Which of the Following Is the Best Definition of a Just-In-Time

question 42

Multiple Choice

Which of the following is the best definition of a just-in-time inventory (JIT) .

• A) The gap between the interest rate a bank pays on deposits and the rate it charges on loans.
• B) Statistical technique for distinguishing between two samples on the basis of their observed characteristics.
• C) Design for inventory in which parts, raw materials, and other work-in-process are delivered exactly as needed for production. Goal is to minimize inventory.
• D) Bill for goods or services provided by the seller to the purchaser.
• E) The process of quantifying the probability of default when granting consumer credit.

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Definitions:

Endorsee

A person or entity to whom a negotiable instrument, such as a cheque or promissory note, is legally transferred through endorsement.

Bearer

An individual in possession of an instrument, such as a check or bond, that is payable to whoever holds it.

Negotiable Instrument

A paper that assures the payout of a certain sum of money, either when requested or at a predetermined time, with the document specifying the person responsible for payment.

Holder In Due Course

A legal term for a person who has obtained a negotiable instrument in a valid manner and has certain protections against defenses and claims that could be asserted against the original party.