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L4M4 > Incoterms > Flashcards

Incoterms Flashcards

1
Q

Incoterms were first published in ____.

A

1936

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2
Q

Incoterms 2010 is the ____ version of Incoterms.

A

eighth

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3
Q

Incoterms

A

International Commercial Terms

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4
Q

Incoterms are internationally accepted terms defining the responsibilities of _____ in the arrangement of shipments and the transfer of liability.

A

exporters and importers

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5
Q

Incoterms _____ ownership or the transfer of title of goods.

A

do not cover

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6
Q

It is crucial to agree on an Incoterm at the start of a negotiation/ quotation of a sale, as it will affect the _____.

A

costs and responsibilities involved in shipping, insurance and tariffs

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7
Q

The new Incoterms 2010 rules became effective _____.

A

January 1, 2011

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8
Q

DAF

A

Delivered at Frontier Named Place

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9
Q

DEQ

A

Delivered Ex Quay Named Port of Destination (Duty Paid)

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10
Q

DES

A

Delivered Ex Ship Named Port of Destination

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11
Q

DDU

A

Delivered Duty Unpaid Named Place of Destination

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12
Q

The four Incoterms eliminated by Incoterms 2010 were _____.

A

DAF, DEQ, DES, DDU

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13
Q

What is a quay?

A

a concrete, stone, or metal platform lying alongside or projecting into water for loading and unloading ships

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14
Q

The two Incoterms added by Incoterms 2010 are _____.

A

DAP and DAT

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15
Q

There are _____ Incoterms in Incoterms 2010.

A

11

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16
Q

Before 2010, the last Incoterms update was in _____.

A

2000

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17
Q

Inexperienced exporters may want to use the _____ Incoterm because it carries the least burden for them.

A

EXW

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18
Q

Under EXW, the seller’s responsibility ends at _____.

A

their loading dock

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19
Q

Under EXW, the seller still needs to provide any product information needed for filing _____.

A

the Electronic Export Information (EEI)

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20
Q

Under EXW, the _____ will arrange and pay for the pre-carriage, shipping, insurance and any additional costs from the exporter’s door.

A

buyer’s agent

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21
Q

Under CIF, the _____ arranges and pay for the pre-carriage, shipping, and insurance to a named port.

A

seller

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22
Q

Under CIF, the sale price (invoice) includes not only the cost of goods, but also _____.

A

(I)nsurance and (F)reight costs

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23
Q

When designating the Incoterm on a commercial invoice or a quotation to the buyer, the term should be followed by the _____.

A

city or port of load/discharge

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24
Q

The most burdensome Incoterm for the exporter is _____, because all arrangements and costs are borne by the exporter.

A

DDP

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25
Q

Under _____, the exporter bears all risks and costs of transportation, including duties and tariffs, until the goods are received by the importer, usually at the importer’s factory or warehouse.

A

DDP

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26
Q

Since ___ represents the maximum obligation to the seller, it is not recommended for companies that are new-to-export.

A

DDP

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27
Q

ICC

A

International Chamber of Commerce

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28
Q

FAS has _____ risk/liability for the exporter than FOB.

A

Less

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29
Q

FAS has _____ risk/liability for the exporter than CFR.

A

Less

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30
Q

FAS has _____ risk/liability for the exporter than CIF.

A

Less

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31
Q

FOB has _____ risk/liability for the exporter than FAS.

A

More

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32
Q

FOB has _____ risk/liability for the exporter than CFR.

A

Less

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33
Q

FOB has _____ risk/liability for the exporter than CIF.

A

Less

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34
Q

CFR has _____ risk/liability for the exporter than FAS.

A

More

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35
Q

CFR has _____ risk/liability for the exporter than FOB.

A

More

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36
Q

CFR has _____ risk/liability for the exporter than CIF.

A

Less

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37
Q

CIF has _____ risk/liability for the exporter than FAS.

A

More

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38
Q

CIF has _____ risk/liability for the exporter than FOB.

A

More

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39
Q

CIF has _____ risk/liability for the exporter than CFR.

A

More

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40
Q

FAS

A

Free Alongside Ship

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41
Q

FOB

A

Free On Board

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42
Q

CFR

A

Cost and Freight

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43
Q

CIF

A

Cost, Insurance and Freight

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44
Q

FAS applies to ____ transport.

A

only sea and inland waterway

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45
Q

FOB applies to ____ transport.

A

only sea and inland waterway

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46
Q

CFR applies to ____ transport.

A

only sea and inland waterway

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47
Q

CIF applies to ____ transport.

A

only sea and inland waterway

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48
Q

Under FAS, risk passes to buyer once delivered to _____ by the seller.

A

side of ship (realistically at named port terminal)

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49
Q

Under FAS, seller delivers goods to _____.

A

the origin port terminal

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50
Q

Under FAS, export clearance obligation rests with the _____.

A

seller

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51
Q

Under FAS, _____ is responsible for import clearance, duties and taxes.

A

buyer

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52
Q

Under FOB, risk passes to buyer once delivered _____ by the seller.

A

on board the ship

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53
Q

Under FOB, seller arranges transportation to _____.

A

port and loading on the ship

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54
Q

Under FOB, export clearance obligation rests with the _____.

A

seller

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55
Q

Under FOB, _____ is responsible for import clearance, duties and taxes.

A

buyer

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56
Q

Under CFR, seller delivers goods to _____.

A

the vessel

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57
Q

Under CFR, risk passes to buyer when _____.

A

on board the vessel

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58
Q

Under CFR, seller arranges and pays cost and freight to _____.

A

the named destination port

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59
Q

Under CFR, export clearance obligation rests with the _____.

A

seller

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60
Q

Under CFR, _____ is responsible for import clearance, duties and taxes.

A

buyer

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61
Q

Under CIF, risk passes to buyer when delivered _____.

A

on board the ship

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62
Q

Under CIF, seller arranges and pays _____ to _____.

A

cost, freight and insurance ; destination port

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63
Q

Under CIF, export clearance obligation rests with the _____.

A

seller

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64
Q

Under CIF, _____ is responsible for import clearance, duties and taxes.

A

buyer

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65
Q

EXW

A

Ex Works

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66
Q

FCA

A

Free Carrier

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67
Q

CPT

A

Carriage Paid To

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68
Q

CIP

A

Carriage and Insurance Paid To

69
Q

DAT

A

Delivered at Terminal

70
Q

DAP

A

Delivered at Place

71
Q

DDP

A

Delivered Duty Paid

72
Q

EXW applies to ____ transport.

A

any mode of transport

73
Q

FCA applies to ____ transport.

A

any mode of transport

74
Q

CPT applies to ____ transport.

A

any mode of transport

75
Q

CIP applies to ____ transport.

A

any mode of transport

76
Q

DAT applies to ____ transport.

A

any mode of transport

77
Q

DAP applies to ____ transport.

A

any mode of transport

78
Q

DDP applies to ____ transport.

A

any mode of transport

79
Q

EXW has _____ risk/liability for the exporter than FCA.

A

Less

80
Q

EXW has _____ risk/liability for the exporter than CPT.

A

Less

81
Q

EXW has _____ risk/liability for the exporter than CIP.

A

Less

82
Q

EXW has _____ risk/liability for the exporter than DAT.

A

Less

83
Q

EXW has _____ risk/liability for the exporter than DAP.

A

Less

84
Q

EXW has _____ risk/liability for the exporter than DDP.

A

Less

85
Q

FCA has _____ risk/liability for the exporter than EXW.

A

More

86
Q

FCA has _____ risk/liability for the exporter than CPT.

A

Less

87
Q

FCA has _____ risk/liability for the exporter than CIP.

A

Less

88
Q

FCA has _____ risk/liability for the exporter than DAT.

A

Less

89
Q

FCA has _____ risk/liability for the exporter than DAP.

A

Less

90
Q

FCA has _____ risk/liability for the exporter than DDP.

A

Less

91
Q

CPT has _____ risk/liability for the exporter than EXW.

A

More

92
Q

CPT has _____ risk/liability for the exporter than FCA.

A

More

93
Q

CPT has _____ risk/liability for the exporter than CIP.

A

Less

94
Q

CPT has _____ risk/liability for the exporter than DAT.

A

Less

95
Q

CPT has _____ risk/liability for the exporter than DAP.

A

Less

96
Q

CPT has _____ risk/liability for the exporter than DDP.

A

Less

97
Q

CIP has _____ risk/liability for the exporter than EXW.

A

More

98
Q

CIP has _____ risk/liability for the exporter than FCA.

A

More

99
Q

CIP has _____ risk/liability for the exporter than CPT.

A

More

100
Q

CIP has _____ risk/liability for the exporter than DAT.

A

Less

101
Q

CIP has _____ risk/liability for the exporter than DAP.

A

Less

102
Q

CIP has _____ risk/liability for the exporter than DDP.

A

Less

103
Q

DAT has _____ risk/liability for the exporter than EXW.

A

More

104
Q

DAT has _____ risk/liability for the exporter than FCA.

A

More

105
Q

DAT has _____ risk/liability for the exporter than CPT.

A

More

106
Q

DAT has _____ risk/liability for the exporter than CIP.

A

More

107
Q

DAT has _____ risk/liability for the exporter than DAP.

A

Less

108
Q

DAT has _____ risk/liability for the exporter than DDP.

A

Less

109
Q

DAP has _____ risk/liability for the exporter than EXW.

A

More

110
Q

DAP has _____ risk/liability for the exporter than FCA.

A

More

111
Q

DAP has _____ risk/liability for the exporter than CPT.

A

More

112
Q

DAP has _____ risk/liability for the exporter than CIP.

A

More

113
Q

DAP has _____ risk/liability for the exporter than DAT.

A

More

114
Q

DAP has _____ risk/liability for the exporter than DDP.

A

Less

115
Q

DDP has _____ risk/liability for the exporter than EXW.

A

More

116
Q

DDP has _____ risk/liability for the exporter than FCA.

A

More

117
Q

DDP has _____ risk/liability for the exporter than CPT.

A

More

118
Q

DDP has _____ risk/liability for the exporter than CIP.

A

More

119
Q

DDP has _____ risk/liability for the exporter than DAT.

A

More

120
Q

DDP has _____ risk/liability for the exporter than DAP.

A

More

121
Q

Under EXW, seller delivers the goods at disposal of buyer at _____.

A

seller’s premisis

122
Q

EXW _____ loading at seller’s premisis.

A

does not include

123
Q

___ has long held as the most preferable term for those new-to-export because it represents the minimum liability to the seller.

A

EXW

124
Q

For EXW routed transactions, the buyer has _____ obligation to provide export information to the seller.

A

limited

125
Q

Under EXW, export clearance obligation rests with the _____.

A

buyer

126
Q

Under EXW, _____ is responsible for import clearance, duties and taxes.

A

buyer

127
Q

Under FCA, seller delivers the goods to _____.

A

the carrier

128
Q

FCA _____ loading at seller’s premisis.

A

includes

129
Q

Under FCA, export clearance obligation rests with the _____.

A

seller

130
Q

_____ is more realistic than _____ because it includes loading at pick-up, which is commonly expected, and sellers are more concerned about export violations.

A

FCA, EXW

131
Q

Under FCA, _____ is responsible for import clearance, duties and taxes.

A

buyer

132
Q

Under CPT, seller delivers goods to the carrier at _____.

A

an agreed place, shifting risk to the buyer

133
Q

Under CPT seller must pay cost of carriage to _____.

A

the named place of destination

134
Q

Under CPT, _____ is responsible for import clearance, duties and taxes.

A

buyer

135
Q

Under CPT, export clearance obligation rests with the _____.

A

seller

136
Q

Under CIP, seller delivers goods to _____.

A

the carrier at an agreed place, shifting risk to the buyer

137
Q

Under CIP, seller pays carriage and insurance to _____.

A

the named place of destination

138
Q

Under CIP, _____ is responsible for import clearance, duties and taxes.

A

buyer

139
Q

Under CIP, export clearance obligation rests with the _____.

A

seller

140
Q

Under DAT, seller bears cost, risk and responsibility until goods are _____.

A

unloaded (delivered) at named quay, warehouse, yard, or terminal at destination

141
Q

Under DAT, _____ charges may apply to seller.

A

demurrage or detention

142
Q

DAT replaces _____.

A

DEQ, DES

143
Q

DEQ was replaced by _____.

A

DAT

144
Q

DES was replaced by _____.

A

DAT

145
Q

Under DAT, _____ is responsible for import clearance, duties and taxes.

A

buyer

146
Q

Under DAT, export clearance obligation rests with the _____.

A

seller

147
Q

Under DAP, seller bears cost, risk and responsibility for goods until _____.

A

made available to buyer at named place of destination

148
Q

Under DAP, export clearance obligation rests with the _____.

A

seller

149
Q

Under DAP, _____ is responsible for import clearance, duties and taxes.

A

buyer

150
Q

DAP replaces _____.

A

DAF, DDU

151
Q

DAF was replaced by _____.

A

DAP

152
Q

DDU was replaced by _____.

A

DAP

153
Q

Under DDP, seller bears _____ at named place of destination at buyers disposal.

A

cost, risk and responsibility for cleared goods

154
Q

Under DDP, _____ is responsible for unloading.

A

buyer

155
Q

Under DDP, export clearance obligation rests with the _____.

A

seller

156
Q

Under DDP, _____ is responsible for import clearance, duties and taxes.

A

seller

157
Q

Under DDP, _____ is not the importer of record.

A

buyer

158
Q

Incoterms _____ determine ownership or transfer title to the goods

A

do not

159
Q

Incoterms _____ evoke payment terms.

A

do not

160
Q

Incoterms _____ apply to service contracts.

A

do not

161
Q

Incoterms_____ define contractual rights or obligations (except for delivery) or breach of contract remedies.

A

do not

162
Q

Incoterms _____ protect parties from their own risk or loss.

A

do not

163
Q

Incoterms _____ cover the goods before or after delivery.

A

do not

164
Q

Incoterms _____ specify details of the transfer, transport, and delivery of the goods.

A

do not

165
Q

Container loading is NOT considered _____.

A

packaging

166
Q

Container loading must be addressed in the _____.

A

sales contract

167
Q

Incoterms _____ law.

A

are not

168
Q

The default Incoterm is _____.

A

There is no default Incoterm.

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