Chapter 23 Vocab (NO SPACES BETWEEN WORDS)

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Across
  1. 2. management of the everyday activities that keep a business running
  2. 3. a system that tracks inventory on a continual basis and calculates the inventory value for accounting purposes after each inflow or outflow occurs
  3. 4. The quantity of merchandise
  4. 5. the everyday activities that keep a business running
  5. 7. stealing, particularly of small amounts over time
  6. 9. inventory kept to protect against a stock out due to unusually high demand or unusually long lead times
  7. 14. a process for counting and tracking inventory so that inventory value can be calculated
  8. 17. the process of becoming obsolete
  9. 18. a system that calculates inventory value for accounting purposes at periodic times
  10. 21. the number of times during a given time period that inventory is completely sold out
  11. 22. a system in which the goal is to maintain just enough inventory to keep the business operating, with virtually no inventory kept in storage
  12. 23. the money paid for inventory
Down
  1. 1. when you rely on humans to physically count inventory items is the system of choice for most new small business owners
  2. 6. a procedure or set of guidelines that specifies exactly how something should be done or handled
  3. 8. combines elements of the perpetual inventory system and the periodic inventory system
  4. 10. The quality of being believable, trustworthy, or keeping one’s promises
  5. 11. any loss of inventory that occurs between the time the inventory is purchased and the time it is used or sold
  6. 12. occurs when an item in inventory is completely gone
  7. 13. customers that buy from the same business over and over again, not just one time
  8. 15. the monetary value of the merchandise
  9. 16. verbal marketing or publicity
  10. 19. a manufacturing term that refers to work performed to correct defects in a product
  11. 20. a statement from a seller, usually in writing, that promises that purchased goods and/or services meet certain standards and describes the conditions under which particular problems will be fixed by the seller at no cost to the buyer