1. The ‘Just-In-Time’ (JIT) philosophy aims to minimize stock-holding costs by planning the arrival of raw materials and components just as they are needed.

A. True

B. False

2. Free on board (FOB) is where customers only take responsibility after the goods have reached a named foreign destination.

A. True

B. False

3. What name is given to a distributional channel in which exports are sent to a ‘satellite’ warehouse/ depot in another country which then acts as a ‘break bulk’ point?

A. Free-carrier system

B. Ex-works system

C. Transit system

D. Direct system

4. AWB means ____________.

A. Air Way Bill

B. Aero Way Bond

C. Acid Water Bus

D. Air Water Borne

5. FOB means ____________.

A. Free on Board

B. Free on Bus

C. First on Bail

D First on Board

Answers:1 (A), 2 (B), 3 (C), 4 (A), 5 (A)

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