Procuring, Receiving, and Inventory Management Flashcards Preview

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Flashcards in Procuring, Receiving, and Inventory Management Deck (33)
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1

Open-market buying

used by small FS; bid quotes via phone/fax

2

formal competitive bid buying

specs are written and submitted to vendors so they may bid, usually sealed and opened on a certain date; clearly written with little misunderstanding regarding quality, price; time consuming

3

fixed bid

price does not change during time period of the contract; usually used for large amounts

4

daily bid

bids may vary based on supply and fluctuation of goods

5

specifications

describes the product being purchased; may include grade, frozen/frozen, amount, etc.

6

USDA grades

US Grade No.1 = wholesale fresh fruit and vegetables

US Grade A = canned, frozen, dried fruits/vegetable

USDA Grade A = eggs

USDA Prime, Choice, Select = beef grades (fat, juiciness, tenderness)

7

No. 10 can

12-13 cups or 96-117 oz.

8

No. 3 cyl can

5 3/4 cups or 51 oz. or 46 fl oz.

9

No. 2 1/2 can

3 1/2 cups or 26-30 oz.

10

No. 2 can

2 1/2 cups or 20 oz. or 18 fl. oz

11

Prime vendor

agreement with single vendor to purchase majority of goods or product needs

12

Group purchasing

independent foodservices with similar needs join to purchase together to receive increased choices and cost reductions due to large purchasing volume

13

Centralized

appointed purchasing office buys goods for organization as a whole

14

Centralized

appointed purchasing office buys goods for organization as a whole

15

Independent

all department in the organization buy goods for themselves

16

Just in time

purchase as needed for production w/out having to store products

17

Type A Contract (exclusive)

buyer agrees to purchase from only one vendor/sellers generally for a specific period of time

18

Type B Contract (partially exclusive)

buyer agrees to purchase from one vendor unless insubstantial supply then allowed to go to another vendor

19

Type C Contract (open)

buyer may purchase with any vendor

20

Dual A Contract

similar to type A contract but buyer is able to purchase from 2 vendor

21

Primary vendor

majority of goods are supplied by one vendor

22

Procurement decisions: product selections

based on equipment, staffing, budget, etc.

23

Procurement decisions: cost analysis

categorizes cost to evaluate marketing activities and cost effectiveness of the current marketing activities

24

Blind receiving

clerk uses a record form, which quantities are blocked out to record items actually delivered; good security measure to ensure products are checked in and documented accurately

25

Invoice receiving

items are checked in by comparing delivering items to the purchase order

26

Dry storage

temperature 50-70 F

humidity 50-60%

number of doors should be limited to increase security

27

Refrigerator and freezer storage

Dairy, eggs, meat = 32-40 F

F/V - 40-45 F

Humidity = 80-95%

Freezer temps = -20-0 F

28

ABC Inventory Method

A = Most expensive

B = Lesser value

C = lowest expense

29

LIFO

last in first out

30

FIFO

first in first out