SS1 First Term Store Management Past Questions And Answers (Objective and Theory)
SS1 First Term Store Management Past Questions And Answers (Objective and Theory)
Here are 20 multiple-choice questions for Senior Secondary School 1 (SS1) first term store management, along with options and answers. Additionally, I’ve included 5 theory questions for section B.
Section A: Multiple-Choice Questions
What is the primary goal of store management?
A) Profit maximization
B) Cost minimization
C) Customer satisfaction
D) Employee motivation
Answer: C) Customer satisfaction
Which inventory system involves continuous monitoring of stock levels?
A) FIFO
B) JIT
C) EOQ
D) LIFO
Answer: B) JIT (Just-In-Time)
What is the purpose of safety stock?
A) To prevent theft
B) To handle unexpected demand fluctuations
C) To reduce carrying costs
D) To expedite order processing
Answer: B) To handle unexpected demand fluctuations
Which document serves as evidence of receiving goods from a supplier?
A) Invoice
B) Delivery note
C) Purchase order
D) Bill of lading
Answer: B) Delivery note
What is the primary function of a barcode in store management?
A) Pricing
B) Inventory tracking
C) Marketing
D) Employee identification
Answer: B) Inventory tracking
Which pricing strategy involves setting prices just below a whole number, like $9.99?
A) Odd pricing
B) Psychological pricing
C) Cost-plus pricing
D) Skimming pricing
Answer: A) Odd pricing
What does ABC analysis in inventory management prioritize?
A) Low-value items
B) High-value items
C) Average-value items
D) Perishable items
Answer: B) High-value items
Which of the following is a benefit of an efficient store layout?
A) Increased theft
B) Improved employee morale
C) Higher operating costs
D) Longer customer wait times
Answer: B) Improved employee morale
Which concept focuses on reducing waste and increasing efficiency in store operations?
A) Lean management
B) Agile management
C) Six Sigma
D) Total Quality Management (TQM)
Answer: A) Lean management
What does SKU stand for in store management?
A) Stock Keeping Unit
B) Store Key Unit
C) Sales and Key Unit
D) Stock Kiosk Unit
Answer: A) Stock Keeping Unit
What is the purpose of a perpetual inventory system?
A) Monthly stocktaking
B) Continuous tracking of stock levels
C) Yearly audit
D) Random stock checks
Answer: B) Continuous tracking of stock levels
In which inventory valuation method is the most recent cost used to calculate the value of ending inventory?
A) FIFO
B) LIFO
C) Weighted Average
D) Specific Identification
Answer: B) LIFO (Last In, First Out)
Which document authorizes the purchase of goods from a supplier?
A) Invoice
B) Delivery note
C) Purchase order
D) Bill of lading
Answer: C) Purchase order
What is the primary goal of order picking in a warehouse?
A) Minimize stockouts
B) Maximize carrying costs
C) Speed up order processing
D) Increase order errors
Answer: C) Speed up order processing
What is the primary purpose of a stock ledger in store management?
A) Record sales transactions
B) Track employee attendance
C) Monitor stock movements
D) Calculate employee wages
Answer: C) Monitor stock movements
Which of the following is an external factor affecting inventory management?
A) Order quantity
B) Lead time
C) Economic conditions
D) Reorder point
Answer: C) Economic conditions
What is the purpose of a safety stock in inventory management?
A) To prevent theft
B) To handle unexpected demand fluctuations
C) To reduce carrying costs
D) To expedite order processing
Answer: B) To handle unexpected demand fluctuations
Which type of inventory includes finished goods ready for sale?
A) Raw materials inventory
B) Work-in-progress inventory
C) Finished goods inventory
D) MRO (Maintenance, Repair, and Operating) inventory
Answer: C) Finished goods inventory
What does EOQ stand for in inventory management?
A) Economic Order Quantity
B) Effective Order Quantity
C) Excess Order Quantity
D) Efficient Order Quantity
Answer: A) Economic Order Quantity
What is the purpose of a perpetual inventory system?
A) Monthly stocktaking
B) Continuous tracking of stock levels
C) Yearly audit
D) Random stock checks
Answer: B) Continuous tracking of stock levels
Section B: Theory Questions
Explain the concept of “Just-In-Time” inventory management and its advantages.
Discuss the importance of effective communication in store management, especially in the context of dealing with suppliers and customers.
Describe the role of technology in modern store management. Provide examples of how technology can improve efficiency and customer satisfaction.
Explain the term “ABC analysis” in inventory management. How does it help in prioritizing items for control and management?
Discuss the impact of poor store layout on customer experience and employee productivity. Provide recommendations for designing an efficient store layout.