FOB Revenue =
f.o.b. revenue means the price for iron ore from the mineral lease the subject of any shipment or sale
Q2. EPCG stands for? Export Promotion Capital Goods
Q3.Export-Import policy ________ brought about many fundamental changes in India’s external trade policy
Q4.Which of the following steps in Pre-shipment stage consists?
Inspection Visit. Pre-shipment inspections are carried out on-site at the factory or production house. ...
Quantity Verification. ...
Random Selection. ...
Cosmetic and Workmanship Check. ...
Conformity Verification. ...
Function and Safety Test.
Inspection Report.
Q5.The RCMC shall be deemed to be valid from ____ April of the licensing year in which it was issued and shall be valid for 5 years ending 31st March of the licensing year.
1st April
Q6.The main objective of Focus Market Scheme (FMS) is to offset ________ freight cost and other externalities
offset high freight costs
Q7.The Government of India had set-up a separate fund under the head Marketing Development Fund (MDF) in ________
Q8.The EXIM policy of the economy is closely linked with the other policies of the governments such as
Q9.Special Economic Zones (SEZs) Scheme in India was conceived by the Commerce and Industries Minister
Minister Murosoli Maran
Q10.Who prepares Bill of entry document?
an Importer or his customs broker
Q11.The C&F Agent surrenders the Mate's Receipt to the Shipping Company for obtaining the ___________
the Bill of Lading
Q12.__________ for exports under the DEPB scheme prepared in seven copies in the standardised format
Q13.Excise duty is a tax imposed by the _________ government on goods manufactured in India.
central
Q14.ISLFTA stands for?
India Sri Lanka Free Trade Agreement
Q15.The export documents shall be prepared only on __________ forms
Pre-printed
Q16.Import of second-hand capital goods is permitted provided they have a minimum residual life of _______ years
5 years
Q17.Federation of Indian Export Organisations (FIEO) is an apex body of various export promotion organizations was set up in October
1965
Q18.The EIC has set up ________ Export Inspection Agencies (EIA).
five
Q19.Exchange rate is a rate at which one currency can be exchanged for currency
two
Q20.Non-actual users include
person imports
Q21.________Code is mandatory for both importers and exporters in India
IEC (Import Export Code
Q22.FOB Price =
FOB Value = Ex-Factory Price + Other Costs
Q23.Many countries require electrical goods with _______ voltage current as against 220 voltage in India
240
Q24.The Government of India set up the Export Risks Insurance Corporation (ERIC) in July
1957
Q25.(EPCG) stand for Export Promotion Capital Goods
Q26. In India, with effect from 2nd August 1993, all the exchange rates are quoted in ________method.
direct method of quotation
Q27.Service Tax is leviable only on the taxable services supplied within India except ________
Q28.At present, there are ________ Commodity Boards in India.
six Commodity Boards
Q29.A pricing strategy in which an exporter charges a very low price initially in order to get hold of the market is called
Penetration Pricing Strategy
Q30.Prior to________ it was obligatory for every exporter to obtain Exporter’s Code Number (CNX) number from the RBI
Q31.________ receipt is a receipt issued by the Commanding Officer of the ship
A mate's
Q34.International Standards Organisation (ISO) is a non-governmental organisation established in __________
23 February 1947
Q35.What is the color of ARE-I original form?
Original (White). Duplicate (Buff). Triplicate (Pink) ... FORM A.R.E. 1 ... I/We hereby declare that the above particulars are true and correctly stated.
Q37.An application for IEC number can also be filed online through DGFT website
Q38.The status of the Shipping Bill can be checked by the Exporter/CHA at
Service Center
Q39.Exporters have to register the types of organisation selected by them under the appropriate Act of the country for undertaking their export operations with?
All of the above
Q40.Pre-shipment credit against incentives receivable from the Government covered by the ECGC guarantee upto ________ days.
270 days
Q41.The import of the following items in India has been completely banned are
Other meat and edible meat offal, fresh, chilled or frozen of wild animals. Pig fat, free of lean meat and poultry fat, not rendered or otherwise extracted, fresh, chilled, frozen, salted, in brine, dried or smoked.
Q43.Trade Development Authority (TDA) and Trade Fair Authority of India (TFAI) has _____regional offices.
Q44.Long-term finance is extended by the EXIM Bank for the export of capital goods and turnkey projects for a period of 5 years to _________ years
12
Q45.Indian Contract Act is created in
1872-04-25
Q46.The nomenclature of MDF was changed to Marketing Development Assistance (MDA) in
This came into being in 1963-64, the nomenclature was changed to Marketing Development Assistance (MDA) in 1975.
Q47.EOUs stands for
Export Oriented Units
Q48. In ISO 9001:2008: section 4 to section 8 pertain specifically to the
focus on discussing the requirements in more detail.
InQ49.Aligned Documentation System (ADS) is_________ based on the layout key
UN 1991
Q50. Uniform Customs and Practice for Documentary Credits' of International Chamber of Commerce adopted by more than ___________ countries
more than 175 countries
Export procedure can be studied under the heads?
Pre-Shipment Stage.
Shipment Stage
Post-Shipment Stage
All of the above
Q1.
Pre-shipment finance refers to the _______ extended to exporters prior to the shipment of goods for the execution of export order
Credit
Q2.
Export-Import Bank of India (EXIM) acts as the facilitator and the________ agency.
private is wrong
Q3.
Duty Drawback Scheme is administered by the Directorate of Drawback, _________
Q4. Duty Free Import Authorisation (DFIA) is issued to allow duty free import of following:
inputs, fuel, oil, energy sources, catalyst which are required for production of export product.
Q5. The term forfeiting comes from the _______ expression 'forfeit' which means ‘surrender of certain rights’
The term forfeiting comes from the French expression 'forfeit' which means 'surrender of certain rights: Forfeiting is a method of getting ...
Q6. Above what FOB value of Shipping Bill are assessed by the Assistant Commissioner (Export)?
It will be assessed by the Assistant Commissioner (export) when the value of such goods is more than Rs. 10 lakhs, or it contains free samples worth more than Rs. 20,000 or if the drawback amount exceeds 1 lakh. After the processing is done, the exporter can check the status of the bill with the service centre.
Q7. The long term success and profitability of an import business greatly depends on which right following strategies?
However, the long term success and profitability of an import business greatly depends on the importer's knowledge and understanding about the international market and foreign market analysis.
Q9. FOB in FOB Quatation means
Free on Board (FOB) is a term used to indicate who is liable for goods damaged or destroyed during shipping. "FOB origin" means the buyer is at risk once the seller ships the product. "FOB destination" means the seller retains the risk of loss until the goods reach the buyer.
Q11.
CIF quotation is not very popular because it unnecessarily __________the burden of the exporter.
FOB
Q12.
Regional Authority (RA) concerned may revalidate import authorisation on merits, for ________ months from date of expiry of validity
six months
Q13.
Indirect Costs includes expenditure such as:
overhead expenses (for example, rent and utilities) and general and administrative expenses (for example, officers' salaries, accounting department costs and personnel department costs).
Q15.
__________are expressed as a percentage of FOB value of the goods exported and are applicable to all exporters in general
Q17.
what does 'forfeit' means?
Q18.(DFIA) Scheme stands Duty Free Import Authorization (DFIA) is a scheme under which duty free import of inputs, fuel, oil, energy sources, acatalyst which is required for the production of export goods is allowed.
Q19.Marginal cost is the cost of producing one extra unit of a product is
one extra unit of output.
Q20.
Pre-shipment credit against incentives receivable from the Government covered by the ECGC guarantee upto ________ days.
270 days
Q21.
_________ is used for goods which are subject to export duty or cess but may or may not be entitled to duty drawback.
Q22. The EIC has set up ________ Export Inspection Agencies (EIA).
five Export Inspection Agencies
Q23.
Pre-shipment Finance is available in the following forms
Q24.
No bill of entry is required in the
Q25.
Bill of entry is a document, prepared by the importer is Act.
Q26. The maximum duration of packing credit period is __________ days.
180
Q28. Indian Sale of Goods Act is created in
1930
Q29.
IIFT conducts market studies and surveys in the __________ markets
India
Q30.
100% Foreign Direct Investment (FDI) in the manufacturing sector is permissible to the units
Q32.________ for shipping ex-bond is used for imported goods kept in bond for re-export.
Shipping bill
Q34. Trade DGFT stands for Directorate General of Foreign Trade
Q35. Federation of Indian Export Organisations (FIEO) represents the Indian _______' spirit of enterprise in the global market
Indian entrepreneurs spirit of enterprise
Q36.
Transfer pricing refers to the pricing of goods transferred from one subsidiary to another or to the parent company is called
Q39. There are no __________ restrictions on imports of capital goods and intermediates
quantitative
Q40.
EDI System is, and
fully-automated
paperless
quick
All of the above
Q41. Which of the schemes available to the exporter of gems and jewellery?
Import of Diamonds for Certification
Schemes for Gold/Silver/Platinum Jewellery
Replenishment Authorization
all of the above
Q42.
Export-Import policy ________ brought about many fundamental changes in India’s external trade policy
Q43. BPLR stands for? Benchmark Prime Lending Rate
Q44. Jodhpur town of Rajasthan is famous in Export of which product category?
Handicraft
Q45. What is the country code of Argentina
+54
Q46. (EIA) stands for
Environmental Impact Assessment
Q47.
At present, there are EPCs (Export Promotion Council) dealing with various commodities
Q48.
Against incentives receivable from Government (covered by ECGC guarantee) upto ____ days
Q49. The exporter takes the possession of the letter of credit from the __________
the bank by the importer
Q50. In India, with effect from 2nd August 1993, all the exchange rates are quoted in ________method.
Direct
Q1.
Where is the head quarters of Indian Trade Promotion Organisation?
New Delhi
Q2.
Through which mechanism one country’s currency can be exchanged
Foreign exchange market
Q3.The exporter is protected under the
Indian Sale of Goods Act, 1930
Indian Contract Act, 1872
both A&B
none of the above
Q4. (ADS)Stand for Aligned Documentation System
Q5. Post-shipment credit (medium and long-term) is given for exports on deferred payment terms for the period of over ________ year.
one
two
three
four
Q6.
Application for the refund of octroi duty should be submitted within __________ days of the date of loading
60
45
20
Q14.
India Customs EDI system/export ICES/E is used for processing of __________.
Shipping Bills
Export
Bill of entry
custom clearance
Q15.
What is the color of ARE-I Quadruplicate form?
Pink
Green
Buff
Q16.
General insurance business in India is the monopoly of General Insurance Corporation (GIC) of India and its________ subsidiaries
four
five
Three
two
Q17.
NCTI stand for?
National Centre for Trade Information
National Centre for Trade Involvement
National Cadre for Trade Information
none of the above
Q1.
Indian Council of Arbitration (ICA) was set-up in 15th April,
1970
1960
1965
none of the above
Q2.
CIF price is much ______than FOB price since it includes cost of freight & insurance in addition to FOB price
higher
Lower
increases
decreases
Q3.
Which of the units in SEZs are permitted to import permissible capital goods, raw materials, etc. free of customs duty?
EOUs
EHTPs
BTPs
all of the above
Q5.
Drawback Shipping Bills where drawback amount is more than________ assessed by the Assistant Commissioner (Export)?
1 Lakh
2 lakh
3 lakh
4 Lakh
Q7.
An exporter is required to register his organisation with?
institutions
authorities
banks
All of the above
Q2.
On the receipt of physical copy of the application, the same IEC will be printed in ______ hours time and dispatched to the firm.
24
12
20
48
Q3.
VKGUY stands for?
Vishesh Krishi and Gram Udyog Yojana
Vishesh Kisan and Gram Udyog Yojana
Vishesh Krishi and Gram Uday Yojana
none of thye above
Q4.
Tirupur town of tamil nadu is famous in Export of which product category?
Hosiery
Woollen Knitwear
Woollen Blanket
none of the above
Q5.
A pricing strategy in which exporter charges a very high price initially in order to recover the cost incurred is called
Skimming Pricing Strategy
Penetration Pricing Strategy
Transfer Pricing
Marginal Cost Pricing
Q7.
On 26th April_________, the RBI introduced the General Refinance Facility.
1996
1997
1998
1995
Q8.
“Prohibited goods cannot be imported at all” belongs to which pre – import procedure?
Selecting the Overseas Supplier
Inquiry, Offer and Counter-offer
Role of Overseas Suppliers Agents in India
Selecting the Commodity
Q9.
Section 3 of the Marine Insurance Act, 1963 defines a contract of marine insurance as an insurance cover for
marine cargo
air cargo
post parcels
All of the above
Q10.
NIC stands for?
National Informatics Centre
National Information Centre
National Informatics control
none of the above
Q11.
Where an authorisation expires during the month, such authorisation shall be deemed to be valid until ________ day of concerned month.
first
last
second
second last
Q12.
What is the color of ARE-I duplicate form?
Buff
Green
White
Pink
Q13.
International Chamber of Commerce, Paris, has given detailed definition of a few standard terms popularly known as _____________
INCO TERMS
IEC No.
STEs
Q15.
All Ministries/Departments of the Central Government and agencies wholly or partially owned by them uses IEC code no?
100000011
100000111
100001111
110000011
Q16.
Shipping bill is normally prepared in _________ copies
five
six
fourere
two
Q18.
It is obligatory for every importer and exporter to register themselves with the ____________
IEC No.
DGFT
STEs
INCO
Q19.
Export Documentation in India has evolved a great deal of interest since __________.
1992
1995
1990
1991
provision of the warehouse goods regulation act 1962
There are no __________ restrictions on imports of capital goods and intermediates
Q1.
The first step in market selection process is to determine or ascertain the _______marketing objectives of the organisation
Export
Persons importing/exporting goods from/to Nepal provided the CIF value of a single consignment does not exceed Indian _______
25,000/
India Trade Promotion Organisation (ITPO) was incorporated by merger of Trade Development Authority (TDA), a Registered Society under Ministry of Commerce & Industry, with Trade Fair Authority of India (TFAI) with effect from 1 January 1992.
Q1.
________Shipping Bills are assessed by the Assistant Commissioner (Export)?
Straight
delayed
Large
Q1.
How many years exemptions Tax Holidy for New SEZ Units
Fifteen Year
The Government of India has set up Export Inspection Council (EIC) to monitor the ________ of goods meant for exports
quality
____________ is issued to allow duty free import of inputs, fuel, oil, energy sources, catalyst which are required for production of export product.
Duty Free Import Authorisation (DFIA)
Ten Year Tax Holiday in respect of newly established industrial undertakings in
STPs and Special Economic Zones
Software Technology Parks (SEZs)
All of the above
Chennai Air Customs custom house started in December 1997
Post-shipment finance can be availed for
short-term
medium-term
All of the above
Export Obligation Period (EOP) shall be deemed to be valid until month ___________
end
What is the duration for refunding amount to the applicant after filing the claim?
Within two years
Goods manufactured for export purpose as well as those purchased from local market for export purpose are completely exempted from and
Value Added Tax
Central Sales Tax
Both a &b
Indian Trade Promotion Organisation was set-up by?
Ministry of Commerce
These EIAs have a network of nearly _______ offices throughout India
62
ICC stands for
International Chamber of Commerce
International market is highly competitive. Exporters face competition from _________ angles
three
The interest payable on post-shipment finance (short-term) is usually _________ than the normal rate
higher
medium
same
Which duty paid on indigenous raw materials, components and consumables utilized in the manufacture of exportable goods?
Excise
Who introduced EPCG scheme?
EXIM policy of 1992-97
The most important sources for locating foreign importers
Export Promotion Councils (EPCs)
Commodity Boards (CBs)
Both a &b
The maximum duration of packing credit period is 180 days, however bank may provide a further days extension
90
In India, with effect from 2nd August 1993, all the exchange rates are quoted in ________method.
direct
Q1.
Input-output norms have been specified for more than _________ items
4200
EXIM bank plays a role of?
financer
coordinator
consultant and promoter
All of the above
Any loan granted to an exporter for financing the purchase, processing, manufacturing or packing of goods as defined by the
Reserve Bank of India
Submission of relevant documents to the bank and the process of getting the payment from the bank is called _______
Negotiation of the Documents
The warehousing period can be extended by the Commissioner of Customs for a period of __________ months
6 months
Pre-shipment finance is available exporters such as
Merchant exporters
Export and Trading houses
Manufacturer exporters
All of the above
Within _______ days after the Customs Officer issues 'Let Export Order'.
60
Exporters of gems and Jewellery can import/procure and Jewellery duty free inputs for
manufacturing
The INCOTERMS were first introduced in __________
1936
Comments
Post a Comment