IM-EX Chapter 4 Incoterm

IM-EX Chapter 4 Incoterm

University

8 Qs

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IM-EX Chapter 4 Incoterm

IM-EX Chapter 4 Incoterm

Assessment

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