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In this video, Sarah from registerednessrn.com demonstrates how to read a medication label, emphasizing its importance for safe drug administration. Key components of a medication label include the brand name, generic name, supplied form, dosage strength, administration route, total volume, lot number, expiration date, and medication instructions, which inform storage and reconstitution. Additionally, the label includes the names of the manufacturer and distributor. After watching the video, viewers can access a free quiz to test their understanding of the material covered.