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SCM 486
Quick Check - Topic 1
| Question | Answer |
|---|---|
| What do we call retail chains that are large enough to buy directly from manufacturers? - Major players - Final destinations - National accounts - Direct Buyers - Big Boxes | National accounts |
| Which of the following is NOT one of the processes that must be managed in the SCOR model? - Source - Make - Assess - Deliver - Plan | Assess |
| Which of the seven “rights” of purchasing is the most important? - The right time - The right material - The right price - The right supplier - The right place | The right supplier |
| Your goal as a purchasing professional should always be to get the lowest possible price. - True - False | False |
| What is the total cost of buying, using, and disposing of an item called? - Total price calculation - Target cost of purchasing - Maximum cost of usage - Final cost of buying - Total cost of ownership | Total cost of ownership |
| Purchasing has always been considered a strategic, value-added function. - True - False | False |
| Which of the following is/are true about the “Clerical Era?” - Purchasing personnel “placed and chased” orders - Purchasing was the place to move up in the organization - Purchasing was considered to be a competitive weapon - All of the above | Purchasing personnel “placed and chased” orders |
| During WWII, which of the following led to an increased emphasis on purchasing’s value-added contribution? - Improved university training standards - The emergence of lean thinking - Material shortages - Weapons systems design | Material shortages |
| Storytelling--i.e., the ability to demonstrate the value purchasing brings to the table--is an important skill for you to develop in order to advance your career. - True - False | True |
| Which of the following is true for a typical manufacturer - Purchased inputs are about 20-30% of COGS - Purchased inputs are about 80-95% of COGS - Purchased inputs are about 10% of COGS - Purchased inputs are about 60-80% of COGS | - Purchased inputs are about 60-80% of COGS |
| Purchased goods and services are typically a firm’s largest cost category. - True - False | True |
| Example(s) of purchased materials that directly affect the customer experience is/are: - Car-seat material - Blister packaging for electronics - The plastic bag holding the cereal inside the box - All of the above | Car-seat material |
| A dollar saved in purchasing nearly always has a greater impact on profit than an additional dollar of sales revenue. - True - False | True |
| If costs are 80% of sales (and profit is 20%), what is the amount of extra sales needed to equal $1,500 in purchasing cost savings? - $300 - $1,200 - $1,875 - $7,500 - $9,375 | $7,500 |
| When someone says that every dollar saved in purchasing goes straight to the bottom line, which of the following are they referring to? - Operating profit - The balance sheet - Net profit - Gross profit - Current assets | Operating profit |
| Reductions in purchasing costs tend to reduce which of the following? - Profit - Cost of goods sold - Liabilities - Shareholder’s equity - Debt | Cost of goods sold |
Created by:
tgalless
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