What Is the Goal of Inventory Control

question 157

Multiple Choice

What is the goal of inventory control?

• A) to estimate proper usage rates
• B) to determine order timing and order quantity
• C) to minimize inventory levels while maintaining an adequate supply to meet customer demands
• D) to integrate JIT to reduce risks of obsolescence,theft,and damage

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Definitions:

Imposed Nonexchange Revenues

Revenues collected by the government through taxes, fines, and other charges not in exchange for specific goods or services.

Government Mandated

Requirements or actions imposed by a government body that organizations or citizens must follow.

Voluntary Nonexchange Transactions

Transactions where an entity voluntarily gives or receives value without directly receiving or giving equal value in exchange.

Fund

A pool of money set aside for a specific purpose or managed to generate financial returns.