ENTREPRENEURIAL OPERATIONS
INVENTORY MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following must the procurement department do before receiving goods form the port?I. Obtain price lists and quotationsII. Arrange with the shipping agent for delivery of the goods to the company’s placeIII. Pay the dock authority for handling the goodsIV. Complete customs forms for clearance, check the goods and pay any duty levied.
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I, II and III only
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I, III and IV only
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II, III and IV only
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I, II, III and IV
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Explanation:
Detailed explanation-1: -All aspects of a company’s purchasing process are referred to as procurement. The procurement department serves its customers internally by negotiating costs with the vendors, preparing the contracts, and issuing vendor’s purchase orders.
Detailed explanation-2: -1. Identify Your Business Needs-The first stage of the procurement cycle begins with identifying the procurement needs of your business for profitability. This is the first step in the procurement process flow.
Detailed explanation-3: -Need identification. This process starts when someone submits a request to the purchasing department. Vendor selection. Submit purchase requisition. Generate purchase order. Invoice and order. Payment.
There is 1 question to complete.