Logistics and Supply Chain Management Study Guide
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Course Introduction
This course provides a comprehensive overview of logistics and supply chain management, emphasizing the strategic importance of efficiently moving goods, services, and information from suppliers to consumers. Students will explore key concepts such as inventory management, transportation, warehousing, sourcing, and demand forecasting. The course also examines global supply chain challenges, the integration of technology, sustainability practices, and the coordination required among partners to optimize performance and customer satisfaction. Real-world case studies and practical applications are used to illustrate how effective supply chain management can create value for organizations in a competitive marketplace.
Recommended Textbook
International Logistics Management of International Trade Operations 3rd Edition by David
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Chapter 1: Introduction
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Q1) Argentina can produce 1 ton of meat (beef)using 0.1 years of labor.It can also produce 1 automobile using 2 years of labor.In order to produce 1 ton of beef,the United States uses 0.2 years of labor.It can produce an automobile using 1.5 years of labor.Argentina has
A) an absolute advantage in the production of automobiles.
B) an absolute advantage in the production of beef.
C) a comparative advantage in the production of automobiles.
D) a comparative advantage in the production of beef.
E) None of the above
Answer: B
Q2) The Theory of Comparative Advantage was first coined by Robert Torrens,but popularized by ____________________.
Answer: David Ricardo
Q3) World trade in services representf a higher percentage of total world trade than does world trade in merchandise.
A)True
B)False
Answer: False
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3
Chapter 2: International Supply Chain Management
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Q1) Customer service became the primary focus of logistics in the 2000s.
A)True
B)False
Answer: True
Q2) Companies increasingly are designing products so that they can gain a competitive advantage through reverse logistics.Returned products are
A) refurbished for resale in secondary markets.
B) reused (packaging or containers).
C) remanufactured (restored to their original performance standards).
D) discarded.
E) All of the above
Answer: E
Q3) The cost of air cargo shipments decreased after the deregulation of the 1980s.
A)True
B)False
Answer: True
Q4) Caterpillar operates 14 plants worldwide where it disassembles used heavy equipment received from its customers,with the goal of ____________________ the machines.
Answer: remanufacturing
Page 4
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Chapter 3: International Logistics Infrastructure
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Q1) Because some ports are becoming increasingly limited in their ability to handle ever-larger ships it is possible that
A) ship sizes will become smaller.
B) massive government programs will do what is necessary to upgrade the smaller ports.
C) large ships will go to "hub" ports where "feeder" ships will traverse to and from the smaller ports.
D) ocean shipping costs will rapidly decline.
E) None of the above
Answer: C
Q2) The World Bank estimates that at least 75 percent of the world population has access to adequate sanitation.
A)True
B)False
Answer: False
Q3) In many countries,access to high-speed highways is limited to those who can pay a
Answer: toll
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5
Chapter 4: Methods of Entry into Foreign Markets
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Q1) A customer of a firm enters a foreign market by setting up a manufacturing facility.It tells its suppliers that they will need to supply parts for assembly at the manufacturing facility and for customer service.Therefore,the suppliers are engaged in what kind of exporting?
A) piggy-backing
B) direct exporting
C) franchising
D) a joint venture
E) None of the above
Q2) If an exporting firm wants to change from a strategy where it has used agents or distributors to a strategy based upon sales subsidiaries,it is usually easy and painless to make this switch.
A)True
B)False
Q3) An export trading company is an intermediary which will purchase goods in the exporting country and will resell them to a customer in a foreign country.
A)True
B)False
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Chapter 5: International Contracts
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Q1) An increasingly popular way of settling disputes between international exporter-agent/distributor partners is
A) joint ventures.
B) arbitration.
C) lawsuits in courts in the exporter's country.
D) lawsuits in courts in the agent/distributor's country.
E) None of the above
Q2) Normally,contracts between parties who speak different languages from each other can be written in both or all of their languages,and the contracts will have equal weight.
A)True
B)False
Q3) The scope of appointment clause of a contract usually prevents an agent or distributor to "cherry pick" the most profitable products for extra selling effort and to minimize effort toward less profitable products.
A)True
B)False
Q4) A ____________________ notice spells out how many days the exporter must give the agent/distributor before their termination becomes effective.
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Chapter 6: Terms of Trade or Incoterms
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Q1) A bill of lading or equivalent document (air waybill,sea waybill,multi-modal bill of lading)acts as proof of delivery under the CIP Incoterm.
A)True
B)False
Q2) The only difference between the Delivered Ex Ship Incoterm and the Delivered Ex Quay Incoterm is
A) the unloading costs of the ship at the port of destination are borne by the exporter in the Delivered Ex Quay transaction.
B) the unloading costs of the ship at the port of destination are borne by the importer in the Delivered Ex Quay transaction.
C) both importer and exporter share unloading costs of the ship at the port of destination in the Delivered Ex Quay transaction.
D) unloading costs are borne by the ship owner in the Delivered Ex Quay transaction.
E) None of the above
Q3) Under the DES Incoterm,the exporter is responsible for the goods until they are placed at the disposal of the importer at the ____________________ of destination.
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Page 8
Chapter 7: Terms of Payment
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Q1) A date draft goes into effect at the time the draft is endorsed (signed).
A)True
B)False
Q2) The instruction letter is part of the documentary collection
A) that is not recognized in the United States.
B) in which the exporter, through the remitting bank, tells the presenting bank what it is expected to accomplish.
C) that is not recognized in the European Union.
D) All of the above
E) None of the above
Q3) An irrevocable letter of credit cannot be canceled by the issuing bank unless the applicant agrees to it.
A)True
B)False
Q4) In documentary collection activity,the exporter's bank is called the ____________________ bank.
Q5) The most commonly used term of payment in the European Union is ____________________.
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Chapter 8: Currency of Payment (Managing Transaction Risks)
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Q1) Market-based forecasting of exchange rates
A) is based on the premise that "the market knows best."
B) attempts to capture the collective knowledge of sophisticated speculators in the future spot rate of a currency.
C) does not take into account government interventions.
D) All of the above
E) None of the above
Q2) Although there are many variables affecting the exchange rate of currencies,applications of fundamental forecasting using multiple regression and ANOVA readily overcome the problem of having all these variables.
A)True
B)False
Q3) In the long run,technical forecasting of exchange rates is very accurate.
A)True
B)False
Q4) In fundamental forecasting methods,the exchange rate of a specific currency is the dependent variable.
A)True
B)False
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Chapter 9: International Commercial Documents
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Sample Questions
Q1) The sentence "This merchandise licensed by U.S.for ultimate destination [country].Diversion contrary to U.S.Law prohibited" is
A) a Commerce Control List.
B) the Fenwick Anti-Terrorist Amendment of the Export Administration Act.
C) the "List of Specially Designated Nationals."
D) the Denied Person's List.
E) None of the above
Q2) A Certificate of Certification
A) defines the technical characteristics of a good before it can be imported.
B) may be written by an independent company.
C) may be written by a trade association.
D) All of the above
E) None of the above
Q3) A Phyto-Sanitary Certificate is for ____________________ products and foodstuffs.
Q4) A Certificate of Origin must be signed by the importer's chamber of commerce.
A)True
B)False
Q5) The invoice that corresponds to an actual shipment is called the ____________________ invoice.
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Chapter 10: International Insurance
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Q1) At Lloyd's,the individuals assuming (insuring)risks have
A) unlimited liability.
B) limited liability.
C) limited liability only in the United Kingdom.
D) unlimited liability only in the United Kingdom.
E) None of the above
Q2) British "All Risks" policies and American "All Risks" policies are different from each other.
A)True
B)False
Q3) Most cargo sent by air has ____________________ value.
Q4) Lloyd's of London originally began in a coffee shop.
A)True
B)False
Q5) Ordinary leakage is of more concern in air transit than in ocean transit.
A)True
B)False
Q6) At the time a ship is stranded,its cargo usually suffers heavy damage.
A)True
B)False
Page 12
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Chapter 11: International Ocean Transportation
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Q1) Ships designed to carry one single type of refined petroleum product are sometimes called
A) LASH ships.
B) post-production ships.
C) conference ships.
D) drugstore ships
E) None of the above
Q2) The American Convention for the Unification of Certain Rules of Law Relating to Bills of Lading is known as the Hague Rules.
A)True
B)False
Q3) Most tramp ships are designed for one type of cargo exclusively.
A)True
B)False
Q4) LASH ships cannot function well in ports that have little lifting equipment.
A)True
B)False
Q5) The largest ships in the world are crude carriers.
A)True
B)False
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Chapter 12: International Air Transportation
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Sample Questions
Q1) Combination aircrafts are mostly used on heavily-traveled routes,and used when urgent freight must take priority over passenger traffic.
A)True
B)False
Q2) Aircrafts can be classified on a combination of range and capacity.
A)True
B)False
Q3) FTK stands for
A) Freight Transport Kelvin.
B) Full at 12-thousand.
C) First Terminal Kilometer.
D) Furthest Tracing Kernel.
E) None of the above
Q4) The Paris convention of 1919
A) established the concept of sovereignty of a country over its airspace.
B) limited the liability of international airlines in accidents.
C) resulted in an "open-skies" agreement between the United States and the Netherlands.
D) All of the above
E) None of the above
Page 14
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Chapter 13: International Land and Multi-Modal Transportation
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Q1) Extended length containers are designed to hold cargo that does not fit in a 40-foot container.
A)True
B)False
Q2) The shipping container was developed in 1970 by Marshall McLuan.
A)True
B)False
Q3) Trucking,from a North American perspective,is
A) domestic.
B) heavy between the United States and Canada.
C) involved in some trade across the U.S.-Mexico border.
D) All of the above
E) None of the above
Q4) Europeans have attempted to upgrade their freight railroad systems but they are slowed by bloated ____________________.
Q5) Cargo going from the Far East to Europe can cross the North American continent via a land bridge.
A)True
B)False
Q6) Cargo of exceptional size and/or weight is called ____________________. Page 15
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Chapter 14: Packaging for Export
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Q1) About 43 percent of all claims made by shippers to their insurance companies are for ____________________ of goods in transit.
Q2) Consumer packages abroad are generally smaller in countries where retail shopping is done frequently.
A)True
B)False
Q3) Both crates and boxes should always be reinforced with ____________________ strapping and ____________________ bands.
Q4) Some shippers use old pallets as spacers (dunnage)to keep cargo from shifting.
A)True
B)False
Q5) For air shipments,the best form of packaging would be tertiary in nature and would include one additional layer of cardboard.
A)True
B)False
Q6) Containers designed for air transport cannot be used in other modes,except for one ____________________-foot container that can be used in cargo planes and trucks.
Q7) To keep cargo from shifting,some shippers use inflatable
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Chapter 15: International Logistics Security
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Sample Questions
Q1) When a security detection process determines that a cargo is innocuous (safe),even though the goods are dangerous,what type of error is it?
A) Type I error
B) Type II error
C) Type III error
D) Sampling error
E) All of the above
Q2) Type I errors (identifying a safe shipment incorrectly as dangerous)is less dangerous than Type II errors (identifying a dangerous shipment incorrectly as safe).
A)True
B)False
Q3) A ____________________ inspection program is a fallacy.Since there is no conceivable way that the required number of inspectors could be hired,nor that the necessary room would be made available in the ports,the inspection process would be flawed.
Q4) In order to protect their shipments while they are in transit,companies implement a different set of measures; they make sure that all cargo containers are ____________________ before they leave any facility
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Chapter 16: Customs Clearance
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Q1) A country grants or sells a right to export a set quantity of a specific good to an exporting firm.This authorization is called a ____________________.
Q2) National standards on imports are always thinly-disguised non-tariff barriers to trade.
A)True
B)False
Q3) In order for a product to be labeled as "made in the USA," its minimal United States content must be ____________________ percent of the product's value.
Q4) Customs brokers are usually compensated on
A) a percentage of the tariff.
B) a percentage of the added value of the goods.
C) a schedule set by the United Nations.
D) a schedule set by the World Trade Organization.
E) None of the above
Q5) A ____________________ is a guarantee that the importer or their representative will pay the duty due.
Q6) A quota that applies to all imports under an HS heading,regardless of country of origin,is called a(n)____________________ quota.
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Chapter 17: Using International Logistics for Strategic Advantage
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Q1) International English was designed to reduce communication errors between native speakers of English and people who speak English as a second language.
A)True
B)False
Q2) The system of measurement used by just about every country in the world,and which is formally known as the International System of Units is commonly known as the ____________________ system.
Q3) The Voice of America broadcasts can be heard in the United States on AM and FM stations.
A)True
B)False
Q4) The technique developed by Edmond Weiss to communicate clearly and accurately with non-native English speakers is called ____________________.
Q5) It is generally possible for an exporter accustomed to selling on a CIF basis to sell on an EXW basis,if that is what the importer requests.
A)True
B)False
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