Test your basic knowledge |

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. That part of a firm's logistics system that stores products at and between points of origin and point of consumption.






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






3. People - equipment - and procedures to gather - sort - analyze - evaluate - and distribute needed - timely - and accurate information to logistics decision makers.






4. The creation across the supply chain and its markets of coordinated flow of demand. The three basic types of forecasting models are: 1-judgmental - 2-time series - 3-cause and effect.






5. Separating products into grades and qualities desired by different target markets.






6. Nonprofit membership cooperatives that perform basically the same function as freight forwarders.

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






8. Refers to communication without cables and cords - and includes infrared - microwave - and radio transmissions.






9. An international trade specialist that can handle either vessel shipments or air shipments and that offers a number of different functions such as booking space on carriers - obtaining consular documents - and arranging for insurance - among other






10. Software packages that control the movement and storage of materials within a warehousing facility.






11. A degree of aggressive procurement involvement not normally encountered in supplier selection.






12. Multiple logistics activities are combined into - and managed as - a single department.






13. Seeks to minimize inventory by reducing (if not eliminating) safety stock - as well as having the required amount of materials arrive at the production location at the exact time they are needed.






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






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






16. Damage that is not initially apparent but is discovered after a package is opened.






17. Characterized by variability in demand orders among supply chain participants.






18. Refers to a combination of water transportation and surface transportation between an origin and destination port.






19. The process of determining how a shipment will be moved between consignor and consignee or between place of acceptance by the carrier and place of delivery to the consignee.






20. The cost of giving up an alternative opportunity.






21. An organization's ability to address unexpected operational situations.






22. According to the Council of Supply Chain Management Professionals (CSCMP) - that part of supply chain management that plans - implements - and controls the efficient - effective forward and reverse flow and storage of goods - services - and rel






23. Focuses on an organization's ability to respond to changes in demand with respect to volume and variety.






24. Refers to software that users access on a per-use basis instead of software they own or license for installation.






25. Refer to materials that are not likely to ever be used by the organization that purchased it.






26. Economic activity that can be conducted via electronic connections such as EDI and the internet.






27. Taking and removing personal property with the intent to deprive the rightful owner of it.






28. An inventory system that responds to forecasted (rather than actual) customer demand.






29. Each product is assigned a specific location in a warehouse and is always stored there.






30. The time from when a transportation carrier picks up the shipment until it is received by the customer.






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






32. Provide effective ways to process personal and organizational business data - to perform calculations - and to create documents.






33. Situation where a process - procedure - or system yields less than the best possible outcome or output - caused by a lack of best possible coordination between different components - elements - parts - etc.






34. A technique used to model the systems under study - typically using mathematical equations to represent relationships among components of a logistics system.






35. Refers to logistical activities associated with goods that move across national boundaries.






36. Companies that specialize in providing various types of logistics services.






37. A buyer invites bids from multiple sellers - and the seller with the lowest bid is often awarded the business.






38. Packaging tapered articles inside each other to reduce the cubic volume of the entire shipment.






39. Truck trailers on flatcars - also referred to as TOFC.






40. A measure of how heavy a product is in relation to its size.






41. Refers to systems that consider the return flow of products - their reuse - and the marketing and distribution of recovered products.






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






43. Facts or recorded measures of certain phenomena.






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






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






46. Satisfying current and emerging customer needs.






47. System that attempts enterprisewide coordination of relevant business processes by allowing (conceptually - at least) all functional areas within a firm to access and analyze a common database.






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






49. The costs of holding an inventory - such as interest on investment - insurance - deterioration - and so on.






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