With Regard to Suppliers,JIT Systems Typically Require

question 20

Multiple Choice

With regard to suppliers,JIT systems typically require:

• A)delivery of large lots at regular intervals.
• B)buyer inspection of goods and materials.
• C)multiple sources from which to purchase.
• D)long-term relationships and commitments.
• E)focusing on the lowest price possible.

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Definitions:

Sole Proprietorship

A sole proprietorship is a business owned and operated by a single individual, where there is no legal distinction between the owner and the business entity.

Distribution of Cash

The process of allocating cash dividends to shareholders based on the number of shares held.

Income-Sharing Ratio

The proportion at which partners in a partnership agreement divide profits and losses among themselves.

Winding Up

The process of dissolving a company, involving liquidating assets to pay off creditors and distributing any remaining assets to shareholders.