Tag: elements of business

Questions Related to elements of business

________ is the first phase of Materials Management.

elements of business selling and distribution definition and functions of purchasing and storage department purchasing and stores product life cycle

  1. Purchasing

  2. Marketing

  3. Branding

  4. Advertising

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Correct Option: A

The purchasing department's primary goals include(s) _________.

elements of business selling and distribution definition and functions of purchasing and storage department purchasing and stores product life cycle

  1. To locate suppliers that can provide goods and services in accordance with the buyer's requirements.

  2. To buy items that meet the quality specifications of the buyer.

  3. To create a stream of deliveries into the buyer's premises that minimize the raw materials inventory investment

  4. All of the above

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Correct Option: D

Common purchasing activities include _______.

elements of business selling and distribution definition and functions of purchasing and storage department purchasing and stores product life cycle

  1. receive and verify purchase requisitions

  2. search for qualified suppliers that can fulfill the buyer's needs

  3. issue purchase orders to suppliers

  4. all of the above

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Correct Option: D

Purchase Manager considers ______ factors also about suppliers before purchasing specific items for the production.

elements of business purchasing and stores definition and functions of purchasing and storage department product life cycle e-marketing

  1. time of delivery

  2. trade discount

  3. terms of payment

  4. all of the above

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Correct Option: D

The first activity of Purchasing cycle is _______.

elements of business purchasing and stores definition and functions of purchasing and storage department product life cycle e-marketing

  1. communicating requirement to the purchase

  2. source Selection and development

  3. recognizing the need for procurement

  4. inspection of goods

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Correct Option: C

______ is the process of recording details of stock movements and balances in terms of financial value.

elements of business purchasing and stores definition and functions of purchasing and storage department product life cycle e-marketing

  1. Book-keeping

  2. Financial accounting

  3. Stores accounting

  4. Management accounting

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Correct Option: C

Production related procurement refers to the purchasing of _____.

elements of business purchasing and stores definition and functions of purchasing and storage department product life cycle e-marketing

  1. Office supplies

  2. Furniture

  3. Raw materials

  4. Information systems

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Correct Option: C

The objective(s) of forward purchasing is / are _______.

elements of business purchasing and stores definition and functions of purchasing and storage department product life cycle e-marketing

  1. To guard against interruption in supply

  2. To economize the use of storage space

  3. To guard against the future rise in price

  4. All of these

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Correct Option: A

Issue and Dispatch is the process of _____.

elements of business purchasing and stores definition and functions of purchasing and storage department product life cycle e-marketing

  1. receiving demands

  2. selecting the items required

  3. dispatching the products to customers

  4. all of the above

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Correct Option: D

The purchase order form is designed by _______.

elements of business purchasing and stores definition and functions of purchasing and storage department product life cycle e-marketing

  1. Materials Manager

  2. Purchase Manager

  3. Marketing Manager

  4. None of them

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Correct Option: B