Term
| reciprocal buying arrangement |
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Definition
| when you tell a supplier that, "I'll buy from you if you'll buy from me," you are trying to develop a: |
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Term
| the buyer has no choice; he or she must purchase the product |
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Definition
| which one of the following best characterizes the pull strategy? |
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Term
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Definition
| If your bank pays 6% simple interest on deposits, approx. how much interest income will you lose if you take money out of your bank account to pay a $12,000 bill one week before its due date? |
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Term
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Definition
| a delivered item that goes straight from the receiving dock to production, bypassing storage, is referred to as a |
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Term
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Definition
| how close a supplier is to your hospitality operation may be an important consideration in supplier selection |
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Term
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Definition
| when the buyer purchases a large amount of product, but arranges for the supplier to store it and deliver a little at a time, the procedure is referred to as: |
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Term
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Definition
| which of the following is an objective of the optimal payment policy? |
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Term
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Definition
| which of the following is an objective of the optimal payment policy? |
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Term
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Definition
| Assume that a case of 12 bottles of Scotch cost $144.00. What is the case price of one bottle? |
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Term
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Definition
| With the standing order purchasing procedure, the delivery drivers are usually referred to as: |
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Term
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Definition
| whenever there is a paid-out there should be a receipt in the drawer or in the petty cash fund to account for it. |
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Term
| fresh fruits and vegetables |
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Definition
| A daily bid would most likely be used to purchase: |
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Term
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Definition
| The longer you delay paying your bills, the more you operate with someone else's money. |
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Term
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Definition
| There are several copies of the purchase orders that are placed into the system and can number as high as eight but mostly there are only about three main copies that are used today. They are usually sent to everyone except: |
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Term
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Definition
| an advantage of one-stop shopping is the reduction of the AP cost that results from having fewer shipments to receive. |
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Term
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Definition
| another term for the cash-and-carry purchasing procedure is: |
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Term
| beginning inventory + Purchases - Ending inventory - Credit for employee meals |
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Definition
| the formula used to calculate food costs is: |
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Term
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Definition
| buyers like to use standing orders for items that have predictable, standard usage pattern. |
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Term
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Definition
| before doing business with a supplier, you should make sure that he or she is: |
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Term
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Definition
| a typical credit period demanded by most large hospitality operations is: |
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