Lesson 10: Quiz - Startup Washington

Lesson 10: Supply Chains

What You’ll Learn: Supply chains aren’t just for mega-corporations. Every business large and small has a supply chain in one form or another and maximizing its efficiency, flexibility and redundancy. We’ll show you how to build a chain that supports your current and emerging needs, ensuring that it will grow and mature as your business does.

Supply Chain Quiz

Lesson 10: Supply Chains

Even a small business has a supply chain. Test your understanding of this important part of a business' success.

1 / 10

Supply chain management is...

The flow of goods and services that includes all processes that transform raw materials into final products

The management of activities that include purchasing, production, inventory management, transportation and distribution

The sequence of processes involved in the production and distribution of a commodity

All of the above

2 / 10

Supply chain management is important because:

Businesses need to maximize customer value and achieve a sustainable competitive advantage

It allows a business to select the cheapest way to produce a product

Banks like to see the word "management" in a business plan

Suppliers do all the hard work for you

3 / 10

Sourcing, production and logistics are:

Classes taught at the Hogwarts School of Witchcraft and Sorcery

Important supply chain activities

Chapter titles in IKEA furniture instructions

Hit shows on HGTC

4 / 10

Supply chain management operates at three levels:

High, medium and low

Celsius, Fahrenheit and Kelvin

Dopey, Grumpy and Bashful

Strategic, tactical and operational

5 / 10

Startups can delivery high quality products to their customers by:

Having their mother-in-law serve as director of quality control

Appear on an episode of Undercover Boss

Developing a set of metrics to evaluate supply chain

Select a business name with the word "quality" in it

6 / 10

In choosing a supplier, make sure they are:

Aligned with your ethics and values

A distant relative

Not listed with the Better Business Bureau

Located in a galaxy far, far away

7 / 10

Logistics is:

A course on logic taught at the University of Phoenix

Part of the supply chain that focuses on transporting goods

An Airbnb located in Logan, Utah

A global satellite navigation system

8 / 10

The biggest problem in the supply chain usually occurs...

When customers want quality products

Processing returns and non-conforming products

From beginning to end

When you select a supplier

9 / 10

Metrics used in successful supply chain management include:

On-time delivery

Inventory cycling

Costs of goods sold

All of the above

10 / 10

Important takeaways for understanding supply chain management include:

Identifying strong suppliers and cultivating relationships

Developing quantitative and qualitative metrics to manage suppliers

Building a responsive supply chain by managing risk

All of the above

Your score is

The average score is 90%

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