NCERT Class 11 Business Studies International Business II

EXERCISES

Multiple Choice Questions

1. Which of the following documents are not required for obtaining an export license?

a. IEC number b. Letter of credit

c. Registration cum d. Bank account number membership certificate

2. Which of the following documents is not required in connection with an import transaction?

a. Bill of lading b. Shipping bill

c. Certificate of origin d. Shipment advice

3. Which of the following do 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

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

a. Shipping bill b. Export licence

c. Letter of insurance d. Proforma invoice

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

a. Commercial invoice b. Certificate of origin

c. Bill of entry d. Mate’s receipt

6. 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

7. Which of the following document is prepared by the exporter and includes details of the cargo in terms of the shippers name, the number of packages, the shipping bill, port of destination, name of the vehicle carrying the cargo?

a. Shipping bill b. Packaging list

c. Mate’s receipt d. Bill of exchange

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

a. Letter of hypothetication b. Letter of credit

c. Bill of lading d. Bill of exchange

9. Which of the following does not belong to the World Bank group?

a. IBRD b. IDA

c. MIGA d. IMF

10. TRIP is one of the WTO agreements that deal with

a. Trade in agriculture b. Trade in services

c. Trade related d. None of these investment measures

Short Answer Questions

1. Discuss the formalities involved in getting an export licence.

2. Why is it necessary to get registered with an export promotion council?

3. What is IEC number?

4. What is pre-shipment finance?

5. Why is it necessary for an export firm to go in for pre-shipment inspection?

6. Discuss the procedure related to excise clearance of goods.

7. Explain briefly the process of customs clearance of export goods.

8. What is bill of lading? How does it differ from bill of entry?

9. What is shipping bill?

10. Explain the meaning of mate’s receipt.

11. What is a letter of credit? Why does an exporter need this document?

12. Discuss the process involved in securing payment for exports.

13. Differentiate between the following

(i) Sight and usance drafts (ii) Bill of lading and airway bill

(iii) Pre-shipment and post-shipment finance

14. Explain the meaning of the following documents used in connection with import transactions

(i) trade enquiry (ii) Import licence (iii) Shipment of advice

(iv) Import general manifest (v) Bill of entry

15. List out major affiliated bodies of the World Bank.

16. Write short notes on the following

(i) UNCTAD (ii) MIGA (iii) World Bank

(iv) ITPO (v) IMF

Long Answer Questions

1. Rekha Garments has received an order to export 2000 men’s trousers to Swift Imports Ltd. located in Australia. Discuss the procedure that Rekha Garments would need to go through for executing the export order.

2. Your firm is planning to import textile machinery from Canada. Describe the procedure involved in importing.

3. Discuss the principal documents used in exporting.

4. List and explain various incentives and schemes that the government has evolved for promoting the country’s export.

5. Identify various organisations that have been set up in the country by the government for promoting country’s foreign trade.

6. What is World Bank? Discuss its various objectives and role of its affiliated agencies.

7. What is IMF? Discuss its various objectives and functions.

8. Write a detailed note on features, structure, objectives and functioning of WTO.

Please refer to attached file for NCERT Class 11 Business Studies International Business - II