Systems
A system in which most of all purchases are made by a purchasing director for the entire organization
What is centralized purchasing system?
A document used to request prices from approved vendors for products of a specified quality and in a specified quantity.
What is Request for Proposal (RFP)?
A proposal to perform an act or to pay an amount that, if accepted, becomes a legally valid contract.
What is Offer?
Values held by an individual that help a person in distinguishing between right and wrong.
What is moral (morality)?
A company that owns and manages a brand and sells the rights to use its name, trademarks, and operating systems.
What is Franchisor?
A system in which a specified quantity of products should always be in inventory.
What is Par level inventory system?
A document used to inform vendors that their prices for products of the specified of the specified quality and quantity in the RFP have been accepted and that the shipment should be delivered.
What is Purchase Order (PO)?
The payment to be made in exchange for the promise(s) contained in the contract.
What is Consideration?
Values held by society as a whole and help distinguish between right and wrong.
What is Ethics?
A system that leverages the collective buying power of their members to obtain volume discounts from broadline vendors and manufacturers.
What is Group Purchasing Organization?
A system used to control risks and hazards througout the food supply process.
What is Hazard Analysis Critical Control Point (HACCP) system?
A document that lists specific knowledge and skills required to perform a job.
What is Job Specification?
A situation that occurs when a vendor does not have the products requires to fill a purchaser's order.
What is Backorder?
Social expectations that guide people's behavior.
What is Norms?
A buyer who requests bids from several vendors and then buys only those items each vendor has on sale or for the lowest price.
What is Cherry Picker?
A system in which a purchaser has a long-term commitment with a vendor to make frequent product deliveries.
What is Just-in-time (JIT) purchasing system?
A document signed by a representative of the operation to transfer product ownership to the propery.
What is Delivery Invoice?
To perform activities that hasten the delivery of products that have been ordered buty not yet received.
What is Expedite?
Mondy or other gifts that are received by an employee in return for purchasing from a specific vendor.
What is Kickbacks?
An alternative position that is not the buyer's first choice in negotiations, but one that is acceptable.
What is Fall-back (BATNA: Best Alternative to a Negotiated Agreement)?
A system in which the vendor determines the quantities needed for purchase and retains ownership of products until they are issued to production.
What is Vendor-managed Inventory System?
A document used to adjust information about product quantities or costs recorded on a delivery invoice.
What is Credit Memo?
Contract clauses that do not change even though the contracts are developed for use with different vendors selling different products.
Guidelines that should be followed as purchasers implement purchasing procedures and make purchasing decisions.
What is Code of Purchasing Ethics?
A cash fund used to make infrequent and low-cost product purchases.
What is Petty Cash System?