Test 1: D. Advance Payment

English for Special Purposes - International Business
Compiled by Khang Bo
TEST 1
1. This method of payment creates cash flow problems and increases risk for the
buyer
A. Documentary credit
B. Open account
C. Bill for collection
D. Advance payment
2. Clients look for from an arbitration service.
A. speed and cost effectiveness
B. reliability of the arbitrators and their decisions
C. confidentiality
D. all of the above (A, B and C)
3. The three main business areas which have traditionally been resolved by
arbitration are
A. shipping, commodity and construction
B. shipping, commerce and wine
C. commodity, construction and share
D. construction, shipping and convenience
4. The term used to describe attempts to restrict imports into the country
A. tax
B. quota
C. protectionism
D. tariff
5. You can a house and a car.
A. hire/rent
B. hire/hire
C. rent/rent or hire
6. When the Bill of lading marked "freight collected. Who pays for the freight?
A. The Buyer
B. The Seller
C. The agent
D. It depends on the agreement
7. The clause covers General Average.
A. A
B. B
C. A,B,C
8. A document that shows details of goods being transported; it entitles the

receiver to collect the goods on arrival.
A. An invoice
B. A bill of exchange
C. A bill of lading
D. A draft
9. Transferring money from Britain to another country is called sending money
A. overseas
B. over-water
C. over-waves
10. Earthquake, volcanic eruption and lighting are covered under the cargo clause
A. A
B. B
C. C
D. A and B
11. insurance originated in the fifteenth century.
A. Boat
B. Sea
C. Navy
D. Marine
12. If the price is quoted EXW, who pays for the freight?
A. The exporter.
B. The buyer.
C. The forwarding agent.
D. The advising bank.
13. Between which 2 parties is an insurance contract made?
A. Between the insurer and the shipping company
B. Between an insurance company and the shipping company
C. Between the insurer and the party taking out insurance cover
D. Between the assured party and the party taking out insurance cover.
14. Transfer of risk from the seller to the buyer (Incoterm 2000): FAS
A. When the goods are ex-quay
B. When the goods are handed to the first carrier
C. When the goods across the ships rail
D. When the goods are on board
15. In joint venture, two or more companies on specific projects

A. collaborate
B. compete
C. practice
D. deal
16. Open cover is not a policy: the will write a policy if required.
A. Insurer
B. Importer
C. Exporter
17. The Japanese yen is trading for less than its usual value. You can talk about
A. a small yen
B. a bad yen
C. a weak yen
18. A merger with or the acquisition of ones marketing outlets is known as
A. horizontal merger
B. forward merger
C. vertical merger
D. backward merger
19. In the past, a lot of small banks were by larger ones.
A. bought up
B. eaten up
C. chewed up
20. If the price is quoted FOB Singapore, then the seller is not obliged to pay
insurance and freight. Right or wrong?
A. Completely right.
B. Wrong.
C. Partly right, as the seller is obliged to pay only the freight and insurance necessary to
put the goods on board of the designated vessel by the buyer.
D. Completely wrong, because the buyer is obliged to pay for insurance and freight on
his own account if term of trade is FOB
21. Normally, Risks are transferred at the point of
A. Delivery
B. Payment
C. Arrival
22. With this method of payment, banks play an active role. Banks are responsible
for paying for the exporter in case the importer fails to do so
B. Open account
D. Advance payment
23. is open-ended.
A. tailor-made
B. floating
C. open cover
24. If the price is quoted CPT Vancouver, who pays for the freight?
A. The exporter.
B. The forwarding agent.
C. The buyer.
D. The confirming bank.
25. Cultural differences are one of the potential of international mergers.
A. threats
B. pitfalls
C. attraction
D. benefits
26. Earthquake, volcanic eruption and lighting are not covered under the cargo
clause
A. A
B. B
C. C
D. B and C
27. Transfer of risk from the seller to the buyer (Incoterm 2000): FOB
A. When the goods are At the sellers premises
28. A document used for transporting goods in containers by road, rail and ship
without being open is a
A. Bill of exchange
B. invoice
C. contract of carriage
D. container bill of lading
29. The Mexican peso is trading for more than its usual value. You can talk about
A. a big peso
B. a good peso
C. a strong peso
30. She looked at the to check where the goods were produced
A. certificate of origin
B. test certificate
C. postmark
D. trade mark
31. Transfer of risk from the seller to the buyer (Incoterm 2000): CFR
32. from a source country into a destination country for the purpose of
exporting to a third country.
A. Horizontal FDI
B. Platform FDI
C. Vertical FDI
33. is the money paid for the right to use the property of another person.
A. Compensation payment
B. Royalty payment
C. Property charges
D. Royalty fees
34. The bill of lading issued by the carrier for combined transport is called
A. Combined bill of lading.

B. Combined bill.
C. Combined transportation bill of lading.
D. Combined transport bill of lading.
35. One problem in international mergers is the difference in and benefits
for managers with similar positions.
A. duties
B. output
C. activity
D. compensation
36. A marine Bill of Lading becomes negotiable document and no restriction on

ownership when it is
A. to order, blank endorsed
B. surrendered, blank endorsement
C. to order, endorsed
37. The risk of rough handling is covered under the cargo clause
A. A
B. B
C. C
D. A and B
38. All risks covered is under clause
A. A
B. B
C. C
39. Joining with firms in other stages of the production or sale of a product.
A. horizontal integration
B. vertical integration
C. backward integration
D. forward integration
40. International trade develops because certain countries are able to produce some
goods more efficiently than other countries. They exchange these goods in order
to satisfied their needs and wants.
A. Countries import the goods which they produce efficiently.
B. Countries probably export the goods which are not efficiently produced.
C. Countries probably exchange goods which they produce efficiently for goods which
other countries produce efficiently.
D. Efficient exchange results from international trade.
41. The exporter didnt receive payment for his goods because the buyer
A. defaulted
B. deferred
C. declines
D. denied
42. Fixed exchange rates are achieved by the intervention of the
A. investment bank
B. commercial bank
C. central bank
D. merchant bank
43. Many countries, such as the United Kingdom and New Zealand, are
dependent on international trade
A. favorable
B. heavily
C. perfectly
D. grossly
44. is the situation when a ship in a storm might have to jettison certain
cargo to protect the ship and the remaining cargo
A. Average clause
B. Particular average
C. General average
D. Average clause general
45. Collecting, analyzing and reporting data relevant to a specific market situation
(such as a proposed new product) is
A. market analysis
B. market segmentation
C. marketing
D. market research
46. A monetary system whereby the value of currencies could be converted into gold
at a countrys central bank
A. gold system
B. gold standard
C. gold value
D. gold convertible
47. When the Bill of lading marked "freight prepaid. Who pays for the freight?
A. The Buyer
B. The Seller
C. The agent
48. War risk is not included in
A. A clause
B. B clause
C. A,B,C clause
49. original(s) Bill of lading constitute(s) a full set.
A. 1
B. 2
C. 3
50. A bankrupt person's can be taken and used to repay his/her debts.
A. things
B. items
C. property
TEST 2
1. Buying a company for less than the value of its assets, the selling these assets to
make a profit is called
A. asset stripping
B. An acquisition
C. A takeover bid
D. A raid
2. All mergers aim to create for the two companies shareholders.
A. added value
B. lower costs
C. economies of scale
D. tax benefits
A. favorable
B. heavily
C. perfectly
D. grossly
4. In Britain, it's not usual to discuss your personal
A. money
B. finances
C. money arrangements
5. Why do sellers or buyers insure their cargoes?
A. To protect themselves from loss or damage to their goods
B. To protect themselves from loss only
C. To protect themselves from damage only
D. To protect the third party from loss or damage to their goods
6. Anything that acts as a security or guarantee for a loan
A. Collateral
B. Mortgage
C. Warranty
D. Guarantee
A. 1
B. 2
C. 3
clause
A. A
B. B
C. C
D. B and C
9. A force majeure is an event such as strike, riot or natural disaster
which prevents a contract from being
A. unforeseen / fulfilled
B. unseen / fulfilled
C. unforeseen / filled
10. The term used to describe attempts to restrict imports into the country:
A. tax
B. quota
C. protectionism
D. tariff
11. The exporters bank then the documents to the importers bank.
A. signs
B. forwards
C. remits
D. defers
12. With the open account method of payment, payment is made
A. before the goods are shipped.
B. when there is no contract involved.
C. after the goods have arrived.
D. when the exporter doesnt trust the buyer.
13. Undertaking to indemnify means
A. Disagree to pay compensation for loss or damage
B. Agree to pay compensation for loss or damage
C. Agree to pay for loss or damage without compensation
D. Agree to pay compensation for the broker
14. Buying another companys shares on the stock exchange, hoping to persuade
enough other shareholders to sell to take control of the company.
A. A merger
B. An acquisition
C. An integration
D. A raid
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16. Two parties sign a contract.
A. The contract is binding
B. The contract is effective
C. The contract is binding and effective
17. Employing more staff has reduced our time in the port
A. turning
B. turn-round
C. turn back
D. turnover
18. A company which makes a profit can be described as profitable or
A. profit-getting
B. profit-making
C. profit-having
19. The agreed amount of money to give insurance cover is
A. Premium
B. life insurance
C. marine insurance
D. compensation
20. Here's the fifty dollars I
A. owe you
B. pay you back
C. must return
21. If the price is quoted FOB Singapore, who pays for the insurance and freight?
A. The exporter.
B. The buyer
22. Multinational companies usually have in different countries.
A. daughter companies
B. subsidiaries
C. factories
D. colleagues
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23. The government has imposed protective tariffs to stop the of cheap
imports which threatened to destroy domestic industries
A. rain
B. famine
C. flood
D. storm
24. What do we call the difference between a countrys imports and exports?
A. the balance of trade
B. the balance of payments
C. the surplus
D. the deficit
25. Multinational companies can adapt their management method to the
in each country or continent.
A. their culture
B. local conditions
C. local culture
D. local people
26. Insurance companies can be considered as professional Takers
A. life
B. risk
C. chance
D. misfortune
27. The payment method needs complete trust between the exporter and the
importer.
A. Bill for collection
B. Letter of credit
C. Advance payment
D. Open account
28. After dispatching the goods, the exporter the documents to his bank.
A. demands
B. collects
C. issues
D. presents
A. hire/rent
B. hire/hire
12
30. A merger with or the acquisition of ones marketing outlets

31. A person who receives an international payment is called the
A. getter
B. beneficiary
C. receiver
32. A public offer to buy a companys shareholders to buy their shares, at a
particular price during a particular period, so as to acquire a company
A. A merger
B. An acquisition
C. A takeover bid
D. A raid
33. Among other things, a contains details of the goods, their destination
and the name of the ship carrying them.
A. bill of lading
B. way-bill
C. bill of exchange
D. receipt
buyer.
B. Open account
D. Advance payment
for paying for the exporter in case the importer fails to do so.
B. Open account
D. Advance payment
36. The bill of lading issued by the carrier for sea transport is called
A. Seaway bill.
B. Ocean bill.
C. Sea waybill.
13
37. Currency bought or sold today with delivery two business days later
A. Spot transaction
B. Forward transaction
C. business transaction
D. Futures transaction
38. Who issues ocean bill of lading?
A. Captain
B. Exporter
C. Shipping company
D. Agent
39. Some manufacturers were accused of , in other words selling goods
abroad at a lower price than they were sold domestically.
A. dumping
B. revaluing
C. flooding
D. devaluation
40. Transfer of risk from the seller to the buyer (Incoterm 2000): DES
A. When the goods are ex-ship
41. My endowment policy will when Im sixty-five
A. ripen
B. mature
C. flourish
D. break
42. The bill of lading issued by the carrier for rail transport is called
A. Railway bill.
B. Rail waybill.
C. Railway consignment note.
D. Railway bill of lading.
43. Merging with or taking over other firms producing the same type of goods or
services is known as
B. diversification
C. vertical merger
D. backward merger
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44. Make sure all this equipment is insured accidental damage

A. over
B. against
C. with
D. from
45. Transfer of risk from the seller to the buyer (Incoterm 2000): DAF
A. When the goods are at frontier
A. A
B. B
C. C
47. Factors that can give a country an absolute or comparative advantage in goods
and services over other countries are
A. factors of production, most importantly raw materials, but also labor pool
B. climate, economies of scale.
C. natural resources and location
D. All of these above
A. The exporter.
C. The buyer.
49. The person who goes between the person who wants the insurance and the
person who underwrites it is
A. a shipper
B. a client
C. a broker
D. an insurer
A. Delivery
B. Payment
C. Arrival
15
TEST 3
A. a shipper
B. a client
C. a broker
D. an insurer
A. overseas
B. over-water
C. over-waves
3. The form you fill in is the basis of your contract with the insurance
company
A. proposition
B. application
C. enrolment
D. proposal
A. duties
B. output
C. activity
D. compensation
6. When the total value of a countrys imports is greater than its exports, it is a
trade
A. balance
B. loss
C. debit
D. deficit
16
7. Some of the language in insurance is incomprehensible to most

ordinary people.
A. premiums
B. policies
C. rates
D. invoices
8. The bank notifying the exporter that the letter of credit has been opened is
called
A. The issuing bank.
B. The advising bank.
C. The confirming bank.
D. The opening bank.
A. The exporter.
B. The buyer
10. In many cases, the insurance company doesn't take the financial
A. problem
B. risk
C. damage
11. An insolvent company often goes into liquidation. A private individual who
cannot pay his/her debts may be declared by a court.
A. bankrupt
B. indebted
C. penniless
13. The document which shows details of goods being transported and which
entitles the receiver to collect the goods is called a
A. bill of exchange
B. document of title
C. bill of lading
D. declaration
17
14. takes place when a firm through FDI moves upstream or downstream
in different value chains i.e., when firms perform value-adding activities stage
by stage in a vertical fashion in a host country.
A. Horizontal FDI
B. Platform FDI
C. Vertical FDI
15. A bank that issues a letter of credit (i.e. the importers bank).
A. Collecting bank
B. Issuing bank
C. Confirming bank
D. Advising bank
A. market analysis
C. marketing
D. market research
C. confidentiality
18. Which market is bigger?
A. Super market is bigger than traditional market
B. Street market is bigger than home market
C. An open air market is bigger than a home market
D. Product market is bigger than consumer market
19. A bill of exchange become payable upon
A. remittance
B. acceptance
C. dispatch
D. maturity
B. subsidiaries
C. factories
D. colleagues
18
21. are raw materials such as agricultural products and metals that are
traded on special exchanges.
A. Goods
B. Raw materials
C. Productivity
D. Commodities
A. Average clause
C. General average
23. What is the most complete cover of insurance?
A. No partial loss is payable
B. Partial loss is payable
C. It only covers total loss
D. Against all risks
A. life
B. risk
C. chance
D. misfortune
25. An evidence that an insurance contract has been made is
A. An insurance certificate
B. A certificate of origin
C. A health certificate
D. A compensation certificate
26. The point of delivery is much the same for all terms and
terms when the exporter hands the goods over to the carrier.
A. C and F
B. D and F
C. C and D
B. test certificate
C. postmark
D. trade mark
19
29. A life insurance policy pays out your death or after a set period,
whichever is first.
A. in case of
B. if
C. in the event of
30. In the UK, mergers and acquisitions are not by the government.
A. controlled
B. checked
C. regulated
32. When a companys top executives buy the company they work for is known as
A. a raid
B. a takeover bid
C. a merger
D. an acquisition
A. Delivery
B. Payment
C. Arrival
35. A country with very low taxes is known as a
A. tax heaven
B. tax haven
C. tax paradise
20
36. The process of making and defending a claim in court is

A. arbitration
B. litigation
C. prevention
D. protection
A. The exporter.
C. The buyer.
38. Joining with firms in other stages of the production or sale of a product is
known as
B. diversification
C. vertical merger
D. backward merger
39. Prices go up every year. This is because of
A. inflation
B. expansion
C. evolution
A. signs
B. forwards
C. remits
D. defers
41. are cash grants, lower taxes, accelerated depreciation, training
allowance, research subsidies and interest rebates on loans
A. Investment incentives
B. Labour incentives
C. Bonus
D. Returns on investment
42. The company will the police-holder against loss of or damage to the
insured vehicle
A. identify
B. respect
C. indemnify
D. engage
21
43. Another term for "main business" is business.

A. central
B. first
C. core
44. Bill of Lading is the most important document because it is a
A. document of title
B. document of negotiation
C. document of freight
45. If the price is quoted FCA, who pays for the freight?
A. The exporter.
B. The carrier.
C. The buyer.
D. The forwarding agent.
46. The risk of rough handling is not covered under the cargo clause
A. A
B. B
C. C
D. C and B
A. owe you
B. pay you back
C. must return
A. Seaway bill.
B. Ocean bill.
C. Sea waybill.
50. What do we call goods that go from one country to another?
A. exports
B. imports
C. visible exports and imports
D. invisible exports and imports
22
TEST 4
1. Among a number of international bodies offer arbitration services, the
in Paris is the most prestigious.
A. UCP
B. ADR
C. ICC
D. FAO
2. What is the best kind of advertising?
A. TV advertising
B. Word of mouth
C. Printing advertising
D. Radio advertising
C. the surplus
D. the deficit
4. General average has the conditions:
A. The ship was in danger
B. The captain decided to lighten the ship and the ship arrived the destination safely
C. The captain decided to lighten the ship and the ship arrived the destination safely with
the remaining cargo
D. A and C
5. Multinational companies set up production facilities in countries where
production is most efficient.
A. All countries allow foreign ownership of production facilities.
B. The larger company is called the parent company; the production facilities are referred
to as a subsidiary.
C. Subsidiary companies eliminate the problem of worldwide competition.
D. Each subsidiary needs to consider only local market condition.
A. asset stripping
B. An acquisition
C. A takeover bid
D. A raid
23

8. Steve works for BurgerPlanet. He only earns about 6
A. for an hour
B. an hour
C. the hour
10. The Incoterm contains 13 terms.
A. 1990
B. 2000
C. 2010
D. 1990 and 2000
11. A country can accrue wealth if it exports more than it imports.
A. This country has a balance of trade deficit.
B. Demand for this countrys currency will fall.
C. This country receives money from countries which import its products.
D. All of these above.
A. hire/rent
B. hire/hire
14. "Profit before tax" can also be called
A. pre-tax profit
B. without-tax profit
C. non-tax profit
24
15. Some countries try to be in certain commodities so that they are not
dependent on imports.
A. economic
B. sufficient
C. self-sufficient
D. self-financing
16. If alternative means of transport or partial shipments are allowed perhaps by
different modes of transport, the letter of credit should have the words
between the names of transport documents.
A. and.
B. or.
C. and/or.
D. Either B or C.
A. Bill of exchange
B. invoice
18. The fact that labour cots are lower in other countries us at a
tremendous disadvantage
A. makes
B. does
C. puts
D. sells
19. The technical for electrical equipment can vary from country to
country
A. justification
B. rules
C. specifications
D. uniforms
20. A certain climate in a particular country may allow that country to grow
agricultural products in abundance
A. This country probably has a comparative advantage in agriculture
B. This country most likely exports farm products
C. This country can grow food efficiently
D. All of the above.
25
A. defaulted
B. deferred
C. declines
D. denied
A. Collecting bank
B. Issuing bank
C. Confirming bank
D. Advising bank
23. Aims of a strategic approach made by multinational companies are
A. to access raw materials and markets
B. to get product efficiency and knowhow
C. to access premises and natural resources
D. A & B
24. If the price is quoted CIP Marseille, who pays for the insurance and freight?
A. The buyer.
B. The exporter.
C. The issuing bank.
26. A basis for mutually beneficial trade is the fact that one country has a
comparative advantage
A. Both the importing country and the exporting country benefit from trade
B. Ones country comparative advantage can benefit another country
C. The comparative advantage of one country can result in trade between countries
A. bill of lading
B. way-bill
C. bill of exchange
D. receipt
26
A. a small yen
B. a bad yen
C. a weak yen
29. The main difference between arbitration and litigation is that
A. Arbitration takes place in private
B. Litigation takes place in court
C. Arbitration takes place abroad
D. A and B
A. a shipper
B. a client
C. a broker
D. an insurer
31. What do we call a small but very profitable market?
A. mass market
B. up market
C. niche market
D. supermarket
A. exports
B. imports
33. In CIF and CIP contracts, must pay for insurance from the point of
delivery to the named point of arrival.
A. The exporter
B. The importer
C. The carrier
34. In these inflationary times it is important to keep the value of your policy closely
to the value of your property.
A. adapted
B. linked
C. indicated
D. dependent
27
35. An insurance broker usually several different insurance companies.

A. deals with
B. contacts
C. works for
36. The movement of money into and out of a company is known as
A. annual turnover
B. profit margin
C. cash flow
D. bank charges
A. 1990
B. 2000
C. 2010
39. A company which makes a loss can be described as
A. loss-getting
B. loss-making
C. loss-having
40. Transfer of risk from the seller to the buyer (Incoterm 2000): EXW
A. A
B. B
C. C
D. A and B
42. Two forms of protectionism are
A. quotas and tariffs
B. surplus and deficit
C. duties and taxes
D. barriers and non-barriers
28
A. The Buyer
B. The Seller
C. The agent
46. Weight is important for air transport because if its
A. size
B. high freight rates
C. measurement
D. high quality
A. tax
B. quota
C. protectionism
D. tariff
A. Average clause
C. General average
29

A. profit-getting
B. profit-making
C. profit-having
30
TEST 5
1. Factors considered when choosing the modes of transportation are
A. freight, size and premium
B. time, length and weight
C. nature of the goods, size and rates
D. nature of the goods, time and freight rates
2. Simultaneous purchase and sale of the same foreign exchange in different
markets to profit from rate differentials.
A. speculating
B. arbitrating
C. hedging
D. trading
3. The World Bank refused to grant the loan until an environmental was
carried out.
A. estimate
B. test
C. assessment
D. report
B. forward merger
C. vertical merger
D. backward merger
6. Trying to insure against unfavorable price movements by way of futures
contract
A. speculating
B. arbitrating
C. hedging
D. trading
31
8. A merger with or the acquisition of ones suppliers
9. The court of arbitration applies whatever the parties stipulate in the
contract.
A. International law
B. Corporate law
C. National law
D. Business law
A. A
B. B
C. C
D. A and B
11. Go to an insurance and see if you can get a better deal.
A. breaker
B. broker
C. speculator
D. merchant
A. threats
B. pitfalls
C. attraction
D. benefits
receiver to collect the goods on arrival
A. An invoice
C. A bill of lading
D. A draft
32
14. The advantages of arbitration are

A. Private and foreseeable costs
B. Lengthy and open
C. Binding and rigid
D. Time - consuming
15. Marketing is an important consideration for
A. the consumer
B. the distributer
C. all aspects of production
D. the salesman
16. Title to the goods passes
A. With risks
B. Across the ships rail
C. On board
17. The financial risk is taken by such as Lloyds of London.
A. underwriters
B. undertakers
C. underpasses
A. a big peso
B. a good peso
C. a strong peso
A. problem
B. risk
C. damage
A. hire/rent
B. hire/hire
21. What do we call the difference between all the money paid out and received by a
country?
C. deficit
D. surplus
33
22. What is a transferable credit?

A. It is the kind of credit which allows the exporter to transfer his right as the credits
beneficiary to any third party.
B. It is the kind of credit which allows the first beneficiary to request the confirming bank
to pay a third party.
C. It is the kind of negotiable document with which the exporter can endorse for any third
party.
D. It is the kind of credit with which the buyer will not necessarily know who is the
actual supplier of the goods.
A. The exporter.
B. The buyer
A. Seaway bill.
B. Ocean bill.
C. Sea waybill.
25. A contract requiring an exporter in Ethiopia to send the contract goods by air
for delivery in Windhoek, Namibia.
A. CIF Windhoek
B. CIP Windhoek
C. DEQ Windhoek
A. inflation
B. expansion
C. evolution
28. Is there any requirement that the air waybill shows the date of the flight?
A. No, there isnt.
B. Yes, there is.
C. Never is there such a requirement.
D. No, it is an incorrect requirement because a correctly completed waybill cannot show
this information.
34
whichever is first.
A. in case of
B. if
C. in the event of
30. Selling products abroad at prices lower than the cost of production is known as
dumping.
A. Dumping is always against government policy.
B. Dumping is always beneficial to the importing country because buyers pay lower
prices.
C. Exporters dump products on foreign markets to lower domestic employment.
D. Some reasons for dumping could be inventory reduction, maintenance of domestic
employment, and continuation of high production levels.
31. is an approach to business that emphasizes persuading customers to
buy products that you already have, rather than producing new ones that
customers may want.
A. Marketing concept
B. Product concept
C. Promotion concept
D. Selling concept
A. The buyer.
B. The exporter.
A. bill of lading
B. way-bill
C. bill of exchange
D. receipt
clause
A. A
B. B
C. C
D. B and C
35
A. Spot transaction
A. mass market
B. up market
C. niche market
D. supermarket
A. bought up
B. eaten up
C. chewed up
A. loss-getting
B. loss-making
C. loss-having
A. tax heaven
B. tax haven
C. tax paradise
A. bankrupt
B. indebted
C. penniless
C. the surplus
D. the deficit
36
43. Transfer of risk from the seller to the buyer (Incoterm 2000): CPT
44. If shipment is under Incoterms other than CIF or CIP,
A. The buyer has to arrange the insurance cover by himself.
B. The buyer may still ask the exporter to arrange some aspects of the insurance for him.
C. The exporter has to arrange the insurance cover for the goods.
D. The exporter pays for insurance till the port of discharge.
A. Collecting bank
B. Issuing bank
C. Confirming bank
D. Advising bank
A. economic
B. sufficient
C. self-sufficient
D. self-financing
A. favorable
B. heavily
C. perfectly
D. grossly
48. If a letter of credit is confirmed, takes responsibility for payment.
A. the importers bank
B. the importer
C. the exporter
D. the exporters bank
A. ripen
B. mature
C. flourish
D. break
37

A. A merger
B. An acquisition
C. A takeover bid
D. A raid
38
TEST 6
A. asset stripping
B. An acquisition
C. A takeover bid
D. A raid
A. Seaway bill.
B. Ocean bill.
C. Sea waybill.
3. A bill of lading with the note is
A. Clean bill of lading
B. Claused bill of lading
C. Clear bill of lading
comparative advantage.
A. Both the importing country and the exporting country benefit from trade.
B. Ones country comparative advantage can benefit another country.
C. The comparative advantage of one country can result in trade between countries.
A. tax
B. quota
C. protectionism
D. tariff
6. Transfer of risk from the seller to the buyer (Incoterm 2000): DEQ
A. ripen
B. mature
C. flourish
D. break
39
8. Unless the letter of credit states otherwise, insurance coverage on a CIF or CIP
shipment must be for of the CIF (or CIP) value of the goods.
A. 100%.
B. 90%.
C. 50%.
D. 110%.
whichever is first.
A. in case of
B. if
C. in the event of
A. 1990
B. 2000
C. 2010
11. A sovereign is a coin made of 7.3 grams of gold, and is worth a lot of money.
However, its is just one pound.
A. front value
B. face value
C. written value
A. Horizontal FDI
B. Platform FDI
C. Vertical FDI
company
A. proposition
B. application
C. enrolment
D. proposal
A. An invoice
C. A bill of lading
D. A draft
40
A. signs
B. forwards
C. remits
D. defers
16. The arbitrators awards are
A. Consultative and examinatorial
B. Final and enforceable
C. Referrable and reverable
D. All of the above
17. Governments try to control imports of products to protect domestic industries
A. Protectionist measures take the form of import duties and quotas
B. Protectionist measures insure free trade
C. Workers are always opposed to protectionism
D. All protectionist policies have the same effect on the market
A. duties
B. output
C. activity
D. compensation
A. The Buyer
B. The Seller
C. The agent
A. rain
B. famine
C. flood
D. storm
41
22. Does the buyer or seller insure the cargo?

A. The seller
B. The buyer
C. Both the buyer and the seller
D. It depends on the terms of the purchase contract
23. The situation in which a country has no foreign trade
A. surplus
B. deficit
C. autarky
D. deficits
A. 1
B. 2
C. 3
A. owe you
B. pay you back
C. must return
to as a subsidiary.
A. Average clause
C. General average

B. Combined bill.
42
29. My insurance company offers a wide of cover

A. range
B. branch
C. rank
D. standard
A. Goods
B. Raw materials
C. Productivity
D. Commodities
A. A merger
B. An acquisition
C. A takeover bid
D. A raid
A. CIF Windhoek
B. CIP Windhoek
C. DEQ Windhoek
A. Railway bill.
B. Rail waybill.
A. makes
B. does
C. puts
D. sells
43

C. duties and taxes
38. A takeover of a foreign company is known as a deal.
A. cross-boundary
B. cross-border
C. cross-state
39. Because of the recession, several ships have been laid
A. off
B. out
C. down
D. up
A. UCP
B. ADR
C. ICC
D. FAO
41. A merger with or the acquisition of ones suppliers is known as
B. forward merger
C. vertical merger
D. backward merger
customers may want.
B. Product concept
D. Selling concept
44

A. deals with
B. contacts
C. works for
44. Modern marketing aims to satisfy the wants of the consumer. Marketing
personnel should consider first of all
A. how to advertise the product
B. what products the customer desires
C. how to distribute the product
D. engineering problems
A. Insurer
B. Importer
C. Exporter
46. What is the main difference between arbitration and litigation?
A. Arbitration takes place in private, litigation takes place in court
B. Bias
C. Low costs
D. The process of making decision in court
importer.
B. Letter of credit
C. Advance payment
D. Open account
D. A and B
49. With this method of payment, banks play a passive role. All banks have to do is
to follow the instructions of the buyer and the seller and get a collection fees in
return
B. Open account
D. Advance payment
45
dumping
A. Dumping is always against government policy
prices
C. Exporters dump products on foreign markets to lower domestic employment
employment, and continuation of high production levels
46
TEST 7
1. If the price is quoted CIF San Francisco, who pays for the insurance and
freight?
A. The exporter
B. The buyer.
2. What does marketing involve?
A. deciding what the customer wants
B. finding out what kinds of product customers want
C. designing and producing a product that satisfies these wants at a profit for the
company
D. A and C
A. exports
B. imports
A. adapted
B. linked
C. indicated
D. dependent
5. Beside the commercial invoice, the transport document and insurance
document, what do Other documents include?
A. A Certificate of Origin.
B. A Certificate of Inspection.
C. A health Inspection.
D. Any of the above.
6. In oriental cultures, to is one of the most embarrassing things that can
happen.
A. lose a job
B. make a mistake
C. lose face
D. receive a favor
47

8. The contract should regulate what happens if Incoterm 2000 and the terms of
the contract conflict: normally the prevails.
A. Incoterm
B. Contract
C. Incoterm and contract
9. The bill of lading issued by the carrier for road transport is called
A. Road bill of lading.
B. Road bill.
C. Roadway bill.
D. Road consignment note.
10. The disadvantage of policy is that it is set up for particular time and
automatically expires.
A. tailor-made
B. floating
C. open cover
A. bill of exchange
C. bill of lading
D. declaration
importer
B. Letter of credit
C. Advance payment
D. Open account
13. If the price is quoted FAS Osaka., who pays for the freight?
A. The shipper.
B. The exporter.
D. The buyer.
48

A. for an hour
B. an hour
C. the hour
15. Three firms have for the contract.
A. tendered
B. offered
C. given prices
16. Governments try to control imports of products to protect domestic industries.
A. Protectionist measures take the form of import duties and quotas.
B. Protectionist measures insure free trade.
C. Workers are always opposed to protectionism.
D. All protectionist policies have the same effect on the market.
17. Investors are looking for a high on their investment.
A. earning
B. return
C. growth
D. performance
18. Changes in the values of currencies are called
A. currency fluctuations
B. currency alterations
C. currency changes
19. If the contract does not specify applicable law, the will be applied.
A. Anglo - American law
B. Continental law
C. International private law
D. National law
D. A and B
B. forward merger
C. vertical merger
D. backward merger
49

A. mass market
B. up market
C. niche market
D. supermarket
A. CIF Windhoek
B. CIP Windhoek
C. DEQ Windhoek
24. A bank that issues a letter of credit (i.e. the importers bank)
A. Collecting bank
B. Issuing bank
C. Confirming bank
D. Advising bank
insured vehicle
A. identify
B. respect
C. indemnify
D. engage
26. free of particular average means
D. A & C
whichever is first.
A. in case of
B. if
C. in the event of
50

A. and.
B. or.
C. and/or.
D. Either B or C.
A. problem
B. risk
C. damage
A. a shipper
B. a client
C. a broker
D. an insurer
33. Banks and insurance companies are types of
A. financial institution
B. finance company
C. financier
34. A company giving insurance cover is known as the
A. insurer
B. insured
C. insurance
A. Average clause
C. General average
51
A. Seaway bill.
B. Ocean bill.
C. Sea waybill.
37. Unless otherwise agreed, the insurance is "minimum cover cargo clause
A. A
B. B
C. C
A. remittance
B. acceptance
C. dispatch
D. maturity
A. hire/rent
B. hire/hire
A. 1990
B. 2000
C. 2010
41. When two companies merge they always look at ways to in order to be
more efficient and profitable.
A. recruit staff
B. cut costs
C. increase advertising
D. reduce salaries
A. Boat
B. Sea
C. Navy
D. Marine
A. loss-getting
B. loss-making
C. loss-having
52
A. dumping
B. revaluing
C. flooding
D. devaluation
arbitration are
A. C and F
B. D and F
C. C and D
A. The exporter
B. The importer
C. The carrier
53
TEST 8
A. central
B. first
C. core
contract.
B. Corporate law
C. National law
D. Business law
A. Collecting bank
B. Issuing bank
C. Confirming bank
D. Advising bank
A. insurer
B. insured
C. insurance
A. rain
B. famine
C. flood
D. storm
54

ordinary people.
A. premiums
B. policies
C. rates
D. invoices
A. pre-tax profit
C. non-tax profit
10. In which city would you choose to arbitrate an east-west trading dispute?
A. Hong Kong
B. London
C. Paris
D. Stockholm
11. The insurance will be if you omit any relevant information.
A. void
B. valid
C. invaluable
D. priceless
12. To run their foreign subsidiaries, multinationals usually appoint a
A. project manager
B. team leader
C. decision maker
D. country manager
13. When are documents considered to be stale?
A. When they reach the issuing bank too late.
B. When they are submitted to the opening bank after the merchandise has already
arrived.
C. When they reach the advising bank at the expiration of the letter of credit.
D. When they are refused by the issuing bank.
A. adapted
B. linked
C. indicated
D. dependent
55
15. If a letter of credit is confirmed, takes responsibility for payment

B. the importer
C. the exporter
16. Which of the following is NOT considered to be special requirement in a
sale/purchase contract?
A. Containers are required to be fumigated before shipment.
B. Upgraded packaging materials.
C. Goods must be packed according to export standards.
D. Health inspection for foodstuffs.
A. With risks
C. On board
18. Transfer of risk from the seller to the buyer (Incoterm 2000): CIP
A. favorable
B. heavily
C. perfectly
D. grossly
B. Open account
D. Advance payment
21. We can get a government to help build a new factory in an area with
high unemployment.
A. grant
B. money
C. payment
56
22. When you change money, you usually have to pay a

A. commission
B. percentage
C. fee
A. life
B. risk
C. chance
D. misfortune
24. His insurance company had told him not to admit even though it was
clearly his fault
A. legality
B. likelihood
C. liability
D. crime
25. By issuing a letter of credit, the bank made to pay the exporter for the
goods, provided that the correct documentation was presented.
A. a willingness
B. a readiness
C. a debit advice
D. an undertaking
26. The cost of borrowing money, usually expressed as a percentage of the amount
borrowed
A. Interest rate
B. A collateral
C. mortgage
D. Inflation rate
A. Surplus
B. deficit
C. autarky
D. deficits
C. the surplus
D. the deficit
57
A. asset stripping
B. An acquisition
C. A takeover bid
D. A raid
30. Youre allowed 30 days for the payment of the renewal premium.
A. grace
B. favour
C. way
D. permission
A. bill of lading
B. way-bill
C. bill of exchange
D. receipt
32. In order to improve their services to customers, banks need to become more
A. Customer oriented
B. profitable
C. competitive
D. efficient
A. speculating
B. arbitrating
C. hedging
D. trading
34. " Minimum Coverage is the so-called Cargo Clause
A. A
B. B
C. C
A. deals with
B. contacts
C. works for
58
return
B. Open account
D. Advance payment
production is most efficient
A. All countries allow foreign ownership of production facilities
to as a subsidiary.
C. Subsidiary companies eliminate the problem of worldwide competition
D. Each subsidiary needs to consider only local market condition
dumping.
prices.
A. a small yen
B. a bad yen
C. a weak yen
40. Who can change the marketing mix?
A. Marketing manager
B. Sales manager
C. Product manager
D. Managing Director
A. earning
B. return
C. growth
D. performance
59
A. recruit staff
B. cut costs
D. reduce salaries
44. Unlike quotas, tariffs produce for the government
A. profit
B. surplus
C. revenue
D. earnings
B. Bias
C. Low costs
carried out.
A. estimate
B. test
C. assessment
D. report
A. TV advertising
B. Word of mouth
A. things
B. items
C. property
60
49. Why is the Certificate of Origin required?

A. Because the goods imported are under a preferential tariff or other agreement.
B. Because the exporter has to prove that his exported goods are legal.
C. Because the exporter has to show his proof of paying tax to the customs in the buyers
country.
D. Because it is one of the key requirements under the letter of credits terms.
A. The exporter
B. The importer
C. The carrier
61
TEST 9
A. exports
B. imports
A. The exporter.
C. The buyer.
C. duties and taxes
party.
62

8. Companies that handle all aspects of their business internally, such as the big oil
companies, are known as companies.
A. multinational
B. venture capital
C. conglomerate
D. vertically-integrated
the remaining cargo
D. A and C
A. A
B. B
C. C
D. A and B
importer
B. Letter of credit
C. Advance payment
D. Open account
B. Continental law
D. National law
13. In an auction, the item is sold to the person who makes the highest
A. bid
B. price
C. offer
63
14. Combined production or productivity that is greater than the sum of the
separate parts
A. diversifying
B. merging
C. specialization
D. synergy
15. Transfer of risk from the seller to the buyer (Incoterm 2000): DDP
A. When the goods are At the buyers premises
country
A. justification
B. rules
C. specifications
D. uniforms
A. duties
B. output
C. activity
D. compensation
18. "door to door service is offered. Which term should be used?
A. DDP
B. CIP
C. CIF
A. The buyer.
B. The exporter.
A. The exporter.
B. The buyer
64
B. Combined bill.
22. Insurance companies like you to your claim as soon as possible
A. process
B. submit
C. assure
D. proceed
A. UCP
B. ADR
C. ICC
D. FAO
A. Collateral
B. Mortgage
C. Warranty
D. Guarantee
C. the surplus
D. the deficit
65
A. exports
B. imports
A. The exporter.
B. The carrier.
C. The buyer.
company
A. proposition
B. application
C. enrolment
D. proposal
A. before the goods are shipped
B. when there is no contract involved
C. after the goods have arrived
D. when the exporter doesnt trust the buyer
arbitration are
A. turning
B. turn-round
C. turn back
D. turnover
66

A. money
B. finances
A. A merger
B. An acquisition
C. A takeover bid
D. A raid
A. tax heaven
B. tax haven
C. tax paradise
A. The Buyer
B. The Seller
C. The agent
41. When the government doesn't control the exchange rate in any way, the
currency is
A. freely convertible
B. totally convertible
C. absolutely convertible
A. With risks
C. On board
67

A. Surplus
B. deficit
C. autarky
D. deficits
A. breaker
B. broker
C. speculator
D. merchant
A. Delivery
B. Payment
C. Arrival
B. Sales manager
C. Product manager
47. Bill of lading found something wrong with the consignment
A. clean
B. clear
C. claused
A. controlled
B. checked
C. regulated
A. Collecting bank
B. Issuing bank
C. Confirming bank
D. Advising bank
A. Incoterm
B. Contract
68
TEST 10
1. In drafting an arbitration clause, the following questions must be resolved:
A. How many arbitrators sit in the court
B. What is the language of the court
C. Where is the place of the court
D. All of the above
company
A. proposition
B. application
C. enrolment
D. proposal
A. process
B. submit
C. assure
D. proceed
B. Wrong.
ordinary people.
A. premiums
B. policies
C. rates
D. invoices
69
A. a small yen
B. a bad yen
C. a weak yen
return.
B. Open account
D. Advance payment
A. rain
B. famine
C. flood
D. storm
B. forward merger
C. vertical merger
D. backward merger
importer.
B. Letter of credit
C. Advance payment
D. Open account
customers may want.
B. Product concept
D. Selling concept
70
13. Transfer of risk from the seller to the buyer (Incoterm 2000): CIF
A. duties
B. output
C. activity
D. compensation
A. cross-boundary
B. cross-border
C. cross-state
A. A
B. B
C. C
D. A and B
A. Horizontal FDI
B. Platform FDI
C. Vertical FDI
A. factors of production, most importantly raw materials, but also labor pool.
C. natural resources and location.
A. economic
B. sufficient
C. self-sufficient
D. self-financing
71

A. over
B. against
C. with
D. from
D. A & C
A. front value
B. face value
C. written value
insured vehicle
A. identify
B. respect
C. indemnify
D. engage
B. Open account
D. Advance payment
26. A country can accrue wealth if it exports more than it imports
A. This country has a balance of trade deficit
B. Demand for this countrys currency will fall
C. This country receives money from countries which import its products
72

A. A
B. B
C. C
A. market analysis
C. marketing
D. market research
30. allows local companies to use the original manufacturers brand name
A. Franchise
B. Contract
C. License
D. Agreement
31. Many goods coming here are subject customs duty.
A. for
B. to
C. of
D. with
called
A. adapted
B. linked
C. indicated
D. dependent
73
arbitration:
A. shipping, insurance and commodities
B. shipping, commodities and construction
C. shipping, commodities and raw materials
D. construction, commodities and goods
B. Sales manager
C. Product manager
36. Reduction in costs resulting from increased production is
A. diversifying
B. merging
C. specialization
D. economies of scale
A. bill of lading
B. way-bill
C. bill of exchange
D. receipt
A. The Buyer
B. The Seller
C. The agent
A. size
C. measurement
D. high quality
74
B. test certificate
C. postmark
D. trade mark
42. Man-made waterway is called
A. canal
B. water-road
C. river road
D. road
to as a subsidiary.
44. What are specific activities of the middleman?
A. collect products
B. divide the products into amount needed by customers
C. transport
D. all of the above
A. UCP
B. ADR
C. ICC
D. FAO
C. the surplus
D. the deficit
A. central
B. first
C. core
75

A. 1990
B. 2000
C. 2010
D. 1990 and 2000
C. duties and taxes
A. profit
B. surplus
C. revenue
D. earnings
76
TEST 11
A. bankrupt
B. indebted
C. penniless
3. "Full set on board ocean bills of lading to order shipper, blank endorsed. In
this clause shipper means
A. Exporter
B. Importer
C. Bank
D. A or B or C. It depends on the situation.
return
B. Open account
D. Advance payment
A. recruit staff
B. cut costs
C. increasing advertising
D. reduce salaries
77

A. dumping
B. revaluing
C. flooding
D. devaluation
A. exports
B. imports
B. Road bill.
C. Roadway bill.
A. bought up
B. eaten up
C. chewed up
A. The shipper.
B. The exporter.
D. The buyer.
A. bill of lading
B. way-bill
C. bill of exchange
D. receipt
importer.
B. Letter of credit
C. Advance payment
D. Open account
78
16. Its better to start exporting on a small and then expand if things go
well.
A. measure
B. measurement
C. scale
D. rate
A. earning
B. return
C. growth
D. performance
A. overseas
B. over-water
C. over-waves
A. their culture
B. local conditions
C. local culture
D. local people
A. recruit staff
B. cut costs
D. reduce salaries
79
A. A
B. B
C. C
D. A and B
22. The bill of lading issued by the carrier for air transport is called
A. Air waybill.
B. Air bill of lading.
C. Airway bill of lading.
D. Airway bill.
return.
B. Open account
D. Advance payment
24. The decision of arbitrators is
A. Law-oriented
B. Business-oriented
C. Action-oriented
D. Reaction-oriented
25. A takeover of a foreign company is known as a deal
A. cross-boundary
B. cross-border
C. cross-state
D. cross-culture
D. All of the above
80

A. range
B. branch
C. rank
D. standard
trade
A. balance
B. loss
C. debit
D. deficit
A. investment bank
B. commercial bank
C. central bank
D. merchant bank
B. test certificate
C. postmark
D. trade mark
32. Who signs "shipped on board notation?
A. Captain
B. Exporter
C. Shipping company
D. Agent
A. Premium
B. life insurance
C. marine insurance
D. compensation
81
A. A
B. B
C. C
D. A & B
A. The exporter.
B. The buyer
A. collaborate
B. compete
C. practice
D. deal
carried out.
A. estimate
B. test
C. assessment
D. report
A. tax
B. quota
C. protectionism
D. tariff
agricultural products in abundance.
A. This country probably has a comparative advantage in agriculture.
B. This country most likely exports farm products.
C. This country can grow food efficiently.
82
42. Money invested in helping other people start new businesses is called
A. venture capital
B. adventure capital
C. start capital
43. Many contracts contain a force majeure to cover this situation.
A. sentence
B. phrase
C. clause
44. When you change money, you usually have to pay a
A. commission
B. percentage
C. fee
A. Boat
B. Sea
C. Navy
D. Marine
A. a willingness
B. a readiness
C. a debit advice
D. an undertaking
A. money
B. finances
high unemployment.
A. grant
B. money
C. payment
49. The money paid if you die is
A. Premium
B. life insurance
C. marine insurance
D. compensation
83

A. profit-getting
B. profit-making
C. profit-having
84
TEST 12
A. life
B. risk
C. chance
D. misfortune
A. tendered
B. offered
C. given prices
A. off
B. out
C. down
D. up
4. Transfer of risk from the seller to the buyer (Incoterm 2000): DDU
A. The exporter.
B. The carrier.
C. The buyer.
to as a subsidiary.
A. sentence
B. phrase
C. clause
85
return
B. Open account
D. Advance payment
A. Seaway bill.
B. Ocean bill.
C. Sea waybill.
A. DDP
B. CIP
C. CIF
A. for an hour
B. an hour
C. the hour
A. Collecting bank
B. Issuing bank
C. Confirming bank
D. Advising bank
A. front value
B. face value
C. written value
86

company
D. A and C
A. a raid
B. a takeover bid
C. a merger
D. an acquisition
A. Captain
B. Exporter
C. Shipping company
D. Agent
whichever is first.
A. in case of
B. if
C. in the event of
20. The person the goods are sent to is called a
A. consignor
B. consignee
C. commissioner
D. master
87
A. market analysis
C. marketing
D. market research
country?
C. deficit
D. surplus
24. Companies with very different products often have a structure based on
A. functional areas
B. geographical spread
C. product lines
D. matrix management
26. If the buyer comes from a country which has a poor reputation for enforcing
awards, the best method of payment under the contract is a/ an
A. Revolving L/C
B. At sight, confirmed L/C
C. Deferred, irrevocable L/C
D. Transferrable L/C
customers may want.
B. Product concept
D. Selling concept
88
28. What are the three main business areas which have traditionally been resolved
by arbitration?
A. Shipping, commodities and construction
B. Shipping, transportation and education
C. Tourism, construction and shipping
D. Education, tourism and commodities
A. Hong Kong
B. London
C. Paris
D. Stockholm
33. A contract requiring an exporter in Mozambique to deliver the contract goods
in Beira, Mozambique, for the shipment by sea to Dar es Salaam, Tanzania.
A. FAS Beira
B. CIF Beira
C. FOB Dar es Salaam
A. Captain
B. Exporter
C. Shipping company
D. Agent
89
buyer.
B. Open account
D. Advance payment
borrowed
A. Interest rate
B. A collateral
C. mortgage
D. Inflation rate
A. The seller
B. The buyer
freight?
A. The exporter
B. The buyer.
A. underwriters
B. undertakers
C. underpasses
A. Collecting bank
B. Issuing bank
C. Confirming bank
D. Advising bank
90


B. Combined bill.
A. duties
B. output
C. activity
D. compensation
45. When are documents considered to be stale?
A. When they reach the issuing bank too late.
B. When they are submitted to the opening bank after the merchandise has already
arrived.
C. When they reach the advising bank at the expiration of the letter of credit.
D. When they are refused by the issuing bank.
A. turning
B. turn-round
C. turn back
D. turnover
high unemployment.
A. grant
B. money
C. payment
91
A. asset stripping
B. An acquisition
C. A takeover bid
D. A raid
92
TEST 13
1. Loose, unpackaged cargo is called
A. Goods
B. commodity
C. bulk
D. items
importer.
B. Letter of credit
C. Advance payment
D. Open account
B. Open account
D. Advance payment
B. diversification
C. vertical merger
D. backward merger
A. The exporter.
B. The buyer.
93

A. sentence
B. phrase
C. clause
A. process
B. submit
C. assure
D. proceed
A. signs
B. forwards
C. remits
D. defers
to satisfied their needs and wants
B. Countries probably export the goods which are not efficiently produced
other countries produce efficiently
D. Efficient exchange results from international trade
94
A. Average clause
C. General average
A. turning
B. turn-round
C. turn back
D. turnover
A. multinational
B. venture capital
C. conglomerate
A. controlled
B. checked
C. regulated
B. Bias
C. Low costs
B. the importer
C. the exporter
A. market analysis
C. marketing
D. market research
95

A. loss-getting
B. loss-making
C. loss-having
23. Sometimes a controlling interest in a company is bought by its managers. This
called a management
A. buy-out
B. buy-up
C. buy-in
country.
currency is
A. makes
B. does
C. puts
D. sells
27. What are the three main business areas which have traditionally been resolved
by arbitration?
A. Shipping, commodities and construction
B. Shipping, transportation and education
C. Tourism, construction and shipping
D. Education, tourism and commodities
96

A. tendered
B. offered
C. given prices
A. Premium
B. life insurance
C. marine insurance
D. compensation
A. Premium
B. life insurance
C. marine insurance
D. compensation
A. bill of exchange
C. bill of lading
D. declaration
dumping
prices
34. A person who has taken out insurance cover is known as the
A. insurer
B. insured
C. insurance
97
A. Horizontal FDI
B. Platform FDI
C. Vertical FDI
A. off
B. out
C. down
D. up
37. Getting control of a company by buying over 50% of its shares is
A. a raid
B. a takeover bid
C. a merger
D. an acquisition
A. A
B. B
C. C
D. C and B
B. Wrong.
party.
98

A. cross-boundary
B. cross-border
C. cross-state
D. All of the above
43. In CIF and CIP contracts, the exporter normally assigns the insurance
agreement to
A. The buyer
B. The carrier
C. The issuing bank
to as a subsidiary.
arbitration are
99

A. exports
B. imports
insured vehicle
A. identify
B. respect
C. indemnify
D. engage

B. Combined bill.
100
TEST 14
A. 1990
B. 2000
C. 2010
D. 1990 and 2000
carried out.
A. estimate
B. test
C. assessment
D. report
country
A. justification
B. rules
C. specifications
D. uniforms
4. Because of high shipping costs, it made more sense to a manufacturer
to produce our range of furniture
A. license
B. lease
C. control
D. handle
A. asset stripping
B. An acquisition
C. A takeover bid
D. A raid
A. An invoice
C. A bill of lading
D. A draft
101

A. annual turnover
B. profit margin
C. cash flow
D. bank charges
A. Goods
B. Raw materials
C. Productivity
D. Commodities
A. Air waybill.
D. Airway bill.
A. earning
B. return
C. growth
D. performance
A. front value
B. face value
C. written value
B. subsidiaries
C. factories
D. colleagues
A. Railway bill.
B. Rail waybill.
102
dumping
prices
contract.
B. Corporate law
C. National law
D. Business law
A. investment bank
B. commercial bank
C. central bank
D. merchant bank
B. profitable
C. competitive
D. efficient
return
B. Open account
D. Advance payment
103
A. Collecting bank
B. Issuing bank
C. Confirming bank
D. Advising bank
A. controlled
B. checked
C. regulated
A. things
B. items
C. property
A. remittance
B. acceptance
C. dispatch
D. maturity
C. currency changes
A. collaborate
B. compete
C. practice
D. deal
A. bought up
B. eaten up
C. chewed up
104

called a management
A. buy-out
B. buy-up
C. buy-in
A. money
B. finances
31. To merge with or take over other firms producing the same type of goods or
services
the remaining cargo
D. A and C
A. bill of exchange
C. bill of lading
D. declaration
105
A. venture capital
C. start capital
arbitration are
A. turning
B. turn-round
C. turn back
D. turnover
A. mass market
B. up market
C. niche market
D. supermarket
106
A. Franchise
B. Contract
C. License
D. Agreement
A. inflation
B. expansion
C. evolution
A. insurer
B. insured
C. insurance
A. cross-boundary
B. cross-border
C. cross-state
47. arises when a firm duplicates its home country-based activities at the
same value chain stage in a host country through FDI.
A. Horizontal FDI
B. Platform FDI
C. Vertical FDI
A. Captain
B. Exporter
C. Shipping company
D. Agent
B. the importer
C. the exporter
107

A. underwriters
B. undertakers
C. underpasses
108
TEST 15
B. test certificate
C. postmark
D. trade mark
country?
C. deficit
D. surplus
A. a willingness
B. a readiness
C. a debit advice
D. an undertaking
A. A merger
B. An acquisition
C. An integration
D. A raid
5. means operating all over the world while taking account of local
cultural habits, beliefs and principles in each country or market.
A. Globalization
B. Glocalization
C. Privatization
D. Nationalization
A. market analysis
C. marketing
D. market research
109

A. DDP
B. CIP
C. CIF
A. An invoice
C. A bill of lading
D. A draft
A. ripen
B. mature
C. flourish
D. break
A. Incoterm
B. Contract
freight?
A. The exporter
B. The buyer.
A. signs
B. forwards
C. remits
D. defers
110
whichever is first.
A. in case of
B. if
C. in the event of
A. tendered
B. offered
C. given prices
A. annual turnover
B. profit margin
C. cash flow
D. bank charges
17. is open-ended.
A. tailor-made
B. floating
C. open cover
A. A
B. B
C. C
A. surplus
B. deficit
C. autarky
D. deficits
111
A. Premium
B. life insurance
C. marine insurance
D. compensation
A. threats
B. pitfalls
C. attraction
D. benefits
A. Captain
B. Exporter
C. Shipping company
D. Agent
A. arbitration
B. litigation
C. prevention
D. protection
112
A. loss-getting
B. loss-making
C. loss-having
A. underwriters
B. undertakers
C. underpasses
B. subsidiaries
C. factories
D. colleagues
A. economic
B. sufficient
C. self-sufficient
D. self-financing
country.
113

A. Franchise
B. Contract
C. License
D. Agreement
A. bankrupt
B. indebted
C. penniless
A. An invoice
C. A bill of lading
D. A draft
A. Railway bill.
B. Rail waybill.
A. Hong Kong
B. London
C. Paris
D. Stockholm
separate parts
A. diversifying
B. merging
C. specialization
D. synergy
114

A. TV advertising
B. Word of mouth
A. Spot transaction
D. A & C
A. Boat
B. Sea
C. Navy
D. Marine
carried out.
A. estimate
B. test
C. assessment
D. report
A. multinational
B. venture capital
C. conglomerate
115
50. Natural disasters usually mean that insurance underwriters suffer

A. heavy losses
B. high expenses
C. big debts
116
TEST 16
services
A. Premium
B. life insurance
C. marine insurance
D. compensation
A. void
B. valid
C. invaluable
D. priceless
B. Road bill.
C. Roadway bill.
117

A. size
C. measurement
D. high quality
C. currency changes
A. project manager
B. team leader
C. decision maker
D. country manager
A. The exporter.
B. The carrier.
C. The buyer.
A. The exporter
B. The importer
C. The carrier
A. The exporter.
C. The buyer.
A. A
B. B
C. C
118
A. The exporter.
B. The buyer.
happen.
A. lose a job
B. make a mistake
C. lose face
D. receive a favor
A. rain
B. famine
C. flood
D. storm
A. A merger
B. An acquisition
C. An integration
D. A raid
A. A
B. B
C. C
A. bid
B. price
C. offer
C. the surplus
D. the deficit
119
agreement to
A. The buyer
B. The carrier
C. The issuing bank
A. dumping
B. revaluing
C. flooding
D. devaluation
A. C and F
B. D and F
C. C and D
B. finance company
C. financier
A. tax
B. quota
C. protectionism
D. tariff
120

A. UCP
B. ADR
C. ICC
D. FAO
A. tailor-made
B. floating
C. open cover
B. profitable
C. competitive
D. efficient
called
dumping
prices
121

A. and.
B. or.
C. and/or.
D. Either B or C.
A. exports
B. imports
A. earning
B. return
C. growth
D. performance
C. the surplus
D. the deficit
A. life
B. risk
C. chance
D. misfortune
A. The seller
B. The buyer
122
A. asset stripping
B. An acquisition
C. A takeover bid
D. A raid
A. signs
B. forwards
C. remits
D. defers
A. Air waybill.
D. Airway bill.
A. Boat
B. Sea
C. Navy
D. Marine
A. Hong Kong
B. London
C. Paris
D. Stockholm
known as
B. diversification
C. vertical merger
D. backward merger
123

A. A
B. B
C. C
124
TEST 17
A. profit-getting
B. profit-making
C. profit-having
D. A and B
3. The amount payable under an insurance policy is called
A. indemnity
B. revenue
C. fee
D. charges
A. A
B. B
C. C
D. C and B
country?
C. deficit
D. surplus
A. insurer
B. insured
C. insurance
country.
125

party.
A. The exporter.
B. The buyer
10. Bill of Lading goods were taken on board in good condition.
A. clean
B. dirty
C. claused
A. for
B. to
C. of
D. with
A. for an hour
B. an hour
C. the hour
A. loss-getting
B. loss-making
C. loss-having
126

B. forward merger
C. vertical merger
D. backward merger
A. pre-tax profit
C. non-tax profit
17. prohibits corporations from cornering a market.
A. Anti dumping
B. Anti-trust legislation
C. Monopoly
D. Exclusion
A. duties
B. output
C. activity
D. compensation
B. Wrong.
B. test certificate
C. postmark
D. trade mark
A. A
B. B
C. C
127

A. TV advertising
B. Word of mouth
A. venture capital
C. start capital
known as
B. diversification
C. vertical merger
D. backward merger
A. functional areas
C. product lines
A. An invoice
C. A bill of lading
D. A draft
128

A. dumping
B. revaluing
C. flooding
D. devaluation
A. cross-boundary
B. cross-border
C. cross-state
C. the surplus
D. the deficit
A. A merger
B. An acquisition
C. A takeover bid
D. A raid
B. Open account
D. Advance payment
129
buyer
B. Open account
D. Advance payment
A. Seaway bill.
B. Ocean bill.
C. Sea waybill.
B. Lengthy and open
D. Time - consuming
A. heavy losses
B. high expenses
C. big debts
A. collect products
C. transport
D. all of the above
A. Collecting bank
B. Issuing bank
C. Confirming bank
D. Advising bank
A. A
B. B
C. A,B,C
A. money
B. finances
130
45. Because of high shipping costs, it made more sense to a manufacturer
to produce our range of furniture
A. license
B. lease
C. control
D. handle
B. diversification
C. vertical merger
D. backward merger
A. mass market
B. up market
C. niche market
D. supermarket
A. Railway bill.
B. Rail waybill.
A. bid
B. price
C. offer
131
TEST 18
A. insurer
B. insured
C. insurance
A. The seller
B. The buyer
A. A merger
B. An acquisition
C. An integration
D. A raid
B. test certificate
C. postmark
D. trade mark
A. Hong Kong
B. London
C. Paris
D. Stockholm
132
C. the surplus
D. the deficit
B. forward merger
C. vertical merger
D. backward merger
A. profit-getting
B. profit-making
C. profit-having
A. favorable
B. heavily
C. perfectly
D. grossly
A. Goods
B. commodity
C. bulk
D. items
A. loss-getting
B. loss-making
C. loss-having
133
A. asset stripping
B. An acquisition
C. A takeover bid
D. A raid
A. Bill of exchange
B. invoice
A. The shipper.
B. The exporter.
D. The buyer.
D. All of the above
A. exports
B. imports
A. a small yen
B. a bad yen
C. a weak yen
A. the consumer
B. the distributer
D. the salesman
134
A. makes
B. does
C. puts
D. sells
B. profitable
C. competitive
D. efficient
A. A
B. B
C. C
B. the importer
C. the exporter
A. economic
B. sufficient
C. self-sufficient
D. self-financing
A. grace
B. favour
C. way
D. permission
135
A. tax
B. quota
C. protectionism
D. tariff
C. the surplus
D. the deficit
the remaining cargo
D. A and C
A. controlled
B. checked
C. regulated
A. Premium
B. life insurance
C. marine insurance
D. compensation
A. market analysis
C. marketing
D. market research
buyer.
B. Open account
D. Advance payment
136

A. duties
B. output
C. activity
D. compensation
A. their culture
B. local conditions
C. local culture
D. local people
A. Globalization
B. Glocalization
C. Privatization
D. Nationalization
buyer
B. Open account
D. Advance payment
C. duties and taxes
C. currency changes
A. tax heaven
B. tax haven
C. tax paradise
137

D. A & C
B. diversification
C. vertical merger
D. backward merger
ordinary people.
A. premiums
B. policies
C. rates
D. invoices
A. profit
B. surplus
C. revenue
D. earnings
138
called
139
TEST 19
country.
A. project manager
B. team leader
C. decision maker
D. country manager
A. A
B. B
C. C
D. A and B
4. Average clause in the policy defines the of the cover under the
insurance
A. time
B. extent
C. amount
D. money
called
contract.
B. Corporate law
C. National law
D. Business law
140

A. tendered
B. offered
C. given prices
A. The shipper.
B. The exporter.
D. The buyer.
A. loss-getting
B. loss-making
C. loss-having
A. 1990
B. 2000
C. 2010
A. The Buyer
B. The Seller
C. The agent
A. life
B. risk
C. chance
D. misfortune
141

A. owe you
B. pay you back
C. must return
A. CIF Windhoek
B. CIP Windhoek
C. DEQ Windhoek
A. Exporter
B. Importer
C. Bank
importer.
B. Letter of credit
C. Advance payment
D. Open account
A. Franchise
B. Contract
C. License
D. Agreement
142

A. a raid
B. a takeover bid
C. a merger
D. an acquisition
A. Insurer
B. Importer
C. Exporter
A. hire/rent
B. hire/hire
A. Surplus
B. deficit
C. autarky
D. deficits
called a management
A. buy-out
B. buy-up
C. buy-in
A. DDP
B. CIP
C. CIF
A. tax heaven
B. tax haven
C. tax paradise
borrowed
A. Interest rate
B. A collateral
C. mortgage
D. Inflation rate
143
happen.
A. lose a job
B. make a mistake
C. lose face
D. receive a favor
A. Globalization
B. Glocalization
C. Privatization
D. Nationalization
A. mass market
B. up market
C. niche market
D. supermarket
company
A. proposition
B. application
C. enrolment
D. proposal
high unemployment.
A. grant
B. money
C. payment
36. A person who receives an international payment is called the
A. getter
B. beneficiary
C. receiver
144
A. a raid
B. a takeover bid
C. a merger
D. an acquisition
C. duties and taxes
A. The exporter.
B. The carrier.
C. The buyer.
40. Transfer of risk from the seller to the buyer (Incoterm 2000): DDU
freight?
A. The exporter
B. The buyer.
B. Open account
D. Advance payment
B. finance company
C. financier
145

A. 1
B. 2
C. 3
45. Unlike quotas, tariffs produce for the government.
A. profit
B. surplus
C. revenue
D. earnings
A. a willingness
B. a readiness
C. a debit advice
D. an undertaking
A. breaker
B. broker
C. speculator
D. merchant
A. canal
B. water-road
C. river road
D. road
A. An invoice
C. A bill of lading
D. A draft
146
TEST 20
A. A
B. B
C. C
D. C and B
A. Globalization
B. Glocalization
C. Privatization
D. Nationalization
A. surplus
B. deficit
C. autarky
D. deficits
to satisfy their needs and wants.
B. Counties probably export the goods which are not efficiently produced.
contract.
B. Corporate law
C. National law
D. Business law
A. C and F
B. D and F
C. C and D
147

A. The exporter.
B. The carrier.
C. The buyer.
A. The Buyer
B. The Seller
C. The agent
D. All of the above
A. An invoice
C. A bill of lading
D. A draft
C. the surplus
D. the deficit
A. Revolving L/C
148

A. collect products
C. transport
D. all of the above
A. money
B. finances
A. venture capital
C. start capital
B. forward merger
C. vertical merger
D. backward merger
A. Goods
B. Raw materials
C. Productivity
D. Commodities
D. A & C
A. sentence
B. phrase
C. clause
A. A
B. B
C. C
149

called a management
A. buy-out
B. buy-up
C. buy-in
23. A contract requiring the exporter to send the contract goods by road from
Kenya to Zambia with freight paid by the exporter.
A. CFR Lusaka
B. CPT Lusaka
C. CFR Nairobi
A. Air waybill.
D. Airway bill.
A. makes
B. does
C. puts
D. sells
happen.
A. lose a job
B. make a mistake
C. lose face
D. receive a favor
150

A. The seller
B. The buyer
importer
B. Letter of credit
C. Advance payment
D. Open account
A. earning
B. return
C. growth
D. performance
A. multinational
B. venture capital
C. conglomerate
C. duties and taxes
151
A. adapted
B. linked
C. indicated
D. dependent
A. ripen
B. mature
C. flourish
D. break
B. the importer
C. the exporter
A. CIF Windhoek
B. CIP Windhoek
C. DEQ Windhoek
clearly his fault
A. legality
B. likelihood
C. liability
D. crime
B. Lengthy and open
D. Time - consuming
high unemployment.
A. grant
B. money
C. payment
152

A. 1990
B. 2000
C. 2010
A. With risks
C. On board
A. A
B. B
C. C
A. remittance
B. acceptance
C. dispatch
D. maturity
A. 1
B. 2
C. 3
A. canal
B. water-road
C. river road
D. road
49. What agreement is usually made in an insurance contract?
A. An agreement to make payment in the event of loss or damage
B. An agreement to make decisions in the event of loss or damage
C. An agreement to make contribution in the event of loss or damage
D. An agreement to pay compensation in the event of loss or damage
A. front value
B. face value
C. written value
153
TEST 21
country?
C. deficit
D. surplus
A. duties
B. output
C. activity
D. compensation
A. dumping
B. revaluing
C. flooding
D. devaluation
4. The amount payable under an insurance policy is called
A. indemnity
B. revenue
C. fee
D. charges
company
D. A and C
154
A. tax
B. quota
C. protectionism
D. tariff
A. tax heaven
B. tax haven
C. tax paradise
11. In Japan, the US dollar is
A. foreign money
B. strange money
C. a foreign currency
A. defaulted
B. deferred
C. declines
D. denied
A. Franchise
B. Contract
C. License
D. Agreement
155
buyer.
B. Open account
D. Advance payment
A. economic
B. sufficient
C. self-sufficient
D. self-financing
A. tendered
B. offered
C. given prices
country
A. justification
B. rules
C. specifications
D. uniforms
18. A takeover of a foreign company is known as a deal
A. cross-boundary
B. cross-border
C. cross-state
D. cross-culture
A. overseas
B. over-water
C. over-waves
156

ordinary people.
A. premiums
B. policies
C. rates
D. invoices
freight?
A. The exporter
B. The buyer.
A. heavy losses
B. high expenses
C. big debts
24. Average clause in the policy defines the of the cover under the
insurance
A. time
B. extent
C. amount
D. money
services
157
A. A
B. B
C. C
D. A and B
A. insurer
B. insured
C. insurance
A. collect products
C. transport
D. all of the above
33. Sometimes it seems that large companies change their organization and carry
out a process every few years.
A. restructuring
B. decentralization
C. merger
D. takeover
158
dumping
prices
A. Boat
B. Sea
C. Navy
D. Marine
A. a small yen
B. a bad yen
C. a weak yen
A. for
B. to
C. of
D. with
A. void
B. valid
C. invaluable
D. priceless
A. profit-getting
B. profit-making
C. profit-having
159
A. asset stripping
B. An acquisition
C. A takeover bid
D. A raid
A. signs
B. forwards
C. remits
D. defers
country?
C. deficit
D. surplus
47. War risk is not included in
A. A clause
B. B clause
C. A,B,C clause
A. Premium
B. life insurance
C. marine insurance
D. compensation
160

A. 1
B. 2
C. 3
D. All of the above
161
TEST 22
D. A and B
importer.
B. Letter of credit
C. Advance payment
D. Open account
A. and.
B. or.
C. and/or.
D. Either B or C.
A. remittance
B. acceptance
C. dispatch
D. maturity
5. Its better to start exporting on a small and then expand if things go
well.
A. measure
B. measurement
C. scale
D. rate
162
A. A
B. B
C. C
D. C and B
A. profit
B. surplus
C. revenue
D. earnings
A. threats
B. pitfalls
C. attraction
D. benefits
A. Exporter
B. Importer
C. Bank
ordinary people.
A. premiums
B. policies
C. rates
D. invoices
163
A. off
B. out
C. down
D. up
A. Collecting bank
B. Issuing bank
C. Confirming bank
D. Advising bank
17. If a country has a currency, importers and exporters may have to
keep changing the prices of their goods.
A. swimming
B. flying
C. flowing
D. floating
A. life
B. risk
C. chance
D. misfortune
A. Average clause
C. General average
A. The seller
B. The buyer
164

C. duties and taxes
A. FAS Beira
B. CIF Beira
buyer.
B. Open account
D. Advance payment
A. Railway bill.
B. Rail waybill.
A. range
B. branch
C. rank
D. standard
company
A. proposition
B. application
C. enrolment
D. proposal
165

A. Delivery
B. Payment
C. Arrival
A. venture capital
C. start capital
clearly his fault
A. legality
B. likelihood
C. liability
D. crime
A. controlled
B. checked
C. regulated
166
B. Open account
D. Advance payment
country?
C. deficit
D. surplus
38. If the price is quoted CFR Hai Phong, who pays for the freight?
A. The buyer.
B. The exporter.
C. The carrier.
B. the importer
C. the exporter
A. Franchise
B. Contract
C. License
D. Agreement
A. arbitration
B. litigation
C. prevention
D. protection
167
A. favorable
B. heavily
C. perfectly
D. grossly
A. front value
B. face value
C. written value
A. Horizontal FDI
B. Platform FDI
C. Vertical FDI
A. functional areas
C. product lines
A. speculating
B. arbitrating
C. hedging
D. trading
168

A. A
B. B
C. C
A. bought up
B. eaten up
C. chewed up
169
TEST 23
buyer.
B. Open account
D. Advance payment
A. annual turnover
B. profit margin
C. cash flow
D. bank charges
A. The exporter.
C. The buyer.
A. Goods
B. commodity
C. bulk
D. items
A. recruit staff
B. cut costs
D. reduce salaries
170
A. The Buyer
B. The Seller
C. The agent
A. void
B. valid
C. invaluable
D. priceless
B. subsidiaries
C. factories
D. colleagues
return
B. Open account
D. Advance payment
A. rain
B. famine
C. flood
D. storm
171

A. off
B. out
C. down
D. up
A. Air waybill.
D. Airway bill.
A. speculating
B. arbitrating
C. hedging
D. trading
A. bill of lading
B. way-bill
C. bill of exchange
D. receipt
A. breaker
B. broker
C. speculator
D. merchant
A. deals with
B. contacts
C. works for
172
A. makes
B. does
C. puts
D. sells
A. gold system
B. gold standard
C. gold value
D. gold convertible
D. A & C
whichever is first.
A. in case of
B. if
C. in the event of
A. over
B. against
C. with
D. from
A. exports
B. imports
27. The person the goods are sent to is called a
A. consignor
B. consignee
C. commissioner
D. master
173

B. Lengthy and open
D. Time - consuming
A. their culture
B. local conditions
C. local culture
D. local people
A. ripen
B. mature
C. flourish
D. break
known as
B. diversification
C. vertical merger
D. backward merger
A. market analysis
C. marketing
D. market research
A. foreign money
B. strange money
A. bankrupt
B. indebted
C. penniless
174
B. finance company
C. financier
A. 1
B. 2
C. 3
A. a raid
B. a takeover bid
C. a merger
D. an acquisition
happen.
A. lose a job
B. make a mistake
C. lose face
D. receive a favor
trade
A. balance
B. loss
C. debit
D. deficit
175
B. test certificate
C. postmark
D. trade mark
A. arbitration
B. litigation
C. prevention
D. protection
A. The buyer.
B. The exporter.
C. The carrier.
contract
A. speculating
B. arbitrating
C. hedging
D. trading
A. CIF Windhoek
B. CIP Windhoek
C. DEQ Windhoek
47. Transfer of risk from the seller to the buyer (Incoterm 2000): FCA
A. dumping
B. revaluing
C. flooding
D. devaluation
176
A. grace
B. favour
C. way
D. permission
A. loss-getting
B. loss-making
C. loss-having
177
TEST 24
A. duties
B. output
C. activity
D. compensation
B. Open account
D. Advance payment
A. Captain
B. Exporter
C. Shipping company
D. Agent
A. multinational
B. venture capital
C. conglomerate
to as a subsidiary.
178
A. threats
B. pitfalls
C. attraction
D. benefits
A. The exporter.
B. The buyer.
A. TV advertising
B. Word of mouth
A. hire/rent
B. hire/hire
179

A. breaker
B. broker
C. speculator
D. merchant
A. Surplus
B. deficit
C. autarky
D. deficits
A. tax
B. quota
C. protectionism
D. tariff
A. deals with
B. contacts
C. works for
A. clean
B. clear
C. claused
B. Royalty payment
C. Property charges
D. Royalty fees
A. off
B. out
C. down
D. up
A. controlled
B. checked
C. regulated
180
C. Bonus
A. functional areas
C. product lines
country.
return
B. Open account
D. Advance payment
A. The seller
B. The buyer
181
A. speculating
B. arbitrating
C. hedging
D. trading
29. After dispatching the goods, the exporter the documents to his bank.
A. demands
B. collects
C. issues
D. presents
A. owe you
B. pay you back
C. must return
A. Premium
B. life insurance
C. marine insurance
D. compensation
B. finance company
C. financier
A. central
B. first
C. core
182
C. the surplus
D. the deficit
A. size
C. measurement
D. high quality
A. a raid
B. a takeover bid
C. a merger
D. an acquisition
A. A
B. B
C. C
dumping
prices
A. insurer
B. insured
C. insurance
A. ripen
B. mature
C. flourish
D. break
183
A. A merger
B. An acquisition
C. An integration
D. A raid
A. Collecting bank
B. Issuing bank
C. Confirming bank
D. Advising bank
agreement to
A. The buyer
B. The carrier
C. The issuing bank
A. for
B. to
C. of
D. with
A. Globalization
B. Glocalization
C. Privatization
D. Nationalization
A. a big peso
B. a good peso
C. a strong peso
184

A. profit-getting
B. profit-making
C. profit-having
185
TEST 25
A. Globalization
B. Glocalization
C. Privatization
D. Nationalization
agreement to
A. The buyer
B. The carrier
C. The issuing bank
A. bid
B. price
C. offer
A. Collateral
B. Mortgage
C. Warranty
D. Guarantee
A. The buyer.
B. The exporter.
C. The carrier.
B. test certificate
C. postmark
D. trade mark
186

A. defaulted
B. deferred
C. declines
D. denied
A. Anti dumping
C. Monopoly
D. Exclusion
A. market analysis
C. marketing
D. market research
A. swimming
B. flying
C. flowing
D. floating
A. Hong Kong
B. London
C. Paris
D. Stockholm
A. venture capital
C. start capital
187
whichever is first.
A. in case of
B. if
C. in the event of
A. off
B. out
C. down
D. up
return.
B. Open account
D. Advance payment
C. confidentiality
A. A merger
B. An acquisition
C. A takeover bid
D. A raid
A. clean
B. clear
C. claused
A. Horizontal FDI
B. Platform FDI
C. Vertical FDI
188

A. and.
B. or.
C. and/or.
D. Either B or C.
A. The exporter.
B. The buyer.
A. A
B. B
C. C
A. 1
B. 2
C. 3
A. project manager
B. team leader
C. decision maker
D. country manager
189

A. their culture
B. local conditions
C. local culture
D. local people
A. restructuring
B. decentralization
C. merger
D. takeover
D. All of the above
A. Incoterm
B. Contract
B. Bias
C. Low costs
190

A. A
B. B
C. C
customers may want.
B. Product concept
D. Selling concept
A. range
B. branch
C. rank
D. standard
A. canal
B. water-road
C. river road
D. road
191

A. foreign money
B. strange money
to as a subsidiary.
return
B. Open account
D. Advance payment
dumping
prices
47. Transfer of risk from the seller to the buyer (Incoterm 2000): CIF
A. gold system
B. gold standard
C. gold value
D. gold convertible
192

A. With risks
C. On board
currency is
193
TEST 26
C. the surplus
D. the deficit
A. diversifying
B. merging
C. specialization
B. finance company
C. financier
A. threats
B. pitfalls
C. attraction
D. benefits
dumping.
prices.
194
A. The shipper.
B. The exporter.
D. The buyer.
A. a big peso
B. a good peso
C. a strong peso
A. a shipper
B. a client
C. a broker
D. an insurer
A. CFR Lusaka
B. CPT Lusaka
C. CFR Nairobi
A. Anti dumping
C. Monopoly
D. Exclusion
A. The exporter.
B. The buyer.
clause
A. A
B. B
C. C
D. B and C
195
A. CIF Windhoek
B. CIP Windhoek
C. DEQ Windhoek
A. Spot transaction
A. surplus
B. deficit
C. autarky
D. deficits
A. How many arbitrators sit in the court?
B. What is the language of the court?
C. Where is the place of the court?
D. All of the above
dumping
prices
A. owe you
B. pay you back
C. must return
196
A. their culture
B. local conditions
C. local culture
D. local people
A. swimming
B. flying
C. flowing
D. floating
B. subsidiaries
C. factories
D. colleagues
B. the importer
C. the exporter
197
A. bill of lading
B. way-bill
C. bill of exchange
D. receipt
A. cross-boundary
B. cross-border
C. cross-state
A. and.
B. or.
C. and/or.
D. Either B or C.
A. tailor-made
B. floating
C. open cover
A. range
B. branch
C. rank
D. standard
A. for an hour
B. an hour
C. the hour
198
B. Continental law
D. National law
A. duties
B. output
C. activity
D. compensation
A. exports
B. imports
A. bid
B. price
C. offer
A. rain
B. famine
C. flood
D. storm
199
A. Insurer
B. Importer
C. Exporter
A. economic
B. sufficient
C. self-sufficient
D. self-financing
B. profitable
C. competitive
D. efficient
B. forward merger
C. vertical merger
D. backward merger
A. 1
B. 2
C. 3
A. restructuring
B. decentralization
C. merger
D. takeover
high unemployment.
A. grant
B. money
C. payment
200
A. Horizontal FDI
B. Platform FDI
C. Vertical FDI
201
TEST 27
A. bought up
B. eaten up
C. chewed up
A. A
B. B
C. A, B, C
A. functional areas
C. product lines
B. profitable
C. competitive
D. efficient
202

C. All protectionist policies have the same effect on the market.
D. Workers are always opposed to protectionism.
A. 1990
B. 2000
C. 2010
D. 1990 and 2000
B. Royalty payment
C. Property charges
D. Royalty fees
A. money
B. finances
A. 1
B. 2
C. 3
A. The shipper.
B. The exporter.
D. The buyer.
A. grace
B. favour
C. way
D. permission
A. hire/rent
B. hire/hire
203

A. their culture
B. local conditions
C. local culture
D. local people
called
arbitration are
party.
204
A. Seaway bill.
B. Ocean bill.
C. Sea waybill.
separate parts
A. diversifying
B. merging
C. specialization
D. synergy
A. A merger
B. An acquisition
C. A takeover bid
D. A raid
A. arbitration
B. litigation
C. prevention
D. protection
A. favorable
B. heavily
C. perfectly
D. grossly
A. canal
B. water-road
C. river road
D. road
205
B. diversification
C. vertical merger
D. backward merger
freight?
A. The exporter
B. The buyer.
contract
A. speculating
B. arbitrating
C. hedging
D. trading
A. heavy losses
B. high expenses
C. big debts
A. sentence
B. phrase
C. clause
206
A. tax
B. quota
C. protectionism
D. tariff
A. No, there isnt.
B. Yes, there is.
this information.
A. bankrupt
B. indebted
C. penniless
A. A
B. B
C. C
A. Hong Kong
B. London
C. Paris
D. Stockholm
happen.
A. lose a job
B. make a mistake
C. lose face
D. receive a favor
D. A & B
207

A. With risks
C. On board
A. Exporter
B. Importer
C. Bank
A. The Buyer
B. The Seller
C. The agent
A. An invoice
C. A bill of lading
D. A draft
A. Average clause
C. General average
A. The exporter.
B. The carrier.
C. The buyer.
208
return
B. Open account
D. Advance payment
209
TEST 28
A. 1990
B. 2000
C. 2010
A. inflation
B. expansion
C. evolution
210

A. recruit staff
B. cut costs
C. increasing advertising
D. reduce salaries
insured vehicle
A. identify
B. respect
C. indemnify
D. engage
10. Unless the letter of credit states otherwise, insurance coverage on a CIF or CIP
shipment must be for of the CIF (or CIP) value of the goods.
A. 100%.
B. 90%.
C. 50%.
D. 110%.
A. deals with
B. contacts
C. works for
A. The Buyer
B. The Seller
C. The agent
211
A. The buyer.
B. The exporter.
A. defaulted
B. deferred
C. declines
D. denied
A. The exporter.
C. The buyer.
A. Insurer
B. Importer
C. Exporter
A. The exporter
B. The importer
C. The carrier
A. clean
B. clear
C. claused
A. controlled
B. checked
C. regulated
212

A. diversifying
B. merging
C. specialization
A. Franchise
B. Contract
C. License
D. Agreement
A. bill of lading
B. way-bill
C. bill of exchange
D. receipt
A. restructuring
B. decentralization
C. merger
D. takeover
213

A. a raid
B. a takeover bid
C. a merger
D. an acquisition
A. Horizontal FDI
B. Platform FDI
C. Vertical FDI
A. collaborate
B. compete
C. practice
D. deal
A. An invoice
C. A bill of lading
D. A draft
B. Open account
D. Advance payment
A. money
B. finances
214
A. economic
B. sufficient
C. self-sufficient
D. self-financing
ordinary people.
A. premiums
B. policies
C. rates
D. invoices
A. a small yen
B. a bad yen
C. a weak yen
trade
A. balance
B. loss
C. debit
D. deficit
buyer.
B. Open account
D. Advance payment
A. A
B. B
C. C
A. A
B. B
C. C
D. A and B
215
A. Spot transaction
A. earning
B. return
C. growth
D. performance
return.
B. Open account
D. Advance payment
B. Lengthy and open
D. Time - consuming
49. All mergers aim to create for the two companies shareholders.
A. added value
B. lower costs
C. economies of scale
D. tax benefits
A. over
B. against
C. with
D. from
216
TEST 29
B. Open account
D. Advance payment
A. Collecting bank
B. Issuing bank
C. Confirming bank
D. Advising bank
A. A merger
B. An acquisition
C. A takeover bid
D. A raid
customers may want.
B. Product concept
D. Selling concept
A. defaulted
B. deferred
C. declines
D. denied
called
217
A. FAS Beira
B. CIF Beira
currency is
A. and.
B. or.
C. and/or.
D. Either B or C.
A. a big peso
B. a good peso
C. a strong peso
218

B. finance company
C. financier
A. insurer
B. insured
C. insurance
C. confidentiality
A. A
B. B
C. C
D. A and B
B. subsidiaries
C. factories
D. colleagues
A. tendered
B. offered
C. given prices
A. The exporter.
B. The buyer
219
whichever is first.
A. in case of
B. if
C. in the event of
A. ripen
B. mature
C. flourish
D. break
A. CFR Lusaka
B. CPT Lusaka
C. CFR Nairobi
return
B. Open account
D. Advance payment
A. off
B. out
C. down
D. up
A. profit
B. surplus
C. revenue
D. earnings
220

C. currency changes
A. TV advertising
B. Word of mouth
A. Premium
B. life insurance
C. marine insurance
D. compensation
A. No, there isnt.
B. Yes, there is.
this information.
contract
A. speculating
B. arbitrating
C. hedging
D. trading
A. a raid
B. a takeover bid
C. a merger
D. an acquisition
221

A. the consumer
B. the distributer
D. the salesman
A. profit-getting
B. profit-making
C. profit-having
A. Goods
B. commodity
C. bulk
D. items
C. Bonus
A. Air waybill.
D. Airway bill.
borrowed
A. Interest rate
B. A collateral
C. mortgage
D. Inflation rate
222

called a management
A. buy-out
B. buy-up
C. buy-in
A. over
B. against
C. with
D. from

B. Combined bill.
A. a willingness
B. a readiness
C. a debit advice
D. an undertaking
A. The buyer.
B. The exporter.
A. 1990
B. 2000
C. 2010
D. 1990 and 2000
223

A. cross-boundary
B. cross-border
C. cross-state
224
TEST 30
A. loss-getting
B. loss-making
C. loss-having
2. If the price is quoted FAS Osaka, who pays for the freight?
A. The shipper.
B. The exporter.
D. The buyer.
A. UCP
B. ADR
C. ICC
D. FAO
C. duties and taxes
A. Collecting bank
B. Issuing bank
C. Confirming bank
D. Advising bank
225

A. grace
B. favour
C. way
D. permission
A. central
B. first
C. core
A. The exporter.
C. The buyer.
A. foreign money
B. strange money
226
A. annual turnover
B. profit margin
C. cash flow
D. bank charges
A. arbitration
B. litigation
C. prevention
D. protection
A. gold system
B. gold standard
C. gold value
D. gold convertible
A. threats
B. pitfalls
C. attraction
D. benefits
227
A. Revolving L/C
A. inflation
B. expansion
C. evolution
country?
C. deficit
D. surplus
known as
B. diversification
C. vertical merger
D. backward merger
A. FAS Beira
B. CIF Beira
A. bankrupt
B. indebted
C. penniless
A. The buyer.
B. The exporter.
C. The carrier.
228

A. sentence
B. phrase
C. clause
A. A
B. B
C. A, B, C
A. heavy losses
B. high expenses
C. big debts
A. Surplus
B. deficit
C. autarky
D. deficits
A. life
B. risk
C. chance
D. misfortune
A. A
B. B
C. C
D. C and B
A. How many arbitrators sit in the court?
B. What is the language of the court?
C. Where is the place of the court?
D. All of the above
229

B. Combined bill.
A. a shipper
B. a client
C. a broker
D. an insurer
A. multinational
B. venture capital
C. conglomerate
buyer
B. Open account
D. Advance payment
freight?
A. The exporter
B. The buyer.
A. and.
B. or.
C. and/or.
D. Either B or C.
230
A. No, there isnt.
B. Yes, there is.
this information.
A. Spot transaction
A. diversifying
B. merging
C. specialization
A. tax
B. quota
C. protectionism
D. tariff
A. for an hour
B. an hour
C. the hour
A. tax heaven
B. tax haven
C. tax paradise
arbitration:
A. shipping, insurance and commodities
B. shipping, commodities and construction
C. shipping, commodities and raw materials
D. construction, commodities and goods
231

Test 1: D. Advance Payment

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English for Special Purposes - International Business

English for Special Purposes - International Business

8. A document that shows details of goods being transported; it entitles the

English for Special Purposes - International Business

15. In joint venture, two or more companies on specific projects

English for Special Purposes - International Business

English for Special Purposes - International Business

A. Combined bill of lading.

English for Special Purposes - International Business

36. A marine Bill of Lading becomes negotiable document and no restriction on

English for Special Purposes - International Business

English for Special Purposes - International Business

English for Special Purposes - International Business

English for Special Purposes - International Business

English for Special Purposes - International Business

English for Special Purposes - International Business

English for Special Purposes - International Business

30. A merger with or the acquisition of ones marketing outlets

English for Special Purposes - International Business

English for Special Purposes - International Business

44. Make sure all this equipment is insured accidental damage

English for Special Purposes - International Business

English for Special Purposes - International Business

7. Some of the language in insurance is incomprehensible to most

English for Special Purposes - International Business

English for Special Purposes - International Business

English for Special Purposes - International Business

English for Special Purposes - International Business

36. The process of making and defending a claim in court is

English for Special Purposes - International Business

43. Another term for "main business" is business.

English for Special Purposes - International Business

English for Special Purposes - International Business

7. Undertaking to indemnify means

English for Special Purposes - International Business

English for Special Purposes - International Business

English for Special Purposes - International Business

English for Special Purposes - International Business

35. An insurance broker usually several different insurance companies.

English for Special Purposes - International Business

English for Special Purposes - International Business

50. A company which makes a profit can be described as profitable or

English for Special Purposes - International Business

English for Special Purposes - International Business

English for Special Purposes - International Business

14. The advantages of arbitration are

English for Special Purposes - International Business

22. What is a transferable credit?

English for Special Purposes - International Business

English for Special Purposes - International Business

English for Special Purposes - International Business

English for Special Purposes - International Business

50. A public offer to buy a companys shareholders to buy their shares, at a

English for Special Purposes - International Business

English for Special Purposes - International Business

English for Special Purposes - International Business

English for Special Purposes - International Business

22. Does the buyer or seller insure the cargo?

A. Combined bill of lading.

English for Special Purposes - International Business

29. My insurance company offers a wide of cover

English for Special Purposes - International Business