The Trade Terms "FOB" and "CIF" Are Defined by Which

question 44

Multiple Choice

The trade terms "FOB" and "CIF" are defined by which of the following:

• A) Incoterms.
• B) Uniform Commercial Code.
• C) The Revised American Foreign Trade Definitions.
• D) All of these are correct.

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Definitions:

Journal Entry

The recording of financial transactions into accounting records, detailing the accounts that are affected and in what way.

Borrow

The act of receiving something of value in exchange for the promise to return it or its equivalent at a later date.

Credit Card Company

A financial institution that issues credit cards, extending credit for consumers to purchase goods and services with the promise of future repayment.

Service Charge

An additional fee charged for services rendered, often seen in the hospitality and banking industries.