What is the EOQ model used for?

A$)$ To minimize holding and ordering costs

B$)$ To predict customer demand

C$)$ To classify inventory items

D$)$ To calculate safety stock levels

Which inventory system uses fixed time intervals for reordering?

A$)$ Perpetual inventory system

B$)$ Fixed$-$order interval system

C$)$ Reorder point system

D$)$ Just$-$in$-$time inventory system

Which of the following is an example of perishable inventory?

A$)$ Electronics

B$)$ Dairy products

C$)$ Machinery

D$)$ Furniture

In an ABC classification system, which class represents the most valuable items?

A$)$ Class A

B$)$ Class B

C$)$ Class C

D$)$ Class D

What is the reorder point?

A$)$ The maximum inventory level

B$)$ The level at which an order should be placed

C$)$ The minimum inventory level

D$)$ The average inventory level