Notes

(These are general questions, no set difficulty for any of these questions, also no set tags.)
*need to find more sources for questions*

Who is someone that sells raw materials to manufacturers?
- A supplier

Who is someone that can manufacture raw materials into product and then sell them to the customer or to another business?
- A vendor

What is the dollar threshold needed for a board approval?
-$50,000 and above.

Is a PO required for any purchase made under $1,000?
- No

What must be created to start the purchasing process?
- A Requisition

What is a document issued by buyer to seller indicating types, quantities, and agreed pricing for a good or service?
- A Purchase Order.

Who offers to buy an asset at a specific price?
- A Bidder

What is the written description of the contractual requirements for the materials ad services contained within a request for proposal?
- A Scope of Work(SOW)

What is a request for Taxpayer identification number and certification?
- A W9 form

What is a formal competitive negotiation procurement method for obtaining goods, services, and construction in which discussion and negotiations maybe conducted with responsible proposers who submit responsive proposals?
- A Request for Proposal(RFP)

What is a formal solicitation that asks potential suppliers or vendors to detail their background and experience providing specific good or service?
- A Request for Qualifications(RFQ)

What is a formal competitive sealed bidding method where the award is made on the basis of the lowest bid price or the lowest evaluated bid price?
- A Invitation to Bid(ITB)

What is an informal solicitation of quotes for goods and/or services that do not exceed the city's small purchase threshold of $35,000?
- A Invitation to Quote(ITQ)

What is the formal process called when asking for information from potential suppliers of a good or service?
- A Request for Information(RFI)

What is the unique number that business' have so that the IRS can easily identify them, this is also known as the Federal Tax Identification Number?
- A Employer Identification Number(EIN)

What is the number that signifies the goods or services that are being purchased?
- A Commodity Code

What calls for a vendor to submit a bid?
- A Solicitation

What is an offer by a contractor for the sale of a good or service?
- A Quote.

What do you call it when only one vendor can supply the commodities, etc., required by an agency?
- A Sole Source

What is the document sent by the provider of a product or service to the buyer that shows the item and the amount that is owned?
- A Invoice

What is a evaluation/assessment of a person, organization, system, process, enterprise, project or product?
- An Audit

What is term for anything that is cash or anything the entity owns that could be liquidated into cash, e.g., property, equipment, debts to the entity?
- An Asset

Questions that may prove to be somewhat challenging.

What is the term for specified minimum performance that must be achieved by a good or service to assure the entity that the good or service will perform as per scope of work or specifications?
- Acceptable Quality Level(AQL)

What is the agreement of the purchaser to an offer submitted by a supplier?
- An acceptance of Order

What is the accounting function that is responsible for making payment to contractors according to the contract's terms and conditions?
- Accounts Payable(AP)

What are payments that are due to an entity per the contract's terms and conditions?
- Accounts Recieveables

What is an unforeseen occurrence beyond human control, caused by nature, such as a tornado or hurricane. And not by the negligence of the contractor?
- Act of God

What is the term used to describe a public announcement or legal notice of a solicitation with the goal of increasing the response and broadening the field of competition?
- Advertising

What is a bid that is submitted for a number of different items, services, etc., in which the bidder states that they will not accept a partial award, but they will only accept an award for all of their items?
- The All-or-Nothing Bid

What is a response to a bid or proposal that does not meet the exact requirements of the specification or scope of work?
- Alternative(Alternate) Bid/Proposal

What is the term for a challenge to an entity that asks for a decision, typically a solicitation award decision, to be reviewed and changed
- An Appeal