Tag: nature and scope of foreign trade

Questions Related to nature and scope of foreign trade

The payment collection mechanism that allows exporters to retain ownership of the goods or reasonably ensures their receiving payments is known as _______.

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

  1. Letter of Credit

  2. Documentary Collection

  3. Bill of exchange

  4. Consignment

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Correct Option: B

Under _______ price quotation, goods are delivered to the buyers at their door-step.

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

  1. Free Alongside Ship (FAS) Price Quotation

  2. Franco Price Quotation

  3. Cash On Delivery (COD) Price Quotation

  4. Cost and Freight (C & F) Price Quotation

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Correct Option: B

Under ________ price quotation, seller's responsibility is to send the goods to the nearest railway station from his warehouse.

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

  1. Station

  2. Free On Rail

  3. Cost and Freight

  4. Loco

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Correct Option: A

These are officials appointed by the Government to represent the country's interests abroad.

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

  1. Trade Commissioners

  2. Merchant Exporter

  3. Export Houses

  4. Indent Houses

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Correct Option: A

Loco price quotations are rarely used in international markets.

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

  1. True

  2. False

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Correct Option: A

When an exporter is given a licence to import goods, it is called replenishment licence.

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

  1. True

  2. False

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Correct Option: A

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

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

  1. Merchant Exporter

  2. Trade Representatives

  3. Shipping Company

  4. Export Houses

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Correct Option: C

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

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

  1. True

  2. False

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Correct Option: A
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.

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

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

  1. Commercial invoice

  2. Import Export Code

  3. Airway bill

  4. Bill of Lading

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Correct Option: B
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.

In 1995-96, India's imports have increased to ________________.

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

  1. Rs. 1,06,465 crores

  2. Rs. 1,22,678  crores

  3. Rs. 1,645 crores

  4. Rs. 5,795 crores

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Correct Option: B