Exam 16: Export and Import Management

The Japan External Trade Organization (JETRO) is affiliated with the U.S.department of Commerce.

Exchange risk is the risk that the importer will not pay or fail to pay on the agreed terms.

A(n) _____ places orders on behalf of its foreign clients with U.S.manufacturers and acts as a finder for its client to get the best buy.

Combination export managers operate on a fixed-price basis.

Direct exporting leads to low customer loyalty.

A shipment that is held by the importer until the merchandise has been sold is called:

The World Bank publishes the World Development Report.

A confirmed irrevocable letter of credit is issued by the importer's bank and confirmed by a bank usually in the exporter's country.

Data for grouping along macroeconomic criteria are available from international agencies such as:

INCOTERMS is an acronym for _____.

The second pillar of the export transaction is the logistics of the export transaction.Included in this transaction are all of the following except:

When import duties are paid, the _____ duty is a percentage of the value of the merchandise.

_____ duties are duties that are assessed to counter the effects of subsidies provided by foreign governments to goods that are exported to the United States.

The seller delivers when the goods, once uploaded from the arriving means of transport, are placed at the buyer's disposal at a named terminal at the named port or place of destination."Terminal" includes any place, whether covered or not, such as quay, warehouse, container yard or road, rail, or air cargo terminal.The seller bears all risks involved in the bringing of goods to the unloading them at the terminal at the named port or place of destination.

The seller delivers the goods-cleared for import-to the buyer at destination.The seller bears all the cost and risks of moving the goods to destination, including the payment of customs duties and taxes.

The seller pays for moving the goods to destination.From the time the goods are transferred to the first carrier, the buyer bears the risks of the loss or damage.The seller, however, purchases the cargo insurance.

The easiest product to sell abroad with respect to logistics is a(n) _____ product.

The seller delivers the goods on board the ship and clears the goods for export.From that point, the buyer bears all the cost and risks of loss or damage.

Exports from the United States do not require an export license.

_____ risk exists when the sale is in the importer's currency and that currency depreciates in terms of the dollar, leaving the exporter with a lesser number of dollars.