"The Inability to Satisfy the Demand for an Item" Is

question 69

Multiple Choice

"The inability to satisfy the demand for an item" is the definition of a

• A)reorder point
• B)stockout
• C)lost sale
• D)backorder

---

Definitions:

Actual Price

The real or final price at which a transaction is completed, as opposed to an estimated or listed price.

Labor Rate Variance

The difference between the actual labor costs incurred and the expected (or standard) labor costs based on predetermined rates.

Labor Standards

The established benchmarks or expectations for the amount of time and effort required to perform a job or task efficiently.

Operations

The day-to-day activities involved in running a business, especially those related to production, manufacturing, or providing services.