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4.OP-002
Business section 4.002
| Question | Answer |
|---|---|
| What is the competitive Bidding process? | A method of collecting price quotes from suppliers vying for an order or job |
| What term is this: Information about a person’s or business’s skills, abilities, and qualifications | Credentials |
| What are goods? | Tangible objects and materials |
| What is a guaruntee? | A promise made to the consumer that a product’s purchase price will be refunded if that product is not satisfactory; often called a money-back guarantee |
| True/False: An invoice is a promise made by the seller to repair or replace a product if it has been damaged | False; An invoice is the formal, printed record of a sale that includes all necessary information as to the buyer, the seller, items purchased, amounts, prices, delivery date, credit or discount terms, etc. |
| What is a Make-or-buy decision? | The act of determining whether to produce a needed part or purchase it from a supplier |
| True/False: A manufacturer is a type of producer that changes the shapes or forms of materials so that they will be useful to consumers | True! |
| What term is this: The process of one party reaching an agreement with another party to meet specific needs and wants | Negotiation |
| True/False: Productivity is a measure of net profit divided by net sales that reflects the profit per dollar of sales | False; Productivity is the amount and the value of goods and services produced (outputs) from set amounts of resources (inputs) |
| True/False: Profit margin is the formal agreement between businesses to order goods | False; Profit margin is a ratio of net profit (after taxes) divided by net sales that reflects the profit per dollar of sales |
| What is a purchase agreement? | A purchase contract that lists the good or service to be purchased, the quantity to be purchased, the price, terms of delivery, payment information, warranty and guarantee information, and other details as needed |
| What term is this: The form that a business fills out to order goods; may be the same as a purchase agreement or purchase contract | Purchase order |
| What term is this: The buying of goods and services for a business | Purchasing |
| What is the Purchasing process? | A series of sequential steps taken by purchasing specialists to buy goods and services for a business |
| True/false: A Retailer is a business that buys consumer goods or services and sells them to the ultimate consumer | True! |
Created by:
gpetitt04
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