Tag: business organisation

Questions Related to business organisation

A _______ is a form available through a consular representative of the country youre shipping to and it certifies the shipment of goods.

business organisation import and export procedure export trade procedures and formalities of exports and imports import and export

  1. commercial Invoice

  2. certificate of manufacturer

  3. consular invoice

  4. dock receipt

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Correct Option: C

The document containing the guarantee of a bank to honour drafts drawn on it by an exporter is called as  ________.

business organisation import and export procedure export trade procedures and formalities of exports and imports import and export

  1. Letter of Hypothecation

  2. Letter of Credit

  3. Bill of Lading

  4. Bill of Exchange

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Correct Option: B
Explanation:

Letter of Credit is an instrument issued by bank after request made by a foreign buyer that payment will be made to the exporter i.e. the beneficiary. It is useful where buyers and sellers do not know each other personally and are separated by distance. Hence, the document containing the guarantee of a bank to honour drafts drawn on it by an exporter is called as Letter of Credit.

Which of the following documents are not required for obtaining an export license?

business organisation import and export procedure export trade procedures and formalities of exports and imports import and export

  1. IEC number

  2. Letter of credit

  3. Registration cum membership certificate

  4. Bank account number

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Correct Option: B
Explanation:

Letter of credit is an instrument issued by bank after request made by a foreign buyer that payment will be made to the exporter i.e. the beneficiary. It is useful where buyers and sellers do not know each other personally and are separated by distance. Hence, it is not required for obtaining an export license.

Which of the following document is prepared by the exporter and includes details of the cargo in terms of the shipper's name, the number of packages, the shipping bill, port of destination, and name of the vehicle carrying the cargo?

business organisation import and export procedure export trade procedures and formalities of exports and imports import and export

  1. Shipping bill

  2. Packaging list

  3. Mates receipt

  4. Bill of exchange

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Correct Option: A
Explanation:

Shipping bill is a form used by customs and excise authorities before goods can be exported to other countries. It includes details of the cargo in terms of the shippers name, the number of packages, port of destination, and name of vehicle carrying the cargo.

The lending method and the segregation of excess borrowings ____________.

business organisation import and export procedure export trade procedures and formalities of exports and imports import and export

  1. apply to the exporting units

  2. apply to importing units

  3. do not apply to exporting units

  4. do not apply to importing units

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Correct Option: A

The Export Import Bank of India (EXIM Bank) is _____________________.

business organisation import and export procedure export trade procedures and formalities of exports and imports import and export

  1. wholly owned by the Union government

  2. partly owned by the Union government

  3. wholly owned by the World Bank

  4. partly owned by the World Bank

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Correct Option: A

By EXIM policy we mean ________.

business organisation import and export procedure export trade procedures and formalities of exports and imports import and export

  1. external and internal policy

  2. export-import policy

  3. extra import policy

  4. none of the above

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Correct Option: B
Explanation:

Indian EXIM policy is the policy designed by the government in order to regulate the import and export trade of the country. Hence, by EXIM policy we mean export-import policy.

Mr X exported goods to Europe but as a dispute between the supplier and buyer the payment was stopped. The possible resolution to get money back is ______?

business organisation import and export procedure export trade procedures and formalities of exports and imports import and export

  1. To get the goods back

  2. To file a suit using the invoice as support document

  3. To forget as nothing can done

  4. None of the above

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Correct Option: B

FIEO stands for.

business organisation import and export procedure export trade procedures and formalities of exports and imports import and export

  1. Foreign Import Export Organisation

  2. Federation of Import Export Organisation

  3. Forum of Indian Export Organisations

  4. Federation of Indian Export Organisations

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Correct Option: D

_______ is chargeable from companies engaged in production of goods at applicable tariffs.

business organisation import and export procedure export trade procedures and formalities of exports and imports import and export

  1. Custom duty

  2. Excise duty

  3. Value assed tax

  4. Sales tax

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Correct Option: B