Tag: import and export procedure

Quizzes (8) Questions (77)

Questions Related to import and export procedure

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.

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

The government has progressively moved towards a uniform basic excise rate of _______ but exemptions and surcharges still affect the actual rate.

  1. 4%

  2. 16%

  3. 10%

  4. 20%
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Historically, the CENVAT (Central Value Added Tax) rate in India was standardized at 16% for a significant period before subsequent reforms.

Multiple choice business organisation import and export procedure types of foreign trade exports and imports nature and scope of foreign trade

Forwarding agents acting on behalf of exporters and Clearing agents act on behalf of the importer in completing the formalities of international trade.

  1. True

  2. False
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

Forwarding agents (freight forwarders) typically assist exporters by managing logistics, while clearing agents (customs brokers) specialize in the documentation and clearance processes required by importers.

Multiple choice business organisation import and export procedure types of foreign trade exports and imports nature and scope of foreign trade

Middlemen assisting in international trade include(s) which of the following?

  1. Export agents

  2. Forwarding agent

  3. Import agent

  4. All of the above
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Middlemen in international trade include various entities that facilitate the movement and sale of goods, such as export agents, import agents, and forwarding agents.

Multiple choice business organisation import and export procedure types of foreign trade exports and imports nature and scope of foreign trade

In ________, a firm itself approaches the overseas buyers/ suppliers and looks after all the formalities related to exporting/importing activities.

  1. direct exporting/importing

  2. indirect exporting/importing

  3. contract manufacturing

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

A situation in which a company sells its products directly to customers in another country without using another person or organisation to make arrangements for them, or a product that is sold in this way: The direct export of goods involves certain procedures.