Fire Officer p323

The role of the fire officer in the purchasing process is to:

• oversee the safety protocols during purchasing

• negotiate prices with suppliers

• approve the purchase orders

• manage the inventory

In the petty cash system, who acts as the custodian of the cash?

• The custodian of the cash in the petty cash system is typically the petty cash custodian or the person responsible for managing the petty cash fund.

• The accountant of the company.

• The financial manager.

• The CEO of the company.

What is a purchase order commonly called?

• purchase order

• invoice

• receipt

• bill

True or False: A requisition is required for purchases that exceed a predetermined amount.

• True

• False

What happens when the petty cash custodian is low on cash?

• The custodian requests a replenishment of funds.

• The custodian closes the petty cash fund.

• The custodian borrows money from another fund.

• The custodian issues IOUs for future reimbursement.

Which of the following is NOT a method for making purchases?

• Petty Cash

• Purchase Orders

• Requisitions

• Donations

The role of the fire officer in the purchasing process is to:

• oversee the safety protocols during purchasing

• negotiate prices with suppliers

• approve the purchase orders

• manage the inventory

Explain the petty cash system as described in the text.

• The petty cash system is a method of managing small, incidental expenses.

• The petty cash system is a way to track large business transactions.

• The petty cash system is used for managing employee salaries.

• The petty cash system is a method for handling international trade.

A purchase order is a document issued by a buyer to a seller indicating types, quantities, and agreed prices for products or services. Why is it important?

• It serves as a legal document for transactions.

• It is used for marketing purposes.

• It is a type of financial report.

• It is a customer feedback form.

For purchases that exceed a predetermined amount, what is required?

• A receipt

• An approval

• A discount

• A warranty