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

Senior Secondary School 3 (SS3) second term store management, along with options and answers. I’ve also included 5 more theory questions for Section B:

Section A: Multiple-Choice Questions

Question: What is the primary goal of inventory turnover ratio?

A) Maximize holding costs

B) Minimize stockouts

C) Slow down the sales process

D) Increase the speed of inventory replenishment

Answer: D) Increase the speed of inventory replenishment

Question: In store layout planning, what does the “grid layout” focus on?

A) Encouraging impulse buying

B) Maximizing floor space

C) Creating a comfortable ambiance

D) Minimizing customer traffic

Answer: B) Maximizing floor space

Question: What is the purpose of a safety stock in inventory management?

A) Minimize order frequency

B) Prevent stockouts due to uncertainties

C) Reduce carrying costs

D) Maximize profits

Answer: B) Prevent stockouts due to uncertainties

Question: Which method of inventory valuation assumes that all units are identical and interchangeable?

A) LIFO (Last In, First Out)

B) FIFO (First In, First Out)

C) Weighted Average

D) Specific Identification

Answer: B) FIFO (First In, First Out)

Question: What is the significance of ABC analysis in inventory management?

A) Prioritize items based on alphabetical order

B) Classify items based on sales volume

C) Randomly select items for restocking

D) Ignore inventory categories

Answer: B) Classify items based on sales volume

Question: How does technology such as barcode scanners contribute to efficient store management?

A) Increases manual errors

B) Slows down the checkout process

C) Improves accuracy in tracking and managing inventory

D) Decreases customer satisfaction

Answer: C) Improves accuracy in tracking and managing inventory

Question: What does the term “lead time” refer to in inventory management?

A) Time taken for goods to sell

B) Time taken to place an order

C) Time between receiving and selling goods

D) Time between stockouts

Answer: B) Time taken to place an order

Question: What role does customer service play in store management?

A) Increase stockouts

B) Decrease customer satisfaction

C) Enhance customer loyalty and retention

D) Ignore customer feedback

Answer: C) Enhance customer loyalty and retention

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 pricing strategy involves setting a high initial price for a new product and then gradually reducing it?

A) Penetration pricing

B) Skimming pricing

C) Competitive pricing

D) Dynamic pricing

Answer: B) Skimming pricing

Section B: Theory Questions

Question: Explain the concept of Lead Time in inventory management and its significance in determining reorder points.

Question: Discuss the role of technology, such as Point of Sale (POS) systems, in enhancing the efficiency of store management processes.

Question: Elaborate on the importance of employee training and motivation in achieving effective store management.

Question: Compare and contrast centralized and decentralized approaches to store management, highlighting their advantages and disadvantages.

Question: Analyze the impact of global supply chain disruptions on store management practices and strategies.