The number of times during a given period that the inventory on hand has been completely sold and replaced is the definition of what word?
Stock Turnover
100
In this scope of distribution, customers expect to get goods anywhere at anytime
Intensive
100
Explain what 3/15, net 40 means
3% discount if you pay in 15 days, the balance is due in 40 days
100
What does FOB stand for?
Free on board
200
What is the difference between periodic and perpetual inventory?
Perpetual monitors on a continuous basis where periodic counts at certain times of the year.
200
What three groups cause inventory shrinkage?
Employees, vendors, customers
200
Name one example of a product or business that has exclusive distribution
Anythink that has limited dealers in an area
200
If the terms are 2/10, net 20 as of April 15, what type of dating term is it?
Advance
200
When the FOB terms read destination, who is responsible and has ownership for the goods in transit?
Seller
300
If the sum of six months of inventroy is 8,673,445 units and the ending inventory is 2,431,005. What is the average inventory?
1,586,350
300
Name all five types of transportation
Rail, road, ship, pipeline, plane
300
This channel member is the only one who never owns or takes possession of goods
Agents
300
Explain the exception to EOM dating
If it is after the 15th of the month, you skip a month and then begin counting
300
When the FOB terms read Shipping point, who is responsible and has ownership of the goods and who pays transportion?
Buyer
400
Calculate the stock turnover in the following: Widget Mart's unit sales were 567, the sum of their 12 inventories was 4,233 and the ending inventory was 2,11. What is the average inventory and the stock turnover?
488 average - 1.16 stock turnover
400
DIscuss the difference between a new, modified and straight rebuy.
New is for the first time, modified is changes to an existing order and straight is ordering exactly what you did before
400
This is the most common channel of distribution
PWRC
400
If the dating terms are 2/10, net 30, 10X, the invoice date is July 6 and the goods were received July 8, what is the last day you can take the discount?
July 26
400
When the FOB terms read factory, freight prepaid, who is responsible and has ownership of the goods and who pays transportation?
Buyer has ownership, seller pay shipping
500
Calculate the OTB in the following: Estimated sales $10,000, merchandise on order $5,000, estimated EOM stock $12,500, estimated markdowns $700 and estimated BOM stock $8,500
$9,700
500
Name the four types of road carriers
common, contract, private, exempt
500
Describe, in order the longest channel of distribution
PAWRC
500
if the dating terms are 4/16, net 25 ROG, invoice date is September 25, and the goods were recieved on September 28, what is the last day to get the discount and to pay the total bill?
October 14, October 23
500
When the FOB terms read Destination, charges reversed, who is responsible and had ownership of the goods and who pays transportation?