B. List of Excel Shortcuts Smaller organizations commonly use countertrade in international transactions. The original cost of the machine is $60,000, the accumulated depreciation is$24,000, its remaining useful life is five years, and its residual value is negligible. bill of lading Counterpurchase C. This is a one-time deal, because as soon as the goods are purchased, they'll no longer be available. Obviously, drawing a commission from both parties would create an ethical dilemma. When it comes to education, warehouse assistants tend to earn similar education levels than import-export agents. is a time draft that has been drawn on and accepted by a bank. In a letter of credit transaction, the importer secures the letter of credit: A. Robinson, PrincePerelson & Associates, and The IMA Group. A. Service reservations and answer questions pertaining to air cost, documentation, flight policies and procedures. B. RoomCostperSqYd103158$20.50\begin{aligned} A(n) _____ can help new exporters identify opportunities and avoid common pitfalls. Which of the following is true of exporting? is an independent agency of the United Nations. CADE is aware that XYZ International is a manufacturer of quality women's sweaters in Japan and that Big-Name Department Store is interested in acquiring sweaters to sell to its customers. Whereas a freight forwarder requires skills like "supply chain," "freight carriers," "freight rates," and "pod." Select the best supplier & sign the commission agreement Export selling does not modify the product pricing or promotional material to mee. B. A broker differs from the traditional import/export agent in that she doesn't usually represent a company. \text { Present } \\ Net exports are the estimation of the total value of a countrys exports minus the total value of its imports. SCORE, Through its _____ program, the SBA oversees about 850 volunteers with international trade experience to provide one-on-one counseling to active and new-to-export businesses. not-for-profit organizations that provide free service. Instead, she's traditionally hired to bring together one-of-a-kind or nonrecurring deals.
\nFor example, a broker is contacted and advised that Company A in New York has an excess inventory of a soon-to-be-discontinued product. B. Letter of credit. For reports that allow you to specify them, enter a Begin date and End date . The tariffs make importing goods and services more expensive than purchasing them domestically. For example, you may identify a producer in the U.S. and work toward representing that producer (the seller) in foreign markets as the export agent. Countertrade A. C. C. D. \text { Direct labor } & 51,000 & - \\ Governments do not provide much assistance to exporters. In a typical international trade transaction, the: E. It reduces paperwork and complex formalities. \text { Selling and administrative expenses } & 45,000 & 45,000 \\ Matchmaking export management company, As a document of title, a _____ can be used to obtain payment or a written promise of payment before the merchandise is released to the importer. On May 4 of the current year, a proposal was made to replace the present manufacturing procedure with a fully automatic machine that has a purchase price of $180,000. D. D. It includes buying and selling negotiations. These skill sets are where the common ground ends though. It guarantees the exporter pre-export financing. New role of Greece in Food & Beverage trade field confronting new labour, production and supply conditions in Europe with COVID-19 underneath. B. Which of the following is a document used to give the title of the products to a bank? It helps a firm achieve economies of scale. least attractive to small, primarily domestic enterprises. offset. The peer service is added as an attribute to a span whose host or IP address match the mapping. ASEAN countries According to resumes from both import-export agents and transportation brokers, some of the skills necessary to complete the responsibilities of each role are similar. Generally speaking, import-export agents earn anywhere from $33,000 to $67,000 a year, which means that the top-earning import-export agents make $26,000 more than the ones at the lower end of the spectrum. In general, freight brokers study at similar levels of education than import-export agents. B.
","authors":[{"authorId":9054,"name":"John J. Capela","slug":"john-j-capela","description":"John Capela has taught marketing, management, and international business courses at St. Joseph's College in New York for 20 years. See 10+ resume templates and create your resume here. letter of credit. A. Countertrade contracts may involve the exchange of unusable or poor-quality. C. D. A. large revenue opportunities are often found in foreign markets. Dummies helps everyone be more knowledgeable and confident in applying what they know. importer's bank sends the draft and bill of lading to the exporter's bank. Bring in expert marketing specialists to promote the firm's products. The automatic machine has an estimated useful life of five years and no significant residual value. Additionally, they're less likely to earn a Doctoral Degree by 0.0%. They move materials and inventory across the facilities. B. SBA offers help exclusively to small businesses that sell products within U.S. AppDynamics Ansible Collection. is an international financial institution that provides loans for capital programs. These agents must possess a variety of export documentation to facilitate domestic and international shipments of products to ensure timely delivery. The agent thus will do most of the marketing of the principle (i.e. While the salary may be different for these job positions, there is one similarity and that's a few of the skills needed to perform certain duties. Trained and mentored import/export operations for areas of improvement within the import/export department. Processed overnight international shipments for various accounts. This is a unique website which will require a more modern browser to work! against political risks faced by importers. D. Countertrade occurs when goods and services are traded for other goods and services. Among the necessary skills for this job include customer service, negotiation, communication, and marketing. Enter on a large scale to flood the market. On the other hand, if you're representing the buyer, you have an obligation to secure the products for the buyer at the lowest possible price. C. Explain your reasoning. Countertrade uses instruments such as time draft and sight draft. The answer is no. C. Fixed exchange system, _____ denotes a whole range of barter-like agreements and its principle is to trade goods and services for other goods and services when they cannot be traded for money. Importers usually issue a _____ to importers in international transactions. The Foreign Credit Insurance Association provides coverage: Indirect exporting is a common practice among firms that are just beginning their exporting. For years, wineries in the United States experienced difficulties even selling their products domestically, largely because of the fact that U.S. wines were not considered to be of the same quality as, say, French or Italian wines. These skill sets are where the common ground ends though. D. time draft However, an agent does not take title to the goods and provides fewer services than a distributor does. C. barter \text { Operations } The importer must pay a bank fee for the letter of credit. offset A positive net exports figure indicates a trade surplus. These professions include a freight forwarder, freight broker, warehouse assistant, and transportation broker. Which of the following is a disadvantage of using a letter of credit (L/C)? switch trade Browse through our resume examples to identify the best way to word your resume. C. Countertrade prevents exchange of unusable or poor-quality goods. C. The SBA employs trade officers throughout the United States. Dummies has always stood for taking on complex concepts and making them easy to understand. kaizen in-house trading department actions against the current and former owners of the refinery to {"appState":{"pageLoadApiCallsStatus":true},"articleState":{"article":{"headers":{"creationTime":"2016-03-26T07:23:06+00:00","modifiedTime":"2016-03-26T07:23:06+00:00","timestamp":"2022-09-14T17:49:14+00:00"},"data":{"breadcrumbs":[{"name":"Business, Careers, & Money","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34224"},"slug":"business-careers-money","categoryId":34224},{"name":"Business","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34225"},"slug":"business","categoryId":34225},{"name":"Operations","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34247"},"slug":"operations","categoryId":34247}],"title":"What Is an Import/Export Agent? draft b) They usually handle domestic transactions for firms. \text { Total expenses } & \$ 174,500 & \$ 139,000 \\ A. provides a written promise of payment before releasing the merchandise. If you're interested in companies where import-export agents make the most money, you'll want to apply for positions at C.H. Think of an import/export agent like a real estate agent: The buyer has an agent, and the seller has an agent, but the same agent doesn't represent both the buyer and the seller.
\nIf you choose to set up your business working as an agent, decide who you're going to represent and then work at nurturing that relationship. offsets B. D. To earn the highest possible profits in foreign countries. letter of credit. It's their job to sort, organize, and keep stock in the right location. The commercial invoice is a legal document between the exporter and the buyer (in this case, the foreign buyer) that clearly states the goods being sold and the amount the customer is to pay. Which of the following is a disadvantage of countertrade? C. Transportation brokers tend to earn a higher pay than import-export agents by about $3,801 per year. D. C. The Structured Query Language (SQL) comprises several different data types that allow it to store different types of information What is Structured Query Language (SQL)? Employees in both import-export agents and freight forwarders positions are skilled in customer service, booking, and import export. A is an entry strategy for a single target country in which partners share ownership of a newly created business entity. A. MCQ11 MLIN13 08 2021 The decision of where to locate key business activities depends on factors besides costs. U.S.-based corporations. He is president of CADE International, which provides consulting and training in international business including importing, exporting, licensing, and foreign investment. They create excess productive capacity and actively hunt for opportunities in foreign markets. sight draft Which of the following is an advantage of countertrade? & \begin{array}{c} Full responsibility for financial statements and other financial reports. Switch trading, In a(n) ____, one party agrees to purchase goods and services with a specified percentage of the proceeds from the original sale and this party can fulfill the obligation with any firm in the country to which the sale is being made. C. An example of the quality issue is illustrated by Sony televisions, which are perceived by many consumers as being of notably superior quality to other brands. They are very different from export agents. Offset D. They are intimidated by the complexities and mechanics of exporting to countries where business practices, language, culture, legal systems, and currency are very different from the home market. B. bill of lading Room103158CostperSqYd$20.50. Employees in both import-export agents and freight forwarders positions are skilled in customer service, booking, and import export. B. letter of credit D. Export agents, merchants, or remarketers purchase products directly from the manufacturer, packing and labeling the products according to their own specifications. To keep advancing your career, the additional CFI resources below will be useful: A free, comprehensive best practices guide to advance your financial modeling skills, Financial Modeling & Valuation Analyst (FMVA), Commercial Banking & Credit Analyst (CBCA), Capital Markets & Securities Analyst (CMSA), Certified Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management (FPWM). drawee after product shipment. Sometimes people change their minds about their career after working in the profession. C. EMCs are export-import banks that manage foreign exchanges. Countertrade requires the firm to use an out-of-house trading company to which much of the profit will go. is the same as a letter of credit. the importer has paid the bank. Prepare documentation as master BOL, shippers export declarations, cargo release, pickups, delivery orders and others. Decide whether the following statement true and false. Warehouse assistants oversee a warehouse's stocks and products. Buyback, A(n) _____ occurs when a firm supplies technology, equipment, training, or other services in a country and agrees to take a certain percentage of the resultant output as partial payment for the contract. C. For example, you may identify a producer in the U.S. and work toward representing that producer (the seller) in foreign markets as the export agent. A. C. The ownership title remains with the distributor even on completion of the transaction. These skills include "customer service," "third-party logistics," and "as400. Buyback, _____ occurs when a firm agrees to purchase a certain amount of materials back from a country to which a sale is made. It provides exporters and opportunity to obtain direct revenue. Handle all facets of work associate with incoming customer cargo calls, including booking, tracking and tracing cargo. A. Experts are tested by Chegg as specialists in their subject area. Maintain AS400 system to include accurate shipment order entry, AES filing and other pertinent information for LCL and FCL shipments. The interest rate on my student loan is only 6%6 \%6%, yet more than half of my payments are currently going toward interest rather than principal. Which of the following statements is true of EMCs? It provides large revenue and profit opportunities. A. Direct all equipment logistics operations from supplier s warehouse to company s warehouse, following currency exchange control and customs regulations. 2003-2023 Chegg Inc. All rights reserved. Barter 40) Which of the following is typically true of an export management company?A) It is usually a division of a manufacturing company. Which of the following is true of exporting? A. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. B. If you represent the seller, you have an obligation to sell that company's products at the highest possible price. Thank you for reading CFIs guide to Imports and Exports. offset We calculated that 34% of Import-Export Agents are proficient in Customer Service, Data Entry, and Booking. SCORE Prepare a differential analysis dated May 4 to determine whether to continue with (Alternative 1) or replace (Alternative 2) the old machine. B. D. The commercial invoice is one of the main documents used by customs in determining customs duties. B. Maintain and update CMP, rate sheets, etc. Offset D. However, an agent does not take title to the goods and provides fewer services than a distributor","noIndex":0,"noFollow":0},"content":"
An agent is similar to a distributor in that he's a middleman. A) manufacturers' agent B) export and import broker C) freight forwarder D) manufacturers' export agent Answer: C Diff: 2 Skill: Application Objective: 3 The Mitsubishi Corporation is a firm that is directly engaged in importing and exporting a wide variety of goods for its own account and is a part of a keiretsu system. For the most part, brokers work for sellers, although some brokers do represent buyers. You'd identify sellers of that product overseas and represent the buyer in foreign markets as the import agent. receiving a cleared payment through bank. Exporting goods and Hazardous material, Schedule and book urgent airfreight shipments through World Port. C. Master's Degree Human Resources Management. B. In the principal-agent model, the principle, who makes decisions, hires an agent to carry out their instructions. For example, you may identify a producer in the U.S. and work toward representing that producer (the seller) in foreign markets as the export agent. C. Draft C. Coordinate international export shipments: booking, documentation handling, and meeting country import regulations to ensure customs clearance. C. Countertrade is not useful when trading with developing nations. They are also responsible for issuing materials and other supplies for storage in the central warehouse. B. To allow U.S. companies to bypass tax laws with respect to international trading. C. Barter As mentioned previously, import-export agents highest annual salary comes from the transportation industry with an average salary of $43,437. trustee, A _____ is simply an order written by an exporter instructing an importer, or an importer's agent, to pay a specified amount of money at a specified time. A buyback In fact, our research shows that one out of every five import-export agents were not college graduates. B. All supported agents are downloaded from the download portal unto the Ansible control node automatically -- this makes it easy to acquire and upgrade agents declaratively. subsidized by the Department of Commerce. Export Agents, Merchants, or Remarketers. U.S. government, _____ can avail loans from Ex-Im Bank to pay U.S. suppliers. Imposing tariffs is one way a country can work to improve its balance of trade. D. United States D. CADE is a middleman, bringing the seller and buyer together but not taking title to the goods and not providing any of the services that a distributor may perform.
\nAn agent
\n- \n
Is independently owned
\n \n Does not take title to the products being purchased and sold
\n \n Is actively involved in the negotiations for either the sale or purchase of the products
\n \n
Understanding types of agents
\nThe import/export business has two main types of agents:
\n- \n
Traditional import/export agents: An export agent works in the country where the product is produced. Once you've obtained the level of education you're comfortable with, you might start applying to companies to become an import-export agent. The following figure illustrates the relationship among the agent, the supplier, and the buyer.
\n![\"image0.jpg\"](\"https://www.dummies.com/wp-content/uploads/493647.image0.jpg\")
\nFor example, suppose CADE International is an import/export agent headquartered in New York. & 1,500 & 4,000 \\ 4.UMS should contact Salesforce Support for a free backup. A. Letter of credit A. By concealing information or using their expertise in ways that benefit themselves more than the principal, the agent is able to shirk . gives a bank guarantee to an exporter. A. An import-export agent responsibility is more likely to require skills like "data entry," "export," "international shipments," and "air freight." The greater the effort you make in developing that relationship and representing the company, the more likely that company will be to maintain the relationship.
","blurb":"","authors":[{"authorId":9054,"name":"John J. Capela","slug":"john-j-capela","description":"John Capela has taught marketing, management, and international business courses at St. Joseph's College in New York for 20 years. ELAN D. sogo shosha The exporter normally pays the agent for the expenses they have incurred marketing the firms products and handling the export administration, and will generally earn a commission on any sales generated. Navigate to Digital > Exports in the left navigation bar. A. In addition, criminal violators may be sentenced to prison time up to 20 years and administrative penalties may include the denial of export privileges. The import/export business has two main types of agents: Traditional import/export agents: An export agent works in the country where the product is produced. C. B. B. indemnify Lockheed for pre-closing environmental conditions. You'd identify sellers of that product overseas and represent the buyer in foreign markets as the import agent.
\n \n Brokers: A broker is an independent agent who brings buyers and sellers together. The initial investment and costs of doing business as an agent are significantly lower than those that come along with operating as a distributor.
\nOn the downside, when you're doing business as an agent, you run the risk that the parties will bypass your firm and deal directly with each other on any future transactions.
\nTo minimize the risk of being eliminated from future transactions, remember that an agent is not someone who makes a call and brings people together just to earn a commission. matchmaker An agentData element will be included in the output file if any of the following are true: The export is configured to include an Agent Data Group values. In fact, freight brokers salary difference is $5,064 higher than the salary of import-export agents per year. On the other hand, a negative net exports figure indicates a trade deficit. We have detailed the most important import-export agent responsibilities below. C. Add additional products once exporting becomes successful. the bank receives materials from the importer. C. bill of lading Cross-selling C. A. Exports are goods and services that are produced domestically, but then sold to customers residing in other countries. The person or business initiating a draft is known as the ____. And at The IMA Group, they make an average salary of $46,964. By entering your email address and clicking the Submit button, you agree to the Terms of Use and Privacy Policy & to receive electronic communications from Dummies.com, which may include marketing promotions, news and updates. The _____ is issued to the exporter by the common carrier transporting the merchandise. A. Why? D. So the broker brings Company A and Singapore Electronics together for this one-time deal, and in return, the broker receives a commission from Company A.
\n \n
Looking at the benefits and challenges of being an agent
\nSome of the benefits of the agent option are the reduced start-up costs and the limited working capital you need. Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Fundamentals of Financial Management, Concise Edition. Whereas at PrincePerelson & Associates, import-export agents earn roughly $48,824. B. \hline \hline They are taken into account as Net Exports. Recommended improvements to existing or planned logistics processes, as well as writing and revising standard operating procedures for those processes. B. Specialize - choose your sector and products 4. Here are examples of responsibilities from real import-export agent resumes representing typical tasks they are likely to perform in their roles. A _____ serves as a receipt, a contract, and a document of title. Duties may also be different depending on where the agent is in the supply chain. D. A common pitfall of exporting is a poor understanding of competitive conditions in the foreign market. Which of the following statements is true about Small Business Administration (SBA)? Their job involves linking carriers and shippers in hauling materials. Switch trading In some cases, the principle will want to keep tight control over the agents activities, while in other instances, the agent is given free reign. Countertrade See the full list of import-export agent skills. bill of lading Build a professional import-export agent resume in minutes. As is the case with most jobs, it takes work to become an import-export agent. D. The top three companies that hire the most from these institutions include Expeditors, Kuehne+Nagel, and FedEx. While most import-export agents have a college degree, you may find it's also true that generally it's possible to be successful in this career with only a high school degree. before product shipment. is a sight draft that can be used as a negotiable instrument in banks. Create ITN number, filling for AES regulation. C. \end{array} \\ You remain responsible for shipping and other trade-related logistics - although your agent should be able to help. Gross Domestic Product (GDP) is the gross market value of the total goods and services produced within the domestic boundaries of a country during a given period of time. The status of the agent at the time of export. Instead, she's traditionally hired to bring together one-of-a-kind or nonrecurring deals.
\nFor example, a broker is contacted and advised that Company A in New York has an excess inventory of a soon-to-be-discontinued product. B. Which of the following is an advantage of exporting? They consider exporting only after their domestic market is saturated. D. buyback A key feature of the traditional export agent is that they never really take ownership of the goods, which always remain under the control of the exporter. He is president of CADE International, which provides consulting and training in international business including importing, exporting, licensing, and foreign investment. allows a buyer possession of the merchandise without signing any formal documents. The warehouse assistant profession generally makes a lower amount of money when compared to the average salary of import-export agents. B. Total imports and total exports are essential components for the estimation of a countrys GDP. The average resume of transportation brokers showed that they earn similar levels of education to import-export agents. To remove antitrust disincentives to export activities. Brokers: A broker is an independent agent who brings buyers and sellers together. to Lockheeds suit? The broker identifies Singapore Electronics, a potential customer in Singapore, for these items. \textbf{ Room}& \textbf{Cost per Sq Yd }\\ Analyze data for proper processing of time sensitive live customs entries. A. Resolve customer complaints via phone, email, mail, or social media. \end{array} Letter of credit trade A. Japan's _____ have offices all over the world, and they proactively, continuously seek export opportunities for their affiliated companies large and small. Reactive firms consider a variety of markets for selling their products and services. A. \hline \text { Sales } & \$ 205,000 & \$ 205,000 \\ is a document requesting payment. C. Some companies may employ an agent for very specific tasks such as undertaking marketing research or handling the export administration and logistics only.
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