What are potential costs that a seller would have to incur when exporting goods to a foreign country. Please select the best answer.

Travel, Communication, Marketing, Packaging/Insurance, Professional Service Fees

Communication, Marketing, Gas for Freighter, Travel, Insurance

Travel, Communication, Marketing, TV Commercials, Insurance

Travel, Communication, Marketing, Inruance, Goodwill Gesture

2 points

QUESTION 2 Which of the following tactics will NOT reduce currency exchange (FX) risk? Selling in your domestic currency Buying foreign currency futures Obtaining a letter of credit from a bank Keeping payment terms short 1 points

QUESTION 3 What does a Freight Forwarder do? Helps negotiate international trade terms Arranges for payment of goods once they are shipped Facilitates and manages the shipment of goods on the exporters behalf Determines what Incoterms are used in the shipment of goods 1 points

QUESTION 4 Incoterms determine payment terms of international trade. True

False

1 points

QUESTION 5

What are 5 important elements to be included in an international trade contract? Select the best answer.

How are Disputes Settled, What Penalties and Warranties are there, When does the Contract Become Effective, What Bank does the Importer Use, What is the Importers Credit Score?

Title of Goods, How are Disputes Settled, What Penalties and Warranties are there, When does the Contract Become Effective, When and How to Pay?

Title of Goods, How are Disputes Settled, What Penalties and Warranties are there, When does the Contract Become Effective, What Price is the Importer Selling at?

2 points

QUESTION 6 The cost of translation does not always need to be considered when setting the price of an exported good or service. True

False

1 points

QUESTION 7 Which of the following organizations provides services to Canadian exporters? Canadian Government Canadian banks EDC All of the above 1 points

QUESTION 8

BONUS

What are Incoterms designed to do? List 3 benefits in point form.

For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).

P 0 WORDS POWERED BY TINY 3 points

QUESTION 9

The volume (or size) of an export order should not influence the price.

True

False

1 points

QUESTION 10 A Canadian company is exporting goods into the US and being paid in Canadian dollars. An increase in the US dollar versus the Canadian dollar, will have which of the following effects on their business. No effect Revenue from sales will decrease due to change in exchange rate Volume of business may increase due to lower prices to US consumer Both b and c 1 points

QUESTION 11 Who bears the payment risk in a letter of credit? The exporter The importer The issuing bank Both a and b 1 points

QUESTION 12 Which of the following payment terms is most attractive for an importer? Prepayment Letter credit Open account with 90-day terms Payments based on milestones 1 points

QUESTION 13 A company considering exporting their product, should first: Talk to their bank about financing options Explore potential new markets Ensure their domestic operations are stable and profitable Access the country risk of the potential markets 1 points

QUESTION 14 Which of the following payment options provides the greatest risk for an exporter? Letter of credit Consignment Prepayment Schedulized payment terms 1 points

QUESTION 15 Generally, the COST PLUS approach will set a more competitive price for an export good than the MARGINAL COST approach. True

False

1 points

QUESTION 16 Which is one of the following is NOT a pillar of International Trade Finance? Information Risk mitigation Incoterms Payments 1 points

QUESTION 17 Which of the following organizations developed Incoterms? ECD International Freight Forwarders Association International Chamber of Commerce Federation of International Trade Associations 1 points

QUESTION 18

What are 4 factors to be considered when accessing Risk? Select the best answer.

Bank Risk, Foreign Currency Risk, Risk of Product Not Selling, Risk of Incorrect Shipment

Foreign Currency Risk, Risk of Importer Not Liking Product, Gas Risk, Bank Risk

Bank Risk, Foregin Currency Risk, Commercial Risk, Gas Prices Risk

Country Risk, Foreign Currency Risk, Bank Risk, Commercial Risk

2 points

QUESTION 19 A solid, well written international trade agreement will help avoid disputes. True

False

1 points

QUESTION 20 An international trade contract can use an older version of Incoterms, providing it is stated in the contract. True

False

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