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STORE AND INVENTORY MANAGEMENT

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ONLINE EXAMINATIONS

The 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 again

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1 / 100

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

2 / 100

SIM. A laptop is an example of a warehouse because………………..

3 / 100

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

4 / 100

SIM. Operational planning that imbibed simple schedule rules with order of arrival is called ……….

5 / 100

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

6 / 100

SIM. Categories of stocks that are base on usage are called………………..

7 / 100

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

8 / 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 ………………………………

9 / 100

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

10 / 100

SIM.  What are the major component of logistics.

11 / 100

SIM.   ……………… is the computation and mathematical adjustment on how organization scheduled and finalized operational activities

12 / 100

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

13 / 100

SIM. What is the difference between inventory management and warehousing?

14 / 100

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

15 / 100

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

16 / 100

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

17 / 100

SIM.  The inability to estimate the demand correctly or due to uncertain demand lead to reason for inventory is referred to as  ……………….

18 / 100

SIM. Definition of Inventory among other things makes use of the following phrases?

19 / 100

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

20 / 100

SIM. A correlation coefficient can vary between?

21 / 100

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

22 / 100

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

23 / 100

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

24 / 100

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

25 / 100

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

26 / 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 ………………….

27 / 100

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

28 / 100

SIM. A correlation coefficient of 0.98 implies a ………………….

29 / 100

SIM.   What are the factors that influence effective use of a warehouse?

30 / 100

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

31 / 100

SIM. The engagement of Automated Guided Vehicle in overcoming long distance and high altitude in the warehouse is termed …………………..

32 / 100

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

33 / 100

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

34 / 100

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

35 / 100

SIM. What are the reasons individual and/or organization keep inventory?

36 / 100

SIM. A Bought-Out-Part inventory is that goes directly into

37 / 100

SIM. Just in time inventory is referred to a situation where the ……........ and ………. at …………. lead time

38 / 100

SIM. Categories of stocks that are used without seeing the stock in the final product is called………..

39 / 100

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

40 / 100

SIM. When can we have a perfect Just in time principle of inventory ………………..

41 / 100

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

42 / 100

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

43 / 100

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

44 / 100

SIM. The most crucial and critical information used in Materials Requirement Planning is ……….

45 / 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 ………..

46 / 100

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

47 / 100

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

48 / 100

SIM. What is the most essential factors that influence effective use of a warehouse?

49 / 100

SIM.  The concept of limited liability in relation to a company means:

50 / 100

SIM.   An inventory whereby the components goes directly into assemblage of final products and from different manufacturers is called ………………….

51 / 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?

52 / 100

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

53 / 100

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

54 / 100

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

55 / 100

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

56 / 100

SIM. An item or materials put to manufacturing system is called………………

57 / 100

What is the value of safety stock using First in first out (FIFO) principle at the end of June?

58 / 100

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

59 / 100

SIM. Assuming the unit cost is $ 320 what is the cost of safety stock at the end of June.

60 / 100

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

61 / 100

SIM. The production of automobile like Toyota Mercedes Benz and so on fall into what categories of production system ………..

62 / 100

SIM. What type of model is this Y= a + b1X1 + b2X2?

63 / 100

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

64 / 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……..

65 / 100

SIM. Cube utilization and accessibility as to do with ……….

66 / 100

SIM. A warehouse where human muscular power is replaced by machines such as fork lift is called ….

67 / 100

SIM. Characteristics of Manpower as a key asset in warehouse are …………..

68 / 100

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

69 / 100

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

70 / 100

SIM. Companies undertake Enterprise Resources Planning (ERP) for the following reason(s)……….

71 / 100

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

72 / 100

SIM. The key warehousing assets includes the following except ……….

73 / 100

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

74 / 100

SIM. N Harris (1915) and Naddar (1966) come up with concepts of inventory problem solving by resulting into three simple costs which includes?

75 / 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  
January5020050200
February  40350
March60220  
April6026050280
May50300  
June  40350

 

What is the value of closing stock at the end of June?

76 / 100

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

77 / 100

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

78 / 100

SIM.   Advantages of central storage include ……………….

79 / 100

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

80 / 100

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

81 / 100

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

82 / 100

SIM.  Just in case inventory is referred to a situation where the ……........ and ………. at …………. lead time

83 / 100

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

84 / 100

SIM. The order point in a KPI flow chart is the summation of safety stock and …………….

85 / 100

SIM. The basic building block to Inventory Management includes all but

86 / 100

SIM. Why is not desirable to have inventory?

87 / 100

SIM. A warehouse will do the following except ………………..

88 / 100

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

89 / 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……………….

90 / 100

SIM. The solution to the concept of inventory problems dealt with two aspect………… and ………….

91 / 100

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 + 0.84X3. 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

92 / 100

SIM. In a partnership under the Partnership Act 1890, the partners:

93 / 100

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

94 / 100

SIM. The objectives of a warehouse are as follow ………………..

95 / 100

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

96 / 100

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

97 / 100

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

98 / 100

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

99 / 100

SIM. The problems with Materials Requirement Planning can be as a result of the following except?

100 / 100

SIM. The key facilities in a typical warehouse are as follow ……...

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