The purchase of goods and services as they are needed,usually at prevailing market prices,is referred to as ________.
A)direct materials
B)consolidation
C)spot buying
D)strategic sourcing

Question

Quizplus · Accepted Answer

Spot buying refers to the purchase of goods and services at prevailing market prices as and when they are needed. This approach is different from strategic sourcing, which involves long-term planning, negotiating contracts, and building relationships with suppliers. Direct materials refer to the raw materials or components used in the production process, while consolidation refers to the combining of multiple purchases or shipments into a single order to reduce costs. Therefore, the best choice for this question is C, spot buying.

The Purchase of Goods and Services as They Are Needed,usually