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Inventory Management Quiz

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1. What is the primary purpose of inventory management?

2. What is the term for the costs associated with storing excess inventory?

3. What inventory management technique aims to minimize inventory by purchasing or producing only when needed?

4. What is the meaning of SKU in the context of inventory management?

5. What principle suggests that about 80% of a company's sales come from 20% of its products?

6. What method of inventory valuation assumes that the most recently purchased inventory is sold first?

7. What inventory management methodology involves classifying inventory items based on their value and usage?

8. What is the Economic Order Quantity (EOQ) model used for?

9. In inventory management, what is safety stock?

10. What method of inventory valuation is commonly used by grocery stores, where the oldest inventory items are sold first?