Reference no: EM133456018
Question
1. Import Merchants are foreign distributors - A company located in a foreign company that will purchase goods from abroad for resale.
Factors taken into account when assessing cargo insurance rates could include ship classification, construction, size, nationality, ownership and age ture or false
Freight brokers compensation type - "Cost Plus" - refers to the agreed upon rate between broker and customer, and any additional charges for unforeseen occurrences ture or false
2. While there are several categories of transportation intermediaries, they break down into two basic groups:
freight forwarders and customs brokers
freight brokers and financial institutions
freight brokers and warehouse operators
freight forwarders and freight brokers
3. Order processing systems automatically send information about a transaction to all competitors involved in the industry
True
False
4. "All Risk" insurance condition is the most comprehensive of all conditions and covers losses due to improper packaging, rejection at customs, and employee dishonesty
True
False
5. Freight forwarders act as principal and as agent in the handling of cargo by water. Most often when acting as principal, they are referred to as NVOCC which means:
New vessel operating for customs clearance
New vessel owning common carrier
Non vessel owning common carrier
None of these
6. In "Made to order operations":
Lead time is determined by production backlog
Backlogs are not part of considerations regarding order completion
Both of these
Neither of these
7. What logistics activity involves taking orders?
Inventory control
Materials handling
Fulfillment
Transportation
8. What logistics activity involves taking orders?
Inventory control
Materials handling
Fulfillment
Transportation
9. Independent owner/operators contract their services to a carrier or private industry and operate under that carrier's license
True
False
10. Import Agents will obtain export orders for manufacturers or suppliers
True
False
11. Freight brokers predominantly arrange what kind of service?
LTL commodities
Full load commodities
Dry and liquid bulk
Refrigerated loads
12. Export Merchants will purchase goods and assume all risks involved with the sale to a foreign market
True
False
13. If dangerous good are shipped by air, who must certify the shipment?
freight forwarder
freight broker
consignor
consignee
14. Export Agents are commissioned by a company to find suppliers and producers
True
False
15. Private trucking: the fleet is owned by:
owner/operator
freight broker
manufacturer, supplier or distributor
freight forwarder
16. Insurance underwriters are employed by insurance companies and decide whether insurance will be provided to a company and under what terms
True
False
17. Regulation 556/92 states "Financial intermediary is a person who, for compensation, arranges for goods owned by one person to be carried by another person who is a carrier"
True
False
18. Both freight forwarders and transportation brokers can act either as principal or agent
True
False
19. Both freight forwarders and transportation brokers can act either as principal or agent
True
False
20. Select the most accurate statement regarding Freight Rates:
Depend on quantity, weight, density, volume, value, susceptibility to damage, packing requirements of goods
Depend on quality, weight, value, susceptibility to competition, packing requirements of goods
Depend on quality, weight, density, volume, value, suspicion of illegal goods and black market activities
Depends only on what the provider decides is an accurate reimbursement for service provision
21. Since 2009, Canadian domestic freight forwarders in Canada are subject to municipal legislation instead of federal regulations
True
False
22. According to the Ontario Truck Transportation Act of 1992, freight brokers in Ontario must post a surety bond of not less than $___________________ to ensure payment to owner/operators as prescribed by the MOT.
1,000.00
5,000.00
10,000.00
100,000.00