1. The payment process:

1. should always be owned and managed by accounts payable.
2. should always be owned and managed by supply.
3. must include paper invoices to avoid legal liability.
4. and the supply process should be aligned in policy and practice.
5. has little impact on supply management

2.Capital assets

1. are not bought and sold in the regular course of business.
2. have an expected use of less than one year.
3. have little or no effect on the organizations operations.
4. are generally expensed.
5. are acquired for fairly small sums of money.

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3.Information flows

1. only into the supply group from other internal functions.
2. only back and forth between supply and other internal functions.
3. between and among supply and other internal functions and external sources.
4. only into the supply group from external sources.
5. only back and forth between supply and external sources.

4.Which of the following is not a step in the procurement process?

1. Recognition of need
2. Identification of strategy
3. Supplier Selection and Determination of Terms
4. Receipt and inspection
5. Invoice Clearing and Payment