INCOTERM QUIZZ

What are Incoterms and who publishes them?

• A) International Commercial Terms, published by the International Chamber of Commerce (ICC)

• B) International Contract Terms, published by the International Trade Organization (ITO)

• C) International Customs Terms, published by the World Customs Organization (WCO)

• D) International Commerce Terms, published by the United Nations Conference on Trade and Development (UNCTAD)

What is the main purpose of Incoterms?

• A) To define the responsibilities and obligations of the buyer and the seller in an international trade transaction

• B) To regulate the tariffs and quotas of the importing and exporting countries

• C) To harmonize the legal systems and dispute resolution mechanisms of the trading parties

• D) To standardize the payment methods and currency exchange rates of the trading parties

How many Incoterms are there in the latest version (2020) and how are they classified?

• A) 11 Incoterms, classified into two groups: E and F terms

• B) 13 Incoterms, classified into two groups: C and D terms

• C) 15 Incoterms, classified into three groups: E, F, and C terms

• D) 11 Incoterms, classified into two groups: rules for any mode or modes of transport and rules for sea and inland waterway

Which Incoterm does not exist in INCOTERMS 2020?

• DDU

• DAP

• DPU

• DDP

Which Incoterm requires the seller to deliver the goods to the buyer at the seller's premises or another named place, without loading them onto any collecting vehicle?

• A) EXW (Ex Works)

• B) FCA (Free Carrier)

• C) CPT (Carriage Paid To)

• D) DAP (Delivered At Place)

The Incoterms which is already abolished are still available?

• Available if the custom officer accepts.

• 
  Available under the agreement between shipper and consignee.

• Available if the shipping line accepts.

• Not available.

What's in common between DAP and DDP?

• The consignee takes responsibility for unloading cargo.

• The shipper takes responsibility for cargo unloading.

• The consignee pays for Duty and Tax.

• The shipper pays for Duty and Tax.

In CPT and CIP, until where does the Shipper take the responsibility of the cost ?

• At the pick up location in Export country.

• Until the delivery location in Import country.

• 
  Until the port at Export side.

• 
  Until the port at Import side.

In CPT and CIP, where the responsibility of the Risk does move from the Shipper to Consignee?

• The designated area at Export side.

• On the vessel at Export side.

• Off the vessel at Import side.

• The designated area at Import side

If we use CFR, who pays for the insurance?

• Shipper

• Consignee

• Shipper and Consignee share the cost