[Financial English]_[Unit 5: International Trade ...

TRUE or FALSE: Revocable describes something that cannot be changed. In the world of business and finance, it often refers to commitments or documents that are unalterable without the unanimous consent of all involved parties

While _____ is a situation in which a country’s imports exceed its exports, resulting in a negative balance of trade; ____ is a situation in which a country’s exports exceed its imports, resulting in a positive balance of trade

What is the definition of a Consignee?

Quota is a _____ or restriction on the _____ of ______ goods or services that can be imported or exported within a certain period, often used to control supply and protect ______.

Dumping is the practice of _____ goods in a _____ market at a price _____ than the cost of production or ____ their ____ market price, often with the intent of eliminating competitors or gaining market share.

Incoterms is a set of _____ that define the responsibilities of buyers and sellers in ______, specifying who is responsible for various _____ during the transportation of goods.

A document issued by a bank that guarantees payment to a seller for goods or services, provided the terms and conditions specified in the document are met

FOB: A shipping term that marks where the seller's responsibility ends and the buyer's begins. Variations include FOB Shipping Point and FOB Destination, which specify the transfer of risk and cost at different transportation stages.

A levy or duty applied to imported, and occasionally exported, goods, primarily as a means of safeguarding domestic industries or generating revenue.

While ____ is selling goods or services to foreign countries; _____ is bringing goods or services into a country from broad

Protectionism is a policy or approach aimed at shielding _____ industries from ______ competition by implementing ____, such as tariffs, quotas, or subsidies.

_____ includes the contents of each package or container in detail. It typically includes descriptions of the items, their quantities, weights, and dimensions.

TRUE or FALSE: Comparative advantage encourages every country to produce everything it needs domestically

TRUE or FALSE: LCL ( Less-than-Container Load): a shipping term indicating the point at which the seller’s responsibility ends and the buyer’s begins.

Bill of lading is a ____ document issued by a ____ company or carrier to acknowledge that they have ____ the cargo for transport. It serves as a _____ and a contract that specifies what’s being transported, its destination, and ______.

Any government policy, regulation, or practice that obstructs or limits international trade, such as tariffs, quotas, and various protectionist strategies.

TRUE or FALSE: Specialization and trade, grounded in comparative advantage, allow countries to obtain a broader variety of goods and services, ultimately enhancing overall economic well-being.