McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Master of Business Administration (MBA) .
Chapters
| 1. |
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) | |
| 2. |
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 | |
| 3. |
The IEC number is a number with |
| A. | 7 digit |
| B. | 8 digits |
| C. | 9 digits |
| D. | 10 digits |
| Answer» D. 10 digits | |
| 4. |
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) | |
| 5. |
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 | |
| 6. |
What is a prerequisite for export and import? |
| A. | IEC number |
| B. | License |
| C. | Status |
| D. | None of the above |
| Answer» A. IEC number | |
| 7. |
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 | |
| 8. |
How many ways are there to get the IEC code? |
| A. | Physical |
| B. | Online |
| C. | Both |
| D. | Can’t Say |
| Answer» C. Both | |
| 9. |
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 | |
| 10. |
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 | |
| 11. |
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 | |
| 12. |
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 | |
| 13. |
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 | |
| 14. |
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 | |
| 15. |
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 | |
| 16. |
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 | |
| 17. |
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 | |
| 18. |
1st incoterms were published in: |
| A. | 1936 |
| B. | 1954 |
| C. | 2000 |
| D. | 2012 |
| Answer» A. 1936 | |
| 19. |
Incoterms stands for: |
| A. | International currency terms |
| B. | International commercial terms |
| C. | International cooperation terms |
| D. | none |
| Answer» B. International commercial terms | |
| 20. |
Incoterms define ____ of buyers and sellers in international trade |
| A. | Obligation |
| B. | Profitability |
| C. | Currency convertibility |
| D. | none |
| Answer» A. Obligation | |
| 21. |
Total incoterms as per 2000? |
| A. | 13 |
| B. | 9 |
| C. | 10 |
| D. | 20 |
| Answer» A. 13 | |
| 22. |
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 | |
| 23. |
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 | |
| 24. |
Bill of Lading is issued by the |
| A. | captain of the vessel |
| B. | shipping company |
| C. | customs authorities |
| D. | consignor |
| Answer» B. shipping company | |
| 25. |
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 | |
| 26. |
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 | |
| 27. |
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 | |
| 28. |
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 | |
| 29. |
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. | |
| 30. |
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% | |
| 31. |
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 | |
| 32. |
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 | |
| 33. |
-----------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 | |
| 34. |
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 | |
| 35. |
----------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 | |
| 36. |
-------------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 | |
| 37. |
There are -----------statutory Commodity Boards under the Department of Commerce |
| A. | 7 |
| B. | 15 |
| C. | 10 |
| D. | none |
| Answer» A. 7 | |
| 38. |
The Indian Council of Arbitration promotes and administer ------------for dispute resolution and encouraging greater domestic and international commerce |
| A. | Alternative Dispute Resolution mechanisms |
| B. | Law and order |
| C. | all |
| D. | none |
| Answer» A. Alternative Dispute Resolution mechanisms | |
| 39. |
The export promotion scheme that enables the post export replenishment of duty on inputs used in the export product is. |
| A. | Replenishment licence. |
| B. | Duty remission scheme |
| C. | Duty exemption scheme |
| D. | . Duty free replenishment certificate |
| Answer» A. Replenishment licence. | |
| 40. |
The export promotion scheme with the objective to neutralize the incidence of Customs duty on the import content of the export product is. |
| A. | Export Promotion Capital Goods |
| B. | Export Credit Guarantee |
| C. | Duty Free Replenishment |
| D. | Duty Entitlement Passbook |
| Answer» C. Duty Free Replenishment | |
| 41. |
The license that is transferable is |
| A. | Export license |
| B. | Advance license |
| C. | DEPB license |
| D. | REP license |
| Answer» A. Export license | |
| 42. |
An airway bill is prepared in |
| A. | two copies |
| B. | three copies |
| C. | four copies |
| D. | five copies |
| Answer» B. three copies | |
| 43. |
An application for customs clearance of import cargo is |
| A. | Bill of lading |
| B. | Bill of exchange |
| C. | Shipping bill |
| D. | Bill of Entry |
| Answer» A. Bill of lading | |
| 44. |
All of the following are fundamental factors used by the countries to determine the customs duties to be paid for importing goods except |
| A. | Country of origin |
| B. | Classification |
| C. | Valuation |
| D. | Markings |
| Answer» C. Valuation | |
| 45. |
The General Agreement on Tariff and Trade was replaced by |
| A. | Cross Border Trade Group |
| B. | North American Free Trade Agreement |
| C. | Multilateral Agreement |
| D. | World Trade Organization |
| Answer» D. World Trade Organization | |
| 46. |
India's share in global merchandise exports in 2008 was |
| A. | 1.25% |
| B. | 1.35% |
| C. | 1.45% |
| D. | 1.55% |
| Answer» C. 1.45% | |
| 47. |
Expand FMS |
| A. | First Market Scheme |
| B. | Focus Market Scheme |
| C. | Focus Marine Scheme |
| D. | FullMarket Scheme |
| Answer» A. First Market Scheme | |
| 48. |
Under 2009-14 FTP how many new markets have been added under FMS? |
| A. | 26 |
| B. | 24 |
| C. | 25 |
| D. | 23 |
| Answer» A. 26 | |
| 49. |
Commercial Invoice and Proforma Invoice is same. |
| A. | True |
| B. | False |
| C. | all |
| D. | none |
| Answer» B. False | |
| 50. |
There is no difference between Bill of lading and mate receipt. |
| A. | True |
| B. | False |
| C. | all |
| D. | none |
| Answer» B. False | |
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