1. The primary goals of purchasing include all EXCEPT:

1. The primary goals of purchasing include all EXCEPT: 1 / 1 pts

Secure materials at the lowest cost

Save your time - order a paper!

Get your paper written from scratch within the tight deadline. Our service is a reliable solution to all your troubles. Place an order on any task and we will take care of it. You won’t have to worry about the quality and deadlines

Order Paper Now

Maximize customer satisfaction

Improve the quality of finished goods produced

Correct!

Ensure the highest quality raw materials are purchased

Question 2

/ 1 pts
Which of the following refers to the measurement of the impact of change in purchase spend on a firm’s profit before taxes, assuming gross sales and other expenses remain unchanged?

Break-Even Analysis

Correct!

Profit-Leverage Effect

Direct Offset

Leveraging Purchase Volume

Question 3

/ 1 pts
When calculating Return on Investment, current assets include:
Correct!

Cash, Accounts Receivable, and Inventory

Cash, Accounts Receivable, and Equipment

Accounts Receivable, Equipment, and Real Estate

Equipment, Buildings, and Real Estate

Question 4

/ 1 pts
Inventory Turnover can be calculated by:
Correct!

Ratio of cost of goods sold over average inventory cost

Ratio of average inventory cost over cost of goods sold

Ratio of inventory days in stock over average inventory cost

Ratio of average inventory cost over inventory days in stock

Question 5

/ 1 pts
Which type of requisition is used for materials and standard parts that are requested on a recurring basis?

Open requisition

Blanket requisition

Correct!

Traveling requisition

Recyclable requisition (Cyc-Rec)

Question 6

/ 1 pts
A form of purchasing that is placed directly to the supplier and suitable when firms use the same components to make standard goods over a relatively long period of time is referred to as:

Material requisition

Purchase requisition

Correct!

Planned order release

Traveling requisition

Question 7

/ 1 pts
When a product is purchased which is complicated or highly technical a Request for proposal may be issued instead of a request for quotation.
Answer 1:

Correct!

Request for proposal

Question 8

/ 1 pts
Benefits derived from implementing e-procurement systems include all of the following EXCEPT:

Allows buyers to submit bids and suppliers to respond to those bids in real time

Increases the accuracy in communication between buyers and suppliers

Correct!

Creates numerous additional job opportunities in the purchasing department

Tracking bids and transactions is easier and faster

Question 9

/ 1 pts
While most public procurement is focused on goals like those of purchasing departments in the private sector, U.S. federal government purchases must comply with the:

Services and Materials Acquisition Act

Fair Standards and Equitable Purchases Act

Federal Code of Conduct for Procurement

Correct!

Federal Acquisition Regulation

Question 10

/ 1 pts
Petty cash is being phased out in favor of:

Hard cash

A blank check

Correct!

P-card

Score-carding