International Business Test

Result

International Business Test - 27

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Weekly Quiz Competition

Question 1
1 / -0

How can a foreign company set up business operations in India? Select the correct code given below:
1. By setting up a company under the Companies Act, 2013 as a Joint Venture or a Wholly Owned Subsidiary.
2. By setting up a Liaison Office/ Representative Office or a Project Office or a Branch Office of the foreign company.

A
Only 1

B
Only 2

C
1 and 2

D
Neither 1 nor 2

Solution

Liaison Office/Representative Office or a Project Office or a Branch Office of the foreign company operate under the Foreign Exchange Management (Establishment in India of branch Office or Other Place of Business) Regulations, 2000.
Question 2
1 / -0

White coloured bill of entry is for _________________.

A
Warehousing

B
Exbond Bill of Entry

C
Home Consumption

D
None of the above

Solution

Bill of Entry for Home Consumption:- This Bill of Entry is prepared when the importer is paying the customs duty for a whole lot of goods and taking its delivery. This Bill of Entry is white.
Question 3
1 / -0

Ever year many small companies get _______ up by large multinationals.

A
burnt

B
swallowed

C
digested

D
drowned
Question 4
1 / -0

Answer the following question.
The software company promoted by Narayan murthy is _________.

A
Wipro

B
Infosys

C
Satyam

D
HCL

Solution

The software company promoted by Narayana Murthy is answer b, Infosys. Mr. Murthy is an IT industrialist and worked with Indian Institute of Management, Ahmedabad, before starting Infosys Limited, a multinational company which provides technology, business consulting, outsourcing services and engineering. Set up in Bengaluru, it is the second largest IT firm in India.
Question 5
1 / -0

Which of the following is correct about the situation of 'inverted custom duty'?

A
When due to some exemptions custom duty on the similar goods are lower for the multinational firms in comparison to the domestic firms.

B
When the import duty applicable on the finished product is lower then on the raw material

C
When custom duties are lower on the raw materials and higher on the finished goods.

D
When the countries with low tax regime (tax havens) give high export subsidies to making the indigenous industries suffer in trade.

Solution

This discourages domestic manufacturers. In case of India it occurs not solely because of basic custom duty but in some cases as a result of other additional duties.
Question 6
1 / -0

Mate's receipt is issued by ____________.

A
Shipping Company

B
Custom Authority

C
Port Supervisor

D
Captain of the ship

Solution

Mate's receipt is issued by the captain or chief officer of the ship. This receipt is an acknowledgment that goods are boarded on the ship and states the condition of the goods. If goods are in good condition and these are packed properly, then a clean mate's receipt is issued by the captain.
Question 7
1 / -0

Yellow coloured bill of entry is for ______________.

A
Warehousing

B
Exbond bill of entry

C
Home Consumption

D
None of the above

Solution

Bill of Entry for warehousing:- This Bill of Entry is prepared when the importer does not pay the duty on imported goods and want to transfer the goods to the bonded warehouse. Such a bill is yellow in color.
Question 8
1 / -0

Airway Bill is the same as which of the following document in the case, the goods are shipped by air instead of water?

A
Bill of Entry

B
Mate's Receipt

C
Bill of Lading

D
None of the above

Solution

An airway bill is similar to the bill of lading with only one difference, that it is issued by an airway company and not by a shipping company. When goods are transported through airways then instead of a bill of lading the exporter gets an airway bill.
Question 9
1 / -0

Green coloured bill of entry is for_____________.

A
Home Consumption

B
Warehousing

C
Ex-bond Bill of Entry

D
None of the above

Solution

Ex-Bond Bill of Entry:- This Bill of Entry is prepared when the importer wants to get delivery of goods from the bonded warehouse. This is green in color.
Question 10
1 / -0

______________ is an instruction to the captain of the ship that the specified goods after their custom clearance at a designated port be received on board.

A
Certificate of Origin

B
Shipping Order

C
Bill of Exchange

D
Bill of Lading

Solution

A shipping order is a document issued by the shipping company. It is an instruction to the captain of the ship that the specified goods after their custom clearance at a designated port be received on board.

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Re-Attempt Weekly Quiz Competition

International Business Test - 27

Result

International Business Test - 27

Score

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Rank

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SHARING IS CARING

Question 1

Only 1

Only 2

1 and 2

Neither 1 nor 2

Solution

Question 2

Warehousing

Exbond Bill of Entry

Home Consumption

None of the above

Solution

Question 3

burnt

swallowed

digested

drowned

Question 4

Wipro

Infosys

Satyam

HCL

Solution

Question 5

When due to some exemptions custom duty on the similar goods are lower for the multinational firms in comparison to the domestic firms.

When the import duty applicable on the finished product is lower then on the raw material

When custom duties are lower on the raw materials and higher on the finished goods.

When the countries with low tax regime (tax havens) give high export subsidies to making the indigenous industries suffer in trade.

Solution

Question 6

Shipping Company

Custom Authority

Port Supervisor

Captain of the ship

Solution

Question 7

Warehousing

Exbond bill of entry

Home Consumption

None of the above

Solution

Question 8

Bill of Entry

Mate's Receipt

Bill of Lading

None of the above

Solution

Question 9

Home Consumption

Warehousing

Ex-bond Bill of Entry

None of the above

Solution

Question 10

Certificate of Origin

Shipping Order

Bill of Exchange

Bill of Lading

Solution

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