Top 250+ Solved Export Import Procedures and Documentation MCQ Questions Answer
Q. Incoterms stands for:
a. International currency terms
b. International commercial terms
c. International cooperation terms
d. none
Q. Incoterms define ____ of buyers and sellers in international trade
a. Obligation
b. Profitability
c. Currency convertibility
d. none
Q. 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
Q. The apex body of the Foreign Trade is
a. The Central Government
b. The State Government
c. The Ministry of Commerce
d. All the above
Q. Bill of Lading is issued by the
a. captain of the vessel
b. shipping company
c. customs authorities
d. consignor
Q. 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
Q. Foreign Exchange Regulation Act was replaced with The Foreign Exchange Management Act in the Year
a. 1973
b. 1991
c. 1995
d. 1999
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
Q. If a country is having more exports than imports in value terms, it can be said that the country is having
a. Deficit under BOP
b. Deficit under BOT
c. Surplus under BOT
d. Surplus under BOP
Q. 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
Q. Conversion of Shipping Bills from one Export Promotion scheme to other scheme canbe made within ----------
a. three months
b. two months
c. four months
d. none
Q. Disposal of manufacturing wastes / scrap is allowed-----------, even before fulfillmentof export obligation under Advance Authorization and EPCG Scheme
a. without fees
b. after payment of applicable excise duty
c. all
d. none