Incoterms Quiz

What does the term "Incoterms" stand for?

• International Contract Terms

• International Commercial Terms

• International Cargo Terms

• International Custom Terms

Which Incoterm places the least responsibility on the seller?

• EXW (Ex Works)

• CIF (Cost, Insurance, and Freight)

• DAP (Delivered at Place)

• FCA (Free Carrier)

In which Incoterm does the seller pay for transport and insurance to the destination port?

• FOB (Free on Board)

• CIF (Cost, Insurance, and Freight)

• DDP (Delivered Duty Paid)

• EXW (Ex Works)

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

• When the goods are ready for transport

• When the goods are placed on board the ship

• When the goods arrive at the destination port

• When the goods are delivered to the buyer’s premises

Which Incoterm makes the seller responsible for all costs and risks up to the buyer's location?

• DDP (Delivered Duty Paid)

• FAS (Free Alongside Ship)

• CFR (Cost and Freight)

• FCA (Free Carrier)

Which of the following Incoterms is only applicable to maritime transport?

• CIP (Carriage and Insurance Paid To)

• FOB (Free on Board)

• DAP (Delivered at Place)

• EXW (Ex Works)

In the Incoterm "CPT" (Carriage Paid To), who bears the risk of loss or damage to the goods after they have been handed over to the first carrier?

• The seller

• The buyer

• The insurance company

• The carrier

Which Incoterm requires the buyer to handle all import duties and taxes?

• CIF (Cost, Insurance, and Freight)

• DDP (Delivered Duty Paid)

• EXW (Ex Works)

• FCA (Free Carrier)

What is the primary difference between CIF and CFR?

• CIF includes insurance, CFR does not

• CIF is only for road transport, CFR is for sea transport

• CIF transfers risk at delivery, CFR transfers risk at loading

• CIF requires the buyer to pay for insurance, CFR requires the seller to pay

Which Incoterm places the maximum responsibility on the buyer?

• EXW (Ex Works)

• DAP (Delivered at Place)

• CIF (Cost, Insurance, and Freight)

• FOB (Free on Board)