unit 4: sources of buying

Question 1

intermediary

Answer 1

business that acts as a link between buyers and sellers in chain of distribution

Question 2

distributor

Answer 2

agent who supplies goods to retailers

Question 3

requisition form

Answer 3

internal document to request supply of something that is needed by employee/department

Question 4

invoice

Answer 4

business document that contains details

e.g. amount owed, about exchange of goods

Question 5

just-in-time

Answer 5

approach to manufacturing
storing materials as little as possible
regular deliveries

Question 6

tariffs

Answer 6

tax paid on imported goods

Question 7

protectionism

Answer 7

approach used by gov. to protect domestic producers

Question 8

middleman

Answer 8

person/business that buys goods from producers and sells them to retailers

Question 9

mark-up

Answer 9

increasing price of something
to cover additional costs/ increase profitability

Question 10

credit

Answer 10

practice of buying now and paying later

Question 11

outsource

Answer 11

to arrange for somebody outside a business to carry out work for business