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- 1. Multiple Choice
What are Incoterms®?
Incoterms are a set of rules for credit terms policies
Incoterms are a set of pre-defined terms used to help managers with the pricing strategy
Incoterms are a set of 11 individual rules issued by the ICC, which define the responsibilities of sellers and buyers for the sale of goods in international transactions.
None of the above
- 2. Multiple Choice
Which of the following does not belong to Incoterms 2020?
EXW - Ex Works
DAP - Delivered at place [place of destination]
FCA - Free carrier
DPD - Delivered at port of destination
- 3. Multiple Choice
Which term defines that the seller will make its goods available to the buyer at an agreed-upon location (might be at seller's warehouse), and the buyer is responsible for all risks of losses or damage to the goods once the goods have been made available?
FCA - Free carrier
EXW - Ex Works
CPT - Carriage paid to [place of destination]
CIP - Carriage and insurance paid to [place of destination]
- 4. Multiple Choice
Under what term, the seller includes transportation costs in its price and assumes the risk of possible losses until the carrier receives the goods?
CPT - Carriage paid to (place of destination)
FCA - Free carrier
DAP - Delivered at place [place of destination]
None of the above
- 5. Multiple Choice
DAP - Delivered at place [place of destination] means that the seller takes on all the risks and costs of delivering goods unloaded, to an agreed-upon location. True or False?
True
False
- 6. Multiple Choice
Which is the only Incoterm that requires the seller to unload goods at the place of destination?
DAP – Delivered at place [place of destination]
DDP – Delivered duty paid [place of destination]
FOB – Free on board [port of loading]
DPU – Delivered at place unloaded [place of destination]
- 7. Multiple Choice
Under the term FAS – Free alongside ship [port of loading], the seller passes the risk to the buyer when the goods are loaded at the originating port. True or False?
True
False
- 8. Multiple Choice
What does the importer have to pay under the term CIF – Cost, insurance, and freight [port of destination]?
The importer pays all shipping costs until the destination port
The importer must prepaid the insurance
The importer must pay insurance at least 110% of value of goods
All of the above
- 9. Multiple Choice
When does the risk transfer from seller to buyer under CIP - Carriage and insurance paid to [place of destination]?
When the goods have been unloaded
As soon as the goods are delivered to the carrier or appointed person
When the goods have been delivered to the buyer’s warehouse
All of the above
- 10. Multiple Choice
Under the CIP – Carriage and insurance paid to [place of destination], the transfer of the risk happens when the goods have been handed over to the carrier. True or False?
True
False
- 11. Multiple Choice
How many Incoterms® rules are used for waterbound transportation?
7
4
3
2
- 12. Multiple Choice
Which of the risks transferred about CFR - Cost and freight [port of destination] is true?
The risk is transferred to the buyer at the time the goods are at seller’s appointed place
The risk or responsibility is transferred to the buyer from the seller when the goods are delivered onboard the ship
The risk is transferred when the goods are loaded at the originating port
The risk is transferred only when the goods are of delivery to the buyer’s place
- 13. Multiple Choice
Which Incoterm rule that the seller assumes all the responsibility, risk, and costs associated with transporting goods until the buyer receives or transfers them at the destination port?
DDP – Delivered duty paid [place of destination]
DAP – Delivered at place [place of destination]
DPU – Delivered at place unloaded [place of destination]
CIP – Carriage and insurance paid to [place of destination]
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