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STORES AND MATERIALS MANAGEMENT

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1 / 50

SIM. Categories of stocks that are base on timing of use are called………………..

a. Spare parts and consumables

b. Cycle and Safety Stock

c. Buffer and Safety Stock

2 / 50

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

a. spare parts

b. work in progress

c. consumable

3 / 50

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

a. Apriori

b. Student T Test

c. Tenacity

4 / 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

5 / 50

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

a. numerous

b. distinct

c. standard

6 / 50

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

a. distinct

b. numerous

c. various

7 / 50

SIM. Which of the following is not a difference between a public and a private limited company?

a. the name of a public company must end in “public limited company” or “plc,” while the name of a private company (other than an unlimited company) ends in “limited” or “Ltd”

b. a public company must have at least two directors while a private company only needs one

c. a public company must have its shares listed on the Stock Exchange, whereas a private company does not

8 / 50

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

a. BOP

b. MRP

c. ERP

9 / 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.

10 / 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

11 / 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

12 / 50

SIM. Operational planning that encouraged and assigned priority and emergence to job is called ……….

a. Earliest due date first

b. First-come-first serve

c. Most urgent job first

13 / 50

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

a. Multiple Regression model

b. Analysis of Variance

c. Chi-Square

14 / 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

15 / 50

SIM. The following is an example of benefit output of a MRP except………………….

a. Master schedule plan

b. Performance report

c. Exceptional report

16 / 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

17 / 50

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

a. open space

b. phone

c. table

18 / 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

19 / 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

20 / 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

21 / 50

SIM. The path for movement within the warehouse is called ……………….

a. route

b. network

c. gangway

22 / 50

SIM. What type of model is this Y=a + bX?

a. Multiple Regression model

b. Analysis of Variance

c. Linear Regression model

23 / 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

24 / 50

SIM. Just in time 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 zero

c. supply is determined and demand undetermined at little

25 / 50

SIM. All these prompt the use of ERP except ……………….

a. competition

b. globalization

c. engineering

26 / 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

27 / 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

28 / 50

SIM. What is the value of opening stock for the beginning of July?

a. 120

b. 150

c. 100

29 / 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

30 / 50

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

a. Eight

b. Four

c. Six

31 / 50

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

a. Producer-middlemen-consumer

b. Producer-Transportation-Warehousing-Consumer

c. Warehousing-Consumer-Transportation

32 / 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

33 / 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

34 / 50

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

a. few months

b. few days

c. weeks

35 / 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

36 / 50

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

a. equipment

b. space

c. people

37 / 50

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

a. Pearson Product Moment Correlation

b. Linear Regression

c. Tenacity and Authority

38 / 50

SIM. Why is not desirable to have inventory?

a. increase profit

b. reduce manpower capacity

c. tied up capital

39 / 50

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

a. item

b. energy

c. event

40 / 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

41 / 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

42 / 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

43 / 50

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

a. One report

b. One standardization

c. One user interface

44 / 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

45 / 50

SIM. A warehouse location system where cube utilization is not being practice is known as……….

a. Fixed Location

b. Point of Sales

c. Area Location

46 / 50

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

a. One

b. Four

c. Twelve

47 / 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

48 / 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

49 / 50

SIM. A correlation coefficient can vary between?

a. - < r < + 1

b. + < r < + 1

c. - < r < - 1

50 / 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

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Stores and Materials Management Examination

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