Chap 4 (4.1)

Chap 4 (4.1)

University

14 Qs

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Chap 4 (4.1)

Chap 4 (4.1)

Assessment

Quiz

Other

University

Practice Problem

Easy

Created by

Chi Chu

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14 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is operational procurement primarily focused on?

Maximizing long-term investments

Enhancing marketing strategies

Sustaining daily operations of a business

Reducing employee turnover

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which principle aims to reduce risk in procurement?

Multiple supplier principle

Return on assets principle

Balance of interest principle

Service & logistics cost principle

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the leverage principle in procurement suggest?

Relative cost reduction in procurement is more effective for profits

Only supplier competition matters

Cost reductions in procurement are less effective

All cost reductions are equally effective

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a 'new buy' in the procurement method?

Buying from a familiar supplier

Buying only when needed

Renegotiating with existing suppliers

Purchasing new products or opening new branches

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of safety stock?

To increase overall inventory levels

To mitigate risks of stockouts

To reduce supplier relationships

To eliminate the need for forecasting

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT a type of inventory?

Cycle inventory

Transit inventory

Safety stock

Supplier inventory

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does EOQ stand for?

Estimated Order Quantity

Effective Order Quality

Economic Order Quantity

Essential Order Quantity

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