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Logistics Vocab

Subject : business-skills
Instructions:
  • Answer 50 questions in 15 minutes.
  • If you are not ready to take this test, you can study here.
  • Match each statement with the correct term.
  • Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.

This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. Bill of Lading






2. One location where customers can purchase products from two or more name-brand retailers.






3. The time span within which a scheduled delivery must be made.






4. A document that notifies a transportation carrier of wrong or defective deliveries - delay - or other delivery shortcoming.






5. Analysis that is performed by a trade association - professional organization - or other entity - on a industry wide basis.






6. A product that gains weight in processing; the processing point should be close to the market.






7. Having products available where they are needed by customers.






8. A uniform sealed reusable metal 'box' in which goods are shipped.






9. The seller pays the freight charges in advance but bills the buyer for them. The buyer owns the goods in transit.






10. Buyer pays a lower freight charge than the shipper incurs in shipping the product.






11. An order size that minimizes the sum of carrying and ordering costs.






12. Aka bulk-making






13. Assumes that one or more factors are related to demand - and the relationship between cause and effect can be used to estimate future demand.






14. Refer to the manner by which a seller will be paid by a buyer for an international transaction.






15. The seller owns the goods in transit - prepays the freight charges - and bills the buyer for the freight charges.






16. A group of forecasting techniques that is based on the idea that future demand is solely dependent on past demand.






17. Building up a variety of different products for resale to a particular customer.






18. These are material that have been spoiled - broken - or otherwise rendered unfit for further use or reclamation.






19. Refers to buying components and inputs anywhere in the world.






20. The buying and controlling of transportation services by either a shipper or consignee.






21. Gross domestic product






22. Logistics-related decisions are made separately at the divisional or product group level and often in different geographic regions.






23. A process for returning a customer to a state of satisfaction after a service or product has failed to live up to expectations.






24. U.S. federal government body with primary responsibility for transportation safety regulation.






25. Materials requested by a customer that are unavailable for shipment at the same time as the reminder of the order. They are usually shipped when available.






26. The depth in the water to which a vessel can be loaded.






27. A U.S. government agency with primary responsibility for regulating railroad pricing and service.






28. The elapsed time from when an order is picked up by a transportation carrier until it is received by the customer.






29. Refers to the value or usefulness that comes from a customer being able to take possession of a product.






30. Being out of an item at the same time there is a willing buyer for it.






31. Refers to forecasting that involves judgment or intuition and is preferred in situations where there is limited - or no - historical data.






32. A document used in cross-border trade that summarizes the entire transaction and contains key information such as a description of the goods - terms of sale and payments - and so on.






33. A transportation manager who purchases a prespecified level of transportation service and is indifferent to the mode(s) or carrier(s) used to provide the actual transportation service.






34. A one-size-fits-all approach in which every customer gets the same type and levels of logistics service.






35. Simulation of the types of problems that the package will be exposed to in warehouses and in transit.






36. An area - usually near a port or an airport - where goods can be stored or processed before entering through the importing nation's customs inspections.






37. Goods moving between two points - often accompanied by a live bill of lading.






38. For international transactions - refers to determining when and where to transfer between buyer and seller - the physical goods - the payment for goods - legal title - required documentation as well as responsibility for controlling and caring f






39. The number of tons times the number of miles.






40. Inventory that is held in addition to cycle stock to guard against uncertainties in supply and/or lead time.






41. A warehouse with an emphasis on quick throughput - such as is needed in supporting marketing efforts.






42. The management of the various activities associated with the order cycle.






43. Restrictions other than tariffs that are placed on imported products.






44. Materials that lose no weight in processing.






45. The most important single transportation document that is the operating document in the industry.






46. Collects and stores information about transactions and may also control some aspects of transactions.






47. Use satellites that allow companies to compute vehicle positions - velocity - and time.






48. Inventory that is held for several reasons such as seasonal demand - projected price increases - and potential product shortages.






49. Analogous to personal property taxes paid by individuals - and inventory tax is based on the value of inventory that is held by an organization on the assessment date.






50. According to the Council of Supply Chain Management Professionals - SCM encompasses the planning and management of all activities involved in sourcing and procurement - conversion - and all logistics management activities. Importantly - it also i