Question 1

Inventory is an asset that is intended to be _____________ in the ordinary course of business

a. store

b. scrap

c. buyback

d. sold

Question 2

UCC Stands for _________

a. Uniform Common Code

b. Union Commodity Code

c. Universal Common Code

d. Uniform Commercial Code

Question 3

_______________is an important concept in supply chain management

a. store cost

b. demand & supply

c. risk pooling

d. spare parts

Question 4

It is easy to say that the supply chain network planning can minimize cost and still maintain a good service level, but to actually achieve them both, it needs a ____________

a. lots of hard work

b. lots of dedication

c. job description

d. lot of effort

Question 5

Supply Chain complexity does not mean complicated, but rather it describes a condition of inter-connectedness and inter-dependencies _____________

a. national setup

b. across network

c. global setup

d. local setup

Question 6

If a supplier is unable to supply on time, and within the stipulated budget, the business is bound to suffer losses and gain a ____________

a. goodwill

b. loss

c. negative reputation

d. profit

Question 7

Implementing proper inventory control procedures can help ensure a business is running at __ levels and that products meet customers needs and expectations.

a. Optimal Financial

b. sales level

c. profit level

d. sales promotion

Question 8

Demand uncertainty refers to the _____________ that cause demand to unexpectedly increase or decrease.

a. external factor

b. outside factor

c. govt rules

d. internal factor

Question 9

Inventory management refers to the practices and processes used to ________ holding levels, minimize costs and bottlenecks and manage current and future stock requirements.

a. manage stock

b. minimum stock level

c. Reduce inventory cost

d. Control Inventory

Question 10

_____________________ and supply chain optimization platform provides a rich and robust supply chain modeling and optimization environment

a. multiple decision

b. one decision

c. optimized decision making

d. single decision

Question 11

Supply chain integration is a large-scale business strategy that brings as many links of the chain as possible into a closer ______________ with each other

a. close tie-up

b. joint venture

c. working relationship

d. partnership

Question 12

___________________________________ models are used when raw materials, wip, or finish goods are required more than one time or on an ongoing basis

a. Multiple Order Inventory Control

b. SAP

c. JIT

d. EOQ

Question 13

The main ______ of supply chain management is to monitor and relate production, distribution, and shipment of products and services.

a. focus

b. business goal

c. target

d. objectives

Question 14

By managing the entire supply chain from a central location, organizations can monitor their ________________ and work hard to stay within a limited budget.

a. operational cost

b. goods cost

c. store cost

d. sales revenue

Question 15

By building a strong working ________ with your supplier, you would be able to work efficiently and come up with a better output in a short period of time.

a. partnership

b. compromising

c. joint venture

d. relationship

Question 16

Supply Chain Management can be defined as the management of flow of ______

a. goods & profit

b. products & services

c. goods & storing

d. shipment & transport

Question 17

SCM knowledge and capabilities can be used to _________ medical missions, conduct disaster relief operations, and handle other types of emergencies.

a. extends

b. helps

c. benefits

d. support

Question 18

Supply chain integration is a process where all the parties involved with the fulfillment of a product are integrated into a ___________

a. single system

b. one model

c. main project

d. ABC Analysis

Question 19

Supply-chain management is a complex process because of the many uncertainties it involves

a. smooth process

b. systematic process

c. easy process

d. complex process

Question 20

Information sharing is the __________ to ensure that each node of the supply chain is aware of the current status of the operation

a. correct way

b. right method

c. medium

d. key

Question 21

Every business needs a plan or blueprint or a roadmap based on which the _______ are made.

a. plans

b. guidelines

c. policy

d. strategies

Question 22

_______________ optimization involves finding the optimal solution on problems that contain local optima.

a. National

b. Local

c. Regular

d. Global

Question 23

In short, the concept of supply chain management has _________ around a customer-focused corporate vision

a. growth

b. evolved

c. develop

d. emerged

Question 24

In ________ business operation there are more complexities in supply chain management

a. Global

b. local setup

c. National

d. Local

Question 25

__________________ is a department within a business or organization that is responsible for making all necessary procurement.

a. Corporate Dept

b. Central Purchasing

c. Purchase Dept

d. Marketing Dept.

Question 26

MRP stand for___________

a. Material Receipt Plan

b. Material Report Plan

c. Material Receipt Project

d. Material Requirement Planning

Question 27

With these contractual protections and strong, strategic supply-chain relationships, you can better position your company for success into the future.

a. growth

b. success

c. progress

d. move

Question 28

SKU stands for _____________

a. Stock Kept Unit

b. Stock Keeper Unit

c. Stock Keeping Unit

d. Stock knowledge Unit

Question 29

Companies are realizing that the ___________ measures that once worked so well are now hindering them from being the agile supply chain that their customers are beginning to expect

a. cost control

b. cost-effective

c. cost reduction

d. cost-saving

Question 30

Decentralized purchasing is quite flexible and can quickly ____________ following the requirements of a particular plant.

a. adjust

b. fulfil

c. meet market order

d. meet

Question 31

__________________ are agreement between buyer and. supplier on issues like. Pricing and volume discounts.

a. Inventory Control

b. supply chain contracts

c. stock management

d. ABC Analysis

Question 32

If demand for the product can be estimated accurately, the _______________ is an efficient choice for production.

a. EOQ

b. SAP

c. MTS strategy

d. ERP

Question 33

__________inventory control reduces both safety stock and average inventory level for the same service level.

a. Inventory Store

b. Centralizing

c. Warehousing

d. Stock Control

Question 34

Perhaps the most fundamental role that inventory plays in supply chains is that of facilitating the balancing of _________________

a. demand & supply

b. demand strategy

c. new market

d. demand & inventory

Question 35

Supply Chain Operation Reference is also known as ______

a. Fixed Cost

b. Balance Sheet

c. SCOR Model

d. ROI

Question 36

Purchasing in ________________ quantities reduces cost to the organization.

a. bulk

b. heavy qty

c. low

d. moderate

Question 37

FIFO stand for

a. Fast In Fast Out

b. First Inward First Outward

c. First In First Out

d. First In Faster out

Question 38

____________ used to identify optimal inventory deployment policies and quantities by facility for a given network of facilities

a. Inventory Optimization

b. Inventory Control

c. SAP

d. Inventory Management

Question 39

The operation of inventory management determines the efficiency of storage of ____________

a. goods cost

b. products

c. goods & storing

d. goods & profit

Question 40

ELS stand for ____________

a. economic low shape

b. economic level stock

c. economic less storage

d. Economic lot size

Question 41

Some suppliers are more critical than others, hence different _____________ must be developed to handle each segment

a. systems

b. strategies

c. methods

d. approaches

Question 42

You should have the ability to visit your suppliers sites and _________ their records to ensure the measures required are in place and being adhered to.

a. verify

b. look

c. check

d. review

Question 43

When a company decides to evaluate its network, leadership must first address the type of effort that should be _______________

a. achieved

b. hit

c. done

d. performed

Question 44

To keep up with slimming margins, increasing competition, and a decreasing amount of differentiation between brands, more and more companies are integrating their __________

a. supply chains

b. Stock Management

c. Inventory Control

d. Inventory Management

Question 45

Typically, a supply chain is composed of two main business processes: that is _______________________

a. inbound & outbound material

b. buying & storing

c. up & side movements

d. in & out movements

Question 46

Inventory levels are affected by customer service expectations, demand uncertainty, and the _____________of the supply chain.

a. balancing

b. functioning

c. flexibility

d. system based

Question 47

________________is a defensive tool used to guard against failure resulting from unpredictable changes in operations

a. SAP

b. ERP

c. EQO

d. contingency planning

Question 48

Any inventory of Raw materials, finished goods as well as Intermediate in process inventory has an economic value and is considered __________

a. an asset

b. balance sheet

c. goodwill

d. brand image

Question 49

There are many complicated supply chain management processes that differ with the size of the business as well as the _____ of the chain and the number of products involved at each step

a. problems

b. shortfalls

c. issues

d. complexity

Question 50

MTO stand for _____

a. market to order

b. manufacture to order

c. Make to order

d. make to optimize

Question 51

For many businesses, a major source of ________ comes from the sale of merchandise and products

a. ROI

b. goodwill

c. revenue

d. profit

Question 52

Whether to manufacture a product or component or buy it from a supplier is a _____________

a. major task

b. important job

c. major decision

d. main function

Question 53

In ____________the initial stages of the supply chain are operated on push while the final stages are operated on pull.

a. market development

b. demand strategy

c. push-pull strategy

d. new market

Question 54

A centralized supply chain is the traditional supply chain model, featuring a central headquarters and warehouse based in a ____________________

a. many locations

b. single location

c. multiple location

d. one office

Question 55

M-T-S stand for -------

a. made to stock

b. make to stock

c. make to spare

d. made to store

Question 56

One objective of increasing ____ is focusing and coordinating the relevant resources of each participant on the needs of the supply chain to optimize the overall performance of the chain.

a. joint venture

b. joint strategy

c. partnership

d. integration

Question 57

______________________ is the concept that the variability in demand for raw materials is reduced by aggregating demand across multiple products.

a. JIT

b. ERP

c. inventory risk pooling

d. EOQ

Question 58

__________________can help with the forecast and fulfillment process

a. ABC Analysis

b. EOQ

c. Supply Chain Management

d. SAP

Question 59

Simulation Tools used to ___________ how realtime variability can impact supply chain performance and risk

a. judge

b. evaluate

c. analysis

d. decide

Question 60

The more consolidated the products and the warehouses are, the cheaper the _______________ as shipments can be sent in larger batches.

a. inventory cost

b. transportation cost

c. warehousing cost

d. freight cost