Retention Periods of Backups Can Be a Specific Number of Months

question 8

True/False

Retention periods of backups can be a specific number of months or years,depending on legal requirements and company policy.

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Definitions:

Excess Inventory

A situation where a company holds a larger amount of inventory than it can sell or use within a reasonable period, often leading to increased costs.

Tied-up Funds

Money that is currently invested, in use, or otherwise not readily available for free spending or other investment opportunities.

Lost Sales

Potential sales that were not realized due to stock shortages, inadequate service, or other operational issues.

Retail Method

An accounting method used to estimate inventory value by applying a cost-to-retail price ratio, based on the beginning inventory plus purchases, less the sales at retail.