DCJS Final Exam with Verified
Answers%
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 company that's different from its legal name? -
✔✔Your Web or domain name.
4
When you choose your Web or domain name, which of these tips should you follow? - ✔✔Keep
it simple and easy to remember, and try to make it 15 letters or less.
What is cash flow? - ✔✔The total amount of money that your business generates plus the total
amount that it uses up
6
What does it mean to carry the receivables? - ✔✔When a payment is due to the carrier before
the money comes from the shipper, you need to have enough funds on hand to pay the carrier.
7
, How can you get your own motor carrier number? - ✔✔B
File form OP-1 with the FMCSA.
What's a process agent? - ✔✔Someone who can receive legal papers for you in case someone
sues you.
According to section 371.2 of the FMCSA Department of Transportation Laws and
Requirements, for how long must a broker keep a record of each brokerage transaction -
✔✔Three years.
How much money will you need to provide the surety bond company to get a surety bond of
$75,000? - ✔✔It will depend on your credit rating.
As you develop your business goals, is it a good idea to think about your personal goals as well?
- ✔✔Yes. Your personal goals can motivate you to achieve your business goals.
Is it a good idea to have your spouse, mentor, or business coach help you review your list of
goals? - ✔✔Yes. Reviewing your goals with someone you trust can help you make them clearer
and more specific.
What's a corporate identity? - ✔✔A combination of words, colors, and designs that express
your business philosophy.
What's a vision statement? - ✔✔A description of what your company wants to be.
5
At what point should your goals be fixed and unchangeable? - ✔✔You should always be able to
change your goals
Answers%
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 company that's different from its legal name? -
✔✔Your Web or domain name.
4
When you choose your Web or domain name, which of these tips should you follow? - ✔✔Keep
it simple and easy to remember, and try to make it 15 letters or less.
What is cash flow? - ✔✔The total amount of money that your business generates plus the total
amount that it uses up
6
What does it mean to carry the receivables? - ✔✔When a payment is due to the carrier before
the money comes from the shipper, you need to have enough funds on hand to pay the carrier.
7
, How can you get your own motor carrier number? - ✔✔B
File form OP-1 with the FMCSA.
What's a process agent? - ✔✔Someone who can receive legal papers for you in case someone
sues you.
According to section 371.2 of the FMCSA Department of Transportation Laws and
Requirements, for how long must a broker keep a record of each brokerage transaction -
✔✔Three years.
How much money will you need to provide the surety bond company to get a surety bond of
$75,000? - ✔✔It will depend on your credit rating.
As you develop your business goals, is it a good idea to think about your personal goals as well?
- ✔✔Yes. Your personal goals can motivate you to achieve your business goals.
Is it a good idea to have your spouse, mentor, or business coach help you review your list of
goals? - ✔✔Yes. Reviewing your goals with someone you trust can help you make them clearer
and more specific.
What's a corporate identity? - ✔✔A combination of words, colors, and designs that express
your business philosophy.
What's a vision statement? - ✔✔A description of what your company wants to be.
5
At what point should your goals be fixed and unchangeable? - ✔✔You should always be able to
change your goals
