What does FIFO stand for?, A) First In, First Out, B) Fast Inventory, Fast Order, C) First In, Final Out, D) First Item, First Output, Which of the following best describes the FIFO method in business?, A) The oldest stock is sold first, and the newest stock remains in inventory, B) The newest stock is sold first, and the oldest stock remains in inventory, C) All stock is sold randomly, D) Stock is sold based on item price, Q3. Why do businesses like supermarkets use FIFO for perishable goods?, A) To sell the newest items first, B) To reduce waste and prevent products from expiring, C) To make accounting more complicated, D) To increase storage costs, Q4. A store bought 100 bottles of juice in January and 50 bottles in February. If it sells 120 bottles, which bottles are sold first under FIFO?, A) 50 bottles from February, then 70 from January, B) All bottles from February first, then January, C) Bottles are sold randomly, D) 100 bottles from January, then 20 from February, Q5. Which of the following items would most likely require FIFO?, A) Computers and office furniture, B) Milk and bread, C) Books in a library, D) Cars in a showroom, Q6. Which of these statements is true about FIFO?, A) FIFO reduces the chance of product expiry, B) FIFO always increases profits, C) FIFO sells products randomly, D) FIFO ignores purchase dates.

FIFO

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