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11 Cards in this Set
- Front
- Back
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Merchants? |
Wholesalers and retailers who purchase for resale |
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Industrial buyers? |
Purchase raw materials for conversion, services, capital equipment, and MRO supplies |
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Purchasing? |
Key business function for acquiring materials, services, and equipment |
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Contracting? |
Term often used for the acquisition of services |
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Profit leverage effect? |
A decrease in purchase spend directly increases profits before taxes |
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Return on assets effect? |
Indicates how efficiently management is using its total assets to generate profits |
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Inventory turnover effect? |
Increased inventory turnovers indicate optimal utilization of space and inventory levels, increased sales, avoidance of inventory obsolesce |
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Advantages of the e-procurement system? |
1. Time saving 2. Cost savings 3. Accuracy 4. Real time use 5. Mobility 6. Trackability 7. Management benefits 8. Supplier benefits |
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Barter? |
Complete exchange of goods or services of equal value without the exchange of currency |
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Offset? |
Exchange agreement for industrial goods or services as a condition of military related export |
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Counter purchase? |
The original exporter agrees to sell goods or services to a foreign importer and simultaneously agrees to buy specific goods or services from the foreign importer |
