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.

Comprehend the requirements for filing under the Bankruptcy Act.

Understand the concept of voidable transfers and their implications.

Recognize the conditions under which a bankruptcy discharge may be denied.

Describe the amendment rules for a Chapter 13 plan after confirmation.

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Definitions:

Political Support

Refers to the backing or endorsement of a politician, political party, or policy by individuals, groups, or organizations.

Farm Subsidies

Financial support from governments to farmers to help stabilize food prices, ensure a steady food supply, and support agricultural sectors.

Rent-Seeking Activity

Economic activities aimed at increasing one's share of existing wealth without creating new wealth, often through manipulation or exploitation of resources.

Food-Stamp Program

A U.S. federal aid program, now known as the Supplemental Nutrition Assistance Program (SNAP), that provides food-purchasing assistance for low- and no-income people.