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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. For-hire carriers that have been exempted from economic regulation through provisions in various pieces of legislation.






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






3. Gross domestic product






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






5. A buyer invites bids from multiple sellers - and the seller with the lowest bid is often awarded the business.






6. These help various stake-holders to work together by interacting and sharing information in many different forms.






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






8. Refers to the amount of product entering and leaving a facility in a given time period.






9. Raw materials - component parts - and supplies brought from outside organizations to support a company's operations.






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






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






12. 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.






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






14. A warehouse with an emphasis on quick throughput - such as is needed in supporting marketing efforts.






15. 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.






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






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






18. System that attempts enterprisewide coordination of relevant business processes by allowing (conceptually - at least) all functional areas within a firm to access and analyze a common database.






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






20. The management of the various activities associated with the order cycle.






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






22. 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.






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






24. A technique used to model the systems under study - typically using mathematical equations to represent relationships among components of a logistics system.






25. 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.






26. 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.






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






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






29. Refers to the number of carriers within each mode.






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






31. A warehousing facility that is owned or occupied on a long-term lease by the firm using it.






32. An intermediary that oversees the efficient movement of importers' goods (and accompanying paperwork) through customs and other inspection points.






33. Global Supply Chain Forum






34. Packaging tapered articles inside each other to reduce the cubic volume of the entire shipment.






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






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






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






38. An order that simultaneously achieves relevant customer metrics.






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






40. Firm the helps a domestic company become involved in foreign sales. They often locate foreign firms that can be licensed to manufacture the product in the foreign country.






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






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






43. Refers o cargo stowed loose - without specific packing - and generally handled with a pump - scoop - or shovel.






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






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






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






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






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






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






50. A carrier's attempt to determine a shipment's location during the course of its move.