BOMI: Budgeting & Acctg Ch 4 Key Concepts Practice Questions and Answers | 100% Pass
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Course
BOMI
Institution
BOMI
BOMI: Budgeting & Acctg Ch 4 Key
Concepts Practice Questions and
Answers | 100% Pass
Vendors supplying ___________ and __________ uniformly on a __________ basis
are empowered to do so via a ______________________ generally for a ___________
or longer. - Answer️️ -goods; services; monthly;...
BOMI: Budgeting & Acctg Ch 4 Key
Concepts Practice Questions and
Answers | 100% Pass
Vendors supplying ___________ and __________ uniformly on a __________ basis
are empowered to do so via a ______________________ generally for a ___________
or longer. - Answer✔️✔️-goods; services; monthly; contract; year
Which services usually fall under a monthly contract? - Answer✔️✔️-Janitorial, security,
landscaping, elevator/escalator, HVAC maintenance, pest control, metal maintenance,
waste removal/recycling
What should be done after a bid is accepted and the contract is negotiated? -
Answer✔️✔️-Vendor information should be added to the vendor database under a
specific vendor ID number.
What vendor information should be assigned to a vendor ID number? - Answer✔️✔️-legal
name, remittance address, federal tax i.d. number, minority status, and entity type,
After a price is negotiated on the goods or services what document is prepared to bind
the vendor to that pricing structure? - Answer✔️✔️-A purchase order.
What does the purchase order system provide to the vendor and purchasing entity? -
Answer✔️✔️-Assurance the the expenditures has been approved by an authorized
person. Additionally, it spells out the the specific parameters of the requested goods
and services.
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