10+ Purchase & Store Executive Interview Questions and Answers

Inventory refers to the stock of goods or materials held by a company for production, sales, or distribution purposes.

• Inventory includes raw materials, work-in-progress, and finished goods.

• The inventory process involves tracking and managing the flow of goods from procurement to storage to sales.

• It helps in maintaining optimal stock levels, preventing stockouts or overstocking.

• Inventory management systems, such as barcode scanning or RFID technology, are used to track and con...read more

The functions of store and purchase involve managing inventory, sourcing goods, negotiating prices, and ensuring timely delivery.

• Managing inventory levels to meet demand

• Sourcing goods from suppliers

• Negotiating prices and terms with vendors

• Ensuring timely delivery of goods

• Maintaining accurate records of purchases and stock levels

Receipt function refers to the process of receiving goods or services and documenting the transaction.

• Receipt function involves verifying the quantity and quality of goods received.

• It also involves checking the accuracy of invoices and purchase orders.

• Receipt function helps in maintaining accurate inventory records.

• It is important to ensure that all receipts are properly documented and filed for future reference.

• Examples of receipt documents include delivery notes, packing sl...read more

I have extensive experience using Excel for data analysis and Tally for accounting and inventory management.

• Proficient in Excel functions like VLOOKUP, pivot tables, and data visualization tools.

• Used Excel to create financial models and forecasts for budgeting purposes.

• Experienced in Tally for managing accounts, generating invoices, and tracking inventory.

• Regularly reconciled accounts in Tally to ensure accuracy in financial reporting.

Responsibilities of stores include managing inventory, organizing stock, ensuring proper storage conditions, and maintaining accurate records.

• Managing inventory levels to meet demand

• Organizing stock in a logical and efficient manner

• Ensuring proper storage conditions to prevent damage or spoilage

• Maintaining accurate records of stock levels and transactions

• Coordinating with suppliers for timely deliveries

• Implementing security measures to prevent theft or loss

I implement strategies to optimize inventory levels, reduce costs, and ensure product availability through effective management techniques.

• Utilize inventory management software to track stock levels in real-time.

• Implement just-in-time (JIT) inventory to reduce holding costs, as seen in automotive industries.

• Conduct regular audits to identify slow-moving items and adjust purchasing accordingly.

• Establish strong relationships with suppliers for better negotiation and timely deli...read more

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

• A purchase order is a legally binding document

• It specifies the details of the products or services being purchased

• It includes quantities, prices, delivery dates, and terms of payment

• It serves as a record of the transaction between the buyer and seller

I expect a challenging role with opportunities for growth and development.

• Opportunities for career advancement

• Challenging work environment

• Supportive team

• Training and development programs

• Competitive salary and benefits

To get new vendors, you can utilize various strategies such as networking, attending trade shows, conducting online research, and leveraging referrals.

• Network with industry professionals and attend relevant events to meet potential vendors.

• Participate in trade shows and exhibitions to discover new vendors and suppliers.

• Conduct online research to identify potential vendors and evaluate their offerings.

• Leverage referrals from colleagues, business partners, or industry associati...read more

Vendors can be approved by following a systematic process that includes evaluating their qualifications, conducting background checks, and assessing their performance.

• Define criteria for vendor approval based on factors like quality, reliability, and pricing

• Conduct thorough research on potential vendors to ensure they meet the defined criteria

• Verify vendor qualifications, certifications, and licenses

• Perform background checks to assess the vendor's reputation and financial sta...read more

FIFO date expiration check ensures products are used in order of their expiration dates to minimize waste.

• FIFO stands for 'First In, First Out', meaning the oldest stock is used first.

• Regularly check inventory for items nearing their expiration dates, e.g., food products.

• Implement a labeling system with expiration dates visible to staff.

• Conduct periodic audits to ensure compliance with FIFO practices.

• Example: In a grocery store, dairy products should be rotated so that older ...read more

SAP stands for Systems, Applications, and Products in Data Processing. MRP stands for Material Requirements Planning.

• SAP is an enterprise resource planning software that helps businesses manage their operations and customer relations.

• MRP is a production planning and inventory control system used to manage manufacturing processes.

• SAP integrates various business functions like finance, HR, sales, and procurement.

• MRP calculates the materials needed for production based on demand...read more

FIFO (First In, First Out) is an inventory management method where the oldest stock is sold first.

• FIFO ensures that perishable goods, like food, are sold before they expire.

• In a retail setting, FIFO helps maintain product freshness and quality.

• Example: A grocery store uses FIFO to sell milk, ensuring older cartons are sold first.

• FIFO can help in accurate financial reporting by matching older costs with current revenues.

Debit notes are used to inform the buyer of a debit made to their account due to various reasons.

• Used to notify buyer of a debit made to their account

• Commonly used in purchase and store transactions

• Helps in maintaining accurate financial records

• May be issued for returns, damaged goods, or pricing discrepancies