Stock Flashcards
1
Q
Stock
A
Is any item stored by a business for use in production or sales.
2
Q
Stock graph
A
Used to control level of stock in business.
3
Q
Just in Time
A
A business holds no stock and relies upon suppliers to deliver the material exactly when they are needed.
4
Q
Retailer
A
A business that sells goods to the individual customers not to other businesses.
5
Q
Type of stock
A
Raw materials
Semi finished stock
Finished stock
6
Q
Buffer stock
A
The minimum number of stock that business want to have available any time.
7
Q
Advantages of JIT
A
Less space needed for holding stock
Waste reduction-less stock is wasted(expired, damaged)
Small investment
8
Q
Disadvantages of JIT
A
Risk running out of stock
Lack of control over time frame-puts you at the risk delaying your customer’s orders
More planing required
