Manage Milestone Payments (Contracts)

10 Questions | Total Attempts: 53

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Manage Milestone Payments (Contracts)

Questions and Answers
  • 1. 
    When might it be appropriate to use a Milestone Payment Contract?
    • A. 

      To spread payments across vendor deliverables

    • B. 

      Always for large purchases or projects

    • C. 

      When a Buyer determines it is appropriate

    • D. 

      When the PO setting requires it

  • 2. 
    True or False?  A scheduled payment warning in the system will inform an AP specialist that the invoice is related to a Milestone payment contract.
    • A. 

      True

    • B. 

      False

  • 3. 
    Why do you need to authorize sites on a Contract?
    • A. 

      So rigs/locations can use the Contract for POs

    • B. 

      To restrict Contract usage to PRs

    • C. 

      To limit Contracts to Houston Buyers

    • D. 

      So the Corporate Warehouse can use

  • 4. 
    A Contract field was greyed out and now is clear.  What does this tell you?
    • A. 

      You can revise the field

    • B. 

      The field has been revised

    • C. 

      You cannot revise the field

    • D. 

      The field is locked

  • 5. 
    If you are in a Contract, what system function will let you revise it?
    • A. 

      Go To > Contracts

    • B. 

      Select Menu > Create Release PO

    • C. 

      Select Menu > Revise Contract

    • D. 

      Select Menu > View Revision History

  • 6. 
    True or False?  Milestone invoices will arrive in an approver's Start Center Inbox for review and action.
    • A. 

      True

    • B. 

      False

  • 7. 
    Why might you place an invoice on Hold?
    • A. 

      You have questions or there are discrepancies

    • B. 

      To reject the invoice for payment

    • C. 

      To reject it without telling anyone

    • D. 

      To find more time in the day

  • 8. 
    Which application do you use to receive materials and services against a Milestone Contract?
    • A. 

      Receiving

    • B. 

      Purchase Orders

    • C. 

      Invoice

    • D. 

      Inventory

  • 9. 
    Who is responsible for identifying the need for a Milestone Contract?
    • A. 

      Buyer

    • B. 

      Accounts Payable Processor

    • C. 

      Accounts Payable Manager

    • D. 

      Purchasing Manager

  • 10. 
    True or False?  The cost of a service or item is not the trigger for a Milestone Payment Contract.
    • A. 

      True

    • B. 

      False

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