Tariffs and Customs Terms A.1.11

Question 1

a process by which a semi-finished parts are put together to form a distinct product without substantially alerting the physical, mechanical, electro-magnetic, or: chemical properties of such parts

Answer 1

assembly

Question 2

to test the purity or quality of metal or oil

Answer 2

assay

Question 3

to compute the value of goods

Answer 3

assess

Question 4

The computation and imposition of duties, charges, penalty (if any), on imported goods

Answer 4

assessment

Question 5

a Customs office responsible for assessment of duties and taxes of import items

Answer 5

assessment

Question 6

funds, stocks, bonds, and other financial sources from which a firm or person derives fund to operate business. These may constitute a security in favor of the government for failure to pay duties and taxes on goods stored in a bonded warehouse.

Answer 6

assets

Question 7

transfer of title of ownership from one person or firm to another

Answer 7

assignment

Question 8

particular duty given to an employee or subordinate

Answer 8

assignment

Question 9

a term used to describe the value of certain goods and services used in producing imported goods, like industrial materials, components, parts and other items of imported goods; tools, dies, molds, and similar items in production; materials used for production; and engineering and art works used in production.

Answer 9

assists

Question 10

a group that promotes harmony and communication among African states on matters of trade policy, research and training.

Answer 10

Association of African Trade Promotion Organization

Question 11

a regional political and trade arrangement of Philippines, Indonesia, Malaysia, Thailand, Brunei, Singapore, Laos, Myanmar, (Burma), Kampuchea (Cambodia), and Vietnam

Answer 11

Association of Southeast Asian Nations

Question 12

behind a vessel or on aircraft; In a reverse direction

Answer 12

astern

Question 13

combination of the French words admission temporaire (temporary admission) and the English phrase “temporary admission”

Answer 13

ATA

Question 14

Air Transport Association

Answer 14

ATA

Question 15

International Customs document used to cover temporary importation of goods (used for exhibitions) without payment of duty or tax. So far, more than 40 countries have been using this document

Answer 15

ATA Carnet

Question 16

refers to the Customs Convention on the ATA Carnet ( held at Brussels, Belgium, on December 6,1961), which took effect on July 30, 1963, governing the temporary admission of goods used for exhibitions

Answer 16

ATA Convention

Question 17

a draft or negotiable instrument payable upon presentation

Answer 17

at sight

Question 18

arrangement of cargo from one side of a ship to another

Answer 18

athwarthships

Question 19

a government official attached to a foreign legation or embassy

Answer 19

attaché

Question 20

a legal action wherein the properties of a debtor (e.g. importer or warehouse operator) are constituted as security or lien to satisfy an obligation to the government

Answer 20

attachment

Question 21

the time proximate or near enough to reflect the price of goods on the date of exportation of goods

Answer 21

at the time of exportation

Question 22

derived from the Latin auction, meaning increase, it is the process by which seized, forfeited or abandoned or articles are offered for open bidding to potential buyers. The amount of bids increase until a winner the highest bidder) is declared

Answer 22

auction

Question 23

an offering for public bidding of quota or limit for export of certain goods

Answer 23

auction

Question 24

a person who conducts an auction

Answer 24

auctioneer

Question 25

the periods within which auditing is made.

Answer 25

audit cycle