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Exam 12: The Purchasing Process

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Question 61

Multiple Choice

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Inventory carrying costs include all of the following except:

A) clerical cost of ordering goods
B) opportunity cost of investment funds
C) insurance costs
D) obsolescence and deterioration

E) B) and C)
F) A) and C)

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Question 62

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The item number is the primary key for relational table for vendors.

A) True
B) False

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Question 63

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The purchasing process is part of the ____ process for a merchandising firm.

Below is a narrative of the "Determine Requirements" portion (bubble 1.0) of the purchasing process described in Chapter 12. Narrative Description Bubble 1.1 receives and stores the requests received from the inventory-management process (inventory's purchase requisition) and various departments (purchase requisition-goods and services). At predetermined intervals, bubble 1.2 accesses the accumulated requests held in the purchase requisition data; sorts the requests, perhaps by vendor or product type; and combines that data with the inventory master data to determine what purchases need to be made. Required: From the DFD (TB Figure 12.1) and the narrative description above, explode bubble 1.0 into a lower-level diagram showing the details of that process.

Goal ______________________________ exists when individual managers' goals are in agreement with overall organizational objectives.

It is not uncommon for the copy of the PO available for the receiving department to be a carbon copy, meaning that certain data is blanked out.

Which of the following techniques analyzes all incremental costs associated with acquiring and carrying particular items of inventory?

Which type of supply chain collaboration methods includes collaborative processes across the supply chain using a set of processes and technology models?

Collaborative processes across the supply chain using a set of processes and technology models are called Collaborative Planning, Forecasting, and Replenishment (CPFR).

Which of the following most likely would be "blinded" on a copy of the purchase order sent to the receiving department?

ABC analysis is a technique for ranking inventory items according to their relative importance.

In many organizations professional buyers do the actual buying.

TB Figure 12.9 is the control matrix for the purchasing process presented in Chapter 12 with certain items omitted. In the matrix, each omission is indicated by a square. Jumbled lists of the omitted items are as follows: Required: Complete TB Figure 12.9 by replacing one of the numbers, 1 through 15 from the above lists, for each square showing a missing item.

Which of the following is not a cost element as part of the inventory carrying costs?

A(n) ______________________________ is an external request for the purchase of goods or services from a vendor.

RFID tags are computer chips with an antenna that contains information about the object to which it is attached.

Which of the following data stores would you least expect to see in the Purchasing Process - Level 0 Diagram?

Inventory personnel use the vendor master data to select an appropriate vendor.

The ______________________________ are an event data store with each record reflecting a receipt of goods and services.

A receiving report is an external request for the purchase of goods or services from a vendor.