WAREHOUSING and HIRE PURCHASE

Question 1

What is Warehousing?

Answer 1

Refers to the process of storing goods or inventory before they are sold or distributed. Key

Question 2

What are the key points Warehousing?

Answer 2

1. Warehouses provide safe and organized storage for products.
2. They help track item location, arrival dates, duration in storage, and quantity on hand.
3. Warehouses play a crucial role in the supply chain, facilitating the flow of products from businesses to consumers.
4. These warehouses are often located at strategic location, much closer to the consumers to facilitate timely deliveries.

Question 3

What is Hire Purchases?

Answer 3

Is an arrangement for buying expensive goods where the buyer makes an initial down payment and pays the remaining balance plus interest in installments. It is a form of credit sales that allows purchasing an asset without paying its full value immediately.

Question 4

What is Hire Purchase?

Answer 4

1. A form of credit sales.
2. Enables ownership of expensive items without full upfront payment.
3. Ownership is typically transferred to the buyer after the final installment is paid.
4. Common for high-value items like vehicles and electronics.