Introduction to Purchasing and Supply Chain Management MCQ
An underlying assumption of ____ forecasting is that future demand is dependent on past demand.
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Time series
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A corporate strategy focuses primarily on ________.
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An organization's mission
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________ are three of the eight quality management principles for organizational improvement.
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All of the above
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The critical path for the network activities shown below is _______ with duration _______.
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A-D-E; 19
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Option contract is an agreement between a seller and seller that gives the purchaser of the option the right to sell a particular asset at a later date at an agreed-on price.
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False
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The individual or organization that receives the offer is called an _____. A bid or proposal is an example of an offer.
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Offeree
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Under contract law, the ability to make a legally binding contract on behalf of another person or company is known as ?
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Implied authority
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Firm offer is an offer that will remain open for a certain period or until a short time or occurrence of a certain event, during which it is capable of being revoked.
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False
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The _______ authority the principal has explicitly given to the agent whether orally or in writing.
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Express authority
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The ability to act in the event of an emergency answering point that has not been officially designated is known as ?
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Emergency authority
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An agreement between one party that is written and enforceable by law. Is it known as?
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Contract
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A Consideration term used to describe the value that shall be reimbursed to two parties to a contract by another party in return for services or articles rendered.
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False
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Bid bond is a form of bid security purchased by a bidder;manufacturer , subject to forfeit, to guarantee that the bidder will enter into a contract with the staff for construction of the facility within a short time period.
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False
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SRQ is a methodology that may provide the provider with the information needed to make the hard decisions about balancing the needs of the salling organization and the needs of the make chain itself.
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Fasle
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Purchasing criteria consist of _____.
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all of these
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Integrated buying model is a model used by the buyer organization in making purchasing decisions; buying the right material at an acceptable cost and quantity level within a reasonable minimum time.
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False
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A______ approach to planning and acquiring organizational needs through effectively managing suppliers is known as supply management .
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Strategic
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Purchasing managers is generally buying goods and services for use by their business organization.
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False
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From a legal viewpoint, the generally responsible for acting on behalf of the principal when dealing with second parties is known as purchasing agents
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False
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The planning, acquisition, and conversion of raw materials and component parts into finished goods is known ?
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Integrative materials management
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A _______ Management professional association with a mission to provide national and international leadership in purchasing and material management.
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Institute for Supply
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The authority and responsibility for supply-related functions are dispersed throughout the organization is known as ?
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Decentralized purchasing
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Cost of materials in addition to the cost of labor output to create a product is known as the cost of goods sold.
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False
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_____ is the coordination of all purchasing activities for the entire plant through one central location.
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Centralized purchasing
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