Quiz: How Much Do You Know About Freight Forwarding?
-
In what year was the first forwarding company created?
-
1836
-
1840
-
1842
-
1850
-
Embark on a global journey through the intricate world of logistics with our "How Much Do You Know About Freight Forwarding?" quiz. Whether you're a seasoned industry expert or someone eager to unravel the mysteries of international trade, this quiz is your ticket to understanding the backbone of global commerce. If you are business or even individual selling products on See moreeBay or sending goods to your family overseas, you might need the services of a freight forwarding company. They will transport your goods in several ways like by air, train, by road, and even by boat. But what do you really know about this business? Take our quiz and find out now.
Are you ready to decode the language of CFR and FOB, understand the nuances of Incoterms, and grasp the financial intricacies of ocean freight charges? Whether you're a supply chain enthusiast or just curious about the logistics behind your favorite products, this quiz promises to be both enlightening and entertaining. Challenge yourself, compete with friends, and unravel the layers of one of the most vital components of the global economy. The world of freight forwarding awaits – let the quiz begin!
Quiz Preview
- 2.
What is the name of the first freight forwarding company in the world?
-
Thomas Meadow Enterprises
-
Thomas meadow and corporation
-
Thomas Meadow and Company
-
Meedows and Co
Correct Answer
A. Thomas Meadow and CompanyExplanation
Thomas Meadow and Company, established in 1835 in London, England, earns the distinction of being recognized as the world's first freight forwarding company. This pioneering entity set the stage for the global movement of goods, establishing a legacy in the realm of logistics.Rate this question:
-
- 3.
Which country is known to have started with the freight forwarding business?
-
England
-
The USA
-
France
-
Germany
Correct Answer
A. EnglandExplanation
England is known to have started with the freight forwarding business. This can be attributed to England's historical role as a major maritime power and its early development of trade routes and infrastructure. The country's ports and shipping industry played a crucial role in facilitating the movement of goods and establishing the foundations of modern freight forwarding practices. Additionally, England's colonial expansion further contributed to the growth of its freight forwarding industry, as it required efficient logistics and transportation systems to support trade with its colonies.Rate this question:
-
- 4.
How is the transferring document fee also called?
-
Flight Charges
-
Flying charges
-
Ocean freight Charges
-
Transferring charges
Correct Answer
A. Ocean freight ChargesExplanation
The transferring document fee is also called ocean freight charges. This refers to the cost associated with transporting goods by sea. It includes various expenses such as loading and unloading fees, customs documentation, and insurance. This term specifically relates to the transportation of goods through maritime routes and is different from flight charges or transferring charges, which may pertain to other modes of transportation.Rate this question:
-
- 5.
What did freight forwarders initially do?
-
They contacted receivers to warn them about the goods' arrival.
-
They inspect goods.
-
They arranged for carriage by contracting with various carriers.
-
They used to pack goods.
Correct Answer
A. They arranged for carriage by contracting with various carriers.Explanation
Freight forwarders initially arranged for carriage by contracting with various carriers. This means that they were responsible for coordinating and organizing the transportation of goods by entering into agreements with different carriers such as shipping lines, airlines, trucking companies, or rail operators. They would negotiate the terms and conditions of transportation, including the rates, routes, and schedules, to ensure that the goods were transported efficiently and effectively to their destination.Rate this question:
-
- 6.
Where do people normally pay for the Ocean freight charges?
-
At the port of Discharge
-
At departure
-
At customs
-
Anywhere they want to
Correct Answer
A. At the port of DischargeExplanation
People normally pay for the ocean freight charges at the port of discharge. This is because the port of discharge is the final destination where the goods are unloaded from the ship and customs clearance is completed. At this point, the shipping company or the freight forwarder will present the invoice for the freight charges to the consignee or the importer, who is responsible for paying the charges before the goods can be released. Paying at the port of discharge ensures that all necessary fees and charges are settled before taking possession of the goods.Rate this question:
-
- 7.
What is the meaning of CFR?
-
Calls and Fares
-
Cost and Fair
-
Cost and Freight
-
Cost and Fare
Correct Answer
A. Cost and FreightExplanation
CFR stands for Cost and Freight. It is a trade term used in international shipping contracts, indicating that the seller is responsible for the cost of goods and transportation to the named port of destination. The buyer is responsible for the insurance and any additional costs once the goods have been delivered to the port. This term is commonly used in maritime trade to define the point at which the seller's obligations end and the buyer's obligations begin.Rate this question:
-
- 8.
What is FOB?
-
Free on Board
-
Fare on board
-
Food on board
-
Far on Board
Correct Answer
A. Free on BoardExplanation
FOB stands for "Free on Board" and is a term used in international trade to indicate that the seller is responsible for the goods until they are loaded onto the vessel for shipment. Once the goods are on board, the responsibility transfers to the buyer. This term is commonly used in contracts and shipping documents to determine who bears the risk and cost of transportation.Rate this question:
-
- 9.
What is the other term for International Commercial term?
-
Icoterm
-
Encoterm
-
Ecoterm
-
Incoterm
Correct Answer
A. IncotermExplanation
The correct answer is "Incoterm." Incoterm is the abbreviation for International Commercial term, which refers to a set of standardized trade terms used in international transactions. These terms define the rights and obligations of the buyer and seller regarding the delivery of goods, transportation costs, and the transfer of risk. Incoterms are widely recognized and used by businesses around the world to ensure clarity and consistency in international trade agreements.Rate this question:
-
- 10.
Who normally pays for the Ocean Freight Charges?
-
The agent responsible for handling the goods
-
The Client
-
The Exporter
-
The Importer
Correct Answer
A. The ImporterExplanation
The importer normally pays for the ocean freight charges. When goods are being transported via ocean freight, it is the responsibility of the importer to cover the costs associated with shipping the goods from the exporter's location to the importer's location. This includes paying for the ocean freight charges, which are the fees incurred for transporting the goods by sea. The importer is responsible for arranging the shipment and paying for all related costs, including the ocean freight charges.Rate this question:
-
Quiz Review Timeline (Updated): Jan 10, 2024 +
Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
-
Current Version
-
Jan 10, 2024Quiz Edited by
ProProfs Editorial Team -
Aug 14, 2019Quiz Created by
Anouchka
Back to top