Purchasing
The amount of money received from the sale of food and beverage products.
What is 'Revenue'?
A system in which a specified quantity of products should always be in inventory.
What is 'par-level' inventory?
A vendor that offers a wide variety of products.
What is 'broad-line vendors'?
A buyer who requests bids from several vendors and then buys only those items each vendor has on sale or for the lowest price.
What is 'Cherry Picker'?
Guidelines that should be followed as purchasers implement purchasing procedures and make purchasing decisions.
What is 'Code of Purchasing Ethics'?
The weight of a product before it is processed, prepared, or cooked.
What is 'AP (As Purchased)'?
A system in which the vendor determines the quantities needed for purchase and retains ownership of products until they are issued to production.
What is 'vendor-managed inventory' system?
Activities related to buying and selling products and services through online sources.
What is 'E-commerce'?
A contract that is recognized as valid by the courts and is, therefore, subject to the court’s ability to require compliance with its terms.
What is 'Enforceable (contract)'?
A series of activities that ends with the transfer of product ownership from a vendor to a restaurant or foodservice operation.
What is 'receiving'?
The factors that are used to compare an actual product or service with the desired product or service.
What is 'Quality Standards'?
A system in which a purchaser has a long-term commitment with a vendor to make frequent product deliveries.
What is 'JIT (Just-in-time)' purchasing?
Decisions that determine which vendors will be asked to quote prices for needed products.
What is 'vendor sourcing'?
An agreement between two businesses in which the contract’s consideration is not in the form of money.
What is 'Trade-out'?
A situation that occurs when a purchaser agrees to buy something from a vendor in return for some kind of business from the vendor.
What is 'Reciprocity'?
A document used to inform vendors that their prices for products of the specified quality and quantity in the R F P have been accepted and that the shipment should be delivered.
What is 'Purchase Order'?
A strategy used by vendors or manufacturers to quickly sell unwanted inventory by reducing prices.
What is 'Close-out'?
An industry-specific event that allows vendors to interact with, educate, and sell to individuals and businesses in the industry.
What is 'trade show'?
A situation in which the prices paid for products and services are determined by the vendor and the buyer who voluntarily enter into a contract.
What is 'free market'?
A job qualification legally judged reasonably necessary to safely or adequately perform a job.
What is 'Bona fide occupational qualification (BFOQ)'?
A strategy for comparing vendors’ prices for products of acceptable quality to determine the lowest price.
The percentage of customers likely to order specific menu items.
What is 'Menu item popularity index'?
A requirement that a buyer pay the full amount owed in cash or other acceptable payment form at the time products are delivered.
What is 'COD (cash on delivery)'?
The weight, volume, or container size in which a food product is normally purchased.
What is 'PU (Purchase Unit)'?
A handbook developed by an establishment to inform vendors about the organization’s purchasing policies and procedures.
What is 'vendor's handbook'?