Best explains price elasticity

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Reference no: EM132278415

1. Which of the following best explains a ‘Tender’?

a. Situation where a buyer asks for bids from a single supplier.

b. Situation where a buyer asks for bids from different suppliers, creating a level playing field.

c. Situation where a buyer asks for expressions of interest from a single supplier.

d. Situation where a buyer asks for expressions of interest from different suppliers.

2. Which of the following better explains ‘free alongside ship (FAS)’?

a. The seller must pay the costs and freight to bring the goods to the port of destination and procure and pay for the insurance.

b. The seller must load the goods on board the vessel nominated by the buyer.

c. The seller must place the goods alongside the ship at the named port.

d. The seller must pay the costs and freight to bring the goods to the port of destination.

3. Which of the following best explains ‘Price elasticity’?

a. Extent to which price per unit does not change with the volume that is purchased.

b. Extent to which total price changes with the volume that is purchased.

c. Extent to which price per unit changes with the volume that is purchased.

d. Extent to which price per unit changes with the volume that is sold.

4. Which of the following better explains ‘Budget Authority’?

a. This prohibits a manager from spending money for company purposes.

b. This allows a manager to spend money and resources of the company for company purposes.

c. This allows a manager to collect money and resources of the company for company purposes.

d. This allows a manager to spend money and resources of the company for personal purposes.

5. Which of the following better explains ‘Budget’?

a. A budget serves as a vehicle for activities and responsibilities of senior management levels in the organization.

b. A budget serves as a vehicle for delegating activities and responsibilities to senior management levels in the organization.

c. A budget serves as a vehicle for delegating activities and responsibilities to lower management levels in the organization.

d. A budget serves as a vehicle for monitoring activities and responsibilities of lower management levels in the organization.

6. Which of the following better explains ‘Auction Reverse’?

a. An e-auction which is used by buyers to limit competitive bidding among a large number of prequalified suppliers based on a starting price that is lowered during the auction.

b. An e-auction which is used by buyers to enforce competitive bidding among a large number of prequalified suppliers based on a starting price that is lowered during the auction.

c. An e-auction which is used by buyers to enforce competitive bidding among a limited number of prequalified suppliers based on a starting price that is lowered during the auction

d. An e-auction which is used by suppliers to minimise bidding among a number of prospective buyers based on a starting price that is increased during the auction.

Reference no: EM132278415

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