Commercial Abbreviations Quiz

What does CWO stand for in commercial transactions?

• Cost and Freight

• Cash on Delivery

• Free on Board

• Cash with Order

What does COD mean in commercial transactions?

• Cost, Insurance and Freight

• Local Price

• Cash with Order

• Cash on Delivery

What does E.&O.E. indicate in trade documents?

• Errors and Omissions Expected

• Errors and Omissions Exempted

• Errors and Omissions Excepted

• Errors and Commissions Excepted

What does Loco represent in commercial transactions?

• Local Price

• Cash with Order

• Free on Board

• Cost, Insurance and Freight

When using FAS, where does the seller's responsibility end?

• When goods are placed alongside the ship

• At the specified port

• At the time of delivery

• At the time of the order

What is the responsibility of the seller in CIF transactions?

• Excluding transportation costs

• Including insurance

• When goods are placed alongside the ship

• At the specified port

What does the abbreviation FOB indicate in trade documents?

• When goods are placed alongside the ship

• Full payment at the time of the order

• Responsibility ends for the exporter when the goods are loaded on the vessel at the port of departure

• At the specified port

What is the modern term for Loco?

• Free Alongside Ship

• Local Price

• Ex-Works

• Cash with Order

Which of the following is most appropriate for a “Cash with Order’’ terms of sale?

• Proforma invoice.

• Credit note.

• Debit note.

  .

• Consignment note

Which of the following is quoted when the buyer is responsible for the cost of loading the goods from the seller’s warehouse up to his own warehouse?

• F.O.R

• C.I.F

• Loco

• F.A.S