BCOR 2206 FINAL REVIEW UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS
Question:
1. D
Answer:
annual demand
Question:
2. h
Answer:
holding cost per unit.
Question:
3. K
Answer:
fixed order (setup) cost per order. "Entrance Fee" for placing an order. You pay
this amount regardless of whether you order 1 unit or 10,000 units.
Question:
4. C
Answer:
per unit purchase price. "Sticker Price" of the item. It is the cost you pay for every
single individual unit you buy.
Question:
5. Lean system
Answer:
A system that continually searches for and eliminates waste and delays
throughout the value chain.
Question:
6. JIT philososphy
Answer:
1. Only produce what is needed, 2. Make problems visible, act immediately when
they occur. push system, pull system
, Question:
7. Inventory Management
Answer:
The planning and controlling of inventories to meet the competitive priorities of
the
organization
Question:
8. Inventory
Answer:
A stock of materials used to satisfy customer demand or to support the
production of
services or goods
Question:
9. Raw Material Inventory
Answer:
Unprocessed, purchased inputs
Question:
10. Work-in-process (WIP) Inventory
Answer:
Partially processed goods. Raw materials have been transformed, but not
completed
Question:
11. Finished Goods Inventory
Answer:
Completed product ready for shipment or sale
Question:
12. cu
Answer:
= profit margin. Selling Price - Purchase Cost
Question:
13. co
Answer:
= loss margin. Purchase Cost - Salvage value
QUESTIONS AND CORRECT ANSWERS
Question:
1. D
Answer:
annual demand
Question:
2. h
Answer:
holding cost per unit.
Question:
3. K
Answer:
fixed order (setup) cost per order. "Entrance Fee" for placing an order. You pay
this amount regardless of whether you order 1 unit or 10,000 units.
Question:
4. C
Answer:
per unit purchase price. "Sticker Price" of the item. It is the cost you pay for every
single individual unit you buy.
Question:
5. Lean system
Answer:
A system that continually searches for and eliminates waste and delays
throughout the value chain.
Question:
6. JIT philososphy
Answer:
1. Only produce what is needed, 2. Make problems visible, act immediately when
they occur. push system, pull system
, Question:
7. Inventory Management
Answer:
The planning and controlling of inventories to meet the competitive priorities of
the
organization
Question:
8. Inventory
Answer:
A stock of materials used to satisfy customer demand or to support the
production of
services or goods
Question:
9. Raw Material Inventory
Answer:
Unprocessed, purchased inputs
Question:
10. Work-in-process (WIP) Inventory
Answer:
Partially processed goods. Raw materials have been transformed, but not
completed
Question:
11. Finished Goods Inventory
Answer:
Completed product ready for shipment or sale
Question:
12. cu
Answer:
= profit margin. Selling Price - Purchase Cost
Question:
13. co
Answer:
= loss margin. Purchase Cost - Salvage value
