Export And Import Business Quiz! Trivia
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Questions and Answers
- 1.
_______ is prescribed by the Universal Postal Union (UPU) and international apex body coordinating activities of national postal administration.
- A.
Customs sumbition Form
- B.
Customs Declaration Form
Correct Answer
B. Customs Declaration FormExplanation
The correct answer is Customs Declaration Form. The Universal Postal Union (UPU) is an international organization that coordinates the activities of national postal administrations. They prescribe the use of the Customs Declaration Form, which is a document that provides information about the contents of a package being sent through the postal system. This form is used to declare the value, quantity, and nature of the goods being shipped, and it is required for international shipments to ensure compliance with customs regulations.Rate this question:
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- 2.
_______ first time exporter to obtain____________
- A.
ITC
- B.
IEC
Correct Answer
B. IECExplanation
To become an exporter, a company needs to obtain an Import Export Code (IEC) from the Director General of Foreign Trade (DGFT). The IEC is a 10-digit code that is mandatory for any business to export or import goods. Therefore, for a first-time exporter, the correct answer would be IEC as it is the code required to engage in international trade. The ITC mentioned in the question is not relevant in this context.Rate this question:
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- 3.
_______ is issued by the Archaeological Survey of India in case of antiques.
- A.
Antiquity Measurement
- B.
Simple Measurement
Correct Answer
A. Antiquity MeasurementExplanation
The correct answer is "Antiquity Measurement." This is because the question is asking for the document or certificate that is issued by the Archaeological Survey of India specifically for antiques. The term "antiquity" refers to objects or artifacts that are old or ancient, and the Archaeological Survey of India is responsible for preserving and protecting such items. Therefore, it makes sense that they would issue a document called "Antiquity Measurement" to authenticate and provide information about antiques.Rate this question:
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- 4.
_______Aayaat Niryaat Form.
- A.
ANF2A
- B.
ANSAS
Correct Answer
A. ANF2AExplanation
ANF2A is the correct answer because it refers to the Aayaat Niryaat Form 2A. This form is used for applying for an Importer Exporter Code (IEC) which is a mandatory requirement for anyone involved in import or export activities in India. The ANF2A form includes details such as the applicant's name, address, bank account details, and other relevant information. By selecting ANF2A as the answer, it indicates that the form being referred to in the question is specifically the Aayaat Niryaat Form 2A.Rate this question:
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- 5.
_______ It is required for countries which have strained political relation It certifies that the ship or the aircraft carrying the goods has not touched those country(s)
- A.
Black List Certificate
- B.
Black Form Certificate
Correct Answer
A. Black List CertificateExplanation
A Black List Certificate is required for countries which have strained political relations. It certifies that the ship or aircraft carrying the goods has not touched those countries. This certificate is necessary to ensure that the goods are not associated with any country that may have negative political implications or restrictions on trade.Rate this question:
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- 6.
__________ is prepared for the admittance of the cargo through the port gate and includes the shipper's name, cart/ lorry No., marks on packages, quantity, etc.
- A.
Cart/ Lorry Licence
- B.
Cart/ Lorry Ticket
Correct Answer
B. Cart/ Lorry TicketExplanation
A Cart/Lorry Ticket is prepared for the admittance of the cargo through the port gate. It includes important information such as the shipper's name, cart/lorry number, marks on packages, quantity, etc. This ticket serves as a document that allows the cargo to enter the port and ensures proper identification and tracking of the cargo.Rate this question:
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- 7.
_______ It is required to ensure the quality and grade of certain items such as metallic ores, pigments, etc.
- A.
Certificate of Origin
- B.
Certificate of Chemical Analysis
Correct Answer
B. Certificate of Chemical AnalysisExplanation
A Certificate of Chemical Analysis is required to ensure the quality and grade of certain items such as metallic ores and pigments. This certificate provides detailed information about the chemical composition of the item, including the presence of impurities and the concentration of different elements or compounds. It is important to have this analysis to determine the suitability of the item for its intended use and to ensure that it meets the required standards and specifications. A Certificate of Origin, on the other hand, is used to certify the country of origin of a product and does not provide information about its quality or composition.Rate this question:
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- 8.
_______ is issued by the competent office to certify compliance of humidity factor, dry weight, etc.
- A.
Certificate of Conditioning
- B.
Certificate of Shipment
Correct Answer
A. Certificate of ConditioningExplanation
A Certificate of Conditioning is issued by the competent office to certify compliance of humidity factor, dry weight, etc. This certificate serves as proof that the product or material has undergone the necessary conditioning process to ensure its quality and suitability for use or shipment. It confirms that the humidity factor and dry weight of the product meet the required standards.Rate this question:
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- 9.
_______ is a type of document describing the condition of goods and confirming that they have been inspected.
- A.
Certificate of Inspection
- B.
Certificate of Origin
Correct Answer
A. Certificate of InspectionExplanation
A Certificate of Inspection is a document that provides a detailed description of the condition of goods and confirms that they have been inspected. This document is typically issued by a qualified inspector or a regulatory authority after a thorough examination of the goods to ensure that they meet the required standards and specifications. It serves as evidence that the goods have been inspected and are in compliance with the necessary regulations and quality standards.Rate this question:
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- 10.
_______ signifies that a certain lot of goods have been shipped.
- A.
Certificate of Inspection
- B.
Certificate of Shipment
Correct Answer
B. Certificate of ShipmentExplanation
A Certificate of Shipment signifies that a certain lot of goods have been shipped. This document is issued by the shipping company or agent and provides confirmation that the goods specified in the certificate have been loaded onto a vessel or other means of transportation. It serves as proof that the goods have been dispatched and can be used for various purposes such as customs clearance, insurance claims, or payment settlements. The Certificate of Shipment is an important document in international trade to ensure transparency and accuracy in the shipment process.Rate this question:
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- 11.
_______ is required when the exporter needs to certify on the invoice that the goods are of a particular origin or manufactured/ packed at a particular place and in accordance with a specific contract.
- A.
Certified Invoice
- B.
Certificate of Shipment
Correct Answer
A. Certified InvoiceExplanation
A certified invoice is required when the exporter needs to certify on the invoice that the goods are of a particular origin or manufactured/packed at a particular place and in accordance with a specific contract. This certification provides assurance to the buyer that the goods meet the specified requirements and can be traced back to their origin. It is an important document in international trade for ensuring transparency and compliance with contractual obligations.Rate this question:
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- 12.
_______ Issued by the exporter for the full realizable amount of goods as per the trade term.
- A.
Certificate of Inspection
- B.
Commercial Invoice
Correct Answer
B. Commercial InvoiceExplanation
A commercial invoice is issued by the exporter and provides detailed information about the goods being sold, including the quantity, price, and terms of sale. It serves as proof of the transaction and is used for customs clearance and payment purposes. In this context, the commercial invoice is issued for the full realizable amount of goods as per the trade term, ensuring that the correct value of the goods is stated for the buyer and any applicable taxes or duties are accurately calculated.Rate this question:
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- 13.
_______ is a registered agency designated by the Ministry of Commerce.
- A.
Commercial Invoice
- B.
Commodity Board
Correct Answer
B. Commodity BoardExplanation
The correct answer is Commodity Board. A Commodity Board is a registered agency designated by the Ministry of Commerce. It is responsible for regulating and promoting the trade of specific commodities within a country. Commercial Invoice, on the other hand, is a document used in international trade to provide details of the goods being shipped and their value. Therefore, Commodity Board is the correct answer as it aligns with the given explanation.Rate this question:
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- 14.
_______ Mainly needed for the countries like USA, Canada, etc It is prepared on a special form being presented by the Customs authorities of the importing country It facilitates entry of goods in the importing country at preferential tariff rate.
- A.
Commodity Board
- B.
Customs Invoice
Correct Answer
B. Customs InvoiceExplanation
A customs invoice is mainly needed for countries like USA, Canada, etc. It is prepared on a special form presented by the Customs authorities of the importing country. This document facilitates the entry of goods in the importing country at a preferential tariff rate.Rate this question:
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- 15.
_______ is filled by the exporter to specify the action to be taken by the postal department at the destination in case the address is non-traceable or the parcel is refused to be accepted.
- A.
DGFT
- B.
Despatch Note
Correct Answer
B. Despatch NoteExplanation
The correct answer is Despatch Note. A Despatch Note is filled by the exporter to specify the action to be taken by the postal department at the destination in case the address is non-traceable or the parcel is refused to be accepted. This document helps ensure that the parcel is handled appropriately in such situations, allowing for proper communication and resolution between the exporter and the postal department.Rate this question:
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- 16.
_______provide exporter a unique IEC Number IEC Number is a ten digits code.
- A.
Despatch Note
- B.
DGFT
Correct Answer
B. DGFTExplanation
The correct answer is DGFT because DGFT stands for Directorate General of Foreign Trade, which is the government agency responsible for regulating and promoting foreign trade in India. DGFT issues the Importer-Exporter Code (IEC) number, which is a unique ten-digit code required for businesses to engage in import or export activities. Therefore, DGFT is the entity that provides exporters with a unique IEC number.Rate this question:
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- 17.
_______ http//dgftgovin
- A.
DGFT web-site
- B.
Export
Correct Answer
A. DGFT web-site -
- 18.
_______in itself is a very wide.
- A.
Export
- B.
DGFT
Correct Answer
A. Export -
- 19.
_______For every first-time exporter, it is necessary to get registered.
- A.
DGFT
- B.
Export
Correct Answer
A. DGFTExplanation
DGFT stands for Directorate General of Foreign Trade, which is an Indian government agency responsible for promoting and regulating foreign trade. It is necessary for every first-time exporter to get registered with DGFT in order to engage in export activities. This registration helps the government keep track of export transactions and ensures compliance with export laws and regulations.Rate this question:
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- 20.
_______ Required for export of foodstuffs, marine products, hides, livestock, etc.
- A.
Sanitary Certification
- B.
Customs Invoice
Correct Answer
A. Sanitary CertificationExplanation
Sanitary Certification is required for the export of foodstuffs, marine products, hides, livestock, etc. This certification ensures that the products meet the necessary health and safety standards and are free from any contaminants or diseases that could pose a risk to consumers. It is necessary for countries to have this certification in order to protect the health of their citizens and to comply with international trade regulations. Without proper sanitary certification, the export of these products may be restricted or prohibited.Rate this question:
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- 21.
_______ provided the CIF value of a single consignment does not exceed Indian.
- A.
IEC numberamount of Rs 25,000/
- B.
IEC numberamount of Rs 1125,000/
Correct Answer
A. IEC numberamount of Rs 25,000/Explanation
The correct answer is "IEC numberamount of Rs 25,000/". This means that as long as the CIF value of a single consignment does not exceed Rs 25,000, an IEC number is required. The IEC number is a unique 10-digit code issued by the Director General of Foreign Trade (DGFT) that is mandatory for anyone involved in import or export activities in India. It is used to track and monitor international trade transactions.Rate this question:
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- 22.
_______ This shows the seller's genuineness before the appropriate consulate or chamber or commerce/ embassy.
- A.
Despatch Note
- B.
Visaed Invoice
Correct Answer
B. Visaed InvoiceExplanation
This answer suggests that a visaed invoice is a document that demonstrates the seller's genuineness before the appropriate consulate or chamber of commerce/embassy. A visaed invoice is likely a document that has been verified and approved by the relevant authorities, indicating that the seller is legitimate and trustworthy.Rate this question:
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- 23.
_______ It is required in addition to the Certificate of Origin for few countries to show that the goods shipped have actually been manufactured and is available.
- A.
Despatch Note
- B.
Manufacturer's Certificate
Correct Answer
B. Manufacturer's CertificateExplanation
A Manufacturer's Certificate is required in addition to the Certificate of Origin for few countries to show that the goods shipped have actually been manufactured and is available. This certificate serves as proof that the goods have been produced by the manufacturer and are ready to be shipped. It provides assurance to the importing country that the goods are genuine and meet the required standards. The Manufacturer's Certificate is an important document in international trade as it helps to establish the authenticity and availability of the goods being exported.Rate this question:
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- 24.
_______ No doubt that in the age of
- A.
Export
- B.
Globalization
Correct Answer
B. Globalization -
- 25.
_______ No exporter is allowed to export his good abroad without
- A.
IEC number
- B.
Despatch Note
Correct Answer
B. Despatch NoteExplanation
A despatch note is a document that provides details about the goods being shipped, such as the quantity, description, and destination. It serves as a record of the goods being sent and is often required for customs clearance purposes. Without a despatch note, it would be difficult to track and verify the goods being exported, which could lead to issues with customs authorities and potential delays or penalties. Therefore, it is necessary for exporters to have a despatch note when exporting goods abroad.Rate this question:
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- 26.
_______ single PAN number Apart from PAN number,
- A.
Only one poC is issued against a
- B.
Only one IEC is issued against a
Correct Answer
B. Only one IEC is issued against a -
- 27.
_______ It shows the details of the goods contained in each parcel/shipment.
- A.
Visaed Invoice
- B.
Packing List
Correct Answer
B. Packing ListExplanation
The packing list is a document that provides detailed information about the goods contained in each parcel or shipment. It includes information such as the quantity, description, and weight of each item, as well as any special packaging instructions. This document is essential for both the sender and the recipient to ensure that the correct items are being shipped and received. The visaed invoice, on the other hand, is a document that has been authorized or approved by a visa or immigration authority. Therefore, the correct answer is the packing list.Rate this question:
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- 28.
_______ important factor
- A.
IEC number
- B.
Price is also an
Correct Answer
B. Price is also an -
- 29.
_______Director General of Foreign Trade.
- A.
DGFT
- B.
DGIT
Correct Answer
A. DGFTExplanation
DGFT stands for Director General of Foreign Trade. This is the correct answer because DGFT is the government authority responsible for formulating and implementing foreign trade policies in many countries. They regulate and promote exports, imports, and foreign investments. DGFT plays a crucial role in facilitating international trade, ensuring compliance with trade laws and regulations, and resolving trade disputes. Therefore, DGFT is the most appropriate option among the given choices for the abbreviation that represents the Director General of Foreign Trade.Rate this question:
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- 30.
_______ Bill of Export is the main document required by the Customs Authority for allowing shipment.
- A.
Shipping Bill
- B.
Visaed Invoice
Correct Answer
A. Shipping BillExplanation
The Shipping Bill is the main document required by the Customs Authority for allowing shipment. It contains all the necessary information about the goods being exported, including their description, quantity, value, and destination. The Shipping Bill acts as a legal declaration by the exporter and provides the Customs Authority with the necessary details to assess and verify the goods before allowing their shipment. It is an essential document in the export process and is required to ensure compliance with customs regulations and facilitate smooth international trade.Rate this question:
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- 31.
_______ Issued by the Shipping (Conference) Line which intimates the exporter about the reservation of space of shipment of cargo through the specific vessel from a specified port and on a specified date.
- A.
Shipping Order
- B.
Shipping Bill
Correct Answer
A. Shipping OrderExplanation
A shipping order is a document issued by the shipping conference line to inform the exporter about the reservation of space for shipping cargo on a specific vessel, from a specified port, and on a specified date. This document serves as a confirmation and notification to the exporter about the arrangements made for the shipment of their goods. It ensures that the exporter is aware of the details and can make necessary preparations for the transportation of their cargo.Rate this question:
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- 32.
_______ is an application to the customs authorities at port which advises short shipment of goods and required for claiming the return
- A.
Xcise formalities at the time of Import
- B.
Xcise formalities at the time of Export
Correct Answer
B. Xcise formalities at the time of ExportExplanation
The given correct answer is "Excise formalities at the time of Export." This means that the application being referred to is used to inform customs authorities at the port about a shortage of goods during the export process. This application is necessary in order to claim a return or refund for the missing goods.Rate this question:
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- 33.
_______ It is a statement of packages which are shut out by a ship and is prepared by the concerned shed and is sent to the exporter
- A.
Visaed Invoice
- B.
Shut Out Advice
Correct Answer
B. Shut Out AdviceExplanation
The given statement describes a document that lists packages that have been excluded from a ship and is prepared by the relevant shed before being sent to the exporter. This document is known as a "Shut Out Advice."Rate this question:
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- 34.
The first and the primary reason for export is
- A.
To earn Rupees
- B.
To earn foreign exchange
Correct Answer
B. To earn foreign exchangeExplanation
The primary reason for export is to earn foreign exchange. Exporting goods and services allows a country to generate revenue in foreign currency, which can be used to pay for imports, service foreign debt, and invest in the country's development. Foreign exchange is crucial for maintaining a stable economy and facilitating international trade. By earning foreign exchange through exports, a country can strengthen its currency, attract foreign investments, and promote economic growth.Rate this question:
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- 35.
_______ statutory Commodity Boards under the Department of Commerce
- A.
Five
- B.
Six
Correct Answer
A. FiveExplanation
There are five statutory Commodity Boards under the Department of Commerce.Rate this question:
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- 36.
SDF stand for________________________
- A.
Statutory Declaration Form
- B.
Standard Declaration Forms
- C.
Statutory Decision Form
- D.
Secondary Declaration Form
Correct Answer
A. Statutory Declaration FormExplanation
The correct answer is "Statutory Declaration Form". SDF stands for Statutory Declaration Form, which is a legal document used to declare the truthfulness of certain facts or statements. This form is often required in legal proceedings, government applications, or other situations where a sworn statement is necessary. It is used to ensure that the information provided is accurate and can be relied upon.Rate this question:
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- 37.
GR stands for ____________________
- A.
Guarantee Receipt
- B.
Granded Receipt
- C.
Guaranteed Receipt
- D.
Government Rule
Correct Answer
C. Guaranteed ReceiptExplanation
The correct answer is "Guaranteed Receipt". "GR" stands for "Guaranteed Receipt", which refers to a document that guarantees the payment or delivery of a specific item or service. It is a proof of purchase or proof of ownership that provides assurance to the recipient.Rate this question:
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- 38.
_______ If the exporter intends to claim duty drawback on his exports, he has to follow
- A.
Statutory Commodity Boards under the Department of Commerce
- B.
Duty drawback formalities
Correct Answer
B. Duty drawback formalitiesExplanation
If the exporter intends to claim duty drawback on his exports, he has to follow duty drawback formalities. Duty drawback refers to the refund of duties or taxes paid on imported materials used in the production of exported goods. To claim this refund, exporters need to comply with certain formalities, such as submitting the necessary documents and forms, providing proof of export, and adhering to the specific rules and regulations set by the customs authorities. By following these duty drawback formalities, exporters can ensure that they receive the eligible refunds on the duties paid.Rate this question:
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- 39.
_______ If the goods are cleared by manufacturer for export, the goods are
- A.
Xcise formalities at the time of import
- B.
Xcise formalities at the time of export
Correct Answer
B. Xcise formalities at the time of exportExplanation
If the goods are cleared by the manufacturer for export, it means that all necessary formalities and taxes related to excise have been completed at the time of export. This indicates that the goods have been authorized and approved for export by the relevant authorities, and any excise duties or taxes that need to be paid have been taken care of. Therefore, there is no need for any further excise formalities at the time of import.Rate this question:
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- 40.
_______These Boards are responsible for production, development, and export of tea, coffee, rubber, spices, and tobacco.
- A.
SSC Boards under the Department of Commerce
- B.
Statutory Commodity Boards under the Department of Commerce
Correct Answer
B. Statutory Commodity Boards under the Department of CommerceExplanation
The correct answer is "statutory Commodity Boards under the Department of Commerce". This answer is supported by the statement that these boards are responsible for the production, development, and export of tea, coffee, rubber, spices, and tobacco. The term "statutory" indicates that these boards are established and regulated by law, which aligns with their role in overseeing the commodities mentioned. Additionally, the mention of the Department of Commerce further suggests that these boards are part of a larger government organization responsible for trade and industry.Rate this question:
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- 41.
_______Shipping Bill in triplicate.
- A.
White
- B.
Yellow
- C.
Pink
- D.
Green
Correct Answer
A. WhiteExplanation
The correct answer is "White" because when it comes to shipping bills, it is common practice to have them in triplicate, with each copy being a different color. The first copy is usually white, followed by yellow and pink. The purpose of having multiple copies in different colors is to easily distinguish between them and keep track of each copy's purpose or destination. Therefore, the first copy of the shipping bill is typically printed on white paper.Rate this question:
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- 42.
_______Shipping Bill in quadruplicate for the export of goods which are under claim for duty drawback.
- A.
Green
- B.
Blue
- C.
Pink
- D.
Yellow
Correct Answer
A. GreenExplanation
The green color is used for the shipping bill in quadruplicate for the export of goods which are under claim for duty drawback.Rate this question:
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- 43.
_______Shipping Bill in triplicate for the export of dutiable goods.
- A.
Yellow
- B.
Blue
- C.
Pink
- D.
White
Correct Answer
A. YellowExplanation
The correct answer is Yellow because in the context of the given statement, the shipping bill for the export of dutiable goods needs to be in triplicate. Among the options provided, Yellow is the only color mentioned that represents one of the three copies of the shipping bill. Therefore, Yellow is the correct answer.Rate this question:
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- 44.
_______ Issued by the seller for the full realisable amount of goods as per trade term.
- A.
Commercial invoice
- B.
Certified Invoice
Correct Answer
A. Commercial invoiceExplanation
A commercial invoice is a document issued by the seller to the buyer, indicating the full realizable amount of goods as per the trade term. It serves as proof of the transaction and includes details such as the quantity, description, and value of the goods, as well as any applicable taxes or fees. This invoice is used for customs and taxation purposes and is an essential document in international trade. Therefore, the correct answer is a commercial invoice.Rate this question:
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- 45.
_______ Mainly needed for countries like Kenya, Uganda,
- A.
Consular Invoice
- B.
Packing List
- C.
Commercial Invoice
- D.
Sales Invoice
Correct Answer
A. Consular InvoiceExplanation
Consular Invoice is mainly needed for countries like Kenya and Uganda. A consular invoice is a document that is required by some countries to certify the value, quantity, and nature of the goods being shipped. It is typically prepared by the exporter and certified by the consulate or embassy of the importing country. This document helps to ensure that the goods being imported comply with the regulations of the importing country and assists in the customs clearance process.Rate this question:
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- 46.
_______ It is required when the exporter needs to certify on the invoice that the goods are of a particular origin or manufactured/ packed at a particular place and in accordance with a specific contract.
- A.
Certified Invoice
- B.
Commercial invoice
- C.
Proforma Invoice
- D.
Sales Invoice
Correct Answer
A. Certified InvoiceExplanation
A certified invoice is required when the exporter needs to certify on the invoice that the goods are of a particular origin or manufactured/packed at a specific place and in accordance with a specific contract. This certification is important for legal and regulatory purposes, as it provides proof of the origin and authenticity of the goods being exported. A certified invoice is typically used in international trade to ensure compliance with customs and import/export regulations.Rate this question:
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- 47.
_______ It is required for countries which have strained political relation. It certifies that the ship or the aircraft carrying the goods has not touched those country(s).
- A.
Legalised/Visaed Invoice
- B.
Black List Certificate
- C.
Commercial Invoice
- D.
Performa Invoice
Correct Answer
B. Black List CertificateExplanation
A Black List Certificate is required for countries with strained political relations to certify that the ship or aircraft carrying the goods has not touched those countries. This certificate serves as proof that the goods have not been in contact with the countries in question, ensuring compliance with any trade restrictions or embargoes that may be in place.Rate this question:
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- 48.
_______ It is a statement of packages which are shut out by a ship and is prepared by the concerned shed and is sent to the exporter.
- A.
Shut Out Advice
- B.
Shipping Advice
Correct Answer
A. Shut Out AdviceExplanation
The given statement describes a document that is prepared by the concerned shed and sent to the exporter, containing information about packages that have been shut out by a ship. This document is referred to as "Shut Out Advice".Rate this question:
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- 49.
_______ It is an application to the customs authorities at the port which advises short shipment of goods and required for claiming the return.
- A.
Cart/ Lorry Ticket
- B.
Short Shipment Form
Correct Answer
B. Short Shipment FormExplanation
The correct answer is Short Shipment Form. This form is used to notify customs authorities at the port about a short shipment of goods. It is necessary for claiming the return or compensation for the missing or incomplete items in the shipment. The form provides details about the goods, quantity, and any discrepancies found.Rate this question:
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- 50.
_______ It is prepared in the aligned document to be used to inform the overseas customer about the shipment of goods.
- A.
Shut Out Advice
- B.
Shipping Advice
- C.
Short Shipment Form
- D.
Black List Certificate
Correct Answer
B. Shipping AdviceExplanation
The correct answer is Shipping Advice. A shipping advice is a document that is prepared in the aligned document to inform an overseas customer about the shipment of goods. It provides details such as the date of shipment, the mode of transportation, the quantity and description of the goods, and any other relevant information. This document is important for both the seller and the buyer to ensure a smooth and efficient shipping process.Rate this question:
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This acquisition test is for you if you are a business student!
This acquisition test is for you if you are a business student!
Business Advancements Quiz for Meaningful Insights
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