Tag: import and export procedure

Quizzes (8) Questions (77)

Questions Related to import and export procedure

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

_______ carries goods on behalf of exporters on payment of freight charges, and undertakes to deliver the same to the importer.

  1. Merchant Exporter

  2. Trade Representatives

  3. Shipping Company

  4. Export Houses
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

A shipping company (or carrier) is the entity that physically transports goods from the exporter to the importer in exchange for freight charges.

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

Exporting/importing is the most preferred way for business firms when they are getting initially involved with international business.

  1. True

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

An import in the receiving country is an export from the sending country.Importation and exportation are the defining financial transactions of international trade. In international trade, the importation and exportation of goods are limited byimport quotas and mandates from the customs authority.

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

For importing or exporting, the business or individual must obtain _________.

  1. Commercial invoice

  2. Import Export Code

  3. Airway bill

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

IMPORTER EXPORTER CODE ( in short IEC ) is a ten digit number granted by Directorate General of Foreign Trade under Ministry of Commerce and Industry, to any bonafide person/ company for carrying out import/export.

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

The composition of trade denotes ___________________.

  1. the relationship between value of exports and

    value of imports

  2. the countries to which commodities are exported and the countries from which commodities are imported

  3. the nature of goods that are exported and imported

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

The composition of trade refers to the specific types of commodities or goods that a country exports and imports, rather than the total value or the trading partners.

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

Which of the following schemes is not introduced by the EXIM Bank?

  1. Africa Project Development facility

  2. Export Marketing Finance Programme

  3. American Project Development Facility

  4. Export Vendor Development Finance Programme
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

The American Project Development Facility is not a recognized scheme of the EXIM Bank of India; the others are established programs.

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

Main objectives of the EXIM Bank is/are ________________.

  1. to encourage project exports

  2. to finance Indian joint ventures abroad

  3. to deal in foreign exchange

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

The EXIM Bank of India has a broad mandate that includes financing project exports, supporting joint ventures, and managing foreign exchange related to trade.