Question
Ques 1. When an importer is utilizing the benefits of temporary imports, what is the biggest requirment in order for CBSA to grant these shipments'
Ques 1. When an importer is utilizing the benefits of temporary imports, what is the biggest requirment in order for CBSA to grant these shipments' tempoerary priveleges?
| A. | The shipment must be exported at some point | |
| B. | You must pay for duties and taxes before the goods enter the country | |
| C. | The importer must find a customs broker. | |
| D. | You must be a Canadian citizen |
Ques 2. The calculation of Value, Duties and Taxes are done at the Export phase.
True
False
Ques 3. What organization binds governments to keep their trade policies (within agreed limits)?
| A. | CBSA | |
| B. | WCO | |
| C. | WTO | |
| D. | All of these responses |
Ques 4. What is the most significant reason for a security deposit during the temporary import process?
| A. | To protect high value products | |
| B. | To encourage the import process and enforce consumption of the items being imported | |
| C. | To encourage proper export process when needed and to protect the revenues for Canada | |
| D. | To protect restricted imports |
Ques 5. What is the value threshold for LVS and HVS Shipments?
| A. | $20 in Canada, $800 in the US | |
| B. | $1,000 CAD | |
| C. | $2,500 CAD | |
| D. | $2,000 CAD |
Ques 6. What does "final accounting" mean to CBSA?
| A. | The payment of duties and taxes owing | |
| B. | None of these responses | |
| C. | The initial meeting when a truck approaches the CBSA officer at the border | |
| D. | The payment of a brokers "security" into a CBSA importing account. |
Ques 7. What document acts as a contract between buyer and seller?
| A. | Commercial Invoice | |
| B. | Cargo Control Document | |
| C. | B3 | |
| D. | None of these responses |
Ques 8. How are HS codes sorted in the CBSA Customs Tariff?
| A. | By weight | |
| B. | By value | |
| C. | By HS Chapter | |
| D. | By country |
Ques 9. What is a conveyance report mostly referring to?
| A. | The detailed information on all cargo onboard | |
| B. | Any dutiable goods meant for import | |
| C. | The document to calculate Duties and Taxes (also known as a B3) | |
| D. | The vessel and crew information |
Ques 10. What CBSA publication has a list of laws or regulations for freight forwarders/ brokers to follow if they want to import into Canada.
| A. | Excise Tax Act | |
| B. | AMPS | |
| C. | D Memoranda | |
| D. | B3 |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Auditing Cases An Active Learning Approach
Authors: Mark S. Beasley, Frank A. Buckless, Steven M. Glover, Douglas F. Prawitt
2nd Edition
0130674842, 978-0130674845
