Tariffs and Customs Terms LM.1.82

Question 1

factors that determine a facility’s location

Answer 1

locational determinant

Question 2

a space in a canal (e.g. Suez Canal or Panama Canal) enclosed by walls so that a vessel can be floated up or down at a different sea levels.

Answer 2

lock

Question 3

dues imposed for the use of a lock (in the Panama Canal or Suez Canal) and charged according to tonnage.

Answer 3

lock dues

Question 4

a locked compartment in a shed or vessel used to safeguard valuable articles.

Answer 4

locker

Question 5

encoding of details of an import entry in a customs computer system.

Answer 5

lodgment

Question 6

a daily report of all events and particulars of a vessel, attested to by proper authorities as a true record

Answer 6

logbook

Question 7

daily record of a driver’s activities; driving, off-duty, sleeping, on duty but not driving, etc.

Answer 7

logbook

Question 8

a computerized system that transmits logistics information electronically.

Answer 8

Logistics data interchange

Question 9

an agreement forged in Lome, Togo, in 1975, to govern the implementation of aid program and trade tariff preferences given to African, Caribbean, and Pacific economies, when they transact with the European Community.

Answer 9

Lome Convention

Question 10

a draft drawn to last more than 30 days.

Answer 10

long bill

Question 11

similar to continuous dumping, it le a kind of dumping that takes place during an indefinite period

Answer 11

long run dumping

Question 12

refers to 2.240 pounds.

Answer 12

long ton

Question 12

synonymous to the British “heavy goods vehicles”, it is a large four wheeled motor truck used to transport goods

Answer 12

lorry

Question 13

a situation wherein import goods are no longer wanted by the consignee upon arrival. This is considered a business loss that cannot be recovered under a marine cargo insurance policy.

Answer 13

Loss of market

Question 14

the quantity of goods a company purchase or products for use or sale.

Answer 14

lot size

Question 15

normally loaded in larger containers, these goods include paper towels, plastics, and similar articles

Answer 15

low density goods

Question 15

cargo with a low-bulk, high-weight relation, meaning, relatively compact, heavy cargo that fills up less space.

Answer 15

low stowage factor

Question 16

a less-than-truck load shipment that weighs less than what a company minimally needs.

Answer 16

LTL shipment

Question 17

a crane that can move or load cargoes horizontally.

Answer 17

luffing crane

Question 18

refers to traveler’s baggage, suitcases, boxes which are usually accompanied by passengers

Answer 18

luggage

Question 19

also known as the Treaty of European Union, it attempts to a) commit the 12 members of the European Economic Community (EEC) to both a European Monetary Union and a political union, b) introduce a single currency, the euro, c) establish a European System of Central Banks, d)create a European Central Bank, and e) broaden EEC integration by including both a common foreign and security policy, and cooperation in justice and home affairs.

Answer 19

Maastricht Treaty

Question 19

shall refer to capital equipment, major components therof, non-perishable tools, machines and other mechanical, chemical and or electrical apparatus, whether fixed or movable, needed in the registered operations of the ECOZONE Enterprise.

Answer 19

machinery and equipment

Question 19

imported vehicles with nine seats or less

Answer 19

luxury vehicles

Question 19

a provision in a charter contract that means a fixed lump sum will be paid by the charterer regardless of the volume of cargo shipped,

Answer 19

lump sum charter

Question 19

means any statutory law concerning carriage of goods, the provisions of which cannot be departed from by contractual stipulation to the detriment of the merchant.

Answer 19

mandatory national law