Export And Import Business Quiz! Trivia

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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.

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.

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.

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.

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.

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.

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.

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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.

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.

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.

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.

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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.

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.

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."

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.

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".

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.

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There are five statutory Commodity Boards under the Department of Commerce.

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.

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.

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.

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.

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.

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.

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.

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.

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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.

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.

The green color is used for the shipping bill in quadruplicate for the export of goods which are under claim for duty drawback.

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.

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.

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.

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.

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.