Tariffs and Customs Terms B.1.21

Question 1

the document that covers shipments taken from a Special Economic Zone. It specifies the details of goods, plus payment of duties and taxes, prior to release from Customs custody. Synonymous to pull-out document

Answer 1

bring-out document

Question 2

an agency of the British Department of Trade and Industry that gives advise on international trade and guides the government’s export promotion program, including policy, financing, and overseas projects.

Answer 2

British Overseas Trade Board

Question 3

a container seal (say, one attached by the shipping line or an international surveying firm) tampered with, broken, or completely damaged.

Answer 3

broken seal

Question 4

part of ship occupied by pallets, flats, bundles, and dunnage, and therefore unutilized for cargo storage

Answer 4

broken stowage

Question 5

a registered and licensed professional or entity specializing in the clearing of goods through Customs in behalf of an exporter or importer

Answer 5

broker

Question 6

refers to the broker’s commission paid either by the seller or the buyer. In the first case, the amount is included in the invoice price actually paid or payable. In the second, it is not so included and must be added to the price

Answer 6

brokerage

Question 7

fee paid to a broker for services rendered to a client for the inward or outward clearance of a shipment through Customs

Answer 7

brokerage fee

Question 8

a Customs bond filed by brokers for the pursuit of their business

Answer 8

broker’s bond

Question 9

a regional trade and investment triangle among Mindanao and Palawan (Philippines), the sultanate of Brunei- Darussalam, Eastern Indonesia and the states of Sarawak and Sabah, and Labuan in Malaysia

Answer 9

Brunei [Darussalam], Indonesia, Malaysia Philippine-East ASEAN Growth Area

Question 10

a coding system that simplifies the imposition of tariffs on imported goods. Designed by the Customs Cooperation Council in 1959, it is the most widely-used product classification scheme, adhered to by more than 85 members of the General Agreement on Tariffs and Trade. This system is published in the Brussels Nomenclature de Bruxelle: Explanatory Notes to the Brussels Nomenclature, Customs Cooperation Council, Brussels, Belgium.

Answer 10

Brussels Tariff Nomenclature

Question 11

an itemized list of estimated revenues, costs, and expenses for a business cycle

Answer 11

budget

Question 12

a quantity of goods or articles kept in storage to meet unforeseen shortages. or demands

Answer 12

buffer stock

Question 13

a storage area for large items most efficiently handled through pallets

Answer 13

bulk area

Question 14

products in mass that are not packaged, bundled, bottled or packed. Without mark or count, it may be fine solid, granular solid, or liquid

Answer 14

bulk cargo

Question 15

single deck vessel designed to carry homogeneous, unpacked, dry bulk cargoes, such as grain, iron, ore, or coal

Answer 15

bulk carrier

Question 16

a wall built inside a ship to provide watertight compartments. Also known as header board, it separates the engine room from the cargo holds, strengthens the vessel, and prevents the spread of fire

Answer 16

bulk-head

Question 17

a solid structure that protects the shore

Answer 17

bulk-head

Question 18

a wall that, protects cargoes when mounted on platform trailers

Answer 18

bulk-head

Question 19

a partition in a container that provides ventilation

Answer 19

bulk-head

Question 20

a wall that separates the front compartments from the rest of the aircraft

Answer 20

bulk-head

Question 21

rings used for lashing or binding cargoes in containers

Answer 21

bulk rings

Question 22

a freight charge imposed on air cargoes transported through unit load devices.

Answer 22

bulk unitization charge

Question 23

precious metals cast into bars or other uncoined forms

Answer 23

bullion

Question 24

a precious metal coin which market value is determined by its inherent precious metal content. It is brought and sold mainly for investment

Answer 24

bullion coin

Question 25

business logistics game

Answer 25

buloga