INTRO PURCHASE & COST CONTROL

What is a purchase ?

• The buying of everything

• The buying of our needs and wants

• The buying of our personal needs

• the buying of goods or services

How many types of Purchasing ?

• 1

• 2

• 3

• 4

How many stages of the purchasing process?

• 6

• 7

• 9

• 8

Why is Purchasing important ?

• To meet their needs on a regular basis

• To get competitive performance, profitability and overall efficiency

• To get the optimal benefit from the value for money spent

• All answers are correct

What is the meaning of Cost Control ?

• A particular regulation by certain executive actions which result in the cutting of costs in uncertain operations of the company

• A particular system by certain executive actions which result in the expenses of the company

• A particular regulation by certain executive actions which result in the cutting of costs in certain operations of the company

• A particular policy by certain executive actions which result in the cutting of costs in certain operations of the company

How many primary phases in the Cost Management System ?

• 2

• 3

• 4

• 5

Why is Cost Control important ?

• To achieve a target set for the sales of the businesses

• To avoid the deviations, easily analyzed and take some corrective actions

• A method to reduce expenses / costs as low as possible and to get the targeted profit

• All answers are correct

What are the advantages of implementing Cost Control?

Which of the four brothers below is wrong....

• Provides a yardstick for measuring performance

• Allows comparison

• Decreases debt

• Reduces the employees

There are 4 primary phases in Cost management System : Resources Planning, ........................, Cost Budgeting, and Cost Control.

• Human Resources

• Money

• Cost Estimating

• Purchasing

The opposite of a purchase is .............

• a Buying

• a Procuring

• a Shopping

• a sale