________ Authority Exists Because It Seems Reasonable to a Third

question 2

Multiple Choice

________ authority exists because it seems reasonable to a third party that a partner has authority to do an act.

• A)Fixed
• B)Express
• C)Apparent
• D)Actual

---

Definitions:

Service Level

A measure of the performance of a service system, often defined in terms of responsiveness to customer needs and reliability.

Ordering Costs

The expenses associated with the process of requisitioning, purchasing, and receiving goods and services; includes costs of paperwork, communication, and inspections.

Maintaining Inventory

Activities and strategies involved in keeping an appropriate level of stock to meet demand without incurring excessive holding costs or stockouts.

Shrinkage

The loss of inventory that can result from theft, damage, or errors in the inventory management process.