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. |
Duty Drawback is available for |
| A. | Import duty on imported components |
| B. | Central excise on indigenous components |
| C. | Import duty and central excise on indigenous components |
| D. | Import duty, central excise and VAT |
| Answer» C. Import duty and central excise on indigenous components | |
| 2. |
Excise duty exemption on exports is available for duty paid on |
| A. | finished products only |
| B. | components only |
| C. | finished products and components |
| D. | imported items |
| Answer» C. finished products and components | |
| 3. |
All imported goods shall be subject to domestic laws, rules, orders, regulations. |
| A. | True |
| B. | False |
| C. | Can’t say |
| D. | none |
| Answer» A. True | |
| 4. |
An EPCG License holder may source capital goods from domestic leasing company. |
| A. | True |
| B. | False |
| C. | Can’t say |
| D. | none |
| Answer» A. True | |
| 5. |
Deemed exports is beneficial to Indian buyers because :- |
| A. | It reduces costs in supply chain management , Saves foreign exchange |
| B. | It reduces costs in supply chain management , After sales service is easier, Saves foreign exchange |
| C. | None of the above |
| D. | Can’t say |
| Answer» A. It reduces costs in supply chain management , Saves foreign exchange | |
| 6. |
In case of Free of cost imported raw material, value addition would be computed by adding Notional Value of free of cost material to both CIF value of imports and FOB value of exports. |
| A. | True |
| B. | False |
| C. | Can’t say |
| D. | none |
| Answer» A. True | |
| 7. |
Export Promotion Capital Goods Scheme allows import of capital goods |
| A. | Free of import duty |
| B. | With concessional duty of 5 per cent with no export obligation |
| C. | With concessional duty of 5 per cent with export obligation 8 times the duty saved |
| D. | With concessional duty of 5 per cent with export obligation 8 times the import made |
| Answer» C. With concessional duty of 5 per cent with export obligation 8 times the duty saved | |
| 8. |
In India, the patent available for pharmaceuticals is |
| A. | for product only |
| B. | for process only |
| C. | both for product and process |
| D. | neither product nor process |
| Answer» C. both for product and process | |
| 9. |
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» B. Duty remission scheme | |
| 10. |
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» D. Duty Entitlement Passbook | |
| 11. |
The license that is transferable is |
| A. | Export license |
| B. | Advance license |
| C. | DEPB license |
| D. | REP license |
| Answer» C. DEPB license | |
| 12. |
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» D. Bill of Entry | |
| 13. |
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» D. Markings | |
| 14. |
The General Agreement on Tariff and Trade was replaced by |
| A. | Cross Border Trade Group |
| B. | North American Free Trade Agreement |
| C. | Mutlilateral Agreement |
| D. | World Trade Organisation |
| Answer» D. World Trade Organisation | |
| 15. |
Expand FMS |
| A. | First Market Scheme |
| B. | Focus Market Scheme |
| C. | Focus Marine Scheme |
| D. | FullMarket Scheme |
| Answer» B. Focus Market Scheme | |
| 16. |
Under 2009-14 FTP how many new markets have been added under FMS? |
| A. | 23 |
| B. | 24 |
| C. | 25 |
| D. | 26 |
| Answer» D. 26 | |
| 17. |
Expand DFCE |
| A. | Duty Free Certificate of Entitlement |
| B. | Duty Focus Certificate of Entitlement |
| C. | Duty Free Certificate of Export |
| D. | Duty Free Condition of Entitlement |
| Answer» A. Duty Free Certificate of Entitlement | |
| 18. |
Which of the following enables an exporter to import inputs without paying import duties? |
| A. | Advance license |
| B. | Advance money |
| C. | DEPB |
| D. | DGFT |
| Answer» A. Advance license | |
| 19. |
Which enables an exporter to import capital goods, like plant and machinery at concessional import duty? |
| A. | Advance license |
| B. | EPCG license |
| C. | IEC license |
| D. | FPS license |
| Answer» B. EPCG license | |
| 20. |
Earlier Advance Authorization Scheme used to be called as |
| A. | Advance scheme |
| B. | Advance License Scheme |
| C. | Advance License System |
| D. | Advance Authority Scheme |
| Answer» B. Advance License Scheme | |
| 21. |
The EXIM policy is updated every year on |
| A. | 31st December |
| B. | 31st March |
| C. | 30th September |
| D. | 1st April |
| Answer» B. 31st March | |
| 22. |
When SEZ Act was passed? |
| A. | 2002 |
| B. | 2003 |
| C. | 2004 |
| D. | 2005 |
| Answer» D. 2005 | |
| 23. |
FDI limit in SEZs is |
| A. | 24% |
| B. | 51% |
| C. | 74% |
| D. | 100% |
| Answer» D. 100% | |
| 24. |
The objective of _____ is to neutralize the incidence of basic customs duty on the import content of the export product. |
| A. | Duty Drawback Scheme |
| B. | Focus Product Scheme |
| C. | Duty Entitlement Passbook Scheme |
| D. | Focus Market Scheme |
| Answer» C. Duty Entitlement Passbook Scheme | |
| 25. |
The --------------is the premier organization in the country, which offers credit risk insurance cover to exporters, banks, etc. |
| A. | Duty Drawback Scheme |
| B. | Focus Product Scheme |
| C. | ECGC |
| D. | none |
| Answer» C. ECGC | |
| 26. |
Marine Products Export Development Authority helps |
| A. | To provide timely and efficient services to overseas buyers. |
| B. | To establish trade links between Indian suppliers and overseas buyers. |
| C. | To facilitate participation in overseas trade fairs and exhibitions and organize trade fairs in India |
| D. | All above |
| Answer» D. All above | |
| 27. |
Import Export code (IEC) number is issued by -------Regional licensing authority of DGFT |
| A. | Ministry of Commerce |
| B. | Commodity Boards |
| C. | all |
| D. | none |
| Answer» A. Ministry of Commerce | |
| 28. |
While submitting an application form for IEC number, an applicant is required to submit his |
| A. | Current Bank Account number. |
| B. | and Bankers Certificate |
| C. | PAN account number |
| D. | All above |
| Answer» D. All above | |
| 29. |
IEC Fee Requirement is Rs. |
| A. | 250/ |
| B. | 300/ |
| C. | 500/ |
| D. | none |
| Answer» A. 250/ | |
| 30. |
The Negotiable Instruments Act defines a ---------as “an instrument in writing containing an unconditional order, signed by the maker directing a certain person to pay a certain sum of money only to, or to the order of, a certain person or to the bearer of instrument.” |
| A. | Performa invoice |
| B. | bill of exchange |
| C. | all |
| D. | none |
| Answer» B. bill of exchange | |
| 31. |
A -----------contains the details of the goods shipped and is sworn as being correct in all respects by the exporter before the Consul of the importing country stationed in the exporting country. |
| A. | Performa invoice |
| B. | Consular invoice |
| C. | Commercial Invoice |
| D. | none |
| Answer» B. Consular invoice | |
| 32. |
A proforma invoice contains all the particulars as a commercial invoice, but it is distinguished from the latter as it is not--- |
| A. | Valid |
| B. | Evidence of sale |
| C. | tender for sale contract |
| D. | none |
| Answer» B. Evidence of sale | |
| 33. |
India’s New Foreign Trade Policy under NDA Govt. for the period 2015 to 2020 was announced by the government on the------------- |
| A. | 1st of April 2015 |
| B. | 1st of June 2015 |
| C. | all |
| D. | none |
| Answer» A. 1st of April 2015 | |
| 34. |
As per the MEIS scheme, the export promotion reward ------------- shall be issued to exporters without any attached conditions on the basis of realized FOB value provided they pertain to goods notified for the scheme by the government. |
| A. | scrips |
| B. | schemes |
| C. | all |
| D. | none |
| Answer» A. scrips | |
| 35. |
MEIS benefits have also been extended to all -------------other than free trade warehousing units. |
| A. | large industries |
| B. | SEZ units |
| C. | all |
| D. | none |
| Answer» B. SEZ units | |
| 36. |
Eligible exporters shall be issued rewards in the form of duty credit scrips based on the net foreign exchange earned |
| A. | SEIS |
| B. | MEIS |
| C. | Both |
| D. | none |
| Answer» C. Both | |
| 37. |
The reward scrips themselves and any goods purchased by utilising these scrips are --------------------------by the companies without any restrictions. |
| A. | non-transferable |
| B. | freely transferable |
| C. | all |
| D. | none |
| Answer» B. freely transferable | |
| 38. |
The Commanding Officer of the ship issues a clean mate's receipt; if he is ------------ that the goods are packed properly |
| A. | satisfied |
| B. | not satisfied |
| C. | all |
| D. | none |
| Answer» A. satisfied | |
| 39. |
Bill of lading is a document supplied to the -------------by the shipping company that is transporting the goods to their foreign destination, listing them item by item |
| A. | importer |
| B. | exporter |
| C. | all |
| D. | none |
| Answer» B. exporter | |
| 40. |
Bill of entry is a declaration filed by importer giving details of importer and goods. |
| A. | importer |
| B. | exporter |
| C. | all |
| D. | none |
| Answer» A. importer | |
| 41. |
Bill of entry can be filed --------------in advance of expected arrival of goods. |
| A. | 60 days |
| B. | 30 days |
| C. | all |
| D. | none |
| Answer» B. 30 days | |
| 42. |
Advance license facility enables ----------- to import inputs without payment of custom duty. |
| A. | importer |
| B. | exporter |
| C. | all |
| D. | none |
| Answer» B. exporter | |
| 43. |
The --------------is a complete, list of all items the conveyance carries on board to be transshipped and those to be carried to the subsequent ports of call. |
| A. | SEIS |
| B. | MEIS |
| C. | import manifest |
| D. | none |
| Answer» C. import manifest | |
| 44. |
For clearance of goods from the warehouse the importer is required to present what is known as -----------------of entry. |
| A. | import manifest |
| B. | 'Ex-bond Bill |
| C. | all |
| D. | none |
| Answer» B. 'Ex-bond Bill | |
| 45. |
Form GP1 is issued for the removal of excisable goods on payment of duty. |
| A. | True |
| B. | False |
| C. | Can’t say |
| D. | none |
| Answer» A. True | |
| 46. |
Form GP2 is issued for the removal of excisable goods without payment of duty. |
| A. | True |
| B. | False |
| C. | Can’t say |
| D. | none |
| Answer» A. True | |
| 47. |
Form ARE-1 is central excise form. |
| A. | True |
| B. | False |
| C. | Can’t say |
| D. | none |
| Answer» A. True | |
| 48. |
Vernon's international product life cycle theory: |
| A. | helps explain the movement from absolute advantage to comparative advantage. |
| B. | helps explain why a product that begins as a nation export often ends up becoming an import. |
| C. | shows why the United States, surprisingly, exports relatively more laborintensive goods and imports capital-intensive goods. |
| D. | extends the concept of comparative advantage by bringing into consideration the endowment and cost of factors of production. |
| Answer» B. helps explain why a product that begins as a nation export often ends up becoming an import. | |
| 49. |
Which of the following products have moved through the IPLC and are now in the standardized product stage? |
| A. | DVD players. |
| B. | Televisions. |
| C. | Computer memory cards. |
| D. | All of the above. |
| Answer» D. All of the above. | |
| 50. |
Which of the following factors influence trade? |
| A. | The relative price of factors of productions. |
| B. | Government. |
| C. | The stage of development of a product. |
| D. | All of the above. |
| Answer» D. All of the above. | |
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