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MKT 464 > Final exam > Flashcards

Final exam Flashcards

1
Q

piggy back

A

A technique that consists of placing truck trailers on specially-designed railroad cars, so that the trailers can be carried over long distances more economically

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2
Q

Road trains

A

Popular in Australia. A truck carrying multiple carriers. The same as a train but they operate on the road

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3
Q

Intermodal transportation

A

A shipment that takes several different means of transportation –road, rail, ocean, air – from its point of departure (seller/exporter) to its point of destination (buyer/importer)

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4
Q

Land bridges

A

Cargo travels across ocean, is transloaded to train which takes it across land to another port where it is loaded unto another ship for more ocean travel. Shippers often do this to avoid the cost traveling through the panama canal

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5
Q

Liability issues on intermodal travel

A

It is hard to determine where the damage took place on the journey

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6
Q

Aircraft Containers

A

Most aircraft containers are designed to fit a specific aircraft—cannot be used on other aircraft; cargo may have to be unpacked and re-packed from airplane to airplane.
Not intended to be intermodal

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7
Q

Freight forwarders

A

A company that ships freight on behalf of shippers. It acts as a “travel agent” for shippers

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8
Q

Project Cargo

A

This is a piece of equipment that is usually needed for a huge project like a dam or big building. It moves very slowly and needs special planning to reach its destination.

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9
Q

Pipelines

A

A mode of transportation that transports mostly liquid cargo. (natural gas, oil, water)

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10
Q

Barges

A

Flat-bottomed boats designed to carry cargo on rivers and canals, and that are designed to be pushed or pulled.

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11
Q

Full Container Load (FCL)

A

most common dimensions are 8 x 8 x 20 or 8x8x40

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12
Q

Less than container load (LCL)

A

More frequent than FCL. They are generally combined with other small shipments to create a FCL.

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13
Q

Wood packaging requirements

A

All wood packaging used in international shipping must conform to the International Plant Protection Convention. 144 countries have ratified. MUST have the IPPC mark.

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14
Q

Markings for proper handling

A

Markings should be on all four sides of the package. Should be translated in languages of all the ports they will go through

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15
Q

Air transport

A

Although frequently used, secondary packaging is not appropriate because it may tempt thefts and its not sufficient to protect goods

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16
Q

Air containers

A

Often softsided or nets and do not protect the goods

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17
Q

Cargo security for FCL shipments

A

Seals are locks especially designed to be used on containers and truck trailers that the importer must break in order to get entry into the container or trailer.

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18
Q

Refrigerated Cargo

A

Most refriegerated cargos travel alone. They require their own temperature and humitity settings

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19
Q

International marine organization (IMO)

A

regulates ocean shipments. Most hazardous cargo is shipped by ocean and requires it to be stowed on the top deck

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20
Q

Duty

A

The tax an importer must pay to allow goods into a country

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21
Q

Classification of goods

A

Products are classified using a worldwide coding scheme called the Harmonized Commodity Description and Coding System, or Harmonized System.

22
Q

HS Code

A

the first 6 digits of product code are the same for all countries (root digits) the last four are country specific

23
Q

Harmanized System

A

System is divided into 21 sections logically determined by type of product and material.

24
Q

Valuation

A

If customs suspects invalid valuation, it can use four different types of methods to determine the value of the transaction

25
Q

Assists

A

An assist is an item provided by the importer (customer) to the exporter (seller) so that the exporter can manufacture the goods: a mold or a die, for example. Can increase the value of an import

26
Q

Comparative method (valuation)

A

the value of goods is based on value of identical or similar goods imported into the country

27
Q

identical method (valuation)

A

the price at which identical or similar goods sold for within 90 days of importation

28
Q

computed or restructured value method

A

the value of goods determined by computing manufacturing costs of goods plus usual profit and expense

29
Q

Method of last resort (Valuation)

A

Customs officials determine the value in some arbitrary fashion

30
Q

Country of Origin

A

The country of origin is where the product was manufactured. It can be determined through two different rules of origin of customs

31
Q

Substantial transformation

A

Determined the country of origin because it is where the most substantial transformation of a product took place

32
Q

Change in HS classification

A

Country of origin is where the last HS classification took place. Method is always used by the U.S for textile imports

33
Q

United States Tariffs

A

Operates under a 2-column tariff schedule. With Most favored nations (MFN) subject to column 1 tariffs while the rest are column 2 tariffs

34
Q

Dumping

A

strategy that exporters use to sell products that they are exporting at a price in which the importing customs deems “too low”

35
Q

Byrd amendment

A

Takes the anti-dumping duty collected by the U.S customs and gives it to the firms that were screwed over

36
Q

Value added tax

A

A tax that is similar to a sales tax, but it is collected whenever the products value is increased

37
Q

Value added tax

A

Only the final customer pays the tax, but every company involved in the supply chain is required to collect the value added tax

38
Q

When is value added tax on imports collected??

A

As soon as the product enters the country

39
Q

Quotas

A

A limit on the amount of a certain product that can be imported into a country

40
Q

Absolute quota

A

limits the amount of goods, and after it hits that limit it can no longer be imported

41
Q

Tariff rate quota

A

has a low duty rate on before the quota is reached. After it is reached, you can still import the goods but there is a large duty rate

42
Q

Customs clearing process (Beginning)

A

Begins when importer files an entry

43
Q

What is included in the importers entry? (4)

A
  1. invoice
  2. Certificate of inspection
  3. certificate of insurance
  4. certificate of origin
44
Q

Customs brokers

A

Experts hired by the importers who’s job is to deal with customs

45
Q

Customs bonds

A

A bond is an amount of money that the importer puts in escrow with Customs, so that Customs is certain to be paid the duty due.

46
Q

Merchandise Visas

A

A document provided by the government of an exporting country for a product that is subject to a quota in the United States

47
Q

Duty drawbacks: In the US, Customs service will refund 99% of the duty paid by an importer in 1 of 3 cases

A
  1. For merchandise that is rejected by the importer as non-conforming to the original purchase order
  2. For imported products that are reexported unused
  3. For imported parts that are used without substantial transformation
48
Q

pre shipment inspections

A

Some countries require that all their imports be inspected by an independent inspection firm at the port of departure

49
Q

Communications

A

Most international communication is done in English as it is everyone “second language”

50
Q

International English

A

A technique of written communication in the English Language, developed by Edmond Weiss.

51
Q

Special English

A

Designed so that someone with a limited knowledge of English can understand

MKT 464 (6 decks)

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