4/5/23, 8:28 PM Store Management Questions - Vskills Practice Tests

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Store Management Questions

Store Management Questions
Store Management Questions

Store Management Questions

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Answer Sheet

Q1) Which store accounting system involves use of market price or stock at cost, whichever is less?

1. Standard Cost System

2. Market Value System

3. Average Cost System

4. Costing the Closing Stock

Q2) What is the utility of location size code ?

1. define the size of location

2. Define the capacity of location in terms of quantity

3. define location

4. None of these

Q3) What type of store system does Random Access Stores is?

1. Open Stores System

2. Closed Stores System

3. Physical System

4. None of these
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Q4) Which of the system keeps track of each withdrawal or addition to inventory continuously?
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4/5/23, 8:28 PM Store Management Questions - Vskills Practice Tests

1. a fixed quantity system.

2. a continuous inventory system.

3. a perpetual inventory system.

4. a fixed period system.

Explanation:-

In business and accounting/accountancy, perpetual inventory or continuous inventory describes systems of inventory where information on inventory
quantity and availability is updated on a continuous basis as a function of doing business.

Q5) What is a location in a warehouse ?

1. Location where items are kept

2. group of location

3. group of location share common property

4. None of these

Q6) Which store accounting system involves a detailed analysis of market price and trends ?

1. FIFO

2. Standard Cost System

3. Market Value System

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4.  Average Cost System

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Q7) Which technique is used inventory management for cost reduction ?

1. Companywide codification of items

2. Standardization

3. Waste & Scrap Control

4. All of these

Q8) What is a zone in a warehouse ?

1. Location where items are kept

2. group of location

3. group of location share common property

4. None of these

Q9) What is done by consolidation in a warehouse ?

1. Consolidated materials through a single shipment

2. bulk warehouse sorts or splits individual orders and arranges for local delivery.

3. mixing of various products for shipment

4. None of these

Q10) Which store accounting system is also known as replacement rate costing?

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1. LIFO

2.  FIFO Get Govt. Certified

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3. Average Cost System

4. Market Value System

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