Tariffs and Customs Terms F.1.58

Question 1

refers to highly-industrialized countries, like the U.S., Germany, France, Japan, Canada, Italy, Great Britain, Netherlands, etc.

Answer 1

First World

Question 2

holes atop and underneath a container, for handling and stacking of containers as high as eight layers.

Answer 2

fittings

Question 3

the five rights of air transport: a) to overfly a foreign country, b) to make a non-traffic stop at a foreign country en route to another country, c) to unload passengers or cargo in a foreign country from a home country, d) to load passengers and cargo from a foreign country to another, e) and to carry passengers or cargo between two countries

Answer 3

five freedoms

Question 4

permanent assets, like furniture, fixtures, land and buildings. Accounts receivable and inventory are not considered as such

Answer 4

fixed assets

Question 5

assets subject to depreciation under the provisions of the National Internal Revenue Code of the Philippines fixed assets

Answer 5

fixed assets

Question 6

expenses spent for salaries of managerial staff, wages of watchmen and utility workers; insurance, rental, maintenance and building depreciation

Answer 6

fixed costs

Question 7

a crane which principal structure is mounted on permanent or semi-permanent foundation.

Answer 7

fixed crane

Question 8

synonymous with a fixed platform truck, it carries cargo on a non-elevating platform.

Answer 8

fixed height load-carrying truck

Question 9

a system wherein a company orders inventory at fixed or regular time intervals.

Answer 9

fixed interval inventory model

Question 10

a system wherein a company asks for a fixed quantity of goods each time it places an order.

Answer 10

fixed quantity inventory model

Question 11

a kind of installation for continuous transport, such as pipelines, ropeways, and electrical power lines.

Answer 11

fixed transport installation

Question 12

a confirmation made by the charterer and ship-owner prior to signing of a charter contract, outlining the terms and conditions thereof

Answer 12

fixing letter

Question 13

nationality of a vessel, or the country where the vessel is registered

Answer 13

flag

Question 14

a vessel registered under the flag of a nation, which offers conveniences in terms of favorable taxes, crew, and safety requirements.

Answer 14

flag of convenience

Question 15

any substance or material that is highly combustible and self-igniting by chemical reaction.

Answer 15

flammable

Question 16

a trailer without side cover, used for transporting machinery or bulk cargoes.

Answer 16

flatbed

Question 17

a railcar without side cover, used for transport of machinery.

Answer 17

flatcar

Question 18

garments packed in cardboard boxes

Answer 18

flat pack

Question 19

synonymous with a flat, it is a container without side cover, but has two walls and flooring similar to a normal container, it is used to transport heavy equipment, and often carried in a vessel’s lower decks.

Answer 19

flat pack container

Question 20

a standard freight rate imposed on cargo regardless of its nature, distance of sea voyage, and itinerary of the vessel.

Answer 20

flat rate

Question 21

loading devices used to carry cargoes on short distances and on roll -off/roll- on vessels

Answer 21

flats

Question 22

a group of transport devices acting together or under a single command.

Answer 22

fleet

Question 23

a provision in the Tariff and Customs Code of the Philippines that empowers the President, upon investigation of the Tariff Commission and recommendation by the National Economic Development Authority, to increase, remove, or reduce existing tariff duties, or change a commodity classification.

Answer 23

flexible clause

Question 24

a licensed crew member charged with duties essential to the operation of an aircraft during flight time.

Answer 24

flight member

Question 25

crane on a barge or pontoon which can be towed, or is self-propelled

Answer 25

floating crane