B. B. On the downside, when you're doing business as an agent, you run the risk that the parties will bypass your firm and deal directly with each other on any future transactions. Freight brokers have licensed property brokers who provide assistance to shippers in hauling materials. Exporting leads to diseconomies of scope. Freight forwarders tend to reach similar levels of education than import-export agents. A letter of credit does not give protection to the importer. U.S. government, _____ can avail loans from Ex-Im Bank to pay U.S. suppliers. ","hasArticle":false,"_links":{"self":"https://dummies-api.dummies.com/v2/authors/9054"}}],"primaryCategoryTaxonomy":{"categoryId":34247,"title":"Operations","slug":"operations","_links":{"self":"https://dummies-api.dummies.com/v2/categories/34247"}},"secondaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"tertiaryCategoryTaxonomy":{"categoryId":0,"title":null,"slug":null,"_links":null},"trendingArticles":null,"inThisArticle":[{"label":"Understanding types of agents","target":"#tab1"},{"label":"Looking at the benefits and challenges of being an agent","target":"#tab2"},{"label":"Representing clients and getting commissions","target":"#tab3"}],"relatedArticles":{"fromBook":[{"articleId":208407,"title":"Import/Export Kit For Dummies Cheat Sheet","slug":"importexport-kit-for-dummies-cheat-sheet","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/208407"}},{"articleId":180518,"title":"Buyer and Seller Agreements in Importing and Exporting","slug":"buyer-and-seller-agreements-in-importing-and-exporting","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/180518"}},{"articleId":180517,"title":"Global Negotiations in the Import/Export Business","slug":"global-negotiations-in-the-importexport-business","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/180517"}},{"articleId":180519,"title":"Questions to Ask before Starting Your Import/Export Business","slug":"questions-to-ask-before-starting-your-importexport-business","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/180519"}},{"articleId":180516,"title":"Legal Dangers in International Trade","slug":"legal-dangers-in-international-trade","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/180516"}}],"fromCategory":[{"articleId":292019,"title":"Supplier Diversity For Dummies Cheat Sheet","slug":"supplier-diversity-for-dummies-cheat-sheet","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/292019"}},{"articleId":277402,"title":"Supply Chain Career Categories","slug":"supply-chain-career-categories","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277402"}},{"articleId":277394,"title":"Supply Chain Analytics: Correlation, Causation, and Interpolation","slug":"supply-chain-analytics-correlation-causation-and-interpolation","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277394"}},{"articleId":277388,"title":"Supply Chain Management: Planning and Scheduling Production","slug":"supply-chain-management-planning-and-scheduling-production","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277388"}},{"articleId":277383,"title":"How Supply Chain Processes Evolve","slug":"how-supply-chain-processes-evolve","categoryList":["business-careers-money","business","operations"],"_links":{"self":"https://dummies-api.dummies.com/v2/articles/277383"}}]},"hasRelatedBookFromSearch":false,"relatedBook":{"bookId":282293,"slug":"import-export-kit-for-dummies-3rd-edition","isbn":"9781119079675","categoryList":["business-careers-money","business","operations"],"amazon":{"default":"https://www.amazon.com/gp/product/1119079675/ref=as_li_tl?ie=UTF8&tag=wiley01-20","ca":"https://www.amazon.ca/gp/product/1119079675/ref=as_li_tl?ie=UTF8&tag=wiley01-20","indigo_ca":"http://www.tkqlhce.com/click-9208661-13710633?url=https://www.chapters.indigo.ca/en-ca/books/product/1119079675-item.html&cjsku=978111945484","gb":"https://www.amazon.co.uk/gp/product/1119079675/ref=as_li_tl?ie=UTF8&tag=wiley01-20","de":"https://www.amazon.de/gp/product/1119079675/ref=as_li_tl?ie=UTF8&tag=wiley01-20"},"image":{"src":"https://www.dummies.com/wp-content/uploads/import-export-kit-for-dummies-3rd-edition-cover-9781119079675-203x255.jpg","width":203,"height":255},"title":"Import / Export Kit For Dummies","testBankPinActivationLink":"","bookOutOfPrint":false,"authorsInfo":"
John Capela has taught marketing, management, and international business courses at St. Joseph's College in New York for 20 years. A. A. D. In an international transaction involving a bank as a third party, the exporter ships the product after: D. Whereas transportation broker might include skills like "delivery appointments," "logistics," "shippers," and "customer accounts.". C. On May 4 of the current year, a proposal was made to replace the present manufacturing procedure with a fully automatic machine that has a purchase price of $180,000. countertrade Imports and Exports - Overview, GDP Formula, Balance of Trade counterpurchase Here are examples of responsibilities from real import-export agent resumes representing typical tasks they are likely to perform in their roles. Countertrading The SBA employs trade officers throughout the United States. trade fair. The importer must pay a bank fee for the letter of credit. A. Countertrade is not useful when trading with developing nations. Billing invoices Why? C. Meanwhile, there are 19 job openings at Yusen Logistics and 7 at C.H. B. C. B. C. Because as an agent, you're representing someone. A _____ is issued to the exporter by the common carrier transporting the merchandise. C. A. bill of lading least attractive to small, primarily domestic enterprises. A. Reactive firms consider a variety of markets for selling their products and services. Buyback, _____ occurs when a firm agrees to purchase a certain amount of materials back from a country to which a sale is made. According to resumes from both import-export agents and transportation brokers, some of the skills necessary to complete the responsibilities of each role are similar. Performed logistics liaison functions between transportation carriers and customer representatives , or offline. time taken to approve the sale. The agent's role is to get orders and (usually) earn a commission for his services. A letter of credit does not give protection to the exporter. Recommended improvements to existing or planned logistics processes, as well as writing and revising standard operating procedures for those processes. against political risks faced by importers. On the other hand, if you're representing the buyer, you have an obligation to secure the products for the buyer at the lowest possible price. offset It is not attractive to small organizations. drawee Generally speaking, import-export agents earn anywhere from $33,000 to $67,000 a year, which means that the top-earning import-export agents make $26,000 more than the ones at the lower end of the spectrum. D. Need a consultation about how to grow your business abroad? Export-Import Bank A common pitfall of exporting is a poor understanding of competitive conditions in the foreign market. In general, freight brokers study at similar levels of education than import-export agents. A. For reports that allow you to specify them, enter a Begin date and End date . D. matchmaker United Nations European Union Decide whether the following statement true and false. Navigate to Digital > Exports in the left navigation bar. Which of the following is true of the distribution process? RoomCostperSqYd103158$20.50\begin{aligned} \text { Direct labor } & 51,000 & - \\ They are taken into account as "Net Exports". Some of the benefits of the agent option are the reduced start-up costs and the limited working capital you need. List of Excel Shortcuts An import or export agent acts as a middle person for the purchase or sale of products between both domestic and overseas companies. These skill sets are where the common ground ends though. actions against the current and former owners of the refinery to You remain responsible for shipping and other trade-related logistics - although your agent should be able to help. The IPv4 or IPv6 address of the agent. EMCs are export specialists that act on behalf of their client firms. to save the agents.csv file. switch trade. C. The ownership title remains with the distributor even on completion of the transaction. Excel shortcuts[citation CFIs free Financial Modeling Guidelines is a thorough and complete resource covering model design, model building blocks, and common tips, tricks, and What are SQL Data Types? Which of the following is an advantage of exporting? Prepared required import export container documentation. letter of credit Enter on a large scale to flood the market. Individuals CADE is a middleman, bringing the seller and buyer together but not taking title to the goods and not providing any of the services that a distributor may perform.
\nAn agent
\n- \n
Is independently owned
\n \n Does not take title to the products being purchased and sold
\n \n Is actively involved in the negotiations for either the sale or purchase of the products
\n \n
Understanding types of agents
\nThe import/export business has two main types of agents:
\n- \n
Traditional import/export agents: An export agent works in the country where the product is produced. D. For example, a broker is contacted and advised that Company A in New York has an excess inventory of a soon-to-be-discontinued product. The answer is no. Why? E. D. Bartering, The main attraction of _____ is that it can give a firm a way to finance an export deal when other means are not available. Countertrade is: 12 - Steps To Become Successful Export-Import Commission Agent C. They should provide shipment status notification to answer inquiries from exporters and consignees. The following figure illustrates the relationship among the agent, the supplier, and the buyer.
\n![\"image0.jpg\"](\"https://www.dummies.com/wp-content/uploads/493647.image0.jpg\")
\nFor example, suppose CADE International is an import/export agent headquartered in New York. letter of credit, A _____ allows for a delay in payment. D. A. Switch trading, _____ is viewed as the most restrictive countertrade arrangement and is primarily used for one-time-only deals in transactions with trading partners who are not creditworthy or trustworthy. B. sight draft \text { Power and maintenance } & 5,000 & 18,000 \\ Advantages and disadvantages of using an overseas agent By concealing information or using their expertise in ways that benefit themselves more than the principal, the agent is able to shirk . C. A ____ is the instrument normally used in international commerce to effect payment. & 1,500 & 4,000 \\ is a document requesting payment. Exports lead to an inflow of funds to the sellers country since export transactions involve selling domestic goods and services to foreign buyers. bill of lading Maintain AS400 system to include accurate shipment order entry, AES filing and other pertinent information for LCL and FCL shipments. In fact, freight brokers salary difference is $5,064 higher than the salary of import-export agents per year. A. Coordinate logistics of domestic shipments bound for Mexico. D. Interestingly enough, warehouse assistants earn the most pay in the transportation industry, where they command an average salary of $36,486. is a sight draft that can be used as a negotiable instrument in banks. An example of the quality issue is illustrated by Sony televisions, which are perceived by many consumers as being of notably superior quality to other brands. Which of the following statements is true about Small Business Administration (SBA)? Securing financing is rarely a problem for exporters. Responsibilities for this career vary depending on the field and type of company for which the agent works. While the salaries between these two careers can be different, they do share some of the same responsibilities. D. indemnify Lockheed for pre-closing environmental conditions. Governments provide subsidies to domestic businesses in order to reduce their business costs. C. A. Obviously, drawing a commission from both parties would create an ethical dilemma. Handle all facets of work associate with incoming customer cargo calls, including booking, tracking and tracing cargo. The Foreign Credit Insurance Association provides coverage: Processed overnight international shipments for various accounts. You'd identify sellers of that product overseas and represent the buyer in foreign markets as the import agent.
\n \n Brokers: A broker is an independent agent who brings buyers and sellers together. Think of an import/export agent like a real estate agent: The buyer has an agent, and the seller has an agent, but the same agent doesn't represent both the buyer and the seller.
\nIf you choose to set up your business working as an agent, decide who you're going to represent and then work at nurturing that relationship. Create ITN number, filling for AES regulation. letter of credit. Countertrade contracts often involve high-quality, expensive goods that the firm cannot move enough of to be profitable. Select one alternative: O Strategic alliance Joint venture o Greenfield investment O Franchising O Contract manufacturing Direct all equipment logistics operations from supplier s warehouse to company s warehouse, following currency exchange control and customs regulations. Total imports and total exports are essential components for the estimation of a country's GDP. C. exporter should obtain a letter of credit to initiate transactions. D. It helps companies increase their unit costs. It is also known as National Income (Y). Financing is difficult when engaging in a countertrade. View more details on import-export agent salaries across the United States. A. \end{array} Or you may work as an import agent based in the country where the product will be sold, in which case you represent the buyers. D. Because as an agent, you're representing someone. Structured Query Language (known as SQL) is a programming language used to interact with a database. Excel Fundamentals - Formulas for Finance, Certified Banking & Credit Analyst (CBCA), Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM), Commercial Real Estate Finance Specialization, Environmental, Social & Governance Specialization, Business Intelligence & Data Analyst (BIDA), Financial Planning & Wealth Management Professional (FPWM). D. PLEASE READ LAST PARAGRAPH (1) Export Selling requires the use of marketing research and identification of market potential. Japan's great trading houses are called _____. against commercial risks and political risks faced by exporters. Countertrade is a conventional means to pay exporters. D. By entering your email address and clicking the Submit button, you agree to the Terms of Use and Privacy Policy & to receive electronic communications from Dummies.com, which may include marketing promotions, news and updates. B. A. All sales are made through the firm's domestic sales department, as there is no export department. To minimize the risk of being eliminated from future transactions, remember that an agent is not someone who makes a call and brings people together just to earn a commission. They consider exporting only after their domestic market is saturated. Another method of increasing exports and decreasing imports is by devaluing the domestic currency. While most import-export agents have a college degree, you may find it's also true that generally it's possible to be successful in this career with only a high school degree. Most firms already know where the market potential and opportunities are and they do not need to be proactive. time draft This is a one-time deal, because as soon as the goods are purchased, they'll no longer be available. Offset Countertrade World Trade Organization A. To allow U.S. companies to bypass tax laws with respect to international trading. See the full list of import-export agent skills. recover for the environmental damage. Study international trade and relevant business disciplines 3. Instead, she's traditionally hired to bring together one-of-a-kind or nonrecurring deals. Countertrade uses instruments such as time draft and sight draft. B. Think of an import/export agent like a real estate agent: The buyer has an agent, and the seller has an agent, but the same agent doesn't represent both the buyer and the seller.
\nIf you choose to set up your business working as an agent, decide who you're going to represent and then work at nurturing that relationship. But a warehouse assistant might have skills like "customer orders," "pallets," "industrial trucks," and "hand trucks.". They are very different from export agents. The sourcing decision is one of the most complex and important decisions faced by a global company. B. Among the matters they negotiate include tracking of shipments, keeping delivery and pickup tracks, and shipping rates. Take inbound and outbound telephone calls, Utilize computer software i.e. is obligated to provide a transportation service in return for a certain charge. Choose 2 options. The following figure illustrates the relationship among the agent, the supplier, and the buyer.
\n\nFor example, suppose CADE International is an import/export agent headquartered in New York. In a letter of credit transaction, the importer secures the letter of credit: For example, several resumes showed us that import-export agent responsibilities requires skills like "data entry," "booking," "export," and "import export." C. Export Agents (Nessus 10.5) - docs.tenable.com Exports are goods and services that are produced domestically, but then sold to customers residing in other countries. Small firms tend to be more aggressive than larger firms in global trade. C. The great promise of exporting is that: Dummies helps everyone be more knowledgeable and confident in applying what they know. Switch trading, A(n) _____ occurs when a firm builds a plant in a country and agrees to take a certain percentage of the plant's output as partial payment for the contract. Whereas a freight forwarder requires skills like "supply chain," "freight carriers," "freight rates," and "pod." 1,5004,000Sellingandadministrativeexpenses45,00045,000Totalexpenses$174,500$139,000\begin{array}{lcr} D. Handled inbound calls tech support for DSL and high speed internet and VOIP phone service. CADE is a middleman, bringing the seller and buyer together but not taking title to the goods and not providing any of the services that a distributor may perform. C. In fact, our research shows that one out of every five import-export agents were not college graduates. While the salary may be different for these job positions, there is one similarity and that's a few of the skills needed to perform certain duties. C. Counterpurchase B. bill of exchange, The Export-Import Bank is an independent agency of the _____. Disadvantages of using an overseas agent. allows a buyer possession of the merchandise without signing any formal documents. Japan's _____ have offices all over the world, and they proactively, continuously seek export opportunities for their affiliated companies large and small. Counterpurchase Which of the following statements is true of EMCs? It provides exporters and opportunity to obtain direct revenue.