UGA Class Purchasing Flashcards

A written change, addition, alteration, correction, or revision to a bid, proposal, or contract document.

Telling a supplier the price(s) of another supplier to allow the former supplier to submit the lowest price.

<p>An insurance agreement that guarantees the bidder will not withdraw the bid.</p> Signup and view all the answers

<p>A list of companies maintained by the purchasing office of suppliers and contractors who wish to bid.</p> Signup and view all the answers

<p>All tangible property which cannot easily be converted into cash and is usually held for a long period.</p> Signup and view all the answers

<p>The first year of the Capital Improvements Plan as approved by the Commission.</p> Signup and view all the answers

<p>A project that results in the purchase or construction of capital assets.</p> Signup and view all the answers

<p>A system where purchasing functions reside in a singular business unit that buys on behalf of the entire organization.</p> Signup and view all the answers

<p>An agreement between two or more persons to limit open competition by deceiving or defrauding the government.</p> Signup and view all the answers

<p>The most common type of specification, including important characteristics for the end result.</p> Signup and view all the answers

<p>Two or more entities purchasing jointly to achieve lower unit prices and reduced costs.</p> Signup and view all the answers

<p>A United States federal law that requires paying prevailing wages on public works projects.</p> Signup and view all the answers

<p>Each user department buys for itself based on its own needs.</p> Signup and view all the answers

<p>Specifications that describe the characteristics and features of the product or equipment.</p> Signup and view all the answers

<p>A payment that isn't processed through Purchasing and involves a direct voucher to Accounts Payable.</p> Signup and view all the answers

<p>A goal of purchasing measured in terms of cost savings.</p> Signup and view all the answers

<p>A goal measured in terms of obtaining the good or service at the required quality level.</p> Signup and view all the answers

<p>A goal measured by how well the purchase is obtained in terms of time and staff energy spent.</p> Signup and view all the answers

<p>A sudden occurrence that poses imminent danger requiring immediate action.</p> Signup and view all the answers

<p>An amount for which there is a legal obligation to spend in the future, created by a purchase order.</p> Signup and view all the answers

<p>A system that handles some or all of the procurement cycle electronically.</p> Signup and view all the answers

<p>To execute promptly.</p> Signup and view all the answers

<p>First in first out.</p> Signup and view all the answers

<p>Buyer takes ownership of the goods from the seller at the buyer's delivery location.</p> Signup and view all the answers

<p>Buyer takes ownership of the goods at the seller's shipping point.</p> Signup and view all the answers

<p>A procurement exceeding a dollar threshold requiring legal parameters.</p> Signup and view all the answers

<p>A system of policies and procedures for acquiring goods and services for the government.</p> Signup and view all the answers

<p>A small dollar procurement method not requiring legal advertising.</p> Signup and view all the answers

<p>Last in first out.</p> Signup and view all the answers

<p>A role that strives to achieve savings for the government.</p> Signup and view all the answers

<p>The movement of materials through an organization including inventory and buying.</p> Signup and view all the answers

<p>A detailed projection of estimated income and expenses over a given period.</p> Signup and view all the answers

<p>A contractual instrument guaranteeing subcontractors will be paid.</p> Signup and view all the answers

<p>Protects the public entity from loss due to the bidder's inability to complete the contract.</p> Signup and view all the answers

<p>Specifications that focus on what the product or equipment should accomplish.</p> Signup and view all the answers

<p>Projects financed by the government for community use.</p> Signup and view all the answers

<p>An expected spend amount without a legal obligation, created by a requisition.</p> Signup and view all the answers

<p>The screening of potential vendors based on various factors.</p> Signup and view all the answers

<p>The acquisition process of goods and services.</p> Signup and view all the answers

<p>A document issued by a buyer to a seller indicating ordered products or services.</p> Signup and view all the answers

<p>The authority delegated to a purchasing system, usually through a local ordinance.</p> Signup and view all the answers

<p>The steps that an organization goes through when making a purchase.</p> Signup and view all the answers

<p>A document generated to notify the purchasing office of required items and quantities.</p> Signup and view all the answers

<p>Meeting the overall capability to satisfactorily perform.</p> Signup and view all the answers

<p>Meeting all terms, conditions, and specifications.</p> Signup and view all the answers

<p>A process where buyers communicate their needs, and sellers competitively reduce their prices.</p> Signup and view all the answers

<p>A role that performs buying for the organization.</p> Signup and view all the answers

<p>When there is only one vendor capable of providing a needed product or service.</p> Signup and view all the answers

<p>An explicit set of requirements to be satisfied by a product or service.</p> Signup and view all the answers

<p>A division of a purchase into multiple transactions to avoid formal procurement processes.</p> Signup and view all the answers

<p>Researching market trends and advising user departments on new products.</p> Signup and view all the answers

<p>Adoption of a single product or group of products by organizations.</p> Signup and view all the answers

<p>Management of a network of businesses involved in providing products and services.</p> Signup and view all the answers

<p>Conducting or supervising an organization's suppliers of goods and services.</p> Signup and view all the answers

<p>The recording of responses to bids for comparison and analysis.</p> Signup and view all the answers

<p>Provisions, requirements, and specifications forming an integral part of an agreement.</p> Signup and view all the answers

<p>A method through which purchasing authority and responsibility is established.</p> Signup and view all the answers

<p>A system where large dollar purchases are handled centrally and smaller ones by user departments.</p> Signup and view all the answers

<p>It refers to the distribution of time spent on higher and lower dollar purchases.</p> Signup and view all the answers

<p>When it is valued at $100,000 or more.</p> Signup and view all the answers

<p>Ordinance or regulations, which become policy.</p> Signup and view all the answers

<p>Policies are broader, while procedures should be specific and detailed.</p> Signup and view all the answers

<p>The government's size and budget.</p> Signup and view all the answers

<p>Greater savings through volume buying, reduced costs, and standardized purchases.</p> Signup and view all the answers

<p>The user department knows exactly what is needed.</p> Signup and view all the answers

<p>Larger dollar purchases are handled centrally while smaller purchases are done quickly by user departments.</p> Signup and view all the answers

<p>Both authority and responsibility.</p> Signup and view all the answers

<p>Policy, procedures, rules, and regulations.</p> Signup and view all the answers

<p>Support from elected/appointed officials and consensus from user departments.</p> Signup and view all the answers

<p>Purchasing cycle.</p> Signup and view all the answers