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1. Vendor selection costs

2. Finished goods

3. A pharmaceutical firm offers a new drug called NC-01. After analysing the market, the firm realises that the demand is largely variable. But they still have to forecast the customer demand for the next production cycle.

The new drug NC-01 is best described as which type of item?

4. Lean principle focuses on eliminating eight types of waste.

Waste in Lean manufacturing is defined as...?

5. Ranger Mobile Ltd is a emerging smartphone manufacturer. The manufacturer adopts the just-in-time method: First, the customers make orders, then it will decide which components to be purchased according to the bill of materials.

These components are known as which of the following?

6. Likelihood

7. Jugdement

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

9. An organisation always obtains negative cash flow regarding removal and disposal of assets. Is this statement true?

10. Assuming that all other factors are constant except one, the net present value of a capital expenditure increases when...?

11. There are no duplicate product codes

12. In the Appendix A of a long-term supply contract of Bulk Drug Substance, both parties agree that "The reference price for Bulk Product at the specification, per gram, shall be US$10. The unit price for Bulk Product for a specific Purchase Order shall be computed by multiplying the above- specified reference price by two corrective factors, namely inflation correction factor and exchange rate correction factor".

This pricing appendix is an example of...?

13. 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.

14. A logistics company has a 2-story warehouse in the suburban area. The goods receiving area and dispatch area are located on the ground floor only. There is a lift connecting the two floors. The daily operations of the warehouse are quite busy.

Which of the following would the best arrangement for this warehouse?

15. To improve the security of a warehouse, alarm systems are commonly used.

Which of the following is an important part of these systems?

16. Which of the following lists all components, ingredients, and materials required to produce the final product?

17. Which type of codes can a barcode laser scanner (linear scanner) read?

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

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

20. Practice of unloading goods from inbound delivery vehicles and loading them directly onto out-bound vehicles is known as ...?

21. In ABC analysis, category C is also known as...?

22. A restaurant needs to buy a new freezer. The owner applies total cost of ownership model to calculate the life-time cost of the freezer. This equipment has a price tag of $1,000, the supplier can offer free delivery if the restaurant pays off immediately. Estimated electricity consumption of the freezer is $200 in 5 years. The supplier ascertains that the freezer is very durable, buyer doesn't need to care about maintenance costs. However, if the restaurant needs better protection from breakdowns, the warranty is free for the first 12 months after the purchase. This warranty package can be extended once for another 24-month period with the cost of $75. After 5 years, the buyer will be able to resell this freezer for $250.

What would be the estimated total cost of ownership of this freezer if the restaurant owner buys the extended warranty package?

23. When purchasing a capital asset, an organisation should analyse the costs and benefits that the asset may bring.

Which of the following factors are considered in cost-benefit analysis? Select TWO that apply.

24. Autonomous maintenance

25. A manager who is concerned about the environmental impact of packaging should do which of the following?

26. Multiple approval levels for a small purchase request is an example of which type of waste?

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

28. Which of the following are main objectives of warehouse operations? Select TWO that apply.

29. Which of the following best describes the term ‘periodic review’?

30. Which of the following is often created by each business and commonly used for the purpose of inventory management?

31. A retailer wants to improve its service level in inventory management from 95% to 97%.

Which of the following is the best course of action?

32. Which of the following are most likely to be direct benefits of applying RFID technology? Select TWO that apply

33. Can RFID tags work when they are attached to metal surfaces or embedded within metal products?

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

35. Environmental impact of excess packaging

36. Which of the following statements holds true about inventory holding costs?

37. To test the product durability

38. XYZ Inc opens a tender to purchase new forklift trucks for their new established warehouse. In the final round, there are two suppliers remain who offer two different bids. Supplier A's bid has high initial investment. After calculating the net present value, the NPV in year five is positive. On the other hand, supplier B's bid has low purchase price, with the NPV in year five is negative.

If the NPV is the sole selection criterion, XYZ Inc should select the bid which has...?

39. 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?