1) It’s the seller’s job to get the goods to the buyer’s carrier at an agreed location. a) FCA – Free Carrier b) Accumulation discount c) CIF – Cost, Insurance And Freight d) CWO - Cash With Order 2) Seller is responsible for the costs and risk of delivering the goods to an agreed place of unloading. a) DPU – Delivered At Place Unloaded b) CIA - Cash In Advance c) EOM - End Of Month d) FOB – Free On Board 3) It’s the seller’s job to get the goods to the buyer’s carrier at an agreed location. The seller covers delivery costs and also pays for insurance to the named destination. a) CIP – Carriage And Insurance Paid To b) 15 MFI c) LC - Letter Of Credit d) CIA - Cash In Advance 4) It’s the seller’s job to get the goods to the buyer’s carrier at an agreed location. The seller covers delivery costs a) CPT – Carriage Paid To b) CIF – Cost, Insurance And Freight c) 15 MFI d) FCA – Free Carrier 5) Seller assumes all costs and risk until goods have been delivered next to the ship a) FAS – Free Alongside Ship b) LC - Letter Of Credit c) CBS - Cash Before Shipment d) CIP – Carriage And Insurance Paid To 6) Seller assumes all costs and risk until goods have been delivered on board the ship. They also sort out export clearance. a) DPU – Delivered At Place Unloaded b) COD - Cash On Delivery c) FOB – Free On Board d) LC - Letter Of Credit 7) Seller assumes all costs and risk until goods have been delivered on board the ship and must also pay the cost of bringing the goods to the port. a) CFR – Cost And Freight b) Accumulation discount c) CIF – Cost, Insurance And Freight d) FOB – Free On Board 8) Seller assumes all costs and risk until goods have been delivered on board the ship, must pay the cost of bringing the goods to the port and must also cover insurance costs. a) FOB – Free On Board b) CIF – Cost, Insurance And Freight c) Net 30 d) Accumulation discount 9) The seller is responsible for delivery of the goods, ready for unloading, at the named place of destination. a) EXW - Ex Works b) CBS - Cash Before Shipment c) DAP - Delivered At Place d) Upon receipt 10) The seller assumes all responsibilities and costs for delivering the goods to the named place of destination. The seller must pay both export and import formalities, fees, duties and taxes. a) DDP - Delivered Duty Paid b) CND - Cash Next Delivery c) EOM - End Of Month d) Net 30 11) Places most responsibility with the buyer. The seller is expected to have the goods ready for collection at the agreed place of delivery. a) 15 MFI b) CFR – Cost And Freight c) DAP - Delivered At Place d) EXW - Ex Works 12) The payment is due before the end of the calendar month. a) FCA – Free Carrier b) EOM - End Of Month c) Accumulation discount d) Pro Forma Invoice 13) The payment is due before the shipment is delivered. a) DAP - Delivered At Place b) DPU – Delivered At Place Unloaded c) CIA - Cash In Advance d) PIA - Payment In Advance 14) Also known as “Payable On Receipt”. The payment is due once the products are delivered, instead of before the products are shipped. a) COD - Cash On Delivery b) DPU – Delivered At Place Unloaded c) CFR – Cost And Freight d) CIP – Carriage And Insurance Paid To 15) The buyer pays the supplier the full purchase order amount before the work begins or the goods or services are delivered. a) PIA - Payment In Advance b) CIP – Carriage And Insurance Paid To c) FOB – Free On Board d) CFR – Cost And Freight 16) The full payment is due within 30 days of the invoice issue date. a) Net 30 b) COD - Cash On Delivery c) FCA – Free Carrier d) CND - Cash Next Delivery 17) Also known as "Month Following Invoice". Payment terms are due on the 15th of the month following the invoice date. a) 15 MFI b) CIA - Cash In Advance c) Pro Forma Invoice d) CWO - Cash With Order 18) A commitment by a bank on behalf of the buyer that payment will be made to the exporter, provided that the terms and conditions stated have been met. a) CND - Cash Next Delivery b) DDP - Delivered Duty Paid c) LC - Letter Of Credit d) FCA – Free Carrier 19) Another name for "Payment In Advance" (PIA). This type of agreement requires the buyer to pay at the time of placing the order. a) CWO - Cash With Order b) DAP - Delivered At Place c) FAS – Free Alongside Ship d) CIP – Carriage And Insurance Paid To 20) The balance must be paid before the product is shipped to the customer. a) FAS – Free Alongside Ship b) DAP - Delivered At Place c) CIP – Carriage And Insurance Paid To d) CBS - Cash Before Shipment 21) The payment must be made before the next delivery. This payment term is usually reserved for recurring deliveries. a) FOB – Free On Board b) CND - Cash Next Delivery c) Pro Forma Invoice d) FCA – Free Carrier 22) A preliminary receipt requesting payment from a buyer before supplying goods or services. Used to ensure that the seller delivers the requested goods to the buyer after payment. NOT legally binding because the terms of sale are still subject to change.  a) Pro Forma Invoice b) CWO - Cash With Order c) DAP - Delivered At Place d) CPT – Carriage Paid To 23) Payment is expected as soon as the client receives the invoice. a) COD - Cash On Delivery b) Upon receipt c) EXW - Ex Works d) 15 MFI 24) A discount given on a large order. a) CPT – Carriage Paid To b) Accumulation discount c) FOB – Free On Board d) CIA - Cash In Advance

Payment and Delivery Terms - Definitions Quiz C1

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