Incoterms Are Developed and Maintained by

question 47

Multiple Choice

Incoterms are developed and maintained by

• A) the U.S. Chamber of Commerce.
• B) the International Chamber of Commerce.
• C) the WTO.
• D) the United Nations.
• E) a committee of major global companies.

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Definitions:

Merchandise Inventory

Goods or products that a company holds for the main purpose of selling them to customers.

Balance Sheet

The balance sheet is a financial statement that provides a snapshot of a company's financial position, listing assets, liabilities, and shareholders' equity at a specific point in time.

Purchases Returns and Allowances

Transactions where buyers return goods to the seller or receive a reduction in the selling price, decreasing the cost of purchases.

Sales Discounts

Reductions applied to the sale price as an incentive or for early payment.