Question

Vocab
CIF (cost, insurance, freight): where the seller is responsile for all expenses of delivery, including insurance premiums
clerical staff: the personnel dealing with office work such as filing, typing, and billing
to default: to fail to pay your debts
delivered at the frontier: delivery where the seller's obligations are met when the goods arrive at the frontier/border. the buyer must get the goods through customs and arrange to get them delivered to their door
delivery duty paid: delivery where the seller must deliver to the buyer's door and pay all of the duties
discount/to discount: a reduction in price
FOB (Free on board): free on board, where the buyer pays all costs from the moment the goods across over the ship's rail
irrevocable documentary credit: a means of payment where money is placed with a third party, a bank, and is transferred to the seller upon delivery of the goods. irrevocable means that this arrangement cannot be changed or canceled
nationls: citizens of the country in question
to penetrate: to enter a new market
subsidiary: a company in which more than half of the share capital is owned by another company

1. For an importer, shipping costs paid ___ are cheaper than paid ___.
2. ___ means to fail to pay one's debts. If Acme is afriad of this, they ask for ___ ___ ___.
3. Acme wants to use Nigeria ___ ___ the East African market.
4. The Nigerians want Acme to hire Nigerian __ and to open a ___.
5. If the Nigerians purchase a large number of pumps, they will probably get a ___.

Answer 1

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