MCQOPTIONS
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MCQOPTIONS
This section includes 657 Mcqs, each offering curated multiple-choice questions to sharpen your Testing Subject knowledge and support exam preparation. Choose a topic below to get started.
| 1. |
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» C. Advance License System | |
| 2. |
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 | |
| 3. |
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» B. schemes | |
| 4. |
Incoterms stands for: |
| A. | International currency terms |
| B. | International commercial terms |
| C. | International cooperation terms |
| D. | none |
| Answer» C. International cooperation terms | |
| 5. |
Permission for duty free import of samples by exporters is- |
| A. | 15 |
| B. | 45 |
| C. | 50 |
| D. | none |
| Answer» D. none | |
| 6. |
The export promotion scheme with the objective to neutralize the incidence of Customs dutyon 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. | |
| 7. |
What is the time of payment for documentary collection? |
| A. | At the sight of goods or acceptance, as agreed |
| B. | At a future date |
| C. | Prior to shipping |
| D. | none |
| Answer» B. At a future date | |
| 8. |
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» D. Can’t say | |
| 9. |
The major functions of Export Promotion Council (EPC) are to- |
| A. | Provide commercial information, Organize trade fairs, exhibitions , Promote interaction between trade and Government |
| B. | Provide commercial information , Organize trade fairs, exhibitions , Bail out exporters in case of losses |
| C. | None of the above |
| D. | Can’t say |
| Answer» B. Provide commercial information , Organize trade fairs, exhibitions , Bail out exporters in case of losses | |
| 10. |
A proforma invoice contains all the particulars as a commercial invoice, but it isdistinguished 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 | |
| 11. |
If the CIF value is ----------------or more, importers are to file separate B/E as in the case ofother imports |
| A. | Rs.100000 |
| B. | Rs.200000 |
| C. | Rs.300000 |
| D. | all |
| Answer» B. Rs.200000 | |
| 12. |
What does DDP signify in incoterms? |
| A. | Duty drawback payment |
| B. | Delivery duty paid, all obligations are with seller. |
| C. | Duty drawback passbook |
| D. | none |
| Answer» C. Duty drawback passbook | |
| 13. |
The current Post shipment Interest rate is ------------- |
| A. | 14% |
| B. | 18% |
| C. | 15% |
| D. | none |
| Answer» D. none | |
| 14. |
What does CCIE stand for?. |
| A. | Chief Controller of Imports and Exports |
| B. | Central Cottage Industries Exports |
| C. | Control on Cotton Imports and Exports |
| D. | Commissioner of Central Imports and Exports |
| Answer» B. Central Cottage Industries Exports | |
| 15. |
Current EXIM policy is for a period of 3 years |
| A. | 3 years |
| B. | 5 years |
| C. | 10 years |
| D. | none |
| Answer» C. 10 years | |
| 16. |
Geographical indications specifies |
| A. | Place of origin of goods |
| B. | Special characteristics of the product associated with place of origin |
| C. | Place and special characters of the product |
| D. | Place or special characters of the product |
| Answer» D. Place or special characters of the product | |
| 17. |
Quantitative restrictions refer to limit set by countries to curb |
| A. | Imports |
| B. | Exports |
| C. | Imports & exports |
| D. | None of the above |
| Answer» D. None of the above | |
| 18. |
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 | |
| 19. |
Which of the following enables an exporter to import inputs without paying importduties? |
| A. | Advance license |
| B. | Advance money |
| C. | DEPB |
| D. | DGFT |
| Answer» B. Advance money | |
| 20. |
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» E. | |
| 21. |
To accelerate exports and encourage technological up gradation, additional Duty Credit Scripts are being given to Status Holders @ ---------of the FOB value of past exports. |
| A. | 3% |
| B. | 2% |
| C. | 1% |
| D. | none |
| Answer» D. none | |
| 22. |
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» E. | |
| 23. |
India’s New Foreign Trade Policy under NDA Govt. for the period 2015 to 2020 wasannounced 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 | |
| 24. |
There is no min limit for setting up EOU. |
| A. | No |
| B. | Yes |
| C. | Can’t say |
| D. | all |
| Answer» C. Can’t say | |
| 25. |
Is arbitration a vehicle of dispute resolution in which parties to a contract selects a neutralarbitrator (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 | |
| 26. |
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 | |
| 27. |
EXIM Licensing is a________ function of Board of Trade under Foreign Trade Policy |
| A. | Statutory |
| B. | Regulatory |
| C. | Redressal |
| D. | Promotional |
| Answer» C. Redressal | |
| 28. |
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» D. Markings | |
| 29. |
EOUs have been ---------------facility to set up Warehouses near the port of export. |
| A. | Allowed |
| B. | Disallowed |
| C. | all |
| D. | none |
| Answer» B. Disallowed | |
| 30. |
The license that is transferable is |
| A. | Export license |
| B. | Advance license |
| C. | DEPB license |
| D. | REP license |
| Answer» B. Advance license | |
| 31. |
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» B. Reduce reliance on foreign suppliers. | |
| 32. |
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» C. the Japanese company will make sure that the difference is paid back to its affiliate. | |
| 33. |
FEMA is civil law unlike FERA. |
| A. | No |
| B. | Can’t say |
| C. | Yes |
| D. | all |
| Answer» D. all | |
| 34. |
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? |
| A. | The factor endowment theory. |
| B. | Mercantilism. |
| C. | The theory of absolute advantage. |
| D. | None of the above. |
| Answer» C. The theory of absolute advantage. | |
| 35. |
MEIS benefits have also been extended to all -------------other than free tradewarehousing units. |
| A. | large industries |
| B. | SEZ units |
| C. | all |
| D. | none |
| Answer» C. all | |
| 36. |
All imported goods shall be subject to domestic laws, rules, orders, regulations. |
| A. | True |
| B. | False |
| C. | Can’t say |
| D. | none |
| Answer» B. False | |
| 37. |
In India, the patent available for pharmaceuticals is |
| A. | for product only |
| B. | for process only |
| C. | both for product and process |
| D. | neither product nor process |
| Answer» D. neither product nor process | |
| 38. |
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. | |
| 39. |
What is a prerequisite for export and import? |
| A. | IEC number |
| B. | License |
| C. | Status |
| D. | None of the above |
| Answer» B. License | |
| 40. |
------------Shipping Bill in triplicate is required for the export of dutiable goods. |
| A. | Yellow |
| B. | Red |
| C. | Green |
| D. | none |
| Answer» B. Red | |
| 41. |
In India importers can import capital goods according to |
| A. | Terms and conditions of agreement |
| B. | Conditions of law of exporting country |
| C. | Actual user condition |
| D. | Conditions of law of importing country |
| Answer» D. Conditions of law of importing country | |
| 42. |
Fulfillment of Export obligation for licenses with duty saved of Rs.100 Corers or more is valid only if, |
| A. | It is 8 times the duty saved on capital goods , It is fulfilled within 12 years for issuance of license , Initial 5% custom duty has been paid |
| B. | It is 10 times the duty saved on capital goods , It is fulfilled within 12 years for issuance of license , Initial 5% custom duty has been paid |
| C. | It is 12 times the duty saved on capital goods , It is fulfilled within 12 years for issuance of license , Initial 5% custom duty has been paid |
| D. | none |
| Answer» B. It is 10 times the duty saved on capital goods , It is fulfilled within 12 years for issuance of license , Initial 5% custom duty has been paid | |
| 43. |
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» C. Imports and Exports (Control) Act | |
| 44. |
The customs duty paid for the import of capital goods as per 2009-2014 policy is |
| A. | 2 per cent |
| B. | 3 per cent |
| C. | 5 per cent |
| D. | 8 per cent |
| Answer» D. 8 per cent | |
| 45. |
There exists no difference between Bill of lading and shipping bill. |
| A. | True |
| B. | False |
| C. | all |
| D. | none |
| Answer» C. all | |
| 46. |
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» B. Arms & ammunition | |
| 47. |
Which form is required to be filled for registration? |
| A. | Aayat Niyaat form |
| B. | Ministries/Departments of the Central or State Govt |
| C. | SEZ’s |
| D. | None of the above |
| Answer» B. Ministries/Departments of the Central or State Govt | |
| 48. |
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» E. | |
| 49. |
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» D. none | |
| 50. |
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» E. | |