Tag: exports and imports

Questions Related to exports and imports

Importing refers to bringing goods from domestic country to foreign country.

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: B
Explanation:

Importing is the activity to bring the goods from a foreign country or the international market to the domestic country according to the demands in the domestic country.

Export Marketing Fund is set up by ____________.

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

  1. The IMF

  2. The IBRD

  3. The ADB

  4. The EXIM Bank

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Correct Option: D
Explanation:

Export marketing fund was setup by the EXIM(Export Import Bank of India) in the year 1986.

Goods meant for export are subjected to payment of various excise and custom duties.

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: B
Explanation:

The goods that are meant for export are not subjected to payment of various excise and custom duties as per the export excise duty exemption.

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

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

  1. Department of commerce

  2. Export inspection council

  3. Export promotion council

  4. Commodity boards

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Correct Option: D
Explanation:

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

Franchising is the practice of using another firms _________.

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

  1. workers

  2. property

  3. successful business model

  4. all of the above

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Correct Option: C
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.

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

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

  1. Cash-in-Advance

  2. Letters of Credit

  3. Documentary Collections

  4. Any of the above

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Correct Option: D

___________ 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.

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

  1. Letter of credit

  2. Consignment

  3. Open Account

  4. None of the above

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Correct Option: A
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

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

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

  1. Documentary Collections

  2. Letters of Credit

  3. Cash-in-Advance

  4. Open Account

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Correct Option: B

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

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

  1. Letters of credit

  2. Cash-in-Advance

  3. An open account transaction

  4. None of the above

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Correct Option: C

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