Page 1 of 156
Export/Import Certificate (EIC) Exam QUESTIONS
AND CORRECT ANSWERS WITH RATIONALES
Export/Import Certificate (EIC) Exam — Practice Questions
10 MOST TESTED EXAM COVERAGE AREAS
1. International Trade Fundamentals and Transaction Process — international trade concepts,
exporters and importers, trade transaction stages, trade risks, international organizations, WTO,
ICC, UNCITRAL, and the basic export/import cycle.
2. International Trade Contracts and Contract Terms — offer and acceptance, contract formation,
essential contract clauses, sales terms, governing law, dispute resolution, force majeure, breach,
remedies, and cross-border contract risks.
3. Incoterms® Rules and Allocation of Responsibilities — Incoterms® 2020 rules, delivery points,
transfer of risk, costs, insurance responsibilities, transport obligations, customs responsibilities,
and differences between commonly used rules.
4. International Trade Documentation and Compliance — commercial invoices, packing lists, bills
of lading, certificates of origin, transport documents, customs documents, inspection
documents, document accuracy, and compliance responsibilities.
5. International Payment Methods and Trade Finance — open account, advance payment,
documentary collections, documentary credits, letters of credit, bank guarantees, standby
letters of credit, factoring, forfaiting, and payment risks.
6. International Logistics, Shipping and Transportation — ocean, air, road, rail and multimodal
transport, freight forwarders, carriers, containers, shipment planning, cargo handling, delivery
schedules, and transportation risks.
7. International Sourcing and Supply Chain Management — supplier selection, sourcing strategy,
supplier evaluation, quality, cost, delivery, outsourcing, procurement, supply-chain risks, and
international supplier relationships.
8. Cargo Insurance and Risk Management — cargo risks, marine insurance, insurance coverage,
claims, loss prevention, risk allocation, commercial risks, political risks, currency risks, and
operational risks.
9. Global Business Management and Market Entry — international market selection, cultural
differences, country risks, foreign market entry, distributors, agents, joint ventures, subsidiaries,
international marketing, and ethical business practices.
10. Dispute Resolution and International Trade Risk — negotiation, mediation, arbitration,
litigation, applicable law, jurisdiction, contract disputes, documentary discrepancies, non-
payment, political risk, sanctions/compliance awareness, and practical risk management.
1.
, Page 2 of 156
A company wants to sell products to a buyer located in another country for the first time. What is the
main feature of this transaction?
A. It is only a domestic sale
B. It is an international trade transaction
C. It is only a banking transaction
D. It is only a transportation transaction
Answer: B
Rationale: An international trade transaction involves the movement or sale of goods or services across
national borders.
2.
An exporter wants to reduce confusion before shipping goods to a foreign customer. Which document
normally describes the goods, price, and seller information?
A. Commercial invoice
B. Insurance certificate
C. Bill of exchange
D. Warehouse receipt
, Page 3 of 156
Answer: A
Rationale: The commercial invoice provides key information about the transaction, including goods,
price, seller, and buyer.
3.
A buyer and seller disagree about which country's law should control their international sales contract.
What clause should address this issue?
A. Packing clause
B. Governing law clause
C. Insurance clause
D. Shipping mark clause
Answer: B
Rationale: A governing law clause identifies the legal system that will apply to the contract.
4.
An exporter wants payment before manufacturing goods for a new foreign customer. Which payment
method gives the exporter strongest payment protection?
, Page 4 of 156
A. Open account
B. Advance payment
C. Consignment
D. Deferred payment
Answer: B
Rationale: Advance payment means the seller receives payment before releasing or producing the
goods.
5.
A seller wants a bank to make payment when the seller presents documents that comply with credit
terms. Which instrument provides this arrangement?
A. Documentary credit
B. Open account
C. Simple invoice
D. Packing list
Answer: A
Export/Import Certificate (EIC) Exam QUESTIONS
AND CORRECT ANSWERS WITH RATIONALES
Export/Import Certificate (EIC) Exam — Practice Questions
10 MOST TESTED EXAM COVERAGE AREAS
1. International Trade Fundamentals and Transaction Process — international trade concepts,
exporters and importers, trade transaction stages, trade risks, international organizations, WTO,
ICC, UNCITRAL, and the basic export/import cycle.
2. International Trade Contracts and Contract Terms — offer and acceptance, contract formation,
essential contract clauses, sales terms, governing law, dispute resolution, force majeure, breach,
remedies, and cross-border contract risks.
3. Incoterms® Rules and Allocation of Responsibilities — Incoterms® 2020 rules, delivery points,
transfer of risk, costs, insurance responsibilities, transport obligations, customs responsibilities,
and differences between commonly used rules.
4. International Trade Documentation and Compliance — commercial invoices, packing lists, bills
of lading, certificates of origin, transport documents, customs documents, inspection
documents, document accuracy, and compliance responsibilities.
5. International Payment Methods and Trade Finance — open account, advance payment,
documentary collections, documentary credits, letters of credit, bank guarantees, standby
letters of credit, factoring, forfaiting, and payment risks.
6. International Logistics, Shipping and Transportation — ocean, air, road, rail and multimodal
transport, freight forwarders, carriers, containers, shipment planning, cargo handling, delivery
schedules, and transportation risks.
7. International Sourcing and Supply Chain Management — supplier selection, sourcing strategy,
supplier evaluation, quality, cost, delivery, outsourcing, procurement, supply-chain risks, and
international supplier relationships.
8. Cargo Insurance and Risk Management — cargo risks, marine insurance, insurance coverage,
claims, loss prevention, risk allocation, commercial risks, political risks, currency risks, and
operational risks.
9. Global Business Management and Market Entry — international market selection, cultural
differences, country risks, foreign market entry, distributors, agents, joint ventures, subsidiaries,
international marketing, and ethical business practices.
10. Dispute Resolution and International Trade Risk — negotiation, mediation, arbitration,
litigation, applicable law, jurisdiction, contract disputes, documentary discrepancies, non-
payment, political risk, sanctions/compliance awareness, and practical risk management.
1.
, Page 2 of 156
A company wants to sell products to a buyer located in another country for the first time. What is the
main feature of this transaction?
A. It is only a domestic sale
B. It is an international trade transaction
C. It is only a banking transaction
D. It is only a transportation transaction
Answer: B
Rationale: An international trade transaction involves the movement or sale of goods or services across
national borders.
2.
An exporter wants to reduce confusion before shipping goods to a foreign customer. Which document
normally describes the goods, price, and seller information?
A. Commercial invoice
B. Insurance certificate
C. Bill of exchange
D. Warehouse receipt
, Page 3 of 156
Answer: A
Rationale: The commercial invoice provides key information about the transaction, including goods,
price, seller, and buyer.
3.
A buyer and seller disagree about which country's law should control their international sales contract.
What clause should address this issue?
A. Packing clause
B. Governing law clause
C. Insurance clause
D. Shipping mark clause
Answer: B
Rationale: A governing law clause identifies the legal system that will apply to the contract.
4.
An exporter wants payment before manufacturing goods for a new foreign customer. Which payment
method gives the exporter strongest payment protection?
, Page 4 of 156
A. Open account
B. Advance payment
C. Consignment
D. Deferred payment
Answer: B
Rationale: Advance payment means the seller receives payment before releasing or producing the
goods.
5.
A seller wants a bank to make payment when the seller presents documents that comply with credit
terms. Which instrument provides this arrangement?
A. Documentary credit
B. Open account
C. Simple invoice
D. Packing list
Answer: A
