What is the final step in risk management?

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a.Reviewing and monitoring

b.Reduction

c.Identification

d.Analysis

 

SKU: Mana078443

MGT 377 Procurement, Purchasing, and Vendor Management

Multiple Choice Questions

1.Which of the following is not one of the four steps in the risk management process?

a.Identify the risk

b.Analyze the risk

c.Manage the riskAnalyze the risk

d.Cost the risk mitigation

 

2.Looking at exports and imports combined who is the U.S.’s largest trading partner?

a.Mexico

b.China

c.Japan

d.Canada

 

3.What is a liner ship?

a.an ocean-going ship that travels a fixed route on a published schedule

b.a ship that travels inland waterways on a demand schedule

c.an ocean-going cruise ship that handles passengers on specific routes

d.a ship owned or leased on a long-term, basis by the company moving the goods

 

4.Companies may smartly outsource all of the following except

a.Information technology

b.Core capabilities

c.Manufacturing

d.Logistics

 

 

5.3PLs are typically categorized based upon their foundational service offering such as:

a.Transportation, Distribution, and Marketing

b.Forwarder, Distribution, and Human Resources

c.Transportation, Distribution, and Forwarder

d.Human Resources, Marketing, and Distribution

 

6.What type of 3PL traces their origin to freight movement via truck, rail, or other?

a.Forwarder based

b.Financial based

c.Transportation based

d.Distribution based

 

7.What is the major service characteristic of air transportation?

a.speed

b.careful handling

c.very reduced paperwork because of special rules which apply to air carriers

d.door-to-door service

 

8.What two parameters are involved in risk assessment

a.Cost and impact

b.Probability and impact

c.Frequency and probability

d.Duration and probability

 

 9.What type of 3PL originated from the public or contract warehousing business?

a.Forwarder based

b.Financial based

c.Transportation based

d.Distribution based

 

 

10.What group of 3Pls do not own equipment, they instead arrange transportation services?

a.Forwarder based

b.Financial based

c.Transportation based

d.Distribution based

 

 

11.What is the simplest way to eliminate risk?

a.Risk reduction

b.Risk mitigation

c.Risk avoidance

d.Risk identification

 

 

12.Not putting all your “eggs in one basket” is what type of strategy?

a.Postponement

b.Buffering

c.Hedging

d.Transfer

 

 

 

13.What is the final step in risk management?

a.Reviewing and monitoring

b.Reduction

c.Identification

d.Analysis

 

14.What is one of the strengths of an Asset Based 3PL?

a.Ability to provide direct and immediate solutions

b.Flexibility with respect to fixed assets

c.Not limited to internal infrastructure

d.Likely to create innovative solutions

 

15.Which of the following is not one of the four C-Incoterms?

a.CFR

b.CPT

c.CPI

d.CIF

 

16.Which of the following Terms of Payment has the least risk to the seller?

a.Letter of Credit

b.Cash in Advance

c.On presentation of draft to buyer

d.On maturity of the draft

 

17. Which of the following is not a standard container length?

a.20 Feet

b.40 Feet

c.65 Feet

d.63 Feet

 

 

 

18.Which transportation mode provides high capacity and low cost?

a.Air

b.Pipeline

c.Water

d.Truck

 

 

19.The Free and Secure Trade (FAST) Program is between the U.S.and:

a.Mexico

b.Cuba

c.Germany

d.England

 

20. Container ships are built specifically for the purpose of moving:

a.20 and 30 feet containers

b.30 and 40 feet containers

c.30 and 53 feet containers

d.20 and 40 feet containers

 

21.In terms of thousands of tons per year, what it the busiest seaport?

Long beach

Singapore

Shanghai

Houston

 

22.What is the term for an external supplier that perform all or part of an organizations logistics services?

a.Freight forwarder

b.Consultant

c.Third party logistics service provider (3 PL)

d.Just in time provider

 

23.Which of the following is not a risk management option?

a.Risk retention

b.Risk transfer

c.A Mixed approach

d.Elimination of all risk

 

 

24.According to the book, 3PL spending is highest in:

North America

Europe

Asia-Pacific

Latin America

 

25.How much time is spent in traffic per year by U.S. residents?

a.Latin America

b.1 Billion hours

c.4.2 Billion hours

d.4.2 Million hours

 

26.The most important aspect of collaboration is sharing:

a.Costs

b.Risk

c.Information

d.Customers

 

27.Which of the following is not an objective of the risk management process?

a.Define the key objectives

b.Identify risk issues

c.Compare risks

d.Treat all risks equally

 

28.Supply chain disruption can result in:

a.Stock price increase

b.Lower operating performance

c.Inventory decrease

d.Higher return on assets

 

29.How much carbon dioxide is produced by the consumption of 1 gallon of fuel?

a.6.6 pounds

b.12 pounds

c.14 pounds

d.22 pounds

 

30.Which of the follow is something Intercoms will not do:

a.Define relationship regarding mode of delivery

b.Define passage of title

c.Define contractual rights

d.Define when a delivery is couplet

 

Short Answer Questions

31.What is the primary role of an Air Freight Forwarder?

 

32.Risk management is defined as:

 

33.A financial base 3 PL does what?

 

34.___________is a common method of risk transfer that nearly everyone utilizes at one time or another.

 

Essay Questions

35.Please list and explain four of the ten intermediary and special services (as listed in the textbook) which are offered by 3 plus to their customers.

 

36.The objectives of the risk management process are:

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