Incoterms 2020 Quiz: Responsibilities and Risks
Test your understanding of Incoterms 2020, focusing on seller and buyer duties, risk transfer, and key features in international trade.
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Quiz Questions & Answers
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Question 1: Under EXW, where does the seller's responsibility end, and who bears the risk from the start?
At the port of shipment
At the seller's premises
Upon delivery to the carrier
At the destination port
Question 2: In FCA, what is the primary action the seller must take regarding the goods?
Load them onto the ship
Deliver them to a specified place
Pay for insurance to destination
Unload at the buyer's premises
Question 3: Which Incoterm is exclusively for sea transport and involves placing goods alongside the ship?
FOB
FAS
CIF
CPT
Question 4: For FOB, when does the buyer's responsibility and risk begin?
At the seller's factory
After the goods are loaded on board the ship
Upon arrival at destination
When insurance is procured
Question 5: What distinguishes CFR from other Incoterms in terms of the seller's obligations?
Seller unloads at destination
Seller pays freight costs to the port
Buyer handles all transport
Includes unloading duties
Question 6: How does CIP differ from CPT in seller responsibilities?
CIP includes unloading
CIP adds insurance to freight
CPT is sea-only
CIP transfers risk at destination
Question 7: In a scenario where the seller delivers goods to the destination but does not unload, which Incoterm applies, and who bears the risk until arrival?
DPU, buyer bears risk
DAP, seller bears risk
DDP, buyer unloads
FCA, at carrier handover
Question 8: Which Incoterm gives the seller the maximum responsibility, including customs duties?
EXW
DDP
CIF
FAS