VB: Purchasing and Inventory Control

Question 1

An inventory system that makes use of periodic counts of stock to ascertain stock levels.

Accepted Answer

Physical Inventory System

Question 2

An inventory system that keeps track of stock items on a continual basis.

Accepted Answer

Perpetual Inventory System

Question 3

This is the vendor’s bill for stock purchased.

Accepted Answer

Invoice

Question 4

To be successful, a store must have WHAT available for its customers to buy?

Accepted Answer

Inventory

Question 5

What is a business from which a buyer purchases merchandise.

Accepted Answer

Vendor

Question 6

This is the total amount of goods a business has, including goods on the sales floor.

Accepted Answer

Inventory

Question 7

Who is the person who is responsible for purchasing the merchandise for a store?

Accepted Answer

Buyer

Question 8

What is the management of the merchandise a store has for sale.

Accepted Answer

Inventory Control

Question 9

A tool that measures how often stock is sold during a given time period.

Accepted Answer

Stock Turnover

Question 10

This is the amount of money available to a buyer for purchasing items for a store.

Accepted Answer

Open-to-Buy

Questions 10