Use LEFT and RIGHT arrow keys to navigate between flashcards;
Use UP and DOWN arrow keys to flip the card;
H to show hint;
A reads text to speech;
11 Cards in this Set
- Front
- Back
Merchants? |
Wholesalers and retailers who purchase for resale |
|
Industrial buyers? |
Purchase raw materials for conversion, services, capital equipment, and MRO supplies |
|
Purchasing? |
Key business function for acquiring materials, services, and equipment |
|
Contracting? |
Term often used for the acquisition of services |
|
Profit leverage effect? |
A decrease in purchase spend directly increases profits before taxes |
|
Return on assets effect? |
Indicates how efficiently management is using its total assets to generate profits |
|
Inventory turnover effect? |
Increased inventory turnovers indicate optimal utilization of space and inventory levels, increased sales, avoidance of inventory obsolesce |
|
Advantages of the e-procurement system? |
1. Time saving 2. Cost savings 3. Accuracy 4. Real time use 5. Mobility 6. Trackability 7. Management benefits 8. Supplier benefits |
|
Barter? |
Complete exchange of goods or services of equal value without the exchange of currency |
|
Offset? |
Exchange agreement for industrial goods or services as a condition of military related export |
|
Counter purchase? |
The original exporter agrees to sell goods or services to a foreign importer and simultaneously agrees to buy specific goods or services from the foreign importer |