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CIPS L4M4 Exam Actual Questions
The questions for L4M4 were last updated on Sep 16, 2024.
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A Bill of Exchange is an important document used when importing goods into a country from abroad. What is the purpose of this document?
A Bill of Exchange is a payment instruction - it says who will pay whom and when.
Bill of Exchange Definition: Examples and How It Works (investopedia.com)
Which of the following incoterms has the lowest risk to the buyer?
The lowest risk to the buyer is 'delivered duty paid'. This is because the supplier does all the work transporting the items to the buyer's premises. Incoterms_2020_chart | Intersped
Which of the following incoterms relate specifically to transporting items over water?
cost and freight is specific to transport over water. The others relate to all types of transportation. Incoterms_2020_chart | Intersped
Some students report a lot of questions on Incoterms in the exam, some say they only had 1. It real-ly is luck of the draw.
Incoterms describe several aspects and responsibilities of transporting goods when sourcing internationally. Which of the following is described by Incoterms? Select THREE.
Incoterms describe who out of the buer and seller; organises transport and what type of transport this is, who pays for insurance, and who organises duty / tariff arrangements when the goods go through customs. See p.131. Note- some students report a lot of questions on Incoterms in the exam, some say they only had 1. If you can, I'd learn them just to be safe.
Which of the following payment mechanisms is most beneficial to the buyer?
Open account (aka credit account) is most beneficial to the buyer. The supplier delivers the goods then the buyer pays.
Cash in advance is most beneficial to the supplier. The buyer pays for the item before receiving it.
This is a known exam topic.
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