PO Basics and Process
This is the unique number assigned to each purchase order for tracking purposes.
What is the PO number?
What is the importance of maintaining good vendor relationships?
What is to ensure timely delivery and favorable terms?
What are some common 'Terms of Payment' found on a PO or Invoice?
What are Net 30, Net 60, or payment upon delivery?
What should you do if a vendor delivers the wrong items?
What is contact the vendor immediately, request a return or exchange, and update your WTN accordingly.
What type of alcohol is made from fermented agave?
What is tequila?
What is the document that the vendor sends to the buyer requesting payment?
What is an invoice?
"What information should be included when contacting a vendor about a PO?
What is the PO number, item details, and delivery date?
The terms of payment are "Net 30." When is payment due if the invoice date is June 1st?
What is July 1st?
This is what can happen if a purchase requisition is filled out incorrectly.
What is a delay in the purchase order process?
What is the hardest naturally occurring substance on Earth?
What is a diamond?
Define 'Terms of Payment' in a purchase order.
What are the agreed-upon conditions for payment?
What are some factors to consider when selecting a vendor?
What are price, quality, delivery time, and reliability?
This is the cost per individual unit of the item being purchased.
What is the unit price?
What steps should you take if a vendor's invoice doesn't match the PO?
What is verify the PO details, contact the vendor, and resolve the discrepancy?
What is the largest planet in our solar system?
What is Jupiter?
Name three steps in the standard purchase order process.
What are Inquiry, Approval, PO Creation, Vendor Delivery, Invoice, and Payment?
What is the importance of keeping accurate vendor contact information?
What is to prevent delays and miscommunication?
What is the calculation for 'Total Price' on a PO?
What is Quantity multiplied by Unit Price?
Your manager wants to switch to a new vendor. What part of the PO process needs to be updated?
What is vendor selection and data entry?
This Egyptian queen was famously known for her relationship with Julius Caesar and Mark Antony.
Who is Cleopatra?
Describe the flow of information between the buyer and vendor during the PO process.
What is: Buyer sends PO, Vendor delivers goods/services, Vendor sends Invoice, Buyer sends payment?
Describe the ethical considerations involved in vendor selection and management.
What is fairness, transparency, and avoiding conflicts of interest?
Name three financial risks associated with an inaccurate purchase order.
Overspending, incorrect invoicing, disputes with vendors, late payment fees, lost discounts
When a vendor is out of stock, what are some alternative actions to make to your PO?
What is to find an alternative vendor and update the PO, or wait for the item to be restocked and place the current PO on hold?
What is the name of the ship in the "Pirates of the Caribbean" movies?
What is the Black Pearl?