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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. Characterized by variability in demand orders among supply chain participants.






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






3. 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.






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






5. In transportation - a small quantity or small package.






6. Manufacturing plants that exist just south of the U.S.-Mexican border.






7. Created by the U.S. Department of Housing and Urban Development to encourage business development-through various tax credits-in economically depressed portions of cities.






8. Cooperative - formal or informal supply chain relationships between manufacturing companies and their suppliers - business partners - or customers - developed to enhance the overall business performance of both sides.






9. 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.






10. Material that is used to block and brace products inside carrier equipment to prevent the shipment from shifting in transit and becoming damaged.






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






12. Bringing together inventory from different sources.






13. Terminal-to-terminal movement of freight or passengers.






14. 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.






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






16. Refer to the manner by which a seller will be paid by a buyer for an international transaction.






17. Use satellites that allow companies to compute vehicle positions - velocity - and time.






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






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






20. A transportation manager who purchases a prespecified level of transportation service and is indifferent to the mode(s) or carrier(s) used to provide the actual transportation service.






21. Medium- to long-term horizon - One- to five-year (plus) time span - Overall 'structural' decisions - Trade-offs between company functions - Trade-offs with other organizations - Corporate financial plans and policies - Policy decisions developed into






22. Simulation of the types of problems that the package will be exposed to in warehouses and in transit.






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






24. Flatboard boat used to transport heavy products.






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






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






27. A small device that responds to radio signals from an outside source.






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






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






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






31. A framework that identifies eight relevant processes - such as customer relationship management - demand management - and order fulfillment - associated with supply chain management.






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






33. Employee theft.






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






35. 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.






36. Refers to logistical activities associated with goods that move across national boundaries.






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






38. A process for returning a customer to a state of satisfaction after a service or product has failed to live up to expectations.






39. Materials that lose no weight in processing.






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






41. The term associated with the handling of unit loads.






42. Products are produced after receiving a customer order.






43. Products are produced prior to receiving a customer order.






44. Goods that flow from the consumer to the manufacturer (e.g. - product recalls and product recycling).






45. 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.






46. 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.






47. Inventories that are used or distributed together (e.g. razor blades and razors).






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






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






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