Question

Which of the following are sourced or procured during the purchasing process?

a) Raw materials
b) Finished goods
c) Services
d) Labor

Answer 1

Raw materials, services, and labor are sourced or procured during the purchasing process.

Step-by-step explanation:

The resources that are sourced or procured during the purchasing process are:

• Raw materials: These are the basic materials that are used to manufacture finished goods. For example, in a clothing manufacturing company, fabric and thread are raw materials.
• Services: These are intangible activities that are purchased to fulfill certain needs. For example, hiring a transportation service to deliver the finished goods to customers.
• Labor: This refers to the workforce required to produce goods or provide services. In the purchasing process, labor might be procured through recruitment or contract agreements.