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Trans Quiz 5

QuestionAnswer
Letters of credit are often used in global transactions to be banks, a credible third party into the process when sellers and buyer really do not know each other well. True
Sometimes a third bank, in addition to the issuing bank and the advising bank, becomes involved with a letter of credit. This bank is called a ___. None of these
Drafts are sometimes used to provide customers (importers) access to lower cost money in the exporter's home country. True
A packing list always accompanies a shipment. True
A consular invoice is a regular commercial invoice printed on stationery provided by a country and visa-ed by its consulate in the exporter s country. True
Export quotas can be used to control scarce resources or prices of products for which a country has a monopoly. True
An Airway Bill fulfills same functions as ocean bill of lading but for air freight and is always a straight air waybill. True
Ocean containers must have palletized freight to ship legally. False
An export license can be used by a country to control the outflow of certain goods. True
Looking at the percentage of revenue paid and total tons of freight hauled the following statements are true about U.S. transportation mode comparison all of these
The European Community has recently introduced the concept of ___ that run trains straight through from major ports to cities such as Milan and Vienna without changing locomotives and crews at each border. freight corridors
Another land bridge is via North Korea from a land bridge from South Korea over Russia's Trans-Siberian railway to Europe. False
Intermodal describes a shipment that takes several different means of transportationâ road, rail, ocean, airâ from its point of departure (seller/exporter) to its point of destination (buyer/importer). True
A standard TEU container is 8 feet wide (2.44 meters) and 8.5 feet tall (2.59m). True
The converted tanker ship Ideal X carried 58 containers on April 26, 1956 from the Port of Newark; loading each container on board in about 7 minutes. True
From the viewpoint of a seller open accounts is the best payment method. False
A standby letter of credit is similar to a "simple" letter of credit except for ___. All of these
SWIFT stands for Society for Worldwide Interbank Financial Telecommunication. True
Shipper s Export Declaration (SED) is a data-collection document required by U.S. government: All of these
A certificate of inspection is a document signed by independent third party attesting to authenticity and accuracy of a shipment. True
In 1996, the Export Administration Regulations (EAR) was revised to a U.S. export policy stating that everything is authorized unless it is specifically prohibited. True
In most cases, an intermodal bill of lading ___. ?
Ocean containers must have palletized freight to ship legally. False
According to the United Nations ocean export commission all international shipments must have an insurance policy. False
In the U.S. trucking accounts for 38% of all freight in tons moved, but only 7% of transportation revenue paid. False
According to Eurostat 2012 statistics of freight carried in millions of tonnes trucks accounted for only about 20% of total freight hauled in Europe. False
In Switzerland, regulations do not allow international trucks to cross the country. They are transported by piggy-back trains from one border to the other. True
A standard TEU container is 8 feet wide (2.44 meters) and 8.5 feet tall (2.59m). True
The converted tanker ship Ideal X carried 58 containers on April 26, 1956 from the Port of Newark; loading each container on board in about 7 minutes. True
Documentary collection is a process by which the exporter asks bank to protect its interests in importing country by not releasing documents (specifically bill of lading which is certificate of title to the goods) until importer meets certain requirements True
Sometimes a third bank, in addition to the issuing bank and the advising bank, becomes involved with a letter of credit. This bank is called a ___. none of these
Shipper s Export Declaration (SED) is a data-collection document required by U.S. government: All of these
End-Use Certificates ___. certify that the product is going to be used for a legitimate purpose
The sentence This merchandise licensed by U.S. for ultimate destination [country]. Diversion contrary to U.S. Law prohibited is ___. Destination Control Statement
Besides a contract and a receipt for goods, an ocean bill of lading is ___. A certificate of title
Weight and dimensional packaging information is necessary in order to build pallets effectively for international shipping. True
Which of the following are international documents? all of these
In the U.S. trucking accounts for 38% of all freight in tons moved, but only 7% of transportation revenue paid. False
Cargo travels across ocean, is unloaded in a port and loaded onto a train which takes it across land to another port where it is loaded onto another ship for more ocean travel True
Oversize cargo is shipped on a "flat rack" container. True
In a documentary collection transaction All of these
The pro forma invoice is provided to the customer prior to obtaining a letter of credit or shipping finished goods. It has many components of a commercial invoice and packing lists. True
The amount of duties charged by U.S. Customs depends on: All of these
In the U.S. rail accounts for 33% of all freight in tons moved, but only 7% of transportation revenue paid True
According to Eurostat 2012 statistics of freight carried in millions of tonnes railroads accounted for only about 7% of total freight hauled in Europe. True
Created by: andunham
 

 



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