________ System Enables Business Owners to Track Their Inventories and to Place

question 71

Multiple Choice

________ system enables business owners to track their inventories and to place orders with vendors quickly and with few errors by linking them to their vendors electronically.

• A)Electronic Data Processing (EDP)
• B)Electronic Fund Processing (EFP)
• C)Electronic Data Interchange (EDI)
• D)Enterprise Resource Planning (ERP)

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Definitions:

Overhead Costs

Expenses incurred in the running of a business that are not directly tied to specific products or services, such as rent, utilities, and administrative salaries.

Functional Resources

Assets allocated to support specific functions or operations within a company, such as human resources, finance, or technology.

Internal Competition

The rivalry among employees or departments within the same organization, aiming to achieve better performance.

Product Design

The process of defining the appearance and functionality of a product, ensuring it meets user needs and preferences.