Rutgers Intro to Supply Chain Management Exam 2 Questions and Correct Answers 2026/2027

Rutgers Intro to Supply Chain Management Exam 2 Questions and Correct Answers 2026/2027 Purchasing (Action) - Correct Answer Obtaining merchandise, capital equipment; raw materials, services, or maintenance, repair, and operating (MRO) supplies in exchange for money, or its equivalent. Purchasing (Function) - Correct Answer key business function for acquiring materials, services, & equipment Contracting - Correct Answer term often used for the acquisition of services Supply Management - Correct Answer a newer term that encompasses all acquisition activities beyond the simple purchase transaction. "Identification, acquisition, access, positioning, and management of resources an organization needs or potentially needs in the attainment of its strategic objectives." Merchants - Correct Answer Wholesalers and retailers who purchase for resale Industrial Buyers - Correct Answer Purchase raw materials for conversion, services, capital equipment, & MRO supplies Purchase Requisition - Correct Answer Document that defines the need for goods and/or services. An internal document. Does not constitute a contractual relationship with any external party Purchase Order - Correct Answer The Buyer's offer to the supplier to acquire goods or services. Becomes a legally binding contract only when accepted by the supplier