Identify the Approach That Assumes That Every Purchase Involves the Informed

question 30

Multiple Choice

Identify the approach that assumes that every purchase involves the informed consent of the buyer and is ethically legitimate.

• A)Res ipsa loquitur approach
• B)Prima facie approach
• C)Caveat emptor approach
• D)Caveat venditor approach

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Definitions:

Actual Cost

The total amount of money that has been spent on a project or activity up to a specific point in time.

Budgeted Cost

The estimated financial expenditure allocated for a project or a specific activity within a project.

Planned Value

The budgeted cost of work scheduled to be completed by a specific point in time during a project.

Cost Variance

The difference between the budgeted or baseline amount of expense and the actual amount spent.