______ expenses incurred from purchasing the supplies used to make products.
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Correct Answer:
Cost of goods sold
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______ is a subset of supplier relationship management.
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Correct Answer:
Supplier performance management
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______ stems from fluctuations in demand and inventory levels.
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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.
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Correct Answer:
Planned purchase order
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______ is any difference in value to be gained between the buyer and the supplier.
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Competitive bidding
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______ is any difference in value to be gained between the buyer and the supplier.
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Bargaining surplus
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______ 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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______ 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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A ______ means determining the best number of suppliers to purchase from.
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Correct Answer:
Supply-base optimization
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Service risk management and ______ management are two key components in managing service providers.
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Correct Answer:
Relationship
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Gathering ______ from geographically dispersed supplier organizations is time-consuming and expensive.
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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.
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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.
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Correct Answer:
Blanket purchase order
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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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the overall costs associated with purchasing like transporting, handling and inspecting etc is known as
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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
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Correct Answer:
True
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_______ purchase order used for one-time purchases
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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
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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
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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
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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
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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
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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
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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
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Joint venture
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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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Fixed-price contract is an agreement in which set prices are not subject to any change regardless of changes in the _____
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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
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Correct Answer:
True
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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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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
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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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