WorksheetsImporting and Exporting - Module 3: Entry Process for Imports
Total questions: 15
Worksheet time: 8mins
What is required for customs to determine whether merchandise can be released from its custody?
Only the invoice of the merchandise
Filing of the essential documents
Physical inspection of the merchandise
Only the payment of estimated duties
Which program allows for the electronic accomplishment of the entry process?
Electronic Customs Entry System
Global Entry Interface
Automatic Broker Interface program
Digital Trade Facilitation Network
What must be filed if goods are to be released from customs on entry documents?
Import declaration
Entry summary for consumption
Export certificate
Proof of payment
When is the product released by customs?
After physical inspection
Once the complete entry is filed and estimated duty is deposited
Upon arrival at the port of entry
After random sampling
What must be posted before filing the entry summary?
Import license
Customs clearance certificate
Bond
Shipping manifest
What does the liquidation of an entry entail?
Determining the value of imports and calculating duties
Inspecting the physical condition of goods
Confirming the country of origin
Auditing the importer’s financial records
Which entries do not require liquidation?
Temporary importation bond entries
Formal entries
Entries for immediate consumption
Permanent importation bond entries
How is the applicable rate of exchange for customs purposes determined?
Based on the importer’s preference
Based on the date of goods' exportation
Based on the customs officer’s discretion
Based on the date of goods' arrival
If an importer disagrees with the liquidation of an entry, what can they do?
File a protest in writing within ninety days
Appeal to the international trade court
Request a re-inspection of goods
File a complaint with the local chamber of commerce
What is the first factor considered in valuing imported goods?
Computed value
Transaction value
Deductive value
Market value
What is included in the transaction value of goods?
Only the invoice price
Invoice price, minus international freight, insurance, and other CIF fees
Only the cost of production
Invoice price, including international freight, insurance, and other CIF fees
What method is used when the transaction value cannot be determined?
(example in: as in sales between related parties)
Transaction value method
Computed value method
Deductive value method
Average value method
What does the computed value of goods include?
Only the cost of materials
Cost of materials, labour, and overhead, plus producer's profits and general expenses
Only the market price in the exporting country
Cost of materials, minus transportation costs
Why must imported goods be labeled with the country of origin?
For aesthetic purposes
To indicate to the ultimate buyer the name of the country in which the product was manufactured
To comply with local marketing regulations
To enhance brand reputation
What is the "substantial transformation test" used for?
To verify the authenticity of the product
To determine the country of origin of a product made up of components or materials from multiple countries
To assess the quality of the product
To assess the quality of the product
