Quiz on INCOTERMS 2020 (Part 1)

What year was the first version of INCOTERMS published?

• 1953

• 1967

• 1945

• 1936

Which INCOTERM was introduced in the 2010 revision?

• FCA

• DAP

• CIF

• FOB

What does the term DPU stand for in INCOTERMS 2020?

• Delivered Place Unloaded

• Delivery Paid Unloaded

• Delivery Point Unloaded

• Delivered at Place Unloaded

Which of the following is NOT a responsibility of the seller under EXW?

• Providing an invoice

• Assisting in obtaining export documents

• Loading the goods onto the buyer's vehicle

• Delivering the goods at the agreed place

In the CFR term, when does the risk transfer from the seller to the buyer?

• When the goods are loaded onto the vessel

• At the time of payment

• Upon delivery at the buyer's premises

• At the port of destination

What does CIF stand for in shipping terms?

• Cost, Import, and Freight

• Cost, Insurance, and Freight

• Cost, Insurance, and Fees

• Cargo, Insurance, and Freight

Who bears the risk until the goods are placed on board the vessel in a CIF agreement?

• Seller

• Insurance Company

• Carrier

• Buyer

In a DPU agreement, who is responsible for unloading the goods at the destination?

• Buyer

• Carrier

• Seller

• Customs

What is the seller's obligation regarding insurance in a CIF contract?

• To provide insurance only if requested by the buyer

• To provide no insurance

• To provide insurance at 100% of the goods' value

• To provide insurance at 110% of the goods' value

What must the buyer do if they wish to determine the time of shipping in a CIF agreement?

• Notify the seller

• Arrange for unloading

• Pay additional fees

• Provide insurance