Procurement 1

QUESTIONS:
(Choose the best response for each one)


1. What does Martin do at work? He works ____________________.
in procurement
on procurement
with procurement

2. We don't have a lot of money to spend = We have a ____________________ budget
limitation
limited
limit

3. Lynne taught me how to develop a good acquisition ____________________. (ie. how to determine the most appropriate means of procuring something).
strategy
status
strategic

4. A bidding process, one where several businesses/individuals bid on a contract, is sometimes referred to as ____________________.
tenderizing
legal tender
tendering

5. Our company has determined that any product/service desired that is over $1,000 __________________ a bidding process.
takes
wants
requires

6. We're interested in finding a __________________ partner ( = not short-term).
long
long time
long-term

7. One of the key elements of successful procurement is good __________________. ( = doing something at the right time)
timing
time
time skills

8. Sometimes a complex __________________ assessment is required for every service that is being considered.
risk taking
risk management
risky management

9. What does the term "economies of scale" refer to?
The more you buy, the more you spend.
The less you buy, the less you spend.
The more you buy, the less each unit costs.

10. Bill's team ____________________ a 5 million dollar reduction in the total cost of the machinery.
negotiated
nagged
negative

Check answers at http://www.businessenglishsite.com/exercise_procurement1.html