Incoterms Quiz

What does "CIF" stand for in Incoterms?

• a) Cost, Insurance, Freight

• b) Carriage, Insurance, Freight

• c) Cost, International, Freight

• d) Cost, Insurance, Forwarding

In the Incoterm FOB, who is responsible for loading the goods onto the vessel?

• a) Seller

• b) Buyer

• c) Freight forwarder

• d) Insurance company

Which Incoterm places the maximum responsibility on the buyer?

• a) FOB

• b) EXW

• c) CIF

• d) CFR

Under the Incoterm CIP, who is responsible for insuring the goods during transit?

• a) Seller

• b) Buyer

• c) Carrier

• d) Freight forwarder

Under the Incoterm FAS, where does the risk transfer from the seller to the buyer?

• a) When goods are on board the vessel

• b) When goods are at the port of departure

• c) When goods are loaded onto the vessel

• d) When goods are en route

Under the Incoterm CPT, when does the risk transfer from the seller to the buyer?

• a) When goods are loaded onto the carrier

• b) When goods arrive at the destination port

• c) When goods are ready for unloading at the destination

• d) When goods are cleared for export

Which Incoterm places the least responsibility on the seller?

• a) DAP

• b) EXW

• c) CPT

• d) DDP

What does "FCA" stand for in Incoterms?

• a) Free Carrier

• b) Freight Cost Assurance

• c) Free Cargo Acceptance

• d) Forwarding Carrier Agreement

Under the Incoterm EXW, where does the seller deliver the goods?

• a) Seller's premises

• b) Buyer's premises

• c) Port of departure

• d) Port of destination

Which Incoterm indicates that the seller's responsibility ends when the goods are made available at a named place, usually the seller's premises or another named location?

• a) FCA

• b) EXW

• c) CFR

• d) CIP