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NUSC 4272 final exam Prep Questions with Correct Verified Answers A Grade
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NUSC 4272 final exam Prep Questions with Correct Verified Answers A Grade
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NUSC 4272 final exam Prep Questions withCorrect Verified Answers A Grade
cost plus buying - ✔✔The AP price the buyer pays is equal to the vendor's cost of the
product plus an agreed upon profit markup
Negotiated Bid - ✔✔issuing firm negotiates terms with investment banker
formal buying - ✔✔competitive bids
large facilities or government
fixed for large # of items for a long period of time
buyer draws up
- specifications
- method of delivery
- payment details
line item bidding - ✔✔- time consuming
- usually costs more for both buyer and seller
all or nothing bidding - ✔✔- bottom line approach
bidding contract - ✔✔agreement between 2 or more parties
- offer
- acceptance
- considerations
,law of warranty - ✔✔-Express Warranty
-Implied Warranty of Fitness
-Implied Warranty of Merchantability
express warranty - ✔✔promises, specifications, samples, and descriptions of goods that are
under negotiation. For a certain period of time promises made.
Implied warranty of merchantability - ✔✔suppliers "puff" the virtues of their products for
the purpose of making a sale
implied warranty of fitness for a particular purpose - ✔✔buyer relies on the suppliers skill or
judgement to select or furnish suitable goods, when a buyer relies upon the seller select the
goods to fit a specific request
independent purchasing - ✔✔profit center (both revenue & expenses)
ie a cafeteria
central purchasing - ✔✔cost center (just expenses)
- personnel in one office does all the purchasing for all the units in that organizations
group purchasing (cooperative purchasing) - ✔✔union of separate units (hospitals) not
related to a single management
large volume purchasing - economical
, warehouse club purchasing - ✔✔Independent, non-contracted food service operations use
walk-in wholesale markets and warehouses to save money on food and non-food items like
paper goods and office supplies
just in time purchasing (JIT) - ✔✔Purchase products as need for production & immediate
consumption
$ not tied up in inventory
profit centers - ✔✔Any part of an organization to which revenue and controllable costs can
be assigned.
cost centers - ✔✔centers that cost money to operate and do not bring in revenue
Flow of purchasing - ✔✔recognition of a need
description of needed item
authorization of purchase requisition
negotiation with potential suppliers
evaluation of proposals and placement of order (could follow up order)
verification of invoice and delivered materials
closure of the purchase record and payment for materials
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