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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. Product for which there is no demand.






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






3. Twenty-foot equivalent unit; a measure of the number of 20-foot containers that are used or handled.






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






5. 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






6. Contains relevant export transaction data such as the transportation mode(s) - transaction participants - and description of what is being exported.


7. A strategic orientation in which a limited number of traditional logistics activities are managed across business units.






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






9. The science that seeks to adapt work or working conditions to suit the abilities of the worker.






10. Price of the product at seller's place of business. Buyer must arrange for transportation of the product from the seller's place of business.






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






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






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






14. A company that helps both shipper and carrier achieve lower freight rates and more efficient utilization of carrier equipment. Brokers also help match carriers to loads.






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






16. Piggyback traffic - or loading truck trailers onto rail flatcars.






17. The orders to be picked are identified by lights placed on shelves or racks.






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






19. Refers to the number of transportation modes available to prospective users.






20. aka bulk-breaking






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






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






23. Locations that contain chemicals or other types of industrial wastes.






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






25. 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






26. 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.






27. Refers to warehousing situations where goods are not released until applicable fees are paid. As an example - Internal Revenue Service - bonded warehouses hold goods other federal taxes and fees collected.






28. An intermediary that oversees the efficient movement of importers' goods (and accompanying paperwork) through customs and other inspection points.






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


30. A type of contract logistics that focuses on providing unique and specially tailored warehousing services to particular clients.






31. The shipment size that equates transportation charges for different rates and weight groups.






32. Each separate type of item that is accounted for in an inventory.






33. Storage of finished product and movement to the customers.






34. Conformance to mutually agreed upon requirements.






35. A facility temporarily established at the site of inventory; the warehouser assumes custody of the inventory and issues a receipt for it - which can then be used as collateral for a loan.






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






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






38. Looks at a single aspect of logistics - such as a time-and-motion study of individuals who handle incoming freight at a receiving dock.






39. Refers to alphanumeric identification that specifies where a product was processed or manufactured.






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






41. Using measures of another organization's performance to judge one's own performance.






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






43. 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.






44. A system in which the size and timing of replenishment orders into a retailer's system are the manufacturer's responsibility.






45. The pick location is brought to the picker (e.g. - carousels).






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






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






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






49. A body of facts in a format suitable for decision making.






50. 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.