Import Export Policies and Procedures Quiz

What is the primary role of merchant exporters?

• To manage import documentation

• To handle logistics and sales aspects of exporting

• To establish trade agreements

• To produce goods for export

Which of the following is NOT a type of export?

• Retail Exports

• Merchant Exports

• Manufacture Exports

• Service Exports

What is the purpose of obtaining an Importer Exporter Code (IEC)?

• To apply for export licenses

• To facilitate customs clearance

• To legally import or export goods

• To register with tax authorities

Which document certifies that goods are produced in a specific country?

• Commercial Invoice

• Certificate of Origin

• Bill of Lading

• Packing List

What does the acronym EPCG stand for?

• Economic Policy for Capital Goods

• Export Policy Compliance Guidelines

• Export Production Control Group

• Export Promotion Capital Goods

Which Incoterm indicates that the seller is responsible for all costs until the goods are delivered to the buyer's location?

• FOB

• CIF

• DDP

• EXW

What is the main function of the Directorate General of Foreign Trade (DGFT)?

• To collect customs duties

• To manage tax authorities

• To regulate and promote foreign trade

• To issue import licenses

Which of the following is a benefit of using a customs broker?

• Increased paperwork

• Limited shipping options

• Expertise in customs regulations

• Higher import duties

What is a primary benefit of Special Economic Zones (SEZs)?

• Mandatory export obligations

• High import duties

• Tax exemptions and incentives

• Limited access to international markets

Which of the following is NOT a type of SEZ?

• Sector-specific SEZs

• Multi-product SEZs

• Free Trade and Warehousing Zones

• Export Processing Zones