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Study sets matching "law and inventory"

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Study sets matching "law and inventory"

16 terms
Utah Law: Inventory
Who is responsible for inventory? Can…
How long to keep records
How should inventory be filed?
How should inventory file be recorded?
the PIC shall be responsible for taking all required inventor…
5 years
Separate from other files
in a typewritten or printed form and include all stocks of co…
Who is responsible for inventory? Can…
the PIC shall be responsible for taking all required inventor…
How long to keep records
5 years
41 terms
PTCB Pharmacy Law, Ordering, Inventory
Every facility that dispenses controll…
Enacted to prohibit interstate transpo…
FDA was created under this act. Requir…
Required products to have directions f…
DEA Form 224, every 3 years
Pure Food and Drug Act 1906
Food, Drug, and Cosmetic Act of 1938 (FDCA 1938)
Durham-Humphrey Act of 1951. Is also an amendment to FDCA 1938
Every facility that dispenses controll…
DEA Form 224, every 3 years
Enacted to prohibit interstate transpo…
Pure Food and Drug Act 1906
39 terms
VA Law - Ordering, Receiving, and Managing Inventory
Who can wholesalers/manufacturers sell…
What 5 parties can wholesaler/manufact…
How long must C2 transfer records be k…
Can a pharmacy act as wholesaler? What…
Those who can prescribe, dispense, or administer
Another manufacturer/wholesaler... Licensed practitioner... Officia…
2 years
Yes; ... Wholesale controlled sales cannot exceed 5% of all cont…
Who can wholesalers/manufacturers sell…
Those who can prescribe, dispense, or administer
What 5 parties can wholesaler/manufact…
Another manufacturer/wholesaler... Licensed practitioner... Officia…
45 terms
MED198 PTCB Pharm Law, Ordering, Inventory
Every facility that dispenses controll…
Enacted to prohibit interstate transpo…
FDA was created under this act. Requir…
Required products to have directions f…
DEA Form 224, every 3 years
Pure Food and Drug Act 1906
Food, Drug, and Cosmetic Act of 1938 (FDCA 1938)
Durham-Humphrey Act of 1951. Is also an amendment to FDCA 1938
Every facility that dispenses controll…
DEA Form 224, every 3 years
Enacted to prohibit interstate transpo…
Pure Food and Drug Act 1906
13 terms
Little's Law, Inventory, Setup Time and Batching
Inventory Turns
Work-in-process inventory (or just inv…
Steady Process
Little's Law
measure the # of times inventory is sold or used in a time pe…
number of flow units contained within the process
process that has been running for a while...demand rate is as…
in a steady process...... Inventory (I) = Flow rate (R) x Flow t…
Inventory Turns
measure the # of times inventory is sold or used in a time pe…
Work-in-process inventory (or just inv…
number of flow units contained within the process
82 terms
FSDLE: Virginia Law Part 2: Ordering, Receiving, and Managing Drug Inventory
Who can a manufacturer or wholesaler s…
Who can a manufacturer or wholesaler s…
What is required to transfer SII drugs?
How long must records of a SII transfe…
Anybody who is authorized to administer, prescribe, or dispen…
Another manufacturer or wholesaler... A licensed practitioner: a…
An official written order-the DEA 222 form
Both the purchaser and the receiver need to keep a copy for 2…
Who can a manufacturer or wholesaler s…
Anybody who is authorized to administer, prescribe, or dispen…
Who can a manufacturer or wholesaler s…
Another manufacturer or wholesaler... A licensed practitioner: a…
27 terms
CH08-01: Community & Hospital Exam - Inventory & Law Exam (Inventory Management)
Inventory Management
Inventory Turnover
Actual Acquisition Cost AAC
Mark-Up
the way stock is controlled to prevent shortages and overages
the number of times specific items are replaced during a give…
the dollar amount that the Pharmacy pays the manufacturer for…
the amount that is added to the AAC cost to arrive at the sel…
Inventory Management
the way stock is controlled to prevent shortages and overages
Inventory Turnover
the number of times specific items are replaced during a give…
82 terms
FSDLE: Virginia Law Part 2: Ordering, Receiving, and Managing Drug Inventory
Who can a manufacturer or wholesaler s…
Who can a manufacturer or wholesaler s…
What is required to transfer SII drugs?
How long must records of a SII transfe…
Anybody who is authorized to administer, prescribe, or dispen…
Another manufacturer or wholesaler... A licensed practitioner: a…
An official written order-the DEA 222 form
Both the purchaser and the receiver need to keep a copy for 2…
Who can a manufacturer or wholesaler s…
Anybody who is authorized to administer, prescribe, or dispen…
Who can a manufacturer or wholesaler s…
Another manufacturer or wholesaler... A licensed practitioner: a…
81 terms
FSDLE: Virginia Law Part 2: Ordering, Receiving, and Managing Drug Inventory
Who can a manufacturer or wholesaler s…
What is required to transfer SII drugs?
How long must records of a SII transfe…
Can a pharmacy ever act as a wholesale…
Another manufacturer or wholesaler... A licensed practitioner: a…
An official written order-the DEA 222 form
Both the purchaser and the receiver need to keep a copy for 2…
Yes. Wholesale controlled substances sale cannot exceed 5% of…
Who can a manufacturer or wholesaler s…
Another manufacturer or wholesaler... A licensed practitioner: a…
What is required to transfer SII drugs?
An official written order-the DEA 222 form
82 terms
FSDLE: Virginia Law Part 2: Ordering, Receiving, and Managing Drug Inventory
Who can a manufacturer or wholesaler s…
Who can a manufacturer or wholesaler s…
What is required to transfer SII drugs?
How long must records of a SII transfe…
Anybody who is authorized to administer, prescribe, or dispen…
Another manufacturer or wholesaler... A licensed practitioner: a…
An official written order-the DEA 222 form
Both the purchaser and the receiver need to keep a copy for 2…
Who can a manufacturer or wholesaler s…
Anybody who is authorized to administer, prescribe, or dispen…
Who can a manufacturer or wholesaler s…
Another manufacturer or wholesaler... A licensed practitioner: a…
FSDLE: Virginia Law Part 2: Ordering, Receiving, and Managing Drug Inventory
Who can a manufacturer or wholesaler s…
Who can a manufacturer or wholesaler s…
What is required to transfer SII drugs?
How long must records of a SII transfe…
Anybody who is authorized to administer, prescribe, or dispen…
Another manufacturer or wholesaler... A licensed practitioner: a…
An official written order-the DEA 222 form
Both the purchaser and the receiver need to keep a copy for 2…
Who can a manufacturer or wholesaler s…
Anybody who is authorized to administer, prescribe, or dispen…
Who can a manufacturer or wholesaler s…
Another manufacturer or wholesaler... A licensed practitioner: a…
134 terms
VA Pharm Law: Ordering, Receiving, Managing Drug Inventory (for Space Race)
A manufacture or wholesaler can sell S…
A manufacture or wholesaler can sell S…
An official written order form DEA ___…
How long must records of an SII transf…
administer
wholesaler
222
2
A manufacture or wholesaler can sell S…
administer
A manufacture or wholesaler can sell S…
wholesaler
82 terms
FSDLE: Virginia Law Part 2: Ordering, Receiving, and Managing Drug Inventory
Who can a manufacturer or wholesaler s…
Who can a manufacturer or wholesaler s…
What is required to transfer SII drugs?
How long must records of a SII transfe…
Anybody who is authorized to administer, prescribe, or dispen…
Another manufacturer or wholesaler... A licensed practitioner: a…
An official written order-the DEA 222 form
Both the purchaser and the receiver need to keep a copy for 2…
Who can a manufacturer or wholesaler s…
Anybody who is authorized to administer, prescribe, or dispen…
Who can a manufacturer or wholesaler s…
Another manufacturer or wholesaler... A licensed practitioner: a…
78 terms
VA Pharmacy Law: Ordering, Receiving, Managing Drug Inventory
Who can manufacture or wholesaler sell…
Who can manufacturer or wholesaler sel…
What is required to transfer SII drugs?
How long must records of an SII transf…
Anybody who is authorized to administer, prescribe or dispens…
Another manufacturer/wholesaler... A licensed practitioner... An of…
An official written order - DEA 222
Both the purchaser and receiver need to keep a copy for 2 years
Who can manufacture or wholesaler sell…
Anybody who is authorized to administer, prescribe or dispens…
Who can manufacturer or wholesaler sel…
Another manufacturer/wholesaler... A licensed practitioner... An of…
134 terms
VA Pharm Law: Ordering, Receiving, Managing Drug Inventory (for Space Race)
A manufacture or wholesaler can sell S…
A manufacture or wholesaler can sell S…
An official written order form DEA ___…
How long must records of an SII transf…
administer
wholesaler
222
2
A manufacture or wholesaler can sell S…
administer
A manufacture or wholesaler can sell S…
wholesaler
134 terms
VA Pharm Law: Ordering, Receiving, Managing Drug Inventory (for Space Race)
A manufacture or wholesaler can sell S…
A manufacture or wholesaler can sell S…
An official written order form DEA ___…
How long must records of an SII transf…
administer
wholesaler
222
2
A manufacture or wholesaler can sell S…
administer
A manufacture or wholesaler can sell S…
wholesaler
78 terms
VA Pharmacy Law: Ordering, Receiving, Managing Drug Inventory
Who can manufacture or wholesaler sell…
Who can manufacturer or wholesaler sel…
What is required to transfer SII drugs?
How long must records of an SII transf…
Anybody who is authorized to administer, prescribe or dispens…
Another manufacturer/wholesaler... A licensed practitioner... An of…
An official written order - DEA 222
Both the purchaser and receiver need to keep a copy for 2 years
Who can manufacture or wholesaler sell…
Anybody who is authorized to administer, prescribe or dispens…
Who can manufacturer or wholesaler sel…
Another manufacturer/wholesaler... A licensed practitioner... An of…
13 terms
Law of Demand ProprietorElasticity EntrepreneurLaw of Supply AssetsMarginal Utility CorporationLaw of Diminishing Returns DividendSupply StockInelastic Demand Sole ProprietorshipSupply Curve InventoryEquilibrium Price
Journal
Journalizing
Special Amount Column
General Amount Column
Form for recording transactions in chronological order
Recording transactions in a journal
A journal amount column headed with an account title
A journal amount column that is not headed with an account tile
Journal
Form for recording transactions in chronological order
Journalizing
Recording transactions in a journal
8 terms
Conservation of Matter and Atom Inventory
Reactant
Product
Law of Conservation of Matter
Compound
a substance that enters into a chemical reaction.
a substance formed as a result of a chemical reaction.
the principle that the total amount of matter is neither crea…
a substance made of two or more different elements chemically…
Reactant
a substance that enters into a chemical reaction.
Product
a substance formed as a result of a chemical reaction.
26 terms
Financial Accounting Chapter 7: Reporting and Interpreting COGS and Inventory
Inventory
Merchandise Purchases
Primary Goals of Inventory Management
Cost Principle
Is tangible property that is held for sale in the normal cour…
Merchandise Inventory-> COGS
-Provide sufficient quantities of high-quality inventory... -Min…
Requires that inventory be recorded at the PRICE PAID or the…
Inventory
Is tangible property that is held for sale in the normal cour…
Merchandise Purchases
Merchandise Inventory-> COGS
24 terms
Chapter 13 Inventory Management
Little's Law
Inventory Turnover
Effective Inventory Management
Effective Inventory Management
Average amount of inventory in a system equal to the product…
Ratio of annual cost of goods sold to average inventory inves…
Keep track of lead time, Forecast demand
Knowledge of lead time and its variability, Estimates of hold…
Little's Law
Average amount of inventory in a system equal to the product…
Inventory Turnover
Ratio of annual cost of goods sold to average inventory inves…
63 terms
Scmt 364 : Inventory Management Ch. 20
Inventory
Customer Order Decoupling point
Pipeline
Seasonal
The stock of any item and resource used in an organization.... 1…
A point where inventory is positioned (stored) to allow entit…
The flow units in the process, the WIP (Work-In-Process) inve…
Produce in advance before holiday season. To prepare for the…
Inventory
The stock of any item and resource used in an organization.... 1…
Customer Order Decoupling point
A point where inventory is positioned (stored) to allow entit…
9 terms
M8 Inventory Management
Pareto's law
Perpetual inventory system
Point-of-sale (POS) system
Visual control system
A rule that holds that about 80 percent of a company's sales…
Inventory system designed to maintain a running count of the…
A system that performs all of the functions of a traditional…
An inventory control system in which managers simply conduct…
Pareto's law
A rule that holds that about 80 percent of a company's sales…
Perpetual inventory system
Inventory system designed to maintain a running count of the…
30 terms
INVENTORY
Amount of inventory carried to meet av…
Amount carried over basic stock to mee…
Inventory over and above basic and saf…
Amount of time that elapses between th…
Basic stock
Safety stock
Expansion stock
Order Cycle Time or Lead Time
Amount of inventory carried to meet av…
Basic stock
Amount carried over basic stock to mee…
Safety stock
21 terms
Purchasing & Managing Inventory
Purchasing the right inventory does NO…
Factors to consider when purchasing in…
right products
Decisions on right products to purch…
...
1. right products... 2. right quantity ... 3. right time... 4…
...
Target market
Purchasing the right inventory does NO…
...
Factors to consider when purchasing in…
1. right products... 2. right quantity ... 3. right time... 4…
24 terms
Ch 11: Purchase and Managing Inventory
inventory carrying cost
durable medical equipment
apothecary
quantity discount
An amount that reflects the cost of holding or carrying the p…
Medical devices (i.e. wheelchairs, crutches, hospital beds) t…
Pharmacy that maintains a prescription department and perhaps…
Reduction in price gained by buying in quantity, either on a…
inventory carrying cost
An amount that reflects the cost of holding or carrying the p…
durable medical equipment
Medical devices (i.e. wheelchairs, crutches, hospital beds) t…
16 terms
Inventory
inventory
independent demand items
purchase cost
holding (carrying) cost
supply of items held to meet demand
items that are ready to be used or sold
the amount paid to buy the inventory
cost to carry an item in inventory of a length of time
inventory
supply of items held to meet demand
independent demand items
items that are ready to be used or sold
11 terms
Pharmacy Inventory Management
Pharmacy & Therapeutics Committee (P&T…
Periodic Automatic Replenishment (Par…
Rotate Stock
Partial Fill
Committee compromised of nurses, physicians, pharmacists, and…
The amount of stock that should be on the shelves to meet dem…
When new inventory arrives and is being placed onto the shelf…
If a pharmacy does not have a sufficient supply of a medicati…
Pharmacy & Therapeutics Committee (P&T…
Committee compromised of nurses, physicians, pharmacists, and…
Periodic Automatic Replenishment (Par…
The amount of stock that should be on the shelves to meet dem…
12 terms
ptcb inventory management
open formulary
closed formulary
turnover
point of sale system (POS)
one that allows purchase of any medication that is prescribed
a limited list of approved medications
the rate at which inventory is used
a system in which the item is deducted from inventory as it i…
open formulary
one that allows purchase of any medication that is prescribed
closed formulary
a limited list of approved medications
inventory
cycle stock
in-process stock
safety stock
dead stock
stock depleted during a normal order cycle
incomplete or in transit inventory
buffer for changes and customer service
inventory with no apparent value
cycle stock
stock depleted during a normal order cycle
in-process stock
incomplete or in transit inventory
29 terms
Constitutional Law
Incitement
Obscenity
Defamation
Libel
To encourage a crowd to commit violence
Vulgar, lewd or pornographic material
to lie about someone and injure their reputation
Written defamation
Incitement
To encourage a crowd to commit violence
Obscenity
Vulgar, lewd or pornographic material
8 terms
Chapter 13 - Inventory Management
Different types of inventory
Functions of inventory
Little's Law
inventory turnover
1. raw materials and purchased parts... 2. partially completed g…
1. to meet anticipated customer demand... 2. to smooth productio…
The average amount of inventory in a system is equal to the p…
ratio of annual cost of goods sold to average inventory inves…
Different types of inventory
1. raw materials and purchased parts... 2. partially completed g…
Functions of inventory
1. to meet anticipated customer demand... 2. to smooth productio…
18 terms
Reporting and Analyzing Inventory
Two common characteristic define the i…
Manufacturing company inventory classi…
-In perpetual inventory systems compan…
-Companies using the periodic inventor…
1. they are owned by the company ... 2. they are in a form where…
1. Finished goods ... 2. Work in progress... 3. Raw material
1. to check to accuracy of their perpetual inventory records…
1. to determine the inventory on hand at the balance sheet da…
Two common characteristic define the i…
1. they are owned by the company ... 2. they are in a form where…
Manufacturing company inventory classi…
1. Finished goods ... 2. Work in progress... 3. Raw material
68 terms
Chapter 13 - Inventory Management
Inventory
Independent-Demand Items
Dependent-Demand Items
Return on Investment (ROI)
A stock or store of goods
Items that are ready to be sold or used
Components of finished products, rather than the finished pro…
Profit after taxes divided by total assets
Inventory
A stock or store of goods
Independent-Demand Items
Items that are ready to be sold or used
25 terms
Inventory
Types of Inventory (4)
Roles of Inventory (4)
Financial Impact of Inventory
Carrying /Holding Costs
Raw Materials & Components (items from suppliers used to crea…
1. Balancing supply and demand: decouples differences in supp…
Carrying (holding) costs... Ordering/ set-up costs... stockout Costs
- opportunity costs... - storage/warehouse mgmt... - taxes & insura…
Types of Inventory (4)
Raw Materials & Components (items from suppliers used to crea…
Roles of Inventory (4)
1. Balancing supply and demand: decouples differences in supp…
16 terms
inventory Quiz 3
Who is responsible for maintaining the…
The PO number is the ...
After products ordered by the pharmacy…
Formulary drugs are normally kept at a…
Everyone
Purchase Order
Manufacture or wholesaler
False
Who is responsible for maintaining the…
Everyone
The PO number is the ...
Purchase Order
43 terms
Inventory Management
stock or store of goods which can be f…
critical to success of most businesses…
Permits and decouples operations
1) permits operations by providing tim…
Inventory
strategic importance of inventory
reasons for holding inventory
reasons for holding inventory
stock or store of goods which can be f…
Inventory
critical to success of most businesses…
strategic importance of inventory
12 terms
Inventory, recordkeeping
Inventory must be taken
If a drug changes schedules you must (…
You need exact count for which schedules
III, IV and V schedule count can be es…
When the pharmacy OPENS/change of ownership OR CHANGE IN PIC…
redo the inventory
I and II
original manufacture bottle contains MORE than 1,000 tablets
Inventory must be taken
When the pharmacy OPENS/change of ownership OR CHANGE IN PIC…
If a drug changes schedules you must (…
redo the inventory
31 terms
Law - Pharm Ops
adulterated vs misbranded
Drug Recalls
Drug Recalls - Sterile Compound from P…
CS returns to supplier or destroyer
adulterated... -made under unsanitary conditions, no controls... -d…
I - serious adverse health consequences... PHYSICIAN RESPONSIBLE…
contact within 12 HOURS ... -recipients of drugs (prescriber, pa…
Pharmacy to return to distributor... Distributor... -sends copies…
adulterated vs misbranded
adulterated... -made under unsanitary conditions, no controls... -d…
Drug Recalls
I - serious adverse health consequences... PHYSICIAN RESPONSIBLE…
8 terms
Police Officers and the Law [SEARCH AND SEIZURE]
The Fourth Amendment and the Right to…
Search Incident to Lawful Arrest
Plain-View Searches
Consent to Search
Prohibits unreasonable search and seizures. Requires probable…
A search conducted while a person is being arrested. You have…
If an officer is somewhere legally, anything he can see in pl…
A person can allow officers to search their own property
The Fourth Amendment and the Right to…
Prohibits unreasonable search and seizures. Requires probable…
Search Incident to Lawful Arrest
A search conducted while a person is being arrested. You have…
16 terms
Inventory Management
Inventory
Types of inventory
Inventories at macroeconomic
Inventories at micro economic
store or stock
raw materials... work in process... finished goods... tools and suppli…
mismatch of supply and demand
bench-marked against the rest of the industry
Inventory
store or stock
Types of inventory
raw materials... work in process... finished goods... tools and suppli…
25 terms
Law Exam 1
What is the purpose of a regulation/re…
Three barbiturates that are no longer…
11 digit National drug code (NDC) 542
Testing
Implement and enforce an existing statute
a. amobarbital, secobarbital, pentobarbital (no manufacturers…
a. First section is manufacturer, second is drug third is sto…
a. Phase 1 is for safety so small population that is healthy.…
What is the purpose of a regulation/re…
Implement and enforce an existing statute
Three barbiturates that are no longer…
a. amobarbital, secobarbital, pentobarbital (no manufacturers…
31 terms
Chapter 13 Inventory Management
Types of Inventory
Throughput
Inventory (I)
Flow Time (T)
Raw Materials and purchased parts... Work-in-Process... Finished go…
Avg number of flow units that flow through (into and out of)…
Number of flow units within the process... Lower inventory resul…
Avg time a flow unit spends in the process ... Shorter flow time…
Types of Inventory
Raw Materials and purchased parts... Work-in-Process... Finished go…
Throughput
Avg number of flow units that flow through (into and out of)…
63 terms
Scmt 364 : Inventory Management Ch. 20
Inventory
Customer Order Decoupling point
Pipeline
Seasonal
The stock of any item and resource used in an organization.... 1…
A point where inventory is positioned (stored) to allow entit…
The flow units in the process, the WIP (Work-In-Process) inve…
Produce in advance before holiday season. To prepare for the…
Inventory
The stock of any item and resource used in an organization.... 1…
Customer Order Decoupling point
A point where inventory is positioned (stored) to allow entit…
24 terms
Day 3 PM Purchasing and managing inventory
Purchasing & Inventory
Purchasing :... The 5 "rights" of purcha…
Right product
Controlled Substances
1. Essential to managing a pharmacy... 2. Most pharmacists have…
1. knowledge of inventory needs and availability... 2. Managing…
1. Product offerings should be driven by your target market…
For Schedule 2 ONLY:... -Orders processed through the DEA... DEA Fo…
Purchasing & Inventory
1. Essential to managing a pharmacy... 2. Most pharmacists have…
Purchasing :... The 5 "rights" of purcha…
1. knowledge of inventory needs and availability... 2. Managing…
50 terms
D 12-Manage-Inventory
Why managing inventory is critical (4…
What are 3 costs that must be calculat…
Effective management of inventory lead…
What happens if you fail to manage inv…
Inventory usually represents a pharmacy's *largest current as…
Acquisition ... Procurement... Carrying costs
Lower COGS, higher gross margin, and higher net profits... Less…
If you have to much inventory on the shelf and its not sellin…
Why managing inventory is critical (4…
Inventory usually represents a pharmacy's *largest current as…
What are 3 costs that must be calculat…
Acquisition ... Procurement... Carrying costs
18 terms
Chapter 13: Inventory Management
Inventory
Little's Law
Inventory Turnover
Periodic System
a stock or store of goods
the average amount of inventory in a system is equal to the p…
ratio of annual cost of goods sold to average inventory inves…
physical count of items in inventory made at periodic INTERVA…
Inventory
a stock or store of goods
Little's Law
the average amount of inventory in a system is equal to the p…
29 terms
CH4 Ops Management: Inventory and Materials Management
What is inventory?
Supply/demand mismatches lead to 5 dif…
Buffer Inventory (Safety inventory)
Cycle inventory
Also called stock. can be transformed resources or the stored…
Buffer inventory ... Cycle Inventory ... Decoupling Inventory... Antic…
Inventory that compensates for unexpected fluctuations in sup…
Inventory that occurs when one stage in a process cannot supp…
What is inventory?
Also called stock. can be transformed resources or the stored…
Supply/demand mismatches lead to 5 dif…
Buffer inventory ... Cycle Inventory ... Decoupling Inventory... Antic…
21 terms
Chapter 7: Reporting and Interpreting Cost of Goods Sold and Inventory
Items included in inventory
Cost principle
Perpetual Inventory System
Periodic Inventory System
Merchandisers: merchandise inventory ... Manufacturing: raw mate…
requires that inventory be recorded at the price paid or the…
- purchase transactions are recorded directly in an inventory…
- no up-to-date record of inventory is maintained during the…
Items included in inventory
Merchandisers: merchandise inventory ... Manufacturing: raw mate…
Cost principle
requires that inventory be recorded at the price paid or the…
21 terms
Chapter 7~Inventory
inventory
what two questions do inventory manage…
Types of inventory
Roles of Inventory
stock of items held to meet future demand
1.How much to order... 2.When to order
-Raw materials... -Work in process... -Finished goods
-Balancing supply and demand... -Buffers against uncertainties... -…
inventory
stock of items held to meet future demand
what two questions do inventory manage…
1.How much to order... 2.When to order
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