Podcast
Questions and Answers
What is the primary responsibility of the purchasing function in a business?
What is the primary responsibility of the purchasing function in a business?
- To buy goods and services needed for operations (correct)
- To oversee financial planning
- To manage employee relations
- To develop marketing strategies
Which of the following is emphasized as important in the purchasing process?
Which of the following is emphasized as important in the purchasing process?
- Only purchasing at the lowest price
- Purchasing good quality materials (correct)
- Buying only from domestic suppliers
- Avoiding bulk purchases due to storage issues
What effect can bulk buying have on purchasing costs?
What effect can bulk buying have on purchasing costs?
- Leads to discounted prices and cost savings (correct)
- Reduces material quality
- Decreases supplier relationships
- Increases costs due to storage
From which sector do raw materials primarily come before being processed?
From which sector do raw materials primarily come before being processed?
In the retail sector, what is a key responsibility of the purchasing function?
In the retail sector, what is a key responsibility of the purchasing function?
Flashcards
Purchasing function's role
Purchasing function's role
Acquiring goods and services needed by other business functions at the right price, quality, and quantity from efficient suppliers.
Purchasing in Manufacturing
Purchasing in Manufacturing
Obtaining raw materials, services, and equipment for the manufacturing process.
Purchasing in Retail
Purchasing in Retail
Ensuring sufficient stock levels to meet consumer demand.
Bulk Purchasing
Bulk Purchasing
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Economic Sectors
Economic Sectors
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