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inventory c.7-3
Question | Answer |
---|---|
PROFIT | MORE RECEIPTS THAN EXPENSE |
MARKUP | SELLING PRICE-MINUS-PRUCHASE PRICE(ACTUAL COST)ALSO CALLED GROSS PROFIT |
DISCOUNT | REDUCED PRICE OFFERED TO CUSTOMERS. MOST STORES HAVE A SENIOR DISCOUNT |
NET PROFIT | (GROSS PROFIT-MINUS-DISPENSING FEE) |
DEPENSING FEE | CHARGE APPLIED TO PRICE OF PRESCRIBTION TO ACCOUNT FOR EXPENSES AND COST OF RUNNING BUSINESS |
MAC [MAXIMUM ALLOWABLE COST] | MAXIMUM COST PAID BY A INSURANCE WHEN SEVERAL PRODUCTS ARE AVAILABLE |
WAC [WHOLESALER ACQUISITION COST] | CONTRACTS NEGOTIATED BETWEEN THE PROVIDER AND THE PHARMACEUTICAL INDUSTRY |
COMMON EXSAMPLES OF PBM | EXPRESS SCRIPTS, CAREMARK, MEDCO [PCS, PAID BOUGHT OUT] |