Tag: procedures and formalities of exports and imports

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Questions Related to procedures and formalities of exports and imports

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 certificte

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

Letter of credit refers to a letter issued by a bank to another bank to serve as a guarantee for payments made to a specified person under a specified condition. Registration with export promotion council and registration with ECGC required for obtaining export license.

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

Which one of the following is not a part of export document?

  1. Commercial invoice

  2. Certificate of origin

  3. Bill of entry

  4. Mate's receipt
Reveal answer Fill a bubble to check yourself
C Correct answer
Explanation

Bill of entry gives an account of goods entered into a customs-house, detailing the merchants, quantity of goods, its types and place of origin and destination. The importers fills "bill of entry' form for the assessment of customs import duty.

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

____ means a good that is shipped from its country of origin to another country to be sold or traded.

  1. Import

  2. Domestic trade

  3. Export

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

An export refers to goods or services produced in one country and sold to buyers in another country. Imports are the opposite, involving goods brought into a country.

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

_____ is an important document used by freight forwarders to prepare a bill of lading and to understand how much cargo is needed.

  1. Packing list

  2. Electronic Export Information

  3. Consular Invoice

  4. Commercial Invoice
Reveal answer Fill a bubble to check yourself
A Correct answer
Explanation

A packing list provides a detailed breakdown of the contents of a shipment, which is essential for freight forwarders to prepare shipping documents like the bill of lading.

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.