McqMate
Chapters
| 1. |
Unit in a technology park is not eligible for |
| A. | exemption from import duty |
| B. | exemption from quantitative restrictions |
| C. | tax exemptions |
| D. | exemptions from registration requirements |
| Answer» D. exemptions from registration requirements | |
| 2. |
Special Economic Zones are |
| A. | situated outside India, but subject to RBI control |
| B. | treated as foreign territory and not Indian laws |
| C. | governed by international and not Indian laws |
| D. | prohibited from buying from Domestic Tariff Area |
| Answer» B. treated as foreign territory and not Indian laws | |
| 3. |
A SEZ cannot be established for |
| A. | manufacture of goods |
| B. | rendering of services |
| C. | functioning as Free Trade and Warehousing Zone |
| D. | none of the above |
| Answer» D. none of the above | |
| 4. |
Special Economic Zones were created to |
| A. | Boost manufacturing, Augment exports, Generate employment |
| B. | Boost manufacturing , Augment exports , deemed exports |
| C. | Exports of some special products |
| D. | None of the above |
| Answer» A. Boost manufacturing, Augment exports, Generate employment | |
| 5. |
Private sector cannot develop Special Economic Zones |
| A. | False |
| B. | true |
| C. | Can’t say |
| D. | none |
| Answer» B. true | |
| 6. |
For EOU units Disposal of used packing material will be allowed on payment of duty on |
| A. | Transaction Value |
| B. | CIF value |
| C. | None of the above |
| D. | Can’t say |
| Answer» A. Transaction Value | |
| 7. |
Sale by EOU to SEZ units is treated as |
| A. | Physical exports |
| B. | Deemed exports |
| C. | None of the above |
| D. | Can’t say |
| Answer» A. Physical exports | |
| 8. |
FTWZ is expected to address the issues of ________. |
| A. | Star Trading Houses |
| B. | Global Trading network and warehousing zone |
| C. | None of the above |
| D. | Can’t say |
| Answer» B. Global Trading network and warehousing zone | |
| 9. |
What % of income tax exemption do the EOUs get? |
| A. | 100% |
| B. | 50% |
| C. | Varies from Industry to Industry |
| D. | None of the above |
| Answer» A. 100% | |
| 10. |
Special Economic Zones located in areas will be technically treated as ________. |
| A. | Foreign Territory for applicability of domestic legislations |
| B. | Financially independent |
| C. | None of the above |
| D. | Can’t say |
| Answer» C. None of the above | |
| 11. |
The full form of EPZ: |
| A. | Exempted Processing Zones |
| B. | Export Promotion Zone |
| C. | Export Processing Zone |
| D. | None of the above |
| Answer» B. Export Promotion Zone | |
| 12. |
Full form of OBU is |
| A. | Offshore Banking Units |
| B. | Offshore Business Units |
| C. | Overseas Business Units |
| D. | None of the above |
| Answer» A. Offshore Banking Units | |
| 13. |
License holder shall furnish following details of material being imported |
| A. | Specifications |
| B. | Technical Characteristics |
| C. | Pricing |
| D. | All of the Above |
| Answer» D. All of the Above | |
| 14. |
Special Economic Zones were created to |
| A. | Boost manufacturing |
| B. | Augment exports |
| C. | Generate employment |
| D. | All of the above |
| Answer» D. All of the above | |
| 15. |
The geographically distributed area or zone where the economic laws are more liberal as compared to other parts of the country is called |
| A. | EOU |
| B. | SEZ |
| C. | AEZ |
| D. | FTZ |
| Answer» B. SEZ | |
| 16. |
The importability or otherwise of a specified commodity into India is determined by |
| A. | Foreign trade (Regulation ) Rules Act |
| B. | Foreign Trade (Regulation and Development) Act |
| C. | Imports and Exports (Control) Act |
| D. | Foreign Trade (Exemption) Rules Act |
| Answer» B. Foreign Trade (Regulation and Development) Act | |
| 17. |
Which of the following is an example of intellectual property ? |
| A. | Trademarks |
| B. | Textiles |
| C. | Electronics equipment |
| D. | Computer hardware |
| Answer» A. Trademarks | |
| 18. |
The period of time permitted for the fulfillment of the export obligation under EPCG is |
| A. | 5 years |
| B. | 8 years |
| C. | 7 years |
| D. | 10 years |
| Answer» B. 8 years | |
| 19. |
The notice for claim under the carriage of goods by rail is to be made within |
| A. | 3 months |
| B. | 4 months |
| C. | 5 months |
| D. | 6 months |
| Answer» D. 6 months | |
| 20. |
The area where the goods are permitted to be imported and re-exported without any processing in the same form is called |
| A. | Export Processing Zone |
| B. | Free Trade Zone |
| C. | Special Economic Zone |
| D. | Agri Export Zone |
| Answer» B. Free Trade Zone | |
| 21. |
What is the mode adopted by EIC for the purpose of inspection of good |
| A. | Consignment to consignment |
| B. | in process quality |
| C. | Self certification |
| D. | All of the above. |
| Answer» D. All of the above. | |
| 22. |
Is arbitration a vehicle of dispute resolution in which parties to a contract selects a neutral arbitrator (or a panel of arbitrators) to present their dispute for a legally binding ruling. |
| A. | Yes |
| B. | No |
| C. | Can’t say |
| D. | all |
| Answer» A. Yes | |
| 23. |
An OBU set up in SEZ by a bank in India is subject to |
| A. | No Capital Adequacy Norms |
| B. | No prudential Accounting Norms |
| C. | No CRR/SLR stipulation of RBI |
| D. | No restrictions from Govt of India |
| Answer» D. No restrictions from Govt of India | |
| 24. |
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 | |
| 25. |
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 | |
| 26. |
"Services" include all the -------- tradable services covered under the General Agreement on Trade in Services where payments for such services are received in free foreign exchange |
| A. | 161 |
| B. | 150 |
| C. | 139 |
| D. | none |
| Answer» A. 161 | |
| 27. |
The --------are also eligible for the facility of EOU/EPZ/ EHTP/STP scheme. |
| A. | service providers |
| B. | CHA |
| C. | Bankers |
| D. | none |
| Answer» A. service providers | |
| 28. |
If the CIF value of the consignment imported does not exceed----------------, the relative Bill of Entry is required to be filed by the registered courier service. |
| A. | Rs.200000 |
| B. | Rs.300000 |
| C. | Rs.100000 |
| D. | all |
| Answer» C. Rs.100000 | |
| 29. |
If the CIF value is ----------------or more, importers are to file separate B/E as in the case of other imports |
| A. | Rs.100000 |
| B. | Rs.200000 |
| C. | Rs.300000 |
| D. | all |
| Answer» A. Rs.100000 | |
| 30. |
Import of -----------------is allowed without payment of Customs duty under the Baggage Rules, 1994. |
| A. | Medical Equipment by Indian Doctors and Professionals |
| B. | Arms & ammunition |
| C. | Personal use goods |
| D. | none |
| Answer» A. Medical Equipment by Indian Doctors and Professionals | |
| 31. |
Import of free gifts and relief supplies by certain organizations/institutions e.g. Indian Red Cross Society, National Defense Fund is allowed |
| A. | False |
| B. | True |
| C. | all |
| D. | none |
| Answer» B. True | |
| 32. |
Bona fide technical and trade samples of items, even those in the restricted in ITC(HS)Classifications of Export and Import items is allowed without a license for a value not more than Rs. 1 lakh(CIF) |
| A. | True |
| B. | False |
| C. | all |
| D. | none |
| Answer» A. True | |
| 33. |
Duty Drawback is given only, if the in house cost of production is -------in relation to international price. |
| A. | Higher |
| B. | Lower |
| C. | Same |
| D. | none |
| Answer» A. Higher | |
| 34. |
The risk of payment is least under the LC, if a bank ---------the payments by confirming the LC. |
| A. | Makes payment |
| B. | Guarantees |
| C. | all |
| D. | none |
| Answer» B. Guarantees | |
| 35. |
For setting up a manufacturing, trading or service units in SEZ, ------------ copies of consolidated application & project proposal in the format prescribed at 'Form F' of the SEZ Rules, 2006 to be submitted to the Development Commissioner (DC) of the SEZ. |
| A. | 10 |
| B. | 05 |
| C. | 50 |
| D. | All above |
| Answer» B. 05 | |
| 36. |
The New Foreign Trade Policy 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 | |
| 37. |
MEIS scheme actually is- |
| A. | Marine Export from India scheme |
| B. | Mining products Export from India scheme |
| C. | Merchandise Exports from India Scheme |
| D. | all |
| Answer» C. Merchandise Exports from India Scheme | |
| 38. |
Specific export requirements under the EPCG scheme have been reduced from 90% of normal amount consideration to --------------of the normal amount consideration. |
| A. | 95% |
| B. | 50% |
| C. | 75% |
| D. | all |
| Answer» C. 75% | |
| 39. |
EOUs have been ---------------facility to set up Warehouses near the port of export. |
| A. | Allowed |
| B. | Disallowed |
| C. | all |
| D. | none |
| Answer» A. Allowed | |
| 40. |
The prevailing Pre shipment Interest rate is-------------. |
| A. | 14% |
| B. | 18% |
| C. | 10% |
| D. | none |
| Answer» A. 14% | |
| 41. |
The current Post shipment Interest rate is ------------- |
| A. | 14% |
| B. | 18% |
| C. | 15% |
| D. | none |
| Answer» C. 15% | |
| 42. |
Insurance for domestic business is same as for exports. |
| A. | Yes |
| B. | No |
| C. | Can’t say |
| D. | all |
| Answer» A. Yes | |
| 43. |
Exporter has to bear most of commercial risk. |
| A. | Yes |
| B. | No |
| C. | Can’t say |
| D. | all |
| Answer» A. Yes | |
| 44. |
FEMA is civil law unlike FERA. |
| A. | No |
| B. | Can’t say |
| C. | Yes |
| D. | all |
| Answer» C. Yes | |
| 45. |
EOU can be located anywhere in the country. |
| A. | No |
| B. | Can’t say |
| C. | Yes |
| D. | all |
| Answer» C. Yes | |
| 46. |
There is no min limit for setting up EOU. |
| A. | No |
| B. | Yes |
| C. | Can’t say |
| D. | all |
| Answer» B. Yes | |
| 47. |
We can sell 80 % of the produce in the DTA from an EOU. |
| A. | Yes |
| B. | No |
| C. | Can’t say |
| D. | all |
| Answer» A. Yes | |
| 48. |
License is required for imports for SEZ units. |
| A. | Yes |
| B. | No |
| C. | Can’t say |
| D. | all |
| Answer» A. Yes | |
| 49. |
Trade Related Investment Measures (TRIMS) doesn’t apply for |
| A. | Measures that affect trade in goods. |
| B. | Measures that lead to restrictions on quantities. |
| C. | Discouraging measures that limit a company’s imports. |
| D. | Discouraging measures that limit a company’s exports. |
| Answer» B. Measures that lead to restrictions on quantities. | |
| 50. |
General Agreement on Trade in Services will not be applicable to |
| A. | Services supplied from one country to another – cross border supply |
| B. | Transaction of goods across the border – Export Import |
| C. | Individuals traveling from own country to supply services in another – presence of natural persons. |
| D. | Consumers/firms making use of a service in another country – consumption abroad. |
| Answer» B. Transaction of goods across the border – Export Import | |
| 51. |
As a part of WTO guidelines, Agreement on Agriculture (AOA) doesn’t consider |
| A. | Direct payments to farmers are permitted. |
| B. | Indirect assistance and support to farmers including R & D support by govt. are not permitted. |
| C. | Domestic policies which directly effect on production and trade have to be cut back. |
| D. | Least developed countries do not need to make any cuts. |
| Answer» A. Direct payments to farmers are permitted. | |
| 52. |
The limit of holdings by Individual Foreign Institutional Investors in a Company has been raised from 5 to 10 % of the company’s shares, while the aggregate limit has been increased from 24 to 34 %. |
| A. | True |
| B. | False |
| C. | all |
| D. | none |
| Answer» A. True | |
| 53. |
Quantitative restrictions refer to limit set by countries to curb |
| A. | Imports |
| B. | Exports |
| C. | Imports & exports |
| D. | None of the above |
| Answer» C. Imports & exports | |
| 54. |
A Most Favored nation status doesn’t necessarily refer to |
| A. | Same and equal economic treatment |
| B. | Non-discriminatory treatment |
| C. | Same tariff rates applicable |
| D. | Uniform civil code |
| Answer» D. Uniform civil code | |
| 55. |
The world trade organization was formed in the year _________ with GATT as it basis. |
| A. | 1993 |
| B. | 1994 |
| C. | 1995 |
| D. | 1996 |
| Answer» C. 1995 | |
| 56. |
Power distance Index (PDI) of 77 compared to a world average of 56.5 for India indicates |
| A. | High level of inequality of power and wealth within the society |
| B. | Low level of inequality of power and wealth within the society |
| C. | High level of Political corruption |
| D. | Low level of Human development Index |
| Answer» A. High level of inequality of power and wealth within the society | |
| 57. |
Specific cultural dimensions that does not have a significant impact on cross-national business interactions is |
| A. | Hofstede’s five cultural dimensions |
| B. | Monochromatic vs polychromatic tune |
| C. | Communication |
| D. | Geography |
| Answer» D. Geography | |
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