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STORES AND MATERIALS MANAGEMENT

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1 / 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

2 / 50

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

Marketing department and Finance department

b. Operations department

c. All of the above

3 / 50

SIM. All are types of partnership except…….. ….

a. Limited partnership

b. General partnership

c. Ordinary partnership

4 / 50

SIM. When can we have a perfect Just in time principle of inventory ………………..

a. ATM booth

b. The air we breathe in and out

c. Airtime loaded on the phone

5 / 50

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

a. Apriori

b. Student T Test

c. Tenacity

6 / 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

7 / 50

SIM. Definition of Inventory among other things makes use of the following phrases?

a. Unit, variables and predictor

b. Safety stock, store and variables

c. Items, stock, store, and unit

8 / 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

9 / 50

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

a. One report

b. One standardization

c. One user interface

10 / 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.

11 / 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

12 / 50

SIM. Typical form of a warehouse includes the following except……………….

a. open space

b. phone

c. table

13 / 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

14 / 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

15 / 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

16 / 50

SIM. The engagement of Automated Guided Vehicle in overcoming long distance and high altitude in the warehouse is termed …………………..

a. mechanical warehouse

b. automated warehouse

c. electrical warehouse

17 / 50

SIM. A4 paper used in printing an invoice an example of ……………………… stock

a. spare parts

b. work in progress

c. consumable

18 / 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

19 / 50

SIM. Short time forecasting is the one that between ………… and a year

a. few months

b. few days

c. weeks

20 / 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

21 / 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

22 / 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

23 / 50

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

a. Ten

Twelve

Fifteen

24 / 50

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

a. Line point

b. Safety stock quantity

c. Reduction in stock

25 / 50

SIM. A correlation coefficient can vary between?

a. - < r < + 1

b. + < r < + 1

c. - < r < - 1

26 / 50

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

a. numerous

b. distinct

c. standard

27 / 50

SIM. An inventory waiting for shipment and which can also be served as a sub material for final product of another product is called ………………….

a. Raw material inventory

b. Bought out part

c. Finished goods inventory

28 / 50

SIM. A stock is the store of an ………………….. for future use

a. item

b. energy

c. event

29 / 50

SIM. Car engine oil is an example of ……………………… stock

a. consumable

b. work in progress

c. spare part

30 / 50

SIM. Types of members of partnership include the following except ...............

a. Syndicates

b. Limited

c. Silent

31 / 50

SIM. The concept of limited liability in relation to a company means:

a. the company is liable to a limited extent for its debts and obligations

b. the members are liable to a limited extent for its debts and obligations

c. when necessary, the company has the right to demand that further capital be contributed by members

32 / 50

LM. USE THIS EQUATION TO ANSWER THE NEXT FIVE QUESTIONS

The production of Peak Milk for the past 15 years between year 2000 and 2014, was reflected with the multiple regression model, Y = 3.12 + 0.75X₁+ 0.52X₂+ 0.84X_3.Hence, use the above information to answer question 8 to 12.

The production of milk in year 2030 when X₁= 215, X₂= 308 and X₃= 178

a. 474.05 milk

b. 305.05 milk

c. 308.05 milk

33 / 50

What is the value of safety stock using First in first out (FIFO) principle at the end of June?

a. $33,800

b. $34,800

c. $32,800

34 / 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

35 / 50

SIM. A warehouse where human muscular power is replaced by machines such as fork lift is called ….

a. Biased, expensive, inaccurate and difficult to understand

b. Unbiased, inexpensive and easy to understand

c. Not affected by old unusual figure and cost effective

36 / 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

37 / 50

SIM. Companies undertake Enterprise Resources Planning (ERP) for the following reason(s)……….

a. Integrate financial information

b. Integrate customer order information

c. All of the above

38 / 50

SIM. An item is a ………….. product kept in the stock

a. distinct

b. numerous

c. various

39 / 50

SIM. Characteristics of Manpower as a key asset in warehouse are …………..

a. Flexible, Intelligent, Economical, Multiple roles

b. Voluntary, Incapability, Economical Intelligent

c. Flexible, Voluntary, Economical, Multiple roles

40 / 50

SIM. A production system where the same types of products are manufactured to meet continuous demand for the product which is not demand responsive and in large quantity is called ………..

a. Mass production

b. Job shop

c. Batch production

41 / 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

42 / 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

43 / 50

SIM. Operational planning that imbibed simple schedule rules with order of arrival is called ……….

a. Earliest due date first

b. First-come-first serve

c. Shortest job first

44 / 50

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

a. Tenacity

b. Authority

c. Science

45 / 50

SIM. A laptop is an example of a warehouse because………………..

a. it processes information

b. it can be used to analyse information

c. it can be used to store information until when needed

46 / 50

SIM. What is the value of stock out of Sandal?

a. N2,040,000

b. N4,040,000

c. N6,040,000

47 / 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

48 / 50

SIM. The most important and critical key asset in warehousing is .……….

a. equipment

b. space

c. people

49 / 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

50 / 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

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Stores and Materials Management Examination

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