Match the descriptions that follow with the corresponding terms.

Descriptions:

1. ______ Inventory system in which goods are manufactured or purchased just as they are needed for use.

2. ______ A method of allocating overhead based on each product’s use of activities in making the product.

3. ______ Systems that are especially important to firms adopting just-in-time inventory methods.

4. ______ One part of the value chain for a manufacturing company.

5. ______ The U.S. economy is trending towards this.

6. ______A performance-measurement approach that uses both financial and nonfinancial measures, tied to company objectives, to evaluate a company’s operations in an integrated fashion.

Terms:

(a) Activity-based costing

(b) Balanced scorecard

(c) Total quality management (TQM)

(d) Research and development, and product design

(e) Service industries

(f) Just-in-time (JIT) inventory