Customs Broker Exam Terms Questions with Correct Answers

Customs Broker Exam Terms Questions with Correct Answers Liquidation - Answer-Customs exhausts all legal interest/closes case on entry broker - Answer-agent for a principal (importer of record/client) Importer of Record - Answer-client/owner of contents common carrier - Answer-transportation company open to the public; anyone can ship private carrier - Answer-transports exclusively; not for hire ex)Ford transporting own goods Bill of Lading - Negotiable - Answer-rare - shipping receipt/ instructions with title to be used with letter of credit and to be signed over to new buyer Bill of Lading - non-negotiable - Answer-regular receipt; used with common carriers country of origin - Answer-where product was made, mined, gown, manufactured, or underwent substantial transformation country of export - Answer-where sold or shipped from with shipped having precedence substantial transformation - Answer-new name, character, and use GATT - Answer-General Agreement on Tariff and Trade; 200+ countries - always use date of export to convert curency Currency conversion - Answer-done on date of export/last day in country of export Ex-Factory (ex-works) - Answer-Term of Sale: price quoted does not include freight FOB - Answer-Term of Sale: Free On Board - cost quoted includes transportation to a previously agreed upon point, usually the port of export