JIT Uses Long-Term Contracts, Continuous Refilling, and Electronic Data Interchanges

question 63

True/False

JIT uses long-term contracts, continuous refilling, and electronic data interchanges to reduce or eliminate ordering costs.

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Definitions:

Sales Tax

A tax imposed by governments on the sale of goods and services, collected at the point of sale and typically expressed as a percentage of the sale price.

Lowest Price

The minimum price at which a product or service is offered in the market.

Levied

The act of imposing or collecting a charge, tax, or fee by authority or law.

Highest Price

the maximum price at which a good or service is sold in the market or the highest price a buyer is willing to pay.