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






2. Measurement that ensures conformity with an organization's policies - procedures - or standards.






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






4. Mixes attributes of public and contract warehousing; services are more differentiated than a public facility but less customized than in a contract facility.






5. A cartel consisting of nearly all the world's scheduled international airlines.






6. 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.






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






8. A strategic orientation in which traditional logistics activities are managed as a value-added system.






9. An order picker goes to where the product is located (e.g. - a forklift).






10. The movement and storage of materials into a firm.






11. 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.






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






13. Raw materials - component parts - and supplies brought from outside organizations to support a company's operations.






14. A set of generic standards used to document - implement - and demonstrate quality management and assurance systems.






15. Gross domestic product






16. Occurs when a cargo takes up a vehicle's or a container's cubic capacity before reaching its weight capacity.






17. Provides guidance in terms of a preferred list of carriers for shipments moving between two points.






18. Conformance to mutually agreed upon requirements.






19. Breaking larger quantities into smaller quantities.






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






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






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






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






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






25. 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.






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






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






28. Are similar to credit cards for personal use - only p-cards are used for organizational purchases.






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






30. An approach for locating a single facility that minimizes the distance to existing facilities.






31. Facilitators that make the channel function better.






32. A small device that responds to radio signals from an outside source.






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






34. Occurs when the shipper notifies the carrier - prior to the shipment's arrival in the destination city - of a change in destination.






35. Day-to-day decision making - Operations controlled against standards and rules - Control via weekly/monthly reports - The implementation of the operational plan






36. Fixed facilities - such as a plant - warehouse - or store - in a logistics system.






37. Products are produced after receiving a customer order.






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






39. The percentage of orders that can be completely and immediately filled from existing stock.






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






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






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






43. Refers to software that has been developed for managers to deal with specifics logistics functions or activities (e.g. transportation management systems)






44. In international trade - a firm that provides carrier services to shippers but owns no vessels itself.






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






46. Bringing together inventory from different sources.






47. 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.






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






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






50. 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.