CES Customs Procedures & Risk Management 4

Question 1

An exporter receives a letter of credit that requires shipment 'not later than July 31' but the goods are ready on August 2. What is the most appropriate course of action?

Accepted Answer

Request an amendment to the letter of credit to extend the shipment date before shipping

Answer

Under UCP 600, a late shipment is a discrepancy that banks will typically reject; the correct action is to request an LC amendment before the goods are shipped.

Question 2

Which entity is responsible for administering and enforcing U.S. economic sanctions programs?

Accepted Answer

Office of Foreign Assets Control (OFAC)

Answer

OFAC, part of the U.S. Treasury Department, administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals.

Question 3

What is a 'routed export transaction' under the EAR?

Accepted Answer

A transaction where the foreign buyer controls the export process and selects the U.S. forwarding agent

Answer

In a routed export transaction, the foreign principal party in interest authorizes a U.S. agent to facilitate export on their behalf, shifting certain EEI filing responsibilities.

Question 4

Which document specifically certifies that goods meet the importing country's phytosanitary requirements?

Accepted Answer

Phytosanitary certificate

Answer

A phytosanitary certificate is issued by a national plant protection organization certifying that plants or plant products meet the importing country's plant health requirements.

Question 5

What is the primary function of an Importer of Record (IOR) in a U.S. import transaction?

Accepted Answer

To bear legal responsibility for ensuring goods comply with all U.S. import laws and paying applicable duties

Answer

The IOR is legally responsible to CBP for the accuracy of the entry, compliance with import regulations, and payment of all duties, fees, and taxes.

(CES) Certified Export Specialist Practice Test

(CES) Certified Export Specialist Practice Test

CES Customs Procedures & Risk Management 4