|Unit 4.3-International Regulations|
1. Many international business regulation are created by the
- a. Association of Freight Forwarders.
- b. buyer’s local government.
- c. the International Chamber of Commerce.
- d. US Department of Commerce.
2. The Incoterms were created to clearly define
- a. the best method of shipping an order from the seller to the buyer.
- b. when ownership of merchandise passes from the seller to the buyer.
- c. the least risky method of payment the seller should quote the buyer.
- d. how funds will be transferred from the buyer to the seller.
3. The UCP which defines the rights and obligations of banks and businesses involved in documentary transactions is considered
- a. a legal and binding document.
- b. contractual law by the governments.
- c. flexible and adaptable to each transaction.
- d. a guideline for practices.
4. The goal of the WTO is to help
- a. governments maintain control over business.
- b. importers and exporters conduct their business.
- c. smaller companies succeed in international business.
- d. big companies maintain dominance in international business.
(Correct answers: 1=c, 2=b, 3=d, 4=b)