of the market activities
Correct Answer:- Option-B

Question70:-Ildentify the situations where formal planning is expected to be most
useful?

(i) The task is complex

(ii) Large changes occur

(iii) Uncertainty is high

(iv) The market is inefficient

A:-(iii) only

B:-(i), (ii) and (iii)

C:-(i) and (iii)

D:-(i), (ii), (iii) and (iv)
Correct Answer:- Option-D

Question71:-What are the different methods of material procurement?
(i) Restricted tender

(ii) Competitive negotiation

(iii) Direct procurement

(iv) Open tender

A:-(i) and (ii)
B:-(i), (iii) and (iv)
C:-(iii) and (iv)
D:-All of the above
Correct Answer:- Option-D

Question72:-What are the Five R's of procurement?
A:-Right quantity, Right quality, Right price, Right decision, Right source
B:-Right quantity, Right quality, Right price,Right Time and place, Right Storing
C:-Right quantity, Right quality, Right price, Right Time and Place, Right source
D:-Right quantity, Right quality, Right price, Right decision, Right Storing
Correct Answer:- Option-C

Question73:-Choose the correct answer for Lead Time from the following

A:-lt is the difference between the time of placing an order and the time of
arrival of material

B:-It is the difference between the time of issuing purchase requisition and the
time of placing order for material

C:-It is the difference between the time of placing order and the time of
payment for material

D:-It is the difference between time of issuing purchase requisition and the
time of arrival of material

Correct Answer:- Option-A

Question74:-The best form of method of payment for an importer would be