Tag: exports and imports

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Questions Related to exports and imports

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

___________ have been established by the government of India for development of production of traditional commodities and their export.

  1. Department of commerce

  2. Export inspection council

  3. Export promotion council

  4. Commodity boards
Reveal answer Fill a bubble to check yourself
D Correct answer
Explanation

Commodity boards have been established by the government of India for the development of production of traditional commodities and their export.

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

Franchising is the practice of using another firms _________.

  1. workers

  2. property

  3. successful business model

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

Franchising is the practice of using another firms successful business model. a franchise is a business opportunity that allows the franchisee to start business by legally using someone else's  expertise, ideas, and processes.

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 is/are the Method(s) of payment in international trade ________?

  1. Cash-in-Advance

  2. Letters of Credit

  3. Documentary Collections

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

International trade utilizes various payment methods to mitigate risk, including cash-in-advance, letters of credit, and documentary collections, depending on the trust level between parties.

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

___________ is a commitment by a bank on behalf of the buyer that payment will be made to the exporter if the terms and conditions are met.

  1. Letter of credit

  2. Consignment

  3. Open Account

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

letter of credit is bank guarantee which is provided by the bank to the party concern .stating that if partty defaults the bank will pay on the behalf of party

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

_______  are one of the most secure instruments available to international traders.

  1. Documentary Collections

  2. Letters of Credit

  3. Cash-in-Advance

  4. Open Account
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

Letters of Credit are highly secure because they involve banks guaranteeing payment to the seller upon presentation of compliant documents, reducing the risk for both parties.

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

________ is a sale where the goods are shipped and delivered before payment is due, which is usually in 30 to 90 days.

  1. Letters of credit

  2. Cash-in-Advance

  3. An open account transaction

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

An open account transaction is a sale where the goods are shipped and delivered before payment is due, placing the credit risk primarily on the exporter.

Multiple choice business organisation import and export procedure types of foreign trade exports and imports 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 _______.

  1. Letter of Credit

  2. Documentary Collection

  3. Bill of exchange

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

Documentary Collection allows the exporter to use a bank to collect payment in exchange for documents, ensuring the importer cannot take possession of the goods without paying or accepting a draft.