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Match the terms in the lefi coluhn with their appropriate definition in the right column.

Match the terms in the lefi coluhn with their appropriate definition in the right column.

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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13.2 Match the terms in the left coluran with their appropriate definition in the right column. Terms Definitions 1. Economic order quantity (EOQ) a. A document that creates a legal obligation to buy and pay for goods or services 2. Materials requirements planning (MRP) b. The method used to maintain the cash balance in the petty cash account
Transcribed Image Text:13.2 Match the terms in the left coluran with their appropriate definition in the right column. Terms Definitions 1. Economic order quantity (EOQ) a. A document that creates a legal obligation to buy and pay for goods or services 2. Materials requirements planning (MRP) b. The method used to maintain the cash balance in the petty cash account
c. The time to reorder inventory triggered when the quantity on hand falls to a predetermined level 3. Just-in-time (JIT) inven- tory system 4. Purchase requisition d. A document used to authorize a reduction in accounts payable because merchandise has been returmed to a supplier 5. Imprest fund c. An inventory control system that triggers production based upon actual sales f. An inventory control system that triggers production based on forecasted sales 6. Purchase order 7. Kickbacks g. A document used only internally to initi- ate the purchase of materials, supplies, or services 8. Procurement card h A process for approving supplier invoices based on a two-way match of the receiv- ing report and purchase order i A process for approving supplier invoices based on a three-way match of the pur- chase order, recerving report, and supplier invoice 1. A method of maintaining accounts pay- able in which cach supplier invoice is tracked and paid for separately 9. Blanket purchase order 10. Evaluated receipts settle- ment (ERS) 11. Disbursement voucher k A method of maintaining accounts payable that generates one check to pay for a set of invoices from the same supplier 1. Combination of a purchase order, receiv- ing report, and supplier invoice that all relate to the same transaction 12. Receiving report 13. Debit memo m. A document used to list each invoice be- ing paid by a check n. An inventory control system that seeks to minimize the sum of ordering, carrying, and stockout costs 14. Vendor-managed inventory 15. Voucher package o. A system whereby suppliers are granted access to point-of-sale (POS)) and inven- tory data in order to automatically replen- ish inventory levels P. An agreement to purchase set quanti- ties at specificd intervals fronu a specific supplier q. A document used to record the quanti- ties and condition of items delivered by a supplier 16. Nonvoucher system 17. Voucher system r. A special-purpose credit card used to pur- chase supplies s. A fraud in which a supplier pays a buyer or purchasing agent in order to sell its products or services
Transcribed Image Text:c. The time to reorder inventory triggered when the quantity on hand falls to a predetermined level 3. Just-in-time (JIT) inven- tory system 4. Purchase requisition d. A document used to authorize a reduction in accounts payable because merchandise has been returmed to a supplier 5. Imprest fund c. An inventory control system that triggers production based upon actual sales f. An inventory control system that triggers production based on forecasted sales 6. Purchase order 7. Kickbacks g. A document used only internally to initi- ate the purchase of materials, supplies, or services 8. Procurement card h A process for approving supplier invoices based on a two-way match of the receiv- ing report and purchase order i A process for approving supplier invoices based on a three-way match of the pur- chase order, recerving report, and supplier invoice 1. A method of maintaining accounts pay- able in which cach supplier invoice is tracked and paid for separately 9. Blanket purchase order 10. Evaluated receipts settle- ment (ERS) 11. Disbursement voucher k A method of maintaining accounts payable that generates one check to pay for a set of invoices from the same supplier 1. Combination of a purchase order, receiv- ing report, and supplier invoice that all relate to the same transaction 12. Receiving report 13. Debit memo m. A document used to list each invoice be- ing paid by a check n. An inventory control system that seeks to minimize the sum of ordering, carrying, and stockout costs 14. Vendor-managed inventory 15. Voucher package o. A system whereby suppliers are granted access to point-of-sale (POS)) and inven- tory data in order to automatically replen- ish inventory levels P. An agreement to purchase set quanti- ties at specificd intervals fronu a specific supplier q. A document used to record the quanti- ties and condition of items delivered by a supplier 16. Nonvoucher system 17. Voucher system r. A special-purpose credit card used to pur- chase supplies s. A fraud in which a supplier pays a buyer or purchasing agent in order to sell its products or services
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