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Year 11 - 2.3.2 Working with suppliers Flashcards | StudBud

Explore/Year 11 - 2.3.2 Working with suppliers

Which of the following statements is true in relation to the bar gate stock graph below?

Which terms best describes the process of choosing a supplier, agreeing what to buy, at what price and by when?

Year 11 - 2.3.2 Working with suppliers

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Answers

1
Which terms best describes the process of choosing a supplier, agreeing what to buy, at what price and by when?
Stock control
Procurement
Logistics
Just in time (JIT) stock control
2
Which of the following statements is true in relation to the bar gate stock graph below?
The re-order quantity in month two is 6 cartridges
The business experienced a stock out in month one
The maximum stock level the business wishes to hold is 4 cartridges
The lead time for each delivery is always two months
3
Which of the following is a drawback to a business of using just in time (JIT) stock control?
Delays in deliveries could result in idle resources
High insurance costs
Storage costs will be high
Stock could become out of date or obsolete
4
On a bar gate stock graph, which of the following terms describes the size of an order that is delivered to a business
Re-order quantity
Minimum stock level
Re-order level
Maximum stock level
5
Which of the following best describes the term, just in time (JIT) stock control?
The minimum amount of stock that a business holds at any one time
A system whereby stock arrives only when it is needed by the business
A diagram which shows business stock levels and usage over time
The stock which a business holds