INVENTORY

When something is OBSOLETE it is

• Free

• Expensive

• Not useful

• Wanted

A complete list of items such as property, goods in stock, or the contents of a building is called

• Process

• Unsustainable

• Inventory

• Procedure

In inventory management the term SHRINKAGE is used to define

• Stolen products

• Products gone bad

• Damaged products

• Missing stock

• All of the above

in Inventory Management FIFO means

• Your oldest stock gets sold first

• Your oldest stock gets sold last

• Your stock is fresh

• Never rotate stock

A PAR level can vary depending on the product

• TRUE

• FALSE

Drop shipping is beneficial because

• a company has a warehouse

• a company does need to carry inventory

• inventory is a liability

FIFO inventory technique is most important for

• Clothes

• Machines

• Perishables

• Equipment

Par levels define the

• amount of cash tied up in inventory

• minimum amount of product that must be on hand at all times.

• Amount of items that are back ordered

• Drop shipping methods

Inventory on hand which has been paid is considered

• An asset

• A liability

Inventory management helps businesses be successful…. It requires the understanding of

• Inventory Levels

• Inventory Value

• Both