Tag: definition and functions of purchasing and storage department

Questions Related to definition and functions of purchasing and storage department

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

Show answer
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

Show answer
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

Show answer
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

Show answer
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

Show answer
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

Show answer
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

Show answer
Correct Option: B

_________ is the operation of continuously arranging receipts and issues in such a way so as to ensure that stock balances in quantity and/or value.

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

  1. Inventory control

  2. Production control

  3. Demand forecast

  4. None of the above

Show answer
Correct Option: A

The terms purchasing and procurement should not be seen as synonymous. As such, which of the following statements do you think has greatest validity?

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

  1. Procurement is broadly equivalent to purchasing

  2. Purchasing has a broader meaning than procurement

  3. Procurement has a broader meaning than purchasing

  4. None of the above

Show answer
Correct Option: C