01
Choose one
1 point
A buyer has a stable, clearly defined requirement and wants greater cost predictability. Which contract arrangement best fits that objective?
Free Practice Quiz Question List
2 Procurement, Sourcing, and Supplier Management Online Quiz Questions
Use this free practice quiz with 20 questions to review 2 Procurement, Sourcing, and Supplier Management, test your knowledge, and prepare for your next test or exam.
20 questions
02
True or false
1 point
True or false: A signed supplier code of conduct or a single audit is sufficient proof that all responsible-sourcing risks have been resolved.
- A
True
- B
False
03
Written response
1 point
What is the operational part of procurement called when it converts an approved need into an authorized order and confirms receipt?
04
Fill in the blank
1 point
To support a transparent supplier selection process, an organization should define its requirements and evaluation criteria before .
05
Choose one
1 point
An organization is deciding how much effort to devote to market research for different purchases. Which approach is most appropriate?
- A
Use the same extensive analysis for every purchase, regardless of risk.
- B
Base the analysis only on how many suppliers are already known.
- C
Scale the analysis to the purchase's value, complexity, and risk.
- D
Skip analysis whenever a supplier has provided a quotation.
06
True or false
1 point
True or false: Separating duties and keeping accurate purchasing records can help reduce the risk of unauthorized purchases and duplicate payments.
- A
True
- B
False
07
Fill in the blank
1 point
A purchase request commonly includes specifications, quantity, need date, and .
08
Written response
1 point
What acronym names the buyer's next-best practical option if no negotiated agreement is reached?
09
Choose one
1 point
An invoice does not match the purchase order and receipt. What should the organization do before paying it?
- A
Pay the invoice immediately and reconcile it after payment.
- B
Investigate the discrepancy before payment.
- C
Discard the receipt and use the supplier's invoice as the sole record.
- D
Issue a new order for the same items without checking the original order.
10
Choose one
1 point
A higher-priced supplier offers substantially more reliable delivery and lower expected disruption costs. Which approach best describes a best-value decision?
- A
Choose the lowest-priced offer that meets minimum requirements, without comparing other factors.
- B
Compare price with other relevant factors, such as delivery reliability and expected disruption costs.
- C
Choose the offer with the most features, regardless of cost or stated criteria.
- D
Select a supplier first, then create evaluation criteria to support that choice.
11
Choose all
1 point
Which areas should a buyer understand when preparing for a negotiation? Select all that apply.
- A
The requirement being negotiated.
- B
Market conditions and available supplier alternatives.
- C
Only the supplier's preferred terms, without considering the buyer's limits.
- D
Relevant cost drivers.
- E
Internal priorities and acceptable limits.
12
Choose all
1 point
Which actions fit a risk-based approach to responsible sourcing? Select all that apply.
- A
Prioritize the most significant risks based on where serious impacts are most likely.
- B
Assume that every risk must be fully resolved before any other risk is assessed.
- C
Engage suppliers and support corrective action where appropriate.
- D
Track results and use leverage or collaboration to encourage improvement.
- E
Treat one audit as conclusive proof that no further action is needed.
13
Open ended
1 point
A project has an uncertain scope, so the buyer is considering a time-and-materials or cost-reimbursement arrangement. Explain why one of these structures may be appropriate and identify an important control or review the organization should use.
14
Choose one
1 point
An organization is considering a high-value purchase with complex requirements and possible supply disruptions. What is the most appropriate approach to supply market analysis?
- A
Use the same depth of analysis for every purchase.
- B
Match the depth of analysis to the purchase’s value, complexity, and risk.
- C
Analyze only the suppliers already approved by the organization.
15
Choose one
1 point
A supplier submits an invoice for goods. Which purchasing control should occur before payment?
- A
Pay the invoice as soon as the service provider submits it.
- B
Match the invoice to the purchase request and then pay it.
- C
Match the invoice to the order and receipt, and investigate discrepancies before payment.
16
True or false
1 point
A supplier’s signed code of conduct is sufficient proof that all responsible-sourcing risks in its supply chain have been resolved.
- A
True
- B
False
17
Written response
1 point
An organization selects a higher-priced supplier because its substantially more reliable delivery is expected to reduce disruption costs. What source-selection approach is this?
18
Choose one
1 point
A buyer wants to compare supplier offers transparently. When should the buyer establish the requirements and evaluation criteria?
- A
Set the requirements and evaluation criteria before inviting offers.
- B
Choose the preferred supplier first, then define criteria that support the choice.
- C
Wait until offers arrive to decide which factors will determine the selection.
19
Written response
1 point
A buyer identifies the next-best practical option to pursue if negotiations do not produce an agreement. What is this alternative called?
20
Choose one
1 point
A project has stable, clearly defined requirements, and the organization wants predictable costs. Which contract structure is most appropriate to consider?
- A
Use a cost-reimbursement arrangement because it always makes costs most predictable.
- B
Consider a fixed-price arrangement because the requirements are stable and clearly defined.
- C
Use a time-and-materials arrangement because the scope is already certain.