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WorksheetsDVC Import / Export Wk 1
Total questions: 23
Worksheet time: 12mins
Name
Class
Date
1.
Define the acronym for W. T. O.
a)
World Top Organizatioin
b)
World Trade Organization
c)
Warehouse Trade Operation
2.
What does the term NAFTA stand for:
a)
North Armenian Full Trade Agreement
b)
North American Free Trade Agreement
c)
North American Foreign Train Agreement
3.
Which countries does NAFTA include ?
a)
South America, Mexico, and Ecuador
b)
United States, Canada, and Mexico
c)
America, Puerto Rico, and Cuba
4.
Direct exporting provides greater control over sales and distribution.
a)
True
b)
False
5.
The acronym EMC represents ______________________________ in Import and Exporting.
a)
Export Manager Control
b)
Export Management Company
c)
Experienced Management Coordinator
6.
In your opinion what does "piggyback exporting" represent.
a)
Is a Domestic distribution operation in which the shipper completes orders for large customers.
b)
Is a foreign distribution operation in which the exporters products are sold along with those of another manufacturer.
7.
An 'agent' normally takes title to the goods.
a)
True
b)
False
8.
The US Customs Services requires that all goods be labelled with the Country of Origin.
a)
True
b)
False
9.
Explain the term 'Spot Rate'.
a)
The 'spot rate' is the exchange rate between two currencies quoted for delivery within two business days.
b)
The Rate is the exchange between 4 currencies quoted for delivery for 30 days.
10.
Find today’s Exchange Rate between the British Pound (£) and the U.S. Dollar ($) . Use foreignmoney.com to obtain both rates. Pound/Dollar.
Check this answer on google. for the current Rate for currency
Check this answer on google. for the current Rate for currency
a)
Click for Free....:)
b)
We must look this up in the Dictionary
11.
Find today’s Exchange Rate between the Japan Yen and the U.S. Dollar ($) . Use foreignmoney.com to obtain both rates. Yen/Dollar
Look for this answer on Google to find the current Rate.
Look for this answer on Google to find the current Rate.
a)
Free Answer Click now.
b)
This is not required.
12.
When the US Dollar is weak it is better for Imports.
a)
True
b)
False
13.
Name the 3 of the 7 functions that a full-service distributer can normally provide.
a)
Buying, Selling, Storing
b)
Surf the web, Check Ebay, Craigslist
14.
Name the three levels of Capital required to start and run a business.
a)
Initial/Fixed, Operating/Working, Growth/Reserve
b)
Citi Bank, WTO, Certificate of Origin
15.
Software uploaded or downloaded from a website could be considered an ‘export’.
a)
True
b)
False
16.
What does NLR stand for ?
a)
No License Required
b)
Name Lot Required
17.
Which Government Bureau is responsible for implementing and enforcing the Export Administration Regulations (EAR)?
a)
US Customs
b)
The Bureau of Industry and Security
c)
Transportation Safety Administration
18.
Explain the importance of the destination control statement.
a)
The Receiving Control statement is important because it is a red flag to the Carrier and all parties.
b)
The destination control statement is important because it’s a notification to the Carrier and all foreign parties that these goods cannot be diverted to another country, contrary to U.S. law
19.
It is legal for a U.S. company to offer, pay, or promise to pay money or anything of value to any foreign official for the purpose of securing or retaining business.
a)
True
b)
False
20.
List two of the four Customs benefits available to Exporters.
a)
Drawback of Customs Duties, U.S. Foreign Trade Zones (FTZ’s), Foreign Free Port and Free Trade Zones, Bonded Warehouse.
b)
TSA, C-PTAT, US Customs, TWIC Cards
21.
Which U.S. Customs Commodity Specialist Team deals with the importation of valves and bearings?
a)
Team Number 208
b)
Team Number 308
22.
Which U.S. customs Commodity Teams deals with the importation of plastic paper clips.
a)
Team Number 412
b)
Team Number 212
23.
Seafood (Shrimp, Fish, etc) has the same U.S. Import duty if sourced in India, Thailand or Vietnam .
a)
True
b)
False
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