CPPB TEST - DOMAIN V QUESTIONS AND ANSWERS

CPPB TEST - DOMAIN V QUESTIONS AND ANSWERS LAST-IN FIRST OUT (LIFO) - ANS ️️ Utilized in Private Sector. Due to taxes, it is beneficial to use the latest received item JUST-IN-TIME (JIT) INVENTORY - ANS ️️ Inventory system in which companies manufacture or purchase goods just in time for use. Technique focused on the inventory reduction and value- added activity. SCRAP - ANS ️️ Consist of ferrous and non-ferrous metal as well as non- metallic scrap such as wood, paper, plastic and other materials that do not meet requirements or standards and cannot be worked economically WASTE - ANS ️️ Non-metallic scrap that has some market value RUBBISH - ANS ️️ Refuse that does not have any market value but must be disposed of OBSOLETE SUPPLIES/EQUIPMENT - ANS ️️ It is made up of items that are out of date, no longer in use or are effectively unusable EXCESS - ANS ️️ Materials no longer needed by the current owner but designated for transfer to another unit within the entity. SURPLUS EQUIPMENT - ANS ️️ Refers to government equipment that is no longer needed by the agency and is designated for disposal outside of a government organization.