Tariffs and Customs Terms M.1.85

Question 1

a captain’s sworn statement describing any unusual event during the ship’s voyage.

Answer 1

master’s protest

Question 2

foreign trade visits organized by the U.S. Department of Commerce to help new American exporters meet prospective importers, often in two major markets.

Answer 2

Matchmaker Events

Question 2

the weight ratio of local raw materials so that of the finished product.

Answer 2

material index

Question 3

movements of goods over short distances in a storage area.

Answer 3

materials handling

Question 3

movement and storage functions associated with the supply of goods to a firm

Answer 3

materials management

Question 4

a decision-making technique used to determine how much and when a material should be purchased.

Answer 4

materials requirement planning

Question 5

a document signed by the ship’s captain to acknowledge his receipt of cargoes on board the vessel. It may include his remarks on the condition goods

Answer 5

mate’s receipt

Question 6

the date on which a draft or bill of exchange, instrument, bond, commercial paper becomes due of payment

Answer 6

maturity

Question 7

a mechanism that authorizes the Philippine President, after concurrence by congress, to increase the Minimum Access Volume of particular agricultural goods deemed to be in short supply or which high price has dramatically affected supply and demand condition.

Answer 7

Minimum Access Volume Plus

Question 8

credit a letter of credit that requires the beneficiary to present only a draft for particular funds before he receives payment.

Answer 8

McLean letter of credit

Question 9

commercial means of transport.

Answer 9

means of transport

Question 10

cargo measuring 40 cubic feet and above, per ton of 2,240 pounds

Answer 10

measurement cargo

Question 11

cargo unit of 40 cubic feet (although in some cargoes, it is equal to 50 cubic feet). In some trades, however, a cubic meter (35.2 cubic feet) is equivalent to a measurement ton.

Answer 11

measurement ton

Question 12

a contract whereby the drawer undertakes to pay the bona fide holder without any condition of presentment.

Answer 12

memorandum check

Question 13

modeled like the European Community, it is a regional trade agreement among Argentina, Brazil, Paraguay, and Uruguay, to establish a common external tariff and eliminate barriers to trade in services. While Chile has not acceded thereto, she has a separate agreement with Argentina.

Answer 13

Mercado Comun del Cono Sur (Southern Cone Common Market or Mercosur)

Question 14

an economic doctrine developed partly by Thomas Mun, it proposes that economic growth may be attained through active economic control by government, and putting a rein on free entrepreneurial spirit and individual initiative.

Answer 14

mercantilism

Question 15

shall collectively refer to raw materials, supplies, equipment, machineries, spare parts, packing materials, or wares of every description to be used in connection with the registered activity of an ECOZONE enterprise.

Answer 15

merchandise or goods

Question 16

a person or firm engaged in commerce

Answer 16

merchant

Question 17

a system wherein the shipper brings the container to the container yard at his own expense.

Answer 17

merchant haulage

Question 18

haulage carriage of goods by a carrier designated by the shipper or consignee

Answer 18

merchant-inspired carrier

Question 19

all the ships operating in a country for the carriage of goods

Answer 19

merchant marine

Question 20

merchant marine

Answer 20

merchant ship

Question 21

standards the system of syntax, data elements, segments, and messages with which electronic data interchange is conducted.

Answer 21

message

Question 22

height the distance between the center of gravity of a ship and any of its point.

Answer 22

meta-centric

Question 23

the equivalent of 1,000 kilograms.

Answer 23

metric ton