1. ______ expenses incurred from purchasing the supplies used to make products.
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Correct Answer:
Cost of goods sold
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2. ______ is a subset of supplier relationship management.
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Correct Answer:
Supplier performance management
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3. ______ stems from fluctuations in demand and inventory levels.
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Correct Answer:
Demand risk
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4. ______ is a purchase order for purchases to be made on approximate dates at specified quantities when inventories run low.
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Correct Answer:
Planned purchase order
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5. ______ is any difference in value to be gained between the buyer and the supplier.
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Competitive bidding
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6. ______ is any difference in value to be gained between the buyer and the supplier.
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Correct Answer:
Bargaining surplus
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7. ______ is a form that contains measures used to evaluate the performance of suppliers.
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Correct Answer:
Supplier scorecard
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8. ______ 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.
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Correct Answer:
Negotiation
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9. A ______ means determining the best number of suppliers to purchase from.
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Correct Answer:
Supply-base optimization
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10. Service risk management and ______ management are two key components in managing service providers.
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Correct Answer:
Relationship
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11. Gathering ______ from geographically dispersed supplier organizations is time-consuming and expensive.
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Correct Answer:
Critical information
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12. Supply chain ______ is important because approximately 50% of all energy and carbon emissions for a company are related to its supply chain.
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Correct Answer:
Sustainability
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13. ______ 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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14. ______ 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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15. Which of the following is not a key element of supplier management process?
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Correct Answer:
Quality control
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16. 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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17. The process of determining the best number of suppliers to purchase is known as
Answer
Correct Answer:
Supply-base optimization
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18. Supplier scorecard is used to evaluate the performance of suppliers
Answer
Correct Answer:
True
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19. _______ purchase order used for one-time purchases
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Correct Answer:
Standard purchase order
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20. Single-sourcing strategy is a plan to contract ______ when purchasing a particular item, enhancing the cooperation between the buyer and the supplier
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Correct Answer:
With a single supplier
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21. An agreement where the supplier and the buyer or manufacturer share the revenue generated from the sale of the products is known as
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Revenue-sharing contract
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22. RFP stands for
Answer
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Request for proposal
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23. 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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24. 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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25. 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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26. 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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27. ______ 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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28. 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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29. Keiretsu network is a strategic alliance common among ______ in which manufacturers and their suppliers of raw materials and components form a coalition
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Correct Answer:
Japanese businesses
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30. A strategic alliance in which two firms create an independent company by sharing their resources and capabilities is known as
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Joint venture
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31. Indirect materials purchase is the purchase of materials not directly used in the ______ but that support their production
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Correct Answer:
Finished product
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32. 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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33. 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
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Correct Answer:
True
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34. Which statement correct about Cost-plus contracts
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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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35. 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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36. 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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37. 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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38. 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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39. 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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