cost control introduction

Choose the correct definition of cost control

• the practice of identifying and reducing business expenses to increase profits, and it starts with the budgeting process.

• the practice of finding the cost and profit for a business while maintaining a certain budget

• controlling a cost to maintain an expenses for a business to prosper

• to control the output and input of a business

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

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 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

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 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

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

• a Buying

• a Procuring

• a Shopping

• a sale

I am the person who is responsible for buying goods for an operation. Who am I?

• Supplier

• Seller

• Operator

• Purchaser

It serves as the receiving copy and proof of receipt.

• Purchase order

• Statement

• Delivery Receipt

• Order Slip

It is a form listing of the products to be purchased, their price, delivery date, and other important details.

• Purchase Order

• Delivery receipt

• Notes

• Invoice