Business Transaction Essentials Quiz

What is the purpose of an estimate or quotation in a business transaction?

• To finalize the purchase order

• To establish a price for supply

• To issue an invoice

• To provide a statement of account

What is a purchase requisition?

• A document listing items required for purchase

• A bill for goods or services supplied

• A statement showing payments and credits

• A note detailing goods dispatch

What should be checked against the delivery note?

• The invoice

• The purchase requisition

• The goods received

• The statement of account

What information must an invoice include?

• Only the total cost

• The supplier's contact details

• Who it is from, who it is going to, product details, and total cost

• The delivery schedule

What is a statement of account used for?

• To list items required for purchase

• To show payments and credits over a set period

• To establish a price for supply

• To detail goods dispatch

Which factor is NOT considered when selecting products/suppliers?

• Suitability for purpose

• Price

• Discounts available

• Delivery speed

Which of the following is a factor to consider when choosing a supplier?

• Color of the supplier's logo

• Delivery charges that may apply

• Number of employees at the supplier

• Location of the supplier's headquarters

What must be done once a supplier is decided upon for a purchase?

• The purchase must be advertised

• The purchase must be authorized by someone senior

• The purchase must be canceled

• The purchase must be delayed

Which of the following is NOT a benefit of monitoring and reviewing a procedure?

• Efficiency

• Economy

• Complexity

• Compliance

What document is typically used to request the purchase of goods or services?

• Delivery note

• Purchase order

• Purchase requisition

• Invoice