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WorksheetsBAFIN - CH 7
Total questions: 28
Worksheet time: 14mins
Name
Class
Date
1.
The export and import of services are growing rapidly for the United States, to the point that they got bigger than merchandise trade.
a)
Korique
b)
Very wrong
2.
The import-export environment differs from that of domestic enterprises because all transactions are cross-border in nature and are thus impacted by international laws and by the national laws and politics of at least two countries that govern the conduct of sellers, buyers, and all other related parties.
a)
Vive la difference
b)
Confusion and conflict
c)
Reliance on specialized services
3.
Aside from a confusing assortment of some-times conflicting laws and regulations, there are logistical constraints on the physical movement of goods. Energy utilization and adaptation specifications vary among countries. There are differences in banking procures, currency prices, and just about everything else that affects international trade.
a)
Vive la difference
b)
Confusion and conflict
c)
Reliance on specialized services
4.
Traders rely on services that specialize in given areas of international trade. These include, cargo surveyors, marine insurers, Inspection and quality assurance firms, and government agencies, to name a few. They all make sure that goods are properly handled and documented and that all parties fully understand their rights and obligations.
a)
Vive la difference
b)
Confusion and conflict
c)
Reliance on specialized services
5.
Considered to be the seller and shipper of record.
(a)
6.
Were one to export a compressor to a customer in Indonesia, the _____'s name would appear as the shipper of record.
a)
Seller
b)
Exporting company
c)
Buyer
d)
importing company
7.
Whether the foreign customer is an independent company, a wholly owned subsidiary, or something in between is relevant to the import-export buyer/seller relationship.
a)
Korique
b)
Very wrong
8.
An _____ sale is completed once title has passed from exporter to importer, an invoice has been issued, an accounts
Receivable established, and the transaction recorded in the international Accounts ledgers of the countries involved.
a)
International
b)
Import
c)
Export
9.
Export shipments with no title change from exporter to importer. There is only a physical transfer of inventory from one country to another. A final Invoice is not cut, and no accounts receivable is created.
a)
Sale shipments
b)
Consignment shipments
c)
Transfer shipments
10.
a mercantile firm that buys from local supply sources and resells overseas.
a)
Export Tradng Company
b)
Importer
c)
Freight forwarder
d)
Customs broker
e)
International banks
11.
These traders can be helpful to small manufacturing companies that are not in a position to develop their own foreign markets
a)
Export Tradng Company
b)
Importer
c)
Freight forwarder
d)
Customs broker
e)
International banks
12.
the exporter and shipper of record.
a)
Export Tradng Company
b)
Importer
c)
Freight forwarder
d)
Customs broker
e)
International banks
13.
its name appears on all relevant documents which serve as evidence that an export sale has taken place.
a)
Export Tradng Company
b)
Importer
c)
Freight forwarder
d)
Customs broker
e)
International banks
14.
It is to the exporter what a travel agent is to a traveler.
a)
Export Tradng Company
b)
Importer
c)
Freight forwarder
d)
Customs broker
e)
International banks
15.
Its function is to arrange for the transportation of goods from the exporter’s warehouse to the importer’s port of entry and/or warehouse destination.
a)
Export Tradng Company
b)
Importer
c)
Freight forwarder
d)
Customs broker
e)
International banks
16.
One of its function is to prepare all export and shipping documentation on behalf of the exporter and to present the documents to an international bank for collection.
a)
Export Tradng Company
b)
Importer
c)
Freight forwarder
d)
Customs broker
e)
International banks
17.
Its function is to help clear imported merchandise through local customs on behalf of the buyer.
a)
Export Tradng Company
b)
Importer
c)
Freight forwarder
d)
Customs broker
e)
International banks
18.
It function includes the payment of all import taxes and charges and arranging for the transport of the goods to the buyer’s facility.
a)
Export Tradng Company
b)
Importer
c)
Freight forwarder
d)
Customs broker
e)
International banks
19.
Designed to facilitate trade by helping exporters and importers expedite the flow of documents and payments.
a)
Export Tradng Company
b)
Importer
c)
Freight forwarder
d)
Customs broker
e)
International banks
20.
the transportation firm that hauls the freight
a)
Export Tradng Company
b)
Importer
c)
Common carrier
d)
Customs broker
e)
International banks
21.
This critical issue is generally resolved during the (a) stage of a sale.
22.
In-transit insurance is RARELY legally required, but it makes good business sense to have goods insured against loss and/or damage while moving from one country to another.
a)
Korique
b)
Very wrong
23.
The traditional break-bulk (less than container load) methods of shipment that prevailed in earlier generations exist mainly in more developed areas where new materials management technologies have not yet been introduced.
a)
Korique
b)
Very wrong
24.
It is important that both the seller’s and the buyer’s banks have correspondent relationships. This means that each bank may represent the other in Specified transactions.
a)
Korique
b)
Very wrong
25.
Under this law in the United States and in most countries, buyers and sellers are considered “unrelated” persons or residents for transaction purposes. Hence, a U.S. Exporter like Allied-Signal that ships goods to its wholly owned subsidiary in Indonesia, Allied-Signal Indonesia, will be shown as the seller and shipper of record, and Allied-Signal Indonesia will be the buyer and ultimate consignee.
(a)
26.
A U.S. company that sells merchandise to an ETC is making a (a) sale.
27.
Most shipments are now containerized or bulk/tanker shipped.
a)
Korique
b)
Very wrong
28.
The ____ should cover the goods with adequate insurance.
a)
Exporter
b)
Importer
c)
Parehas beh
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