Customs broker Bonds Exam Questions with Correct Answers

Customs broker Bonds Exam Questions with Correct Answers Bond is between - Answer---US government --Principal --Surety Purpose of bond - Answer---protect revenue of the US --ensure compliance Bond agreement form number - Answer-301 Merchandise shall not be released - Answer-Unless --entry documentation - 3461 --entry summary documentation which serves as both entry and entry summary - 7501 WITH a customs bond - Form 301 19 CFR 142.4 (a) Approved corporate surety - Answer-Listed in the Treasury Department Circular 570 Deposits for ADD/CVD - Answer-REQUIRES cash deposit. Imported merch. under tariff bond amount - Answer-Based on the highest applicable - full duty rates. Relief from liability for increased duties - Answer-(1) not the actual owner of the goods (2) notify port director within 90 days of time of entry (3) Form 3347 - declaration of owner (4) provide actual owner of form 301 within 90 days of time of entry Part 141.20 Port director waiver for surety when - Answer---value less than $2,500 --cannot be easily appraised or classified --question of redelivery Carnet purpose - Answer---customs entry document --customs bond No additional security needed Who can act as principals under a bond - Answer---importers --customs broker --drawback claimant