material

1.

1 point

EOQ stands for

Economic Order Quantity

Economic Order Quality.

Economics Orders Quality

None

2.

1 point

Advantages of EOQ

EOQ avoids running out of stock.

Inventory maintenance cost is reduced.

If the cost of product is reduced then EOe is not applicable.

EOQ does not support longer lead time.

3.

1 point

------------------ is a part of materials management

Inventorymanagement

Marketing'management

Both (a) and.(b)

none

4.

1 point

A' type of items are generally-----------
--
of all inventories.

20%

30%

50%

80%

5.

1 point

which is the first step in purchasing ?

Maintenance of records and files.

Issuing the purchase order.

Making request for quotations.

Analysis of purchase requisition.

6.

1 point

The role of purchase department is vital because ----------

Purchase department issues payments vendors

Material required for running organization is purchased by the purchase department.

The department which needs material sends material receipt note to purchase department

An of these

7.

1 point

The major purpose of MRP------------

Components and required raw material are available in right quantities at right time.

Material resource planning is all about management of resources required for production.

Both (a) and (b)

None

8.

1 point

'C' types of items of inventory are generally --------- of all inventories.

20%

30%

50%

80%

9.

1 point

---------------is set of activities that ensure right material at right quality and quantity in right time.

Procurement

purchasing

Purchasing department

None

10.

1 point

Advantages of ABC analysis

Inventory analysis

Record keeping becomes easy

Stock levels can be maintained properly

All of these

11.

1 point

The objectives of the purchasing ------------

To procure or store right material.

To store material from right and reliable supplier.

Preparation of purchasing budget.

(d) Both (a) and (b).

12.

1 point

Which is the function of inventory ?

Minimize the Lead time

Up-to-date and accurate record keeping

Both (a) and (b)

None

13.

1 point

-------------is an intelligent activity includes decision making, selection of vendors etc.

Purchasing

purchasing department

Procurement

purchase order

14.

1 point

---------------can be defined as an attempt to balance inventory needs and requirements with the need to minimize cost resulting from obtaining and holding inventory.

Finance maragemet

Marketing management

Inventory rnanagement

None

15.

1 point

---------------------involves semi-furnished goods at various stage of manufacturing cycle.

Raw inventories

In-process inventories

Finished inventories

Indirect inventories

16.

1 point

Procurement activity is ----------and takes more time.

simple

complicated

difficult

none

17.

1 point

MRP means --------

Material Requirement process

Material Requirement planning

Material Required planning

Material resource planning

18.

1 point

Which is the first step in doing ABC analysis?

Arranging the items

Determine unit price

Preparing the list of all items

None

19.

1 point

ABC analysis plays a vital role in ---------------management.

Finance

Inventory

Both (a) and (b) correct

Both (a) and (b) wrong

20.

1 point

-------------are the finished goods lying in stock rooms and waiting dispatch.

Raw inventories

In-process inventories

Finished inventories

In-process inventories

21.

1 point

--------------include lubricants and other items needed. for proper operation.

Raw inventories

In-process inventories

Finished inventories

Indirect inventories

22.

1 point

The important functions/duties of purchasing department/management are _ -----

Preparation of purchasing budget.

Track pending purchase orders.

Issue and. follow up purchase orders.

all of these

23.

1 point

ERP means----------------

Enterprise Resource planning

Enterprise Resource Planning

Enterprise Resource process

None

24.

1 point

What is function or functions are involved in materials MANAGEMENT

Planning

Ware-housing

STORE MANAGEMENT

All of the above.

25.

1 point

EOQ does not work if-------------order quantity is compulsory.

Maximum

Minimum

Smaller

None