Transfer of Ownership and Risk of Sales Loss Quiz

What is the process of transferring ownership in a sales transaction called?

• Conveyancing

• Transferring

• Ownershiping

• Salesing

Which party assumes the risk of loss in a sales transaction?

• Government

• Middleman

• Buyer

• Seller

What does F.O.B. stand for in F.O.B. shipping point?

• Free On Board

• Forward On Board

• Freight On Board

• Full On Board

What does F.O.B. stand for in F.O.B. destination?

• Free On Board

• Full On Board

• Forward On Board

• Freight On Board

What is a document that serves as evidence of the contract of carriage and receipt of goods in a shipment?

• Invoice

• Bill of lading

• Packing slip

• Purchase order

In a sales transaction, when does the title transfer in F.O.B. shipping point?

• At the point of delivery

• At the point of payment

• At the point of production

• At the point of shipment

In a sales transaction, when does the title transfer in F.O.B. destination?

• When the goods reach the destination

• When the goods are ordered

• When the goods are shipped

• When the goods are manufactured

Who is responsible for the shipping costs in F.O.B. shipping point?

• Carrier

• Seller

• Manufacturer

• Buyer

Who is responsible for the shipping costs in F.O.B. destination?

• Seller

• Manufacturer

• Buyer

• Carrier

Which party has the risk of loss during transportation in F.O.B. shipping point?

• Buyer

• Seller

• Carrier

• Manufacturer