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Trans Quiz 6
| Question | Answer |
|---|---|
| A forward market hedge consists of selling forward the currency that will eventually be collected from a foreign receivable. | True |
| Documentation designed to indicate what country a product initially came from is contained in the ___. | Certificate of Origin |
| A letter of credit contains the following information: | the consignee and consignor. |
| In order for an importer to come under the scope of informed compliance, it must show that it has exercised reasonable care in the filing of its Customs entries. | True |
| The U.S. State Department recently eliminated their foreign services division charged with assisting small and medium size U.S. companies interested in exporting to foreign countries. | False |
| Goods in a foreign trade zone can be warehoused until they are sent to their final destination, either in the host country or to a foreign destination. If the goods are sold in the host country, they are only dutiable at the time of that transaction. If t | True |
| In the United States, the Federal Reserve System technically fulfills the role of being a central bank. | True |
| An experienced exporter knows that the U.S. government almost always checks the paperwork that the exporter provides to the importer. | False |
| Generally speaking, countries with scarce foreign currency resources will attempt to limit the granting of import licenses to companies that have generated export revenues and ___. | Companies purchasing goods with no direct substitute? |
| Which of the following pieces of information does an international commercial invoice contain? | all of these |
| The stated goal of the European Union is to eventually transform the euro to be a challenger to the U.S. dollar in its role as a preferred third-country currency. | True |
| The IMF was created to oversee the fixed exchange rate system created by the Bretton-Woods Conference. Today it helps countries manage their balance of payments and lends them money when they experience difficulties with their balance of payments. | True |
| Different colors of bills of ladings are used for each type of transportation. | False |
| Successful supply chain strategies cannot be expected to simultaneously lower costs, increase service levels and reduce inventory quantities. | False |
| The main billing document in a shipment is the pro forma invoice. | False |
| If the exporter and the importer agree that a transaction will be in the currency of the exporter's country, the exporter then bears all the risks of exchange rate fluctuation. | False |
| In addition to being a contract of carriage and a receipt for the goods, an ocean bill of lading is | a packing list for the carrier |
| A packing list contain financial data. | False |
| Special Drawing Rights (SDRs) of the IMP are an artificial currency whose value is determined by the value of a basket of four currencies: the euro, the Japanese yen, the U.S. dollar, and the British pound. | True |
| A medical device is not legal in country A, but is legal in country b. Despite being restricted from country A, the product is allowed to go through the foreign trade zone of country A on its way to country B. | False |
| Most duty is collected ad valorem which means ___. | ? |
| The United States requests the "sewing tickets" for some garments, an internal work document of the garment factory, as well as the time cards of the employees working there in an attempt to determine the country of origin of textile products. This can be | True |
| The International Bank for Reconstruction is known as the World Bank and was founded after the Bretton Woods Conference to help countries rebuild their infrastructures after WWII. | True |
| An experienced exporter knows that the U.S. government almost always checks the paperwork that the exporter provides to the importer. | False |
| When the invoice's value is much below what Customs has historically accepted and when a much higher valuation is reached with one of the alternative valuation methods, Customs can determine that the exporter is dumping the goods in the importing country. | True |
| Stable countries representing the greatest percentage of world trade all have ___ currencies. | floating |
| Most duty is collected ad valorem which means ___ | It is based on the value of the import |
| In order for an importer to come under the scope of informed compliance, it must show that it has exercised reasonable care in the filing of its Customs entries. | True |
| We discussed some basic definitions, including | all of these |
| Stable countries representing the greatest percentage of world trade all have ___ currencies. | ? |
| In the United States, the Federal Reserve System technically fulfills the role of being a central bank. | True |
| The United States export policy is mostly concerned about | - Keeping some military technologies away from some countries. |
| Generally speaking, countries with scarce foreign currency resources will attempt to limit the granting of import licenses to companies that have generated export revenues and ___. | companies purchasing goods for which no close domestic substitute is available |
| A pro-forma invoice is not a true invoice (it is a quote), and the expiration date on a pro forma invoice is very important. | True |
| The main billing document in a shipment is the pro forma invoice. | False |
| If the exporter and the importer agree that a transaction will be in the currency of the exporter's country, the exporter then bears all the risks of exchange rate fluctuation. | False |
| The U.S. State Department recently eliminated their foreign services division charged with assisting small and medium size U.S. companies interested in exporting to foreign countries. | False |
| The country of origin of a product is the country in which it acquired its most substantial transformation | True |
| In addition to being a contract of carriage and a receipt for the goods, an ocean bill of lading is | a certificate of title |
| A letter of credit contains the following information: | the consignee and consignor. |
| We discussed some basic definitions, including | none of these |
| A Certificate of Origin must be signed by the importer's chamber of commerce. | False |
| The U.S. State Department offers assistance to small and medium size companies interested in exporting to foreign countries. | True |
| A medical device is not legal in country A, but is legal in country b. Despite being restricted from country A, the product is allowed to go through the foreign trade zone of country A on its way to country B. | False |
| EAR stands for Export Administration Regulations, and it contains the Commerce Control List, which details which commodities and products can and cannot be shipped to certain countries. | True |
| Goods imported in the United States are valued on an FAS or FCA basis, or the value of the goods as they were leaving the exporting country compared to most of the rest of the world that uses the value when entering the importer's country. | True |
Created by:
andunham