Which of the following is an example of scarcity, rather than shortage? a. a popular toy is sold out during the busy holiday season. b. you have spent your last penny and payday is a week away. c. a person wants an endless supply of everything but cannot have it. d. dairy items were rationed in america during world war ii. select the best answer from the choices provided a b c d

Which of the following is false regarding the links between jit and quality? a. jit increases the cost of obtaining good quality. b. as quality improves, fewer inventory buffers are needed; in turn, jit performs better. c. jit reduces the number of potential sources of error by shrinking queues and lead times. d. inventory hides bad quality; jit immediately exposes it. e. if consistent quality exists, jit allows firms to reduce all costs associated with inventory.

Which critical success factor improves with reduced cycle time, better quality standards, and improved efficiency when an is is implemented?

As related to a company completing the purchase to pay process, is there an accounting journal entry "behind the scenes" when xyz company pays for the goods within 10 days of the invoice (gross method is used for discounts and terms are 2/10 net 30) that updates the general ledger?