Chapter 24
About this set
Created by:
WHSDECA on April 9, 2010
Subjects:
Stock Handling & Inventory Control
Log in to favorite or report as inappropriate.
Order by
21 terms
Terms | Definitions |
|---|---|
 receiving record | Information recorded by businesses about the goods they receive. |
| blind check method | the receiver of a delivery writes the description of the merchandising, counts the quantities received, and lists them on a blank form or dummy invoice. |
| direct check method | the merchandise is checked directly against the actual invoice or purchase order. |
| spot check method | The receiver of a delivery conducts a check of one carton in a shipment to see if the right kind and quantity of goods were delivered. |
| quality check method | The merchandise is checked to determine whether the quality of goods received matches the quality of the products, which were ordered. |
| source marking | The seller or manufacturer marks the price before delivering the merchandise to the retailer; the marking often uses a universal product code (UPC). |
| inventory | All the goods stored by a business before they are sold. |
| Inventory management | the process of buying and storing materials and products while controlling costs for ordering, shipping, handling, and storage. |
| just-in-time (JIT) inventory system | coordinates demand and supply so that suppliers deliver parts and raw materials just before they are needed. This lets assembly and manufacturing plants keep only small stocks on hand. |
| perpetual inventory system | An inventory system that tracks the number of items in inventory on a constant basis. |
| physical inventory system | An inventory system where every so often, stock is visually inspected or actually counted to determine the quantity on hand. |
| cycle counts | A small portion of the inventory is physically counted each day by stockkeeping units so that the entire inventory is accounted for on a regular basis. |
| stockkeeping unit (SKU) | A unit or a group of related items in a unit control inventory system; the smallest unit used in inventory control. |
| Dollar control | the planning and monitoring of the total inventory investment that a business makes during a stated period of time. |
| unit control | Method of stock control which measures quantities of merchandise that a business handles during a stated period of time. |
| inventory turnover | the number of times the average inventory has been sold and replaced in a given period of time. |
| basic stock list | A list used for those staple items that should always be in stock. |
| model stock list | an inventory monitoring plan used for merchandise that quickly goes out of fashion. |
| never-out list | An inventory monitoring plan used for best-selling products that make up a large percentage of sales volume. |
| real-time inventory systems | An Internet technology that connects applications, data, and users in real time. |
| Preretailing marking method | A method in which pricing information is marked in advance on the purchase order. This information is entered in the buyer's computer system, and prices are available for marking merchandise as soon as it is received. |
First Time Here?
Welcome to Quizlet, a fun, free place to study. Try these flashcards, find others to study, or make your own.