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In a manufacturing business, there are two important materials budgets. One is called ‘materials pur-chases budget’ and the other is called ‘materials XXX budget’. What is the missing word?

A.

Expenditure

B.

Sales

C.

Usage

D.

Returns

The time between recognition / origin of the need; through to usage or consumption is described as:

A.

Procurement lead time

B.

Seller’s lead time

C.

Maker’s lead time

D.

True / total lead time

E.

User's lead time

Lifetime costs are also known as (choose two):

A.

Leased costs

B.

Recommended purchase price

C.

Whole life costing

D.

Total cost of ownership

A specification which focuses on the outputs of a requirement is called:

A.

Non-conformance

B.

Performance

C.

Conformance

D.

Non-performance

A situation in which a person is in a position to derive personal benefit from actions or decisions made in their official capacity, is called:

A.

Conflict of interest

B.

Shared interests

C.

Split the difference

D.

Double indemnity

E.

Double whammy

F.

Conflict resolution

Disclose, distance, delegate, …?

A.

Dislocate

B.

Disassociate

C.

Discriminate

D.

Discombobulate

In the period in question, the budget for staff overtime and bonuses is zero.

The actual expenditure is 2,900.

Is this variance:

A.

Averse?

B.

Favourable?

C.

Adverse?

D.

Zero?

It is thought that the cause of a negative variance in the materials budget is the poor negotiation skills of procurement staff. Which of the following (select two) would be a move in the right direc-tion to remedy this situation?

A.

Replace the Head of Procurement

B.

Use competition to find suppliers with lower prices

C.

Provide effective negotiation training for procurement staff

D.

Increase stockholding of the materials in QUESTION NO: to ensure supply

‘Effectiveness is measured in terms of achieving an …’

A.

Objective

B.

Object

C.

Obstacle

D.

Obstruction

Use of competition is most obviously going to influence which of the following ‘rights’?

A.

Revenue

B.

Time

C.

Price

D.

Place