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Incoterms

1. Incoterms 2000

A. are internationally recognized commercial shipping terms

B. are ocean navigational vectors derived from the Inca Empire of the AndesC. are federally-mandated insurance premiums and conditions on export transactionsD. dictate the type of ink and formatting used in international shipping contracts

2. Incoterms 2000 were written

A. under the United Nations Convention for the International Sale of Goods (Vienna Convention)B. by the International Chamber of Commerce

C. under the Kyoto Protocols as adopted in 2000D. under fast track authority granted by the U.S. Congress

3. Incoterms 2000 apply

A. to all international shipments of goods

B. to International shipments beyond a certain tonnageC. to international shipments under the Uniform Commercial CodeD. only if clearly incorporated into the contract of sale

4. To apply to the transaction, Incoterms 2000 must be incorporated into

A. contract of carriageB. negotiable bill of ladingC. sales contractD. the Shippers Export Declaration or AES form

5. Incoterms 2000 address

A. Ownership rightsB. Breaches of contractC. The risks of loss between the parties D. Type of ship used

6. Incoterms 2000

A. Can only be used for international purchasesB. Can only be used for purchases within the same countryC. Can only be used for purchases across the oceanD. Can be used for both domestic and international purchases

7. In filling out the Shippers Export Declaration, a routed transaction refers to what type of transaction?

A. EXWB. CIFC. DEQ

D. FCA

8. How many terms are in Incoterms 2000?

A. 5B. 13

C. 2,000D. the number is limited only by the parties cargo needs

9. If the Seller wants to minimize its costs/risks, what series of Incoterms 2000 will the Seller use?

A. E series

B. F series

C. C seriesD. D series

10. Under which series of Incoterms 2000 is the Sellers cost/risk the greatest?

A. E seriesB. F series

C. C seriesD. D series

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11. Which terms are limited to shipments via maritime or inland waterway?

A. EXW, FAS, and FOB

B. FCA, CPT, and CIPC. DAF, DDU, and DDPD. FAS, FOB, and CIF

12. The following Incoterms 2000 are allowed regardless of the mode of transportation

A. EXW, FCA, and FASB. FCA, CPT, and CIP

C. EXW, FAS, and FOB

D. EXW, FCA, and DES

13. When goods are shipped "CIF", which party is responsible for the freight charges?

A. BuyerB. Seller

C. BothD. Neither

14. "FOB" is only appropriate when goods are shipped via

A. Truck

B. Rail

C. ShipD. Air

15. Which Incoterms can be used to transfer title to goods at the port of export

A. EXWB. FCA

C. FOB

D. None of the above

16. When goods are shipped "DDP, who is responsible for Customs clearance?

A. BuyerB. Seller

C. Both

D. Neither

17. "FOB" stands for

A. First On BoardB. Free On BoatC. Free On Board

D. First Off Barge

18. In "DEQ," or "Delivered Ex Quay," what is a quay?

A. Dock

B. VesselC. Crane

D. Inter-modal transport

19. Provided certain additional requirements are met, a U.S. exporter can transfer responsibility for U.S. export

clearance to a foreign purchaser by using

A. FCAB. FOB factory

C. EXWD. DDP

20. Which modes of transport are proper for goods shipped "DDP"?

A. Truck/Rail

B. ShipC. AirD. All of the above