JIT Purchasing and Production Systems Can Be Used in Service

question 144

True/False

JIT purchasing and production systems can be used in service industries as supplies and the labor to manage those supplies can be a significant cost element in some service organizations.

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Definitions:

Insurable Risk

An eventuality for which both the frequency and magnitude of potential losses can be estimated with considerable accuracy. Insurance companies are willing to sell insurance against such risks.

Wages And Salaries

Compensation received by employees for their labor or services, typically paid on an hourly or annual basis.

Corporate Profits

The surplus income of a corporation after all expenses, including salaries and taxes, have been deducted.

Income Share

The proportion of total income earned by a specific group, often used in discussions of income inequality.