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MIS Exam 2 Chapter 3
M&W Chapter 3
Question | Answer |
---|---|
What is the Procurement Process? | A series of steps that a company takes to obtain or acquire necessary materials |
What is B2C Commerce? | Customer has no legal obligation to buy from store and store has no legal or financial obligation to sell to consumer or advise them if product is not available |
What is B2B Commerce? | If supplier cannot provide materials, the buyer may not be able to find materials from another supplier. Supplier must be certain that buyer can pay for products |
What are the Key Documents of the Procurement Process? | Purchase Requisition, Purchase Order, Packing List, Goods Receipt Document, Vendor Invoice |