McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Master of Business Administration (MBA) .
Chapters
| 151. |
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 | |
| 152. |
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 | |
| 153. |
The EXIM policy is updated every year on |
| A. | 31st December |
| B. | 31st March |
| C. | 30th September |
| D. | 1st April |
| Answer» B. 31st March | |
| 154. |
When SEZ Act was passed? |
| A. | 2002 |
| B. | 2003 |
| C. | 2004 |
| D. | 2005 |
| Answer» D. 2005 | |
| 155. |
FDI limit in SEZs is |
| A. | 24% |
| B. | 51% |
| C. | 74% |
| D. | 100% |
| Answer» D. 100% | |
| 156. |
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 | |
| 157. |
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 | |
| 158. |
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 | |
| 159. |
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 | |
| 160. |
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 | |
| 161. |
IEC Fee Requirement is Rs. |
| A. | 250/ |
| B. | 300/ |
| C. | 500/ |
| D. | none |
| Answer» A. 250/ | |
| 162. |
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 | |
| 163. |
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 | |
| 164. |
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 | |
| 165. |
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 | |
| 166. |
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 | |
| 167. |
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 | |
| 168. |
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 | |
| 169. |
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 | |
| 170. |
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 | |
| 171. |
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 | |
| 172. |
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 | |
| 173. |
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 | |
| 174. |
Advance license facility enables ----------- to import inputs without payment of custom duty. |
| A. | importer |
| B. | exporter |
| C. | all |
| D. | none |
| Answer» B. exporter | |
| 175. |
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 | |
| 176. |
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 | |
| 177. |
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 | |
| 178. |
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 | |
| 179. |
Form ARE-1 is central excise form. |
| A. | True |
| B. | False |
| C. | Can’t say |
| D. | none |
| Answer» A. True | |
| 180. |
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. | |
| 181. |
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. | |
| 182. |
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. | |
| 183. |
If the price of the Japanese Yen declines considerably against the British Pound: |
| A. | it is always because of British government interference. |
| B. | it is always because of Japanese government interference. |
| C. | British goods are relatively cheaper for Japanese consumers. |
| D. | Japanese goods are relatively cheaper for British consumers. |
| Answer» D. Japanese goods are relatively cheaper for British consumers. | |
| 184. |
If a Japanese firm sold $10 billion of machinery in US and the US dollar declined against the Japanese currency: |
| A. | the Japanese firm will report more revenue (in terms of Yen) than if the US dollar had remained stable. |
| B. | the Japanese firm will report less revenue (in terms of Yen) than if the US dollar had remained stable. |
| C. | the Japanese company will make sure that the difference is paid back to its affiliate. |
| D. | the Japanese company will move funds to the home country. |
| Answer» B. the Japanese firm will report less revenue (in terms of Yen) than if the US dollar had remained stable. | |
| 185. |
Which of the following is not a reason to erect trade barriers? |
| A. | Promote import activity. |
| B. | Reduce reliance on foreign suppliers. |
| C. | Protect local jobs. |
| D. | Encourage local production. |
| Answer» A. Promote import activity. | |
| 186. |
Which of the following countries is not a member of OPEC? |
| A. | Iran. |
| B. | Iraq. |
| C. | Venezuela. |
| D. | Afghanistan. |
| Answer» D. Afghanistan. | |
| 187. |
A company of the US has excess products that it does not want to sell into the US market because it will bring down the domestic price and instead sells it at another country at below the cost of production. What is this called? |
| A. | Countervailing. |
| B. | International trade |
| C. | Dumping. |
| D. | none |
| Answer» C. Dumping. | |
| 188. |
Agreement on Textile and clothing was set out as a transitional process on 01 Jan 1995 for the ultimate removal of quotas by WTO by 01 Jan 2007. |
| A. | True |
| B. | False |
| C. | all |
| D. | none |
| Answer» B. False | |
| 189. |
The first ever set of multilaterals, legally enforceable rules covering international trade in services is the General Agreement on Trade in services (GATS). |
| A. | True |
| B. | False |
| C. | all |
| D. | none |
| Answer» A. True | |
| 190. |
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 | |
| 191. |
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 | |
| 192. |
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 | |
| 193. |
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 | |
| 194. |
Private sector cannot develop Special Economic Zones |
| A. | False |
| B. | true |
| C. | Can’t say |
| D. | none |
| Answer» B. true | |
| 195. |
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 | |
| 196. |
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 | |
| 197. |
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 | |
| 198. |
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% | |
| 199. |
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 | |
| 200. |
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 | |
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