/100 20 STORE AND INVENTORY MANAGEMENT Welcome to Membership Exams. We wish you all the best as you kick start a wonderful career with usONLINE EXAMINATIONSThe online assessment is taken on completion of the training material. You will be asked 100 multiple choice questions with a pass mark of 50%. The answers are marked automatically so you will instantly know whether you have passed. If you don’t pass don’t worry! You can take the Exam againWhether you are a student on our platform or not we encourage you to email your enquires to our friendly team if you need help with anything at info@membershipexams.com REGISTER TO START YOUR EXAMINATION 1 / 100 SIM. A4 paper used in printing an invoice an example of ……………………… stock b. work in progress c. consumable a. spare parts 2 / 100 SIM. All these prompt the use of ERP except ………………. c. engineering b. globalization a. competition 3 / 100 SIM. The most crucial and critical information used in Materials Requirement Planning is ………. b. Bill of Material a. Master Schedule Plan c. Records of Inventory 4 / 100 SIM. All of the models are objective forecasting techniques except? a. Pearson Product Moment Correlation c. Tenacity and Authority b. Linear Regression 5 / 100 SIM. Cube utilization and accessibility as to do with ………. b. Best practice of arrangement of stock in the warehouse c. Inadequate arrangement of stock in warehouse a. Irregular arrangement of stock in warehouse 6 / 100 What is the ordering cost per unit per month of materials used in production of Sandal? b. N53,333.33 c. N33,333.33 a. N76,333.33 7 / 100 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. DatePurchase No.Unit cost ($)Sales no.Unit price ($)Opening balance80180 January5020050200February 40350March60220 April6026050280May50300 June 40350 What is the value of closing stock at the end of June? a. 100 c. 120 b. 150 8 / 100 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. 9 / 100 SIM. A unit of a stock is the ………………….. size or quantity of an item. a. numerous b. distinct c. standard 10 / 100 SIM. What is the value of opening stock for the beginning of July? b. 150 a. 120 c. 100 11 / 100 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 12 / 100 SIM. Key Performance Indicator in warehousing practice includes the following except……... a. Line point b. Safety stock quantity c. Reduction in stock 13 / 100 SIM. The major player in a supply chain are ………………… b. Producer-Transportation-Warehousing-Consumer a. Producer-middlemen-consumer c. Warehousing-Consumer-Transportation 14 / 100 SIM. The basic building block to Inventory Management includes all but c. Sales and Operation planning a. Sales forecasting and demand management b. Marketing Plan 15 / 100 SIM. Pipeline inventory is the inventory kept while work is ongoing or item on …………….? b. stagnant a. decrease c. transit 16 / 100 SIM. All are types of partnership except…….. …. c. Ordinary partnership a. Limited partnership b. General partnership 17 / 100 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 18 / 100 SIM. The path for movement within the warehouse is called ………………. c. gangway a. route b. network 19 / 100 SIM. The following is an example of benefit output of a MRP except…………………. b. Performance report c. Exceptional report a. Master schedule plan 20 / 100 SIM. Operational planning that imbibed simple schedule rules with order of arrival is called ………. c. Shortest job first a. Earliest due date first b. First-come-first serve 21 / 100 SIM. What is the cost of holding the raw materials used in production? b. N400,000 c. N300,000 a. N500,000 22 / 100 SIM. The objectives of a warehouse are as follow ……………….. c. All of the above a. Moving materials to a bulk storage area b. Moving materials from bulk storage to a smaller picking store 23 / 100 SIM. An inventory waiting for shipment and which can also be served as a sub material for final product of another product is called …………………. b. Bought out part c. Finished goods inventory a. Raw material inventory 24 / 100 SIM. A warehouse will do the following except ……………….. d. Transporting of materials b. Unloading materials from delivery vehicles; a. Receiving materials from upstream suppliers; 25 / 100 SIM. One of these is not a projective method of forecasting into the future? c. Tenacity b. Student T Test a. Apriori 26 / 100 SIM. Enterprise Resource Planning promises one database, one application and ………. b. One standardization c. One user interface a. One report 27 / 100 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 c. Batch production b. Job shop 28 / 100 SIM. Which of the following is not a difference between a public and a private limited company? c. a public company must have its shares listed on the Stock Exchange, whereas a private company does not b. a public company must have at least two directors while a private company only needs one 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” 29 / 100 SIM.  What are the factors that influence effective use of a warehouse? b. Stock location c. all of the above a. Cube utilization and accessibility 30 / 100 SIM. What are the major component of logistics. b. material and outbound logistics c. Inbound, material and outbound logistics a. inbound and outbound logistics 31 / 100 SIM. The order point in a KPI flow chart is the summation of safety stock and ……………. c. absolute supply b. predicted demand a. absolute demand 32 / 100 SIM. What is the value of stock out of Sandal? c. N6,040,000 b. N4,040,000 a. N2,040,000 33 / 100 SIM. The easiest arrangement of warehouse to imagine where all activities are controlled by human muscular power is referred to as ………. c. Automated b. Mechanical a. Manual 34 / 100 SIM. Outbound logistics offered the following activities excluding ….………. c. all of the above b. transportation a. bulk breaking 35 / 100 SIM. A laptop is an example of a warehouse because……………….. b. it can be used to analyse information a. it processes information c. it can be used to store information until when needed 36 / 100 SIM. Who are organization internal customers……………….. Marketing department and Finance department c. All of the above b. Operations department 37 / 100 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 38 / 100 SIM. A correlation coefficient of 0.98 implies a …………………. b. Strong negative correlation between variables a. Moderate positive correlation between variables c. Strong positive correlation between variables 39 / 100 SIM. Operational planning that encouraged and assigned priority and emergence to job is called ………. c. Most urgent job first b. First-come-first serve a. Earliest due date first 40 / 100 SIM. When can we have a perfect Just in time principle of inventory ……………….. c. Airtime loaded on the phone b. The air we breathe in and out a. ATM booth 41 / 100 SIM. Characteristics of Manpower as a key asset in warehouse are ………….. a. Flexible, Intelligent, Economical, Multiple roles c. Flexible, Voluntary, Economical, Multiple roles b. Voluntary, Incapability, Economical Intelligent 42 / 100 SIM. What is the value of safety stock using Last in first out at the end of June? b. $26,000 a. $25,000 c. $27,000 43 / 100 SIM. An item is a ………….. product kept in the stock c. various a. distinct b. numerous 44 / 100 SIM. What is the most essential factors that influence effective use of a warehouse? c. Order picking and assembly a. Cube utilization and accessibility b. Stock location 45 / 100 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 / 100 SIM. Categories of stocks that are base on timing of use are called……………….. a. Spare parts and consumables c. Buffer and Safety Stock b. Cycle and Safety Stock 47 / 100 SIM. A well structured Materials Requirement Planning sourced information from how many sources. c. Three b. Two a. One 48 / 100 SIM. A warehouse where human muscular power is replaced by machines such as fork lift is called …. c. Not affected by old unusual figure and cost effective b. Unbiased, inexpensive and easy to understand a. Biased, expensive, inaccurate and difficult to understand 49 / 100 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 ……………………………… b. low cost and high productivity a. high cost and low productivity c. moderate cost and high productivity 50 / 100 LM. USE THIS EQUATION TO ANSWER THE NEXT FIVE QUESTIONSThe 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 + 0.84X3. 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 51 / 100 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 52 / 100 SIM. All these are method of evaluating safety stock except ………. b. Conservative a. Normative c. Sporadic 53 / 100 SIM. What are the reasons individual and/or organization keep inventory? a. Variability in lead time, height, and weight variables c. Age, education, and income variables b. Seasonal variability, demand variability, pipeline inventory 54 / 100 SIM. The managerial function that is concerned with production facility required and the way it should be laid down is termed………………. b. Sales forecasting and demand management a. Operational planning c. Production planning 55 / 100 SIM. How many independent variable(s) do we have in the above statement? c. Three a. One b. Two 56 / 100 SIM. What type of model is this Y=a + bX? c. Linear Regression model a. Multiple Regression model b. Analysis of Variance 57 / 100 SIM. Categories of stocks that are base on usage are called……………….. b. Cycle and Safety Stock a. Spare parts and consumables c. Buffer and Safety Stock 58 / 100 SIM.  Advantages of central storage include ………………. c. all of the above b. inventory record accuracy and specialize storage can be used a. ease of control 59 / 100 SIM. The key warehousing assets includes the following except ………. c. All of the above b. Equipment a. Space and People 60 / 100 SIM. The assignment of stock in a permanent location, where no other items are placed there is called………. a. Area Location c. Fixed Location b. Point of Sales 61 / 100 SIM.  ……………… is the computation and mathematical adjustment on how organization scheduled and finalized operational activities c. Production planning b. Sales forecasting and demand management a. Operational planning 62 / 100 SIM. When you make a decision to run your business as a sole trader, this means: c. you are employed by the business b. the business is unincorporated a. the business is incorporated 63 / 100 SIM. In warehousing facilities structure and ownership, there are several types of warehousing structures, what are these? b. Public and Contract a. Private c. Public, Private and Contract 64 / 100 SIM. The problems with Materials Requirement Planning can be as a result of the following except? B. when master schedule is inaccurate C. When master schedule do not change frequently a. When there is no master schedule, 65 / 100 SIM. Long time forecasting is the one that span through several………… b. days c. years a. months 66 / 100 SIM.  What is the observable or number of cases in the statement? Fifteen a. Ten Twelve 67 / 100 SIM. What explodes the master schedules to plan of supply of materials a. BOP c. ERP b. MRP 68 / 100 SIM. How many variables do we have in the above statement? a. One c. Twelve b. Four 69 / 100 SIM. Just in time inventory is referred to a situation where the ……........ and ………. at …………. lead time b. demand and supply cannot be determined at zero a. demand and supply can be determined at zero c. supply is determined and demand undetermined at little 70 / 100 What is the value of safety stock using First in first out (FIFO) principle at the end of June? c. $32,800 b. $34,800 a. $33,800 71 / 100 SIM. How many dependent variable(s) do we have in the above statement? c. Three b. Two a. One 72 / 100 SIM. In a partnership under the Partnership Act 1890, the partners: a. have limited liability for the obligations of the partnership c. have joint and several liability for the obligations of the partnership b. have joint liability for the obligations of the partnership 73 / 100 SIM. Typical form of a warehouse includes the following except………………. c. table b. phone a. open space 74 / 100 SIM. Types of members of partnership include the following except ............... c. Silent a. Syndicates b. Limited 75 / 100 SIM. Car engine oil is an example of ……………………… stock b. work in progress c. spare part a. consumable 76 / 100 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 c. Arrival bay, 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 77 / 100 SIM. Why is not desirable to have inventory? b. reduce manpower capacity c. tied up capital a. increase profit 78 / 100 SIM. Short time forecasting is the one that between ………… and a year a. few months c. weeks b. few days 79 / 100 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 80 / 100 SIM. The inability to estimate the demand correctly or due to uncertain demand lead to reason for inventory is referred to as  ………………. b. pipeline inventory a. demand variability c. seasonal inventory 81 / 100 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 c. supply is determined and demand undetermined at little b. demand and supply cannot be determined at varied 82 / 100 SIM. A stock is the store of an ………………….. for future use c. event b. energy a. item 83 / 100 SIM. The production of automobile like Toyota Mercedes Benz and so on fall into what categories of production system ……….. c. Rate of production b. Type of product a. Types of production line 84 / 100 Which of the following is not an attribute of the legal personality of a registered company? b. it is liable for its own obligations like any other person a. it can contract with outside parties and with its own members c. its major shareholders and directors cannot be employees of it 85 / 100 SIM. A correlation coefficient can vary between? b. + < r < + 1 a. - < r < + 1 c. - < r < - 1 86 / 100 SIM. Safety stock is carried out to guide against various deviations such as the following except………. b. Delivery quantity variance a. Delivery date variances c. Customer variance 87 / 100 SIM. The most important and critical key asset in warehousing is .………. b. space c. people a. equipment 88 / 100 SIM. The subjective method of forecasting that relied on historical books like Bible and Quran is called …………………. c. Science a. Tenacity b. Authority 89 / 100 SIM. A Bought-Out-Part inventory is that goes directly into a. used in shipment and transit period c. used as spare part in machines b. Assemblage of product 90 / 100 SIM. A cycle stock is a sequential and continuous replenishment of stock involving ……… stages. c. Six b. Four a. Eight 91 / 100 SIM. One of these is not a subjective method of forecasting into the future? b. Personal consensus a. Dephi method d. Multiple Regression Analysis 92 / 100 SIM. Categories of stocks that are used without seeing the stock in the final product is called……….. b. Cycle Stock c. Buffer Stock a. consumables 93 / 100 SIM.  An inventory whereby the components goes directly into assemblage of final products and from different manufacturers is called …………………. a. Raw material inventory c. Bought out part b. Finished goods inventory 94 / 100 SIM. The solution to the concept of inventory problems dealt with two aspect………… and …………. a. when not to demand and when to demand c. when to buy and quantity to buy b. what to supply and what to demand 95 / 100 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………………. b. Job shop a. Mass production c. Batch production 96 / 100 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…….. b. Mass production a. Batch production c. Job shop 97 / 100 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 98 / 100 SIM. A warehouse location system where cube utilization is not being practice is known as………. b. Point of Sales a. Fixed Location c. Area Location 99 / 100 SIM. An item or materials put to manufacturing system is called……………… c. Bought-out-part inventory a. Raw materials inventory b. Work in progress inventory 100 / 100 SIM. What type of model is this Y= a + b1X1 + b2X2? b. Analysis of Variance c. Chi-Square a. Multiple Regression model Your score is 0% Restart quiz