Import Merchants are foreign distributors - A company located in a foreign company that will purchase goods from abroad for resale.

Factors taken into account when assessing cargo insurance rates could include ship classification, construction, size, nationality, ownership and age ture or false

Freight brokers compensation type - "Cost Plus" - refers to the agreed upon rate between broker and customer, and any additional charges for unforeseen occurrences ture or false

5. While there are several categories of transportation intermediaries, they break down into two basic groups:

freight forwarders and customs brokers

freight brokers and financial institutions

freight brokers and warehouse operators

freight forwarders and freight brokers

Order processing systems automatically send information about a transaction to all competitors involved in the industry

True

False

"All Risk" insurance condition is the most comprehensive of all conditions and covers losses due to improper packaging, rejection at customs, and employee dishonesty

True

False

Freight forwarders act as principal and as agent in the handling of cargo by water. Most often when acting as principal, they are referred to as NVOCC which means:

New vessel operating for customs clearance

New vessel owning common carrier

Non vessel owning common carrier

None of these

In "Made to order operations":

Lead time is determined by production backlog

Backlogs are not part of considerations regarding order completion

Both of these

Neither of these

What logistics activity involves taking orders?

Inventory control

Materials handling

Fulfillment

Transportation

What logistics activity involves taking orders?

Inventory control

Materials handling

Fulfillment

Transportation

Independent owner/operators contract their services to a carrier or private industry and operate under that carrier's license

True

False

Import Agents will obtain export orders for manufacturers or suppliers

True

False

Freight brokers predominantly arrange what kind of service?

LTL commodities

Full load commodities

Dry and liquid bulk

Refrigerated loads

Export Merchants will purchase goods and assume all risks involved with the sale to a foreign market

True

False

If dangerous good are shipped by air, who must certify the shipment?

freight forwarder

freight broker

consignor

consignee

Export Agents are commissioned by a company to find suppliers and producers

True

False

Private trucking: the fleet is owned by:

owner/operator

freight broker

manufacturer, supplier or distributor

freight forwarder

Insurance underwriters are employed by insurance companies and decide whether insurance will be provided to a company and under what terms

True

False

Regulation 556/92 states "Financial intermediary is a person who, for compensation, arranges for goods owned by one person to be carried by another person who is a carrier"

True

False

Both freight forwarders and transportation brokers can act either as principal or agent

True

False

Both freight forwarders and transportation brokers can act either as principal or agent

True

False

Select the most accurate statement regarding Freight Rates:

Depend on quantity, weight, density, volume, value, susceptibility to damage, packing requirements of goods

Depend on quality, weight, value, susceptibility to competition, packing requirements of goods

Depend on quality, weight, density, volume, value, suspicion of illegal goods and black market activities

Depends only on what the provider decides is an accurate reimbursement for service provision

Since 2009, Canadian domestic freight forwarders in Canada are subject to municipal legislation instead of federal regulations

True

False

According to the Ontario Truck Transportation Act of 1992, freight brokers in Ontario must post a surety bond of not less than $___________________ to ensure payment to owner/operators as prescribed by the MOT.

1,000.00

5,000.00

10,000.00

100,000.00