
LM Quiz 3
Authored by Aileen Villela
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University

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15 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
During a business class, Benjamin asked, what does INCOTERM stand for?
International Commercial Terms
International Cargo Terms
Intercontinental Contract Terms
International Consignment Terms
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Mason is studying international trade and wants to know when INCOTERMS were first conceived.
1921
1936
1945
1950
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Avery is studying international trade and comes across various shipping terms. Which of the following is NOT one of the first six INCOTERM rules developed?
FOR
CIF
FAS
FOB
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of INCOTERMS in international trade transactions involving Abigail's company?
To define payment terms
To specify goods specifications
To determine ownership transfer
To set international rules for foreign trade
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Lily is planning to import some goods for her new business. Which INCOTERM indicates that the seller is responsible for all costs until the goods reach Lily's location?
DDP
EXW
FOB
CPT
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
During a recent project, Abigail was tasked with managing the logistics of a shipment. What does the term 'transhipment' refer to in this context?
Delivery of goods at the buyer's location
Shipment to an intermediate destination
Direct shipment to the final destination
Insurance coverage during transit
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Liam is shipping goods internationally and needs to understand the terms of delivery. Which INCOTERM is used for 'Cost Insurance & Freight'?
DAP
CPT
CIF
CFR
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