1. What do the INCOTERMS acronyms FOB, FAS, CFR, and CIF mean?
2. How can an exporter insure against the loss of value of goods while they are being shipped internationally?
3. Why might a country require an exporter to acquire a consular invoice in order to clear the customs of an importing country?
4. Why would a certificate of analysis be important for shipping goods internationally?
5. What are four different methods by which an importer can pay an exporter? List them in increasing order of risk to the exporter.
6. True or false: In a documentary collection, the remitting bank is the agent of the importer.
7. What is the difference between a documents against payment collection and a documents against acceptance collection?How is a trade acceptance created? Whose liability is it? Can it be sold in the international money market?