国际贸易实务复习题.docx

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Put T for true or F for false in the answer sheet. 1. （ T ） EXW in Incoterms 2010 is the trade term under which the risks of the seller are in minimum.2. （ F ） “USD200 per M/T CIFC2 London” means that the Seller will receive 200 US dollars for per metric ton.3. （ F ） Counter sample can help avoid disputes over the quantity of goods in the future transaction.4. （ T ） For terms marked with “W/M”, the freight is to be calculated on the basis of either weight ton or measurement ton, subject to the higher rate.5. （ F ） In most cases, while port of shipment and port of destination are stipulated in the contract, two or more of each are stated to provide more options for either buyers or sellers. 6. （ F ） Under FOB term, the seller should notify the buyer of the cargo readiness at least 30 days before the time of shipment so that the buyer can have enough time to charter ships and send them to the shipment port in time.7. （ T ） Cargo transport insurance is usually taken out on “warehouse to warehouse” basis.8. （ F ） The insurance coverage of ICC(A), ICC(B), and ICC(C) is roughly the same as that of FPA, WPA, All Risks under CIC, respectively.9. （ F ） So far, documentary credits are the most ideal method of payment to provide security for both buyers and sellers. Therefore, in whatever conditions, L/C should be the first consideration in the method of payment for transactions.10.（ F ） Under the terms of D/A, it is the bank in exporters country who makes acceptance to the draft and delivers the documents to the importer. 11.（ T ） Import commodity subject to legal inspection can not be marketed or used before being inspected.12.（ T ） Under the terms FOB, CIF and CFR, the risks of loss of or damages to the goods, as well as any additional costs due to events occurring after the time the goods have been delivered on board the vessel, is transferred from the seller to the buyer.13.（ T ） If one party violates stipulations packing terms, the other party shall have the right to reject the goods and claim for the losses.14.（ F ） Neutral packing is adopted to break tariff and non-tariff barriers of some importing countries, and tend to be widely adopted by many countries.15.（ T ） When the chatterer fails to load or unload the goods within the stipulated period of time, he has to pay demurrage to the ship-owner.16. （ F ） CFR is the term when the consignment is delivered with all the charges up to arrival at the port of destination paid by the Seller.17. （ F ） CPT is the most appropriate term when the seller must pay the cost and freight necessary to bring the goods to the named port of destination by a roll-on/roll-off vessel.18. （ F ） When the seller pays for the goods to be placed alongside the vessel on the quay or in lighters at the named port of shipment, the term is FOB.19. （ T ） “Gross for net” is often stipulated in the contract to indicate that the weight of the less valued products is calculated by gross weight.20. （ T ） The more or less clause is a clause that stipulates that the quantity delivered can be more or less within certain extent. 21. （ T ） If the articles had great changes in price at the time when delivery is made, the seller may stipulate that settlement for this part is based on the market price at the time when the goods are shipped on board the vessel.22 （ F ） Consignment note is used not only for road or rail transport, but also for multimode transport.23. （ F ） Merchant vessels can be divided into liners and tramps, and tramps prove to be a more economical means of international cargo distribution.24. （ T ） The freight of liners is relatively fixed, while the freight of tramps is mainly determined by the market.25.（ T ） According to the usual practices, the insured amount, if not specified in the sales contract, will be 110% of CIF or CIP price.26.（ T ） Two types of risks are covered by oceans marine insurance under CIC: perils of the sea and extraneous risks.27.（ T ） WPA is a wider cover than FPA in ocean marine cargo clause.28.（ F ） If the payment is to be made “30 days sight”, it means that the payment will have to be made 30 days after the issuing of this draft.29.（ F ） Exporters always insist on payment by cash in advance when they are trading with old customers. 30.（ T ） Unlike the bill of exchange, the promissory note has two parties: the maker and the payee.31. The draft is issued in duplicate, the drawer makes payment against one draft, and then the other is cancelled accordingly. t32. In case that the validity time is specified definitely in an offer, the offeror must make an acceptance within the stipulated time limit. The offer still can binding on the offeror when the validity expires. f33. In Negotiable Instrument Law of the Peoples Republic of China, a check is a sight B/E with the bank as the payer, that is to say, it is an unconditional order drawn on a banker by the drawer, requiring the banker to pay on demand a sum certain in money to or to the order of a specified person or to the bearer. f. Please choose the best answer from the following choices of each question and write them on your answer sheet. 1. The trade terms define the responsibilities and expenses of _A_. A. both the seller and the buyer B. both the consignee and the consignor C. both the shipper and the carrier D. both the exporter and the operator2. _D_ can only be use for waterway transport.A. CIF+CIP+DAT B. CFR+CPT+CIP C. FOB+CPT+CIF D. CIF+FOB+CFR3. According to UCP 600, the confirming bank must negotiate and/or honor _C_.A. if the issuing bank agrees to negotiate and/or honorB. if the applicant agrees to negotiate and/or honorC. if it has received a complying presentation from the presenterD. if the beneficiary has shipped the stipulated goods on time4. Quality standard of FAQ means that _D_.A. the goods is suitable for sales B. the goods is merchantableC. the goods has bad quality D. the goods has fair average quality5. _A_ are marks of simple designs, some letters, numbers and simple words on packages, often stenciled, that serve as an identification of the consignment to which they belong. A. Shipping marks B. Supplementary marks C. Indicative marks D. Warning marks6. The losses done to the goods in marine transportation can be classified into two types, namely _D_. A. actual total loss and constructive total loss B. general average and particular averageC. basic loss and additional loss D. total loss and partial loss7. Under CFR contract, the goods are damaged during marine transport and the buyer suffers losses estimated at USD 1000 due to natural calamity, USD 800 due to fortuitous accidents, and USD 2000 due to extraneous risks. If the buyer has insured the goods for USD 1000000 against WPA before shipment, then the insurer should pay _B_ compensation to the buyer.A. USD 3800 B. USD 1800 C. USD 3000 D. USD 28008. The operator who signs the multimode transport document is _B_.A. only responsible for the first stage of transportationB. must be responsible for the whole transportationC. is not responsible for transportationD. is only responsible for the last stage of the transportation9. Which of the following L/C means double guarantee for the beneficiary? _C_A. Revocable L/C B. Documentary L/C C. Confirmed L/C D. Transferable L/C10. An exporter delivered the goods on CIF basis according to the stipulations of the contract, and submitted clean B/L to the importer. After receiving the goods, the importer found that the goods are damaged because of the damages to the outside packing. There is also a sea protest showing that the damage is due to heavy weather. Whom should the importer claim to? _B_.A. shipping company B. insurance company C. seller D. buyer11. Under _D_ , the seller minimizes his obligations while the buyer obtain s the goods at the lowest possible prices.A. FOB B. DDP C. DAT D. EXW12. When the seller pays for the goods to be placed alongside the vessel at the named port of shipment, the term is _B_.A. DAT B. FAS C. FOB D. EXW13. While choosing the money for the payment in international trade, one should _C_.A. choose hard money B. choose soft money C. choose soft money for export and hard money for import D. choose hard money for export and soft money for import14. In international trade, the commission is usually collected by _D_.A. the seller B. the buyer C. the insurance company D. the intermediary15. In sale by sample, if there is no other stipulations on the goods in the contract, then the goods _B_.A. may be roughly the same as the sample B. must be the same as the sampleC. may have reasonable tolerance D. may have reasonable differences on specification16. If there is a quality tolerance clause in a contract, within the range of the tolerance, the buyer _A_.A. cant refuse to accept the goods B. can refuse to accept the goodsC. can demand the price to be adjusted D. can refuse to accept the goods or demand the price17. The characteristics of liner transport are that _A_.A. the liner, the port, the time and the freight rate are fixedB. its freight is determined by the marketC. the variety and quantity of goods shipped are more flexibleD. the obligations and rights of both seller and buyer are stipulated in the B/L18. _C_ merely confirms that the goods have been handed over to and are in custody of the ship-owner. A. Shipped B/L B. Clean B/L C. Received for shipment B/L D. Liner B/L19. Exporting clothes are soaked heavily because of the ship hitting the submerged reef in the sea, if the cost dealt with and sent to the destination is more than the value insured, then the loss can be regarded as _C_.A. general average B. actual total loss C. constructive total loss D. particular average20. The goods was exported under CIF, but the whole goods disappeared because of the accident, them the buyer _B_.A. would not pay because of the goods not arriving at the destinationB. should pay with all sets of shipping documents suppliedC. may lodge a claim to the carrierD. may pay if the bank demanded he should. Please give the short-answer for each question.1. What are the differences between FOB and FCA.(5%)(Hint: place of delivery, risks transfer, freight, insurance premium etc.2. “USD200 per MT CIFC2 ShangHai” (5%)Please explain this price of term in English as far as possible.3. What are the differences between EXW and DDP. (5%)(Hint: place of delivery, risks transfer, freight, insurance premium etc.)4. “USD200 per MT CFRC5 London” (5%)Please explain this price of term in English as far as possible. Calculation (The main calculation process should be given)1. A trading company exports a number of commodities abroad, the original price: 2,000USD per metric ton CIFC3% London, the buyer require CFRC5% London. Insurance coverage for the original premiums against all risks including war risks, the rates was 0.8% and 0.6%, in accordance with 110% CIF price, Please calculate CFRC5% London.Question: Please calculate CFRC5% London. ( 10% )(1)CIF=2000*(1-3%)=1940USD (2%)(2)Insurance premiums=1940*(1+10%)*(0.8%+0.6%)=29.88USD (2%)(3)CFR=CIF- Insurance premiums=1910.12USD (3%)(4)CFRC5%=CFR/(1-5%)=2010.65USD (3%)2. A trading company exports 10,000 units of arts and crafts which cost 300,000 Yuan (30 Yuan per unit), other domestic cost: 8000 RMB, expected profit: 10%, freight: 10 units/CTN, 1000 cartons, carton size: 25*56*32cm, GW: 32KG NW: 30KG, the freight to Europe is calculated by W/M as 120 Dollars per ton. The price of 40 containers to Europe: 3500 Dollars, insurance by 110% of the invoice value against all risks at the premium rate of 0.8%, foreign sales price: USD4.85/PC CIF London.(Tips: the USD exchange rate of BOC is 6.2 /6.3: bid price/offer price.)Question:1) Please calculate the export exchange cost by container. (5%)2) Calculate the profit and loss ratio of export commodities. (5%)3) If these arts and crafts of raw materials have been imported by another trading company at an amount of 20000 Dollars in CIF term, please calculate the exchange rate appreciation. (5%)See text3. A UK client ordered 1000 traveling bags, requiring CIF3% Liverpool, other conditions: domestic purchase cost of traveling bags is 50 Yuan per piece, other dominate cost is 5,000 Yuan; the expected profit rate is 10%. The bags are packaged in cartons, 20 per carton. Freight is 20 Dollars per carton from start port to Liverpool. Overseas shipping premium is defined as 0.8% by CIF, which adds 10% insurance against all risks and war risks. (P.S: Exchange rate of RMB against USD is 7:1.)Question: Please calculate CIFC3% Liverpool. (10%)See text.Case Study1. A Chinese foreign trade exporter contracted with a Canadian importer to export 1000 pairs of sneakers in CIF terms, time of shipment is between July to August in the contract and letters of credit, 5000 pairs of sneakers each month, and transshipment is allowed. Our exporter loaded 5000 pairs of sneakers on board the ship “Wuyi” on 31st, July and got bill of lading for July, and loaded the rest of sneakers on board the ship “Triumph” on 10th, August and got bill of lading for August. Both ships transshipped in Hong Kong and both lots of goods are transported to the final destination by “Noble” of Maersk INC.Questions: (10%)1) Was it partial shipment? Why? (5%)It is partial shipment. (2%) According to UCP600:” partial shipment means unloading form one means of conveyance and reloading to another means of conveyance (whether or not in different modes of transport) during the carriage from the place of dispatch, taking in charge or shipment to the place of final destination stated in the credit.” While in this case, the goods were shipped by “Wuyi” on 31st, July and shipped by “Triumph” on 15th, August. Both ships were totally different, so it was partial shipment. (3%)2) Could the seller safely get financed? Why? (5%)The seller could safely get payment for goods as a result of conformity with the letter of credit clauses. (5%)2. Our exporter exported a load of cargo to a Middle-East country under CIF terms and covered WPA in addition to TPND, but the vessel was detained as a result of the Iran-Iraq war. The importer lodged a claim to the insurance company. Questions: (10%)1) Can the importer be compensated? (5%)TPND refers to the cargo being stolen and leads to non-delivery by the consignee at destination. In this case, insurance company shall not compensate. (5%)2) Which type of insurance should be covered so that the insurance shall make indemnity? (5%)Failure to deliver risk or war risks shall be covered.Failure to deliver risk refers to the risk, once loaded on board the seagoing vessel; fail to be delivered at the destination within six months of scheduled date for arrival due to whatever cause it might be. However, the insurant shall handle equity-transferring procedures so as to get compensation. (5%)3. A vessel collapsed with flowing icebergs on the sea and a crack was founded on one side of the vessel. Sea water flooded in and part of the cargo was wet. The captain had to call at the nearest port to drain off water and afterwards threw off some bulky goods into the sea to make the vessel floating. Questions: (10%)1) Which part belongs to general average (5%)Analysis: Particular Average: crack of the vessel and part of the cargo undergone soaking. (5%)2) Which belongs to particular average? (5%)General Average: the vessel shipped to the nearest port and the losses thereafter. (5%)4. An Italian business man visited Shanghai Happy Trading Company on the morning of Feb. 1st, 2012, and negotiated the purchase of some electronic parts. The Chinese seller made an oral offer but received no response from the Buyer. In the afternoon, the Italian buyer came and agreed to accept the offer made in the morning. In the meantime, the seller had learned that the price of the electronic parts might be going up.Questions: (10%)1) In this case, is there a contract relationship between Shanghai Happy Trading Company and Italian buyer? ( 5% )There is no contract relationship between Shanghai Happy Trading Company and Italian buyer. (3%) The reason is that the buyer did not give a direct response immediately after the seller made an oral offer. (5%) It means that the oral offer is invalid. (2%)2) What lesson can be learned by the seller in dealing with foreign traders? ( 5% )For the seller, when the seller provides an offer to