Global Logistics and Trade Compliance Flashcards
6 cards from real Supply Chain and Logistics practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.
Read the first 6 Global Logistics and Trade Compliance flashcards as text
What is a customs broker?
Answer: A licensed professional who facilitates the import and export of goods by handling customs clearance on behalf of businesses
A customs broker is a licensed agent who prepares and submits customs documentation to facilitate the clearance of imported and exported goods.
What is the Harmonized System (HS) code?
Answer: An internationally standardized numerical code used to classify traded products for customs and tariff purposes
The HS code is a 6-digit international system maintained by the World Customs Organization for classifying goods in international trade.
What is an importer of record (IOR)?
Answer: The entity legally responsible for ensuring compliance with import regulations and paying applicable duties
The importer of record is legally responsible for the accuracy of import documents, payment of duties, and compliance with all import regulations.
What does AMS stand for in US import operations?
Answer: Automated Manifest System
The Automated Manifest System (AMS) requires carriers to transmit cargo manifest data to US Customs before vessel arrival.
What is a free trade zone (FTZ) in the United States?
Answer: A designated area where goods can be imported, stored, and processed with deferred or reduced customs duties
US Foreign Trade Zones allow companies to defer, reduce, or eliminate customs duties on imported goods used in manufacturing or re-exported.
What is export controls compliance?
Answer: Ensuring that exports of controlled goods, technology, and information comply with US government regulations
Export controls regulate the transfer of dual-use goods, military items, and sensitive technologies to foreign countries or nationals.