International Business Test

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International Business Test - 8

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Weekly Quiz Competition

Question 1
1 / -0

Benefits of joint ventures does not include ______________________.

A
access to new markets and distribution networks

B
sharing of risks and costs with a partner

C
access to greater resources, including specialized staff, technology and finance

D
the partners have different objectives for the joint venture

Solution

A joint venture is a temporary business association between two or more persons or organisations for profit without forming a permanent partnership, corporation, or other business entity. Members of the joint venture maintain their independence.
Question 2
1 / -0

IEC Number is issued by _____________.

A
Import-Export Licensing Authority

B
Foreign Ministry

C
Minister of Commerce and Industry

D
Chamber of Commerce

Solution

IEC (Import Export Code):- Before starting the export procedure, the exporter is required to get an IEC number. This number is used in filing the formalities of the export procedure. To get this number the exporter has to apply to the Regional Import-Export Licensing Authority in the prescribed form.
Question 3
1 / -0

_________ is the most important document of export procedure.

A
Bill of lading

B
Bill of Entry

C
Performa Invoice

D
Bill of Exchange
Solution
Bill of Lading - It is one of the major export documents. It is issued by the shipping company when the exporter surrenders the mate's receipt. The Bill of Lading is considered an important document due to the following reasons:-
1. it acts as an invoice,
2. it is a document representing title to the goods, and
3. it is a contract of affreightment.
Question 4
1 / -0

_______________ involves manufacturing and trade beyond the boundaries of one's own country.

A
Internal Trade

B
Wholesale Trade

C
International Business

D
Retail Trade

Solution

International business refers to the trade of goods, services, technology, etc. across the national borders and at a global or multi-national scale. It involves cross-border transactions of goods and services between two or more countries.
Question 5
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 certificate

D
Bank account number

Solution

Letter of credit is an instrument issued by bank after request made by a foreign buyer that payment will be made to the exporter i.e. the beneficiary. It is useful where buyers and sellers do not know each other personally and are separated by distance. Hence, it is not required for obtaining an export license.
Question 6
1 / -0

The document containing the guarantee of a bank to honour drafts drawn on it by an exporter is called as ________.

A
Letter of Hypothecation

B
Letter of Credit

C
Bill of Lading

D
Bill of Exchange

Solution

Letter of Credit is an instrument issued by bank after request made by a foreign buyer that payment will be made to the exporter i.e. the beneficiary. It is useful where buyers and sellers do not know each other personally and are separated by distance. Hence, the document containing the guarantee of a bank to honour drafts drawn on it by an exporter is called as Letter of Credit.
Question 7
1 / -0

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

A
Commercial invoice

B
Certificate of origin

C
Bill of entry

D
Mates receipt

Solution

Bill of entry is a formal declaration prepared by the importer describing the goods that are being imported. It is used by customs officer to check whether the goods are same as stated in the document. Hence, this document is not a part of export documentation.
Question 8
1 / -0

Which of the following does 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

Since goods meant for exports are not consumed domestically, these are not subjected to payment of various excise and customs duties. Any such duties paid on export goods are, therefore, refunded to exporters on production of proof of exports of these goods to the concerned authorities. Such refunds are called duty draw backs.
Some 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. The latter is also called customs drawback.
Question 9
1 / -0

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

A
Shipping bill

B
Export license

C
Letter of insurance

D
Proforma invoice

Solution

Export license is an export control document issued by the government agency to monitor the export of sensitive technologies. Hence, it is not related to fulfill the customs formalities.
Question 10
1 / -0

A receipt issued by the commanding officer of the ship when the cargo is loaded on the ship is known as ________.

A
shipping receipt

B
mate receipt

C
cargo receipt

D
charter receipt

Solution

A mate receipt is a receipt issued by the commanding officer of the ship when the cargo is loaded on board, and contains the information about the name of the vessel, berth, date of shipment, description of packages, marks and numbers, condition of the cargo at the time of receipt on board the ship, etc. The port superintendent, on receipt of port dues, hands over the mate’s receipt to the C&F agent

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Re-Attempt Weekly Quiz Competition

International Business Test - 8

Result

International Business Test - 8

Score

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Rank

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SHARING IS CARING

Question 1

access to new markets and distribution networks

sharing of risks and costs with a partner

access to greater resources, including specialized staff, technology and finance

the partners have different objectives for the joint venture

Solution

Question 2

Import-Export Licensing Authority

Foreign Ministry

Minister of Commerce and Industry

Chamber of Commerce

Solution

Question 3

Bill of lading

Bill of Entry

Performa Invoice

Bill of Exchange

Solution

Question 4

Internal Trade

Wholesale Trade

International Business

Retail Trade

Solution

Question 5

IEC number

Letter of credit

Registration cum membership certificate

Bank account number

Solution

Question 6

Letter of Hypothecation

Letter of Credit

Bill of Lading

Bill of Exchange

Solution

Question 7

Commercial invoice

Certificate of origin

Bill of entry

Mates receipt

Solution

Question 8

Refund of excise duties

Refund of customs duties

Refund of export duties

Refund of income dock charges at the port of shipment

Solution

Question 9

Shipping bill

Export license

Letter of insurance

Proforma invoice

Solution

Question 10

shipping receipt

mate receipt

cargo receipt

charter receipt

Solution

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