Inventory Management Systems That Are Designed to Reduce the Retailer's

question 180

Multiple Choice

Inventory management systems that are designed to reduce the retailer's lead time for receiving merchandise which then lowers a retailer's inventory investment, improves customer service levels, and reduces logistic expenses is referred to as _________.

• A)efficient consumer response
• B)order replenishment systems
• C)alacrity systems
• D)minimum-inventory systems
• E)web-based response systems

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Definitions:

Gross Margin

The difference between revenue and the cost of goods sold, expressed as a percentage of revenue, indicating the portion of sales income that exceeds the cost of goods sold.

Job-Order Costing

A costing method used to determine the cost of producing specific products or jobs, assigning direct materials, labor, and overhead costs to individual jobs based on actual expenses incurred.

Predetermined Overhead Rate

An estimated rate used for allocating fixed and variable overhead costs to products or services based on expected activity levels.

Automated Jointer

A machine tool used in woodworking for making flat surfaces along the lengths of boards, which operates automatically.