
IM-EX Chapter 4 Incoterm
Quiz
•
Social Studies
•
University
•
Hard
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8 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the FCA (Free Carrier) rule require the seller to do?
Deliver the goods to the buyer or its carrier at the premises loaded onto the collecting vehicle or delivered to another premises
Take out maximum insurance cover under Institute Cargo Clauses (A) or (Air) or similar, for the risk
Deliver the goods to the buyer at the premises
Carry out any import formalities
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the FOB trade term require the seller to do?
Carry out import formalities
Deliver the goods to the buyer's premises
Place the goods alongside the vessel nominated by the buyer
Place the goods on board the vessel
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the most important difference between DDP and DAP?
The requirement to carry out export formalities
The responsibility to pay import duty
The obligation to perform import forrmalities
The obligation to deliver the goods to the buyer's premises
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does CFR stand for in trade terms?
Cost, Insurance, Freight
Cost and Freight
Carriage and Freight
Cargo and Freight
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Who is responsible for carrying out all export procedures under the CIF rule?
The buyer
The consignee
The seller
The carrier
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the responsibility of the buyer under CIP (Carriage Insurance Paid To) in Incoterms 2020?
Clearing the goods for import
Thoroughly inspecting the goods upon arrival
Ensuring the safety of the goods during transportation
Arranging for the export customs clearance
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the responsibility of the buyer in the DAP Incoterm?
Clearing the goods for export
Receiving the goods at the seller's address
Clearing the goods for import
Transporting the goods to the buyer's warehouse
8.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In an FOB (Free On Board) transaction, which party is responsible for the export clearance documentation?
The buyer
The seller
Depend on the contract
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