Which of the Following Statements Is True of Just-In-Time (JIT)

question 117

Multiple Choice

Which of the following statements is true of just-in-time (JIT) purchasing?

• A) In JIT purchasing, the optimal safety-stock level is the quantity of safety stock that minimizes the sum of annual relevant stockout and carrying costs.
• B) JIT purchasing is guided solely by the EOQ model because that model emphasizes the tradeoff between relevant carrying and ordering costs.
• C) In JIT purchasing, raw materials (or goods) are purchased so that products are delivered just as needed for production or sales.
• D) Only disadvantage of JIT purchasing is the higher level carrying and inspection costs.

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Definitions:

Social Security System

A government-sponsored program providing monetary assistance to people with an inadequate or no income.

Temporary Assistance to Needy Families (TANF)

A federal assistance program that provides financial aid to low-income families with dependent children.

Earned Income Tax Credit

A refundable tax credit for low to moderate-income working individuals and families, particularly those with children.

Proportional Income Tax

A taxation system where the tax rate remains constant regardless of the amount of income earned.