| A | B |
|---|
| receiving record | a form that is used to describe the goods received by a business |
| blind check method | way of checking inventory that requires the receiver to write the description of the merchandise, count the quantities received, and list them on a blank form or dummy invoice |
| direct check method | way of checking inventory in which the merchandise is checked directly against the actual invoice or purchase |
| spot check method | way of checking inventory in a random check of one carton in a shipment |
| quality check method | checking inventory to inspect the workmanship and general characteristics of the received merchandise |
| source marking | use of Universal Product Codes (UPCs) in which the seller or manufacturer marks the price before delivering the merchandise to the retailer |
| preretailing marking method | pricing information is marked on merchandise in advance on the purchase order |
| inventory | an amount of goods stored, including raw materials, purchased components, manufactured subassemblies, works in process, packaging materials, and finished goods |
| inventory management | the process of buying and storing products for sale while controlling costs for ordering, shipping, handling, and storage |
| just-in-time (JIT) inventory system | an arrangement in which suppliers deliver parts and raw materials just before they are needed for production |
| perpetual inventory system | tracks the number of items in inventory on a constant basis |
| physical inventory system | method of physical inventory control in which stock is inspected or actually counted to determine the quantity on hand |
| tickler control | method of physical inventory control in which a small portion of the inventory is physically counted each day so that the entire inventory is accounted for on a regular basis |
| dollar control | method of stock control that represents the planning and monitoring of the total inventory investment that a business makes during a stated period |
| unit control | method of stock control which measures quantities of merchandise that a business handles during a stated period |
| stockkeeping unit (sku) | each item or group of related items in a unit control inventory system |
| stock turnover | the number of times the average inventory has been sold and replaced in a given period of time |
| basic stock list | inventory monitoring plan used for staple items that should always be in stock |
| model stock list | inventory monitoring plan used for fashionable merchandise |
| never-out list | inventory monitoring plan used for best-selling products that make up a large percentage of sales volume |
| real time inventory system | system of inventory that lets a company constantly track every product it sells from when it's manufactured, or when it arrives in its warehouse, to when the customer orders it online, to when it arrives at the buyer's door |
