which of the following is true of export agents

Some of the benefits of the agent option are the reduced start-up costs and the limited working capital you need. C. You need to specify in an agent's contract if you need them to credit check your customers for you. Lockheed Martin Corporation owned an aluminum refinery in St. Croix, Virgin Islands, that produced hazardous waste. Send arrival notices, tracking, arranging inland moves on containers and LCL cargo. ","strippedTitle":"what is an import/export agent? Bring in expert marketing specialists to promote the firm's products. Barter Thank you for reading CFIs guide to Imports and Exports. A. D. Offset If you represent the seller, you have an obligation to sell that company's products at the highest possible price. This is a one-time deal, because as soon as the goods are purchased, they'll no longer be available. D. \text { Power and maintenance } & 5,000 & 18,000 \\ Switch trading A is an entry strategy for a single target country in which partners share ownership of a newly created business entity. 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. receives payment from a third-party such as a bank or trading house. Net exports are the estimation of the total value of a countrys exports minus the total value of its imports. A common pitfall of exporting is a poor understanding of competitive conditions in the foreign market. These skill sets are where the common ground ends though. exporter's creditworthiness. C. E. It reduces paperwork and complex formalities. Handle all facets of work associate with incoming customer cargo calls, including booking, tracking and tracing cargo. 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. is a document requesting payment. Processed overnight international shipments for various accounts. C. against commercial risks and political risks faced by exporters. C. The answer is no. Why? indemnify Lockheed for pre-closing environmental conditions. 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.

Looking at the benefits and challenges of being an agent

Some of the benefits of the agent option are the reduced start-up costs and the limited working capital you need. EMCs are export specialists that act on behalf of their client firms. Or you may work as an import agent based in the country where the product will be sold, in which case you represent the buyers. 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. 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. Build a professional resume in minutes using this template. Which of the following is true of exporting? 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. B. All of these tasks, the export will do on the exporters behalf. He is president of CADE International, which provides consulting and training in international business including importing, exporting, licensing, and foreign investment. A. However, an agent does not take title to the goods and provides fewer services than a distributor does. D. C. Because as an agent, you're representing someone. They're 1.4% less likely to obtain a Master's Degree while being 0.0% more likely to earn a Doctoral Degree. So much so that the likelihood of them earning a Master's Degree is 0.2% less. 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. Countries vary considerably with regard to how important imports and exports, and their overall balance of trade is to their economies. size of the transaction. buyback Trade agreements typically focus on the exchange of different types of products. C. the importer has paid the bank. Direct all equipment logistics operations from supplier s warehouse to company s warehouse, following currency exchange control and customs regulations. Which of the following is an advantage of countertrade? D. The exporter cannot avail pre-export financing when using a L/C. beneficiary Question: MCQ10 MLIN13 08 2021 Which of the following statements is not true for export selling: Select one alternative: The export selling approach works for companies that have unique products with little or no international competition Export selling does not involve tailoring the product, the price, the promotional material to suit the Most modern applications have some kind of logging mechanism. B. Among the necessary skills for this job include customer service, negotiation, communication, and marketing. Governments do not provide much assistance to exporters. C. C. B. drawee Countertrade B. importer's bank sends the draft and bill of lading to the exporter's bank. If you represent the seller, you have an obligation to sell that company's products at the highest possible price. The IPv4 or IPv6 address of the agent. least attractive to small, primarily domestic enterprises. B. A. B. C. large revenue opportunities are often found in foreign markets. B. Countertrade requires the firm to use an out-of-house trading company to which much of the profit will go. World Trade Organization While looking through the resumes of several import-export agents and warehouse assistants we discovered that both professions have similar skills. D. ", While some skills are similar in these professions, other skills aren't so similar. bill of lading On average, the import-export agent annual salary is $47,326 per year, which translates to $22.75 an hour. Specialize - choose your sector and products 4. While the salaries between these two careers can be different, they do share some of the same responsibilities. Switch trading, _____ occurs when a third-party trading house buys the firm's counterpurchase credits and sells them to another firm that can better use them. Next up, we have the freight broker profession to look over. D. is the same as a letter of credit. If consumers are convinced that a certain product made in country X is of substantially better quality than the same product as made in country Y, then they may continue purchasing the product from manufacturers in country X even if government subsidies to manufacturers in country Y have made it significantly less expensive to buy from country Y. Maintain and update CMP, rate sheets, etc. In the principal-agent model, the principle, who makes decisions, hires an agent to carry out their instructions. An import or export agent acts as a middle person for the purchase or sale of products between both domestic and overseas companies. Financing is difficult when engaging in a countertrade. A. B. Countertrade is: The agent's role is to get orders and (usually) earn a commission for his services. Soviet Union and the Communist states of Eastern Europe, _____ is viewed as the most restrictive countertrade arrangement. after product shipment. They are not intimidated by the complexities and mechanics of exporting to foreign countries and can, therefore, use the same reactive approaches that work in their home market. Small firms tend to be more aggressive than larger firms in global trade. For the most part, brokers work for sellers, although some brokers do represent buyers. A. C. B. The platform the agent is installed on. The currency devaluation also makes purchasing from other countries more expensive, thus discouraging imports. 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. B. most attractive to large, diverse multinational enterprises. For example, the U.S. might enter into a trade agreement with Japan where Japan agrees to buy a certain amount of American-made automobiles in exchange for the U.S. increasing its imports of Japanese rice. A. Exports are goods and services that are produced domestically, but then sold to customers residing in other countries. C. To bypass trade barriers in foreign countries. Coordinate international export shipments: booking, documentation handling, and meeting country import regulations to ensure customs clearance. A banker's acceptance: Governments decrease excessive import activity by imposing tariffs and quotas on imports. kaizen subsidized by the Department of Commerce. A. capital assistance A. C. The following figure illustrates the relationship among the agent, the supplier, and the buyer.

For example, suppose CADE International is an import/export agent headquartered in New York. A. before product shipment. Some of the skills we found on import-export agent resumes included "customer service," "data entry," and "booking." C. D. bill of lading An importer obtains a _____ from a local bank in a typical international transaction. C. These professions include a freight forwarder, freight broker, warehouse assistant, and transportation broker. draft A. Switch trading, ____ is primarily used for one-time-only deals in transactions with trading partners who are not creditworthy or trustworthy. Freight forwarders tend to reach similar levels of education than import-export agents. In this section, we compare the average import-export agent annual salary with that of a freight forwarder. If you're interested in companies where import-export agents make the most money, you'll want to apply for positions at C.H. letter of credit. 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. D. \text { Selling and administrative expenses } & 45,000 & 45,000 \\ Use This TemplateUse This TemplateUse This TemplateUse This TemplateUse This TemplateUse This TemplateUse This TemplateUse This TemplateUse This TemplateUse This TemplateUse This TemplateUse This TemplateUse This TemplateUse This TemplateUse This TemplateUse This Template. On 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. to Lockheeds suit? A. Service reservations and answer questions pertaining to air cost, documentation, flight policies and procedures. B. It gives the importer time to resell the merchandise before payment. Which of the following factors is not typically taken into consideration when making a sourcing decision: Select one alternative: Country infrastructure Foreign exchange rates O Management vision O Divisibility of innovation O Customer needs B. SalesDirectmaterialsDirectlaborPowerandmaintenanceTaxes,insurance,etc. matchmaker Here are examples of responsibilities from real import-export agent resumes representing typical tasks they are likely to perform in their roles. In fact, our research shows that one out of every five import-export agents were not college graduates. ELAN has obtained the merchandise described on the face of the document. Need a consultation about how to grow your business abroad? D. Countertrade Export selling does not modify the product pricing or promotional material to mee. focuses on policies that have an impact on the exchange rate and the balance of payments. A. Countertrade requires employing lawyers who specialize in these unique types of contracts. Export selling requires the use of marketing research and identification of market potential. He is president of CADE International, which provides consulting and training in international business including importing, exporting, licensing, and foreign investment. Responsibilities for this career vary depending on the field and type of company for which the agent works. A. B. SellingandadministrativeexpensesTotalexpensesPresentOperations$205,000$72,00051,0005,0001,50045,000$174,500ProposedOperations$205,000$72,00018,0004,00045,000$139,000. The following figure illustrates the relationship among the agent, the supplier, and the buyer.

For example, suppose CADE International is an import/export agent headquartered in New York. A. C. & 1,500 & 4,000 \\ 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.

If 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. Exporting goods and Hazardous material, Schedule and book urgent airfreight shipments through World Port. E. To combine export shipments within single containers. A. A. It is the most comprehensive source of export opportunities information. Export-Import Bank U.S. government, _____ can avail loans from Ex-Im Bank to pay U.S. suppliers. D. B. C. D. Which of the following statements is true of reactive firms? 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. To allow U.S. companies to bypass tax laws with respect to international trading. Letter of credit trade best prospects Sometimes people change their minds about their career after working in the profession. The names of any groups the agent belongs to. bill of lading Robinson, PrincePerelson & Associates, and The IMA Group. B. Lockheed sold the refinery to Which of the following is a nationwide group of international trade attorneys who provide free initial consultations to miniature businesses on export-related matters? They are taken into account as "Net Exports". 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. Need A Perfect Import-Export Agent Resume? Private associations cannot offer export insurance in the United States. Matchmaking C. The initial investment and costs of doing business as an agent are significantly lower than those that come along with operating as a distributor. 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.

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