SCHM 3305 Sample Midterm Questions

SCHM 3305 Sample Midterm Questions with Complete Solutions (Latest 2025) Centralized purchasing is always the right answer. Agree or

disagree - Correct Answers ✅Disagree: Not the right

answer for highly engineered, supplier designed buys in a multi-business unit company Purchasing=Procurement. Agree or Disagree - Correct Answers ✅Disagree - purchasing = Sourcing & Procurement What kind of supply chain does a single business fashion driven company need? - Correct Answers ✅Responsive (as opposed to efficient) Under what conditions should you consider a supplier partnership? - Correct Answers ✅a. single source

• joint project
• high supplier IP

What are the 4 key characteristics of a good supplier? - Correct Answers ✅a. Cost

• Quality
• Deliver

d.commitment

• Strong tech skills 1 / 2

SCHM 3305 Sample Midterm Questions with Complete Solutions (Latest 2025) Describe Purchasing authority - Correct Answers ✅Legal right to work as the company's agent What are 3 advantages of a long term agreement? - Correct Answers ✅a. Assured supply

• Known price
• legal rights
• quality
• delivery requirments

What are 4 key non-price terms - Correct Answers ✅a.Quality

• Quantity, Delivery
• Payment terms
• Liability
• when title passes

What are the 5 functions of inventory - Correct Answers ✅a. Pipeline

• cycle stock
• Seasonal Stock
• Safety Stock
• Decoupling stock
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