Job Interview Questions & Answers
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Looking for a job as a Purchasing Officer? Are you sufficiently aware of prices, quality guarantees?
The Purchasing Officer must be able to find suppliers of materials, equipment or consumables. The Purchasing Officer must be able to establish relationships with suppliers and act as a representative of the company when concluding contracts and building trust between suppliers and buyers, as well as control the delivery and confirmation of all materials and consumables.
If you want to successfully pass an interview when applying for a job as a Purchasing Officer, you need to prepare. To do this, you can read the list of frequently asked questions for Purchasing Officer.
Answer: Counter trade gives low-cash countries and organizations greater access to world markets by offering them an alternative way to purchase goods.
When there is a lack of price information available to determine the reasonableness of prices, a cost analysis can be used to evaluate and verify supplier cost data and estimated profits.
Answer: An ongoing process of evaluating a company's products, services, costs, and methods against those of competitors or organizations that demonstrate "best-in-class" achievements.
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The term "and/or" should not be used in agreements. Ambiguity arises when the term is used because of the many possible variations that the term can create. It is more accurate to use the terms "and" and "or" separately. The term "and" means both, the term "or" means either or both.
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A bidding procedure usually consisting of two bidding steps. The first step consists of a technical proposal to provide a product or service, and the second step consists of a cost comparison. Bidding then proceeds as in normal closed bidding procedures.
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Buying cards are a shopping tool that many progressive businesses use to buy and pay for purchases for little money. Purchasing cards reduces the cost of doing business while maintaining control over purchases.
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Life cycle cost is the total cost of purchasing, operating, maintaining, supporting and disposing of a product.
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The method used to calculate inventory turns is to divide the average inventory level by the annual cost of goods.
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A procurement process in which a bid is submitted in a sealed envelope to prevent disclosure of its contents before the deadline for all bids.
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A warehouse operated under Customs supervision for the storage of imported goods.
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Inventory represents a significant investment for a business. The higher the inventory turnover, the lower the storage costs.
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You can use cycle counting on a cycle schedule rather than doing physical inventories. The most effective cycle counts are those done daily.
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The risk of loss passes to the purchaser when the goods are delivered to the purchaser's factory.
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Under the UCC, good faith means actual honesty in the conduct or transactions involved.
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The risk of loss passes to the purchaser when the goods are delivered to the purchaser's factory.
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Under the UCC, good faith means actual honesty in the conduct or transactions involved.
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Claims contracts must be entered into in good faith. In this case, the courts will determine that these contracts were not executed in good faith, and neither supplier will be bound by their contract.
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Small businesses owned or operated by a majority of persons, not limited to members of minority groups, who have been prevented from growing and remaining competitive in the economy because of social disadvantages.
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An unsigned purchase order is valid. The company logo on the purchase order is considered a signature.
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The word shall means imperative and the word may means permissive.
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Under this type of contract, the contractor is reimbursed for the costs allowed under the terms of the contract.
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Purchasing agents have broad implied or apparent authority. The Company will be responsible for a purchase order up to $50,000
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The Uniform Commercial Code (UCC) allows contracts with claims that do not specify any specific quantity. However, a demand contract is only valid if the contract is entered into in "good faith. Vendors usually request that the contract specify an estimated quantity or range of quantities.
You cannot reject a shipment simply by returning it without stating the reason for rejecting the shipment. UCC states that you must detail your objection to the item.
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CPM (Cost Per Display) is the cost per thousand impressions that a Web site charges for advertising on a Web site page. Internet advertising is typically sold on a CPM basis. A show occurs when a website visitor views the page on which the ad is displayed. The rate of $25 per display is $25 per 1,000 impressions of the website page on which the ad is displayed.
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Cash-poor countries and organizations engage in counter trade by exchanging goods of equal value. Reciprocal trade gives cash-poor countries and organizations greater access to world markets by offering them an alternative way to purchase goods. Reciprocal trade provides participating countries with equivalent competitive trade opportunities through reciprocal agreements made to adjust tariffs, duties and customs restrictions in order to increase foreign trade and improve relations between participating countries.
When checking vendor references, you need to gather as much information as possible to help you make a wise decision. You should interview at least three references and involve them in the conversation. Check all the information you have about the vendor. Find out the scope of the project and how long the contract was for.
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- Inventory turnover is the annual value of issued inventory divided by the average monthly value of inventory.
- The average monthly inventory value is calculated by adding the last 12 monthly inventory values and dividing the total by 12. At the end of each subsequent month, add the last month's inventory value and remove the 12th most distant monthly inventory value.
- The annual cost of releases is calculated by adding up the last 12 monthly inventory release costs. At the end of each subsequent month, add the last month's inventory cost and remove the 12th most distant month.