SS3 First Term Store Management Past Questions And Answers (Objective and Theory)

 

20 multiple-choice questions for Senior Secondary School 3 (SS3) first term store management, along with options and answers. Additionally, I’ve included 5 theory questions for Section B:

 

Section A: Multiple-Choice Questions

Question: What is the primary purpose of store management?

 

A) Increase profits

B) Reduce expenses

C) Efficiently handle inventory

D) Improve customer service

Answer: C) Efficiently handle inventory

Question: Which of the following is a key element of inventory control?

 

A) Overstocking

B) Understocking

C) Just-in-time inventory

D) Slow inventory turnover

Answer: C) Just-in-time inventory

Question: What is the role of a store manager in personnel management?

 

A) Minimizing employee training

B) Resolving conflicts among staff

C) Ignoring staff feedback

D) Reducing employee benefits

Answer: B) Resolving conflicts among staff

Question: Which inventory valuation method assumes that the oldest items are sold first?

 

A) LIFO (Last In, First Out)

B) FIFO (First In, First Out)

C) Weighted Average

D) Specific Identification

Answer: A) LIFO (Last In, First Out)

Question: In store management, what does EOQ stand for?

 

A) Economic Order Quantity

B) Excessive Order Quality

C) Efficient Order Queue

D) Effective Operational Quotient

Answer: A) Economic Order Quantity

Question: What is the purpose of safety stock?

 

A) Maximize profits

B) Prevent stockouts

C) Increase order frequency

D) Reduce order quantity

Answer: B) Prevent stockouts

Question: Which type of inventory includes goods that are in the process of production?

 

A) Raw materials

B) Work-in-progress

C) Finished goods

D) MRO (Maintenance, Repair, and Operating) goods

Answer: B) Work-in-progress

Question: The ABC analysis classifies inventory items based on what criteria?

 

A) Alphabetical order

B) Purchase price

C) Importance and value

D) Expiry date

Answer: C) Importance and value

Question: What is JIT inventory management focused on?

 

A) Maximum stock levels

B) Minimum lead time

C) Frequent large orders

D) Seasonal demand

Answer: B) Minimum lead time

Question: Which document is used to acknowledge the receipt of goods from a supplier?

 

A) Invoice

B) Purchase order

C) Delivery note

D) Packing slip

Answer: C) Delivery note

Question: What is the purpose of a perpetual inventory system?

A) Counting inventory annually

B) Keeping real-time inventory records

C) Ignoring stock levels

D) Randomly placing orders

Answer: B) Keeping real-time inventory records

Question: Which of the following is a key factor in effective merchandising?

A) Overpricing products

B) Limited product variety

C) Strategic product placement

D) Ignoring customer preferences

Answer: C) Strategic product placement

Question: In a retail store, what does “planogram” refer to?

A) Financial report

B) Marketing strategy

C) Shelf display layout

D) Employee schedule

Answer: C) Shelf display layout

Question: Which inventory turnover ratio indicates faster inventory movement?

A) Low turnover ratio

B) Moderate turnover ratio

C) High turnover ratio

D) Stagnant turnover ratio

Answer: C) High turnover ratio

Question: What is the purpose of a reorder point?

A) Determine sales targets

B) Identify slow-selling items

C) Initiate the reorder process

D) Set employee schedules

Answer: C) Initiate the reorder process

Question: How does an ABC analysis help in inventory management?

A) Classifying items based on alphabetical order

B) Identifying items with the highest value and importance

C) Randomly selecting items for restocking

D) Ignoring inventory categories

Answer: B) Identifying items with the highest value and importance

Question: What does RFID technology contribute to store management?

A) Efficient inventory tracking

B) Increased manual counting

C) Delayed order processing

D) Limited product information

Answer: A) Efficient inventory tracking

Question: Which cost is associated with holding excess inventory?

A) Ordering cost

B) Stockout cost

C) Carrying cost

D) Shortage cost

Answer: C) Carrying cost

Question: What is the purpose of a perpetual inventory system?

A) Periodic updates of inventory levels

B) Real-time tracking of inventory

C) Manual counting of inventory

D) Ignoring stock levels

Answer: B) Real-time tracking of inventory

Question: Which factor should be considered when determining the location of a store?

A) Proximity to competitors

B) Limited parking space

C) High crime rate in the area

D) Accessibility to target customers

Answer: D) Accessibility to target customers

Section B: Theory Questions

Question: Explain the concept of Economic Order Quantity (EOQ) and its significance in store management.

 

Question: Discuss the advantages and disadvantages of using RFID technology in inventory management.

 

Question: How can effective merchandising contribute to the success of a retail store? Provide examples.

 

Question: Describe the role of ABC analysis in categorizing and managing inventory items.

 

Question: Outline the steps involved in the procurement process in store management, highlighting the importance of each step.