M4L7 Exam Questions Flashcards
1
Q
- Opening stock, work in progress and closing stock are all types of?
a. Pareto analysis
b. Inventory classification
c. Inventory comparison
d. Material planning
A
c. Inventory comparison
2
Q
- ABC classification comes from which analysis?
a. Kraljic
b. Porter
c. Pareto
d. Carter
A
c. Pareto
3
Q
- What is the opposite of closing stock?
a. Opening stock
b. Work in progress
c. Obsolete stock
d. Finished Stock
A
a. Opening stock
4
Q
- What term completes the cycle: raw materials, work in progress….?
a. Closing stock
b. Finished stock
c. Inventory level
d. Redundant stock
A
b. Finished stock
5
Q
- What is the name of the stock that is held to cover unpredicted demand?
a. Buffer stock
b. MRO stock
c. JIT stock
d. Redundant stock
A
a. Buffer stock
6
Q
- What is the term used to describe when there is no demand for stock?
a. Obsolescent stock (this means its going obsolete)
b. Redundant stock
c. Obsolete stock
d. Slow moving stock
A
c. Obsolete stock
7
Q
- What is the term used to describe when one organisation has no further demand but another company may be able to use a stock item?
a. Obsolescent stock
b. Redundant stock
c. Obsolete stock
d. Slow Moving Stock
A
b. Redundant stock
8
Q
- Being able to do what accurately can help directly with the issues of holding obsolescent stock?
a. Planning
b. Forecasting
c. Benchmarking
d. Stock replenishment
A
b. Forecasting
9
Q
- Which supplies are those which are 100% incorporated into the finished product.
a. Indirect
b. Variable
c. Direct
d. Fixed
A
c. Direct
10
Q
- Bottlenecks in warehousing can be a feature of
a. poor stock rotation
b. poor lighting
c. poor flow
d. poor construction
- Bottlenecks in warehousing can be a feature of
A
c. poor flow
11
Q
- Product code 833/1256 is an example of a
a. Alpha-Numeric Code
b. Structured Code
c. Sequential Code
d. Random Code
A
b. Structured Code
12
Q
- Industry standard codes are not used for
a. specific dangerous substances
b. car light bulbs
c. steel cables and chains
d. books
A
c. steel cables and chains
13
Q
- Vehicles are weighed before and after entry a facility to determine load weight using a
a. load cell
b. weighbridge
c. crane scales
d. counting scales
A
b. weighbridge
14
Q
- Stationery in a manufacturing environment is most likely to be which type of stock?
a. Indirect
b. Direct
c. Fixed
d. Variable
A
a. Indirect
15
Q
- Pareto is also known as what rule?
a. 80/20
b. 20/80
c. 70/30
d. 60/40
A
a. 80/20
16
Q
- In relation to an ABC analysis, which category of product takes up 50% of the warehouse?
a. Z
b. B
c. C
d. A
A
c. C
17
Q
- The requirement for a stock item which is directly related to and therefore depending upon the rate of production is known as?
a. Independent stock
b. Interdependent stock
c. Dependent stock
d. Indirect stock
A
c. Dependent stock
18
Q
- Preparing an RFQ, expediting and handling are all aspects of what?
a. Stock management
b. Acquisition
c. Quality control
d. Holding Costs
A
b. Acquisition
19
Q
- Preliminary, post and which other cost comprise the three costs of acquisition?
a. Purchase
b. Procurement
c. Placement
d. Planning
A
c. Placement
20
Q
- Heating, insurance and bank interest are examples of which types of warehouse costs?
a. Selling
b. Stock
c. Rejecting
d. Holding
A
d. Holding
21
Q
- MRP, JIT and LEAN are all types of what?
a. Inventory planning
b. Inventory reduction
c. Inventory control
d. Inventory procurement
A
c. Inventory control
22
Q
- Ohno’s 7 wastes best fit in with which theory?
a. LEAN
b. MRP
c. JIT
d. Six Sigma
A
a. LEAN
23
Q
- ? forecasting uses qualitative information that is based on human opinion and insights that are not shown by hard data
a. Objective
b. Subjective
c. Quantitative
d. secondary
A
b. Subjective
24
Q
- What is a decision making tool businesses use to help budgeting, planning and estimating future growth”
a. Procuring
b. Planning
c. Forecasting
d. ERP
A
c. Forecasting
25
Q
- Trends are
a. Short cyclical moments
b. One off observations
c. An increase or decrease over time
d. Forecasting tools
A
c. An increase or decrease over time
26
Q
- Which of the below descriptions is one for a weighted average?
a. A calculation which attaches more importance to some elements of the data than others
b. A calculation to analyse data by creating series of averages of different subsets of the full data set
c. A calculation which attaches the same importance to all elements of the data set
d. A calculation which allows a set of data to be averaged over a set time period
A
a. A calculation which attaches more importance to some elements of the data than others
27
Q
- What is the term used when the same amount of product is repeatedly ordered?
a. Variable quantity
b. Fixed quantity
c. Economic quantity
d. Reorder point
A
b. Fixed quantity
28
Q
- Economic order quantities are calculated based on?
a. Demand, stockout and holding cost
b. Demand, supply and procurement cost
c. Demand, purchase and inventory cost
d. Demand, ordering and holding cost
A
d. Demand, ordering and holding cost
29
Q
- Which is a time-based stock replenishment system
a. Periodic
b. Specific
c. Regular
d. Fixed order
A
a. Periodic
30
Q
- Which of the below is the most recent system?
a. MRP
b. ERP
c. MRP II
d. ERP II
A
d. ERP II