International Trade Quiz

When did the International Chamber of Commerce last modify the rules of Incoterms?

• 2020

• 2000

• 2010

• 2016

A commercial invoice is issued by

• exporter

• exporter's bank

• importer

• importer's bank

Why are LCL lead times longer than FCL lead times?

• Shipments may move on different vessels

• Shipments may take different routes

• Consolidation and deconsolidation procedures at origin and destination ports take longer

• It is complicated

At what point does risk transfer from the seller to the buyer if the terms of shipment are DAP (destination address)?

• Once goods are handed over to the first carrier or forwarder

• Once goods are delivered at the destination address

• Once goods leave the factory at origin

• Once goods are placed on board

FAS (Free alongside Ship) and FOB (Free on Board) are rules for which kind of transport?

• Any kind of transport - sea, land or air

• Inland waterway or sea transport

• Rail transport only

• Air transport only

A buyer in the USA want the exporter to deliver the goods insured to Tacoma Port, Washington U.S.A but you will accept all risks as soon as they are loaded on the ship SS FORMOSA from UK

• FOB

• СРТ

• CIF

• DAT

INCOTERMS 2010 contains:

• 13 Rules

• 11 Rules

• 15 Rules

• 10 Rules

Which of the following is not a basic objective of documentation in foreign trade?

• to assure that the exporter will receive the payment

• to assure that the importer will receive the goods to eliminate risk of non-completion

• None of the above