IBM220 FINAL EXAM

This type of ocean vessel carries cargo that is too large to fit in standard containers. Such as the large components used to make an electric wind turbine.  

• Break Bulk Cargo

• Container Ship

• Bulk Carrier

• Train

• Airplane

What is the purpose of the Bill of Lading?

• Act as a receipt for goods delivered 

• Provide evidence of title of goods

• Define the contract of carriage from origin to deliver

• All of the Above

This commercial document is a summary of transaction, itemizing goods, costs, transportation and other terms.   

• Commercial Invoice

• Purchase Order

• Bill of Lading

• Sales Contract

This term is used to describe a shipment that uses several shipping methods to handle a given shipment of goods but one BOL used for entire shipment.   

• Intermodal Transportation

• Multimodal Transportation

• Just-In-Time Transportation

• Air Freight

This organization collects import duties & other taxes & fees that may apply to imported and exported goods.  

• Internal Revenue Services

• Banking Regulators

• Ambassador Bridge

• Customs & Border Security Agencies

CBSA uses this code to determine the tariff classification of imported products.  

• WHMIS

• Harmonized System Code

• Security Programs

• FIFO

This type of ocean freight transport carries unpackaged bulk cargo

• Break Bulk Cargo

• Container Ship

• Bulk Carrier

• Charter

Determines point at which the risk for the goods passes from exporter to importer.  

• Terms of Agreement

• Excoterms

• Payment Terms

• Incoterms

This type of rail car is used to transport perishable freight such as foods.  

• Refrigerated Rail Car

• Tanker Rail Car

• Hopper Rail Car

• Multimodal Rail Car

These entities assist exporters and importers with meeting government customs requirements. They typically arrange for the release of goods and to pay duties, tariffs, and taxes. Which of the following entities does this represent? 

• Customs Agent

• Customs Officer

• Customs Facilitator

• Customs Broker