Incoterms

Goods that are bought and sold in trade. If being shipped or moved, it may be called FREIGHT or CARGO.

• Shipment

• Merchandise

• Export

'INCOTERMS' stands for...

• International Communications Term

• International Commerce Terms

• International Commercial Terms

• All the above

It means the seller is responsible for the goods until they are loaded. The seller must pay all costs related to getting the goods to port and onto vessel.

• INCOTERMS – COST & FREIGHT (CFR)

• INCOTERMS – FREE ON BOARD

• INCOTERMS – COST INSURANCE FREIGHT (CIF)

A major consideration when selecting the correct Incoterms® rule is that sellers and buyers should not use terms that imposes risks and obligations beyond their control.

• True

• False

It means the price includes the cost of goods, insurance and transportation to the destination port.

• CFR (COST AND FREIGHT)

• INCOTERMS – COST INSURANCE FREIGHT (CIF)

• INCOTERMS – FREE ON BOARD:

It means the price includes the cost of goods and transport charges to the destination port.

• INCOTERMS – FREE ON BOARD

• EXW (EX WORKS)

• INCOTERMS – COST & FREIGHT (CFR)

It's a place where goods are stored after shipping but before the payment of duties on those goods.

• STORAGE

• BONDED WAREHOUSE

• CHAMBER

It's the authority or organization that controls the flow of goods in and out of a country. Customs authorities or officials collect the duties or taxes applied to imports and exports.

• CUSTOMS / DUTY

• CUSTOMS BROKER

• SHIPPING AGENT

Under the Ex-Works agreement, it is the responsibility of the buyer to load the vehicle.

• True

• False

EXW stands for ...

• Ex Works

• Ex world