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Question 1

Buyers in the same industry with the same understanding of relative value and price may still make different decisions about whether to switch. Which of the following factors may prompt a buying organization to incline toward substitute products?

1. There is potential for backward integration

2. Access to financial resources

3. The switching cost is high

4. The substitute fits organisation's strategy

Options :

A : 1 and 4 only

B : 3 and 4 only

C : 1 and 2 only

D : 2 and 4 only

E :

Answer: D

Question 2

When developing a business case for a new product, a procurement department must consider...

Options :

A : Terms and conditions of contract

B : The supply market

C : The supplier positioning model

D : Indirect costs

Answer: B

Question 3

Which of the following standards specifies requirements for a quality management system?

Options :

A : ISO 9001:2015

B : ISO 22000:2018

C : ISO 27001

D : ISO 14001:2015

Answer: A

Question 4

A food manufacturer wants to predict the pricing point for a new and innovative health drink. Which method of market research would be beneficial to receive the most accurate information?

Options :

A : Focus groups

B : Consumer data

C : Sales trends

D : Internet searches

Answer: B

Question 5

A company buys components from its supplier. However, the supplier has not sent the invoice to the buyer and the buyer will not pay until next month. How will that amount of money be shown in the financial statements of the buying organization?

Options :

A : Accrued expense

B : Accrued interest

C : Tax liabilities

D : Accounts payable

Answer: A