International Business Test

Result

International Business Test - 13

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Weekly Quiz Competition

Question 1
1 / -0

Which among the following are important bodies of WTO?
i) Dispute Settlement Body
ii) NAFTA
iii) Trade Policy Review Body
iv) ASEAN
v) Council for Trade in Goods
vi) IBRD
vii) Council for Trade related aspects of Intellectual Property Rights.
viii) GATT
Which of the following are an appropriate combination?

A
i, ii, iii, iv

B
ii, iii, iv, v

C
i, iii, v, vi

D
iv, v, vi, viii

Solution

The important bodies of the World Trade Organization (WTO) are Dispute settlement bodies, trade policy review body, council for trade in goods, council for trade related aspects of intellectual property rights.
Question 2
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 export duties

D
Refund of income dock charges at the port of shipment

Solution

Major duty drawbacks include refund of excess duties paid on goods meant for export, refund of custom duties paid on raw materials and machines imported for export production.
Question 3
1 / -0

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

A
Commercial invoice

B
Certificate of origin

C
Bill of entry

D
Mate's receipt

Solution

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.
Question 4
1 / -0

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

A
Ayurvedic medicines

B
Oil and petroleum products

C
Pearls and procious stones

D
Machinery

Solution

India is known for its Ayurveda and Yoga all across the world. We are the world's largest manufacturers of Ayurvedic medicines and thus we are the exporters of Ayurvedic medicines. Therefore, it does not form part of our imports list.
Question 5
1 / -0

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

A
Shipping bill

B
Export licence

C
Letter of insurance

D
Performa invoice

Solution

Export license is a document that grants the licensee the right to export a specific quantity of commodity to a specified country. Export license is not a document that is required to fulfill the custom duties.
Question 6
1 / -0

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

A
IEC number

B
Letter of credit

C
Registration cum membership certificte

D
Bank account number

Solution

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.
Question 7
1 / -0

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

A
Licensing / Franchising

B
Wholly owned subsidiary

C
Contract manufacturing

D
Joint venture

Solution

A wholly owned subsidiary is a company where 100% of the share capital is invested by the parent company or the holding company. This kind of mode gives total control in the hands of the holding company. The holding company gets full authority to decide whether to start new operations or to procure an existing company doing business overseas in order to establish the subsidiary company.
Question 8
1 / -0

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

A
Bill of Lading

B
Shipping Bill

C
Certificate of Origin

D
Shipment Advice

Solution

Shipping bill is a form used by Customs and Excise before goods can be exported from the country. It is the main document on the basis of which the customs office gives the permission to export. Hence shipping bill is used during export transaction and not during import transaction.
Question 9
1 / -0

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

A
Textiles and garments

B
Gems and jewellery

C
Oil and petroleum products

D
Basmati rice

Solution

Oil and petroleum are natural products and are mostly found in Middle East countries. Crude oil is imported from these countries by India and is then refined to obtain petroleum and petroleum products. We are the importers of oil rather than exporters.
Question 10
1 / -0

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

A
Domestic business

B
Increasing advertisements in home country

C
Improving R&D

D
Joint Venture

Solution

In joint venture, both foreign and local entrepreneurs jointly form a new enterprise. The foreign company benefits from a local partner's knowledge of the host countries regarding the competitive conditions, language, political systems, culture and business system, thus bringing the firm closer to the international markets.

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Re-Attempt Weekly Quiz Competition

International Business Test - 13

Result

International Business Test - 13

Score

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Rank

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SHARING IS CARING

Question 1

i, ii, iii, iv

ii, iii, iv, v

i, iii, v, vi

iv, v, vi, viii

Solution

Question 2

Refund of excise duties

Refund of customs duties

Refund of export duties

Refund of income dock charges at the port of shipment

Solution

Question 3

Commercial invoice

Certificate of origin

Bill of entry

Mate's receipt

Solution

Question 4

Ayurvedic medicines

Oil and petroleum products

Pearls and procious stones

Machinery

Solution

Question 5

Shipping bill

Export licence

Letter of insurance

Performa invoice

Solution

Question 6

IEC number

Letter of credit

Registration cum membership certificte

Bank account number

Solution

Question 7

Licensing / Franchising

Wholly owned subsidiary

Contract manufacturing

Joint venture

Solution

Question 8

Bill of Lading

Shipping Bill

Certificate of Origin

Shipment Advice

Solution

Question 9

Textiles and garments

Gems and jewellery

Oil and petroleum products

Basmati rice

Solution

Question 10

Domestic business

Increasing advertisements in home country

Improving R&D

Joint Venture

Solution

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