Tag: elements of business

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Questions Related to elements of business

Multiple choice elements of business selling and distribution definition and functions of purchasing and storage department purchasing and stores product life cycle

The purchasing department's primary goals include(s) _________.

  1. To locate suppliers that can provide goods and services in accordance with the buyer's requirements.

  2. To buy items that meet the quality specifications of the buyer.

  3. To create a stream of deliveries into the buyer's premises that minimize the raw materials inventory investment

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

The purchasing department is responsible for finding suppliers, ensuring quality, and managing inventory levels through efficient delivery schedules.

Multiple choice elements of business selling and distribution definition and functions of purchasing and storage department purchasing and stores product life cycle

Common purchasing activities include _______.

  1. receive and verify purchase requisitions

  2. search for qualified suppliers that can fulfill the buyer's needs

  3. issue purchase orders to suppliers

  4. all of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Purchasing activities include the entire lifecycle from receiving requisitions and sourcing to issuing orders.

Multiple choice elements of business purchasing and stores definition and functions of purchasing and storage department product life cycle e-marketing

Purchase Manager considers ______ factors also about suppliers before purchasing specific items for the production.

  1. time of delivery

  2. trade discount

  3. terms of payment

  4. all of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

A purchase manager must evaluate multiple factors including delivery time, costs (discounts), and payment terms to ensure optimal procurement.

Multiple choice elements of business purchasing and stores definition and functions of purchasing and storage department product life cycle e-marketing

The first activity of Purchasing cycle is _______.

  1. communicating requirement to the purchase

  2. source Selection and development

  3. recognizing the need for procurement

  4. inspection of goods
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The purchasing cycle begins when a need for a product or service is identified and formally recognized.

Multiple choice elements of business purchasing and stores definition and functions of purchasing and storage department product life cycle e-marketing

______ is the process of recording details of stock movements and balances in terms of financial value.

  1. Book-keeping

  2. Financial accounting

  3. Stores accounting

  4. Management accounting
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Stores accounting specifically deals with recording the financial value of stock movements and current inventory balances.

Multiple choice elements of business purchasing and stores definition and functions of purchasing and storage department product life cycle e-marketing

Issue and Dispatch is the process of _____.

  1. receiving demands

  2. selecting the items required

  3. dispatching the products to customers

  4. all of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Issue and dispatch involves the entire process of handling demands, selecting the items from stock, and shipping them to the end user or customer.

Multiple choice elements of business purchasing and stores definition and functions of purchasing and storage department product life cycle e-marketing

The purchase order form is designed by _______.

  1. Materials Manager

  2. Purchase Manager

  3. Marketing Manager

  4. None of them
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

The Purchase Manager is responsible for the procurement process, including designing and authorizing the purchase order form. Other roles like Materials or Marketing Managers may use the form, but they do not typically design it.