Purchasing Managers

question 41

Multiple Choice

Purchasing managers

• A) are, in general, not very well educated.
• B) always buy from the lowest price supplier.
• C) may be willing to pay more to reduce personal risk.
• D) are usually the last ones a salesperson sees, after the order has been approved by the gatekeepers.
• E) None of these alternatives for purchasing managers is correct.

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Definitions:

Competitive Firm

A company that operates in a market where there is free entry and exit and no single buyer or seller can influence the market price.

Total Revenue

refers to the full amount of income generated by the sale of goods or services before any expenses are subtracted.

Sinking Fund

A savings account or fund dedicated to paying off debt or a bond, where money is set aside over time to manage future repayment obligations.

Depreciating Equipment

Equipment or machinery that decreases in value over time due to use, wear and tear, or obsolescence.