To Reduce the Cost of Holding Too Much Inventory, Many

question 216

Multiple Choice

To reduce the cost of holding too much inventory, many companies have implemented

• A) ABC inventory management.
• B) first-in, last-out inventory control.
• C) just-in-time inventory control.
• D) maximum inventory management.

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Definitions:

Management Philosophy

Relates to the set of beliefs and principles that guide the decision-making, strategies, and leadership practices of a manager or organization.

Type of Business

Categories or classifications of commercial organizations based on factors like ownership, size, and product or service rendered.

Chapter 7

A provision of U.S. bankruptcy law under which an individual or business liquidates assets to pay off debts under the guidance of a court-appointed trustee.

Trustee

Someone legally appointed to manage and administer property or assets for the benefit of another, often used in contexts like bankruptcy, trust funds, and estates.