True or false
True or False are goods Tangible objects that can be manufactured or produced for resale?
True
Full in blank An operation or dedicated______ ____ is responsible for purchasing functions
purchasing team
Mastery , A company chooses to produce a part instead of buying it
Make-or-buy decision
Multiple choice , The form that a business fills out to order goods; may be the same as purchase agreement or purchase contract
1)Purchasing order 2)Specifications 3)Credentials
Purchasing order
Examples , Walmart earns $5 profit from every $25 sale
profit margin
True or false Guarantee is formal, printed record of a sale that includes all necessary information as to the buyer, the seller, items purchased, amounts, prices, delivery date, credit or discount terms, etc?
False
Full in blank , Technology plays a crucial role in modern purchasing by automating processes and improving data visibility. All-in- One____ ______ system can help organizations track spending and improve decision- making
Spend Management
Mastery , A store sells products directly to customers
retailer
1)purchase agreement 2)Negotiation 3)competitive bidding process
Negotiation
Examples , Amazon sends customers an invoice after they purchase items online showing price, tax , and delivery details
Invoice
True or fasle is productivity A series of sequential steps taken by purchasing specialists to buy goods and services for a business ?
False
Full in blank , The_______ ____ _____ process ensures that a manager or appropriate person approve the purchase.
purchase order approval
Mastery , A company compares several suppliers before choosing one
Competitive bedding process
Multiple choice , A promise made by the seller to the consumers that the seller will repair or replace a product that does not perform as expected
1)Warranty 2)Guarantee 3)invoice
Warranty
Examples , Walmart compares suppliers like PepsiCo and Coca-Cola before choosing the best price and delivery terms
Competitive bidding process
True or false , A guarantee and a warranty mean exactly the same thing in all cases
False
Full in blank , Physical products that can be touched and sold are______
Goods
Mastery A customer gets their money back after returning a product , is this a warranty or a guarantee?
Guarantee
Multiple choice , A type of producer that changes the shapes or forms of materials so that they will be useful to consumers
1)Manufacturer 2)Purchasing process 3)Transformation
Manufacturer
Examples , Nike negotiates with factories in Asia about price, quality, and delivery time before signing a contract (2 answers)
Negotiation + Purchase agreement
True or false , Wholesalers act as intermediaries in the distribution channel , helping move goods from producers to retailers and often allowing retailers to purchase smaller quantities?
True
Full in blank, A promise to refund the customer if they are not satisfied with a product is______
Guarantee
Mastery , A business receives a document showing item and prices after a sale.
Invoice
Multiple choice , The amount and the value of goods and services produced (outputs) from set amounts of resource(inputs)
1)Productivity 2)Profit margin 3)Suppliers
Productivity
Examples , McDonald's produces more burgers per hour using the same number of workers after improving its system
Productivity