42 / 50

SIM. A production system of manufacturing a number of identical articles either to meet a specific order or demand or to meet a continuous demand which is demand responsive is called……..

a. Batch production

b. Mass production

c. Job shop

43 / 50

SIM. The basic building block to Inventory Management includes all but

a. Sales forecasting and demand management

b. Marketing Plan

c. Sales and Operation planning

44 / 50

SIM. The inability to estimate the demand correctly or due to uncertain demand lead to reason for inventory is referred to as ……………….

a. demand variability

b. pipeline inventory

c. seasonal inventory

45 / 50

During our first job on graduate trainee scheme, Olamide Mariam was given the following records of transactions for items and asked for her view of value of safety stock. Base on the information on the above table, use this to answer this question and the next four.

Date	Purchase No.	Unit cost ($)	Sales no.	Unit price ($)
Opening balance	80	180
January	50	200	50	200
February			40	350
March	60	220
April	60	260	50	280
May	50	300
June			40	350

What is the value of closing stock at the end of June?

a. 100

b. 150

c. 120

46 / 50

SIM. The problems with Materials Requirement Planning can be as a result of the following except?

a. When there is no master schedule,

B. when master schedule is inaccurate

C. When master schedule do not change frequently

47 / 50

SIM. What is the cost of holding the raw materials used in production?

a. N500,000

b. N400,000

c. N300,000

48 / 50

SIM. The objectives of a warehouse are as follow ………………..

a. Moving materials to a bulk storage area

b. Moving materials from bulk storage to a smaller picking store

c. All of the above

49 / 50

SIM. Advantages of central storage include ……………….

a. ease of control

b. inventory record accuracy and specialize storage can be used

c. all of the above

50 / 50

SIM. Who are organization internal customers………………..

Marketing department and Finance department

b. Operations department

c. All of the above

Your score is

Stores and Materials Management Examination

REGISTER TO START YOUR EXAMINATION

WISH YOU BEST OF LUCK