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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 the fact that more items are recorded entering than leaving warehouse facilities.






2. Goods moving between two points - often accompanied by a live bill of lading.






3. 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






4. Refers to a situation in which a hazard or defect is discovered in a manufactured or processed item - and its return is mandated by a government agency.






5. Materials requested by a customer that are unavailable for shipment at the same time as the reminder of the order. They are usually shipped when available.






6. Refers to a combination of water transportation and surface transportation between an origin and destination port.






7. 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.






8. Global Supply Chain Forum






9. The costs of holding an inventory - such as interest on investment - insurance - deterioration - and so on.






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. The shipper of goods.






12. An inventory system that responds to actual (rather than forecasted) customer demand.






13. Concept that suggests that all relevant activities in moving and storing products should be considered as a whole (i.e. - their total cost) - not individually.






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






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






16. 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.






17. People - equipment - and procedures to gather - sort - analyze - evaluate - and distribute needed - timely - and accurate information to logistics decision makers.






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






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






20. Taking and removing personal property with the intent to deprive the rightful owner of it.






21. The elapsed time from when an order is picked up by a transportation carrier until it is received by the customer.






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






23. 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.






24. A return trip or movement in a direction of secondary importance or purpose.






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






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






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






28. aka bulk-breaking






29. The time span within which a scheduled delivery must be made.






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






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






32. Bringing together inventory from different sources.






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






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






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






36. Facilitators that make the channel function better.






37. Prohibition of trade between particular countries.






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






39. 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






40. Requires a certain percentage of traffic to move on a nation's flag vessels.






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






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






43. Focuses on an organization's ability to respond to changes in demand with respect to volume and variety.






44. A system that simplifies each of the three primary rate factors - product - weight - and distance.






45. 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.






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






47. Terms of sale for international transactions that represent - from the seller's viewpoint - the different locations - or stages - for quoting a price to an overseas buyer.






48. Bill of Lading






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






50. Cartels of all ocean vessel operators operating between certain trade areas.







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