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
Q

Open-market buying

A

used by small FS; bid quotes via phone/fax

2
Q

formal competitive bid buying

A

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
Q

fixed bid

A

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

4
Q

daily bid

A

bids may vary based on supply and fluctuation of goods

5
Q

specifications

A

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

6
Q

USDA grades

A

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
Q

No. 10 can

A

12-13 cups or 96-117 oz.

8
Q

No. 3 cyl can

A

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

9
Q

No. 2 1/2 can

A

3 1/2 cups or 26-30 oz.

10
Q

No. 2 can

A

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

11
Q

Prime vendor

A

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

12
Q

Group purchasing

A

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

13
Q

Centralized

A

appointed purchasing office buys goods for organization as a whole

14
Q

Centralized

A

appointed purchasing office buys goods for organization as a whole

15
Q

Independent

A

all department in the organization buy goods for themselves

16
Q

Just in time

A

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

17
Q

Type A Contract (exclusive)

A

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

18
Q

Type B Contract (partially exclusive)

A

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

19
Q

Type C Contract (open)

A

buyer may purchase with any vendor

20
Q

Dual A Contract

A

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

21
Q

Primary vendor

A

majority of goods are supplied by one vendor

22
Q

Procurement decisions: product selections

A

based on equipment, staffing, budget, etc.

23
Q

Procurement decisions: cost analysis

A

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

24
Q

Blind receiving

A

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
Q

Invoice receiving

A

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

26
Q

Dry storage

A

temperature 50-70 F

humidity 50-60%

number of doors should be limited to increase security

27
Q

Refrigerator and freezer storage

A

Dairy, eggs, meat = 32-40 F

F/V - 40-45 F

Humidity = 80-95%

Freezer temps = -20-0 F

28
Q

ABC Inventory Method

A

A = Most expensive

B = Lesser value

C = lowest expense

29
Q

LIFO

A

last in first out

30
Q

FIFO

A

first in first out

31
Q

Mini-max system

A

establishes minimum and maximum amount of stock needed on hand;

Maximum level = order quantity + minimum level

minimum level = time to reorder

32
Q

perpetual inventory

A

on-going record of amounts on hand; incoming added to amounts on hand

33
Q

physical inventory

A

actual count of items at specified time. It is a good practice to take a physical inventory count at least once every year