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






2. Gross domestic product






3. Retail industry initiative where trading partners share planning and forecasting data to better match supply and demand.






4. Established in the late 1980s to recognize U.S. organizations for their achievements in quality and performance.






5. Created by the U.S. Department of Housing and Urban Development to encourage business development-through various tax credits-in economically depressed portions of cities.






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






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






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






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






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






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






12. 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






13. A system in which products are stored wherever there is empty space available in a warehouse.






14. Short- to medium-term horizon - Six-month to one-year (plus) time-span - Subsystem decisions are made - - should not impose on other logistics components - Annual budgets provide finance/cost basis - The strategic plan detail is made into an operatio






15. Truck trailers of flatcars.






16. 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






17. Breaking larger quantities into smaller quantities.






18. General contractor that ensures that third-party logistics companies are working toward relevant supply chain goals and objectives.






19. Conformance to mutually agreed upon requirements.






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






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






22. In transportation - a small quantity or small package.






23. Stocks of goods and materials that are maintained for many purposes.






24. A long-term arrangement between a shipper and another party to provide logistics services.






25. 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.






26. A company discontinues operations at a current site because the operations are no longer needed or can be absorbed by other facilities.






27. Numbers assigned to various types of freight - based mainly on the carrier's costs of handling that type of product - and - along with weight and distance - used as a basis for determining the costs of shipment.






28. A carrier's attempt to determine a shipment's location during the course of its move.






29. Firm the helps a domestic company become involved in foreign sales. They often locate foreign firms that can be licensed to manufacture the product in the foreign country.






30. Refers o cargo stowed loose - without specific packing - and generally handled with a pump - scoop - or shovel.






31. Factors in the system that cannot be changed for various reasons.






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






33. An alternative name for airfreight containers.






34. Concept that recognizes that because inventories are not of equal value to a firm - they should not be managed in the same way.






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






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






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






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


39. The short-distance movement of material between two or more points.






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






41. Money paid after an exchange.






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






43. 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.






44. Inventories that are used or distributed together (e.g. razor blades and razors).






45. Plastic wrapping that when heated shrinks in size to form a cover over the product.






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


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






48. Provides specialized service to each customer based on a contractual arrangement.






49. A product that loses weight during the production process; the processing point as near to its origin as possible.






50. Refers to the allocation of revenues and costs to customer segments or individual customers to calculate the profitability of the segments or customers.