Tariffs and Customs Terms C.1.38

Question 1

expenses incurred in processing documents that bear on shipments pass through Customs, immigration, or quarantine office

Answer 1

cost for clearance

Question 2

the process of identifying and allocating cost

Answer 2

costing

Question 3

a trade arrangement whereby the exporter pays the cost and freight of cargo up to the port of destination-just like in CFR. But he pays the marine insurance premium to cover the risk of cargo damage or loss during ocean voyage. Then, the importer shoulders the expenses once the cargo passes through the ship’s rail at the port of destination.

Answer 3

Cost, Insurance, and Freight

Question 4

profit that would have been earned had ordered goods been made available.

Answer 4

cost of lost sales

Question 5

the sum of materials, labor, and overhead expenses spent in production.

Answer 5

cost of manufacture

Question 6

the relationship among system variables, wherein a change in one variable affects the cost of another. For instance, increase in computer cost may depress labor expenses.

Answer 6

cost trade-off

Question 7

a situation wherein safety precautions against fire have been made regarding the shipment of baled cotton.

Answer 7

cotton fitted

Question 8

a phrase in a special charter contract of baled cotton, from the Gulf of Mexico to Europe, to guarantee a certain balespace capacity for cargo.

Answer 8

Cotton form O

Question 9

refers to the Convention establishing a Customs Cooperation Council, held in Brussels, Belgium, December 15, 1950, and entered into force in November 4, 1952.

Answer 9

Council convention

Question 10

a draft agreement that addresses the problem of international counterfeiting, like violation of trademark. Initiated during the Tokyo Round, the issue of counterfeiting rights has been thoroughly discussed in the Uruguay Round negotiating group on Intellectual Property Rights.

Answer 10

Counterfeit code

Question 11

an umbrella term for trade arrangements wherein the seller is required to accept from the buyer, goods, services, or other instruments of trade, as partial or complete payment.

Answer 11

countertrade

Question 12

an action filed by a domestic firm seeking the imposition of a countervailing duty on imported goods, which are already subsidized at their country of origin.

Answer 12

countervailing action

Question 13

a security, in cash or bond, filed by a domestic industry while a countervailing action is being heard. It is equal to the amount of subsidy initially computed.

Answer 13

countervailing bond

Question 14

additional special duty imposed on imported articles subject of a countervailing action, and levied to prevent possible injury to an affected domestic industry.

Answer 14

Countervailing duty

Question 15

the last port of call overseas from which a vessel (laden with export goods) sailed. This is not necessarily the country of origin or manufacture.

Answer 15

country of export

Question 16

the country where export goods are delivered, consumed, processed, or manufactured. Same as country of import.

Answer 16

country of export destination

Question 17

the country where goods are manufactured for export.

Answer 17

country of origin

Question 18

a fast door-to-door service for imported goods and documents. Courier. firm usually set a maximum weight limit to shipments.

Answer 18

courier service

Question 19

the practice of exempting certain baggage or cargoes from examination if owned by certain high government officials, like the President or returning diplomats

Answer 19

courtesy of the port

Question 20

an American court that hears cases on anti-dumping, product classification, countervailing action, and appeals from the U.S. International Trade Commission on unfair trade practice.

Answer 20

Court of international Trade

Question 21

an insurance clause that covers cargo damage or loss during transit, aboard any craft, raft or lighter.

Answer 21

craft, raft, lighter clause

Question 22

a device, like a bridge or a stacker, which lifts heavy items.

Answer 22

crane

Question 23

packing made of wooden slats.

Answer 23

crate

Question 24

delivery of goods or services in exchange for subsequent payment.

Answer 24

credit

Question 25

an insurance to cover the risk of non-payment for delivered goods.

Answer 25

credit risk insurance