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Export Import Procedures and Documentation Online MCQ Practice Set

Study Export Import Procedures and Documentation Online MCQ Practice Set for your academic course and prepare for your exam and online assignments. You can give online FREE Quiz and test your knowledge on OMCQ portal.

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Question: “Services” include all the___tradable services covered under the General Agreement onTrade in Services where payments for such services are received in free foreign exchange

A. 161

B. 150

C. 139

D. none

View Answer

Answer A. 161
Discuss if any doubt

Question: 1st incoterms were published in:

A. 1936

B. 1954

C. 2000

D. 2012

View Answer

Answer A. 1936
Discuss if any doubt

Question: 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

View Answer

Answer C. Dumping.
Discuss if any doubt

Question: 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

View Answer

Answer D. Uniform civil code
Discuss if any doubt

Question: 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

View Answer

Answer B. Evidence of sale
Discuss if any doubt

Question: 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

View Answer

Answer D. none of the above
Discuss if any doubt

Question: 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

View Answer

Answer B. Consular invoice
Discuss if any doubt

Question: Advance license facility enables___to import inputs without payment of customduty.

A. importer

B. exporter

C. all

D. none

View Answer

Answer B. exporter
Discuss if any doubt

Question: 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

View Answer

Answer B. False
Discuss if any doubt

Question: All imported goods shall be subject to domestic laws, rules, orders, regulations.

A. True

B. False

C. Can’t say

D. none

View Answer

Answer A. True
Discuss if any doubt

Question: 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

View Answer

Answer C. Valuation
Discuss if any doubt

Question: All of the following are fundamental factors uses by the countries to determine the customs duties to be paid for importing products except

A. Country of origin

B. Classification

C. Valuation

D. Markings

View Answer

Answer D. Markings
Discuss if any doubt

Question: An airway bill is prepared in

A. two copies

B. three copies

C. four copies

D. five copies

View Answer

Answer B. three copies
Discuss if any doubt

Question: An application for customs clearance of import cargo is

A. Bill of lading

B. Bill of exchange

C. Shipping bill

D. Bill of Entry

View Answer

Answer D. Bill of Entry
Discuss if any doubt

Question: An EPCG License holder may source capital goods from domestic leasing company.

A. True

B. False

C. Can’t say

D. none

View Answer

Answer A. True
Discuss if any doubt

Question: An important feature of Export License under which certain goods can be imported only by designated agencies. For an example, an item like gold, in bulk, can be imported only by specified banks like SBI and some foreign banks or designated agencies.

A. Canalization

B. Cannibalization

C. Status Holders

D. None of the above

View Answer

Answer A. Canalization
Discuss if any doubt

Question: 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

View Answer

Answer D. No restrictions from Govt of India
Discuss if any doubt

Question: Any person applying for any License of benefit or concession under the foreign Trade Policy will be required to furnish:

A. Registration cum Membership Certificate (RCMC)

B. Registration cum Membership Certificate (RCMC)

C. Certificate of Origin

D. None of the above

View Answer

Answer A. Registration cum Membership Certificate (RCMC)
Discuss if any doubt

Question: ___are also the registering authorities under the Export Import Policy

A. Export Promotion Councils

B. Commodity Boards

C. all

D. none

View Answer

Answer A. Export Promotion Councils
Discuss if any doubt

Question: As a part of WTO guidelines, Agreement on Agriculture (AOA) doesn’t consider

A. Direct payments to farmers are permitted

B. Indirect assistance and support to farmers including R & D support by govt. are not permitted

C. Domestic policies which directly effect on production and trade have to be cut back

D. Least developed countries do not need to make any cuts

View Answer

Answer A. Direct payments to farmers are permitted.
Discuss if any doubt
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