Pre Test Incoterms 2020 with ICC

Under Incoterms® rule FCA when the goods are picked up at the seller’s premises, who is responsible for the loading of the goods on the means of transport provided by the buyer?

• A. The Buyer

• B. The carrier

• C. The Seller

On reviewing bill of lading in respect of a contract of sale agreed on a CIF basis, one would expect to see it marked:

• A. Freight collect

• B. Freight paid

• C. Freight payable at port of loading (or place of issue)

Under the Incoterms® rules starting with the letter C or D, it is for the buyer to make the contract of carriage with the carrier.

• A. True

• B. False

The Incoterms® rules CIF require the seller to provide insurance with maximum cover, Institute Cargo Clause (A).

• A. True

• B. False

Of all the Incoterms® 2020 rules, EXW involves the maximum obligation of the buyer.

• A. True

• B. False

Under the Incoterms® rule FOB ownership or property rights in the goods transfers from seller to buyer when the goods are placed on board the vessel at the port of shipment.

• A. True

• B. False

The Incoterms® rule DDP involves the maximum obligation of the seller.

• A. True

• B. False

At which point does risk transfer from seller to buyer under CIF (Named Port of Destination) Incoterms® 2020

• A. At the seller’s premises, ready for loading

• B. When delivered to the carrier at the port of loading

• C. On board the vessel at the port of loading

• D. On board the vessel at the destination port

Under which list of the Incoterms® 2020 rules has the seller the obligation to insure the goods?

• A. FOB, CFR, FCA, CPT

• B. CIF, CIP

• C. CIF, CIP, DAP, DAT, DDP

• D. CPT, CIF, CIP, DDP

In which Incoterms® rule is there no requirement for the seller to arrange the export clearance of the goods.

• A. DDP

• B. DAT

• C. FCA

• D. EXW