The term …………….may be defined as the systematic control over the procurement of materials.

Related MCQs

• The overhead cost incurred from the stage of procurement of raw material till the stage of production of finished goods is known as…… .
• Which is not an element of procurement management?
• There are four methods of government procurement. Which is not one of these methods?
• The term…………………. is comprehensively used to include various aspects such as costing, cost accounting, cost control, cost audit and budgetary control.
• A location, person or item of equipment for which costs may be ascertained and used for the purposes of cost control is known as .
• The term……………..is defined as a system that ensures the provision of the required quantity of material of the required quality at the required time with the minimum amount of capital.
• The ………………include all types of expenses other than direct materials and direct labour which are incurred for a particular product or job.
• The…………….must maintain a proper classified record of all purchases, uses and stock of materials.
• Purchase manager must know the exact …………………….of materials which are used in the production.
• After receiving the ……………………..the Purchase department starts exploring the source of materials and suppliers.