All of the Following Are Forms of a Customs-Privileged Facility

question 13

Multiple Choice

All of the following are forms of a customs-privileged facility EXCEPT:

• A)foreign trade zones.
• B)free trade zones.
• C)free ports.
• D)in-bond arrangements.
• E)all of the above are types of customs-privileged facilities.

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Definitions:

Shareholder's Derivative Suit

A legal action brought by shareholders on behalf of a corporation to enforce or defend its rights when the corporation's management fails to do so.

Black Market

An illegal trade of goods or services that violates governmental regulations, often to avoid taxes or because the goods are prohibited.

Duty of Loyalty

The legal obligation of fiduciaries to act in the best interests of their beneficiaries or the entity they serve.

Right of First Refusal

A contractual right that gives its holder the option to enter a business transaction with the owner of something, before the owner is entitled to enter into that transaction with a third party.