Materials Management - 8

LIST OF ATTEMPTED QUESTIONS AND ANSWERS



True/False
Question
Small parcels, Samples, gifts which are received from other countries provisions of import policy & customs not applied on them.
Correct Answer
False
Your Answer
False

Match The Following
Question
Correct Answer
Your Answer
Delivery time
As specified in contract
Warranties
Essential stipulations
Conditions
As per agreement
Collateral stipulations
Warranties
As specified in contract
Caveat emptor
Fundamental principle of sale of goods
Sale of goods act option

Multiple Choice Single Answer
Question
For the inspection of special Cutting tools which department is responsible?
Correct Answer
Planning department & inspection department
Your Answer
Planning department & inspection department

True/False
Question
Black listing may be for a limited period or for an indefinite period.
Correct Answer
True
Your Answer
False

Select The Blank
Question
Two-bin system supersedes ________.
Correct Answer
Perpetual inventory
Your Answer
Perpetual inventory

Multiple Choice Multiple Answer
Question
Stores functions include :-
Correct Answer
Receiving and issuing of materials , Keeping the record , Taking precautions to avoid pilferage, theft
Your Answer
Receiving and issuing of materials , Keeping the record , Taking precautions to avoid pilferage, theft

Multiple Choice Multiple Answer
Question
Analysis of certification correctness of material is required for :-
Correct Answer
Bar stock , Castings
Your Answer
High risk materials , Liquids

Select The Blank
Question
________ is followed in public sector organizations to identify the lowest potential bidder.
Correct Answer
Tender system
Your Answer
Tender system

Select The Blank
Question
Set-up cost for manufactured item in own plant is ________.
Correct Answer
Very high
Your Answer
Very less

Select The Blank
Question
The ________ is raised by the receiving stores in receipt of materials and after physical verification of the quantity and quality.
Correct Answer
Goods Receipt Report
Your Answer
Goods Receipt Report

True/False
Question
Metals should be stored at least 15-20 cm above the ground.
Correct Answer
True
Your Answer
True

True/False
Question
JIT purchasing is indirectly the activity of pushing inventory on the suppliers.
Correct Answer
True
Your Answer
False

Multiple Choice Single Answer
Question
Annual total cost is :-
Correct Answer
Annual Material Cost + Annual Procurement Cost + Annual ICC
Your Answer
Annual Material Cost + Annual Procurement Cost + Annual ICC

True/False
Question
No restrictions are on rail transport.
Correct Answer
True
Your Answer
True

Multiple Choice Multiple Answer
Question
Advantages of forward buying are :-
Correct Answer
Greater margin of profit on finished goods , Saving in procurement expenses as purchases are usually consolidated. , Security against shortages
Your Answer
Greater margin of profit on finished goods , Saving in procurement expenses as purchases are usually consolidated. , Security against shortages

Multiple Choice Single Answer
Question
The purchase of variety of items from single source is called as :-
Correct Answer
Blanket orders
Your Answer
Blanket orders

True/False
Question
Inventory control technique is suited for low value indirect materials which are economical to procure them in certain pre fixed quantities.
Correct Answer
True
Your Answer
False

Multiple Choice Single Answer
Question
Contracts of A & B class items should have :-
Correct Answer
Value engineering
Your Answer
Value analysis

True/False
Question
Reorder quantity in fixed order interval system equal economic order quantity.
Correct Answer
False
Your Answer
True

Select The Blank
Question
Indian railways carry almost ________ goods & passenger traffic.
Correct Answer
0.75
Your Answer
0.75

Select The Blank
Question
The purchasing of Weigh bridge is________
Correct Answer
Capital purchasing
Your Answer
Import purchasing

Multiple Choice Multiple Answer
Question
Techniques of Simplification :-
Correct Answer
Preferred numbers , Frequency analysis , Rationalized codification
Your Answer
Classification , Frequency analysis , Rationalized codification

Multiple Choice Multiple Answer
Question
Correct issues must have :-
Correct Answer
Written requisitions , Authorized requisitions
Your Answer
Written requisitions , Authorized requisitions

Multiple Choice Multiple Answer
Question
Rejection percentage to be allowed to the vendor depends on the :-
Correct Answer
Configuration of component , Number of operations involved , Tolerances and surface finishes
Your Answer
Number of operations involved , Tolerances and surface finishes , Process

Select The Blank
Question
One of the major pipe-line in India is ________.
Correct Answer
Ankaleshwar - Baroda
Your Answer
Barauni - Bajwa

Select The Blank
Question
GRR are sent from ________.
Correct Answer
Stores Dept.
Your Answer
Stores Dept.

Multiple Choice Multiple Answer
Question
Continuous Stock-taking is effective due to :-
Correct Answer
Planned/scheduled activity , Discrepancies are noticed & corrected in short spell
Your Answer
Planned/scheduled activity , Discrepancies are noticed & corrected in short spell , Eliminates material losses

Multiple Choice Single Answer
Question
Limited competition is associated with higher price while wider competition enables buying at competitive rates is known as :-
Correct Answer
Extent of competition
Your Answer
Demand and supply condition

Select The Blank
Question
________ is an addition of unnecessary cost to product
Correct Answer
Poor design
Your Answer
Poor design

Multiple Choice Multiple Answer
Question
The alpha numerical system operates as under :-
Correct Answer
Each item is identified and is given a proper description. , Identical items are classified into groups and each group is provided a suitable heading. , Codes are assigned to the next group, which are usually the alphabets.
Your Answer
Each item is identified and is given a proper description. , Identical items are classified into groups and each group is provided a suitable heading. , Codes are assigned to the next group, which are usually the alphabets.

Multiple Choice Single Answer
Question
How much saving in material cost can give benefit equivalent to eight to nine % rise in sales volume?
Correct Answer
0.01
Your Answer
0.01

Multiple Choice Single Answer
Question
The purchasing made under contract , usually formal, of needed materials, the delivery of which is frequently spread over a period of time is known as :-
Correct Answer
Contract buying
Your Answer
Contract buying

Multiple Choice Single Answer
Question
Which type of tendering is adopted when the requirements are urgent?
Correct Answer
Limited tender
Your Answer
Limited tender

True/False
Question
Continuous stock-taking tends to dislocate the working of store.
Correct Answer
False
Your Answer
False

True/False
Question
PO gives full and complete details of the materials to be supplied thereby avoiding ambiguities.
Correct Answer
True
Your Answer
True

Multiple Choice Single Answer
Question
External lead time is :-
Correct Answer
Supplier's lead time
Your Answer
Supplier's lead time

Match The Following
Question
Correct Answer
Your Answer
Supplies
Abrasive materials
Chemicals
Perishable materials
Vegetables
Vegetables
Packing materials
Carton
Carton
Empties
Metal containers
Metal containers

Multiple Choice Multiple Answer
Question
Primary duties to be performed by purchase department are :-
Correct Answer
Receipts, sorting of purchase indents and determination of method of buying , Performance evaluation and feedback , Search for suppliers
Your Answer
Receipts, sorting of purchase indents and determination of method of buying , Performance evaluation and feedback , Search for suppliers

Multiple Choice Multiple Answer
Question
In F.O.R. contract seller is responsible for :-
Correct Answer
Arranging for movement of goods to the transporter's godown , Safe loading on into the vehicle , Keeping the material in deliverable state
Your Answer
Arranging for movement of goods to the transporter's godown , Safe loading on into the vehicle , Keeping the material in deliverable state

Multiple Choice Single Answer
Question
Primary function means :-
Correct Answer
Basics required to make product worth
Your Answer
Basics required to make product worth

Multiple Choice Single Answer
Question
Who act as a link between company's financial department and supplier's for timely payment?
Correct Answer
Purchase division
Your Answer
Purchase division

Select The Blank
Question
Review system-optional replenishment is a modification of ________.
Correct Answer
Fixed-order interval system
Your Answer
Fixed-order interval system

Multiple Choice Single Answer
Question
Value analysis job plan contains :-
Correct Answer
9 steps
Your Answer
9 steps

Multiple Choice Multiple Answer
Question
Functions of Traffic division :-
Correct Answer
Tracing missing consignments , Selecting the right kind of shipping service , Scrutinizing freight bills for payment.
Your Answer
Selecting the right kind of shipping service , Scrutinizing freight bills for payment.

Select The Blank
Question
________Inspects the goods & issues a surveyor report certificate.
Correct Answer
Surveyor
Your Answer
Surveyor

Multiple Choice Multiple Answer
Question
Objectives of material research are :-
Correct Answer
To improve capability of purchase department to visualize problems which may be encountered in future. , To make optimum utilization of available resources , To provide the enterprise a competitive edge.
Your Answer
To improve capability of purchase department to visualize problems which may be encountered in future. , To make optimum utilization of available resources , To provide the enterprise a competitive edge.

True/False
Question
Two bin system is better as compared to perpetual inventory system.
Correct Answer
False
Your Answer
True