4.02A Key Term Flash Cards

Front

Bottom line

Back

A business’s net income; the decisive point.

Front

Holding cost

Back

The money it takes to keep inventory in stock.

Front

Inputs

Back

In the operations function—resources utilized.

Front

Inventory

Back

All the stock that a business has on hand.

Front

Inventory control

Back

Tracking the amount, the kind, and the value of inventory that a business has on hand.

Front

Logistics

Back

Refers to managing the flow of goods and services from production to consumption.

Front

Operations

Back

The day-to-day activities for continued business functioning.

Front

Outputs

Back

In the operations function - goods or services.

Front

Purchasing

Back

The buying of goods and services for a business.

Front

Quality control

Back

Ensuring the degree of excellence of a good or service.