39 + Mcqs in Export Import Procedures and Documentation Page 1 McqOptions

1.	______ refers to the policy measures adopted by a country with reference to its exports and imports.
A.	EXIM policy
B.	Economic policy
C.	Fiscal policy
D.	Monetary policy
Answer» B. Economic policy

Discussion

2.	Export Promotion Capital Goods Scheme allows import of capital goods Free of import duty
A.	With concessional duty of 5 per cent with no export obligation
B.	With concessional duty of 5 per cent with export obligation 8 times the duty saved
C.	With concessional duty of 5 per cent with export obligation 8 times the import made
D.	none
Answer» D. none

Discussion

3.	Consider the following statements about the Foreign Trade Policy 2015-20 unveiled on 1st Apr 15.A. This policy focuses on boosting exports and creating jobs while supporting the Centre s Make In India and Digital India' programs.B. The new policy is to create architecture for the Indian economy so that it can gain global competitiveness and promote the diversification of Indian export.C. The policy is to move towards paperless working in 24x7 environments.D. The policy comes at a time when export growth contracted 15 percent in February 2014-15, reporting a negative growth for the third consecutive month.
A.	A & B is correct
B.	B & C is correct
C.	A, B & D is correct
D.	All of the above is correct
Answer» E.

Discussion

4.	EOUs have been ---------------facility to set up Warehouses near the port of export.
A.	Allowed
B.	Disallowed
C.	all
D.	none
Answer» B. Disallowed

Discussion

5.	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» E.

Discussion

6.	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» E.

Discussion

7.	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» C. Special Economic Zone

Discussion

8.	ICA helps in arranging -----------------of disputes in international trade through its constituent members.
A.	settlement
B.	glorification
C.	arbitration
D.	none
Answer» D. none

Discussion

9.	There are at present -----------Export Promotion Councils under the administrative control of the Department of Commerce
A.	10
B.	11
C.	12
D.	none
Answer» C. 12

Discussion

10.	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» C. all

Discussion

11.	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
A.	The factor endowment theory.
B.	The theory of absolute advantage.
C.	The international product life cycle theory.
D.	The theory of comparative advantage.
Answer» C. The international product life cycle theory.

Discussion

12.	Automobile industry, having their own R&D establishment, is allowed free import of reference fuels (petrol and diesel), upto a maximum of -------------per annum, which are not manufactured in India.
A.	5 KL
B.	15 KL
C.	25 KL
D.	none
Answer» B. 15 KL

Discussion

13.	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» D. none

Discussion

14.	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» B. Advance money

Discussion

15.	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» C. IEC license

Discussion

16.	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» B. False

Discussion

17.	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» E.

Discussion

18.	Mate's receipts is a receipt issued by the ---------of the ship when the cargo is loaded on the ship.
A.	Commanding Officer
B.	clerk
C.	all
D.	none
Answer» B. clerk

Discussion

19.	Disposal of manufacturing wastes / scrap is allowed-----------, even before fulfillment of export obligation under Advance Authorization and EPCG Scheme
A.	without fees
B.	after payment of applicable excise duty
C.	all
D.	none
Answer» C. all

Discussion

20.	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» B. not satisfied

Discussion

21.	Bill of entry is a declaration filed by importer giving details of importer and goods.
A.	importer
B.	exporter
C.	all
D.	none
Answer» B. exporter

Discussion

22.	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» C. all

Discussion

23.	China launched world's first fully electric cargo ship in Guangzhou. What type of battery does it use?
A.	Lead acid
B.	Manganese
C.	Lithium ion
D.	Nickel metal hydride
Answer» D. Nickel metal hydride

Discussion

24.	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» C. tender for sale contract

Discussion

25.	There are -----------statutory Commodity Boards under the Department of Commerce
A.	7
B.	15
C.	10
D.	none
Answer» B. 15

Discussion

26.	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» C. AEZ

Discussion

27.	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» B. Rs.200000

Discussion

28.	Advance license facility enables ----------- to import inputs without payment of custom duty.
A.	importer
B.	exporter
C.	all
D.	none
Answer» C. all

Discussion

29.	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» D. none

Discussion

30.	Reserve Bank of India administers -----------through commercial banks licensed by it as 6 authorized dealers in foreign exchange
A.	GST
B.	FEMA
C.	FERA
D.	none
Answer» C. FERA

Discussion

31.	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» B. No

Discussion

32.	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» C. Duty exemption scheme

Discussion

33.	RCMC is a registration certificate granted by --------as prescribed by Foreign Trade Policy to an exporting unit
A.	Export Promotion Council
B.	Commodity Board
C.	Development Authority
D.	All above
Answer» E.

Discussion

34.	Conversion of Shipping Bills from one Export Promotion scheme to other scheme has been allowed within
A.	Within 1 month
B.	Within 3 months
C.	Within 2 months
D.	none
Answer» C. Within 2 months

Discussion

35.	"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» B. 150

Discussion

36.	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» B. 1st of June 2015

Discussion

37.	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» B. 1st of June 2015

Discussion

38.	Conversion of Shipping Bills from one Export Promotion scheme to other scheme can be made within ----------
A.	three months
B.	two months
C.	four months
D.	none
Answer» B. two months

Discussion

39.	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-----
A.	GST
B.	FEMA
C.	Custom Act
D.	none
Answer» D. none

Discussion

Explore topic-wise MCQs in Master of Business Administration (MBA).

______ refers to the policy measures adopted by a country with reference to its exports and imports.

Export Promotion Capital Goods Scheme allows import of capital goods Free of import duty

EOUs have been ---------------facility to set up Warehouses near the port of export.

The export promotion scheme with the objective to neutralize the incidence of Customs duty on the import content of the export product is

The export promotion scheme with the objective to neutralize the incidence of Customs duty on the import content of the export product is.

The area where the goods are permitted to be imported and re-exported without any processing in the same form is called

ICA helps in arranging -----------------of disputes in international trade through its constituent members.

There are at present -----------Export Promotion Councils under the administrative control of the Department of Commerce

For clearance of goods from the warehouse the importer is required to present what is known as -----------------of entry.

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

Automobile industry, having their own R&D establishment, is allowed free import of reference fuels (petrol and diesel), upto a maximum of -------------per annum, which are not manufactured in India.

The --------------is the premier organization in the country, which offers credit risk insurance cover to exporters, banks, etc.

Which of the following enables an exporter to import inputs without paying import duties?

Which enables an exporter to import capital goods, like plant and machinery at concessional import duty?

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 %.

All of the following are fundamental factors used by the countries to determine the customs duties to be paid for importing goods except

Mate's receipts is a receipt issued by the ---------of the ship when the cargo is loaded on the ship.

Disposal of manufacturing wastes / scrap is allowed-----------, even before fulfillment of export obligation under Advance Authorization and EPCG Scheme

The Commanding Officer of the ship issues a clean mate's receipt; if he is ------------ that the goods are packed properly

Bill of entry is a declaration filed by importer giving details of importer and goods.

MEIS benefits have also been extended to all -------------other than free trade warehousing units.

China launched world's first fully electric cargo ship in Guangzhou. What type of battery does it use?

A proforma invoice contains all the particulars as a commercial invoice, but it is distinguished from the latter as it is not---

There are -----------statutory Commodity Boards under the Department of Commerce

The geographically distributed area or zone where the economic laws are more liberal as compared to other parts of the country is called

If the CIF value is ----------------or more, importers are to file separate B/E as in the case of other imports

Advance license facility enables ----------- to import inputs without payment of custom duty.

Eligible exporters shall be issued rewards in the form of duty credit scrips based on the net foreign exchange earned

Reserve Bank of India administers -----------through commercial banks licensed by it as 6 authorized dealers in foreign exchange

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.

The export promotion scheme that enables the post export replenishment of duty on inputs used in the export product is

RCMC is a registration certificate granted by --------as prescribed by Foreign Trade Policy to an exporting unit

Conversion of Shipping Bills from one Export Promotion scheme to other scheme has been allowed within

"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

India s New Foreign Trade Policy under NDA Govt. for the period 2015 to 2020 was announced by the government on the-------------

The New Foreign Trade Policy for the period 2015 to 2020 was announced by the government on the-------------

Conversion of Shipping Bills from one Export Promotion scheme to other scheme can be made within ----------

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-----