SRP Final Exam

1. A centralized platform where businesses can provide their information, certifications, and other relevant details to become eligible for consideration as diverse suppliers in the procurement process is known as a:

4. Supplier diversity registration portal
1. Supplier Scorecard
2. Supplier Opt-in form
3. Request for Proposal

2. True or False: Once registered, the diverse supplier’s information is typically stored in a database that can be accessed by procurement professionals within the organization.

1. True
2. False

3. True or False: Procuring Organizations are NOT allowed to request a diverse supplier’s financial information since this is deemed private and confidential.

1 True
2. False

4. As a diverse supplier, you may need to provide all of the information below, except for which item? Choose the correct answer.

1. Past awards information
2. Capability statement
3. Letters of recommendation or testimonials
4. Front & back copy of your credit card

5. What does the term Competitive advantage refer to?

1. How competitive you are when challenging others in a race, game, or sport.
2. The unique drive you have to go after what you desire and win every time.
3. The unique strengths, capabilities, or advantages that you possess as a diverse supplier.
4. The lucky stride you possess that always allows demonstrates your resilience

6. True or false: One’s competitive advantage can be the distinctive edge that enables their company to offer superior value to customers, achieve higher profitability, and gain a stronger market position.

1. True
2. False

7. Lesson 3 mentioned that Diverse Suppliers like you, should identify and re-evaluate their diverse supplier goals early and often. What was the reason given for this?

1. Doing so will provide you with the hidden secrets of proven money-making formulas.
2. Doing so will allow you to change your goals and desires based on the company you’re working with at the time.
3. Doing so will provide you with clarity, direction, motivation, and the ability to make more strategic decisions as you look to work with major organizations.
4. Doing so will allow you to take full advantage of tax benefits due to you as a diverse supplier.

8. In Lesson 3, Butter Cup Bakery wanted to expand their supplier networks and work with other diverse business owners. What was their main reason given for this?

1. Doing so would exert their dominance in the marketplace and show smaller companies their superiority.
2. Doing so would give them a unique competitive advantage and build other small businesses in the process.
3. Doing so would mean growing a quick and easy talent pipeline for Butter Cup Bakery as they recruit new businesses.
4. Doing so would enable them to start a paid mentorship program teaching new diverse suppliers how they achieved past success.

9. What is a diverse supplier as described in this lesson, The Supplier Readiness Mindset?

1. Small Business Suppliers who cater to diverse niche markets
2. A business enterprise that is owned and operated by individuals from under-represented groups
3. A business enterprise that has diverse personality traits and characteristics
4. A business enterprise that owns diversified assets such as real estate, gold, silver, and exotic metals.

10. In this lesson, The Supplier Readiness Mindset, there were 4 mutual benefits mentioned of being a diverse supplier. Which option below was NOT a benefit mentioned.

1. Economic empowerment
2. Increased profits and revenues
3. Access to new markets
4. Enhanced brand reputation

11. True or False: The term mindset refers to: A collection of attitudes, beliefs, and perspectives that shape an individual’s thoughts, behaviors, and responses to different situations.

1. True
2. False

12. In the The Supplier Readiness Mindset lesson, we provided 7- key aspects of the supplier ready mindset, which one mentioned… “maintaining a strong focus on delivering high-quality products or services?”

1. Entrepreneurial spirit
2. Commitment to excellence
3. Continuous learning and improvement
4. Networking and collaboration
5. Resilience and perseverance
6. Advocacy and community engagement
7. Compliance, and integrity

13. When a diverse supplier is awarded a major contract, celebrating and promoting the announcement is a recommended next step for the following reasons…

1. By announcing the award, the procuring organization is guaranteed a tax write-off.
2. By announcing the award, organizations can not only acknowledge a diverse supplier’s success, yet also inspire others to embrace supplier diversity and foster an inclusive business environment.
3. By announcing the award, organizations can attract new employee talent across struggling markets
4. By announcing the award, organizations can charge lower prices to their customer base

14. Timely and transparent reporting was one of the top-10 steps and best practices for delivering a quality experience. Some examples provided in Lesson 7, included maintaining accurate and up-to-date project reporting, using progress reports where necessary and….

1. A daily call to the organization’s accounting department
2. Ensuring reports are submitted within the agreed-upon timelines and are transparent and informative
3. Submitting daily photos of gas & meal receipts for good measure
4. Tagging the organization in Social Media Posts

15. Once a project has completed, there were 2-best practices from the top-10 steps, designed to help diverse suppliers identify areas for improvement and implement corrective measures for future efforts. One was Continuous improvement and the other was…

1. Proactive problem-solving
2. Responsive customer service
3. Proactive collaboration
4. Post-project evaluation

16. What is a diverse supplier’s role in a supply chain?

1. To provide recruitment and marketing for an organization’s customers.
2. To provide goods or services that meet the needs of the buying organization, while also contributing to supplier diversity goals.
3. To be a community advocate for the procuring company’s brand.
4. To provide goods or services that meet the needs of the buying organization, while also helping these organizations fundraise for venture capital.

17. These are provided by recognized third-party organizations to verify and validate a supplier’s diverse ownership status.

1. Supplier Diversity Scorecards
2. Supplier Diversity Bank Accounts
3. Supplier Diversity Certifications
4. Supplier Diversity Seals of Approval

18. This Process refers to the series of steps and activities that an organization follows to acquire goods, services, or works from external or 3rd party suppliers.

1. Pilot Process
2. Registration Process
3. Certification Process
4. Procurement Process

19. A performance measurement tool used by sourcing companies to assess and track the performance of their suppliers might be known as a:

1. Supplier Scorecard
2. 360 Feedback Review
3. Management Tracking Sheet
4. Facebook Business Reviews

20. True or False: One of the unique aspects of a diverse supplier’s role is to promote and contribute to supplier diversity initiatives.

1. True
2. False

21. True or False: Lesson 4 mentions Rigorous supplier requirements as one of the common challenges that catch diverse suppliers off guard, and an example provided were requirements around a diverse supplier’s health & fitness regime.

1. True
2. False

22. Streamlining operations and internal processes to improve efficiency and productivity, was listed as a way to mitigate which common challenge faced by Suppliers?

1. Extended payment terms
2. Pricing negotiations
3. Volume and scale
4. Lengthy decision-making processes

23. Invoice factoring or financing options to bridge the cash flow gap was listed as a way to mitigate which common challenge faced by Suppliers?

1. Pricing negotiations
2. Extended payment terms
3. Payment delays and disputes
4. Lengthy decision-making processes

24. Mitigating pricing negotiations when working with major companies is essential for small business suppliers to ensure fair and sustainable pricing for their products or services. Which option below is NOT a way to do so.

1. Highlight your value proposition.
2. Offer special savings in exchange for a glowing review of your services
3. Prepare a pricing strategy for bulk volume
4. Demonstrate a cost savings

25. Which one is most likely to come last in the procurement process?

1. The RFQ
2. The RFP
3. The RFI

26. True or False: The RFQ process is often a precursor to the more formal RFI stage.

1. True
2. False

27. True or False: During the RFI stage you should tailor your response and customize it to align with the organization’s specific requirements and objectives.

1. True
2. False

28. Forming strategic partnerships or collaborations when the project or contract requires expertise or resources beyond their own capabilities, is something diverse suppliers can demonstrate in which of the 3 response phases?

1. The RFP
2. The RFQ
3. The RFI

29. A document that provides a concise overview of your company’s capabilities, qualifications, and experience and is typically used to showcase the strengths and competencies of your business to potential clients, partners, or contracting agencies, is known as a….

1. Company Resume
2. Business Website
3. Certificate of Eligibility
4. Capability Statement

30. As a diverse supplier, when it comes to your relationship with the procuring organization, it is critical you promptly address any questions, concerns, or feedback they may have. You should also maintain a professional and service-oriented approach throughout the engagement. This best-practice was mentioned in your final lesson, and specifically called out as…

1. Responsive customer service
2. Quality assurance and control
3. Compliance with contractual obligations
4. Post-project evaluation

SRP Final Exam

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