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Subject: Principles of Business

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Define the following terms listed below:

(a) Certificate of Origin

(b) Export License
(c) Telegraphic Money Transfer
(d) Purchase Requisition
(a) Certificate of Origin- A certificate of origin is an international trade
document that confirms the origin of a shipment. The document certifies that
the transported goods are entirely obtained, produced, manufactured or
processed in a certain country. The certificate of origin is required by almost
all countries when shipping goods across borders, and it is used for customs
clearance procedures

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(b) Export License- An export license is a document issued by the appropriate
licensing agency after which an exporter is allowed to transport his product
in a foreign market. The license is only issued after a careful review of the
facts surrounding the given export transaction. Export license depends on the
nature of goods to be transported as well as the destination port.

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(c) Telegraphic Money Transfer- A telegraphic money transfer is a method of
transferring money electronically between accounts. The term “telegraphic
transfer” has its origins in the way that banks used to make international
money transfers. There are now faster ways to complete an international
transfer, but the term “telegraphic transfer” has remained in use, particularly
in Australia, New Zealand, and the UK. So, when you hear the term
“telegraphic transfers”, all you need to know is that it refers to international
money transfers made from one account to another.

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(d) Purchase Requisition- A purchase requisition form is a document used by a
department to request that the purchasing department order materials or
merchandise. The purchase requisition forms are used by department
managers to inform the purchasing department what materials are needed.
When a department manager sees that materials are running low, he or she
fills out a requisition form that includes a date, the manager’s name,
quantity, model numbers, details about the order, and the vendor.

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