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Product creation

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In this video, learn how to create products from the Point of Sale backend or the frontend.

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1. What are the three "Product Type" options and their functions?
Physical, Digital, and Bundled: Products that are tangible, electronic, or grouped. Consumable, Durable, and Assembled: Products that are used up, last a long time, or are built when ordered. Goods, Service, and Combo: Consumable or storable products, intangible items needing follow-up, or sets of multiple products. Storable, Non-Storable, and Variant: Products that are inventory-managed, not inventory-managed, or have different attributes.
2. What is the fundamental principle behind the "Standard Price" costing method when used for product valuation?
Management sets a fixed, predetermined cost that remains unchanged until further notice. Inventory valuation is determined by the average cost of all items over a specified period. The cost is affected by the assumption that the first units purchased are also the first units sold. It tracks and analyzes the precise purchase price of each individual item to evaluate its value.
3. What product details does the POS system autofill when creating a new product via barcode lookup?
Supplier details, manufacturing lead time, internal product code, and the product's weight for shipping calculations. Customer reviews, promotional discounts, warranty information, and the product's dimensions for shelf placement. Inventory levels across all warehouses, sales history for the past year, competitor pricing, and the product's nutritional information. Product name, a corresponding image, the standard sales price, and potentially other basic descriptive details.
4. Which of the following best exemplifies a product that would be classified under the "Service" category?
A pre-assembled computer system since it is a tangible good that is sold as a complete package to the customer. A software license with one year of technical support included, as the support aspect represents a follow-up activity after the initial sale. A gift certificate redeemable for merchandise in the store, as it represents a form of stored value to be used for future purchases. A handcrafted piece of jewelry that requires careful packaging and handling due to its delicate nature and high value.