Why Do Organizations Design Purchasing Policies and Procedures

question 21

Multiple Choice

Why do organizations design purchasing policies and procedures?

• A) To ensure that the appropriate products and services are purchased efficiently
• B) To ensure that responsibility for buying is assigned unitarily to the purchasing agent
• C) To ensure that the marketing department is solely responsible for the purchasing decisions
• D) To ensure that within a large organization a single individual is responsible for the major purchasing decisions

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Definitions:

Equal Credit Opportunity Act

A United States federal law ensuring all consumers are given an equal chance to obtain credit, regardless of race, religion, national origin, sex, or marital status.

Discriminating

The act of making distinctions or differentiating between objects, subjects, or concepts.

Creditors

Individuals or institutions to whom money is owed by a debtor for provided goods or services, or as a result of a loan agreement.

Hardship Cases

Situations or individuals experiencing severe hardship or difficulties, often considered for special assistance or exemption from certain requirements.