Explain your reasoning. beneficiary A common pitfall of exporting is a poor understanding of competitive conditions in the foreign market. A. 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 B. The broker identifies Singapore Electronics, a potential customer in Singapore, for these items. The agent's role is to get orders and (usually) earn a commission for his services. It gives the importer time to resell the merchandise before payment. But a warehouse assistant might have skills like "customer orders," "pallets," "industrial trucks," and "hand trucks.". D. best prospects B. In many countries including the United States, a person must pass a customs broker exam to be licensed to operate in that country. That's why we looked into some other professions that might help you find your next opportunity. To remove antitrust disincentives to export activities. A. The average resume of transportation brokers showed that they earn similar levels of education to import-export agents. receiving a cleared payment through bank. C. Dummies has always stood for taking on complex concepts and making them easy to understand. A. C. Additionally, they're less likely to earn a Doctoral Degree by 0.0%. However, an agent does not take title to the goods and provides fewer services than a distributor does. 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. size of the transaction. D. A. B. You'd identify sellers of that product overseas and represent the buyer in foreign markets as the import agent. barter _____ is an alternative means of structuring an international sale when conventional means of payment are difficult, costly, or nonexistent. buyback, Which of the following terms refers to the use of a specialized third-party trading house in a countertrade arrangement? C. Trade agreements typically focus on the exchange of different types of products. It includes activities related to the promotion of goods and services. letter of credit 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\nLooking 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. A is an entry strategy for a single target country in which partners share ownership of a newly created business entity. B. For the most part, brokers work for sellers, although some brokers do represent buyers. D. To earn the highest possible profits in foreign countries. B. Private associations cannot offer export insurance in the United States. A. We found that at C.H. Offsetting Counterpurchase A. Glencores contract with Lockheed was not on the list. 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. The broker identifies Singapore Electronics, a potential customer in Singapore, for these items. to insure products during shipment. 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. Prepare documentation as master BOL, shippers export declarations, cargo release, pickups, delivery orders and others. D. D. is an independent agency of the United Nations. A. experienced specialists who can help the neophyte exporter. Less commonly earned degrees for import-export agents include a international business degree or a communication degree. As a receipt, the bill of lading indicates that the carrier: D. D. C. Exporting leads to diseconomies of scope. Master's Degree Human Resources Management. Domestic borrowers Sometimes, countries ensure a regular flow of international trade, i.e., a high volume of both imports and exports, by entering into a trade agreement with another country. It provides exporters and opportunity to obtain direct revenue. E. But a freight broker might use skills, such as, "tms," "logistics," "ftl," and "shippers.". Imposing tariffs is one way a country can work to improve its balance of trade. The SBA employs trade officers throughout the United States. B. U.S.-based corporations. \text { Direct labor } & 51,000 & - \\ C. most attractive to small, primarily domestic enterprises. Validate your product idea in real life 5. Most firms are familiar with the foreign market opportunities and therefore do not need to utilize proactive approaches. kaizen Draft Most firms already know where the market potential and opportunities are and they do not need to be proactive. Duties may also be different depending on where the agent is in the supply chain. However, an agent does not take title to the goods and provides fewer services than a distributor does. Place new order for internet service (sales). certain liabilities, including those relating to two speciffic contracts. provides a written promise of payment before releasing the merchandise. Since they are not actively engaged in the task, the principal is less informed than the agent. Which of the following is a disadvantage of countertrade? the importer has paid the bank. B. ", Each job requires different skills like "data entry," "booking," "export," and "import export," which might show up on an import-export agent resume. D. B. \end{array} switch trade. A. If you represent the seller, you have an obligation to sell that company's products at the highest possible price. For example, suppose CADE International is an import/export agent headquartered in New York. D. Next up, we have the freight broker profession to look over. 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. Kim Kwon Digital Components Company assembles circuit boards by using a manually operated machine to insert electronic components. In fact, freight forwarders are 1.1% more likely to graduate with a Master's Degree and 0.0% less likely to have a Doctoral Degree. A. C. 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). \end{array} \\ A. letter of credit D. Japan's _____ have offices all over the world, and they proactively, continuously seek export opportunities for their affiliated companies large and small. 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. See Page 1. The answer is no. Why? SCORE A. If you're interested in companies where import-export agents make the most money, you'll want to apply for positions at C.H. 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. bank statement. B. D. These similarities include skills such as "customer service," "dhl," and "hazardous materials," but they differ when it comes to other required skills. Need a consultation about how to grow your business abroad? bill of exchange {"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? countertrade. The automatic machine has an estimated useful life of five years and no significant residual value. B. that produced hazardous waste. If you represent the seller, you have an obligation to sell that company's products at the highest possible price. 4.UMS should contact Salesforce Support for a free backup. A broker differs from the traditional import/export agent in that she doesn't usually represent a company. It provides large revenue and profit opportunities. Alcoa World Alumina LLC bought the refinery from C. D. Resolve customer complaints via phone, email, mail, or social media. A. Full responsibility for financial statements and other financial reports. B. 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. B. 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. C. The sourcing decision is one of the most complex and important decisions faced by a global company. They systematically scan foreign markets for profitable export opportunities. B. C. 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. 40) Which of the following is typically true of an export management company?A) It is usually a division of a manufacturing company. Offset D. C. A. drawee Obviously, drawing a commission from both parties would create an ethical dilemma. To initiate a manual export, take these steps: Navigate to Admin in the top menu bar. D. D. The person or business initiating a draft is known as the ____. Freight brokers have licensed property brokers who provide assistance to shippers in hauling materials. 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. Select the best supplier & sign the commission agreement 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. & 1,500 & 4,000 \\ D. offset Such agreements are aimed at stimulating trade and supporting economic growth for both countries involved. counterpurchase A. 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. Work on special projects and unique problems as they occur. 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. A. Counterpurchase Which of the following statements is true of export credit insurance? Add additional products once exporting becomes successful. They then sell these products overseas through their contacts in their own names and assume all risks. We've found that most import-export agent resumes include experience from Expeditors, Yusen Logistics, and C.H. letter of credit. 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.
","description":"An agent is similar to a distributor in that he's a middleman. B. Glencore Ltd. Their contract provided that Glencore would offset D. Take inbound and outbound telephone calls, Utilize computer software i.e. Soviet Union and the Communist states of Eastern Europe, _____ is viewed as the most restrictive countertrade arrangement. Whereas a freight forwarder requires skills like "supply chain," "freight carriers," "freight rates," and "pod." & \begin{array}{c} C. C. Exporting goods and Hazardous material, Schedule and book urgent airfreight shipments through World Port. \text { Selling and administrative expenses } & 45,000 & 45,000 \\ C. time draft A. To 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. You'll get a detailed solution from a subject matter expert that helps you learn core concepts. The key is to develop a sound relationship with your connection and continually work toward increasing sales and improving the relationship.
\nRepresenting clients and getting commissions
\nThe rate of commission when working as an agent depends on the nature and type of product, the nature of the market you're selling to, and the level of competition.
\nIf you bring a buyer from one country together with a seller from another country, can you earn a commission from both parties? 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. Barter In the principal-agent model, the principle, who makes decisions, hires an agent to carry out their instructions. A. the bank promises to pay on the importer's behalf. E. To combine export shipments within single containers. B. The logs are particularly useful for debugging problems and monitoring cluster activity. Prepare the analysis over the useful life of the new machine. Weeks after the Philadelphia standout chided Kansas City's soon-to-be free agent over a Valentine's Day meme, Brown tore into Smith-Schuster once again on Wednesday following the releas This career brings along a higher average salary when compared to an import-export agent annual salary. Need A Perfect Import-Export Agent Resume? it provides more opportunities to smaller firms than larger firms. A. It guarantees the exporter pre-export financing. An agent is similar to a distributor in that he's a middleman. (X-M) in the above equation represents net exports. to save the agents.csv file. 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. Barter \hline \text { Sales } & \$ 205,000 & \$ 205,000 \\ It's their job to sort, organize, and keep stock in the right location. A. draft Direct all equipment logistics operations from supplier s warehouse to company s warehouse, following currency exchange control and customs regulations. A buyback The tariffs make importing goods and services more expensive than purchasing them domestically. subsidized by the Department of Commerce. D. Enter on a large scale to flood the market. Deal with international shipments 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. C. C. 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. AppDynamics Ansible Collection. Create ITN number, filling for AES regulation. Among the matters they negotiate include tracking of shipments, keeping delivery and pickup tracks, and shipping rates. \hline \hline In this section, we compare the average import-export agent annual salary with that of a freight forwarder. Instead, she's traditionally hired to bring together one-of-a-kind or nonrecurring deals. For example, you may know a company in the U.S. that's looking to buy a certain kind of product overseas. C. B. 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. A customs broker is a specific term used to identify the intermediary between the importer and the government's customs department in the country of import. O Export selling is passive by nature. Here are examples of responsibilities from real import-export agent resumes representing typical tasks they are likely to perform in their roles. Lockheed sold the refinery to Exim Agent 2015 All rights reserved - Website by YES Internet. Offset counterpurchase exporter's means of finance. D. B. B. A. B. It is not attractive to small organizations. The platform the agent is installed on. Select one alternative: O Strategic alliance Joint venture o Greenfield investment O Franchising O Contract manufacturing B. sight draft B. D. Lockheed Martin Corporation owned an aluminum refinery in St. Croix, Virgin Islands, Which of the following is a reason that firms take a reactive approach to exporting rather than a proactive approach? D. Some of the benefits of the agent option are the reduced start-up costs and the limited working capital you need. B. D. Exporting is not beneficial to a country's economy. C. This is a unique website which will require a more modern browser to work! Which of the following is true of the distribution process? ","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9054"}}],"primaryCategoryTaxonomy":{"categoryId":34247,"title":"Operations","slug":"operations","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34247"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[{"label":"Understanding types of agents","target":"#tab1"},{"label":"Looking at the benefits and challenges of being an agent","target":"#tab2"},{"label":"Representing clients and getting commissions","target":"#tab3"}],"relatedArticles":{"fromBook":[{"articleId":208407,"title":"Import/Export Kit For Dummies Cheat Sheet","slug":"importexport-kit-for-dummies-cheat-sheet","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/208407"}},{"articleId":180518,"title":"Buyer and Seller Agreements in Importing and Exporting","slug":"buyer-and-seller-agreements-in-importing-and-exporting","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/180518"}},{"articleId":180517,"title":"Global Negotiations in the Import/Export Business","slug":"global-negotiations-in-the-importexport-business","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/180517"}},{"articleId":180519,"title":"Questions to Ask before Starting Your Import/Export Business","slug":"questions-to-ask-before-starting-your-importexport-business","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/180519"}},{"articleId":180516,"title":"Legal Dangers in International Trade","slug":"legal-dangers-in-international-trade","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/180516"}}],"fromCategory":[{"articleId":292019,"title":"Supplier Diversity For Dummies Cheat Sheet","slug":"supplier-diversity-for-dummies-cheat-sheet","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/292019"}},{"articleId":277402,"title":"Supply Chain Career Categories","slug":"supply-chain-career-categories","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277402"}},{"articleId":277394,"title":"Supply Chain Analytics: Correlation, Causation, and Interpolation","slug":"supply-chain-analytics-correlation-causation-and-interpolation","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277394"}},{"articleId":277388,"title":"Supply Chain Management: Planning and Scheduling Production","slug":"supply-chain-management-planning-and-scheduling-production","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277388"}},{"articleId":277383,"title":"How Supply Chain Processes Evolve","slug":"how-supply-chain-processes-evolve","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277383"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":282293,"slug":"import-export-kit-for-dummies-3rd-edition","isbn":"9781119079675","categoryList":["business-careers-money","business","operations"],"amazon":{"default":"https://www.amazon.com/gp/product/1119079675/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"https://www.amazon.ca/gp/product/1119079675/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"http://www.tkqlhce.com/click-9208661-13710633?url=https://www.chapters.indigo.ca/en-ca/books/product/1119079675-item.html&cjsku=978111945484","gb":"https://www.amazon.co.uk/gp/product/1119079675/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"https://www.amazon.de/gp/product/1119079675/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"https://www.dummies.com/wp-content/uploads/import-export-kit-for-dummies-3rd-edition-cover-9781119079675-203x255.jpg","width":203,"height":255},"title":"Import / Export Kit For Dummies","testBankPinActivationLink":"","bookOutOfPrint":false,"authorsInfo":"
John Capela has taught marketing, management, and international business courses at St. Joseph's College in New York for 20 years.
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