Quizza

International Trade

Wholesale and Retail trade

when an importer has been overcharged for goods supplied, the exporter issues him with a?

(a)debit note (b)pro forma invoice (c)letter of credit (d)credit note

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the practice of selling goods in foreign markets at a price lower than the cost price is?

(a)fair trading (b)under invoicing (c)hedging (d)dumping

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which of the following is a disadvantage of foreign trade

(a)it encourages dumping (b)it widens the world market (c)it encourages specialization (d)it provides varieties of goods

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A document used as a polite way of refusing credit is

(a)advice note (b)quotation (c)pro forma invoice (d)invoice

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A tariff refers to

(a)fees imposed on contraband goods (b)fees paid on exports (c)taxes imposed on imported goods (d)taxes paid on home-made goods

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A physical restriction placed on the quantity of goods that can be imported is

(a)a ban (b)a quota (c)an excise duty (d)an import tax

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A country is said to achieve a trade surplus when total

(a)visible exports exceed total visible imports (b)invisible exports exceed total invisible imports (c)visible exports exceed total invisible imports (d)visible imports exceed total visible exports

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The relationship between all imports and exports of a country is known as

(a)terms of trade (b)balance of trade (c)balance of payment (d)terms of payment

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The document which specifies the manufacturer from whom goods are to be imported is

(a)closed indent (b)open indent (c)export invoice (d)consignment note

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Throwing cargo overboard in order to save a ship from sinking is

(a)jettison (b)abandonment (c)piracy (d)flotsam

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The document in which full details of goods and the ship carrying the goods are contained is known as

(a)bill of exchange (b)bill of sight (c)certificate of origin (d)shipping advice note

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If Karamo who lives in The Gambia imports goods from Senegal and later sells them in Guinea Bissau; Karamo is engaged in

(a)multi-lateral trade (b)counter trade (c)barter trade (d)entrepot trade

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Shipping services rendered by Nigeria to The Gambia would be classified by The Gambia as

(a)invisible imports (b)invisible exports (c)visible imports (d)visible exports

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Which of the following distinguishes home trade from foreign trade?

(a)Payments are easily arranged (b)Taxies are levied (c)Goods have to be warehoused (d)Middlemen are not required

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When C.I.F is quoted on an invoice, it means that the price includes the

(a)cost of goods only (b)cost of insurance only (c)cost of carriage only (d)cost, insurance and carriage

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The major divisions of commerce are?

(a)import, export and transportation (b)trade, communication and warehouse (c)import, trade and production (d)trade and auxiliaries to trade

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an example of an invisible item of trade is?

(a) oil (b)shipping (c)machinery (d)textile

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which of the following documents is used in home trade only

(a)bill of lading (b)airway bill (c)certificate of origin (d)proforma invoice

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Balance of payment deficit may be caused by?

(a)revaluation of currency (b)sales of foreign reserves (c)unrestricted exports (d)unrestricted imports

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multilateral trade is carried out

(a)between two countries only (b)within many countries (c)among many countries (d)between neighbouring countries only

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Exchange of goods in international market which does not involve the use of money is a

(a)barter trade (b)entreport trade (c)counter trade (d)bilateral trade

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A document of title to goods written by the ship owner specifying that certain goods are being conveyed in the ship is the?

(a) bill of sale (b)bill of sight (c)bill of entry (d)bill of lading

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Which of the following functions is not performed by the export promotion council

(a)prevention of importation of harmful goods (b)provision of credit facilities to exporters (c)provision of technical advice to exporters (d)creation of export free zones

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The difference between a country`s imports and exports of goods in a particular year is?

(a)terms of trade (b)terms of payment (c)balance of payment (d)balance of trade

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Goods brought into the country for sale are the country`s?

(a)invisible imports (b)invisible exports (c)visible imports (d)visible exports

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A foreign order which instructs an agent to buy certain goods from a particular supplier is

(a)Closed indent (b)Open indent (c)Letter of credit (d)Letter of enquiry

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A country’s balance of trade of -$20 million shows that its

(a)Import volume is greater than export (b)Import and export volumes are equal (c)Export volume is greater than imports (d)Exports are mainly primary products

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The collection of import duty is a function of the

(a)Ports authority (b)Marketing boards (c)Clearing and forwarding agents (d)Customs and excise authority

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Which of the following means of payment requires acceptance by the debtor to make it valuable?

(a)Bearer’s cheque (b)Bill of exchange (c)Postal order (d)Promissory note

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Which of the following instruments of payment could be used in international trade?

(a)Promissory note (b)Postal order (c)I.O.U. (d)Bill of exchange

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The income generated from tourism forms part of the country’s

(a)Visible imports (b)Visible exports (c)Invisible imports (d)Invisible exports

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You'll have 60 seconds to answer each question.

Time's Up
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Result

Total Questions: 9

Attempt: 8

Correct : 3

Wrong: 5

Percentage: 33%

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