The Sourcing Quiz

Welcome To The Sourcing Quiz© By Sourcing Warrior

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Created by Yuping

Find Out Your Sourcing IQ (10 simple questions)

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1 / 10

There is an export declaration fee when exporting out of China. Who is ultimately responsible for the fee if your price is $3.70 per unit EXW factory?

2 / 10

What does BOL stand for?

 

3 / 10

You are a new seller and find a new product to offer. What quantity you should ask your supplier to quote, to get a reasonable estimate of your cost? (The average monthly sales for your top 10 competitor is 500 units per month. No MOQ is required.)

 

4 / 10

The supplier’s factory is very distant from the shipping port, and the forwarder charges $375 to pick up your product from the factory. Who is responsible for the cost if your price is $3.70 per unit FOB Port?

 

5 / 10

You paid $250 to an inspection company to inspect your purchased product, but the product has failed its first inspection. The supplier agrees to rework the defective product. To make sure the rework is done right, you want a 2nd inspection. Who is responsible for paying for the second inspection?

 

6 / 10

After you send your PO to the supplier, the supplier sends you a P.I. What does P.I. stand for?

 

7 / 10

The supplier asks you to provide a down payment before producing your PO. What percentage of the total payment is common for a down payment?

 

8 / 10

After your down payment, when do you need to pay the remaining balance for your order?

 

 

9 / 10

You paid 4 suppliers to make a kit, or bundled product, for you. How many commercial invoices do you need for customs?

 

 

 

10 / 10

On January 1st, you ordered 1000 products. The unit cost was $1.00 per unit, and the exchange rate was 6:1 (USD:RMB). On September 1st, you want to reorder the same quantity. If the exchange rate is now 12:1 (USD: RMB), your product cost should:

 

 

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