1. A stipulation in a contract of sale pertaining to goods which is essential to the main purpose of the contract is called ______________.

A. Condition

B. Acceptance

C. Rejection

D. Warranty

2. The system of purchasing from one’s customer preferred to others is known as ________________.

A. Forward Buying

B. Tender Buying

C. Reciprocal Buying

D. Blanket Order

3. The parameters for vendor rating include _________________.

A. Price

B. Service

C. Delivery

D. All of the above

4. JIT is a concept which means ______________.

A. Making a plan from time to time

B. Getting the items just when they are needed for production

C. Raising purchase order just before delivery

D. None of the above

5. Purchase order is a legal binding contract only if it is ______________.

A. Posted by the buyer

B. Acknowledged by the supplier

C. Accepted by the supplier

D. None of the above

Answers: 1 (A), 2 (C), 3 (D), 4 (B), 5 (C)

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