Final Exam

Final Exam Which of these terms means "controlling the flow and storage of goods from origin point to destination"? - - Logistics What's the legal name for a freight broker? - - Property broker. Which part of this statement is false? "A freight broker sells transportation to a shipper, makes arrangements for the shipment, and transports the shipment - - C The freight broker doesn't transport the shipment. What are the two most important qualities that a broker should look for in choosing a carrier? - - The carrier has a valid motor carrier license and proper insurance to protect the shipper. 5 When you become a broker or broker agent, you become part of which of these? - - Supply chain. Which of these are legal requirements that a freight broker has to meet? - - They must meet the standards of the Federal Motor Carrier Safety Administration and have cash reserves or financial backing. A freight broker agent must have a contract with what type of person or organization? - - A licensed and bonded broker or brokerage firm. For which of these tasks does the freight broker earn a fee? - - Providing services as an intermediary. 9 A freight broker must meet the legal requirements outlined by which organization? - - FMCSA, a division of the Department of Transportation. Why do shippers use brokers? - - Brokers save shippers money and provide expertise. In which type of business does one person furnish all of the capital and personally assume all of the liability, and all of the profits go to the owner? - - Sole proprietor. 2 Which of these choices is a good tip to use in deciding on your business name - - Choose a name that's easy to spell and pronounce. 3 What name may you want to use for your comp