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International Trade Vocabulary

Total questions: 12

Worksheet time: 12mins

Name
Class
Date
1.

Goods that are bought and sold in trade. If being shipped or moved, it may be called FREIGHT or CARGO.

a)

Merchandise

b)

Shipment

c)

Export

2.

A certificate certifying that the goods have been made to the buyer’s specifications.

a)

CERTIFICATE OF ORIGIN

b)

CERTIFICATE OF SALE

c)

CERTIFICATE OF MANUFACTURE

3.

It shows that the goods meet the required standards prior to shipment.

a)

CERTIFICATION OF QUALITY

b)

CERTIFICATE OF INSPECTION

c)

CERTIFICATE OF ORIGIN

4.

Before a supplier sends merchandise to a buyer, the supplier provides this document listing the quantity, value and specifications of the merchandise.

a)

BILL OF LADING

b)

INVOICE

c)

PRO FORMA INVOICE

5.

This document is a guarantee that payment will be made when the seller meets the conditions sale.

a)

LETTER OF CREDIT

b)

LETTER OF INSURANCE

c)

LETTER OF SALES CONDITION

6.

It's a contract or agreement between an exporter and a transportation company. It contains a list of the goods being carried and it must remain with the merchandise at all times.

a)

BILL OF LADING (BL)

b)

LETTER OF CREDIT

c)

CERTIFICATE OF QUALITY

7.

It means the seller is responsible for the goods until they are loaded. The seller must pay all costs related to getting the goods to port and onto vessel.

a)

INCOTERMS – FREE ON BOARD

b)

INCOTERMS – COST & FREIGHT (CFR)

c)

INCOTERMS – COST INSURANCE FREIGHT (CIF)

8.

It means the price includes the cost of goods and transport charges to the destination port.

a)

INCOTERMS – FREE ON BOARD

b)

EXW (EX WORKS)

c)

INCOTERMS – COST & FREIGHT (CFR)

9.

It means the price includes the cost of goods, insurance and transportation to the destination port.

a)

INCOTERMS – FREE ON BOARD:

b)

INCOTERMS – COST INSURANCE FREIGHT (CIF)

c)

CFR (COST AND FREIGHT)

10.

It's a place where goods are stored after shipping but before the payment of duties on those goods.

a)

STORAGE

b)

BONDED WAREHOUSE

c)

CHAMBER

11.

It's the authority or organization that controls the flow of goods in and out of a country. Customs authorities or officials collect the duties or taxes applied to imports and exports.

a)

CUSTOMS / DUTY

b)

CUSTOMS BROKER

c)

SHIPPING AGENT

12.

This agent helps importers and exporters move their goods through customs.Customs brokers prepare documents, assist with communications, and arrange payment of duties.

a)

TAXES BROKER

b)

FREIGHT BROKER

c)

CUSTOMS BROKER