Question Advantages of fixed price agreements are :-
Correct Answer They are easy to administer , They give certainty to the buyer who knows from the start, amount he has to pay for the goods/services. , They protect buyer from possible financial risks from price escalations
Your Answer They are easy to administer , They give certainty to the buyer who knows from the start, amount he has to pay for the goods/services. , They protect buyer from possible financial risks from price escalations
Select The Blank
Question Originating department of daily material receipt report is ________.
Correct Answer Receiving store
Your Answer Receiving store
Select The Blank
Question ________ is the arrangement of items into groups according to a pre determined pattern.
Correct Answer Classification
Your Answer Classification
Multiple Choice Multiple Answer
Question Main information in the bill of material is :-
Correct Answer Part no. , Material specification , Quantity per assembly
Your Answer Part no. , Material specification , Quantity per assembly
Match The Following
Question Correct Answer Your Answer
LC Labour cost as considered at the time of contract Labour cost as considered at the time of contract
MA Actual material cost as on date. Actual material cost as on date.
MC Material cost as considered at the time of contract Material cost as considered at the time of contract
LA Actual labour cost as on date Actual labour cost as on date
Multiple Choice Single Answer
Question Heat is :-
Correct Answer An physical agent
Your Answer An physical agent
Multiple Choice Single Answer
Question A formal request to the purchase department, by the indentor to procure the items mentioned therein and within the indicated time schedule is :-
Correct Answer Purchase indent
Your Answer Purchase indent
True/False
Question Coal and coke gas used for power generation and process heating are direct materials.
Correct Answer False
Your Answer True
Select The Blank
Question In a contract of sale by description the goods sold must be of ________ quality.
Correct Answer Merchantable
Your Answer Merchantable
True/False
Question Annual total cost remain constant though stock-turn over rate changes.
Correct Answer False
Your Answer False
Multiple Choice Multiple Answer
Question Obsolescence cost is :-
Correct Answer Due stock on hand , Part No. / Name
Your Answer Due stock on hand , Cause of the event , Number of turns
True/False
Question Single tender system is used when there is only one supplier of the item.
Correct Answer True
Your Answer True
Select The Blank
Question In traditional purchasing, quality is confirmed ________.
Correct Answer On receipt
Your Answer On receipt
True/False
Question EOQ model is based on the assumption that unit price is fixed.
Correct Answer True
Your Answer False
Multiple Choice Multiple Answer
Question Obsolescence cost is :-
Correct Answer Due stock on hand , Part No. / Name
Your Answer Due stock on hand , Part No. / Name
Multiple Choice Multiple Answer
Question Set-up cost comprises of :-
Correct Answer Work-order cost , Idle time cost
Your Answer Work-order cost , Idle time cost
Multiple Choice Single Answer
Question Quantity discounts reduces :-
Correct Answer Procurement cost
Your Answer Material cost
Multiple Choice Single Answer
Question The document which is prepared by the engineering department is :-
Correct Answer Bill of material
Your Answer Bill of material
Multiple Choice Single Answer
Question Which of the following is not the external factor influencing materials planning?
Correct Answer Corporate objective
Your Answer Corporate objective
Select The Blank
Question Down time means ________.
Correct Answer Time required by equipment to become OK
Your Answer Time required by equipment to become OK
Multiple Choice Single Answer
Question Security deposit means :-
Correct Answer Amount as reserve-part kept by scrap contractor for final adjustment
Your Answer Amount paid by contractor to company
Multiple Choice Single Answer
Question Identifying technical, financial, managerial and quality assurance capability of the vendors and thereby generate data to serve basis for preliminary source selection is :-
Correct Answer Source investigation stage
Your Answer Source investigation stage
Select The Blank
Question ________specification are usually flexible and can be altered during consultation with different manufacturers of the equipment.
Correct Answer Equipment
Your Answer Technical
Multiple Choice Single Answer
Question Issues to top up supply to pre-fixed levels of items are :-
Correct Answer Imprest issues
Your Answer Imprest issues
Multiple Choice Multiple Answer
Question Requests for price increase are received on account of the following reasons :-
Correct Answer Increase in cost of raw materials and boughtout parts , Changes in tax structure , Added work content
Your Answer Increase in cost of raw materials and boughtout parts , Changes in tax structure , Added work content
Select The Blank
Question Stock held by company represents ________.
Correct Answer Money
Your Answer Money
Select The Blank
Question Method suitable for items which are either of purely seasonal is ________.
Correct Answer Seasonal buying
Your Answer Seasonal buying
Multiple Choice Single Answer
Question The buying which is received in staggered lots, each lot at times may equal EOQ is :-
Correct Answer Contract buying
Your Answer Schedule buying
Multiple Choice Multiple Answer
Question Special advance license for deemed export is granted in following cases :-
Correct Answer Supply of goods against advance license /Remission scheme , Supply of goods to export oriented units , Supply of capital goods to holders of licenses under EPCG Scheme
Your Answer Supply of goods against advance license /Remission scheme , Supply of goods to export oriented units , Supply of capital goods to holders of licenses under EPCG Scheme
True/False
Question Supplier's request for price increase should be analysed patiently by the buyer. A curt 'no' or 'negative' reply spoils relationships.
Correct Answer True
Your Answer True
Multiple Choice Multiple Answer
Question Actions involved in sample validation are :-
Correct Answer Follow up with the supplier until sample submission , Sample inspection , Feedback on defects and defect prevention
Your Answer Sample inspection , Feedback on defects and defect prevention
Multiple Choice Multiple Answer
Question Special stores are created where :-
Correct Answer Material need to be held under the control of the bank , Material need to be held for perishable items , Material need to be held for explosive & inflammable items
Your Answer Material need to be held for explosive & inflammable items , Material need to be held for costly items
