International Business Law Fourth Quiz
What two U.S. agencies have overlapping jurisdiction with regard to country of origin
claims? - ANS-FTC & U.S. Customs
Agency charged to prevent unfair or deceptive trade practices is found where -
ANS-FTC
A refund of duties already paid on imported goods when the goods (or other goods
manufactured from the original goods) are re-exported or destroyed? - ANS-Drawbacks
Legally defined sites within a country that are subject to special customs procedures.
Also are operated by state or local governments, airports or seaports, or specially
chartered corporations who charge private firms for their use: imported goods may be
bought without being subjected to tariffs. - ANS-Foreign Trade Zones
Term to describe major seaports, airports, inland ports, and boarding crossings where
customs offices are located? - ANS-Ports of Entry
The administrative process required to imports good into the customs territory of a
country? - ANS-Formal Entry
An authorized agent, licensed by federal law, to act for and on behalf of importers in
making entry of goods? - ANS-Customs Brokers
An entry manifest, U.S. Customs Entry Summary Form and commercial invoice are
examples of? - ANS-Required Documentation
When must estimated payment of duties be made? - ANS-Time of filing entry
Does payment of duties to a customs broker relieve the importer of liability to pay the
duties - ANS-No
Term describing the final computation and assessment of the applicable duty on entered
goods by customs? - ANS-Liquidation
Term when customs at the port of entry determines that additional duties are owed? -
, ANS-Notice of adjustment
Within what amount of time is a liquidation deemed liquidated by operation of law? -
ANS-One year of entry
Term used to describe when clear and convincing evidence shows the act or omission
was done with actual knowledge or reckless disregard for relevant facts and with
disregard for the importer's obligations under the law? - ANS-Gross negligence
As an aid to importers, Customs publishes? - ANS-Reasonable Care checklist
Following WWII efforts to rebuild by Belgium, France, Italy, Luxembourg, the
Netherlands, and West Germany resulted in the formation of the European Common
Market or European Economic Community, now known as what? - ANS-European
Union
The executive body of the EU is known as what? - ANS-European Commission
The EU institution whose members are elected by European citizens. - ANS-European
Parliment
The name given to the final arbiter of EU law - ANS-ECJ
Do EU courts follow common law or civil law traditions? - ANS-Civil Law Traditions
EU laws Four Freedoms (Free Movement of ... - ANS-Goods
Services
Capital
People
Name for agreement between Canada, Mexico, and U.S. providing ease of trade -
ANS-NAFTA
Term used to describe when two or more countries agree to eliminate or phase out
customs duties and other barriers to trade among member countries - ANS-Free Trade
Area (FTA)
Name for where free trade exists in all goods that come through any of the union
members. - ANS-Customs Unions
What two U.S. agencies have overlapping jurisdiction with regard to country of origin
claims? - ANS-FTC & U.S. Customs
Agency charged to prevent unfair or deceptive trade practices is found where -
ANS-FTC
A refund of duties already paid on imported goods when the goods (or other goods
manufactured from the original goods) are re-exported or destroyed? - ANS-Drawbacks
Legally defined sites within a country that are subject to special customs procedures.
Also are operated by state or local governments, airports or seaports, or specially
chartered corporations who charge private firms for their use: imported goods may be
bought without being subjected to tariffs. - ANS-Foreign Trade Zones
Term to describe major seaports, airports, inland ports, and boarding crossings where
customs offices are located? - ANS-Ports of Entry
The administrative process required to imports good into the customs territory of a
country? - ANS-Formal Entry
An authorized agent, licensed by federal law, to act for and on behalf of importers in
making entry of goods? - ANS-Customs Brokers
An entry manifest, U.S. Customs Entry Summary Form and commercial invoice are
examples of? - ANS-Required Documentation
When must estimated payment of duties be made? - ANS-Time of filing entry
Does payment of duties to a customs broker relieve the importer of liability to pay the
duties - ANS-No
Term describing the final computation and assessment of the applicable duty on entered
goods by customs? - ANS-Liquidation
Term when customs at the port of entry determines that additional duties are owed? -
, ANS-Notice of adjustment
Within what amount of time is a liquidation deemed liquidated by operation of law? -
ANS-One year of entry
Term used to describe when clear and convincing evidence shows the act or omission
was done with actual knowledge or reckless disregard for relevant facts and with
disregard for the importer's obligations under the law? - ANS-Gross negligence
As an aid to importers, Customs publishes? - ANS-Reasonable Care checklist
Following WWII efforts to rebuild by Belgium, France, Italy, Luxembourg, the
Netherlands, and West Germany resulted in the formation of the European Common
Market or European Economic Community, now known as what? - ANS-European
Union
The executive body of the EU is known as what? - ANS-European Commission
The EU institution whose members are elected by European citizens. - ANS-European
Parliment
The name given to the final arbiter of EU law - ANS-ECJ
Do EU courts follow common law or civil law traditions? - ANS-Civil Law Traditions
EU laws Four Freedoms (Free Movement of ... - ANS-Goods
Services
Capital
People
Name for agreement between Canada, Mexico, and U.S. providing ease of trade -
ANS-NAFTA
Term used to describe when two or more countries agree to eliminate or phase out
customs duties and other barriers to trade among member countries - ANS-Free Trade
Area (FTA)
Name for where free trade exists in all goods that come through any of the union
members. - ANS-Customs Unions
