Tariff and Customs Terms A.1.01

Question 1

renunciation of the importer’s interest and property rights over his shipment

Answer 1

abandonment

Question 2

relinquishment by an importer of his title to a shipment at the port of destination; ownership is then vested on the government.

Answer 2

abandonment

Question 3

relinquishment of interest on an insured cargo, or the ship itself at sea, which ‘ is a constructive total loss.

Answer 3

abandonment

Question 4

relinquishment of goods or assets to another party in order to file an insurance claim for total loss.

Answer 4

abandonment

Question 5

cancellation or reduction of an importer’s obligation before or after payment of Customs duties and taxes.

Answer 5

Abatement

Question 6

classification of warehouse goods based and purchase volume

Answer 6

ABC analysis

Question 7

revenue items in a government budget dealing with taxes and expenditures.

Answer 7

above the line

Question 8

to ________ is to do away with, to annul, abrogate, or destroy completely, So that the thing abolished ceases to exist or disappears. To _______ an office is to do away it wholly and permanently.

Answer 8

abolish

Question 9

______________ is valid if done by a competent authority and is done in good faith. It does not involve removal for the latter implies that the post exist; in abolition, there is no occupant, no tenure to speak of and no impairment of security of tenure. A bona fide ____________ deprives an incumbent the right the right to security of tenure. However, an ____________ in bad faith or which changes only the nomenclature of position is invalid and does not result in removal of the incumbent.

Answer 9

abolition of office

Question 10

ammunitions and primary materials of war. The term contraband speaks of articles prohibited from being imported or exported.

Answer 10

absolute contraband

Question 11

fixed trade barriers to entry of imported goods, thereby tending to favor well-established and bigger corporations.

Answer 11

absolute cost barriers

Question 12

imported shipments exempt from duty without condition. absolute sale consummated sale without condition.

Answer 12

absolutely-free importations

Question 13

acceptance by an air carrier of a portion of a joint rate, which is less than the normal rate

Answer 13

absorption

Question 14

rapid depreciation of capital goods and equipment.

Answer 14

accelerated depreciation

Question 15

a stipulation that failure to pay any installment renders the balance due.

Answer 15

acceleration clause

Question 16

it means to take as satisfactory or sufficient or to give assent to, or to agree or accede to an incomplete or irregular performance.

Answer 16

accept

Question 17

receipt of imported goods by the consignee or importer

Answer 17

acceptance

Question 18

a purchase agreement covered by a draft or bill of exchange, signed by a drawee (often a bank), which undertakes to pay it on due date

Answer 18

acceptance

Question 19

in general, “acceptance”, in the sense in which the term is used in the Negotiable Instruments Law, is not required for checks, for the same are payable on demand. ______________ are, within the said Law, essentially different things, for the former is a promise to perform an act, whereas the latter is the actual performance thereof.

Answer 19

acceptance and payment

Question 20

short-term financing where credit is advanced upon presentation of proof of ownership of goods.

Answer 20

acceptance financing

Question 21

maximum quantity defective goods allowed in a particular lot or order.

Answer 21

acceptance number

Question 22

a situation wherein a party, as a bank, has accepted a bill of exchange or draft and becomes liable to pay it.

Answer 22

accepted

Question 23

a bank that accepts a bill of exchange or draft under a documentary credit (like a letter of credit).

Answer 23

accepting bank

Question 24

a firm, usually a merchant bank, which finances foreign trade.

Answer 24

accepting house

Question 25

a carrier’s ability to provide transport services.

Answer 25

accessibility