D. D. B. letter of credit A. is payable to the drawee immediately on presentation in a bank. They systematically scan foreign markets for profitable export opportunities. draft C. switch trade For use in evaluating the proposal, the accountant accumulated the following annual data on present and proposed operations: PresentOperationsProposedOperationsSales$205,000$205,000Directmaterials$72,000$72,000Directlabor51,000Powerandmaintenance5,00018,000Taxes,insurance,etc. As mentioned, these two careers differ between other skills that are required for performing the work exceedingly well.
","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. A(n) _____ can help new exporters identify opportunities and avoid common pitfalls. MITI Which of the following is true of exporting? \text { Operations } It helps a firm achieve economies of scale. Advanced understanding of logistics functions A buyback D. Explain your reasoning. 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. The export is configured to include all Agent Data Group data and at least one Agent Data Group has been defined. We have detailed the most important import-export agent responsibilities below. C. maker 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. In a letter of credit transaction, the importer secures the letter of credit: Decide whether the following statement true and false. Then choose from 5+ resume templates to create your import-export agent resume. C. John Capela has taught marketing, management, and international business courses at St. Joseph's College in New York for 20 years. B. We found that 49.5% of import-export agents have graduated with a bachelor's degree and 5.2% of people in this position have earned their master's degrees. a)They usually produce goods themselves. A decade later, the government of the Virgin Islands brought Enter the required criteria. A is an entry strategy for a single target country in which partners share ownership of a newly created business entity. 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. Offset 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. B. Need A Perfect Import-Export Agent Resume? Exporting leads to diseconomies of scope. Trained and mentored import/export operations for areas of improvement within the import/export department. D. Counterpurchase Their primary responsibilities include receiving and sending products from the warehouse. Room103158CostperSqYd$20.50. Brokers: A broker is an independent agent who brings buyers and sellers together. B. 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. ","strippedTitle":"what is an import/export agent? 40) Which of the following is typically true of an export management company?A) It is usually a division of a manufacturing company. As mentioned previously, import-export agents highest annual salary comes from the transportation industry with an average salary of $43,437. The agent's role is to get orders and (usually) earn a commission for his services. D. D. Bring in expert marketing specialists to promote the firm's products. Our AI resume builder helps you write a compelling and relevant resume for the jobs you want. Counterpurchase The agent's role is to get orders and (usually) earn a commission for his services. is a document requesting payment. In fact, they're 3.7% less likely to earn a Master's Degree, and 0.2% less likely to graduate with a Doctoral Degree. Exporting unsealed management packs Setting a windows computer into maintenance mode Retrieve the maintenance mode history for a windows computer Enable the proxy for all SCOM agents Retrieve all SCOM agents that are grayed out or unavailable Retrieve all the SCOM alerts within the last day (highest priority first) The answer is no. it reduces the need for insuring businesses against political risks. In essence the export agent becomes the exporters export department. Click the Export icon to the right of the export you wish to make. switch trade. _____ are export specialists that act as the export marketing department or international department for their client firms. A. Arrangements must be made to allow access to your sales ledger as part of the commission . Description : Used to specify a mapping from host names or IP addresses to peer services, as a comma-separated list of <host_or_ip>=<user_assigned_name> pairs. A. An export agent is a firm (or individual) that undertakes most of the exporting activities on behalf of an exporter usually for a commission. C. B. Fines for export violations, including anti-boycott violations, can reach up to $1,000,000 per violation in criminal cases, and $250,000 per violation in most administrative cases. A. D. Such agreements are aimed at stimulating trade and supporting economic growth for both countries involved. It helps international traders engage in trade with trust. In fact, our research shows that one out of every five import-export agents were not college graduates. \begin{array}{lc} They are taken into account as "Net Exports". Barter Offset Barter A banker's acceptance: Whereas transportation broker might include skills like "delivery appointments," "logistics," "shippers," and "customer accounts.". Offsetting Does Alcoa have to indemnify Glencore for costs related Prepare paperwork for consolidated boxes Support the import department & interact with the brokerage department for customs clearance shipment. sight draft Prepare a differential analysis dated May 4 to determine whether to continue with (Alternative 1) or replace (Alternative 2) the old machine. Robinson. 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. An import-export agent responsibility is more likely to require skills like "data entry," "export," "international shipments," and "air freight." Countertrade requires the firm to use an out-of-house trading company to which much of the profit will go. Barter D. bill of exchange C. You need to specify in an agent's contract if you need them to credit check your customers for you. D. B. SellingandadministrativeexpensesTotalexpensesPresentOperations$205,000$72,00051,0005,0001,50045,000$174,500ProposedOperations$205,000$72,00018,0004,00045,000$139,000. 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). In this section, we compare the average import-export agent annual salary with that of a freight forwarder. See Page 1. These agents must possess a variety of export documentation to facilitate domestic and international shipments of products to ensure timely delivery. 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. United States The person or business initiating a draft is known as the ____. B. A. is an independent agency of the United Nations. A. Less commonly earned degrees for import-export agents include a international business degree or a communication degree. time draft But a warehouse assistant might have skills like "customer orders," "pallets," "industrial trucks," and "hand trucks.". is the same as a letter of credit. They create excess productive capacity and actively hunt for opportunities in foreign markets. Since they are not actively engaged in the task, the principal is less informed than the agent. U.S. government, _____ can avail loans from Ex-Im Bank to pay U.S. suppliers. Offset d) They are responsible for storage and transportation of a product they sell. drawee B. Our AI resume builder helps you write a compelling and relevant resume for the jobs you want. A. They rarely offer warehousing facilities. Select one alternative: O Strategic alliance Joint venture o Greenfield investment O Franchising O Contract manufacturing 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. _____ is an alternative means of structuring an international sale when conventional means of payment are difficult, costly, or nonexistent. This career brings along a higher average salary when compared to an import-export agent annual salary. Countertrade contracts may involve the exchange of unusable or poor-quality. C. C. The IPv4 or IPv6 address of the agent. C. MITI The Export-Import Bank: Sales, whether foreign or domestic, are treated as domestic sales. Alcoa World Alumina LLC bought the refinery from A. B. SCORE Bartering, The main attraction of _____ is that it can give a firm a way to finance an export deal when other means are not available. C. 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. Counterpurchase focuses on policies that have an impact on the exchange rate and the balance of payments. countertrade Import or Export Agent. By concealing information or using their expertise in ways that benefit themselves more than the principal, the agent is able to shirk . C. B. B. Organizations do not receive coverage against political risks of global trade. A. Structured Query Language (known as SQL) is a programming language used to interact with a database. Excel Fundamentals - Formulas for Finance, Certified Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM), Commercial Real Estate Finance Specialization, Environmental, Social & Governance Specialization, Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM). The Foreign Credit Insurance Association provides coverage: Specialize - choose your sector and products 4. Processed overnight international shipments for various accounts. Analyze documentation to determine the applicability of other government agencies requirements' and collect the necessary information to make proper declarations. And at The IMA Group, they make an average salary of $46,964. United Nations It provides large revenue and profit opportunities. C. D. A letter of credit does not give protection to the exporter. Growth opportunities are often limited in global markets. Show transcribed image text Expert Answer 100% (1 rating) Answer Option 3 is correct. bill of lading A. The FCIA provides coverage against commercial risks and political risks. An import or export agent acts as a middle person for the purchase or sale of products between both domestic and overseas companies. For example, a broker is contacted and advised that Company A in New York has an excess inventory of a soon-to-be-discontinued product. 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. Select the best supplier & sign the commission agreement D. Which of the following is a major advantage of using a letter of credit? A. 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. A broker differs from the traditional import/export agent in that she doesn't usually represent a company. Thank you for reading CFIs guide to Imports and Exports. A _____ is issued to the exporter by the common carrier transporting the merchandise. The broker identifies Singapore Electronics, a potential customer in Singapore, for these items. \text { Selling and administrative expenses } & 45,000 & 45,000 \\ C. counterpurchase offset. allows a buyer possession of the merchandise without signing any formal documents. A letter of credit does not give protection to the importer. Countertrade D. B. Promissory note, A _____ states that the bank will pay a specified sum of money to a beneficiary, normally the exporter, on presentation of particular, specified documents. letter of credit. A broker differs from the traditional import/export agent in that she doesn't usually represent a company. D. 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. Lockheed then 3.UMS can use Salesforce's daily backup service, which is provided via a zip file. For example, you may know a company in the U.S. that's looking to buy a certain kind of product overseas. Which of the following is an advantage of countertrade? 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. Utilize Internet, multiple FedEx systems for customer databases, spreadsheets & manifest scrolling. 2.UMS can use Salesforce's weekly or monthly backup service, which is provided via a zip file. Most modern applications have some kind of logging mechanism. is an international financial institution that provides loans for capital programs. 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. A. 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. B. A. least attractive to large, diverse multinational enterprises. C. This is useful when you want to run agents with outer orchestration, such as Azure Container Instances. SBA offers help exclusively to small businesses that sell products within U.S. List of Excel Shortcuts In a settlement, Lockheed agreed to pay for certain remediation costs. B. Total imports and total exports are essential components for the estimation of a countrys GDP. It increases the trade deficit that nations have. buyback, Which of the following terms refers to the use of a specialized third-party trading house in a countertrade arrangement? Countertrade occurs when goods and services are traded for other goods and services. 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. A. 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. B. They move materials and inventory across the facilities. letter of credit An EMC is a transportation company that engages in international business. Trade agreements typically focus on the exchange of different types of products. offsets buyback Why? A. to insure products during shipment. Facilitate training for CSR & shippers on export documentation and incoterms. SBA is a private organization managed by leaders of large corporate. C. A is an entry strategy for a single target country in which partners share ownership of a newly created business entity. Exporters often face voluminous paperwork and complex formalities. The automatic machine has an estimated useful life of five years and no significant residual value. EMCs are export-import banks that manage foreign exchanges. 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. An agent is similar to a distributor in that he's a middleman. ","slug":"what-is-an-importexport-agent","canonicalUrl":"","seo":{"metaDescription":"An agent is similar to a distributor in that he's a middleman. C. Review and analyze standard operating procedures to insure compliance, TSA, ISO, TAPA, IMDG. & \begin{array}{c} 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) They usually handle domestic transactions for firms. A. Barter Navigate to Digital > Exports in the left navigation bar. 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. Export selling is early entry mode and less engaged compared with export marketing. D. Lockheed Martin Corporation owned an aluminum refinery in St. Croix, Virgin Islands, An EMC is an intermediary that facilitates talks between two nations. \text { Operations } bill of lading D. A. We found that at C.H. He is president of CADE International, which provides consulting and training in international business including importing, exporting, licensing, and foreign investment. provides finance to facilitate trade between United States and other countries. B. C. They should provide shipment status notification to answer inquiries from exporters and consignees. O Export selling is passive by nature. Resolve customer complaints via phone, email, mail, or social media. The logs are particularly useful for debugging problems and monitoring cluster activity. A. Next up, we have the freight broker profession to look over. importer and exporter maintain an account with the same bank. C. It reduces the administrative costs incurred by a company. \text { Proposed } \\ However, as the quality of U.S. vintages improved and became acknowledged in the marketplace, sales by U.S. wineries not only reduced imports of foreign wines but also began to develop a sizable export business as many European consumers began buying wines produced in the States. B. D. AppDynamics Ansible Collection. international trade is protected against exchange risks. Train fellow employees on specialized accounts. A. The top three companies that hire the most from these institutions include Expeditors, Kuehne+Nagel, and FedEx. D. 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. Barter the export firm) and the firms products. C. _____ is a nationwide group of international trade attorneys who provide free initial consultations to small businesses on export-related matters. D. bill of exchange bank statement. 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. \end{array} \\ C. It is not attractive to small organizations. Once you've obtained the level of education you're comfortable with, you might start applying to companies to become an import-export agent. {"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? D. kaizen Instead, she's traditionally hired to bring together one-of-a-kind or nonrecurring deals. A trade surplus or trade deficit reflects a countrys balance of trade (which is, essentially, whether a country is a net exporter or importer, and to what extent). On average, the import-export agent annual salary is $47,326 per year, which translates to $22.75 an hour. B. Barter offset The status of the agent at the time of export. ", Each job requires different skills like "data entry," "booking," "export," and "import export," which might show up on an import-export agent resume. A. Securing financing is rarely a problem for exporters. B. You'd identify sellers of that product overseas and represent the buyer in foreign markets as the import agent.
\n \nBrokers: A broker is an independent agent who brings buyers and sellers together. Obviously, drawing a commission from both parties would create an ethical dilemma. Bank charges on letters of credit will depend on the: 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. C. Which of the following is an advantage of exporting? B. Freight brokers have licensed property brokers who provide assistance to shippers in hauling materials. For example, if set to the following: The skills they must acquire include road transportation, packing, stocking, loading, shipping, and general labor. that produced hazardous waste. B. B) Most EMCs in the United States are large, representing a wide range of products and large number of companies. 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. switch trading For example, several resumes showed us that import-export agent responsibilities requires skills like "data entry," "booking," "export," and "import export." An export agent is a firm (or individual) that undertakes most of the exporting activities on behalf of an exporter usually for a commission. D. A. Offset A. not-for-profit organizations that provide free service. Countertrade contracts often involve high-quality, expensive goods that the firm cannot move enough of to be profitable. A. In a typical international trade transaction, the: It is also known as National Income (Y). Buyback Individuals It is the most comprehensive source of export opportunities information. An offset We used info from lots of resumes to find that both import-export agents and freight brokers are known to have skills such as "customer service," "third-party logistics," and "track shipments. barter Maintain AS400 system to include accurate shipment order entry, AES filing and other pertinent information for LCL and FCL shipments. Coordinate logistics of domestic shipments bound for Mexico. D. It includes buying and selling negotiations. B. D. A draft used in international transactions: D. Cross-selling it provides more opportunities to smaller firms than larger firms. World Trade Organization D. C. Switch trading, ____ is primarily used for one-time-only deals in transactions with trading partners who are not creditworthy or trustworthy. Quality of goods must still be factored into the equation. In an international transaction involving a bank as a third party, the exporter ships the product after: Warehouse assistants oversee a warehouse's stocks and products. They buy and sell goods in only one country. explains the conditions of a contract. Employees in both import-export agents and freight forwarders positions are skilled in customer service, booking, and import export. 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. receives payment from a third-party such as a bank or trading house. Steps to getting started as an export-import agent 1. A. Countertrade If you represent the seller, you have an obligation to sell that company's products at the highest possible price. sogo shosha B. The commercial invoice is one of the main documents used by customs in determining customs duties. C. B. B. Countertrade is a conventional means to pay exporters. B. Import or export agents are professionals who are required to act as the middle person for purchasing or selling products between both domestic and overseas companies. A. \text { Direct materials } & \$ 72,000 & \$ 72,000 \\ A. 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. B. C. A. C. Which of the following is a successful exporting strategy used by 3M? A. Bill of lading Prepared required import export container documentation. Prepare the analysis over the useful life of the new machine. the bank promises to pay on the importer's behalf. Maintaining a high level of exports is also very important to the economies of the U.K. and Australia. Coordinate international export shipments: booking, documentation handling, and meeting country import regulations to ensure customs clearance. Sometimes people change their minds about their career after working in the profession. Which of the following is a major drawback of engaging in countertrade? Switch trading Experts are tested by Chegg as specialists in their subject area. _____ is an alternative means of structuring an international sale when conventional means of payment are difficult, costly, or nonexistent. A. For the most part, brokers work for sellers, although some brokers do represent buyers. 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. European Union So much so that the likelihood of them earning a Master's Degree is 0.2% less. ELAN Dummies helps everyone be more knowledgeable and confident in applying what they know. exporter should obtain a letter of credit to initiate transactions. All of these tasks, the export will do on the exporters behalf. Export selling does not modify the product pricing or promotional material to mee. C. Export Agents, Merchants, or Remarketers. Disadvantages of using an overseas agent. 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. 2003-2023 Chegg Inc. All rights reserved. Quoted ocean FCL & LCL rates to all the customers in order to satisfy their shipping needs. A broker differs from the traditional import/export agent in that she doesn't usually represent a company.
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