_____ are internationally recognized commercial terms that describe the responsibilities of the buyer and seller in the arrangement of transportation and clarify when the ownership of the merchandise takes place.
A) Incoterms
B) Duties
C) Letters of credit
D) Values
E) Tariffs

Question

Quizplus · Accepted Answer

Incoterms are internationally recognized commercial terms that describe the responsibilities of the buyer and seller in the arrangement of transportation and clarify when the ownership of the merchandise takes place. The other options do not specifically refer to this concept, with duties being taxes on imports, letters of credit being a payment method, values being the worth of a product, and tariffs being taxes on imports or exports.

_____ Are Internationally Recognized Commercial Terms That Describe the Responsibilities