POB 4.02 Purchasing

Information about a person’s or business’s skills, abilities, and qualifications

• Credentials

• Personality

• Aptitude

Tangible objects that can be manufactured or produced for resale

• Services

• Goods

• Stores

A promise made to the consumer that a product’s purchase price will be refunded if that product is not satisfactory; often called a money-back guarantee

• Promise

• Contract

• Guarantee

The formal, printed record of a sale that includes all necessary information as to the buyer, the seller, items purchased, amounts, prices, delivery date, credit or discount terms, etc.

• Purchase order

• Invoice

• Ledger

The act of determining whether to produce a needed part or purchase it from a supplier

• Decision time

• Make or buy decision

• Just make it

A type of producer that changes the shapes or forms of materials so that they will be useful to consumers

• Retailer

• Seller

• Manufacturer

• M

The process of one party reaching an agreement with another party to meet specific needs or wants

• Settlement

• Negotiation

• Profit talking

The amount and the value of goods and services produced (outputs) from set amounts of resources (inputs)

• Productivity

• Guarantee

• Invoice

A ratio of net profit (after taxes) divided by net sales that reflects the profit per dollar of sales

• Profit sharing

• Gross pay

• Profit Margin

A purchase contract that lists the good(s) or service(s) to be purchased, the quantity to be purchased, the price, terms of delivery, payment information, warranty and guarantee information, and other details as needed

• Guarantee

• Purchase Agreement

• Credentials