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Logistics Vocab

Subject : business-skills
Instructions:
  • Answer 50 questions in 15 minutes.
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  • 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. A major port where thousands of containers arrive and depart per week. These ports specialize in the efficient handling of containers.






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






3. A specific rate for every possible combination of product - weight - and distance.






4. Being out of an item at the same time there is a willing buyer for it.






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






6. A program in which public and private organizations work together to prevent terrorism against the United States through imports and transportation.






7. A location technique utilizing a map or grid - with specific locations marked on the north-south and east-west axes. Its purpose is to find a location that minimizes transportation costs.






8. Electronic devices that read bar codes and can be used to keep track inventory - reorder inventory - and analyze inventory patterns.






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






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






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






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






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






14. The amount of output divided by the amount of input.






15. 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.






16. Costs to seller when it is unable to supply an item to a customer ready to buy.






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






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






19. Satisfying current and emerging customer needs.






20. 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.






21. The distance between the inner sides of two parallel rail tracks.






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






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






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






25. Retailers that are characterized by large market share and low prices.






26. Transportation carrier that has agreed to serve the general public and assumes four legal obligations: service - delivery - reasonable rates - and avoidance of discrimination.






27. 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.






28. The time from when the seller receives an order until an appropriate location is authorized to fill the order.






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






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






31. A practice that emphasizes the virtual elimination of business errors that strives to achieve 3.4 defects - deficiencies - or errors per one million opportunities.






32. The seller pays the freight charges - but the buyer owns the goods in transit.






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






34. These are material that have been spoiled - broken - or otherwise rendered unfit for further use or reclamation.






35. An order that simultaneously achieves relevant customer metrics.






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






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






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






39. Pricing that includes both the price of the product and the transportation cost of the product to the purchaser's receiving dock.






40. 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.






41. 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.






42. Groups of customers with similar logistical needs and wants are provided with logistics service appropriate to those needs and wants.






43. An area - usually near a port or an airport - where goods can be stored or processed before entering through the importing nation's customs inspections.






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






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






46. The buyer pays the freight charges when the goods arrive - and the seller owns the goods while they are in transit.






47. A substance or material in a quantity and form that may pose an unreasonable risk to health and safety or property when transported in commerce.






48. 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.






49. Logistics Information System






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







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