If a hospitality operation's annual cost of goods sold equals $425,00, its begining inventory is $27,000, and its ending inventory is $11,800, the inventory turnover is approx.:
Term
alienating local suppliers
Definition
The potential advantages of centralized purchasing, as it is commonly done by large chain operations, include all of the following except:
Term
all of the above
Definition
which of the following restricts a buyer's purchasing authority?
Term
the size of the onion
Definition
if you want to purchase oninons to use to make fresh onion rings, which of the following types of information, should you include on a product spec for these onions?
Term
true
Definition
price normally follows quality; a higher quality is normally accompanied by a higer purchase price.
Term
cash discount
Definition
If you pay your bill before the due date, you may be able to obtain a
Term
false
Definition
Very few hospitality operations establish written ethical guidelines for their buyers because it takes too much time to develop them.
Term
false
Definition
If a restaurant's menu lists "Alaskan Crab," then the crab that is served to customers must originate from the Atlantic Ocean
Term
true
Definition
When an operator frequently runs out of products and depends on emergency deliveries to meet customer needs, it is quite likely that the operator is paying higher AP prices than necessary.
Term
true
Definition
Small and medium-sized hospitality operations usually do not employ full-time buyers
Term
all of the above
Definition
A food item's "point of origin" is an important purchasing and menu planning consideration because
Term
$15,000
Definition
What would be the approximate food, beverage, and nonfood supplies inventory value of a full-service restaurant with an annual sales volume of $1,500,000?
Term
the company's customers may become irritated
Definition
A stockout is intolerable to a buyer's company primarily because
Term
false
Definition
No foods are required by federal law to be graded for quality by a federal inspector; it is strictly a voluntary program.
Term
the annual cost of merchandise sold divided by the average inventory dollar value
Definition
the inventory turnover is equal to:
Term
all of the above
Definition
one of the typical responsibilities a vice president of purchasing has is
Term
true
Definition
even through a meat packer does not wish to purchase the us government service, he or she must still undergo inspection for wholesomeness.
Term
the lowest possible ap price
Definition
the objective of bid buying is to obtain
Term
true
Definition
a good policy regarding free samples from suppliers is to accept a free sample only if there is a serious interest in the product
Term
serves a captive audience
Definition
the materials budget procedure is most likely to be used by a hospitality operation that
Term
back door selling
Definition
a sales person consulting with the user of a price of equipment instead of with the buyer, is an example that
Term
"you buy from me, I'll buy from you"
Definition
reciprocal buying reffers to:
Term
none of the above
Definition
which one of the following is a typical measure of quality used by foodservice buyers?
Term
ture
Definition
under the materials budget concept, the buyer is given a certain amount of money with which to purchase merchandise and is not allowed to exceed this amount.
Term
owner-manager
Definition
in a small hospitality operation, which one of the following would most likely to be responsible for ordering and recieving merchandise?
Term
meets the sanitation standards set by NSF International
Definition
The NSF International approval seal on a piece of foodservice equipment indicates that the equipment:
Term
true
Definition
the "most suitable" quality is not allways the "highest" quality
Term
all of the above
Definition
which one of the following discounts is legal for the buyer to accept from food suppliers?
Term
buyers can qualify for a lower ap price
Definition
a major advantage of co-op purchasing is
Term
national contract
Definition
a contract that covers the ap price each restraunt in a large multi-unit hospitality corporation must pay, is reffered to as a:
