IIP301 - Quiz 1 Questions With Complete Solutions
15. Which of the following statements best describes INcoterm
2010?
A. Incoterms 2010 are a set of binding international laws that
have global application in contracts of sale between exporters
and importers
B. Incoterms 2010 are international commercial regulations that
become effective with enforcement by individual governments
around the world
C. Incoterms 2010 are a set of rules applying to the contract of
sale which become effective by voluntary incorporation into the
contract of sale Correct Answers C
16. In Incoterms 2010, the place of delivery is always the place
of destination of the goods.
A. True
B. False Correct Answers B
17. Which of these Incoterms represents the LEAST
responsiblity for the exporter?
A. CIF
B. DAT
C. DDP
D. EXW Correct Answers D
18. Is a Documentary credit also known as a "letter of credit",
"commercial credit" or "L/C"?
A. True
B. False Correct Answers A
, 19. An Amercian exporter is delivering goods to Laguardia
Airport in New York for air shipment to Berlin, and the air
freight and insurance coverage is to be arranged for and paid by
the importer. The correct Incoterm in such circumstances would
be:
A. DDP Berlin Incoterms 2010
B. FCA Laguardia Airport Incoterms 2010
C. FOB Airport Laguardia Incoterms 2010
D. CPT Berlin Incoterms 2010 Correct Answers B
20. Which of the following Incoterms does the buyer pay for
main carriage?
A. DDP
B. DAP
C. CIP
D. FCA Correct Answers D
21. Purchase on open account means that the buyer agrees to pay
for goods ordered immediately, i.e on the same day with
shipment date
A. True
B. False Correct Answers B
22. An import buyer in Mexico is seeking to arrange the
cheapest final cost to its company of purchasing merchandise
from Bordeaux sea port, France. The French exporter has
offered two price quotes:
1. 2500 Euro per container FOB Bordeaux port, France,
Incoterms 2010, or
2. 3100 per container CIF Veracruz sea port, Mexico, Incoterms
2010.
15. Which of the following statements best describes INcoterm
2010?
A. Incoterms 2010 are a set of binding international laws that
have global application in contracts of sale between exporters
and importers
B. Incoterms 2010 are international commercial regulations that
become effective with enforcement by individual governments
around the world
C. Incoterms 2010 are a set of rules applying to the contract of
sale which become effective by voluntary incorporation into the
contract of sale Correct Answers C
16. In Incoterms 2010, the place of delivery is always the place
of destination of the goods.
A. True
B. False Correct Answers B
17. Which of these Incoterms represents the LEAST
responsiblity for the exporter?
A. CIF
B. DAT
C. DDP
D. EXW Correct Answers D
18. Is a Documentary credit also known as a "letter of credit",
"commercial credit" or "L/C"?
A. True
B. False Correct Answers A
, 19. An Amercian exporter is delivering goods to Laguardia
Airport in New York for air shipment to Berlin, and the air
freight and insurance coverage is to be arranged for and paid by
the importer. The correct Incoterm in such circumstances would
be:
A. DDP Berlin Incoterms 2010
B. FCA Laguardia Airport Incoterms 2010
C. FOB Airport Laguardia Incoterms 2010
D. CPT Berlin Incoterms 2010 Correct Answers B
20. Which of the following Incoterms does the buyer pay for
main carriage?
A. DDP
B. DAP
C. CIP
D. FCA Correct Answers D
21. Purchase on open account means that the buyer agrees to pay
for goods ordered immediately, i.e on the same day with
shipment date
A. True
B. False Correct Answers B
22. An import buyer in Mexico is seeking to arrange the
cheapest final cost to its company of purchasing merchandise
from Bordeaux sea port, France. The French exporter has
offered two price quotes:
1. 2500 Euro per container FOB Bordeaux port, France,
Incoterms 2010, or
2. 3100 per container CIF Veracruz sea port, Mexico, Incoterms
2010.
