Customs & Compliance Management Flashcards
6 cards from real CCP practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Customs & Compliance Management flashcards as text
What is a customs entry in CargoWise and what does it track?
Answer: A record of goods being imported or exported, tracking classification, duties, and regulatory compliance
A customs entry in CargoWise records all details of an import or export declaration including goods classification, tariff codes, duty calculations, and compliance with trade regulations.
What is an HS (Harmonized System) code and why is it important in CargoWise?
Answer: A standardized numerical code classifying traded products internationally for tariff and statistical purposes
HS codes are internationally standardized 6-digit codes that classify traded goods, determining applicable tariffs, duties, trade restrictions, and regulatory requirements in CargoWise customs processing.
What is the Automated Commercial Environment (ACE) system in U.S. customs?
Answer: The U.S. Customs and Border Protection's electronic system for processing trade data
ACE is the CBP's primary electronic system through which the trade community reports imports and exports. CargoWise integrates with ACE for filing customs entries electronically.
What is a bonded warehouse in the context of freight forwarding?
Answer: A government-authorized storage facility where imported goods can be held without paying duties until they are released
A bonded warehouse is authorized by customs authorities to store imported goods duty-free until they are released for domestic consumption, re-exported, or otherwise disposed of under customs supervision.
What is an Importer Security Filing (ISF 10+2) requirement?
Answer: A U.S. CBP requirement to submit 10 data elements about ocean cargo at least 24 hours before vessel loading
ISF 10+2 requires importers to electronically submit 10 data elements (manufacturer, seller, buyer, etc.) at least 24 hours before ocean vessel loading, with carriers providing 2 additional elements.
What is the purpose of a Free Trade Agreement (FTA) certificate of origin in CargoWise?
Answer: To certify that goods qualify for reduced or zero tariff rates under specific trade agreements
An FTA certificate of origin certifies that goods meet the rules of origin requirements under a specific trade agreement (USMCA, CAFTA-DR, etc.), qualifying for preferential tariff treatment.