Tag: business organisation

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Questions Related to business organisation

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

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

  1. commercial Invoice

  2. certificate of manufacturer

  3. consular invoice

  4. dock receipt
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

A consular invoice is a document required by some countries to describe the shipment of goods, which must be certified by the consular official of the destination country.

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

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

  1. Letter of Hypothecation

  2. Letter of Credit

  3. Bill of Lading

  4. Bill of Exchange
Reveal answer Fill a bubble to check yourself
B Correct answer
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.

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

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

  1. IEC number

  2. Letter of credit

  3. Registration cum membership certificate

  4. Bank account number
Reveal answer Fill a bubble to check yourself
B Correct answer
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.

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

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?

  1. Shipping bill

  2. Packaging list

  3. Mates receipt

  4. Bill of exchange
Reveal answer Fill a bubble to check yourself
A Correct answer
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.

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

The lending method and the segregation of excess borrowings ____________.

  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
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Export credit and financing regulations, including the segregation of excess borrowings, are specifically designed to manage the financial risks associated with exporting units.

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

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

  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
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

The Export-Import Bank of India (EXIM Bank) was established by the Government of India and is entirely owned by the Union government.

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

By EXIM policy we mean ________.

  1. external and internal policy

  2. export-import policy

  3. extra import policy

  4. none of the above
Reveal answer Fill a bubble to check yourself
B Correct answer
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.

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

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 ______?

  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
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

In international trade disputes, the commercial invoice serves as the primary legal document evidencing the contract and the debt, making it the standard support document for legal action.

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

FIEO stands for.

  1. Foreign Import Export Organisation

  2. Federation of Import Export Organisation

  3. Forum of Indian Export Organisations

  4. Federation of Indian Export Organisations
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

FIEO stands for the Federation of Indian Export Organisations, which is the apex body of export promotion organizations in India.