CIM Regulatory & Customs Compliance 4

Question 1

What is the purpose of an Importer Security Filing (ISF), commonly called '10+2'?

Accepted Answer

To provide CBP with advance cargo information before ocean shipments arrive in the U.S.

Answer

The ISF requires importers to submit 10 data elements to CBP at least 24 hours before goods are loaded on a vessel bound for the U.S., enabling advance security screening.

Question 2

A company holds inventory that is subject to U.S. antidumping duties. What triggers antidumping duty assessment?

Accepted Answer

Foreign goods are sold in the U.S. at less than fair market value, harming domestic industries

Answer

Antidumping duties are imposed when foreign goods are sold in the U.S. below their home market price or cost of production in a manner that injures domestic industries.

Question 3

Which inventory management practice helps ensure compliance with FIFO (First-In, First-Out) requirements for perishable goods regulated by the FDA?

Accepted Answer

Date-coding inventory upon receipt and rotating stock so oldest items ship first

Answer

Date-coding and systematic stock rotation ensures perishable goods are used or sold in the order they were received, meeting FDA food safety and pharmaceutical requirements.

Question 4

Under OSHA regulations, what must an inventory manager maintain for hazardous chemicals stored in the warehouse?

Accepted Answer

Safety Data Sheets (SDS) accessible to all employees who may be exposed

Answer

OSHA's Hazard Communication Standard (HazCom) requires employers to maintain SDS for all hazardous chemicals and make them readily accessible to employees.

Question 5

A manufacturer wants to export goods to a country on the U.S. OFAC sanctions list. What must happen before the shipment can proceed?

Accepted Answer

The exporter must obtain a specific OFAC license authorizing the transaction

Answer

Transactions with OFAC-sanctioned countries are generally prohibited unless a specific license is obtained from OFAC authorizing the particular transaction.

(CIM) Certified Inventory Manager Practice Test

(CIM) Certified Inventory Manager Practice Test

CIM Regulatory & Customs Compliance 4