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. The seller pays the freight charges and also owns the goods in transit. The is what is generally referred to as FOB destination pricing.






2. Similar to diversion - but it occurs after the shipment has arrived in the destination city.






3. Refers to the amount of product entering and leaving a facility in a given time period.






4. Price of the product at its source plus transportation costs to its destination.






5. An international logistics specialist that custom packs shipments when the exporter lacks the equipment or expertise to do so itself.






6. A relational exchange approach involving a limited number of suppliers.






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






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






9. Allow companies to produce digital maps that can drill down to site-specific qualities such as bridge heights.






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






11. Bill of Lading






12. Emphasize the storage of products and their primary purpose is to maximize usage of available storage space.






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






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






15. 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.






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






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






18. A carrier or public facility where freight (or passengers) is shifted between vehicles or modes.






19. Inventory is replenished on a constant - set schedule and is always ordered at a specific time; the quantity ordered varies depending on forecasted sales before the next order date.






20. Refers to removing impediments to the flow of information and goods.






21. Refers to an alliance in the container trades in which ocean carriers retain their individual identities but cooperate in the area of operations.






22. Movement and storage of raw materials - parts - and components within a firm.






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






24. An international payment option that is issued by a bank and guarantees payment to a seller provided that the seller has complied with the applicable terms and conditions of the particular transaction.






25. A payment from a shipper or consignee to a truck carrier for having kept the carrier's equipment too long.






26. Gross domestic product






27. Refers to corporate officers such as a chief executive officer (CEO) - chief operating officer (COO) - or chief financial officer (CFO).

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28. Changes to one logistics activity cause some costs to increase and others to decrease.






29. Refers to a situation in which a hazard or defect is discovered in a manufactured or processed item - and its return is mandated by a government agency.






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






31. Inventory is replenished with a set quantity every time it is ordered; the time interval between orders may vary.






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






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






34. The buyer pays freight charges and owns the goods in transit. This is the most common FOB origin term.






35. An invoice submitted by a transportation carrier requesting to be paid.






36. The degree to which an organization can accommodate unique or unplanned customer requests.






37. Employees who are sent to other countries for extended periods of time.






38. Similar to common carriers in that public warehousing serves all legitimate users and has certain responsibilities to this users.






39. A company's objectives can be realized by recognizing the mutual interdependence of the major functional areas of the firm - such as marketing - production - finance - and logistics.






40. A long-term arrangement between a shipper and another party to provide logistics services that is characterized by relational focus - a focus on mutual benefits - and the availability of customized offerings.






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






42. Similar to the center-of-gravity locational approach - except that shipping volumes are also taken into account.






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






44. Refers to the value or usefulness of a product in fulfilling customer needs and wants.






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






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






47. Products that customers view as being able to fill the same need or want as another product.






48. The orderly and planned observation of one or more segments in the logistics network or supply chain.






49. Strategic - Tactical - Operational






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