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Simple English definitions for legal terms
stock control
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A quick definition of stock control:
Stock control: A way for a business to keep track of what they have in their store. They use a system to always know how much of each item they have, so they can order more when they need to. It's like making a list of all your toys and checking it to see which ones you need to buy more of.
A more thorough explanation:
Definition: Stock control is a way for businesses to keep track of their inventory by maintaining accurate and up-to-date records of their stock levels.
Example: A clothing store uses stock control to keep track of how many shirts, pants, and dresses they have in their inventory. They use a system that updates their records every time an item is sold or received, so they always know exactly how much stock they have on hand.
Explanation: The example illustrates how stock control works by showing how a clothing store uses it to manage their inventory. By keeping track of their stock levels, they can avoid running out of popular items and ensure that they always have enough stock to meet customer demand.