240+ Export Import Procedures and Documentation Solved MCQs

These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Master of Business Administration (MBA) .

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51.	Shipping Bill/ Bill of Export is the main document required by the Customs Authority for allowing shipment.
A.	True
B.	False
C.	all
D.	none
Answer» A. True

discuss

52.	To improve their international marketing operations ---------- are assisted by the way of trade fairs, buyers -sellers’ meets & market promotion programs.
A.	Ministers
B.	Importers
C.	Exporters
D.	none
Answer» C. Exporters

discuss

53.	Department of Commerce of the Ministry of Commerce and industry is the main organization to ------------and guide India’s foreign trade policy.
A.	formulate
B.	dictate
C.	implement
D.	none
Answer» A. formulate

discuss

54.	--------------examine issues relevant for promotion of India's foreign trade, and the international competitiveness of Indian goods and services.
A.	Boards of Trade
B.	DGFT
C.	Consular
D.	none
Answer» A. Boards of Trade

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55.	Name the two schemes introduced under the new foreign trade policy? Merchandise Export from India Scheme & Services Export from India Scheme
A.	Services Export from India Scheme & Services Import from India Scheme
B.	Services Import from India Scheme & Merchandise Export from India Scheme
C.	Merchandise Import from India Scheme & Services Export from India Scheme
D.	none
Answer» A. Services Export from India Scheme & Services Import from India Scheme

discuss

56.	Consider the following statements about the Foreign Trade Policy 2015-20 unveiled on 1st Apr’15. A. This policy focuses on boosting exports and creating jobs while supporting the Centre’s Make In India and Digital India' programs. B. The new policy is to create architecture for the Indian economy so that it can gain global competitiveness and promote the diversification of Indian export. C. The policy is to move towards paperless working in 24x7 environments. D. The policy comes at a time when export growth contracted 15 percent in February 2014-15, reporting a negative growth for the third consecutive month.
A.	A & B is correct
B.	B & C is correct
C.	A, B & D is correct
D.	All of the above is correct
Answer» D. All of the above is correct

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57.	The Indian Government unveiled the new Foreign Trade Policy 2015-20 on _____.
A.	30th Mar 2015
B.	31st Mar 2015
C.	1st April 2015
D.	30th April 2015
Answer» C. 1st April 2015

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58.	Which is India's first mega coastal economic zone (CEZ)?
A.	Vizag Port
B.	Chennai Port
C.	Jawaharlal Nehru Port
D.	Indira Gandhi Port
Answer» C. Jawaharlal Nehru Port

discuss

59.	The Reserve Bank is expected to formulate standard operating procedure (SOP) for approval of FDI proposals by ministries following the government decision to phase out what board?
A.	FIDB
B.	FIDP
C.	FIPB
D.	FIDC
Answer» C. FIPB

discuss

60.	Which interactive service, a 24hr channel has DTH provider TATA Sky launched?
A.	Tata Sky Cars
B.	Tata Sky Investments
C.	Tata Sky Beauty
D.	Tata Sky Movies
Answer» C. Tata Sky Beauty

discuss

61.	The Cabinet Committee on Economic Affairs gave its approval for removing the prohibition on the export of what type of items?
A.	Steel Ingots
B.	Textiles
C.	Pulses
D.	Onions
Answer» C. Pulses

discuss

62.	What is the nicotine replacement therapy product Glenmark launched in Nov 2017?
A.	Quitz
B.	QuitQik
C.	Kquitz
D.	Kwitz
Answer» D. Kwitz

discuss

63.	PC shipments in India witnessed what percentage of growth in September 2017 quarter as against the year ago?
A.	20.5%
B.	19.5%
C.	20%
D.	50%
Answer» A. 20.5%

discuss

64.	RBI Governor Urjit Patel was appointed to which advisory board?
A.	Financial Stability Institute Advisory Board (FSAB)
B.	Bank of International Settlement (BIS).
C.	Federal Reserve (F
Answer» A. Financial Stability Institute Advisory Board (FSAB)

discuss

65.	Any person applying for any License of benefit or concession under the foreign Trade Policy will be required to furnish:
A.	Registration cum Membership Certificate (RCMC)
B.	Registration cum Membership Certificate (RCMC)
C.	Certificate of Origin
D.	None of the above
Answer» A. Registration cum Membership Certificate (RCMC)

discuss

66.	The IEC number is issued by the
A.	Central Government
B.	State Government
C.	Director General of Foreign trade
D.	Ministry of commerce
Answer» C. Director General of Foreign trade

discuss

67.	The IEC number is a number with
A.	7 digit
B.	8 digits
C.	9 digits
D.	10 digits
Answer» D. 10 digits

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68.	Which system is used for classification of export item?
A.	ITC (HS)
B.	ITM (LS)
C.	RCMC
D.	None of the above
Answer» A. ITC (HS)

discuss

69.	What does ITC (HS) stand for?
A.	Indian trade classifications harmonized system
B.	Indian Trade Clarification Harmonized system
C.	Indian Trade Classification Hierarchal system
D.	None of the above
Answer» A. Indian trade classifications harmonized system

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70.	What is a prerequisite for export and import?
A.	IEC number
B.	License
C.	Status
D.	None of the above
Answer» A. IEC number

discuss

71.	What are the bodies exempted from having IEC number?
A.	Status Holders
B.	Ministries/Departments of the Central or State Govt
C.	SEZ’s
D.	None of the above
Answer» B. Ministries/Departments of the Central or State Govt

discuss

72.	How many ways are there to get the IEC code?
A.	Physical
B.	Online
C.	Both
D.	Can’t Say
Answer» C. Both

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73.	Which form is required to be filled for registration?
A.	Aayat Niyaat form
B.	Ministries/Departments of the Central or State Govt
C.	SEZ’s
D.	None of the above
Answer» A. Aayat Niyaat form

discuss

74.	Fulfillment of Export obligation for licenses with duty saved of Rs.100 Corers or more is valid only if,
A.	It is 8 times the duty saved on capital goods , It is fulfilled within 12 years for issuance of license , Initial 5% custom duty has been paid
B.	It is 10 times the duty saved on capital goods , It is fulfilled within 12 years for issuance of license , Initial 5% custom duty has been paid
C.	It is 12 times the duty saved on capital goods , It is fulfilled within 12 years for issuance of license , Initial 5% custom duty has been paid
D.	none
Answer» A. It is 8 times the duty saved on capital goods , It is fulfilled within 12 years for issuance of license , Initial 5% custom duty has been paid

discuss

75.	What is the time of payment in cash in advance?
A.	Prior to manufacturing or shipping
B.	Post manufacturing or shipping
C.	Premium to manufacturing or shipping
D.	none
Answer» A. Prior to manufacturing or shipping

discuss

76.	What is advantage of documentary collection?
A.	Less costly, tie up with bank not required.
B.	More safe as payment at the sight of goods or acceptance
C.	Both of above
D.	none
Answer» C. Both of above

discuss

77.	Which document is used for documentary collection?
A.	Bill of exchange/ draft
B.	Usance bill
C.	Bill of lading
D.	none
Answer» A. Bill of exchange/ draft

discuss

78.	What is the time of payment for documentary collection?
A.	At the sight of goods or acceptance, as agreed
B.	At a future date
C.	Prior to shipping
D.	none
Answer» A. At the sight of goods or acceptance, as agreed

discuss

79.	INCO termswere given by
A.	International Chamber of Commerce
B.	Director General of Foreign Trade
C.	Ministry of Commerce
D.	none
Answer» A. International Chamber of Commerce

discuss

80.	What is the advantage of letter of credit?
A.	Evens risk between buyer and seller
B.	Strengthens the role of advising and confirming bank
C.	Instant payment
D.	none
Answer» A. Evens risk between buyer and seller

discuss

81.	What is revolving L/C?
A.	The amount becomes available again without issuing another L/C and usually under the same terms and conditions
B.	Payment is on unconfirmed irrevocable basis
C.	Payment is on a future date
D.	none
Answer» A. The amount becomes available again without issuing another L/C and usually under the same terms and conditions

discuss

82.	1st incoterms were published in:
A.	1936
B.	1954
C.	2000
D.	2012
Answer» A. 1936

discuss

83.	Incoterms stands for:
A.	International currency terms
B.	International commercial terms
C.	International cooperation terms
D.	none
Answer» B. International commercial terms

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84.	Incoterms define ____ of buyers and sellers in international trade
A.	Obligation
B.	Profitability
C.	Currency convertibility
D.	none
Answer» A. Obligation

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85.	Total incoterms as per 2000?
A.	13
B.	9
C.	10
D.	20
Answer» A. 13

discuss

86.	The customs duty paid for the import of capital goods as per 2009-2014 policy is
A.	2 per cent
B.	3 per cent
C.	5 per cent
D.	8 per cent
Answer» C. 5 per cent

discuss

87.	The apex body of the Foreign Trade is
A.	The Central Government
B.	The State Government
C.	The Ministry of Commerce
D.	All the above
Answer» C. The Ministry of Commerce

discuss

88.	Bill of Lading is issued by the
A.	captain of the vessel
B.	shipping company
C.	customs authorities
D.	consignor
Answer» B. shipping company

discuss

89.	What does CCIE stand for?.
A.	Chief Controller of Imports and Exports
B.	Central Cottage Industries Exports
C.	Control on Cotton Imports and Exports
D.	Commissioner of Central Imports and Exports
Answer» A. Chief Controller of Imports and Exports

discuss

90.	Foreign Exchange Regulation Act was replaced with The Foreign Exchange Management Act in the Year
A.	1973
B.	1991
C.	1995
D.	1999
Answer» D. 1999

discuss

91.	The objectives of import duty is/are
A.	to raise income for the government
B.	to restrict imports
C.	to encourage exports
D.	to raise income and restrict imports
Answer» D. to raise income and restrict imports

discuss

92.	If a country is having more exports than imports in value terms, it can be said that the country is having
A.	Deficit under BOP
B.	Deficit under BOT
C.	Surplus under BOT
D.	Surplus under BOP
Answer» D. Surplus under BOP

discuss

93.	What does DDP signify in incoterms?
A.	Duty drawback payment
B.	Delivery duty paid, all obligations are with seller.
C.	Duty drawback passbook
D.	none
Answer» B. Delivery duty paid, all obligations are with seller.

discuss

94.	To accelerate exports and encourage technological up gradation, additional Duty Credit Scripts are being given to Status Holders @ ---------of the FOB value of past exports.
A.	3%
B.	2%
C.	1%
D.	none
Answer» C. 1%

discuss

95.	Conversion of Shipping Bills from one Export Promotion scheme to other scheme can be made within ----------
A.	three months
B.	two months
C.	four months
D.	none
Answer» A. three months

discuss

96.	Disposal of manufacturing wastes / scrap is allowed-----------, even before fulfillment of export obligation under Advance Authorization and EPCG Scheme
A.	without fees
B.	after payment of applicable excise duty
C.	all
D.	none
Answer» B. after payment of applicable excise duty

discuss

97.	-----------have now been authorized to issue licences for import of sports weapons by ‘renowned shooters’, on the basis of NOC from the Ministry of Sports & Youth Affairs
A.	Regional Authorities
B.	DGFT
C.	all
D.	none
Answer» A. Regional Authorities

discuss

98.	Automobile industry, having their own R&D establishment, is allowed free import of reference fuels (petrol and diesel), upto a maximum of -------------per annum, which are not manufactured in India.
A.	5 KL
B.	15 KL
C.	25 KL
D.	none
Answer» A. 5 KL

discuss

99.	----------are also the registering authorities under the Export Import Policy
A.	Export Promotion Councils
B.	Commodity Boards
C.	all
D.	none
Answer» A. Export Promotion Councils

discuss

100.	-------------organize participation in trade fairs, exhibitions and buyer-seller meets in India and abroad
A.	Pro duct development Authorities
B.	Commodity Boards
C.	Export Promotion Councils
D.	none
Answer» C. Export Promotion Councils

discuss

240+ Export Import Procedures and Documentation Solved MCQs

Shipping Bill/ Bill of Export is the main document required by the Customs Authority for allowing shipment.

To improve their international marketing operations ---------- are assisted by the way of trade fairs, buyers -sellers’ meets & market promotion programs.

Department of Commerce of the Ministry of Commerce and industry is the main organization to ------------and guide India’s foreign trade policy.

--------------examine issues relevant for promotion of India's foreign trade, and the international competitiveness of Indian goods and services.

Name the two schemes introduced under the new foreign trade policy? Merchandise Export from India Scheme & Services Export from India Scheme

The Indian Government unveiled the new Foreign Trade Policy 2015-20 on _____.

Which is India's first mega coastal economic zone (CEZ)?

The Reserve Bank is expected to formulate standard operating procedure (SOP) for approval of FDI proposals by ministries following the government decision to phase out what board?

Which interactive service, a 24hr channel has DTH provider TATA Sky launched?

The Cabinet Committee on Economic Affairs gave its approval for removing the prohibition on the export of what type of items?

What is the nicotine replacement therapy product Glenmark launched in Nov 2017?

PC shipments in India witnessed what percentage of growth in September 2017 quarter as against the year ago?

RBI Governor Urjit Patel was appointed to which advisory board?

Any person applying for any License of benefit or concession under the foreign Trade Policy will be required to furnish:

The IEC number is issued by the

The IEC number is a number with

Which system is used for classification of export item?

What does ITC (HS) stand for?

What is a prerequisite for export and import?

What are the bodies exempted from having IEC number?

How many ways are there to get the IEC code?

Which form is required to be filled for registration?

Fulfillment of Export obligation for licenses with duty saved of Rs.100 Corers or more is valid only if,

What is the time of payment in cash in advance?

What is advantage of documentary collection?

Which document is used for documentary collection?

What is the time of payment for documentary collection?

INCO termswere given by

What is the advantage of letter of credit?

What is revolving L/C?

1st incoterms were published in:

Incoterms stands for:

Incoterms define ____ of buyers and sellers in international trade

Total incoterms as per 2000?

The customs duty paid for the import of capital goods as per 2009-2014 policy is

The apex body of the Foreign Trade is

Bill of Lading is issued by the

What does CCIE stand for?.

Foreign Exchange Regulation Act was replaced with The Foreign Exchange Management Act in the Year

The objectives of import duty is/are

If a country is having more exports than imports in value terms, it can be said that the country is having

What does DDP signify in incoterms?

To accelerate exports and encourage technological up gradation, additional Duty Credit Scripts are being given to Status Holders @ ---------of the FOB value of past exports.

Conversion of Shipping Bills from one Export Promotion scheme to other scheme can be made within ----------

Disposal of manufacturing wastes / scrap is allowed-----------, even before fulfillment of export obligation under Advance Authorization and EPCG Scheme

-----------have now been authorized to issue licences for import of sports weapons by ‘renowned shooters’, on the basis of NOC from the Ministry of Sports & Youth Affairs

Automobile industry, having their own R&D establishment, is allowed free import of reference fuels (petrol and diesel), upto a maximum of -------------per annum, which are not manufactured in India.

----------are also the registering authorities under the Export Import Policy

-------------organize participation in trade fairs, exhibitions and buyer-seller meets in India and abroad