International Business Test

Result

International Business Test - 1

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Weekly Quiz Competition

Question 1
1 / -0

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

A
Certificate of origin

B
Commercial invoice

C
Mate's receipt

D
Bill of entry

Solution

Explanation:

Bill of entry is not a part of export documents. Bill of entry An account of goods entered at a customhouse, of imports and exports, detailing the merchant, quantity of goods, their type, and place of origin or destination. It is issued by the customs presenting the total assigned value and the corresponding duty charged on the cargo.
Question 2
1 / -0

Which one of the following is not a document related to fulfill the customs formalities?

A
Export licence

B
Proforma invoice

C
Shipping bill

D
Letter of insurance

Solution

Explanation:

A pro forma invoice is a document that states a commitment on part of the seller to deliver the products or services as notified to the buyer for a specific price. It is thus not a true invoice.
Question 3
1 / -0

Which of the following do not form part of duty drawback scheme?

A
Refund of excise duties

B
Refund of customs duties

C
Refund of income dock charges at the port of shipment

D
Refund of export duties

Solution

Explanation:

Major duty draw-backs include refund of excise duties paid on goods meant for exports, refund of customs duties paid on raw materials and machines imported for export production.
Question 4
1 / -0

Which of the following documents is not required in connection with an import transaction?

A
Certificate of origin

B
Shipping bill

C
Bill of lading

D
Shipment advice

Solution

Explanation:

It is the main document for which custom officials grants authority for export purpose. So, it has not much to do with import transactions.
Question 5
1 / -0

Which of the following documents are not required for obtaining an export license?

A
Registration cum membership certificate

B
Letter of credit

C
Bank account number

D
IEC number

Solution

Explanation:

documents required for obtaining a export license:-

• Opening a bank account in any bank authorised by the Reserve Bank of India (RBI) and getting an account number.

• Obtaining Import Export Code (IEC) number from the Directorate General Foreign Trade (DGFT) or Regional Import Export Licensing Authority.

• Registering with appropriate export promotion council.

• Registering with Export Credit and Guarantee Corporation (ECGC) in order to safeguard against risks of non payments.
Question 6
1 / -0

Which one of the following is not amongst India’s major trading partners?

A
UK

B
Germany

C
New Zealand

D
USA

Solution

Explanation:

India was New Zealand’s 10th largest trading partner in the year to June 2016, with total trade in goods and services worth more than NZ$2.5 billion.
Question 7
1 / -0

Which one of the following is not amongst India’s major import items?

A
Oil and petroleum products

B
Ayurvedic medicines

C
Machinery

D
Pearls and precious stones

Solution

Explanation:

Ironically, India holds 2nd rank overall in the world in exporting ayurvedic medicines.Thus, India doesn't import herbal/ayurvedic medicines at all.
Question 8
1 / -0

Which one of the following is not amongst India's major export items?

A
Textiles and garments

B
Oil and petroleum products are not amongst India's major export items.

C
Basmati rice

D
Gems and jewellery

Solution

Explanation:

Oil and petroleum products
Question 9
1 / -0

Which one of the following modes of entry brings the firm closer to international markets?

A
Joint venture

B
Contract manufacturing

C
Franchising

D
Licensing

Solution

Explanation:

In a joint venture, both the foreign and local entrepreneurs jointly form a new firm. The foreign business firm benefits from a local partners knowledge of the host countries regarding the competitive conditions, culture, language and other enivronmental variables, thus bringing the firm closer to international markets.
Question 10
1 / -0

Which one of the following modes of entry permits greatest degree of control over overseas operations?

A
Contract manufacturing

B
Joint venture

C
Wholly owned subsidiary

D
Licensing/franching

Solution

Explanation:

The parent company acquires complete control over the foreign company by making 100% investment in the firm and making it wholly owned subsidiary.

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Re-Attempt Weekly Quiz Competition

International Business Test - 1

Result

International Business Test - 1

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Rank

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SHARING IS CARING

Question 1

Certificate of origin

Commercial invoice

Mate's receipt

Bill of entry

Solution

Question 2

Export licence

Proforma invoice

Shipping bill

Letter of insurance

Solution

Question 3

Refund of excise duties

Refund of customs duties

Refund of income dock charges at the port of shipment

Refund of export duties

Solution

Question 4

Certificate of origin

Shipping bill

Bill of lading

Shipment advice

Solution

Question 5

Registration cum membership certificate

Letter of credit

Bank account number

IEC number

Solution

Question 6

UK

Germany

New Zealand

USA

Solution

Question 7

Oil and petroleum products

Ayurvedic medicines

Machinery

Pearls and precious stones

Solution

Question 8

Textiles and garments

Oil and petroleum products are not amongst India's major export items.

Basmati rice

Gems and jewellery

Solution

Question 9

Joint venture

Contract manufacturing

Franchising

Licensing

Solution

Question 10

Contract manufacturing

Joint venture

Wholly owned subsidiary

Licensing/franching

Solution

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