Problem 13-2 1. Economic order quantity = an inventory control system that seeks to minimize the sum of ordering, carrying, and stockout costs (N) 2. Materials requirements planning = An inventory control system that triggers production based on forecasted sales. (F) 3. Just in time inventory system = An inventory control system that triggers production based upon actual sales. (E) 4. Purchase requisition = A document used to authorize a reduction in accounts payable when merchandise is returned to a supplier. (G) 5. Imprest fund = The method used to maintain the cash balance in the petty cash account. (B) 6. Purchase order = A document that creates a legal obligation to buy and pay for goods or services. (A) 7. Kickbacks = A fraud in which a supplier pays a buyer or purchasing agent in order to sell its products or services. (S) 8. Procurement card = A special purpose credit card used to purchase supplies. (R) 9. Blanket purchase order = An agreement to purchase set quantities at specified intervals from a specific supplier. (P) 10. Evaluated receipts settlement (ERS) = A process for approving supplier invoices based on a two-way match of the receiving report and purchase order. (H) 11. Disbursement voucher = A document used to list each invoice being paid by a check. (M) 12. Receiving report = A document used to record the quantities and condition of items delivered by a supplier. (Q) 13. Debit memo = A document used to authorize a reduction in accounts payable when merchandise is returned to a supplier. (D) 14. Vendor managed inventory = A system whereby suppliers are granted access to point-of-sale (POS) and inventory data in order to automatically replenish inventory levels. (O) 15. Voucher package = Combination of a purchase order, receiving report, and supplier invoice that all relate to the same