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1. Among different types of costs associated with inventory, the costs of obtaining purchase approvals are...?

Purchasing price

Costs of stockouts

Acquisition costs

Holding costs

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2. One of the important outputs of an MRP system is the material requirement plan. This plan shows the net requirements for materials or components to make the final product.

Which of the following best describes the net material requirements?

Gross requirements + on-order - Inventory on-hand

On order + Inventory on-hand

Total requirements - order releases + amount on-hand

Gross requirements - Inventory level - Scheduled receipt

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3. A manufacturer is making a plan for strategic safety stock. To do so, they must analyse the probability of a stock out occurring and the cost impacts if it does.

Which of the following are typical costs the manufacturer may incur in 'out of stock' event? Select TWO that apply.

Extra costs for urgent transportation

Cost of equipment downtime

Costs for qualifying suppliers

Costs of handling inventory Costs of approving the requisition

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4. Resevoir Inc runs several oil refineries across the country. These refineries require heavy investment, particularly in maintenance, repair and operating (MRO) inventory. But the inventory turnover rate of these MRO items are low, while some items have expired date, which increases the risks of obsolescence.

Which of the following methods can address the issues of these MRO items?

Forrester effect

Just in case

Larger safety stock

Vendor-owned stock

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5. Decommissioning, removal and disposal of assets may have impact on the environment. An organisation should have policies and procedures in place to enhance its environmental performance.

Which standard family provides the guidance on environmental policies and procedures?

ISO 22000 family

ISO 9000 family

ISO 14000 family

ISO 27000 family

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6. Which of the following is the cylindrical container that is suitable for liquids or loose material

Tote box

Drum

Industrial container

Storage bag

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7. The following are examples of scheduled maintenance except...

Oil changes and regular servicing

Overhauling of machine

Repair signage damage from a recent storm

Cleaning of tank

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8. What is the different between gross material requirements plan (gross MRP) and a net material requirements plan (net MRP)?

The gross requirement doesn't take taxes into account, whereas the net requirement includes the tax considerations

The gross MRP includes consideration of available inventory, whereas the net MRP does not

The net MRP includes the amount of inventory on hand, whereas the gross MRP does not

The gross MRP is mostly paper-based, but the net MRP must be computerised

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9. Raw materials

1 and 3 only

2 and 4 only

1 and 2 only

3 and 4 only

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10. MRP system is the most suitable IT system to manage which type of items?

Dependent demand

Construction projects

Independent demand

Fast moving components

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11. Which of the following is the most suitable container of fasteners (screws, nails, nuts and bolts,...)?

Bar rack

Pallet

Tote box

Stock cage

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12. In the periodic review system, the order quantity is the same for each order. Is this statement true?

No, the next order quantity must be larger than the previous one

No, the inventory position at each review point differs from each other

Yes, in periodic review system items are reviewed when the Kanban is triggered

Yes, the order quantity should be equal to economic order quantity

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13. A supermarket calculates that the average holding cost for an item is $1.50 per cubic meter per day. A beer pallet which has volume of 0.5 cubic meter will be stored for 5 days.

What is the holding cost of this beer pallet?

$4.00

$4.50

$4.25

$3.75

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14. Which one of the following statements is true about radio frequency identification (RFID)?

RFID tags require laser scanning.

A passive RFID tag does not use an antenna

An active RFID tag does not require a power source

Normally passive RFID tags store ID numbers

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15. A major investment bank is planning to purchase a complex banking system that will interface with multiple applications at varying times of the day. Before deploying the system, there are various levels of testing that must be performed through joint testing between the in-house team and off-shore testing consultants. The testing will be performed in a resource-constrained shared environment and managed by the on-shore development team.

The costs for testing are generally classified as...?

Insurance

Maintenance costs

Acquisition costs

Purchase prices

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16. Which of the following best defines ‘exponential moving average’?

A forecasting technique where the average is calculated by dividing the sum of the val-ues by the number of values

A process by which the reorder of an item is triggered by the inventory level dropping to a predetermined level

A process by which a decision is taken at a period end or review point to determine how much to reorder

A forecasting technique where each demand is multiplied by a weighting factor

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17. Among different types of costs associated with inventory, the opportunity cost of the investment tied up in inventory belongs to which of the following?

Acquisition costs

Purchase price

Holding costs

Costs of stockouts

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18. The amount of inventory available at the start of an accounting period is known as...?

Buffer stock

Work-in-progress

Opening stock

Closing stock

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19. Which of the following correctly describes the triple bottom line?

Professional, Planet, Profit

People, Planet, Project

People, Product, Profit

People, Planet, Profit

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20. ANTA Logistics is looking for a place to build a new, integrated cold chain facility, “Chill Hub”, to its customers.

Which of the following need to be considered when selecting the location of the new facility? Select TWO that apply.

Availability of the building

Ease of objective forecasting on inventory level

Volume of obsolescent stock

Accessibility to roads and highways

Availability of product coding system

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21. Profit decreases

2 and 4 only

1 and 3 only

2 and 3 only

1 and 4 only

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22. Which of the following is the correct statement about total ordering cost?

Rise as the average stock level rises

Equal the number of orders placed times the cost of placing an order

Rise as the order quantity rises

Fall with the per period usage rate

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23. To test the product durability

1 and 2 only

3 and 4 only

2 and 3 only

1 and 4 only

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24. Which of the following is a forecasting technique?

LIFO

Moving average

Time-weighted series

ABC analysis

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25. Bulk loose coal that requires massive handling system should be stored in which area?

Chill hub

Stockyard

Heating warehouse

Store

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26. Finished goods

1, 3 and 4

1, 2 and 4

2, 3 and 4

2, 3 and 4

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27. P2P system

2 and 3 only

1 and 3 only

2 and 4 only

1 and 4 only

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28. Which component of an RFID device is responsible for sending and receiving radio waves?

Network database

Laser beam

Integrated circuit

Antenna

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29. Which of the following are typical characteristics of 2D barcodes? Select TWO that apply.

Every 2D barcodes must conform international standards

The 2D barcodes are machine-readable

2D barcodes are exclusively used for marketing purpose

2D barcodes can be read by linear scanners

2D barcodes can contain more data than 1D barcodes

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