The Sourcing Quiz

Welcome To The Sourcing Quiz© By Sourcing Warrior

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Created by YupingYuping

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 $3.7 per unit EXW factory?

 

2 / 10

What does BOL stands for?

 

3 / 10

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

 

4 / 10

The supplier’s factory is very far from the port, the forwarder needs to charge $375 to pick up your product from the factory. Who is responsible for the cost if your price is $3.7 per unit FOB Port?

 

5 / 10

You paid $250 to an inspection company to inspect your product, but the product failed the first inspection. The supplier agrees to rework the defective products. To make sure the rework is done right, you want the 2nd 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 P.I. stands for?

 

7 / 10

The supplier asks you to pay for a down payment before producing your PO, what percentage is common as the down payment?

 

8 / 10

When do you need to pay your remaining 70% balance for your order? (you paid 30% up front)

 

 

9 / 10

You paid 4 suppliers to make a KIT/Bundled product for you, how many commercial invoices do you need for custom?

 

 

 

10 / 10

January 1rst, you ordered 1000 products, the unit cost was $1.00 per unit, the exchange rate was 6:1 (USD: RMB); September 1st, you want to re-order the same quantity, the exchange rate is now 12:1 (USD: RMB), your product cost should: