CH. 4: INCOTERMS

What is the definition of INCOTERMS?

• International Commercial Chamber Terms

• International Commercial Terms

• International Computerized Terms

• International Corporates Terms

Which INCOTERMS is currently being used globally to facilitate import and export?

• INCOTERMS 2022

• INCOTERMS 2010

• INCOTERMS 2020

• INCOTERMS 2000

Which are the importance of INCOTERMS to exporters and importers?

• Increase supply and demand of a country

• Management & Customer Satisfaction

• Promote clarity, Improve misunderstanding

• Competitive advantage, Compliance, Risk Management

What does INCOTERMS covers?

• Import duty and taxes, customs clearance

• Origin and destination charges, freight forwarding

• Cost, Risks, Carriage

• Goods and trucking cost

FAS is the abbreviation for

• Financial Accounting Standard

• Free Alongside Ship

• Free At Shipper's facility

• Free At Ship

For DAP, the risk transferred to buyer

• At the destination port

• During In-transit

• Buyer's premise

• Port's container yard

____ is a term where buyer pays the ocean freight at the destination port.

Buyer and seller may agree to pay the good's import duty and tax during export under the ___ terms

____ refers to Cost, Insurance and Freight.

For ___, the risk immediately transferred to buyer once goods are loaded onto the truck at the seller's premise or agreed place of goods' collection.