CBLE Regulations and Laws

Question 1

Which of the following agencies is responsible for enforcing U.S. Customs regulations?

Accepted Answer

U.S. Customs and Border Protection (CBP)

Answer

Federal Reserve

Answer

Department of Transportation (DOT)

Answer

U.S. Department of Commerce

Question 2

Which of the following best describes the Harmonized Tariff Schedule (HTS)?

Accepted Answer

A code system used to classify goods for international trade based on their description.

Answer

A document listing U.S. tariffs only on products from certain countries.

Answer

A list of trade policies for U.S. exports.

Answer

A list of anti-dumping duties applied to imported products.

Question 3

Under the Trade Act of 2002, which of the following is required for all importers to submit to U.S. Customs?

Accepted Answer

A bond to ensure compliance with U.S. regulations

Answer

A certificate of origin

Answer

A manifest of goods for export

Answer

A statement of intent to comply with foreign trade laws

Question 4

Which of the following is true about the Customs Modernization Act (Mod Act) of 1993?

Accepted Answer

It places the burden of determining tariff classification on the importer

Answer

It mandates the collection of duty on all imported goods.

Answer

It eliminates all tariffs on U.S. imports.

Answer

It establishes a trade protectionist policy for U.S. manufacturers.

Question 5

The North American Free Trade Agreement (NAFTA) primarily aimed to:

Accepted Answer

Promote the free movement of goods and services between the U.S., Canada, and Mexico.

Answer

Establish uniform U.S. import tariffs.

Answer

Restrict trade between the U.S. and its neighbors.

Answer

Create a single currency for North America.