Practice Quiz

FSOT: 500 Test Prep Study Questions - Question List

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161. A capital budget has just been approved for facility expansion. Purchasing is beginning the process of supplier selection and contracting. Which of the following steps should be taken first?
  1. Request for Quotation
  2. Request for Information
  3. Request for Proposal
  4. Contracting
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162. The purchasing document that is a promise or set of promises that creates obligations enforceable in a court of law is a
  1. certification
  2. contract
  3. request for proposal
  4. requisition
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163. In settling purchasing disputes between buyer and seller, which of the following means of alternative dispute resolution allows the parties to present their cases to a third party that makes the final decision?
  1. Binding arbitration
  2. Mediation
  3. Negotiated settlement
  4. Non-binding arbitration
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164. The analytical tool used to determine the total value of a purchase over its useful life by calculating all of the costs that would be associated with the item is
  1. price analysis
  2. cost analysis
  3. life-cycle cost analysis
  4. capital equipment justification
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165. Which of the following practices would a good negotiator be LEAST likely to use?
  1. Identify as much common ground as possible
  2. Make immediate counteroffers
  3. Focus on problems, not personalities
  4. Make the other party feel comfortable
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