What Is the First Step in the Purchase-To-Pay Process

question 61

Multiple Choice

What is the first step in the purchase-to-pay process?

• A) purchase order processing
• B) pick and pack
• C) requirements determination
• D) goods receipt

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Definitions:

Scarce Resources

Economic concept describing materials or services in limited availability relative to desired uses, necessitating allocation.

Efficient

In economic terms, relates to an allocation of resources in which it is impossible to make any one individual better off without making at least one individual worse off.

Opportunity Cost

Opportunity cost represents the value of the best alternative forgone when a decision is made to choose one option over another.

Parking Permit

A document or label allowing a vehicle to be parked in a designated area or facility.