BUS 141 FINAL

Which two of the following are necessary for a valid contract? (1) A description of the scope of work, (2) An offer, (3) A counteroffer, (4) Subject matter and purpose is legal

2 and 4

In trading terms, UCC is defined as:

Uniformed Commercial Code and applies only for sales of products.

For supply teams in organizations to be successful, the following key facts that will enable them to achieve these results:

a, b, d expertise & experience in the team compelling purpose, measurable goals with feedback supportive organizational culture, structure, and systems

Supply management's role is sustainability initiatives includes:

all of the above. (substituting renewable energy for carbon- based energy, accountability for the social practices of their suppliers, including worker safety, payment of living wages, and child labor, eliminating waste anywhere in the supply chain)

The structure of a global purchasing organization is influenced by:

all of the choices (the location of the company's operations, the overall organizational structure, the location of key suppliers, the structure of the purchasing function)

Which of the following reflects a partnership approach with suppliers?

all of the choices (total cost of ownership, long term orientation, supplier and buyer sharing long and short-term cost, end-customer driven)

supply's contribution to the organization's competitive position depends on its ability to:

all of the choices; manage assets, enhance revenues, reduce costs

Reverse marketing is:

an aggressive, purchaser-initated, approach to finding and developing world class suppliers

Due to recent advancements in technology and globalization, electronic or digital signatures for contractual purposes:

are valid in most countries.

On the purchasing- supplier satisfaction model, if the perceptions of buyer and supplier fall along the "fairness of stability" diagonal line, this means:

both parties are at least equally well-off

Ex-Words is an incoterm that:

buyer takes full responsibility of expenses and risks from point of origin

Warehousing and inventory storage:

can either be an internal function of outsourced to a third-party logistics firm.

A purchasing consortium

consist of two or more independent organizations that combine requirements for materials, services, & capital goods to gain better pricing, service, & technology

When cross- functional teams are used to conduct research, it is best if:

each member's job is rearranged to allocate time and resources for team work.

The primary objective(s) when nations come together and set-up regional trade agreements:

eliminate trade barriers

___________ is not one of the driver(s) for global purchasing:

excess domestic supply

The acts that the agent is directly authorized to perform, come under what type of authority:

express authority

Production planning:

focuses on short-, medium-, and long-term schedules to control inventory and production.

Gifts and gratitudes

given to buyers by suppliers may lead to the perception of bias or subjectivity in the supply process.

Trends in supply organization and leadership include:

greater differentiation between strategic and tactical supply roles.

On average, the dollars spent the suppliers as a percent of revenues is:

greater in manufacturing than in service organizations.

The role of supply management is best captured by the following question:

how can supply and suppliers help decrease cost and increase revenues

Efforts to deal with hazardous waste include a focus on all of the following EXCEPT:

increasing the use of hazardous materials in carefully controlled environments.

The effective, efficient, and profitable recovery and disposal of scraps, surplus, obsolete, and waste materials and assets generated within the firm is called:

investment recovery

Trends in supply management include:

limiting the number of suppliers and focusing on results from key suppliers

Accounts payable:

may be in the supply department to ensure on- time payment to supplier and to reduce transaction costs.

When sourcing offshore, a buyer:

must have extensive knowledge and analysis of the country

The budget which covers all of the expenses incurred in the operation of the supply function included salaries and wages; space, equipment, and information technology cost; travel and entertainment , educational, postage, telephones, fax, and office supplies expenditures, is called the:

operating budget

Performance of the supply management function can be viewed in two contexts:

operational and strategic

In manufacturing companies

supply and operations coordination is essential to operational excellence

A systems approach to managing the flow of information, materials, and services from tiers of suppliers through the buying organization to tiers of customers is:

supply chain management

Supply management decisions and actions can influence/ effect:

the income statement and the balance sheet

Some North American companies are "reshoring" or sourcing at home because:

transportation costs have increased and energy costs in North America have decreased.

The supplier evaluation process that includes: (1) factors or criteria for evaluation, (2) the importance of each factor, and (3) a system for rating each supplier on each factor, is called a(n):

weighted point evaluation