Procurement Quiz

What is the primary goal of procurement in a business?

• Increase employee efficiency

• Reduce lead times

• Source and acquire goods/services for smooth operations

• Improve marketing strategies

Which of the following is a subset of procurement?

• Supply chain management

• Purchasing

• Vendor negotiation

• Cost management

One of the key reasons for effective procurement is:

• Hiring more employees

• Increasing production time

• Enhancing bottom-line profits

• Reducing customer satisfaction

The purchasing process primarily focuses on:

• Strategic sourcing

• Contract negotiations

• Creating purchase orders and tracking suppliers

• Long-term planning

Which of these is NOT a type of procurement strategy?

• Direct procurement

• Indirect procurement

• Service procurement

• Public procurement

The concept of economies of scale in procurement is achieved by:

• Reducing quality standards

• Buying in bulk

• Increasing product prices

• Decreasing employee training

The procurement cycle begins with:

• Supplier negotiation

• Invoice payment

• Need identification

• Contract review

Which procurement strategy is used for core product development?

• Indirect procurement

• Direct procurement

• Service procurement

• Outsourcing

In public sector procurement, one key principle is:

• Confidentiality

• Innovation

• Integrity

• Price flexibility

The primary purpose of risk management in procurement is:

• Reducing negotiation time

• Managing supply chain disruptions

• Lowering product quality

• Increasing import taxes