Podcast
Questions and Answers
What does the abbreviation JIT stand for in the context of purchasing?
What does the abbreviation JIT stand for in the context of purchasing?
- Junk in Transit
- Joint Inventory Tracking
- Journey into Trade
- Just-In-Time (correct)
Which of the following is NOT one of the Seven R’s of Purchasing?
Which of the following is NOT one of the Seven R’s of Purchasing?
- Right Source
- Right Condition
- Right Marketing (correct)
- Right Quantity
How do better negotiation skills and relationships with suppliers impact an organization's bottom line?
How do better negotiation skills and relationships with suppliers impact an organization's bottom line?
- Have no effect on profit
- Improve operational effectiveness (correct)
- Reduce gross profit
- Increase other expenses
What is NOT an objective of purchasing in an organization?
What is NOT an objective of purchasing in an organization?
What is a key part of the Purchasing Process?
What is a key part of the Purchasing Process?
Which effect does superior purchasing performance have on the bottom line?
Which effect does superior purchasing performance have on the bottom line?
Which term is NOT synonymous with Purchasing according to the text?
Which term is NOT synonymous with Purchasing according to the text?
What major factor leads to improved cost efficiency in purchasing?
What major factor leads to improved cost efficiency in purchasing?
Why is it essential for an organization to maintain adequate quality standards in purchasing?
Why is it essential for an organization to maintain adequate quality standards in purchasing?
What is the primary purpose of standardizing items bought according to the objectives of purchasing?
What is the primary purpose of standardizing items bought according to the objectives of purchasing?
Which of the following is NOT a type of purchase mentioned in the text?
Which of the following is NOT a type of purchase mentioned in the text?
Which of the following is NOT a type of buying situation?
Which of the following is NOT a type of buying situation?
What is the main risk of outsourcing services according to the text?
What is the main risk of outsourcing services according to the text?
Which of the following is NOT a benefit of JIT purchasing mentioned in the text?
Which of the following is NOT a benefit of JIT purchasing mentioned in the text?
What is the main purpose of a volume contract in JIT purchasing?
What is the main purpose of a volume contract in JIT purchasing?
Which of the following is NOT an advantage of electronic procurement mentioned in the text?
Which of the following is NOT an advantage of electronic procurement mentioned in the text?
What is the main reason for having a single source supplier?
What is the main reason for having a single source supplier?
Which of the following is NOT a common performance measure mentioned in the text for purchasing?
Which of the following is NOT a common performance measure mentioned in the text for purchasing?
Which of the following is NOT a characteristic of purchasing alliances mentioned in the text?
Which of the following is NOT a characteristic of purchasing alliances mentioned in the text?
What is the main reason for outsourcing materials according to the text?
What is the main reason for outsourcing materials according to the text?
Flashcards are hidden until you start studying
