Question 1

___________ utility refers to the value or usefulness that comes from a customer being able to take possession of a product.

Accepted Answer

A) Time 
B) Place 
C) Form 
D) Possession

Question 2

The four general types of economic utility are production,possession,time,and place.

Accepted Answer

A) True 
 B)False

Question 3

The current definition of logistics,as promulgated by the Council of Supply Chain Management Professionals (CSCMP)),suggests that logistics is part of supply chain management.

Accepted Answer

A) True 
 B)False

Question 4

Logistics has played a minor role in the growth of global trade.

Accepted Answer

A) True 
 B)False

Question 5

The job market for logisticians and supply chain managers continues to be strong at the undergraduate,but not the MBA,level.

Accepted Answer

A) True 
 B)False

Question 6

Long production runs sometimes result in excessive inventory of products with limited demand for them.

Accepted Answer

A) True 
 B)False

Question 7

Logistical decisions tend not to be impacted by marketers' growing emphasis on offering sustainable products.

Accepted Answer

A) True 
 B)False

Question 8

The ___________ department often measures inventory in terms of its cost or value in dollars whereas ___________ tends to measure inventory in terms of units.

Accepted Answer

A) marketing;logistics 
B) finance;production 
C) marketing;production 
D) finance;logistics

Question 9

The sorting function has four steps.

Accepted Answer

A) True 
 B)False

Question 10

A common interface between production and logistics involves:

Accepted Answer

A) the types of materials handling equipment. 
B) the length of production runs. 
C) the use of plastic versus wood pallets. 
D) the mode of transportation.

Question 11

Reductions in economic regulation allowed individual transportation companies flexibility in pricing and service.

Accepted Answer

A) True 
 B)False

Question 12

An example of ___________ involves ordering something online and then picking it up at a bricks-and-mortar store.

Accepted Answer

A) supply chain management 
B) finance 
C) omnichannel retailing 
D) big-box retailing

Question 13

The systems approach indicates that a company's objectives can be realized by recognizing the mutual interdependence of the major functional areas of a firm.

Accepted Answer

A) True 
 B)False

Question 14

___________ refers to being out of an item at the same time there is demand for it.

Accepted Answer

A) Postponement 
B) Tailored logistics 
C) Stockout 
D) Supplier indifference

Question 15

A stock-keeping unit (SKU))refers to a line item of inventory offered for sale by a company.

Accepted Answer

A) True 
 B)False

Question 16

Packaging can have both a marketing and logistical dimension.

Accepted Answer

A) True 
 B)False

Question 17

Widespread reductions in economic regulation of U.S.transportation carriers occurred in ___________.

Accepted Answer

A) the 1960s and 1970s 
B) the 1970s and 1980s 
C) the 1980s and 1990s 
D) only the 1990s

Question 18

___________ is bringing together similar stocks from different sources.

Accepted Answer

A) Accumulating 
B) Assorting 
C) Auditing 
D) Allocating

Question 19

Logistics is only concerned with forward flows-that is,those directed toward the point of consumption.

Accepted Answer

A) True 
 B)False

Question 20

In mass logistics,groups of customers with similar logistical needs and wants are provided with logistics services appropriate to those wants and needs.

Accepted Answer

A) True 
 B)False

Exam 1: An Overview of Logistics

___________ utility refers to the value or usefulness that comes from a customer being able to take possession of a product.

The four general types of economic utility are production,possession,time,and place.

The current definition of logistics,as promulgated by the Council of Supply Chain Management Professionals (CSCMP)),suggests that logistics is part of supply chain management.

Logistics has played a minor role in the growth of global trade.

The job market for logisticians and supply chain managers continues to be strong at the undergraduate,but not the MBA,level.

Long production runs sometimes result in excessive inventory of products with limited demand for them.

Logistical decisions tend not to be impacted by marketers' growing emphasis on offering sustainable products.

The _ department often measures inventory in terms of its cost or value in dollars whereas _ tends to measure inventory in terms of units.

The sorting function has four steps.

A common interface between production and logistics involves:

Reductions in economic regulation allowed individual transportation companies flexibility in pricing and service.

An example of ___________ involves ordering something online and then picking it up at a bricks-and-mortar store.

The systems approach indicates that a company's objectives can be realized by recognizing the mutual interdependence of the major functional areas of a firm.

___________ refers to being out of an item at the same time there is demand for it.

A stock-keeping unit (SKU))refers to a line item of inventory offered for sale by a company.

Packaging can have both a marketing and logistical dimension.

Widespread reductions in economic regulation of U.S.transportation carriers occurred in ___________.

___________ is bringing together similar stocks from different sources.

Logistics is only concerned with forward flows-that is,those directed toward the point of consumption.

In mass logistics,groups of customers with similar logistical needs and wants are provided with logistics services appropriate to those wants and needs.