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STORES AND MATERIALS MANAGEMENT

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1 / 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

2 / 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

3 / 50

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

a. decrease

b. stagnant

c. transit

4 / 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.

5 / 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

6 / 50

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

a. Syndicates

b. Limited

c. Silent

7 / 50

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

a. One

b. Two

c. Three

8 / 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

9 / 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

10 / 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

11 / 50

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

Marketing department and Finance department

b. Operations department

c. All of the above

12 / 50

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

a. Pearson Product Moment Correlation

b. Linear Regression

c. Tenacity and Authority

13 / 50

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

a. few months

b. few days

c. weeks

14 / 50

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

a. competition

b. globalization

c. engineering

15 / 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

16 / 50

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

a. Master schedule plan

b. Performance report

c. Exceptional report

17 / 50

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

a. numerous

b. distinct

c. standard

18 / 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

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. What are the major component of logistics.

a. inbound and outbound logistics

b. material and outbound logistics

c. Inbound, material and outbound logistics

21 / 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

22 / 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

23 / 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

24 / 50

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

a. One report

b. One standardization

c. One user interface

25 / 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

26 / 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

27 / 50

SIM. A correlation coefficient can vary between?

a. - < r < + 1

b. + < r < + 1

c. - < r < - 1

28 / 50

SIM. Why is not desirable to have inventory?

a. increase profit

b. reduce manpower capacity

c. tied up capital

29 / 50

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

a. spare parts

b. work in progress

c. consumable

30 / 50

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

a. One

b. Four

c. Twelve

31 / 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

32 / 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

33 / 50

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

a. Multiple Regression model

b. Analysis of Variance

c. Chi-Square

34 / 50

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

a. N500,000

b. N400,000

c. N300,000

35 / 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

36 / 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

37 / 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

38 / 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

39 / 50

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

a. item

b. energy

c. event

40 / 50

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

a. consumable

b. work in progress

c. spare part

41 / 50

Which of the following is not an attribute of the legal personality of a registered company?

a. it can contract with outside parties and with its own members

b. it is liable for its own obligations like any other person

c. its major shareholders and directors cannot be employees of it

42 / 50

What is the ordering cost per unit per month of materials used in production of Sandal?

a. N76,333.33

b. N53,333.33

c. N33,333.33

43 / 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

44 / 50

SIM. The managerial function that is concerned with production facility required and the way it should be laid down is termed……………….

a. Operational planning

b. Sales forecasting and demand management

c. Production planning

45 / 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

46 / 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

47 / 50

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

a. bulk breaking

b. transportation

c. all of the above

48 / 50

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

a. One

b. Two

c. Three

49 / 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

50 / 50

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

a. open space

b. phone

c. table

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Stores and Materials Management Examination

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