1. The advantages of operating globally include ________.
Answer
Correct Answer:
Higher profits
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2. Which of the following would be an area a company would use to rate its suppliers?
Answer
Correct Answer:
All of the above
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3. _______ is principally a way to reduce purchase spend and works best where specifications are well define
Answer
Correct Answer:
A reverse auction
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4. _______ is a process of purchasing that takes into account the impact on people, profits, and the planet.
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Correct Answer:
Sustainable sourcing
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5. _______ is a strategic alliance–based approach to controlling inventory and reducing cost.
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Correct Answer:
Vendor managed inventory
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6. _______ is reducing purchases from marginal or poor-performing suppliers while increasing purchases from more desirable suppliers.
Answer
Correct Answer:
Supply base rationalization
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7. Which global trade agreement removed trade barriers between the United States, Canada, and Mexico?
Answer
Correct Answer:
NAFTA
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8. “The firm wants to avoid the layoff of skilled workers” best explains what reason for producing in-house?
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Correct Answer:
Use of idle capacity
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9. “The firm wants the most control over product design, manufacturing and labor usage” best explains what reason for producing in-house?
Answer
Correct Answer:
Better quality control
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10. “The firm does not want to buy additional production capacity or hire additional personnel” best explains what reason for outsourcing?
Answer
Correct Answer:
Insufficient capacity
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11. “Supplier may hold patents to a technology” best explains what reason for outsourcing?
Answer
Correct Answer:
Lack of technology or expertise
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12. Transportation costs are part of _______.
Answer
Correct Answer:
Acquisition costs
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13. Warranty costs are part of _______.
Answer
Correct Answer:
Ownership costs
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14. _______ are formal requests for pricing, services, and plans and often contain a supplier’s statement of work.
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Correct Answer:
Requests for proposals
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15. _______ are generally used for low cost, noncritical purchases.
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Correct Answer:
Verbal quotes
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16. The use of smart purchasing practices to reduce purchase spend describes _______.
Answer
Correct Answer:
Spend management
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17. Vendor Managed Inventory is a strategic alliance–based approach to ______ .
Answer
Correct Answer:
Both a & b
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18. Transactional SRM is a software that enables an organization to track supplier interactions such as ______ .
Answer
Correct Answer:
All of these
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19. Which method is used for comparing competing price quotes. This is a projected cost estimate that includes the initial acquisition costs .
Answer
Correct Answer:
Total Cost of Ownership
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20. A tax or customs fee imposed by a government on imported goods to protect local industries and/or raise revenue is known as _____ .
Answer
Correct Answer:
Tariff
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21. A process of purchasing goods and services that takes into account the long-term impact on people, profits, and the planet is known as ______ .
Answer
Correct Answer:
Sustainable Sourcing
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22. Supply Management is the identification, acquisition, access, positioning, and management of resources the organization needs.
Answer
Correct Answer:
True
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23. Supply Base purchases from _______ suppliers while increasing purchases from more desirable, top-performing suppliers.
Answer
Correct Answer:
Both a & b
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24. The list of suppliers the firm is currently using is known as ______ .
Answer
Correct Answer:
Supply Base
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25. Supplier scorecard is used by buyers to track supplier performance.
Answer
Correct Answer:
True
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26. Encompasses a broad suite of capabilities that facilitate collaboration, sourcing, transaction execution ,this statement is related to ______ .
Answer
Correct Answer:
Supplier Relationship Management
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27. A more advanced form of VMI. A full-time supplier representative resides in the buying firm’s purchasing department ,this statement is related to _____ .
Answer
Correct Answer:
Supplier Co-Location
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28. Which process is used for approving a supplier. Supplier certification often takes place before a supplier is allowed to quote prices or receive an order ?
Answer
Correct Answer:
Supplier Certification Program
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29. Strategic Alliance is an ongoing supplier relationship that has been beneficial and the two parties see a reason to work together more often and share more information .
Answer
Correct Answer:
True
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30. Statement of Work is a supplier often attaches this _____ describing exactly what will be done and how .
Answer
Correct Answer:
Document
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31. Use of smart purchasing practices to reduce purchase spend is related to _____ .
Answer
Correct Answer:
Spend Management
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32. In spend categories purchases are commonly divided into categories with common characteristics such as ______ .
Answer
Correct Answer:
Both a & b
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33. A plan for managing the supply of purchased items, which is linked to spend analysis and goals is known as _____.
Answer
Correct Answer:
Sourcing Strategy
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34. The entire purchasing process or cycle, including writing purchase specifications, searching for and selecting suppliers is known as _______ .
Answer
Correct Answer:
Sourcing
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35. Social media include blogs, discussion boards, online video, podcasting, social networks, and wikis.
Answer
Correct Answer:
True
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36. Which bidding process is controlled by the buyer, wherein all potential bidders are prequalified before the purchase requirements are released?
Answer
Correct Answer:
VReverse Auctions
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37. A six-step process—the first three steps involve preparing for the acquisition of goods and services is known as _____ .
Answer
Correct Answer:
Purchasing Cycle
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38. Purchasing is an acquisition of required materials, services, and equipment .
Answer
Correct Answer:
True
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39. Purchases spend money the firm spends on goods and services.
Answer
Correct Answer:
True
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40. Procurement cards______ bank cards designed to streamline the purchasing and payment process.
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Correct Answer:
Low-limit corporate
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41. Procurement are specifications development, value analysis, supplier market research, negotiation, buying activities.
Answer
Correct Answer:
True
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42. P-cards are low-limit corporate bank cards designed to streamline the _______ and payment process .
Answer
Correct Answer:
Both a & b
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43. An exchange for industrial goods or services as a condition of a military-related export is known as ______ .
Answer
Correct Answer:
Offset
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44. Nearshoring purchasing goods and services closer to the country of the buyer .
Answer
Correct Answer:
True
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45. A strategic decision regarding whether the firm will purchase, make in-house, or do some combination of the two is known as ______ .
Answer
Correct Answer:
Make-or-Buy Decision
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46. Key Supplier Relationship has been beneficial and the two parties see a reason to work together more often and share more information .
Answer
Correct Answer:
True
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47. Insourcing refers to using _______ to make goods and services that previously were outsourced .
Answer
Correct Answer:
Internal resources
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48. Innovative Goods ________ with customized specifications that are considered to be high risk and high cost for the buying firm
Answer
Correct Answer:
Both a & b
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49. ________ uniform set of rules created by the International Chamber of Commerce for international transactions of goods
Answer
Correct Answer:
Incoterms
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50. A service that buys and takes title to international goods and then resells them to the buyer is known as ______ .
Answer
Correct Answer:
Import Merchant
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51. A service that performs import transactions for a fee. Import brokers do not take title to the goods is known as ______ .
Answer
Correct Answer:
Import Broker
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52. Making environmentally conscious decisions throughout the purchasing process is known as ______ .
Answer
Correct Answer:
Green Purchasing
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53. Global Sourcing purchasing items internationally.
Answer
Correct Answer:
True
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54. Functional Goods are _______ and easily substituted, and thus can be easily and cheaply purchased.
Answer
Correct Answer:
Highly standardized
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55. Bringing about positive social change through organizational buying behaviors .This statement is related to ______ .
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Correct Answer:
Ethical Sourcing
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56. Purchasing goods and services over the Internet is known as ______ .
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Correct Answer:
E-purchasing
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57. E-procurement purchasing goods and services over the Internet .
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Correct Answer:
True
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58. E-marketplaces are online marketplaces where _______ meet to trade goods, services, and information .
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Correct Answer:
Both a & b
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59. Countertrade when _______ of domestic firms are exchanged for goods or services, and in some cases currency, from foreign firms
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Correct Answer:
Both a & b
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60. An arrangement whereby an exporter agrees to sell goods or services to a foreign importer for currency is known as _______ .
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Correct Answer:
Counterpurchase
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61. Co-Sourcing continues to make some required units in-house while outsourcing the rest to suppliers .
Answer
Correct Answer:
True
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62. A process wherein a contract is usually awarded to the lowest-priced bidder determined to be responsive and responsible by the buyer is known as _______ .
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Correct Answer:
Competitive Bidding
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63. Commercial Buying _______ and services for business purposes.
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Correct Answer:
Purchasing goods
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64. In Cloud-Based SRM customers use the supplier’s SRM software through an Internet portal, for a subscription or usage fee.
Answer
Correct Answer:
True
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65. The exchange of goods or services without involving currency is known as ______ .
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Correct Answer:
Barter
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66. Backsourcing refers to using _______ to make goods and services that previously were outsourced.
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Correct Answer:
Internal resources
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67. Analytic SRM _______ that allows the company to analyze the firm’s supply base .
Answer
Correct Answer:
SW
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