International Trade Compliance Policy Test! Trivia Quiz

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International Trade Compliance Policy Test! Trivia Quiz - Quiz

What we have here is an international trade compliance policy test trivia quiz? It is perfect for anyone who wants to be in the export-import business to know the rules that control the trade. By taking this quiz, you will get to see which aspects of the policy you have not been following. Do give it a shot!


Questions and Answers
  • 1. 

    The purpose of this Policy is to ensure that:

    • A.

      Honeywell complies with import/export laws and regulations by using tariff preference programs and free trade agreements in order to maximize duty-savings.

    • B.

      Honeywell complies with U.S. export laws and regulations and the import/export laws and regulations of each country in which it conducts business.

    • C.

      Both, A and B

    Correct Answer
    B. Honeywell complies with U.S. export laws and regulations and the import/export laws and regulations of each country in which it conducts business.
    Explanation
    The purpose of this Policy is to ensure that Honeywell complies with U.S. export laws and regulations and the import/export laws and regulations of each country in which it conducts business. This means that Honeywell is committed to following the laws and regulations related to importing and exporting goods in order to conduct its business legally and ethically. By complying with these laws, Honeywell can avoid any legal issues or penalties and ensure smooth operations in all countries where it operates.

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  • 2. 

    The International Trade Compliance function is organized as follows:

    • A.

      Export Control with two Corporate Centers of Excellence, in Washington, DC and Phoenix, AZ. Import Control supported by a Director of Customs Compliance supporting the Aerospace business group.

    • B.

      A Corporate Director of Export Control and Compliance located in Washington DC to Coordinate with Import and Export Control Coordinators supporting all business in all countries.

    • C.

      Export Control with two Centers of Excellence, the Corporate COE in Washington, DC and the Aerospace COE in Phoenix, AZ. Import Control supported by a Corporate Director of Customs Compliance.

    Correct Answer
    C. Export Control with two Centers of Excellence, the Corporate COE in Washington, DC and the Aerospace COE in Phoenix, AZ. Import Control supported by a Corporate Director of Customs Compliance.
    Explanation
    The International Trade Compliance function is organized with Export Control being divided into two Centers of Excellence, one located in Washington, DC and the other in Phoenix, AZ. Import Control is supported by a Corporate Director of Customs Compliance. This structure allows for efficient management of export control activities with specialized expertise in both the corporate and aerospace sectors, while import control is overseen by a dedicated director.

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  • 3. 

    Example of a primary responsibility of the ICO is:

    • A.

      Conduct regular periodic training of the employees of their business who are involved in any aspect of importing regarding applicable import laws and compliance procedures and serve as the primary focal point for all import compliance matters.

    • B.

      Publish required policies and procedures; provide training and materials; conduct audits and investigations; represent Honeywell with Customs and other government agencies.

    • C.

      None of above

    Correct Answer
    A. Conduct regular periodic training of the employees of their business who are involved in any aspect of importing regarding applicable import laws and compliance procedures and serve as the primary focal point for all import compliance matters.
    Explanation
    The primary responsibility of the ICO is to conduct regular periodic training for employees involved in importing, regarding import laws and compliance procedures. Additionally, the ICO is responsible for serving as the main point of contact for all import compliance matters. This includes publishing policies and procedures, providing training and materials, conducting audits and investigations, and representing the company with Customs and other government agencies.

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  • 4. 

    Which of the following statements is true?

    • A.

      Beyond the individuals with direct responsibility for the export and import functions, trade compliance assignment applies to supporting functions; therefore functional managers are expected to oversee their function, activity, or organization to ensure compliance with the export/import laws.

    • B.

      Employees involved in export-import transactions should contact the International Trade Compliance Coordinator for their site at the initial stages of a proposed international transaction

    • C.

      Both A and B

    Correct Answer
    C. Both A and B
    Explanation
    Both statement A and B are true. Statement A states that trade compliance assignment applies to supporting functions beyond individuals with direct responsibility for export and import functions. This means that functional managers are expected to oversee their function, activity, or organization to ensure compliance with export/import laws. Statement B states that employees involved in export-import transactions should contact the International Trade Compliance Coordinator for their site at the initial stages of a proposed international transaction. Therefore, both statements A and B are true.

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  • 5. 

    Which of the following statements is false?

    • A.

      It is the policy of the Company that there shall be no transactions or business dealings with any of the embargoed countries, except for sales to Cuba from foreign subsidiaries.

    • B.

      Export licenses or approved Technical Assistance Agreements ("TAAs") must be obtained before foreign nationals can gain access to certain controlled products and technical data.

    • C.

      When working with Export Controlled data in an electronic format, the area where data is stored, in a server or local hard drive, has to be secured to ensure that only authorized persons have access to it.

    Correct Answer
    A. It is the policy of the Company that there shall be no transactions or business dealings with any of the embargoed countries, except for sales to Cuba from foreign subsidiaries.
    Explanation
    The statement "It is the policy of the Company that there shall be no transactions or business dealings with any of the embargoed countries, except for sales to Cuba from foreign subsidiaries" is false because it contradicts the policy of not having any transactions or business dealings with embargoed countries.

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