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Quick Check - Topic 4

QuestionAnswer
When solving disputes in buyer-supplier relationships, ________ should be used as a last resort? - Going to court - Mediation - Arbitration - Putting yourself in the shoes of the supplier - Open communication Going to court
Several conditions have to be met in order to have a valid contract. Which is NOT one of the conditions for a valid contract? - Offer - Purchase price reductions - Legal subject matter - Meeting of the minds - Consideration Purchase price reductions
As a buying agent, whose “best interest” should you have in mind? - The sales representative’s best interest - The supplier’s best interest - Society’s best interest - Your own best interest - Your employer’s best interest Your employer’s best interest
Which of the following sourcing-related issues does the Dodd-Frank legislation deal with? - Conflict minerals - Corruption—e.g., bribery - The rules of arbitration - Financial transparency Conflict minerals
When a supplier violates contract terms, the buyer may cancel the contract. What is this type called? -Cancellation for inconvenience -Cancellation for convenience -Cancellation by mutual consent -Cancellation for nonpayment -Cancellation for default Cancellation for default
Which is not one of the ways to promote ethical behavior? - Inconsistent behavior - Ethical standards and guidelines - Having an ombudsman - Top management commitment to ethics - Rotating assignments Inconsistent behavior
A supplier telling the buyer that many customers have benefited a great deal from its vendor managed inventory (VMI) services is what type of influence tactic? - Threats - Recommendations - Information exchange - Requests - Ingratiation Information exchange
Which two tactics can be considered as coercive? - Requests and ingratiation - Threats and requests - Threats and promises - Ingratiation and promises - Information exchange and recommendations Threats and promises
If the buyer is a major shareholder of the supplier, this could be indicative of which unethical situation(s)? - Conflict of interest - Sharp business practices - Bribery - Collusion - Accepting small gifts Conflict of interest
The social bottom line is concerned with ________. - harming the environment as little as possible - ensuring your supplier’s environmental sustainability - profitability - safe working conditions - making money safe working conditions
The environmental bottom line is concerned with ________. - fair wages - supporting diverse suppliers - safe working conditions - profitability - harming the environment as little as possible harming the environment as little as possible
The economic bottom line is concerned with ________. - harming the environment as little as possible - fair wages - safe working conditions - supporting diverse suppliers - profitability profitability
President Obama issued an Executive Order in 2009 that all new contracts federal agencies sign are “green.” To which bottom line does this refer? Social bottom line Both economic and social bottom lines Environmental bottom line Economic bottom line Environmental bottom line
Which is not one of the principles underlying the Institute for Supply Management’s standards for ethical behavior? -Loyalty to your actions -Value for the supplier -Value for your employer -Loyalty to your profession -Integrity to your decisions Value for the supplier
Maintaining business professionalism in all communications, including social media, relates to which ISM standard for supply management? -Reciprocity -Influence -Impropriety -Responsibility to your employer -Sustainability and social responsibility Impropriety
Not tolerating corruption in any of its forms, including extortion and bribery, relates to which ISM standard for supply management? - Responsibility to your employer - Influence - Impropriety - Reciprocity - Sustainability and social responsibility Sustainability and social responsibility
The ________ translates the company’s ethical stance into supplier requirements. - Supplier’s code of conduct - Environmental bottom line - Sarbanes-Oxley Act - Eco-Management and Audit Scheme Supplier’s code of conduct
Created by: tgalless
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