Export Import Procedures and Documentation MCQ with Answers

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Export Import Procedures and Documentation

1 / 20

Q: Bona fide technical and trade samples of items, even those in the restricted in ITC(HS)Classifications of Export and Import items is allowed without a license for a value not more than Rs. 1 lakh(CIF)

A. True

B. False

C. all

D. none

2 / 20

Q: 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

3 / 20

Q: License holder shall furnish following details of material being imported

A. Specifications

B. Technical Characteristics

C. Pricing

D. All of the Above

4 / 20

Q: 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

5 / 20

Q: 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

6 / 20

Q: Which of the following products have moved through the IPLC and are now in the standardized product stage?

A. DVD players.

B. Televisions.

C. Computer memory cards.

D. All of the above.

7 / 20

Q: Form GP2 is issued for the removal of excisable goods without payment of duty.

A. True

B. False

C. Can't say

D. none

8 / 20

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

A. importer

B. exporter

C. all

D. none

9 / 20

Q: An application for customs clearance of import cargo is

A. Bill of lading

B. Bill of exchange

C. Shipping bill

D. Bill of Entry

10 / 20

Q: 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?

A. Neo-mercantilism.

B. The Leontief paradox.

C. Quotas.

D. Mercantilism.

11 / 20

Q: Which theory holds that nations should produce those goods for which it has the greatest relative advantage?

A. The theory of relative advantage.

B. The theory of absolute advantage.

C. The factor endowment theory.

D. None of the above.

12 / 20

Q: The Indian Council of Arbitration promotes and administer___for dispute resolution and encouraging greater domestic and international commerce

A. Alternative Dispute Resolution mechanisms

B. Law and order

C. all

D. none

13 / 20

Q: The objectives of import duty is/are

A. to raise income for the government

B. to restrict imports

C. to encourage exports

D. to raise income and restrict imports

14 / 20

Q: What does ITC (HS) stand for?

A. Indian trade classifications harmonized system

B. Indian Trade Clarification Harmonized system

C. Indian Trade Classification Hierarchal system

D. None of the above

15 / 20

Q: Premier Trading House certificate has been changed to___

A. Five Star Export house

B. Four Star Export house

C. all

D. none

16 / 20

Q: There are at present___Export Promotion Councils under the administrative control of the Department of Commerce

A. 10

B. 11

C. 12

D. none

17 / 20

Q: The export proceeds shall be realized in

A. Any foreign currency

B. Non- convertible currency

C. Convertible currency

D. Home currency only

18 / 20

Q: Deemed export benefits are sanctioned by DGFT without claims.

A. False

B. true

C. Can't say

D. none

19 / 20

Q: Conservation of the foreign exchange resources is the main objective of

A. Exchange control Regulations

B. EXIM policy

C. Economic policy

D. Fiscal Policy

20 / 20

Q: 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

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