Answer Key
Foreign trade – Practice 1
Choose the correct answer:
- A draft drawn by a bank against funds deposited in another bank is [a banker's draft]
- When exports are a major part of a country's GNP (gross national product), we speak of a(n) [export-driven economy]
- A load of goods carried by a ship, plane, etc. is called [cargo]
- A person or company producing goods to sell abroad is [an exporter]
- A person or party to whom something, usually merchandise, is consigned is [a consignee]
- Conditions of dispatching ordered goods are called [terms of delivery]
- A tax on imports is called [duty]
- 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]
- A trading method in which the buyer pays for goods before they are dispatched is [advance payment]
- 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]