Entrepreneurship I - Objective 4.02 Vocabulary Quiz

A method of collecting price quotes from suppliers vying for an order or job

• Guarantee

• Competitive Bidding Process

• Make-or-by decision

• Purchasing Process

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

• Warranty

• Credentials

• Manufacturer

• Guarantee

Tangible objects and materials

• Goods

• Services

• Warranty

• Suppliiers

A promise made to the consumer that a product’s purchase price will be refunded if that product is not satisfactory

• Negotiation

• Warranty

• Purchase Agreement

• Make-or-Buy Decision

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 Agreement

• Credentials

• Invoice

• Purchase Order

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

• Competitive Bidding Process

• Productivity

• Transformation

• Make-or-Buy Decision

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

• Manufacturer

• Supplier

• Wholesaler

• Retailer

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

• Competitive Bidding Process

• Negotiation

• Purchasing Process

• Purchase Agreement

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

• Productivity

• Strategic Planning

• Transformation

• Manufacturing

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

• Profit Margin

• Specifications

• Warranty

• Productivity