Question

Bonded Warehouses

Hint:

Understanding key management and business terms is essential for making informed decisions in various organizational roles.

Answer 1

A bonded warehouse is a storage facility where imported goods can be stored without paying customs duties until they are released for sale or distribution. The goods are "bonded" because they are under the control of customs authorities, and duties are deferred until the goods leave the warehouse. This helps importers avoid paying duties on goods that are not yet sold.