A sale made with terms "CIF Tokyo" includes in the price quoted for the goods which of the following:

Question

Quizplus · Accepted Answer

CIF stands for "Cost, Insurance, Freight" and is a trade term used to indicate that the seller must pay the costs and freight necessary to bring the goods to the named port of destination. Therefore, the price quoted for the goods includes the cost of the goods themselves, the cost of insurance to cover any potential damage or loss in transit, and the cost of freight to transport the goods from the seller to the buyer's named port of destination. Cash, in-transit expenses, foreign exchange expenses, and currency exchange expenses are not included in the price quoted.

A Sale Made with Terms "CIF Tokyo" Includes in the Price