Purchasing And Supply Chain Management MCQ Questions Answers

1. A(n) _____ is a marketplace formed by several large buyers in a particular industry.

2. In the risk management strategy known as risk ________, you offload the risk to a third party.

3. Outsourcing followed by __________ is not simple.

4. In the short run, the firms network is _________ while in the long run it is ________.

5. Vendor analysis is the examination of the _________ of purchased materials.

6. Transportation efficiency promotes ____________ in the supply chain.

7. The ____ has established six international pallet size standards.

8. A(n) _____ is a document used to solicit proposals from prospective suppliers.

9. An underlying assumption of ____ forecasting is that future demand is dependent on past demand.

10. The ________ layout's main objective is to equalize the task time for each station.

11. The ______ is erratic shifts in orders up and down the supply chain.

12. When objects contain pointers, it is a good idea to create an explicit ________ function.

13. A corporate strategy focuses primarily on ________.

14. ________ are three of the eight quality management principles for organizational improvement.

15. Product design and process selection are examples of _______ decisions.

16. Personal attitudes affect _______ via ______.

17. Supply chain planning begins with ________.

18. Costs associated with backordering a product are called ____ costs.

19. Beyond substituting for direct management supervision, __________ is often used to simplify jobs.

20. Product density refers to a product?s ____.

21. The critical path for the network activities shown below is _______ with duration _______.

22. ______ is the plan created to implement a company’s unique advantages over competitors in a specific industry.

23. The value of an article is determined by the _______ at which a satisfactory supply of materials and equipment or services can be obtained.

24. The delay between receipt of raw materials and the availability of the finished goods produced is known as ______ .

25. The means by which various resources flow is known as _______ .

26. The flow of information and materials or a set of activities is known as _______ .

27. Make-to-stock used by businesses to match the inventory with anticipated consumer demand.

28. A manufacturing process in which manufacturing starts only after a customer’s order is received is known as _______ .

29. The period of time required to perform a specific activity of work is known as ________ .

30. Distribution channel is the network of system components from the manufacturer to the final consumer & _______ that tie the components together.

31. Customer service is the fraction of customers’ demand that is satisfied without ________ as promised; also known as service level or fill rate.

32. Commodity is a standard article of trade or commerce.

33. A process where the company develops various marketing techniques and strategies to service a large customer base is known as _______ .

34. Which process is used for matching planned system outputs with the necessary capacity requirements ?

35. Transaction cost theory are asserts that simplicity enhances the risk of opportunism and the need for costlier formal control mechanisms.

36. ____ is the area in an agreement where the work to be performed is described.

37. Contends that lesser complexity is associated with the need for more expansive coordination mechanisms.

38. Technological assessment is a method of evaluating current and requested capital equipment by considering the results of published clinical investigations and of spiritual assessment of the equipment in the indecisiveness process.

39. Demand for an item that is unrelated to demand for other items is known as

40. ___ is a proposal written by the hospital unit justifying a specific capital equipment item.

41. CIR is a form used by a hospital department or unit to request capital equipment for patient use.

42. A Present value factor formula used to estimate the current worth of a subtraction of money that is to be received at some present date.

43. The maximum rate of return on a project or investment required by a manager or investor.

44. Depreciation is not the reduction of the value of an asset with the passage of time.

45. A type of lease that cannot be cancelled during the lease period without a significant penalty is known as ______.

46. TL Shipments are defined as loads in excess of 10,00000 pounds.

47. Transportation is facilitating the movements of raw materials and component parts from suppliers through the firm’s manufacturing process to the ultimate customers.

48. Surface transportation is freight movements by ________,mail, foreign trade zones, and other modes of transport other than water and air is known as ?

49. Less-than-truckload shipments handle small shipments below 10,0000 pounds.

50. Title of merchandise passes to the purchaser at the time of delivery; however, transportation and freight charges are prepaid by the vendor and added to the invoice is known as _____.

51. A delivery term that places liability with the purchaser once the freight leaves the dock, but the vendor is going to pay the shipping costs is known as ______.

52. The term FOB is an stand for:

53. A set of Core carriers that a shipper organization has identified as business partners that execute on individually agreed performance and price commitments.

54. A transport company’s contract and receipt for materials and equipment; agreement to transport from one location to another and to deliver to a designated individual or party is known as ____.

55. The profits (and/or losses) of the respective bargainers always sum to the same fixed amount is known as ?

56. ______ is the profits (and/or losses) of the respective bargainers, when added together, need not always equal the same fixed amount.

57. ______ is the sales personnel promoting the product through their attitude, appearance, and specialist product knowledge; especially important when interviewing for a job.

58. ____ is an economic situation when the circumstances of one individual cannot be made better without making the situation worse for another individual.

59. ____ is the process by which a buyer and seller reach an agreement on the terms and conditions regarding the purchase of materials, equipment, or goods.

60. Three parties with areas of mutual concern and complementary interests. Is known as integration bargaining .

61. Game theory is a science of strategy, or near optimal decision-making of independent and competing_______ in a strategic setting.

62. Distributive bargaining is the total gain from the situation that must be divided between the three parties involved, and each party usually wants as much as it can get.

63. Constant sum is a situation where payoffs add up to a constant figure for any outcome. One player’s payoff is the same for any outcome.

64. The reduction in price a manufacturer or wholesaler gives a wholesaler or retailer when it buys a product or group of products is known as?

65. Target pricing the minimum price the seller is able to pay is compromising the integrity of the product or the profitability of the supplier.

66. Price/cost analysis is a powerful approach to pricing that does not allow the buying organization to determine what prices should be based on industry norms for direct cost, indirect cost, and a reasonable profit margin.

67. _______is the extent to which the service provider is inclined to deliberately underperform or withhold resources should the customer be unable to detect such action.

68. Purchase risk perception is the potential for failures of a purchasing process designed to purchase goods and services.

69. ________is the practice of taxing imports as a means of shielding a country’s domestic industries from foreign competition.

70. Net margin means that ?

71. Involves only one player in which each player is assumed to know the strategies such that the player reaches a point of minimum benefit.

72. A markup percentage that can be added to the total of all indirect costs to determine a remaining price or contract sum.

73. Market price is the current price at which a good or service can be bought or sold.

74. Learning curve is the method used to _____ the efficiencies of increasing outputs.

75. _____ is the cost of operations that cannot be assigned to specific projects, such as electricity and central administrative services; sometimes referred to as overhead.

76. Gross margin is the difference between the price of the job and the costs to build a job.

77. _____ is the expenses relating to the actual units of production.

78. Competitive bidding trap is complete bidding documents with missing provisions and information may result in decreased costs for the buying organization.

79. ____ is a deduction allowed by some sellers of goods or by some providers of services to motivate customers to pay within a specified time.

80. Breakeven is the point in time when total outcome from all jobs sold, built, and collected equals the partial expenses.

81. _____is the use of statistical techniques to control a process or production method.

82. QFD is the process of non understanding customer expectations and how well providers of products address these expectations.

83. _____ is a type of interaction that goes beyond the length of time it takes for one discrete transaction

84. The limitation of contentment with the relationship is known as satisfaction

85. Power asymmetry is the relationship between two individuals in which the most powerful individual has control over the actions of the other individual.

86. Power is the ability of one party (buyer or seller) to _____ the environment around them, including the behavior of others.

87. Performance is the ability to execute _____.

88. Cooperation Implies external agreement with actions.

89. COnflict is the tension between two or more social entities that arises from incompatibility of _____ responses.

90. Compliance is an action without inherent desire.

91. The feeling of being emotionally impelled is called?

92. Poaching is the extent to which the service provider is inclined to use information gained through its relationship with the customer for its own, _____unauthorized, benefit should the customer be unable to detect such action.

93. Taking disadvantage of situations and people by evaluating the consequences.

94. Foreign trade zone is a designated area where goods can be stored within the U.k. boundaries without payment until the goods are passed to the buying company.

95. The value of two nation’s currency versus the currency of another nation or economic zone is known as Currency exchange rate.

96. The Countertrade exchange of goods for goods in half or complete payment of a sales transaction.

97. Total quality management is based on the principle that every employee must be committed to maintaining the lowest standards of work in every aspect of a company’s operations.

98. The subtract of the actual and potential resources embedded within, available through, and derived from the network generally possessed by an individual or social unit.

99. The division of work to be performed under a contract or subcontract in the completion of a project, typically broken out into specific tasks with deadlines is known as ?

100. ______ Involves a detailed analysis of what can be done to reduce or eliminate the probability and severity of adverse events while also considering the trade-offs involved