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Supplier Management MCQ

______ expenses incurred from purchasing the supplies used to make products.

Answer

Correct Answer: Cost of goods sold

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______ is a subset of supplier relationship management.

Answer

Correct Answer: Supplier performance management

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______ stems from fluctuations in demand and inventory levels.

Answer

Correct Answer: Demand risk

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______ is a purchase order for purchases to be made on approximate dates at specified quantities when inventories run low.

Answer

Correct Answer: Planned purchase order

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______ is any difference in value to be gained between the buyer and the supplier.

Answer

Correct Answer: Competitive bidding

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______ is any difference in value to be gained between the buyer and the supplier.

Answer

Correct Answer: Bargaining surplus

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______ is a form that contains measures used to evaluate the performance of suppliers.

Answer

Correct Answer: Supplier scorecard

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______ is a process in which a buyer and supplier bargain on the contractual terms of a purchase, such as its price, payment terms, and delivery.

Answer

Correct Answer: Negotiation

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A ______ means determining the best number of suppliers to purchase from.

Answer

Correct Answer: Supply-base optimization

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Service risk management and ______ management are two key components in managing service providers.

Answer

Correct Answer: Relationship

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Gathering ______ from geographically dispersed supplier organizations is time-consuming and expensive.

Answer

Correct Answer: Critical information

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Supply chain ______ is important because approximately 50% of all energy and carbon emissions for a company are related to its supply chain.

Answer

Correct Answer: Sustainability

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______ is the process of allowing interested suppliers to review a company’s RFP or RFQ electronically and submitting a bid for the job.

Answer

Correct Answer: Competitive bidding

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______ is a purchase order used for long-term purchases made on multiple delivery dates scheduled over a period of time.

Answer

Correct Answer: Blanket purchase order

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Which of the following is not a key element of supplier management process?

Answer

Correct Answer: Quality control

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the overall costs associated with purchasing like transporting, handling and inspecting etc is known as

Answer

Correct Answer: Total cost of ownership (TCO)

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The process of determining the best number of suppliers to purchase is known as

Answer

Correct Answer: Supply-base optimization

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Supplier scorecard is used to evaluate the performance of suppliers

Answer

Correct Answer: True

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_______ purchase order used for one-time purchases

Answer

Correct Answer: Standard purchase order

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Single-sourcing strategy is a plan to contract ______ when purchasing a particular item, enhancing the cooperation between the buyer and the supplier

Answer

Correct Answer: With a single supplier

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An agreement where the supplier and the buyer or manufacturer share the revenue generated from the sale of the products is known as

Answer

Correct Answer: Revenue-sharing contract

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RFP stands for

Answer

Correct Answer: Request for proposal

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An agreement in which the buyer has the flexibility to change the quantity purchased based on the buyer’s is known as

Answer

Correct Answer: Quantity-flexibility contract

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A purchase order is a contract between the _______ and it gives specific information like product or services to be delivered

Answer

Correct Answer: Buyer and supplier

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A purchase order for purchases to be made on approximate dates at specified quantities when inventories run low is known as

Answer

Correct Answer: Online reverse auctions

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Solution for selecting suppliers in which suppliers compete for the buyer’s business by offering their products or services at lower and lower prices

Answer

Correct Answer: Online reverse auctions

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______ is a process in which a buyer and supplier bargain on the contractual terms of a purchase, such as its price, payment terms, and delivery

Answer

Correct Answer: Negotiation

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Define Multiple-sourcing strategy

Answer

Correct Answer: A plan to contract with several suppliers to ensure that backup supplies are available

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Keiretsu network is a strategic alliance common among ______ in which manufacturers and their suppliers of raw materials and components form a coalition

Answer

Correct Answer: Japanese businesses

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A strategic alliance in which two firms create an independent company by sharing their resources and capabilities is known as

Answer

Correct Answer: Joint venture

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Indirect materials purchase is the purchase of materials not directly used in the ______ but that support their production

Answer

Correct Answer: Finished product

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Fixed-price contract is an agreement in which set prices are not subject to any change regardless of changes in the _____

Answer

Correct Answer: External environment

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Direct materials purchase is the purchase of materials that are directly incorporated into the production of finished goods and include most raw materials and components

Answer

Correct Answer: True

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Which statement correct about Cost-plus contracts

Answer

Correct Answer: Supplier to be paid in full for all reasonable expenses incurred up to a preset limit as well as an additional sum

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Cost of poor quality is a additional production and material expenses incurred as a result of scrap and rework

Answer

Correct Answer: True

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Which of the correct statement about Cost of goods sold

Answer

Correct Answer: Expenses incurred from purchasing the supplies used to make products

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The process of allowing interested suppliers to review a company’s RFP or RFQ electronically and submit a bid for the job is known as

Answer

Correct Answer: Competitive bidding

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Blanket purchase order is a purchase order used for ______ purchases made on multiple delivery dates scheduled over a period of time

Answer

Correct Answer: Long-term

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Any difference in value to be gained between the buyer and the supplier is known as

Answer

Correct Answer: Bargaining surplus

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