Deciding which goods to buy, when to buy them and in what quantities.
What is Inventory Planning
100
The area where deliveries are unloaded.
What is the Recieving Dock
100
Stealing by people who are not employed or otherwise associated with the retailer.
What is External Theft
100
It consists of actually going into the storage and sales areas and counting every item.
What is Physical Inventory
100
The business-to-business exhange of data (information) by way of computers using standard formats.
What is Electronic Data Interchange
200
This describes the types and quantities of merchandise to buy, for a set amount of money, and for a specific time period.
What is Buying Plan
200
The actual exchange of goods between the vendor's transporting agent and the retailer.
What is Receiving
200
The stealing of merchandise from a store by a person posing as a customer.
What is Shoplifting
200
It consists of keeping a record (usually on the computer) of the total number of each SKU in inventory, and then adding whenever new items are received and subtracting when items are sold.
What is Perpetual Inventory
200
The automatic reorder of item that ships it to the retailer.
What is Electronic Replenishment
300
The selection of goods that a retailer carries.
What is an Assortment
300
The process of examining delivered items to make sure they are the items that were ordered and that they are in good condition.
What is Checking
300
This is committed by employees of a store, a supplier, or a delivery company.
What is Internal Theft.
300
The manual perpetual inventory system, where there is a card for each item.
What is Card-Control System
300
A distribution strategy: materials should not be delivered to the factory until the moment they are needed for production.
What is Just-In-Time
400
The number of times the average inventory on hand is sold and completely replaced in a specific time period.
What is Stock Turnover
400
A storage area within a store's building, usually in the back of the store.
What is Stockroom
400
The term used for programs designed to prevent loss of merchandise, money, and other company assets.
What is Loss Prevention
400
In manual perpetual inventory systems, where the ticket on each item has two parts.
What is Stub-Ticket Control System
400
This equipment uses the capabilities of the computer to provide sales and inventory information.
What is Electronic Point-of-Sales
500
Name the budget for the dollar amount of goods to be purchased.
What is Dollar Merchandise Plan or 6 Month Merchandise Plan
500
Moving merchandise from storage to the sales area.
What is Stocking
500
The difference between the perpetual inventory and the actual physical inventory.
What is Inventory Shrinkage
500
A type of bar code.
What is UPC or Universal Product Code
500
The ultimate goal is to reduce the cost of keeping inventory, yet always have enough product to satisfy who?