International Regulations/Assessment

Assessment
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)