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MISYS > Lesson 12: Material Management System > Flashcards

Lesson 12: Material Management System Flashcards

1
Q

could be used as a first step in the process of purchasing. This is used internally to identify a need for an item

A

purchase request

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2
Q

a document which is made by a user to notify the purchasing department regarding needed items and services

A

purchase request

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3
Q

This document specifies quantities, as well as a timeframe for the items requested. It could also contain the authorization information needed to proceed with the purchase.

A

purchase request

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4
Q

allows one to track the vendor quotations for items

A

purchase quotation

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5
Q

could also be created from sales orders by using the procurement confirmation wizard

A

quotation

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6
Q

one of the biggest expenses for most medical institutions

A

inventory

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7
Q

plays an important part in refining the quality of healthcare services, since the lives of the people are on the line, as well as because medical costs are increasing

A

Inventory control

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8
Q

used for maintenance of the attributes of an inventory item, such as product type, item class, item type, etc. If the balance and order activity is zero (0), items can be deleted using this option

A

Item Tab

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9
Q

the minimum quantity of an item that a company has in stock, so when the stock reaches the minimum quantity stated, the item must then be re-ordered (Purchase Order/Production Order)

A

Re-order Level

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10
Q

A basic re-ordering method implemented in many ERPs and other inventory management software is the??

A

Min/Max inventory ordering method

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11
Q

The ——– value is representative of a stock level that prompts a re-order

A

min

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12
Q

the ——- value is representative of a new targeted stock level that follows the re-order

A

max

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13
Q

the starting point of a sale or purchase process

A

Enquiries

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14
Q

leads to getting information from a vendor/supplier for the requirement at hand

A

Enquiries

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15
Q

leads to establishing a connection with the right vendor/supplier in order to get a quotation, place an order, and receive the requirements

A

Enquiries

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16
Q

consist of various pieces of vital information of a requirement towards a sale/purchase

A

Quotations

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17
Q

state important information such as price, delivery times, delivery details, payment terms, taxation, etc.

A

Quotations

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18
Q

a stated intention, either spoken or written, to engage in a commercial transaction for specific products or services

A

an order

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19
Q

From a buyer’s point of view it expresses the intention to buy and is called a ——-

A

purchase order

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20
Q

From a seller’s point of view it expresses the intention to sell and is referred to as a —–

A

sales order

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21
Q

a commercial document issued by a seller to the buyer, indicating the products, quantities, and agreed prices for products or services the seller has provided the buyer

A

invoice or bill

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22
Q

indicates the sale transaction only

A

invoice

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23
Q

is a document for requesting prices and delivery information from a vendor before the purchase order

A

purchase quotation

24
Q

a document that notifies the purchasing department that certain items or services need to be replenished

A

Purchase Request or Purchase Requisition

25
Q

The document stipulates a timeframe and required quantities for the items requested. In certain instances, it also contains authorization to acquire assets

A

Purchase Request or Purchase Requisition

26
Q

a document which records a business transaction between the buyer and the seller

A

Purchase Order

27
Q

name, address, and contact info of party giving money for goods

A

Buyer

28
Q

name, address, and contact info of party receiving money for goods

A

Seller

29
Q

a unique ID number to track each business transaction

A

Order Number

30
Q

details, quantity of goods, cost per unit, and total price of goods

A

Item Description

31
Q

where the goods will be shipped

A

Shipping Address

32
Q

when the goods will be delivered to the final location

A

Shipping Date

33
Q

location of where the invoice should be sent so the Buyer can pay

A

Billing Address

34
Q

signature of Buyer offering to buy and signature of Seller accepting

A

Signature

35
Q

when the business transaction occurred

A

Order Date

36
Q

The person who creates the document, either a purchase request or order

A

the originator

37
Q

Inventory items are sold in the order they are purchased. This is the most common technique.

A

First In, First Out (FIFO)

38
Q

Last to enter the system are sold first. This is common among non-perishable items like petroleum, minerals, and metals.

A

Last In, First Out (LIFO)

39
Q

Materials are sold based on date they should be consumed, regardless of when it was purchased.

A

First Expired, First Out (FEFO)

40
Q

This system can be used to manage functions like purchasing, accounting, inventory management, and patient supply charges

A

Materials Management Information Systems

41
Q

Tracks the receipt and uses it for inventory, and calculates the quantity on hand.

A

Perpetual inventory

42
Q

An alternative to physical inventory, may be less disruptive

A

Cycle counting

43
Q

These are supplementary technologies that can be used in combination with the material management system in order to have more accurate and less burdensome inventory counts

A

Barcode and RFID

44
Q

A process where a business physically counts its entire inventory

A

Inventory count

45
Q

may be mandated by financial accounting rules or the tax regulations to place an accurate value on the inventory, or the business may need to count inventory so component parts or raw materials can be restocked

A

Physical inventory

46
Q

What are the material management system issues?

A

Item indents and re-order level

47
Q

It takes physical possession and legal ownership of the shipment

A

Receiving Department

48
Q

An internal request is immediately sent to the first approval stage when the approval process is launched.

A

Message/ Alert Overview

49
Q

Form specifies inventory levels across all warehouses

A

Item availability

50
Q

the person receiving the product should sign the receiving documents provided by the supplier or shipping company. The person receiving the delivery should inspect the items before signing the receipt and should also initial the packing list. Then, he or she must submit the packing list to the appropriate person (Accounts Payable, Requester, Asset Management) for financial reconciliation.

A

Signing for delivery

51
Q

departments should refuse to accept shipments if they are unable to confirm that the order was placed by their department, or if the packing appears sufficiently damaged to warrant concern.

A

Refusing delivery

52
Q

it is important for the supplier to provide the department with a packing list for all shipments delivered to the department.

A

Record retention

53
Q

Departments should contact the appropriate Purchasing Agent whenever a purchase is received as a partial delivery without acknowledgement or notification from the supplier. This information is typically noted on the packing list.

A

Partial deliveries

54
Q

Goods can be easily tracked /traced when they are managed by serial or batch. Aging of products can occur if the items are slow moving/stay longer in the warehouse.

A

Tracking of Goods

55
Q

Persons receiving shipments should, upon acknowledging receipt of an order

A

Inspecting a shipment

MISYS (13 decks)

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