A Responsible Bid

question 4

Multiple Choice

A responsible bid

• A) contains a good price for what is expected to be done
• B) is the low bid
• C) is by a contractor capable of doing the work
• D) is any bid that contains all the elements required to be submitted in the bid package

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Definitions:

Raw Materials Inventory

The stock of basic materials and components that are required in the manufacturing process before they are transformed into finished goods.

Purchase

The acquisition of goods or services in exchange for money, representing a transaction that increases inventory or assets for a business.

Process Costing System

An accounting method used to assign production costs to units of output, typically used in manufacturing environments where products are indistinguishable from one another.

Maintenance Workers

Individuals responsible for the upkeep, repair, and maintenance of buildings, equipment, and machinery to ensure efficient operations.