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Quizzes on Commerce

Quiz No. 6 (Terminology of Commerce)

Read the following Paragraphs and answer the following Questions Teamwise

Bill Of Lading: A bill of lading is a legal document between a shipper and a carrier that details the type, quantity and destination of the goods being carried. The bill of lading also serves as a shipment receipt when the carrier delivers the goods at the predetermined destination. This document must accompany the shipped goods, no matter the form of transportation, and an authorized representative from the carrier, shipper and receiver must sign it.

Bill of Sight: Bill of sight refers to a declaration made to customs officer by an importer who is unsure about what is being shipped. The bill of sight allows an importer to inspect the goods before paying duties. Generally, bill of sight is found in maritime law.
When a merchant is ignorant of the real quantities or qualities of any goods consigned to him/her, s/he can make a perfect entry, to receive an entry by bill of sight, for the packages, by the best description which can be given. Henceforth, it is a form of entry at the customhouse, by which goods, respecting which the importer is not possessed of full information, may be provisionally landed for examination.

Bonded Goods: Dutiable landed imports stored under the supervision of customs authorities in bonded warehouses. Bonded-goods are released for re-export, or to the importer upon assessment and payment of import duties, taxes, and other charges.

Brokerage: A brokerage firm, or simply brokerage, is a financial institution that facilitates the buying and selling of financial securities between a buyer and a seller.
Brokerage firms serve a clientele of investors who trade public stocks and other securities, usually through the firm's agent stockbrokers. A traditional, or "full service", brokerage firm usually undertakes more than simply carrying out a stock or bond trade. The staff of this type of brokerage firm is entrusted with the responsibility of researching the markets to provide appropriate recommendations, and in doing so they direct the actions of pension fund managers and portfolio managers alike. These firms also offer margin loans for certain approved clients to purchase investments on credit, subject to agreed terms and conditions.
Traditional brokerage firms have also become a source of up-to-date live stock prices and quotes. When a brokerage firm, in addition to buying and selling for clients, transacts for its own account, it is known as a broker-dealer.

(Start Quiz) Team 1



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