BUSI 465 quiz 3 solutions complete answers

BUSI 465 quiz 3 solutions complete answers 

 

The __________ ___________ ____________ is the engine that drives the international shipment and clearance process.

 

Import management engages all of the following areas, EXCEPT:

 

All of the following are elements of a compliance management structure, EXCEPT:

 

Most companies are capable of performing a self-audit on their own import/export operations and logistics divisions.

 

Customs has a right to examine any shipment imported into the United States.

 

The ________ ___________ _____________ outlined strict interpretations of U.S. import rules and regulations and a process for strict enforcement.

 

Importers are responsible for ensuring that every harmonize number declared on the import declaration is accurate based on the guidelines established in the Harmonized Tariff Schedule of the United States (HTSUS).

 

Importers are responsible for ensuring that all merchandise is properly marked upon entry into the United States. Import documentation must also indicate the proper __________ _________ ________ on all shipments, as a separate invoice requirement.

 

Importers are responsible for establishing a __________ ___________ ____________ that maintains all records relative to an import transaction for five years from the date of entry of the merchandise into the commerce of the United States.

 

Which of the following should be taken into consideration when selecting a customhouse brokerage service?

 

The purpose of internal audit and compliance management is to effectively monitor the compliance measures in place and ensure that operational functions are within the guidelines of those established procedures.

 

For any compliance management program to be effective in the operational aspect of any importer/exporter, it is imperative that sales personnel are engaged and endorses the actions and efforts of the compliance department.

 

___________ ____________ must be aware that there may be an obligation to customs even when they are not the importer of record.

 

A person or party must be delegated to take “ownership” of the compliance responsibilities for the importer/exporter.

 

All of the following are the most common fines and penalties issued by customs, EXCEPT:

 

One of the keys to accomplishing a successful domestic side to the import process, is:

 

The amount of duty to be paid on an import shipment is determined by two key factors: the ______________ and the _________________ 

 

___________ _____________ are licensed by customs to clear goods into the United States through a port of entry on behalf of importers and to collect duty and taxes on behalf of Customs and Border Protection.

 

The key to successful global sourcing includes all of the following, EXCEPT:

 

Customs and Border Protection (CBP) implemented the Customs-Trade Partnership against Terrorism in 2002 as a voluntary program open to importers, carriers, consolidators, brokers, and highway carriers.

 

Match the following terms to the correct description: 

 

99% refund of duties paid on imported merchandise that is received and is to be further processed or manufactured in the United States.

 

Price paid or payable between the buyer and seller

 

Price after importation and U.S. resale minus all nondutiable charges

 

99% refund on imported merchandise that is received not conforming to the importer’s standards of approval and/or the standards of the Wildlife Service and customs.

 

99% refund of duties paid on imported merchandise that is exported in the same condition as when imported and remains “unused” in the United States.

 

 

Match the following terms to the correct description:

benefit to free market can be obtained through government management of the macro economy.

trading bloc of countries that invoke little or no price control in the form of tariffs or quotas between each other.

geographical area where commercial merchandise can be held without being subject to customs duties.

countries arrange to lower or eliminate tariffs on selected goods for each other.

market forces determine levels of production, consumption, investment, and savings.

economic power is divided between the state and private sector.

 

One of the keys to success in the import/export business is adapting your product to market.

 

Products bearing the ______________ mark are guaranteed free circulation within the EU market.

 

American partnership for economic growth include all of the following EXCEPT:

 

In order to expand their exporting activities, many Japanese firms rely on giant general trading companies known as _____________.

 

Which of the following countries is the United States #1 trading partner?

 

All of the following are among the world’s top five exporters EXCEPT:

 

___________are not required on most commercial and industrial goods exported from the United States to Europe.

 

The top two destinations for US Exports are ___________ and ____________.

 

All countries except Liberia, Eritrea, Gabon, Nigeria, Mauritania and Sudan are eligible for the General System of Preferences (GSP).

 

When doing business in India, it is customary to show up to appointments a little late.

 

__________ is considered the economic powerhouse of Africa.

 

The EU has established the __________ to provide within the context of its common external commercial policy a key to any differential treatment applied to imports from non-member countries.

 

_________ contains a series of amendments to the Treaty of Rome that made it easier to negotiate the directives needed to make the single market work.

 

When doing business abroad, international partners and customers should be treated differently than their domestic counterparts.

 

Africa is the second largest trading area in the world.

 

Which of the following countries has the highest trading potential in Western Europe?

 

According to current research, which of the following countries is the world leader in export trade?

 

China and India are the most populous nations in Asia.

 

When doing business in the Middle East, one should avoid shaking hands with the opposite sex.