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Exam 8 > T140c trade processing > Flashcards

T140c trade processing Flashcards

1
Q

When processing trade imports cbp officers must ensure

A

Arrival of goods

Release of goods

Closing of the books

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2
Q

Import processing

5 steps

Import specialist can help with this

A
  • Manufacturer/ shipper delivers goods
  • Carrier files manifest delivers goods
  • Importer files entry
  • Cbp examines/releases goods
  • Importer files entry summary
  • Liquidation-cbp accepts documents and duty
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3
Q

What is a manufacturer

A

Shipper/exporter

Person or entity whose goods are being shipped

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4
Q

What is a carrier

A

Shipping line

Legal entity that transports goods for hire

FROB foreign cargo remaining on board

Inporter security filing ISF

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5
Q

What is the importer

A

Aka consignee

Person or entity whom goods have been shipped or turned over for care

ISF

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6
Q

What is a notify party

A

Person or entity to be told about the arrival of a shipment

Broker

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7
Q

What is a freight forwarder

A

Sometimes called Forwarding agent

Completed paperwork
Makes arrangements with carrier to ship goods

Arranges transportation

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8
Q

What is a manifest

A

Inventory of all good

Manifest must be filed prior to unloading goods

For sea cargo, 24 in advance

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9
Q

What computer systems can be used for terrorist targeting

A

CSI

ATS4(review manifest for terrorism or narcotics

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10
Q

Depending on modes of transportation

Manifest must be available at different times

A
  • Air 4 hours
  • Rail 2 hours
  • Truck 1 hour
  • FAST 30 minutes
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11
Q

What are some automated tools to track and control flow of goods

All used for manifest research

A 
ACS automated commercial system
ABI automated broker interface
ACE automated commercial environment
EDI 
AMS automated manifest system
ATS4
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12
Q

What does a bill of lading contain

Contract between two parties:shipper and carrier

A 
Container #
Security seal number
Commodity description
Shipping weight/quantity
Shipper
Consignee
Notify party
Msds
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13
Q

When was the new legislation importer security filing ISF and additional carrier requirements( 10+2) signed

A

January 26, 2009

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14
Q

What is an ISF importer

A

Owner, purchaser, consignee, or agent that causes all goods to enter the US

Foreign is FROB -carrier

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15
Q

8 data requirements for ISF no later than 24 hours before cargo is laden( exempt bulk cargo)

A 
Seller
Buyer
Importer record# FTZ applicant id
Consignee #s
Manufacture
Ship to party
Country of origin
Commodity HTSUS #
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16
Q

What are two additional elements prior to ships arrival 24 hours

A

Container stuffing location

Consolidator

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17
Q

FROBS, IE, t&e must provide 5 data elements in 24 hours before laden aboard a vessel ( exempt bulk cargo)

A 
Booking party
Foreign port of unlading
Ship to party
Place of delivery
Commodity HTSUS #
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18
Q

Additional carrier requirements for ISF

A

Vessel stow plan no later than 48 hours

Container stays message (csm)

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19
Q

What is an airway bill

A

Identify each shipment by separate #

And furnish furnish same info as previously listed for bills of lading

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20
Q

All merchandise transported by a commercial carrier must be

A

Entered within 15 calendar days of arrival in US

Merchandise conditionally released into US

Duty paid within 10 days after authorized delivery

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21
Q

What is the HTSUS

A

Primary resource for determining tariff classifications and rates of duty

22
Q

Who makes decisions for rates on dutys

A

Import specialist

23
Q

What is a bond

A

Contract involving three parties

  • Principal(importer,carrier,trade entity)
  • Surety(furnishes bond, insurance company)
  • Creditor(party being paid by surety if principal defaults)
24
Q

What type of bond is an International carrier bond

A

Type 3

25
Q

What type of bond is an importer bond

A

Type 1

26
Q

What are the types of entries

Entry is required regardless of value

A
  • Formal(have bond, have IRS,SS,CBP number, over 2,500
  • Informal(no bond, less than 2,500)
  • Commercial merchandise(not intended for personal or household use)
  • Personal or household use importations(intended for personal or household use)
27
Q

Must all imported goods and merchandise that remain on a commercial conveyance be inspected?

Yes or no

A

Yes

28
Q

Formal entry requirements

A
  • Coversheet(cbp3461)
  • Evd of right to make entry
  • Commercial invoice/pro forma
  • Packing list
  • Other docs
29
Q

Can an entry be filed on paper or electronically

Yes or no

A

Yes

30
Q

Entries filed in advance has more detailed info than the bill of lading, including

A
  • Ultimate consignee
  • More detailed commodity description and tariff number
  • Accurate value
  • Country of origin
31
Q

Types of formal entries

A
  • Consumption
  • Transportation
  • Warehouse
  • Appraisement
32
Q

Consumption entry

A

Merchandise that will be used in US

” entering the commerce” 95% of all entries

33
Q

Transportation entry

“In bond”

A

Arrive at US port and move to another location within that port of exportation

Move to another port without entering to commerce

Use cbp7512

34
Q

Transportation entries

A

Immediate transportation (IT)(most used)

-Transportation and exportation(T&E) transported to another US port for exportation

Immediate exportation (IE)
Directly exported from port of arrival
35
Q

Warehouse entry

A

Stores merchandise not entered into commerce of US

Bonded warehouses
Duty free shops
General order
FTZ

36
Q

Appraisement entry

A

Merchandise awaiting appraisement

Damaged shipments

Secondhand goods

37
Q

Can a cbp port director require formal entry on any merchandise if import admissibility is considered to be a risk

Yes or no

A

Yes

38
Q

What is subject to informal entry

A

American food returned (AGR) personal or commercial valued 10k or less
Returned for repairs or credit

American aircraft part( value doesnt matter)

Temp importation

All personal shipments( regardless of value)

Commercial shipments 2,500 or less

39
Q

What is subject to formal entry

A

Commercial shipments over 2,500

40
Q

Examine and release good considering the risk inherent to cbp, what are they

A

Risk of terrorism and other smuggling activities

Risk of non compliance

41
Q

Is the primary purpose of merchandise examination to detect violations of law and regulations

Yes or no

A

Yes

42
Q

What is a second purpose of merchandise examination

A

To gather accurate data so that cbp determine valid rates of compliance

43
Q

What is the FAST program

A

Low risk shipments entering from CAN or MEX

44
Q

What is a cbp 7501

A

Entry summary submitted to cbp within 10 working days after release and review

Importer, broker, or representative is responsible for this step

45
Q

Liquidation

ACS automatically liquidates in 314 days after entry summary

A

Last step in process

Cbp has accepted

  • Merchandise is in compliance and admissible
  • docs are complete
  • duty payment is accurate
46
Q

Informal entry

A

Officer examines, appraises, classifies merchandise and collect appropriate duties

Screened like formal entry

47
Q

General laws governing trade include

A
  • Tariff act of 1930(endorsed by cbp)
  • Trade act of 1974( implements generalized system of preference)
  • Implementation of harmonized tariff schedule
48
Q

Trade agreements

A

Regulate policies of participating countries

Negotiated by president

Approved by congress

49
Q

Cbp enforces laws concerning

A
  • American agriculture
  • Business
  • Public health
  • Consumer safety
50
Q

Two trade initiatives

A

CSI

CTPAT

Exam 8 (10 decks)

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