October 2024 — Question 74
Acme Company in the United States paid $7,000 to a Brazilian factory for a shipment of hula hoops, CIF terms of sale. The $7,000 consists of $6,500 for the toys and $500 for ocean freight and insurance. The Brazilian factory charged Acme Company $8,250 for the toys; however, because the Brazilian factory owed Acme Company $1,750, the Brazilian factory charged only $6,500 for the hula hoops. What is the transaction value?
- A$6,500.00
- B$7,000.00
- C$8,250.00✓ CBP's answer
- D$8,750.00
Why this answer
CBP publishes the key, not the reasoning. Our written explanation of why this answer is right — and which rule decides it — comes with a free account.
CBP's cited authority
Answer and citations as published in CBP's official answer key for the October 2024 examination.
Reading answers is easy. The exam is 80 of these in 4.5 hours.
Pass rates run 12–30%. Find out in 15 minutes whether you'd clear the 75% line today — free, no signup.