KL - Foreign Trade | Baamboozle - Baamboozle | The Most Fun Classroom Games!

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How many Incoterms are there in 2021?

The part of the sales contract that estates who is responsible for paying for the financial protection of good in case of loss or damage is ___.

Insurance

This document is used in foreign trade to prove where goods come from.

Certificate of origin

This document may be needed for the trade of restricted products.

Export licence

This type of tax is added to goods and products at each stage of production, distribution, or sale to the end consumer.

VAT (Value Added Tax)

In foreign trade, Which country's VAT rate is assumed, and who pays it?

The buyer assumes it with the VAT rate of their country.

An official ban, especially on trade or other commercial activity with a particular country is called ___.

An embargo

The export of goods at a much lower price than the one in domestic markets is called ___.

Dumping

An official limit in the amount of imports is called a ___.

Quota

Generally, customs ___ are not generally applied to imports between member nations of a trading bloc.

Duties

Customs helps to prevent the traffic of forbidden products. This illegal action is called ___.

Smuggling

The organisation in charge of facilitating global trade by means of regulations and agreements is the ___.

World Trade Organisation (WTO)

This trading bloc is composed of countries located in North America.

NAFTA

This system allows countries in the EU to identify the valid VAT number of a company a European country wants to trade with.

VIES (VAT Information Exchange System)

The value of all goods and services made by a country's residents and businesses over a year, regardless of production location is called ___.

GNP (Gross National Product)

In a balance of Payment (BOP), transfers from abroad are marked as a ___.

credit

In a Balance of Trade (BOT), more imports than exports signals a ___.

trade deficit

The goods and services sold to other countries are called ___.

Exports

The acquisition of banking services in a foreign country equals to ___.

an invisible import

When a country produces a good or service for a lower opportunity cost than other countries, it is a ___.

Comparative cost advantage