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

Procurement process is the series of steps involved in acquiring goods or services from external sources.

• Identifying the need for a product or service

• Researching potential suppliers

• Requesting quotes or proposals

• Negotiating terms and pricing

• Creating purchase orders

• Receiving and inspecting goods or services

• Processing invoices and payments

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

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

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

FIFO stands for First In, First Out. It is a method of inventory management where the oldest stock is sold first.

• FIFO ensures that the oldest stock is sold first

• It is commonly used in industries such as food and beverage, where products have a limited shelf life

• FIFO helps prevent spoilage and waste

• It is also used in accounting to calculate the cost of goods sold

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

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