Custom broker license questions with correct answers

What is the quantity to be inspected upon examination? CORRECT ANSWER-One out of 10 or not less than one per invoice What do you file at the time of entry if your manifest quantity does not equal the actual quantity? CORRECT ANSWER-A customs form 5931 Duty and quota are based on what? CORRECT ANSWER-Country of origin What is the country of origin? CORRECT ANSWER-Product made, mined, grown, manufactured or underwent substantial transformation What is country of export? CORRECT ANSWER-Where sold or shipped with shipping having precedence What are the 3 things you must have for substantial transformation? CORRECT ANSWER-New name, new character, new use When do you do currency conversion? CORRECT ANSWER-Date of export based on country of export and last day in that country. What is the term for condition of sale FOB? CORRECT ANSWER-Free on board. Seller pays freight to named fob port. Title transferred at fob point What is the term for condition of sale CIF? CORRECT ANSWER-Cost, insurance and freight. Price includes freight and insurance. Title change at port or export