Quiznetik

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 ________.

Correct : C. None of the above

100. The full form of EPZ:

Correct : B. Export Promotion Zone