International Trade Compliance Policy Test! Trivia Quiz

1. Which of the following statements is true?

Both A and B

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.

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.

2. The purpose of this Policy is to ensure that:

Both, A and B

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.

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.

3. The International Trade Compliance function is organized as follows:

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.

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.

4. Example of a primary responsibility of the ICO is:

None of above

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.

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.

5. Which of the following statements is false?

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.

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.