Export Import Procedures and Documentation | Set 2
1. There are -----------statutory Commodity Boards under the Department of
Commerce
Correct : A. 7
2. The Indian Council of Arbitration promotes and administer ------------for dispute resolution and encouraging greater domestic and international commerce
Correct : A. Alternative Dispute Resolution mechanisms
3. The export promotion scheme that enables the post export replenishment of duty on inputs used in the export product is.
Correct : A. Replenishment licence.
4. The export promotion scheme with the objective to neutralize the incidence of Customs
duty on the import content of the export product is.
Correct : C. Duty Free Replenishment
5. The license that is transferable is
Correct : A. Export license
6. An airway bill is prepared in
Correct : B. three copies
7. An application for customs clearance of import cargo is
Correct : A. Bill of lading
8. All of the following are fundamental factors used by the countries to determine the customs duties to be paid for importing goods except
Correct : C. Valuation
9. The General Agreement on Tariff and Trade was replaced by
Correct : D. World Trade Organization
10. India's share in global merchandise exports in 2008 was
Correct : C. 1.45%
11. Expand FMS
Correct : A. First Market Scheme
12. Under 2009-14 FTP how many new markets have been added under FMS?
Correct : A. 26
13. Commercial Invoice and Proforma Invoice is same.
Correct : B. False
14. There is no difference between Bill of lading and mate receipt.
Correct : B. False
15. There exists no difference between Bill of lading and shipping bill.
Correct : B. False
16. GSP and certificate of origin are one and the same.
Correct : B. False
17. ------------Shipping Bill in triplicate is required for the export of dutiable goods.
Correct : A. Yellow
18. ---------Shipping Bill in 7 copies is required for exports under the DEPB scheme.
Correct : C. Blue
19. Reserve Bank of India administers -----------through commercial banks licensed
by it as 6 authorized dealers in foreign exchange
Correct : B. FEMA
20. Goods going out of the country on export or entering the county on import should get
customs clearance by complying with the procedures prescribed under the-----
Correct : C. Custom Act
21. ICA helps in arranging -----------------of disputes in international trade through its
constituent members.
Correct : C. arbitration
22. Mate's receipts is a receipt issued by the ---------of the ship when the cargo is loaded on
the ship.
Correct : A. Commanding Officer
23. Under what mission has the Ministry of Railways advanced target for 100% completion of installing human waste discharge free Bio-toilets in coaches to December 2018?
Correct : C. Swachh Bharat
24. China launched world's first fully electric cargo ship in Guangzhou. What type of battery
does it use?
Correct : C. Lithium ion
25. US Federal Communications Commission has voted _____ net neutrality.
Correct : A. For
26. Which trade theory holds that nations can increase their economic well-being by
specializing in the production of goods they produce more efficiently than anyone else
Correct : B. The theory of absolute advantage.
27. Which theory holds that nations should produce those goods for which it has the greatest relative advantage?
Correct : D. None of the above.
28. Which of the following holds that a government can improve the economic well-being of a country by encouraging exports and discouraging imports without a reliance on previous metals?
Correct : A. Neo-mercantilism.
29. In country A, it takes 10 labor hours to produce cloth and 20 labor hours to produce grain. In country B, it takes 20 labor hours to produce cloth and 10 labor hours to produce grain. Which country should produce grain?
Correct : B. No country should produce grain.
30. In North, it takes 50 labor hours to produce cloth and 100 hours to produce grain. In South, it takes 200 labor hours to produce cloth and 200 hours to produce grain. Which of the following statements is true?
Correct : B. North has a comparative advantage in the production of cloth.
31. In country X, it takes 50 labor hours to produce cloth and 100 hours to produce grain. In country Y, it takes 200 labor hours to produce cloth and 200 hours to produce grain. At what price would X start to be willing to trade with Y?
Correct : C. More than half a unit of grain per unit of cloth.
32. Which of the following theories holds that countries will produce and export products that use large amounts of production factors that they have in abundance?
Correct : B. Mercantilism.
33. Duty Drawback is available for
Correct : C. Import duty and central excise on indigenous components
34. Excise duty exemption on exports is available for duty paid on
Correct : C. finished products and components
35. All imported goods shall be subject to domestic laws, rules, orders, regulations.
Correct : A. True
36. An EPCG License holder may source capital goods from domestic leasing company.
Correct : A. True
37. Deemed exports is beneficial to Indian buyers because :-
Correct : A. It reduces costs in supply chain management , Saves foreign exchange
38. 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.
Correct : A. True
39. Export Promotion Capital Goods Scheme allows import of capital goods
Correct : C. With concessional duty of 5 per cent with export obligation 8 times the duty saved
40. In India, the patent available for pharmaceuticals is
Correct : C. both for product and process
41. The export promotion scheme that enables the post export replenishment of duty on inputs used in the export product is.
Correct : B. Duty remission scheme
42. The export promotion scheme with the objective to neutralize the incidence of Customs
duty on the import content of the export product is.
Correct : D. Duty Entitlement Passbook
43. The license that is transferable is
Correct : C. DEPB license
44. An application for customs clearance of import cargo is
Correct : D. Bill of Entry
45. All of the following are fundamental factors used by the countries to determine the
customs duties to be paid for importing goods except
Correct : D. Markings
46. The General Agreement on Tariff and Trade was replaced by
Correct : D. World Trade Organisation
47. Expand FMS
Correct : B. Focus Market Scheme
48. Under 2009-14 FTP how many new markets have been added under FMS?
Correct : D. 26
49. Expand DFCE
Correct : A. Duty Free Certificate of Entitlement
50. Which of the following enables an exporter to import inputs without paying import
duties?
Correct : A. Advance license
51. Which enables an exporter to import capital goods, like plant and machinery at
concessional import duty?
Correct : B. EPCG license
52. Earlier Advance Authorization Scheme used to be called as
Correct : B. Advance License Scheme
53. The EXIM policy is updated every year on
Correct : B. 31st March
54. When SEZ Act was passed?
Correct : D. 2005
55. FDI limit in SEZs is
Correct : D. 100%
56. The objective of _____ is to neutralize the incidence of basic customs duty on the import content of the export product.
Correct : C. Duty Entitlement Passbook Scheme
57. The --------------is the premier organization in the country, which offers credit risk
insurance cover to exporters, banks, etc.
Correct : C. ECGC
58. Marine Products Export Development Authority helps
Correct : D. All above
59. Import Export code (IEC) number is issued by -------Regional licensing authority of DGFT
Correct : A. Ministry of Commerce
60. While submitting an application form for IEC number, an applicant is required to submit his
Correct : D. All above
61. IEC Fee Requirement is Rs.
Correct : A. 250/
62. 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.”
Correct : B. bill of exchange
63. 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.
Correct : B. Consular invoice
64. A proforma invoice contains all the particulars as a commercial invoice, but it is
distinguished from the latter as it is not---
Correct : B. Evidence of sale
65. India’s New Foreign Trade Policy under NDA Govt. for the period 2015 to 2020 was
announced by the government on the-------------
Correct : A. 1st of April 2015
66. 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.
Correct : A. scrips
67. MEIS benefits have also been extended to all -------------other than free trade
warehousing units.
Correct : B. SEZ units
68. Eligible exporters shall be issued rewards in the form of duty credit scrips based on the
net foreign exchange earned
Correct : C. Both
69. The reward scrips themselves and any goods purchased by utilising these scrips are --------------------------by the companies without any restrictions.
Correct : B. freely transferable
70. The Commanding Officer of the ship issues a clean mate's receipt; if he is ------------
that the goods are packed properly
Correct : A. satisfied
71. 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
Correct : B. exporter
72. Bill of entry is a declaration filed by importer giving details of importer and
goods.
Correct : A. importer
73. Bill of entry can be filed --------------in advance of expected arrival of goods.
Correct : B. 30 days
74. Advance license facility enables ----------- to import inputs without payment of custom
duty.
Correct : B. exporter
75. 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.
Correct : C. import manifest
76. For clearance of goods from the warehouse the importer is required to present what is
known as -----------------of entry.
Correct : B. 'Ex-bond Bill
77. Form GP1 is issued for the removal of excisable goods on payment of duty.
Correct : A. True
78. Form GP2 is issued for the removal of excisable goods without payment of duty.
Correct : A. True
79. Form ARE-1 is central excise form.
Correct : A. True
80. Vernon's international product life cycle theory:
Correct : B. helps explain why a product that begins as a nation export often ends up becoming an import.
81. Which of the following products have moved through the IPLC and are now in the standardized product stage?
Correct : D. All of the above.
82. Which of the following factors influence trade?
Correct : D. All of the above.
83. If the price of the Japanese Yen declines considerably against the British Pound:
Correct : D. Japanese goods are relatively cheaper for British consumers.
84. If a Japanese firm sold $10 billion of machinery in US and the US dollar declined against the Japanese currency:
Correct : B. the Japanese firm will report less revenue (in terms of Yen) than if the US dollar had remained stable.
85. Which of the following is not a reason to erect trade barriers?
Correct : A. Promote import activity.
86. Which of the following countries is not a member of OPEC?
Correct : D. Afghanistan.
87. 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?
Correct : C. Dumping.
88. 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.
Correct : B. False
89. The first ever set of multilaterals, legally enforceable rules covering international trade in services is the General Agreement on Trade in services (GATS).
Correct : A. True
90. Unit in a technology park is not eligible for
Correct : D. exemptions from registration requirements
91. Special Economic Zones are
Correct : B. treated as foreign territory and not Indian laws
92. A SEZ cannot be established for
Correct : D. none of the above
93. Special Economic Zones were created to
Correct : A. Boost manufacturing, Augment exports, Generate employment
94. Private sector cannot develop Special Economic Zones
Correct : B. true
95. For EOU units Disposal of used packing material will be allowed on payment of duty on
Correct : A. Transaction Value
96. Sale by EOU to SEZ units is treated as
Correct : A. Physical exports
97. FTWZ is expected to address the issues of ________.
Correct : B. Global Trading network and warehousing zone
98. What % of income tax exemption do the EOUs get?
Correct : A. 100%
99. Special Economic Zones located in areas will be technically treated as ________.