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Write True or False after each of the following statements - Leaving Cert Business - Question 7 - 2020

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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.

96%

114 rated

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.

99%

104 rated

Answer

True

Step 3

3. Lead Time is the amount of time it takes a supplier to fulfill an order.

96%

101 rated

Answer

True

Step 4

4. Economies of scale increase costs when a business buys large quantities of raw materials in bulk at a discount.

98%

120 rated

Answer

False or True

Step 5

5. Optimum stock level is the ideal amount of stock a business should have at any given time.

97%

117 rated

Answer

True

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