EXPORT AND IMPORT MANAGEMENT

export and import management



R 4MBA617ONL Term IV, 2013 - Import/Export Management

Final Exam “Exam Questions”

Identify the correct answer to the 50 multiple choice “Exam Questions”. Submit your answers on the “Answer Sheet” (separate attachment) and upload the “Answer Sheet” onto Moodle by 5:00pm on Friday, April 26, 2013.

Circle the correct answer or fill in the blank from the word bank.

1. Which of the following is not a characteristic of a Customs Broker?

a. Often specialized in certain areas.

b. Engages in entering and clearing goods through customs.

c. Duties include preparing entry forms and advising importer on duties to be paid.

d. All of the above are characteristics of a Customs Broker

2. Many import quotas are tariff rate quotas where quantities entered in excess of the

quota are subject to a higher duty rate.

a. True b. False

3. The U.S. Customs and Border Protection Service (CBP) performs two roles in

facilitating trade which include securing the U.S. from acts of terrorism and assuring

goods arriving in the U.S. are legitimate and that appropriate duties and fees are

paid.

a. True b. False

4. Which of the following is not true about the Harmonized Tariff System (HTS)?

a. Must identify appropriate classification in order to determine duty.

b. The HTS classifies products manufactured and sold throughout the world according to a numerical system.

c. Information is needed about the product such as “which material constitutes the chief value” when the goods are classified by component material.

d. All of the above are true.

5. Which of the following is true regarding a bonded warehouse?

a. Importers may place imported merchandise here for manipulation and manufacturing

b. Importer can mark, re-label, re-package, and other operations. Manufacturing is not allowed.

c. No duty is due if imported merchandise is stored in a bonded warehouse and then

exported at a later time.

d. All of the above are true about a bonded warehouse.

6. Which of the following is true regarding a foreign trade zone (FTZ)?

a. Products can be manufactured in this area and no duty is paid if the merchandise is exported.

b. Importer can mark, re-label, re-package, and other operations.

c. No duty is paid on merchandise that is imported into a FTZ, then exported.

d. All of the above are true about a foreign trade zone.

7. Which of the following is not true regarding a foreign trade zone?

a. No inverted tariff b. Duty elimination on waste

c. Duty deferral d. Duty exemption on re-exports

8. Which of the following is not a characteristic of duty drawback?

a. Must file a rebate to collect b. Must apply for drawback within three years of Exportation or Destruction

c. A bond is not required to file Drawback d. Refunds can take years to be received

9. The Entry Summary is the main document used to enter goods into the U.S.

a. True b. False

10. Exchange Control Licenses provide all of the following except ____ .

a. Assurance that U.S. importer will pay

b. Exporter may need license to convert U.S. dollars used as payment

c. Foreign government may impose strict payment requirements on foreign trade ...