CFIN CH 15 VOCAB EXAM TEST BANK QUESTIONS WITH 100% CORRECT ANSWERS UPDATED
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Module
CFIN CH 15 VOCAB
Institution
CFIN CH 15 VOCAB
CFIN CH 15 VOCAB EXAM TEST BANK QUESTIONS WITH 100% CORRECT ANSWERS UPDATED
work-in-progress - Answer-inventory in various stages of completion, some work-in-process is at the very beginning of the production process while some is at the end of the process
finished goods - Answer-inventories t...
CFIN CH 15 VOCAB EXAM TEST BANK
QUESTIONS WITH 100% CORRECT
ANSWERS UPDATED 2024-2025
work-in-progress - Answer-inventory in various stages of completion, some work-in-
process is at the very beginning of the production process while some is at the end of
the process
finished goods - Answer-inventories that hae completed the production process and are
ready for sale
stockout - Answer-occurs when a firm runs out of incentory and customers arrice to
purchase the product
carrying costs - Answer-the costs assoc. w/having inventory , which include storage
costs, insurance, cost of tying up funds, depreciation costs, and so on, these costs
generally increase in proportion to a average amount of inventory held
ordering costs - Answer-the costs of placing an order, the cost of each order generally is
fixed regardless of the average size of the inventory held
economic (optimum) ordering quantity EOQ - Answer-The optimal quantity that should
be ordered; it is this quantity that will minimize the total inventory costs
EOQ model - Answer-a formula for determining the order quantity that will minimize total
inventory costs
reorder point - Answer-the level of inventory at which an order should be placed
safety stocks - Answer-additional inventory control in whihc a computer is used to
determine reorder points and to adjust inventory balances
just-in-time system - Answer-a system of inventory control in which a manufacturer
coordinates production wiht suppliers so that raw material of components arrive just as
they are needed in the production process
transactions balance - Answer-a cash balance necessary for day-to-day operations; the
balance associated with routine payments and collections
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