How Much Do You Actually Know About Supply Chain?
Supply chain management is the broad range of activities in which a person has to plan, control and execute a product's flow, from acquiring resources till production and distribution to the final customer. This quiz has been made to assess how well do you know about the supply chain. So, let's try out the quiz. All the best!
- 1.
Data mining:
- A.
Is illegal in the United States
- B.
Is synonymous with marginal analysis
- C.
Looks for patterns and relationships in relevant data
- D.
Can only be done by grocery stores
Correct Answer
C. Looks for patterns and relationships in relevant dataExplanation
Data mining is the process of analyzing large sets of data to discover patterns, relationships, and insights that can be used to make informed decisions. It is not illegal in the United States, nor is it synonymous with marginal analysis. While grocery stores can use data mining techniques, it is not limited to them. Therefore, the correct answer is that data mining looks for patterns and relationships in relevant data.Rate this question:
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- 2.
In a(n) _______ approach, all relevant software applications are provided by a single vendor.
- A.
Single integrator
- B.
Captive customer
- C.
Information outsourcing
- D.
Customer centric
Correct Answer
A. Single integratorExplanation
A single integrator approach refers to a situation where a single vendor provides all the necessary software applications. This means that instead of using multiple vendors for different software needs, a single vendor is responsible for providing all the required applications. This approach can lead to better integration and compatibility between different software systems, as they are all provided by the same vendor. It can also simplify the procurement and management process for the customer, as they only need to deal with one vendor for all their software needs.Rate this question:
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- 3.
_________ refers to "how we do things around here" and reflects an organization's vision, values, and strategic plans.
- A.
Supply chain management
- B.
Organizational behavior
- C.
A mission statement
- D.
Corporate culture
Correct Answer
D. Corporate cultureExplanation
Corporate culture refers to the shared values, beliefs, and behaviors that shape the way an organization operates. It encompasses the organization's vision, values, and strategic plans, and influences how employees interact with each other and make decisions. Corporate culture is often seen as the "personality" of an organization and can have a significant impact on employee morale, productivity, and overall success.Rate this question:
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- 4.
Which of the following is not a routine occurrence in global supply chains?
- A.
Documentation errors
- B.
Incomplete shipments
- C.
Packaging errors
- D.
Failure to follow order guidelines
- E.
All of the above are routine occurrences
Correct Answer
E. All of the above are routine occurrencesExplanation
The correct answer is that all of the above are routine occurrences in global supply chains. This means that documentation errors, incomplete shipments, packaging errors, and failure to follow order guidelines are all common and expected issues that can happen in the supply chain process. These occurrences can disrupt the smooth flow of goods and services and may require additional time and resources to rectify.Rate this question:
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- 5.
Supply chains can be integrated by having various parties enter into and carry out longterm mutually beneficial agreements. These agreements are known by several names. Which of the following is not one of these names?
- A.
Partnerships
- B.
Strategic alliances
- C.
Third-party arrangements
- D.
Contract logistics
- E.
All of the above are correct
Correct Answer
E. All of the above are correctExplanation
The given question asks for a name that is not associated with the integration of supply chains through long-term mutually beneficial agreements. The options provided are "partnerships," "strategic alliances," "third-party arrangements," and "contract logistics." The correct answer is "all of the above are correct." This means that all of the given options are names that can be used to describe the integration of supply chains through long-term mutually beneficial agreements. Therefore, none of the options are not associated with this concept.Rate this question:
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- 6.
There are three primary methods that organizations can pursue when attempting to integrate their supply chains. Which of the following is not one of them?
- A.
Vertical integration
- B.
Intensive distribution
- C.
Formal contracts
- D.
Informal agreements
Correct Answer
B. Intensive distributionExplanation
Intensive distribution is not one of the primary methods that organizations can pursue when attempting to integrate their supply chains. Intensive distribution refers to a strategy where a company aims to make its products available in as many outlets as possible, often using multiple channels of distribution. This strategy focuses on maximizing product availability and convenience for customers, rather than integrating the supply chain. The three primary methods for supply chain integration are vertical integration, formal contracts, and informal agreements.Rate this question:
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- 7.
__________ utility refers to the value or usefulness that comes from a customer being able to take possession of a product
- A.
Time
- B.
Place
- C.
Form
- D.
Possession
Correct Answer
D. PossessionExplanation
Possession utility refers to the value or usefulness that comes from a customer being able to take possession of a product. This means that when a customer is able to physically own and have control over a product, they can derive value from it. Possession utility is an important aspect of marketing, as it focuses on ensuring that products are available and accessible to customers, allowing them to derive value from their ownership. By having possession of a product, customers can use it, enjoy it, and benefit from its features and functions.Rate this question:
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- 8.
___________ utility refers to having products available where they are needed by customers.
- A.
Possession
- B.
Time
- C.
Place
- D.
Form
Correct Answer
C. PlaceExplanation
Place utility refers to having products available where they are needed by customers. This means that the products are conveniently located and easily accessible to the target market. By providing products in the right locations, businesses can ensure that customers can easily find and purchase them, thus increasing customer satisfaction and convenience. This can be achieved through various distribution channels, such as retail stores, online platforms, or delivery services. Ultimately, place utility aims to minimize the effort and time required for customers to access the desired products.Rate this question:
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- 9.
All of the following terms have been used to refer to business logistics except:
- A.
Business logistics
- B.
Industrial distribution
- C.
Logistics management
- D.
Physical distribution
- E.
All of the above are correct
Correct Answer
E. All of the above are correctExplanation
The correct answer is "all of the above are correct." This means that all of the terms mentioned in the question (business logistics, industrial distribution, logistics management, and physical distribution) have been used to refer to business logistics.Rate this question:
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- 10.
"How well a company does what it says it's going to do" represents _______.
- A.
Efficiency
- B.
Productivity
- C.
Leading edge logistics
- D.
Effectivness
Correct Answer
D. EffectivnessExplanation
The statement "How well a company does what it says it's going to do" refers to the effectiveness of the company. It implies that the company is able to deliver on its promises and meet its objectives successfully. Efficiency refers to how well resources are utilized, productivity refers to the amount of output produced, and leading edge logistics refers to innovative and advanced logistics practices. None of these options directly capture the idea of fulfilling commitments, making effectiveness the most suitable answer.Rate this question:
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- 11.
Every customer gets the same type and levels of logistics service refers to ________.
- A.
Tailored logistics
- B.
Mass logistics
- C.
Effectiveness
- D.
Efficiency
Correct Answer
B. Mass logisticsExplanation
The correct answer is mass logistics. This means that every customer receives the same type and levels of logistics service, indicating a standardized approach to logistics operations. This approach focuses on providing a consistent and uniform service to all customers, without customization or tailoring to individual needs or preferences. Mass logistics aims for efficiency and cost-effectiveness by streamlining processes and resources to serve a large number of customers in a standardized manner.Rate this question:
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- 12.
The ________ concept suggests that there is an ever-increasing number of market segments with distinct preferences.
- A.
Rhochrematics
- B.
Relationship marketing
- C.
Market demassification
- D.
Niche marketing
Correct Answer
C. Market demassificationExplanation
Market demassification is the correct answer because it refers to the concept of dividing the market into smaller and more specific segments with distinct preferences. This concept recognizes that consumers have diverse needs and preferences, and companies should tailor their marketing strategies to target these specific segments. By understanding and catering to the unique preferences of different market segments, companies can effectively reach and engage with their target audience, leading to increased customer satisfaction and business success.Rate this question:
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- 13.
According to Professor Menter and colleagues, the supply chain concept originated in what discipline?
- A.
Marketing
- B.
Operations
- C.
Logistics
- D.
Production
Correct Answer
C. LogisticsExplanation
The correct answer is logistics. The supply chain concept originated in the discipline of logistics, which focuses on the management of the flow of goods and services from the point of origin to the point of consumption. Logistics involves the coordination and integration of various activities such as transportation, warehousing, inventory management, and information flow to ensure the efficient and effective movement of products. This concept has since expanded to encompass other disciplines such as operations, marketing, and production, but its roots can be traced back to logistics.Rate this question:
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- 14.
A ________ encompasses all activities associated with the flow and transformation of goods from the raw material stage, through to the end user, as well as the associated information flows.
- A.
Production line
- B.
Supply chain
- C.
Marketing channel
- D.
Warehouse
Correct Answer
B. Supply chainExplanation
A supply chain refers to the entire process of activities involved in the movement and transformation of goods from the initial raw material stage to the final consumer. This includes all the steps, such as sourcing raw materials, manufacturing, warehousing, transportation, and distribution. Additionally, it also involves the management of information flows, such as tracking inventory, coordinating with suppliers, and ensuring timely delivery to customers. Therefore, a supply chain encompasses all the necessary activities to ensure the smooth flow and transformation of goods and associated information from start to finish.Rate this question:
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- 15.
Which of the following are not key attributes of supply chain management?
- A.
Inventory control
- B.
Leveraging technology
- C.
Customer power
- D.
A long-term orientation
- E.
All are key attributes
Correct Answer
E. All are key attributesExplanation
Supply chain management involves various key attributes that contribute to its effectiveness. These attributes include inventory control, leveraging technology, customer power, and a long-term orientation. Each of these attributes plays a significant role in ensuring the smooth flow of goods and services throughout the supply chain. Therefore, it can be concluded that all of the given options - inventory control, leveraging technology, customer power, and a long-term orientation - are key attributes of supply chain management.Rate this question:
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- 16.
An organization's ability to respond to changes in demand with respect to volume and variety refers to ______.
- A.
Responsiveness
- B.
Leanness
- C.
Agility
- D.
Relevancy
Correct Answer
C. AgilityExplanation
Agility refers to an organization's ability to respond to changes in demand with respect to volume and variety. It means being able to quickly adapt and adjust operations, processes, and strategies to meet changing customer needs and market conditions. An agile organization can efficiently and effectively handle fluctuations in demand, whether it is an increase or decrease in volume or a change in the variety of products or services required. Agility enables organizations to stay competitive and responsive in a dynamic and unpredictable business environment.Rate this question:
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- 17.
What is a perfect order?
- A.
Simultaneous achievement of relevant customer metrics
- B.
An order that arrives on time
- C.
An order that arrives undamaged
- D.
An order that is easy for the receiver to fill
Correct Answer
A. Simultaneous achievement of relevant customer metricsExplanation
A perfect order refers to the simultaneous achievement of relevant customer metrics. This means that all aspects of the order, such as timeliness, quality, and accuracy, meet or exceed the customer's expectations. It implies that the order is delivered on time, without any damage, and is easy for the receiver to fill. The focus is on ensuring customer satisfaction by meeting all the necessary criteria for a successful order.Rate this question:
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- 18.
The bullwhip effect:
- A.
In an ineffective way to motivate warehouse employees
- B.
Applies to rodeos and has nothing to do with supply chain management
- C.
Refers to the "swaying" motion associated with triple trailers
- D.
Refers to variability in demand orders among supply chain participants
Correct Answer
D. Refers to variability in demand orders among supply chain participantsExplanation
The bullwhip effect refers to the phenomenon where small changes in demand at the consumer level result in larger fluctuations in demand further up the supply chain. This variability in demand orders among supply chain participants can lead to inefficiencies, such as excess inventory or stockouts, as each participant tries to anticipate and react to these fluctuations. It is an important concept in supply chain management as understanding and mitigating the bullwhip effect can help improve overall supply chain performance.Rate this question:
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- 19.
The variabliity in demand orders among supply chain participants:
- A.
Cannot be controlled
- B.
Refers to the bullwhip effect
- C.
Can be controlled with electronic order placement
- D.
Is more pronounced in relational exchanges
Correct Answer
B. Refers to the bullwhip effectExplanation
The correct answer is "refers to the bullwhip effect." The bullwhip effect refers to the phenomenon in supply chain management where small changes in consumer demand can result in large swings in orders placed upstream in the supply chain. This variability in demand orders among supply chain participants can cause inefficiencies and increased costs. It is important for supply chain participants to understand and manage the bullwhip effect to minimize its negative impact on the overall supply chain.Rate this question:
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- 20.
A cost trade-off is a situation where:
- A.
All cost react according to their individual degrees of inflation in the economy
- B.
All costs are reflected as a percentage variation from standard costs
- C.
Some costs increase, some decrease,and the net effect is that total costs decrease
- D.
Some costs are eliminated by efficient management controls
Correct Answer
C. Some costs increase, some decrease,and the net effect is that total costs decreaseExplanation
In a cost trade-off situation, some costs increase while others decrease. However, the overall effect is a decrease in total costs. This means that the decrease in certain costs outweighs the increase in others, resulting in a net decrease in total costs. This could be due to various factors such as cost-saving measures, efficiency improvements, or changes in market conditions.Rate this question:
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- 21.
The cash flow associated with holding inventory is known as inventory ______.
- A.
Turnover
- B.
Valuation
- C.
Stock
- D.
Float
Correct Answer
D. FloatExplanation
The cash flow associated with holding inventory is known as inventory float. Inventory float refers to the time period between when inventory is ordered and when it is paid for. During this time, the cash used to purchase inventory is temporarily tied up in the inventory, resulting in a cash flow delay. This delay in cash flow is known as inventory float.Rate this question:
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- 22.
The four basic components of the marketing mix include all the following except:
- A.
Price
- B.
Production
- C.
Product
- D.
Place
Correct Answer
B. ProductionExplanation
The four basic components of the marketing mix are price, product, place, and promotion. Production, on the other hand, refers to the process of creating and manufacturing the product. While production is an integral part of the overall marketing strategy, it is not considered one of the basic components of the marketing mix. The marketing mix focuses on the elements that directly influence the customer's perception and decision-making process, such as the product itself, its pricing, where it is available, and how it is promoted.Rate this question:
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- 23.
__________ refers to one location where customers can purchase products from two or more brand-name retailers.
- A.
Intensive distribution
- B.
Co-branding
- C.
Co-generation
- D.
Selective distribution
Correct Answer
B. Co-brandingExplanation
Co-branding refers to one location where customers can purchase products from two or more brand-name retailers. This strategy involves two or more companies collaborating to create a unique product or service that combines their individual brand identities. By offering products from multiple brands in a single location, co-branding provides convenience to customers and enhances the perceived value of the products. It allows retailers to leverage each other's brand equity and attract a wider customer base.Rate this question:
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- 24.
_________ refers to charges being paid at the time of shipment delivery.
- A.
Freight absorption
- B.
Freight yield
- C.
Freight collect
- D.
FOB destination
Correct Answer
C. Freight collectExplanation
Freight collect refers to charges being paid at the time of shipment delivery. This means that the recipient of the goods is responsible for paying the freight charges when the shipment arrives. This is in contrast to freight prepaid, where the shipper pays the freight charges in advance. With freight collect, the carrier collects the payment from the consignee upon delivery of the goods.Rate this question:
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- 25.
The most common interface between production and logistics generally involves:
- A.
The use of plastic versus wood pallets
- B.
The mode of transportation
- C.
Shipment pricing
- D.
The length of production runs
Correct Answer
D. The length of production runsExplanation
The length of production runs is the most common interface between production and logistics because it directly impacts the planning and coordination of transportation and shipment. The duration of production runs determines the quantity and timing of products that need to be transported and delivered to customers. It affects the scheduling of transportation resources, such as trucks or ships, and helps in optimizing the efficiency of logistics operations. Therefore, the length of production runs plays a crucial role in ensuring smooth coordination between production and logistics activities.Rate this question:
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- 26.
_________ refers to breaking a homogeneous supply into smaller lots.
- A.
Sorting out
- B.
Allocating
- C.
Accumulating
- D.
Assorting
Correct Answer
B. AllocatingExplanation
Allocating refers to the process of dividing or distributing a homogeneous supply into smaller lots or portions. It involves assigning or designating specific quantities or portions of the supply to different individuals or groups. This helps in ensuring fair distribution and efficient utilization of the supply. Sorting out, accumulating, and assorting may involve different processes but do not specifically imply breaking a homogeneous supply into smaller lots. Therefore, allocating is the most appropriate term that describes this action.Rate this question:
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- 27.
Channel intermediaries:
- A.
Assume temporary ownership of the goods
- B.
Fill niches
- C.
Disappear as the market becomes organized
- D.
Tend to lack focus
Correct Answer
B. Fill nichesExplanation
Channel intermediaries are entities that help in the distribution of goods from the producer to the consumer. They play a crucial role in filling niches, which means they specialize in catering to specific market segments or meeting unique customer needs. By identifying and serving these specific niches, intermediaries add value to the distribution process and ensure that the right products reach the right customers. This helps in maximizing market coverage and customer satisfaction. Therefore, the given answer correctly highlights one of the key functions of channel intermediaries.Rate this question:
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- 28.
The most costly logistics activity in many firms is ________.
- A.
Industrial packaging
- B.
Warehousing management
- C.
Order management
- D.
Transportation management
Correct Answer
D. Transportation managementExplanation
Transportation management is the most costly logistics activity in many firms. This is because transportation involves the movement of goods from one location to another, which requires the use of vehicles, fuel, and infrastructure. Additionally, transportation costs can vary depending on factors such as distance, mode of transport, and the complexity of the supply chain. Therefore, efficient management of transportation is crucial for minimizing costs and ensuring timely delivery of goods.Rate this question:
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- 29.
Which of the following is not a barrier to supply chain management?
- A.
Regulatory and political considerations
- B.
Lack of top management commitment
- C.
Reluctance to share, or use, relevant data
- D.
Incompatible corporate cultures
- E.
All the barriers
Correct Answer
E. All the barriersExplanation
The correct answer is "all the barriers." This means that all the options listed in the question are actually barriers to supply chain management. This implies that regulatory and political considerations, lack of top management commitment, reluctance to share or use relevant data, and incompatible corporate cultures can all hinder the effective management of the supply chain.Rate this question:
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- 30.
Which of the following statements about supply chain software is false?
- A.
Many supply chain software packages are developed for specific, rather than general, applications
- B.
Supply chain software packages can focus on specific functional activities such as transportation and warehousing
- C.
Supply chain software packages can focus on specific supply chain processes such as customer relationship management
- D.
Supply chain software can attempt to simultaneously optimize supply chain processes across organizations
Correct Answer
A. Many supply chain software packages are developed for specific, rather than general, applicationsExplanation
This statement is false because many supply chain software packages are actually developed for specific applications rather than general ones. Supply chain software is designed to address specific functional activities or processes within the supply chain, such as transportation, warehousing, or customer relationship management. Additionally, some supply chain software packages are capable of optimizing supply chain processes across different organizations. Therefore, the statement that many supply chain software packages are developed for specific applications is incorrect.Rate this question:
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Current Version
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Mar 22, 2023Quiz Edited by
ProProfs Editorial Team -
Jan 30, 2012Quiz Created by
MSalmons
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