Define the Terms System, Information System, and Management Information System

question 38

Essay

Define the terms system, information system, and management information system.

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Definitions:

FOB Destination

A shipping term indicating that the seller retains ownership and is responsible for the goods until they are delivered and the buyer's site.

Freight Costs

Expenses associated with transporting goods from one place to another, which can be paid by the shipper or the receiver.

Net 45

A payment term indicating that the full payment is due 45 days from the invoice date.

Credit Terms

The conditions under which a seller extends credit to a buyer, detailing the repayment time frame, interest rate, and penalties for late payment.