Practice Test Geeks(CCS) Certified Customs Specialist Practice Test
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Customs Valuation Principles Flashcards

7 cards from real CCS practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 7 Customs Valuation Principles flashcards as text

  1. A U.S. importer purchases goods at $20,000 but the buyer also provides tooling worth $2,000 and pays a $1,000 royalty as a condition of sale. What is the correct transaction value?

    Answer: $23,000

    Transaction value = price paid ($20,000) + assist ($2,000) + dutiable royalty ($1,000) = $23,000.

  2. Under CBP's 'circumstances of sale' test for related-party transactions, what does the importer need to demonstrate?

    Answer: The price was settled in a manner consistent with normal industry pricing practices

    The circumstances-of-sale test requires showing the intercompany price reflects commercial reality, such as how prices are set for sales to unrelated buyers in the same industry.

  3. Which of the following situations would allow CBP to reject transaction value as the basis for appraisement?

    Answer: There is no sale — goods are imported on consignment

    Transaction value requires a bona fide sale; consignment imports have no sale, so transaction value cannot be used.

  4. What is the 'greater-than' rule in deductive value calculations?

    Answer: Sales made within 90 days of importation are used, but if unavailable, sales within 180 days are acceptable

    Deductive value first looks at sales at or near the time of importation within 90 days; if not available, it expands to within 180 days of importation.

  5. When must an importer file a CF 28 (Request for Information) response regarding customs valuation?

    Answer: Within 30 days of receipt of the CF 28

    Importers must respond to a CF 28 Request for Information within 30 days unless CBP grants an extension.

  6. Which valuation statute specifically governs customs appraisement of imported merchandise in the United States?

    Answer: 19 USC 1401a

    19 USC 1401a is the primary statute establishing the methods and hierarchy for appraising imported merchandise in the United States.

  7. An importer is unable to use any of the five primary valuation methods. CBP applies the fall-back method. Which approach is PROHIBITED under the fall-back method?

    Answer: Using minimum or arbitrary customs values

    The WTO Customs Valuation Agreement expressly prohibits using minimum, arbitrary, or fictitious values, even under the fall-back method.