Select from the option list provided the characteristic of a computer-based purchasing cycle that is being described. Each choice may be used once, more than once, or not at all. Statement

Answer

1. Accepts the shipment and enters the count and other relevant information into the receiving program.
2. Ensures the propriety of supplier transactional data prior to accepting the input.
3. Receives a requisition request once inventory levels fall below the reorder point.
4. Tests the characters in certain fields to verify that they are of an appropriate type.
5. Enters invoice information into the invoice program to test the information against that in the open purchase order file.
6. Safeguards the goods once processed by the receiving agent.
7. Approves the appropriate vendor.
8. Receives invoice from vendor and enters invoice information into the invoice program.

Fill in the blank:

Receiving agent, Accounts Payable, Payroll, Purchasing Agent, Validity test, Inventory warehouse, credit manager, Field checks, Account Receivable

Aprice ceiling is “binding” if the price ceiling is set below the equilibrium price. suppose that the equilibrium price is $5. if a price ceiling is set at $6, this will not affect the market in any way since $5 remains a legally allowable price (since $5 < $6). a price ceiling of $6 is called a “non-binding” price ceiling. on the other hand, if the price ceiling is set at $4, the price ceiling is “binding” because the natural equilibrium price is $5 but that is no longer allowed. what happens when there is a binding price ceiling? at a price below the equilibrium price, quantity demanded exceeds quantity supplied. there is a shortage. normally, price increases eliminate shortages by increasing quantity supplied and decreasing quantity demanded. in this case, however, price increases are not allowed past the price ceiling. we therefore predict that the observed market price will be right at the price ceiling and there will be a permanent shortage. the observed quantity bought and sold will be dictated by the quantity supplied at the price ceiling. although consumers would like to buy more, there are no more units for sale

You hear your supervisor tell another supervisor that a fire drill will take place later today when the fire alarm sounds that afternoon you should

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