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






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






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






4. 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.






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






6. 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.






7. The receiver of a shipment.






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






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






10. Occurs in delivered pricing when a buyer pays an excessive freight charge calculated into the price of the goods.






11. Provide effective ways to process personal and organizational business data - to perform calculations - and to create documents.






12. A one-size-fits-all approach in which every customer gets the same type and levels of logistics service.






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






14. Money paid before an exchange.






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






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






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






18. An agreement in which the world's ports agree to allow U.S. customs agents to identify and inspect high-risk containers bound for the United States before they are loaded onto ships.






19. Buyer pays a lower freight charge than the shipper incurs in shipping the product.






20. Refers to employees who do not follow company guidelines about which suppliers to use in particular situations.






21. The need to rapidly move a shipment to its final destination.






22. Procurement activities that meet the ethical and discretionary responsibilities expected by society.






23. A firm must move operations to another facility to better serve suppliers or customers.






24. Refer to materials that are not likely to ever be used by the organization that purchased it.






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






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






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






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






29. An alternative name for airfreight containers.






30. All activities associated with the flow and transformation of goods from the raw material stage - through to the end user - as well as the associated information flows.






31. Facilitators that make the channel function better.






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






33. 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.






34. A uniform sealed reusable metal 'box' in which goods are shipped.






35. Compares actual experience to the expected experience and if the actual experience equals or exceeds the expected experience - then the customer is satisfied.






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






37. Having products available when they are needed by customers.






38. Elapsed time between a customer places an order and when the goods are received.






39. The number of times an inventory is used or replaced each year.






40. 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.






41. State laws that specify that a worker does not have to join the union to work permanently at a facility.






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






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






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






45. Materials used for the containment - protection - handling - delivery - and presentation of goods.






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






47. Breaking larger quantities into smaller quantities.






48. A product that gains weight in processing; the processing point should be close to the market.






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






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