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STORES AND MATERIALS MANAGEMENT

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ONLINE EXAMINATIONS

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1 / 50

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

a. equipment

b. space

c. people

2 / 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

3 / 50

The unit cost of producing LAIDE sandal includes the following cost, N200 for holding the raw materials in the warehouse and N60, N20, and 80N for loading, telephoning, invoicing respectively. If the unit in the warehouse is 2,500 and also at a point in time there is a stock of 600 sandal at the rate of N3400. Use this information to answer the question below and the next three.

What is the ordering cost of the materials used in production?

a. N200,000

b. N300,000

c. N400,000

4 / 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

5 / 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

6 / 50

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

a. months

b. days

c. years

7 / 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

8 / 50

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

a. Multiple Regression model

b. Analysis of Variance

c. Chi-Square

9 / 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

10 / 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

11 / 50

SIM. Outbound logistics offered the following activities excluding ….……….

a. bulk breaking

b. transportation

c. all of the above

12 / 50

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

a. N500,000

b. N400,000

c. N300,000

13 / 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

14 / 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

15 / 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

16 / 50

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

a. Apriori

b. Student T Test

c. Tenacity

17 / 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

18 / 50

SIM. The assignment of stock in a permanent location, where no other items are placed there is called……….

a. Area Location

b. Point of Sales

c. Fixed Location

19 / 50

SIM. Safety stock is carried out to guide against various deviations such as the following except……….

a. Delivery date variances

b. Delivery quantity variance

c. Customer variance

20 / 50

SIM. A correlation coefficient can vary between?

a. - < r < + 1

b. + < r < + 1

c. - < r < - 1

21 / 50

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

a. N2,040,000

b. N4,040,000

c. N6,040,000

22 / 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

23 / 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

24 / 50

SIM. All of the models are objective forecasting techniques except?

a. Pearson Product Moment Correlation

b. Linear Regression

c. Tenacity and Authority

25 / 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,

26 / 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

27 / 50

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

a. Line point

b. Safety stock quantity

c. Reduction in stock

28 / 50

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

a. Limited partnership

b. General partnership

c. Ordinary partnership

29 / 50

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

a. item

b. energy

c. event

30 / 50

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

a. distinct

b. numerous

c. various

31 / 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

32 / 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

33 / 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

34 / 50

SIM. What is the value of safety stock using Last in first out at the end of June?

a. $25,000

b. $26,000

c. $27,000

35 / 50

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

a. Syndicates

b. Limited

c. Silent

36 / 50

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

a. Tenacity

b. Authority

c. Science

37 / 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

38 / 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

39 / 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

40 / 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

41 / 50

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

a. Ten

Twelve

Fifteen

42 / 50

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

a. spare parts

b. work in progress

c. consumable

43 / 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

44 / 50

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

a. One

b. Two

c. Three

45 / 50

SIM. The major player in a supply chain are …………………

a. Producer-middlemen-consumer

b. Producer-Transportation-Warehousing-Consumer

c. Warehousing-Consumer-Transportation

46 / 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

47 / 50

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

Marketing department and Finance department

b. Operations department

c. All of the above

48 / 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

49 / 50

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

a. open space

b. phone

c. table

50 / 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

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