Answer Key

Foreign trade – Practice 1

Choose the correct answer:
  1. A draft drawn by a bank against funds deposited in another bank is  [a banker's draft]
  2. When exports are a major part of a country's GNP (gross national product), we speak of a(n) [export-driven economy]
  3. A load of goods carried by a ship, plane, etc. is called  [cargo]
  4. A person or company producing goods to sell abroad is  [an exporter]
  5. A person or party to whom something, usually merchandise, is consigned is  [a consignee]
  6. Conditions of dispatching ordered goods are called  [terms of delivery]
  7. A tax on imports is called  [duty]
  8. An unconditional order issued by a person or business which directs the recipient to pay a fixed sum of money to a third party at a future date is called  [a bill of exchange]
  9. A trading method in which the buyer pays for goods before they are dispatched is  [advance payment]
  10. An authority or agency in a country responsible for collecting customs duties and for controlling the flow of animals and goods (including personal effects and hazardous items) in and out of a country is  [customs]