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Exam (elaborations)

NIGP PROCUREMENT TERMS SET 1 QUESTIONS WITH COMPLETE ANSWERS

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NIGP PROCUREMENT TERMS SET 1 QUESTIONS WITH COMPLETE ANSWERS












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Uploaded on
April 14, 2025
Number of pages
628
Written in
2024/2025
Type
Exam (elaborations)
Contains
Questions & answers

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1001 of 2000

Definition



The price for an item upon which purchaser and supplier agree in an
open market when both are fully acquainted with market conditions.



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Fair Market Value Aggregate Supply




Market-Based Pricing Open Market Operations


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1002 of 2000

Definition



Goods/products for which an increase (or fall) in demand for one leads
to a fall (or increase) in demand for another. Examples: Ford vs.GM,
Pepsi vs. Coke, and Dell vs. Hewlett Packard. (Schiller, 2000)



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Substitute Goods Financial Audit

, Restrictive Specifications Continuous Improvement


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1003 of 2000

Definition



1. A certificate reflecting a firm's promise to pay the holder a periodic
interest payment until the date of maturity and a fixed sum of money
on the designated maturity date. 2. An interest bearing security issued
by governments.



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Asset Bond




Rent Cover


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1004 of 2000

Definition



The purchase of securities in one market for immediate resale in
another financial market to profit from a price discrepancy. Used
frequently in international currency transactions to profit from currency

,fluctuations. Aberrations in financial markets used to make a profit.
(Business, 2002)



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Declared Value Arbitrage




Best Value Go, No-Go


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1005 of 2000

Definition


A quality concept first perfected by the Japanese. Its basic tenet is the
elimination of waste: the waste of overproduction, unneeded motion,
transportation, excessive inventory and production and labor time. The
term has been adapted to mean that previously held maintenance,
repair, operating (MRO) inventory items are outsourced to JIT suppliers
who may provide next day delivery. JIT generates best value through
supplier partnerships that generate savings through labor, inventory,
production, and processing costs. (Business, 2002)



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Industrial Engineering Adhesion Contracts

, Just-in-Time (JIT) Design-Bid-Build


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1006 of 2000

Definition



A detailed list of articles of property; goods held for sale or lease or
furnished under contracts of service; also, raw materials, work in
process or materials used or consumed in a business. U.C.C. 9-109(4).
Also, written schedule of such goods. (Black's Law Dictionary, Fifth
Edition)



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Inventory Alpha Test




Kanban Container


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1007 of 2000

Definition

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