Write True or False after each of the following statements - Leaving Cert Business - Question 7 - 2020
Question 7
Write True or False after each of the following statements.
1. Electronic Data Interchange (EDI) involves a business exchanging its customer's data with other busin... show full transcript
Worked Solution & Example Answer:Write True or False after each of the following statements - Leaving Cert Business - Question 7 - 2020
Step 1
1. Electronic Data Interchange (EDI) involves a business exchanging its customer's data with other businesses.
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Answer
False
Step 2
2. Just in Time (JIT) Production allows manufacturing businesses to reduce costs by keeping stock of raw materials to a minimum.
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Answer
True
Step 3
3. Lead Time is the amount of time it takes a supplier to fulfill an order.
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Answer
True
Step 4
4. Economies of scale increase costs when a business buys large quantities of raw materials in bulk at a discount.
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Answer
False or True
Step 5
5. Optimum stock level is the ideal amount of stock a business should have at any given time.
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Answer
True
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