The Three Basic Documents Needed in a Foreign Trade Transaction

question 47

Multiple Choice

The three basic documents needed in a foreign trade transaction are

• A)letter of credit,time draft,and proof of inspection.
• B)letter of credit,time draft,and a bill of lading.
• C)letter of credit,bill of lading,and insurance.
• D)time draft,bill of lading,and a pro forma statement.

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Definitions:

Irony

A literary device or situation in which there is a significant difference between what is expected or understood and what actually happens or is meant.

Radio Broadcasting

The transmission of audio programming through radio waves to reach a wide audience.

Sit-Down Strike

Tactic adopted by labor unions in the mid- and late 1930s, whereby striking workers refused to leave factories, making production impossible; proved highly effective in the organizing drive of the Congress of Industrial Organizations.

U.S. Steel

An integrated steel producer with major production operations in the United States, founded in 1901 by J.P. Morgan, Andrew Carnegie, and others, playing a significant role in the nation's industrial growth.