BUSI 465 quiz 2 solutions complete answers

BUSI 465 quiz 2 solutions complete answers 

 

__________ is expanding globally and becoming an integral part of every company’s global strategy.

 

A good export compliance program outlines the framework for the training and should begin with line staff.

 

All of the following are part of the Consolidated Screening List, EXCEPT:

 

A civil penalty is imposed on an exporter in the amount of $10,000 for ___________ violation under the Export Administration Regulations.

 

The number two reason export problems occur is incorrect documentation.

 

An export can be the transfer of information to a foreign national through phone, fax, email, company systems, conference, or plant tour.

 

An exporter can be reasonably assured that an Incoterm used in the United States will have the same meaning in Japan, South Africa, or Brazil.

 

The BIS maintains a list of countries that are considered Terrorist Supporting Countries. Which of the following countries is not on this list?

 

All of the following are standard incoterms, EXCEPT:

 

The BIS has established the following red flags, or potential occurrence or observations made to the export company, from the potential foreign buyer that are supposed to cause the exporter to raise its level of diligence, EXCEPT:

 

__________  allows exporters to offer competitive open account terms to foreign buyers while minimizing the risk of nonpayment.

 

__________ has to do with protecting the interests of the corporation and the citizenship from potential harmful acts, including but not limited to terrorism, war, and civil commotion.

 

Exporters must exercise caution when citing ___________ in lieu of an export license to make certain they are properly using the License Exception. Failure to do so may result in an export violation.

 

___________ has to do with corporations managing their governmental regulatory obligations in their import/export supply chains, including but not limited to documentation, record keeping, valuation, and classification.

 

One of the primary missions of the Department of Homeland Security (DHS) is:

 

The __________ mandates that, on inbound freight into the United States, U.S. Customs receives a detailed manifest sent electronically, twenty-four hours prior to ship departure from the foreign port of just what will be entering the United States.

 

Managing an export compliance program requires diligence, recurring training, and senior management support.

 

The Office of Foreign Asset Controls (OFAC) administers and enforces economic trade sanctions and maintains a listing of countries with active sanctions programs. Which is an active sanctions program:

 

An important function of export documentation is to assure that the exporter receives payment per the agreed-upon terms of sale and payment.

 

In most export situations, the exporter should control the term of sale and the term of payment.

 

Match the following terms with the correct description:

 

End users whose BIS has been unable to verify in prior transactions

Parties whose presence in a transaction can trigger a license requirement supplemental to those elsewhere in the Export Administration Regulations (EAR)

Individuals and entities that have been denied export privileges.

Individuals and entities determined to have violated, attempted to violate, conspired to violate, or caused a violation of U.S. sanctions on Syria or Iran

Parties who may be prohibited from export transactions based on OFAC’s regulations

 

 

 

Match the following terms with the correct description:

Assumes obligation of paying a draft for a fee. required to prevent importers from falsifying the true value of products imported. payment is sent to the exporter only after goods have been sold by the foreign distributor to the end user. allows clearance of shipment of goods into the country that requires it. commitment by a bank on behalf of the importer (foreign buyer) that payment will be made to the beneficiary (exporter) provided that certain terms and conditions have been met. the purchase of invoices or accounts receivable; selling export receivables to a firm that will be responsible for collecting them.

 

Everywhere else in the world they are called free zones, but in the United States they are called _________________________________.

 

In June 2002, the WTO council unanimously adopted a resolution on the security and facilitation of international trade supply chain proposed by the United States that resulted in

 

Many countries require a license to import, but the United States does not. Thousand of products are imported into the U.S. freely with no restriction.

 

Outsourcing is the practice in which companies move or contract out some or all of their manufacturing or service operations to other company that specialize in those operations or to companies in other countries.

 

The Federal Food, Drugs, and Cosmetic Act governs the importation of all products into the United States.

 

______________  ___________________ is a building or other secured area within the customs territory where dutiable foreign merchandise may be placed for a period of five years without the payment of duty.

 

At one time, tariffs were the primary means by which the United States raised fund to support the federal government. However, with the introduction of income tax in the early 1900s, tariffs for the purpose of raising revenue to on less importance. Today, the primary purpose of tariffs is to

 

A ________________________ is a payment form where a draft is so drawn as to be payable on presentation to the drawee (usually the buyer).

 

All governments promote exporting because it brings needed foreign exchange and stimulate job expansion.

 

The National Strategy for Homeland Security and the Homeland Security Act of 2002 serves to mobilize and organize the United States to regulate foreign trade.

 

NAFTA eliminates all tariffs on goods originating in _______________________, ______________________, and the ___________________________.

 

All export from the United States requires an export license.

 

The ________________ ____________________ ___________________ __________________is a not-for-profit, nonpolitical association dedicated to the establishment and effective operation of the world trade centers as an instrument for trade expansion.

 

The International Trade Administration of the U.S. Department of Commerce has 165 _____________________ and regional desk officers at its headquarters in Washington.  The job of these desk officers.

 

International Market Insights are

 

Although the importation of goods into the U.S. does not require a license from the Customs Service, certain classes of merchandise might be prohibited or restricted by other agencies to:

 

The International Trade Administration of the U.S. Department of Commerce has 165 country and regional desk officers at its headquarters in Washington.  The job of these desk officers

 

Within twenty hours of arrival of a shipment at a U.S. port of entry, the owner/agent must decide whether to enter the goods for consumption or place them in a bonded warehouse or free trade zone.

 

NAFTA is currently a single market composed of U.S., Canada, and Mexico; however, the integration of other groups are being considered, namely: