Chapter 6 - Basics of Importing
A ____________ is conducted by a company to assess its strengths, weaknesses, opportunities, and threats in the marketplace.
What is a SWOT analysis?
How many steps are there in the exporting process?
What are FIVE?
________ is protected by the DHS, and is used to protect the patents, trademarks, and copyrights of legitimate commodity producers.
This form of payment is required if the buyer's ability to pay is in question.
What is cash-in-advance?
What is the main reason for importing?
What is, the need to satisfy customer demand?
This agency focuses on the threat to border security and global trade posed by the potential for terrorist use of a maritime container to deliver a weapon.
What is the Container Security Initiative (CSI)?
This agency created a schedule that numerically classifies merchandise by type of product, such as textile fibers and textile products and animal and vegetable products.
What is the Harmonized Tariff Schedule of the United States (HTSUS)?
This agency is responsible for the nation's boundaries by detecting, deterring, and preventing terrorists and their weapons from entering the United States.
The CBP (Customs Border Protection)
______ is a contractual agreement whereby an importer's bank, acting on behalf of its customer, authorizes the exporter's bank to make payment to the exporter upon the receipt of documents stipulated in the letter of credit.
What is a letter of credit (LC)?
According to the Intellectual Property Rights Seizure Statistics document, what commodity seized had the highest MSRP?
What is jewelry?
________ are retailers offering consumers the convenience of shopping online, from their home or office computers, without visiting traditional store locations.
What is an E-tailer?
Duties are generally assessed at ____________, which is a percentage of the value of the goods when clearing Customs that is added as a tax to the import price.
What is ad valorem rates?
The Customs Service defines ______ not merely as the arrival of goods at the port, but also as the process of presenting documentation for clearing goods through Customs.
What is entry?
A __________ can be withdrawn or modified at any time without notice to or consent from the seller.
What is a revocable letter of credit?
According to the usitc.gov website, _________ was the largest U.S. export partner.
What is Mexico?
The importer must calculate the actual _______, which includes all shipping and entry costs and duty charges to the port of foreign entry.
What is landed cost?
This is an import quota that is of specific quantities of certain products that may be permitted entry during a quota period.
What is absolute quotas?
The CBP is responsible for the _____________, a joint program that addresses the threat to border security and global trade posed by the potential terrorist use of a maritime container.
What is the Container Security Initiative (CSI)?
_______, or the transfer of possession of a seller's goods to a buyer without any formal commitment to pay for the goods if they are not sold, is sometimes used in specific industries.
What is consignment?
According to the usitc.gov website, what is represented in column 2?
What are countries the U.S. does not have traditional trade relations with?
__________ is the restraining of trade between nations through methods such as tariffs, quotas, and antidumping laws.
What is protectionism?
The WCO HTS applies several rates of duty for each item, general rates for ____________ countries where the U.S. maintains the lowest possible duty rates.
What is the normal trade relations (NTR)?
_______ was the first substantive legislation passed by the first Congress, and is often called "the second Declaration of Independence" by commentators of that era.
What is the Hamilton Tariff Act?
_______is typically used with domestic sales if the buyer has good credit, where goods are shipped first and paid for within a specific amount of time.
What is an open account?
___________ is the restraining of trade between nations through methods such as tariffs, quotas, and antidumping laws.
What is protectionism?