The advantages of operating globally include ________.
Answer
Correct Answer:
Higher profits
Note: This Question is unanswered, help us to find answer for this one
Which of the following would be an area a company would use to rate its suppliers?
Answer
Correct Answer:
All of the above
Note: This Question is unanswered, help us to find answer for this one
_______ is principally a way to reduce purchase spend and works best where specifications are well define
Answer
Correct Answer:
A reverse auction
Note: This Question is unanswered, help us to find answer for this one
_______ is a process of purchasing that takes into account the impact on people, profits, and the planet.
Answer
Correct Answer:
Sustainable sourcing
Note: This Question is unanswered, help us to find answer for this one
_______ is a strategic alliance–based approach to controlling inventory and reducing cost.
Answer
Correct Answer:
Vendor managed inventory
Note: This Question is unanswered, help us to find answer for this one
_______ is reducing purchases from marginal or poor-performing suppliers while increasing purchases from more desirable suppliers.
Answer
Correct Answer:
Supply base rationalization
Note: This Question is unanswered, help us to find answer for this one
Which global trade agreement removed trade barriers between the United States, Canada, and Mexico?
Answer
Correct Answer:
NAFTA
Note: This Question is unanswered, help us to find answer for this one
“The firm wants to avoid the layoff of skilled workers” best explains what reason for producing in-house?
Answer
Correct Answer:
Use of idle capacity
Note: This Question is unanswered, help us to find answer for this one
“The firm wants the most control over product design, manufacturing and labor usage” best explains what reason for producing in-house?
Answer
Correct Answer:
Better quality control
Note: This Question is unanswered, help us to find answer for this one
“The firm does not want to buy additional production capacity or hire additional personnel” best explains what reason for outsourcing?
Answer
Correct Answer:
Insufficient capacity
Note: This Question is unanswered, help us to find answer for this one
“Supplier may hold patents to a technology” best explains what reason for outsourcing?
Answer
Correct Answer:
Lack of technology or expertise
Note: This Question is unanswered, help us to find answer for this one
Transportation costs are part of _______.
Answer
Correct Answer:
Acquisition costs
Note: This Question is unanswered, help us to find answer for this one
Warranty costs are part of _______.
Answer
Correct Answer:
Ownership costs
Note: This Question is unanswered, help us to find answer for this one
_______ are formal requests for pricing, services, and plans and often contain a supplier’s statement of work.
Answer
Correct Answer:
Requests for proposals
Note: This Question is unanswered, help us to find answer for this one
_______ are generally used for low cost, noncritical purchases.
Answer
Correct Answer:
Verbal quotes
Note: This Question is unanswered, help us to find answer for this one
The use of smart purchasing practices to reduce purchase spend describes _______.
Answer
Correct Answer:
Spend management
Note: This Question is unanswered, help us to find answer for this one
Vendor Managed Inventory is a strategic alliance–based approach to ______ .
Answer
Correct Answer:
Both a & b
Note: This Question is unanswered, help us to find answer for this one
Transactional SRM is a software that enables an organization to track supplier interactions such as ______ .
Answer
Correct Answer:
All of these
Note: This Question is unanswered, help us to find answer for this one
Which method is used for comparing competing price quotes. This is a projected cost estimate that includes the initial acquisition costs .
Answer
Correct Answer:
Total Cost of Ownership
Note: This Question is unanswered, help us to find answer for this one
A tax or customs fee imposed by a government on imported goods to protect local industries and/or raise revenue is known as _____ .
Answer
Correct Answer:
Tariff
Note: This Question is unanswered, help us to find answer for this one
A process of purchasing goods and services that takes into account the long-term impact on people, profits, and the planet is known as ______ .
Answer
Correct Answer:
Sustainable Sourcing
Note: This Question is unanswered, help us to find answer for this one
Supply Management is the identification, acquisition, access, positioning, and management of resources the organization needs.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Supply Base purchases from _______ suppliers while increasing purchases from more desirable, top-performing suppliers.
Answer
Correct Answer:
Both a & b
Note: This Question is unanswered, help us to find answer for this one
The list of suppliers the firm is currently using is known as ______ .
Answer
Correct Answer:
Supply Base
Note: This Question is unanswered, help us to find answer for this one
Supplier scorecard is used by buyers to track supplier performance.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Encompasses a broad suite of capabilities that facilitate collaboration, sourcing, transaction execution ,this statement is related to ______ .
Answer
Correct Answer:
Supplier Relationship Management
Note: This Question is unanswered, help us to find answer for this one
A more advanced form of VMI. A full-time supplier representative resides in the buying firm’s purchasing department ,this statement is related to _____ .
Answer
Correct Answer:
Supplier Co-Location
Note: This Question is unanswered, help us to find answer for this one
Which process is used for approving a supplier. Supplier certification often takes place before a supplier is allowed to quote prices or receive an order ?
Answer
Correct Answer:
Supplier Certification Program
Note: This Question is unanswered, help us to find answer for this one
Strategic Alliance is an ongoing supplier relationship that has been beneficial and the two parties see a reason to work together more often and share more information .
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Statement of Work is a supplier often attaches this _____ describing exactly what will be done and how .
Answer
Correct Answer:
Document
Note: This Question is unanswered, help us to find answer for this one
Use of smart purchasing practices to reduce purchase spend is related to _____ .
Answer
Correct Answer:
Spend Management
Note: This Question is unanswered, help us to find answer for this one
In spend categories purchases are commonly divided into categories with common characteristics such as ______ .
Answer
Correct Answer:
Both a & b
Note: This Question is unanswered, help us to find answer for this one
A plan for managing the supply of purchased items, which is linked to spend analysis and goals is known as _____.
Answer
Correct Answer:
Sourcing Strategy
Note: This Question is unanswered, help us to find answer for this one
The entire purchasing process or cycle, including writing purchase specifications, searching for and selecting suppliers is known as _______ .
Answer
Correct Answer:
Sourcing
Note: This Question is unanswered, help us to find answer for this one
Social media include blogs, discussion boards, online video, podcasting, social networks, and wikis.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Which bidding process is controlled by the buyer, wherein all potential bidders are prequalified before the purchase requirements are released?
Answer
Correct Answer:
VReverse Auctions
Note: This Question is unanswered, help us to find answer for this one
A six-step process—the first three steps involve preparing for the acquisition of goods and services is known as _____ .
Answer
Correct Answer:
Purchasing Cycle
Note: This Question is unanswered, help us to find answer for this one
Purchasing is an acquisition of required materials, services, and equipment .
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Purchases spend money the firm spends on goods and services.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Procurement cards______ bank cards designed to streamline the purchasing and payment process.
Answer
Correct Answer:
Low-limit corporate
Note: This Question is unanswered, help us to find answer for this one
Procurement are specifications development, value analysis, supplier market research, negotiation, buying activities.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
P-cards are low-limit corporate bank cards designed to streamline the _______ and payment process .
Answer
Correct Answer:
Both a & b
Note: This Question is unanswered, help us to find answer for this one
An exchange for industrial goods or services as a condition of a military-related export is known as ______ .
Answer
Correct Answer:
Offset
Note: This Question is unanswered, help us to find answer for this one
Nearshoring purchasing goods and services closer to the country of the buyer .
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
A strategic decision regarding whether the firm will purchase, make in-house, or do some combination of the two is known as ______ .
Answer
Correct Answer:
Make-or-Buy Decision
Note: This Question is unanswered, help us to find answer for this one
Key Supplier Relationship has been beneficial and the two parties see a reason to work together more often and share more information .
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Insourcing refers to using _______ to make goods and services that previously were outsourced .
Answer
Correct Answer:
Internal resources
Note: This Question is unanswered, help us to find answer for this one
Innovative Goods ________ with customized specifications that are considered to be high risk and high cost for the buying firm
Answer
Correct Answer:
Both a & b
Note: This Question is unanswered, help us to find answer for this one
________ uniform set of rules created by the International Chamber of Commerce for international transactions of goods
Answer
Correct Answer:
Incoterms
Note: This Question is unanswered, help us to find answer for this one
A service that buys and takes title to international goods and then resells them to the buyer is known as ______ .
Answer
Correct Answer:
Import Merchant
Note: This Question is unanswered, help us to find answer for this one
A service that performs import transactions for a fee. Import brokers do not take title to the goods is known as ______ .
Answer
Correct Answer:
Import Broker
Note: This Question is unanswered, help us to find answer for this one
Making environmentally conscious decisions throughout the purchasing process is known as ______ .
Answer
Correct Answer:
Green Purchasing
Note: This Question is unanswered, help us to find answer for this one
Global Sourcing purchasing items internationally.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
Functional Goods are _______ and easily substituted, and thus can be easily and cheaply purchased.
Answer
Correct Answer:
Highly standardized
Note: This Question is unanswered, help us to find answer for this one
Bringing about positive social change through organizational buying behaviors .This statement is related to ______ .
Answer
Correct Answer:
Ethical Sourcing
Note: This Question is unanswered, help us to find answer for this one
Purchasing goods and services over the Internet is known as ______ .
Answer
Correct Answer:
E-purchasing
Note: This Question is unanswered, help us to find answer for this one
E-procurement purchasing goods and services over the Internet .
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
E-marketplaces are online marketplaces where _______ meet to trade goods, services, and information .
Answer
Correct Answer:
Both a & b
Note: This Question is unanswered, help us to find answer for this one
Countertrade when _______ of domestic firms are exchanged for goods or services, and in some cases currency, from foreign firms
Answer
Correct Answer:
Both a & b
Note: This Question is unanswered, help us to find answer for this one
An arrangement whereby an exporter agrees to sell goods or services to a foreign importer for currency is known as _______ .
Answer
Correct Answer:
Counterpurchase
Note: This Question is unanswered, help us to find answer for this one
Co-Sourcing continues to make some required units in-house while outsourcing the rest to suppliers .
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
A process wherein a contract is usually awarded to the lowest-priced bidder determined to be responsive and responsible by the buyer is known as _______ .
Answer
Correct Answer:
Competitive Bidding
Note: This Question is unanswered, help us to find answer for this one
Commercial Buying _______ and services for business purposes.
Answer
Correct Answer:
Purchasing goods
Note: This Question is unanswered, help us to find answer for this one
In Cloud-Based SRM customers use the supplier’s SRM software through an Internet portal, for a subscription or usage fee.
Answer
Correct Answer:
True
Note: This Question is unanswered, help us to find answer for this one
The exchange of goods or services without involving currency is known as ______ .
Answer
Correct Answer:
Barter
Note: This Question is unanswered, help us to find answer for this one
Backsourcing refers to using _______ to make goods and services that previously were outsourced.
Answer
Correct Answer:
Internal resources
Note: This Question is unanswered, help us to find answer for this one
Analytic SRM _______ that allows the company to analyze the firm’s supply base .
Answer
Correct Answer:
SW
Note: This Question is unanswered, help us to find answer for this one
