Chapter 26: Export and Import Procedures — Online MCQ Test
COMMERCE · CLASS 11th · Tamil Nadu State Board
Practice Chapter 26: Export and Import Procedures with a free chapter-wise online MCQ test.
This chapter covers: Focusing on cross-border transactions this chapter details procedural steps documentation and custom formalities for export and import trade. Students study letters of credit shipp....
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Chapter 26: Export and Import Procedures — Important Questions & Answers
Which document is issued by the shipping company to acknowledge the receipt of goods on board the vessel?
- A. Bill of Lading
- B. Shipping Bill
- C. Letter of Credit
- D. Certificate of Origin
Answer: A. Bill of Lading
A Bill of Lading serves as a receipt of goods, a contract of carriage, and a document of title.
A Bill of Lading serves as a receipt of goods, a contract of carriage, and a document of title.
The document prepared by the exporter to state the details of goods exported and claim duty drawback is known as:
- A. Commercial Invoice
- B. Shipping Bill
- C. Consular Invoice
- D. Proforma Invoice
Answer: B. Shipping Bill
The Shipping Bill is the main document required by the Customs authorities for allowing the export of goods.
The Shipping Bill is the main document required by the Customs authorities for allowing the export of goods.
Which of the following is NOT a stage in the export procedure?
- A. Receipt of indent
- B. Obtaining IEC
- C. Domestic retail marketing
- D. Customs clearance
Answer: C. Domestic retail marketing
Domestic retail marketing is not part of the formal international export procedure described in the syllabus.
Domestic retail marketing is not part of the formal international export procedure described in the syllabus.
Compare Shipping Bill and Bill of Entry: Which statement is accurate?
- A. Both are used for exports
- B. Shipping Bill is for exports, Bill of Entry is for imports
- C. Bill of Entry is for exports, Shipping Bill is for imports
- D. Both are used for domestic transit
Answer: B. Shipping Bill is for exports, Bill of Entry is for imports
The Shipping Bill is the primary document for exports, while the Bill of Entry is the primary document for imports.
The Shipping Bill is the primary document for exports, while the Bill of Entry is the primary document for imports.
If an importer pays for goods before they arrive, but the documents are 'Document Against Acceptance' (D/A), what does this imply?
- A. The importer gets documents only after paying immediately
- B. The importer gets documents after accepting a time-draft (bill of exchange)
- C. The importer receives goods without any bank involvement
- D. The bank rejects the transaction
Answer: B. The importer gets documents after accepting a time-draft (bill of exchange)
D/A (Documents against Acceptance) allows the importer to obtain the documents of title by accepting a time-draft, promising to pay at a future date.
D/A (Documents against Acceptance) allows the importer to obtain the documents of title by accepting a time-draft, promising to pay at a future date.