The Rbbs Logistics' Learning Center's Required Basic Knowledge Quiz

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The Rbbs Logistics Learning Centers Required Basic Knowledge Quiz - Quiz

Welcome to The RBBS Logistics Learning Center's Logistics Basic Knowledge Quiz
Your quiz is presented below. After a Passing Score of 70; Your Score Report and Certificate of Completion Will Be Issued Immediately Following Completion.
Good Luck!
FREIGHT BROKER'S INCOME = $185,000 "National Average 2016"
Welcome to the testing phase of our platform. Your test is below:
Please Note: After completion of your Basic Knowledge Quiz, be sure to follow the instructions on Completing Orientation. All Newly Enrolled Students Must Subscribe to Our Orientation Channel and You MUST WATCH THE COMPLETE ORIENTATION VIDEO.
Good luck on your quiz

Questions and Answers

1.

What does the term 'accounts receivable' mean'?
- A.
  
  Money owed by the business, to suppliers, who have provided goods or services
- B.
  
  It is when you receive payment on a bill
- C.
  
  Money owed by the customer, whom you've provided goods or service
- D.
  
  Another word for an accountant
Correct Answer
C. Money owed by the customer, whom you've provided goods or service
2.

What does the term 'accounts payable' mean when you as an agent or broker are doing the accounting or bills?
- A.
  
  Money owed by the customer, whom you've provided goods or services
- B.
  
  Money owed by the business, to suppliers, who have provided goods or service but have yet to be paid.
- C.
  
  It indicates who you make the check out to
- D.
  
  Accounts that the charges can be forwarded to the carrier
Correct Answer
B. Money owed by the business, to suppliers, who have provided goods or service but have yet to be paid.
3.

“Agents number” on a bill of lading refers to which of the following?
- A.
  
  The truck number of which the freight is on
- B.
  
  Federal Department of Transportation number
- C.
  
  The carrier's control number
- D.
  
  The truck driver's employee number
Correct Answer
C. The carrier's control number
4.

Explain the 'bad debt to sales ratio'?
- A.
  
  It's when a company has more debt than sales
- B.
  
  The amount of debt divided by the sales
- C.
  
  It's when you are owed money from your customers
- D.
  
  It's when a company doesn't profit for that shipment transaction
Correct Answer
B. The amount of debt divided by the sales
5.

What are two important things you send the carrier for each load?
- A.
  
  The pick-up and delivery time, and the addresses to the shipper and receiver
- B.
  
  An exact piece count, total weight being shipped, and square feet of trailer room the freight will be taking up
- C.
  
  The bill of laden and the shipper packet
- D.
  
  Load confirmation and rate agreement form
Correct Answer
D. Load confirmation and rate agreement form
6.

What are the two main factors for determining freight rate?
- A.
  
  Weight and distance
- B.
  
  Fuel costs and taxes
- C.
  
  Break down expenses and detention pay
- D.
  
  Hazardous material loads and permits
Correct Answer
A. Weight and distance
7.

What is an MC number?
- A.
  
  Master Controller Number
- B.
  
  Motor Carrier Number
- C.
  
  Member Consolidation Number
- D.
  
  Microsoft Computer Number
Correct Answer
B. Motor Carrier Number
8.

What does GPS stand for?
- A.
  
  General Purpose Shipping
- B.
  
  Gross Pounds Shipped
- C.
  
  Global Positioning System
- D.
  
  Global Product Shipment
Correct Answer
C. Global Positioning System
9.

What is the definition of the word tariff?
- A.
  
  A tariff may be either tax on imports or exports (trade tariff), or a list or schedule of prices for such things as rail service, bus routes, and electrical usage
- B.
  
  A published schedule showing rates, fares, charges, classification, along with rules and regulations
- C.
  
  It's when the carrier and the freight broker split the fuel tax
- D.
  
  A type of citation, carriers receive for their trucks being over the legal weight limit
Correct Answer
A. A tariff may be either tax on imports or exports (trade tariff), or a list or schedule of prices for such things as rail service, bus routes, and electrical usage
10.

Experience in the trucking or shipping industry is helpful but not necessary.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
11.

Any sales experience is helpful as a freight broker agent.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
12.

If you do not score well on this quiz, you won't make a good Freight Broker Agent.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
Even if you score poorly on this practice quiz, don't give up hope on becoming an agent. The purpose of this course is to teach you everything you need to know to be a successful Freight Broker Agent.

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13.

What does the term "accounts receivable" mean when you are in charge of the company bills?
- A.
  
  Money owed to you by customer you have already provided service to
- B.
  
  Money you owe a company for their services.
- C.
  
  Money you have received for services rendered.
- D.
  
  An account you hope to receive.
Correct Answer
A. Money owed to you by customer you have already provided service to
14.

Freight Brokers CAN NOT take possession of cargo. They are not freight forwarders or carriers. They can only facilitate the arrangement of the delivery.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
15.

Freight brokers CAN NOT perform any brokerage service under a different name than what’s on their MC Registration
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
16.

A broker’s license is NOT a “mode” of transportation and a property broker can not take ownership of the bill of lading. Property brokers are in a fiduciary (trust) relationship with the motor carrier actually hauling the brokered freight.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
17.

Freight brokers CAN receive commission on freight where the broker has a financial beneficial interest in the shipment.
- A.
  
  True
- B.
  
  False
Correct Answer
B. False
18.

Federal Motor Carrier Safety Administration (FMCSA) is the only governing body for Freight Brokers.
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
19.

If you have not fulfilled all the broker requirements within 20 days of filing your OP-1 application the FMCSA will issue you a notice that you have 60 days from the date of the notice in which to meet all the requirements or your application will be dismissed
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
Which means you have to complete both the BOC3 and BMC84 forms to be an active broker.

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20.

After the load has been successfully delivered you then should contact the shipper and inform them of the status of the load. The carrier should fax you the signed bill of lading to verify the delivery to the recipient. If there are any problems with the delivery of the load, it’s a Freight Brokers job to notify all parties involved of the status of the delivery
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
21.

The Agent of the freight broker (Freight Broker Agent) is responsible for the financial aspects of the company meaning the following: invoicing shippers, paying carriers, extending credit, claim assistance, paying agents…etc.)
- A.
  
  True
- B.
  
  False
Correct Answer
A. True
22.

Must I use a motor carrier that has a valid U.S. DOT number and valid operating authority issued by FMCSA to transport household goods in interstate or foreign commerce?
- A.
  
  True
- B.
  
  False
Correct Answer
A. True

Explanation
You may only act as a household goods broker for a motor carrier that has a valid, active U.S. DOT number and valid operating authority issued by FMCSA to transport household goods in interstate or foreign commerce.
49 CFR 371.105

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1
0
23.

What does LTL stand for?
- A.
  
  Lower Than Load
- B.
  
  Longer Than Length
- C.
  
  Less-Than-Truckload
- D.
  
  Less-Then-Load
Correct Answer
C. Less-Than-Truckload

Explanation
Less than truckload shipping or less than load (LTL) is the transportation of relatively small freight. The alternatives to LTL carriers are parcel carriers or full truckload carriers. Parcel carriers usually handle small packages and freight that can be broken down into units less than 150 pounds (68 kg).

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2
0
24.

What is The minimum penalty if you are a household goods broker and you arrange transportation of a household goods shipment with a motor carrier with which you do not have a written agreement.
- A.
  
  $20,000
- B.
  
  $15,000
- C.
  
  $10,000
- D.
  
  $5,000
Correct Answer
C. $10,000

Explanation
The minimum penalty is $10,000 if you are a household goods broker and you arrange transportation of a household goods shipment with a motor carrier with which you do not have a written agreement.
Consequences of Noncompliance with the Regulations, 49 CFR §371.121

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1
0
25.

All brokers must keep records of all transactions and all shipments for which they arrange transportation. For how long do you need to keep these records on file?
- A.
  
  10 Years
- B.
  
  5 Years
- C.
  
  3 Years
- D.
  
  1 Year
Correct Answer
C. 3 Years

Explanation
Records to be Kept by Brokers, 49 CFR §371.3

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Current Version
Mar 19, 2022

Quiz Edited by
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Jun 15, 2017

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The Rbbs Logistics' Learning Center's Required Basic Knowledge Quiz

What does the term 'accounts receivable' mean'?

What does the term 'accounts payable' mean when you as an agent or broker are doing the accounting or bills?

“Agents number” on a bill of lading refers to which of the following?

Explain the 'bad debt to sales ratio'?

What are two important things you send the carrier for each load?

What are the two main factors for determining freight rate?

What is an MC number?

What does GPS stand for?

What is the definition of the word tariff?

Experience in the trucking or shipping industry is helpful but not necessary.

Any sales experience is helpful as a freight broker agent.

If you do not score well on this quiz, you won't make a good Freight Broker Agent.

What does the term "accounts receivable" mean when you are in charge of the company bills?

Freight Brokers CAN NOT take possession of cargo. They are not freight forwarders or carriers. They can only facilitate the arrangement of the delivery.

Freight brokers CAN NOT perform any brokerage service under a different name than what’s on their MC Registration

A broker’s license is NOT a “mode” of transportation and a property broker can not take ownership of the bill of lading. Property brokers are in a fiduciary (trust) relationship with the motor carrier actually hauling the brokered freight.

Freight brokers CAN receive commission on freight where the broker has a financial beneficial interest in the shipment.

Federal Motor Carrier Safety Administration (FMCSA) is the only governing body for Freight Brokers.

If you have not fulfilled all the broker requirements within 20 days of filing your OP-1 application the FMCSA will issue you a notice that you have 60 days from the date of the notice in which to meet all the requirements or your application will be dismissed

The Agent of the freight broker (Freight Broker Agent) is responsible for the financial aspects of the company meaning the following: invoicing shippers, paying carriers, extending credit, claim assistance, paying agents…etc.)

Must I use a motor carrier that has a valid U.S. DOT number and valid operating authority issued by FMCSA to transport household goods in interstate or foreign commerce?

What does LTL stand for?

What is The minimum penalty if you are a household goods broker and you arrange transportation of a household goods shipment with a motor carrier with which you do not have a written agreement.

All brokers must keep records of all transactions and all shipments for which they arrange transportation. For how long do you need to keep these records on file?