International Trade Quiz

Why are LCL lead times longer than FCL lead times?

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

• 2020

• 2000

• 2010

• 2016

In CIF contracts, the risk passes:

• When the goods are on board at the departure port

• When the goods reach the destination

• On delivery

• When the truck arrives at the seller's premises

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

INCOTERMS 2010 contains:

• 13 Rules

• 11 Rules

• 15 Rules

• 10 Rules

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

A commercial invoice is issued by

• exporter

• exporter's bank

• importer

• importer's bank

If an exporter is doubtful about an issuing bank's ability to pay, he will expect a domestic bank to join the transaction in a _ letter of credit.

• revolving

• irrevocable

• revocable

• confirmed

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

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