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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. Often accompanies an SED and provides explicit shipment instructions.

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2. Inventory that is in route between various nodes in a logistics system.






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






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






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






6. aka bulk-breaking






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






8. 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.






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






10. An organization maintains a single logistics department that administers the related activities for the entire company from the home office.






11. Refers to the value or usefulness that comes from a customer being able to take possession of a product.






12. 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.






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






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






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






16. Companies that specialize in transporting parcels or small packages.






17. Refers to a product's being in a form that (1) can be used by the customer and (2) is of value to the customer.






18. 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.






19. A framework that identifies five key processes - plan - source - make - deliver - return - associated with supply chain management.






20. 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.






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






22. A company discontinues operations at a current site because the operations are no longer needed or can be absorbed by other facilities.






23. These are materials that are no longer serviceable - have been discarded - or are a by-product of the production process.






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






25. Combining smaller packages into larger unites that can be more efficiently handled at one time.






26. 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.






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






28. Having products available where they are needed by customers.






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






30. Stock that exceeds the reasonable requirements of an organization.






31. 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






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






33. Logistics Information System






34. Identifies opportunities to recover revenues or reduce costs associated with scrap - surplus - obsolete - and waste materials.






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






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






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






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






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






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






41. 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.






42. Prohibition of trade between particular countries.






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






44. Actual physical movement of goods and people between two points.






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






46. A technique that seeks to better understand the cost of a product by identifying what activities drive particular costs.






47. Transport products that are ground into a powder - mixed with water - and then shipped in slurry form through a pipeline.






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






49. Strives to keep customers happy and creates in the customer's mind the perception of an organization that is easy to do business with.






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