M6_Procurement

The Prompt Payment Act requires that payment be remitted to vendors within how many days?

• 10

• 15

• 30

• 45

True or False: According to the procedure section of Policy 3260, when completing receiving in HokieMart, you should also record the date of receipt of the goods or services on the electronic HokieMart receipt.

• True

• False

The purchase of goods or services by the university from an entity owned by an employee of the university, or by a member of the employee’s immediate family, is a prohibited conflict of interest under state law when the value of the purchase or contract is equal to or greater than

• $100

• $500

• $1000

• $5000

The generating department must send all contracts, other than those related to competitive solicitation or sole source, to __________________ for review of legal sufficiency before signing.

• University Legal Counsel

• IT Procurement

• No special review needed

An individual who initiates the purchase of goods and services. In the HokieMart electronic purchase system, they shop for items and create a “cart" that will be approved and may become a purchase order.

• Requestor

• Receiver

Can be the person who physically receives pages, and/or electronically “receives” them in the HokieMart system. This receipt initiates the payment process.

• Requestor

• Receiver

VT’s e-procurement (purchasing) system which allows Virginia Tech to provide an effective and efficient purchasing system for the university.

• Page Up

• Chrome River

• HokieMart

• Banner

A 6-digit ID number that allows you to record expenses for a specific activity.

• Banner Fund Number

• Org Code

• Account Code

A specific way of identifying what has been purchased in HokieMart. Remember, Fixed Assets uses these to track equipment vs. supplies.

• Banner Fund Number

• Account Code

• Org Code

Where can you find the list of account codes?

• Bursars Office Website

• Controllers Office Website

• Provost Office Website

• Human Resources Website