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STORES AND MATERIALS MANAGEMENT

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1 / 50

SIM. The easiest arrangement of warehouse to imagine where all activities are controlled by human muscular power is referred to as ……….

a. Manual

b. Mechanical

c. Automated

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

a. One

b. Four

c. Twelve

4 / 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

5 / 50

SIM. When you make a decision to run your business as a sole trader, this means:

a. the business is incorporated

b. the business is unincorporated

c. you are employed by the business

6 / 50

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

a. 120

b. 150

c. 100

7 / 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

8 / 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

9 / 50

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

a. bulk breaking

b. transportation

c. all of the above

10 / 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

11 / 50

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

a. route

b. network

c. gangway

12 / 50

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

a. Normative

b. Conservative

c. Sporadic

13 / 50

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

a. BOP

b. MRP

c. ERP

14 / 50

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

a. N500,000

b. N400,000

c. N300,000

15 / 50

SIM. Pipeline inventory is the inventory kept while work is ongoing or item on …………….?

a. decrease

b. stagnant

c. transit

16 / 50

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

a. Pearson Product Moment Correlation

b. Linear Regression

c. Tenacity and Authority

17 / 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

18 / 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

19 / 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

20 / 50

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

a. One report

b. One standardization

c. One user interface

21 / 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

22 / 50

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

Marketing department and Finance department

b. Operations department

c. All of the above

23 / 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

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. 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

26 / 50

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

a. One

b. Two

c. Three

27 / 50

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

a. few months

b. few days

c. weeks

28 / 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

29 / 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

30 / 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,

31 / 50

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

a. open space

b. phone

c. table

32 / 50

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

a. Line point

b. Safety stock quantity

c. Reduction in stock

33 / 50

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

a. Eight

b. Four

c. Six

34 / 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

35 / 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

36 / 50

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

a. One

b. Two

c. Three

37 / 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

38 / 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

39 / 50

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

a. Syndicates

b. Limited

c. Silent

40 / 50

SIM. In warehousing facilities structure and ownership, there are several types of warehousing structures, what are these?

a. Private

b. Public and Contract

c. Public, Private and Contract

41 / 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

42 / 50

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

a. N2,040,000

b. N4,040,000

c. N6,040,000

43 / 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

44 / 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

45 / 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

46 / 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

47 / 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

48 / 50

SIM. A correlation coefficient can vary between?

a. - < r < + 1

b. + < r < + 1

c. - < r < - 1

49 / 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

50 / 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

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Stores and Materials Management Examination

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