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1 ICC's administered dispute resolution services help solve difficulties in international business.
Yes
No

2 Mediation is a flexible technique, conducted privately and confidentially,

in which a neutral facilitator helps parties to seek a forced settlement of their dispute.
in which a neutral facilitator helps parties to seek a favourable settlement of their dispute.
in which a neutral facilitator helps parties to seek the best settlement of their dispute.
in which a neutral facilitator helps parties to seek a negotiated settlement of their dispute.

3 Business principles should be developed and implemented by the companies as part of Corporate
Responsibility.
True
False

4 INCOTERMS spell out the rights and obligations of sellers and buyers in the contract of sale.
How?
There are various terms to spell out these rights and obligations.
The various INCOTERMS specify exactly at what stage the risk of the goods is passed from the buyer
to the seller.
The rights and obligations are dependent on the terms of the contract of sale.
INCOTERMS are rules set by ICC and hence have to be followed during the course of international
trade.

5 A documentary credit can be defined as a conditional undertaking of service given by a bank.

Yes
No

6 The ICC Guide to e-Contracting provides steps which might be taken by businesses
to help them when contracting electronically.
to commit them when contracting electronically.
to reassure them when contracting electronically.
to bind them when contracting electronically.

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7 The ICC Incoterms are the products of some of the finest legal minds in the field of international
commercial law.
True
False

8 To be effective and relevant to an individual company's specific circumstances,

business principles should be developed and implemented by the companies themselves.
business principles should be created by the companies themselves.
business principles should be executed by the companies themselves.
business principles should be enforced by the companies themselves.

9 It is the company's responsibility to check that its business principles are being acted upon.
Yes
No

10 A Documentary Credit is frequently the agreed method of settlement of payment for

international trade. Does this mean that the buyer gets a guarantee of delivery of the goods?
Banks are concerned with payments only, they are not expected to carry the goods safely.
Banks have no control over the physical movement of goods in international trade.
You have to consult your banker in this regard.
Banks deal with the Documents only and not the goods, services or the performance under the
contract.

11 Thousands of multinational enterprises throughout the world face widely differing conditions in
the various countries in which they operate.
True
False

12 Responsible business conduct may improve long-term profitability and

the ability of companies to obtain a greater value in world markets.
the ability of companies to obtain a greater impact of world markets.
the ability of companies to obtain a greater share of world markets.
the ability of companies to obtain a greater expose to world markets.

13 There are advantages to both the buyer and seller when settlement is arranged by documentary
credit.
Yes
No

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14 INCOTERMS are International Commercial Terms of Trade which spell out

the Rights and Obligations of Sellers and Buyers in the contract of carriage.
the Rights and Obligations of Sellers and Buyers in the contract of sale.
the Rights and Obligations of Sellers and Buyers in the contract for projects.
the Rights and Obligations of Sellers and Buyers in the contract of security.

15 Companies should retain the flexibility to adapt such voluntary indicators to their particular
circumstances.
True
False

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1 Business finance for import-export transactions refer to the funds and monetary support required
by an entrepreneur for carrying out the various alliances relating to the business organisation.
by an entrepreneur for carrying out the various alternatives relating to the business organisation.
by an entrepreneur for carrying out the various activities relating to the business organisation.
by an entrepreneur for carrying out the various processes relating to the business organisation.

2 A key factor hindering export competitiveness has been low transaction cost.
Yes
No

3 Export pricing is the most important tool for promoting sales and contesting international
competition. The price for export should be as realistic as possible. How does he do so?
The exporter can send his price list to the buyer and give some quantity discounts.
The export costing has to include the cost of the product and also the freight cost upto the destination.
The exporter can consult his professional chartered accountant for doing a proper costing.
The exporter has to exclude cost for domestic production which are not applicable for export and add
those elements of costs which are relevant to export product.

4 The exporter's bank may make a loan by advancing funds to the exporter on the basis of the
export contract.
True
False

5 While an exporter can require the importer to prepay for goods shipped, the importer may wish
to reduce risk by requiring the exporter to document the goods that have been shipped.
to reduce risk by requiring the exporter to protect the goods that have been shipped.
to reduce risk by requiring the exporter to insure the goods that have been shipped.
to reduce risk by requiring the exporter to containerize the goods that have been shipped.

6 One of the prime movers in encouraging project exports from India is the EXIM Bank,
Yes
No

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7 At the global level, ease of doing business is one of the important parameters
on which the status of trade factors in a country can be benchmarked.
on which the status of trade patterns in a country can be benchmarked.
on which the status of trade facilitation in a country can be benchmarked.
on which the status of trade relationship in a country can be benchmarked.

8 India has a no financial structure which is capable of providing a strong base for setting up of
business units in the country.
True
False

9 The government introduced the Interest Subvention Scheme that allows manufacturers to obtain
loans from banks at concessional rates for export. Why was this necessary?
There is always a time gap from manufacturing of the goods to export as also payments are delayed
resulting in the exporter being burdened with heavy interest.
The interest rate in India is very high and the exporter is unable to bear it.
The high interest rate added to the cost of the product makes the export pricing very high.
Exporters are unable to recover the high interest rates from the buyers.

10 EXIM Bank has been one of the prime movers in encouraging service exports from India
Yes
No

11 Export Credit Insurance Covers are extended to exporters against Credit Risk losses
in export of goods both under Short term, Medium Term and Long Term.
in export of services both under Short term, Medium Term and Long Term.
in export of goods & services both under Short term, Medium Term and Long Term.
in export under Short term, Medium Term and Long Term.

12 There are no times and cost issues associated with the transport, documentation and clearances
of export and import cargo.
True
False

13 Long distance international trade is often related with time delays that can be compounded by
delays.
Yes
No

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14 Exim Bank of India has been both a catalyst and a key player in the promotion of cross border
trade and investment.
True
False

15 Supply Chain intermediaries offer importers a funded transaction of individual trades

from local supplier to exporters warehouse or customers designated point of receipt.
from foreign supplier to importers warehouse or customers designated point of receipt.
from foreign supplier to importers warehouse or suppliers designated point of receipt.
from foreign supplier to importers warehouse or banks designated point of receipt.

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1 The full form of OPGSPs is

Online Payment Gateway Service Providers.
Offer of Payment to Gateway Service Providers.
Online Practice of Gateway Service Providers.
Online Payment Gateway Service Promoters.

2 Most countries float their currencies freely against those of other countries, which keeps them in
constant fluctuation.
Yes
No

3 The buying and selling of foreign currency and other debt instruments
by businesses, individuals and governments happens in the Rupee exchange market.
by businesses, individuals and governments happens in the foreign exchange banks.
by businesses, individuals and governments happens in the foreign exchange dealers office.
by businesses, individuals and governments happens in the foreign exchange market.

4 Also affecting convertibility is a series of customs regulations restricting the import and export of
rupees.
True
False

5 The Reserve Bank co-ordinates with the Government in the designing of banknotes, including the
security features. How is it done?
The Reserve Bank calls for tenders to print bank notes at various centres.
The Reserve Bank designs and gets the notes printed by various printers and supplies to the
Government.
The Reserve Bank estimates the quantity of banknotes that are likely to be needed, denomination-wise
and accordingly places indent with the various printing presses.
The Reserve Bank imports the bank notes from security presses in foreign countries for the
government.

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6 Bank may allow advance remittance for import of goods without any ceiling.
Yes
No

7 The exporter may export services without furnishing any declaration, but shall be liable to realize
the amount of foreign exchange
which becomes due or accrues on account of such export, and to sell the same in India
which becomes due or accrues on account of such export, and to bring the same to India
which becomes due or accrues on account of such export, and to repatriate the same to any country
which becomes due or accrues on account of such export, and to repatriate the same to India

8 It is necessary to keep adequate amount of foreign exchange from Import Substitution to Export
Promotion.
True
False

9 The full form of ACU is

Asia Clearing Union.
Asian Clearing Union.
Asean Clearing Union.
Asian Cleared Union.

10 The requirement of declaration of export of goods and software in the prescribed form will not
apply.
Yes
No

11 Under merchanting trade, the inward remittance from the overseas buyer should be received
earlier and
the outward remittance to the overseas supplier will be made subsequently.
the outward remittance to the overseas supplier will be made in India.
the outward remittance to the overseas supplier will be made after six months.
the outward remittance to the overseas supplier will be made in cash.

12 All transactions between a person resident in India and a person resident in Nepal or Bhutan
may be settled in Indian Rupees.
True
False

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13 Most countries float their currencies freely against those of other countries, which keeps them in
constant fluctuation. How does the RBI control this?
Reserve Bank sometimes bans the trading in foreign currency to control the fluctuation.
The RBI controls the free float by stopping all foreign currency conversions to Indian rupees.
Reserve Bank of India intervenes in the foreign exchange market to curb excessive volatility.
Reserve Bank appoints professional economists to advise it in such matters.

14 Both the legs of a merchanting trade transaction are routed through the same bank.
Yes
No

15 There is some confusion regarding the interchange of the currency with gold,
the system that India follows is that money can be exchanged for gold under any circumstances
the system that India follows is that money cannot be exchanged for gold immediately
the system that India follows is that money cannot buy gold under any circumstances
the system that India follows is that money cannot be exchanged for gold under any circumstances

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1 Payments for exports are open to risks even at the best of times. How do exporters protect their
payments?
Exporters can protect their payment risk by asking their buyers to send money in advance.
Export credit insurance is required to protect exporters from the consequences of the payment risks.
Exporters need to have a professional bankers to advise them on this account.
Exporters should ask their chartered accountants to arrange necessary safeguards for all their export.

2 An exchange rate between two currencies is the rate at which one currency will be exchanged for
another.
True
False

3 The full form of ECBS is

European Committee for Banking Status,
European Council for Banking Standards,
European Committee for Banking Standards,
European Confederation for Banking Standards,

4 SWIFT had disconnected all banks from its international network as a sanction.
Yes
No

5 The forward exchange rate refers to an exchange rate that is quoted and traded today
but for delivery and payment on any future date.
but for delivery and payment on at future period.
but for delivery and payment on a specific time.
but for delivery and payment on a specific future date.

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6 Some dealers on the other hand prefer documentary transactions because of the security concerns
with cash.
True
False

7 The full form of ISO is

International Organization for Standardization.
Internal Organization for Standardization.
International Organization for Standards.
International Organization for Securitisation.

8 A fully funded documentary letter of credit is backed by funds.

Yes
No

9 Ideally, an exporter would prefer the importer to pay upfront for an export shipment to avoid
the risk that the importer refuses to takes the shipment.
the risk that the importer rejects the shipment and refuses to pay for the goods.
the risk that the importer takes the shipment but refuses to pay for the goods.
the risk that the importer takes the shipment but rejects to pay for the goods.

10 The L/C process involves the exporter, the importer, the remitting bank, and SWIFT.
True
False

11 The full form of BBAN is

Best Bank Account Number.
Basic Bank Active Number.
Basic Bank Account Numberology.
Basic Bank Account Number.

12 SWIFT transports financial messages in a highly secure way but does not hold accounts for its
members and does not perform any form of clearing or settlement. Then how do exporters get their
money?
SWIFT only sends payment orders, which must be settled by correspondent accounts that the
exporters bank have with each other.
Exporters banks have to tie-up with SWIFT to arrange to get their payments into their accounts.
You have to take the help of a professional chartered accountant to understand this.
I don’t know, please send a message to SWIFT to clarify this matter.

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13 SWIFT neither holds funds on its own nor manages external client accounts.
Yes
No

14 SWIFT does not facilitate funds transfer, it only sends payment orders,
which must be paid by correspondent accounts that the institutions have with each other.
which must be settled by correspondent accounts that the institutions have with each other.
which must be settled by correspondent accounts that the parties have with each other.
which must be settled by Swift accounts that the institutions have with each other.

15 The full form of SEPA is

Simple Euro Payments Area.
Single European Payments Area
Single Euro Payments Area.
Single Euro Payments Accounts

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1 Digital transactions can be broadly defined as online or automated transactions that take place
between people and organizations—without the use of paper.
between people and organizations—with the use of paper.
between people and organizations—without the use of banks.
between people and organizations—without the use of internet.

2 Central bank digital currency is the digital form of fiat money which is a currency established as
money by government regulation or law.
True
False

3 The full form of CBDC is

Central bank deposited currency.
Current bank digital currency.
Central banking digital currency.
Central bank digital currency.

4 Digital payments are technically defined as any payments made using banking instruments.
Yes
No

5 Digital transactions can be broadly defined as online or automated transactions that take place
between people and organizations, without the use of paper. What is the use?
It is necessary to minimise the usage of paper to save the environment.
It helps to substantially expand the information technology industry.
Digital transactions save time and money, resulting in a better customer experience.
One of the reasons could be that at a future date banking may be abolished.

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6 Security of a customer's financial information is very important, without which online banking
could not operate.
True
False

7 To access a financial institution's online banking facility, a customer with internet access will need
to register with the institution for the service
and set up a password and other credentials for customer satisfaction.
and set up a password and other credentials for customer verification.
and set up a password and other credentials for closer verification.
and set up a password and other credentials for customer application.

8 A transaction is an agreement between a buyer and a seller to exchange goods, services or

financial instruments.
Yes
No

9 The full form of RFID is

rapid-frequency identification.
radio-frequented identification.
radio-frequency identification.
radio-frequency information.

10 Telecom operators are starting to get involved in cash payments via the use of near field
communication phones.
True
False

11 BHIM UPI has emerged as a new direct bank transfer system and is very popular in India.
Why?
Because it is a ‘Make in India’ concept.
This system enables users to transfer money to other users and businesses in real-time directly from
their bank accounts on a 24X7 basis.
The theory is, if everybody is using it, I should also be using it.
My son told me that it is the best system for payment so I am using it.

12 The audio channel of the mobile phone is another wireless interface that is used to make
payments.
Yes
No

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13 A mobile wallet is an app that contains your debit and credit card information
so that users can pay for goods and services digitally by using their mobile devices.
so that users can pay for goods and services digitally by using their internet devices.
so that users can get credit for goods and services digitally by using their mobile devices.
so that users can source for goods and services digitally by using their mobile devices.

14 The consumer uses web pages displayed or additional applications downloaded and installed on
the mobile phone to make a payment.
True
False

15 The full form of ECML is

Electrical Commerce Modeling Language.
Electronic Commerce Model Language.
Electronic & Commercial Modeling Language.
Electronic Commerce Modeling Language.

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1 Knowing a little bit about forex, and the fundamentals behind it can make significant additions to
any trader.
True
False

2 In a fixed exchange rate regime, exchange rates are decided by the government, while a number of
theories have been proposed
to explain the fluctuations in exchange rates in a floating currency rate regime,
to explain the fluctuations in exchange rates in a favouring exchange rate regime,
to explain the risks in exchange rates in a floating exchange rate regime,
to explain the fluctuations in exchange rates in a floating exchange rate regime,

3 A currency risk exists regardless of whether investors invest domestically or abroad.

Yes
No

4 In a fixed exchange rate regime, exchange rates are decided by the government. Then why have
we not got a single exchange rate mechanism for all currencies?
Each government may have a different economist to guide their economy.
The governments have different political regimes who may have differing economic theories for their
country.
Supply and demand for any given currency, and thus its value, are influenced by several economic
factors which are different in each country.
You need to take the help and guidance of a professional economist to explain the economic factors of
each country.

5 Events in one country in a region may spur profitable interest in a neighboring country and, in
the process, affect its currency.
True
False

6 Demand for a currency can be due to either an increased transaction demand for money

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or an increased saving demand for money.

or an increased speculative demand for money.
or an increased speculative transaction for money.
or an increased demand for gambling.

7 The foreign exchange market works through knowledge institutions and operates on several
levels.
Yes
No

8 Risk aversion is a kind of trading behavior exhibited by the foreign exchange market when
a potentially adverse event happens which may affect market conditions.
a potentially hazardous event happens which may affect market conditions.
a potentially dangerous event happens which may affect market conditions.
a potentially adverse event happens which may affect the country.

9 Trades between foreign exchange dealers can be very large, involving hundred dollars.
True
False

10 The foreign exchange market is the most liquid financial market in the world where traders
include governments and central banks. Does this mean that banks indulge in international trading.
I do not understand this theory. We may have to take the help and guidance of professional economists
to understand this.
This matter has got to be discussed by a group of ministers who form the government.
Most developed countries permit the trading of derivative products which are financial in nature and
are not the usual traded goods.
As an exporter, we should also try this kind of trading in derivative products.

11 Currency speculation is considered a highly specialised activity in many countries.

Yes
No

12 Factoring is a financial transaction whereby a business sells its accounts receivable

to a second party - called a factor - at a discount.
to a third party - called a factor - at par.
to an ultimate buyer - called a factor - at a discount.
to a third party - called a factor - at a discount.

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13 A spot transaction is a two-day delivery transaction, as opposed to the futures contracts, which
are usually three months.
True
False

14 A hedge is a type of derivative, or a financial instrument, that derives its value from an
underlying asset.
Yes
No

15 Reserve Bank of India intervenes in the foreign exchange market to curb excessive liquidity.
True
False

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1 Delay in execution of infrastructure projects in India is mostly attributed to financial closure and
delay in obtaining approvals from the concerned authorities.
delay in obtaining approvals from the concerned project.
delay in obtaining safeguards from the concerned authorities.
delay in obtaining approvals from the World Bank.

2 Risk identification and allocation is a key component of project finance.

Yes
No

3 The full form of WB is

World Bank
West Bank
Worst Bank
Wild Bank

4 In real estate, turnkey is defined as a home or property that is ready for occupation for its
intended purpose.
True
False

5 There are uncertainties associated with infrastructure projects and it is almost impossible to
predict the magnitude and impact of such uncertainties. How do we explain this?
In case of uncertainties, we should always take the help of professional astrologers.
Infrastructure projects are dependent on external factors and are less comparable with each other.
This means that infrastructure projects cannot be taken in a time bound manner.
We have to take the help and guidance of professional chartered engineers to understand the impact of
these uncertainties.

6 The terms EPC contract and turnkey contract are interchangeable.

Yes
No

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7 The full form of ICB is

International Competitive Buying.
International Compulsive Bidding.
International Competitive Bidding.
International Co-operative Bidding.

8 In project execution one must appreciate the obvious fact that the only certainty is that there will
be uncertainties.
True
False

9 Project finance is the long-term financing of infrastructure and industrial projects based upon
the projected cash flows of the project rather than the balance sheets of its promoters.
the projected cash flows of the project rather than the balance sheets of its managers.
the projected cash flows of the project rather than the balance sheets of its financiers.
the projected cash flows of the project rather than the balance sheets of its sponsors.

10 Loan agreement governs relationship between the project and the borrowers.
Yes
No

11 The full form of PDF is

Project Development Finance.
Project Digital Fund.
Proposed Development Fund.
Project Development Fund.

12 The IDA's stated aim is to assist the rich nations in growing more quickly, equitably,
and sustainably to reduce poverty.
True
False

13 A project may be subject to a number of technical, environmental, economic and political risks,
particularly in developed countries and emerging markets.
particularly in developing countries and emerging conditions.
particularly in developing countries and emerging markets.
particularly in poor and backward countries and emerging markets.

14 Indian entrepreneurs have got the expertise, skilled manpower and infrastructure to enter into
World Bank funded projects either as the main contracture or as a sub-contractor. Why are they

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hesitant?
Under the World Bank funded projects, risk identification and allocation is a key component of
project finance due to the international competitive bidding process for projects funded with these
loans.
Due to the international competitive bidding process for projects funded with these loans, Indian
entrepreneurs are afraid of the international competition.
Indian entrepreneurs are afraid of the international competition from large MNCs which may create
risk factors beyond their control.
Indian entrepreneurs want the government to give them additional subsidies and benefits for the
execution of such projects.

15 The Term sheet is an agreement between the borrower and the lender for
the cost, provision and absolving of the debt.
the cost, provision and repayment of debt.
the cost, provision and repayment of principle amount.
the cost, provision and prepayment of debt.

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1 In computer science, artificial intelligence, sometimes called machine intelligence,

is intelligence demonstrated by machines, in contrast to the natural actions displayed by humans.
is intelligence demonstrated by machines, in contrast to the natural movements displayed by humans.
is intelligence demonstrated by machines, in contrast to the natural habits displayed by humans.
is intelligence demonstrated by machines, in contrast to the natural intelligence displayed by humans.

2 Some people believe that AI, unlike previous technological revolutions, will create a risk of mass
unemployment.
True
False

3 The full form of MMID is

Mobile Money Identifier.
Mobile Monetary Identifier.
Mobile Money Identification.
Mobile Money Identity.

4 Computer science defines AI research as the study of intelligent agents.

Yes
No

5 Some people consider AI to be a danger to humanity if it progresses unabated since human

intelligence can be so precisely described that a machine can be made to simulate it. Then why are
we creating it?
It is our slave mentality which propels us to create intelligent machines so that we can use them as
slaves to do our bidding.
Machines with intelligence have the potential to use their intelligence to prevent harm and minimize
the risks to humans.
As the world progresses, we need more and more advanced tools to ease our complex living structure.
We are creating more and more artificial intelligent machine so that we get more leisure time to enjoy
life.

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6 Currency can be exchanged electronically using debit cards and credit cards using bank funds
transfer at point of sale.
True
False

7 Computationalism argues that the relationship between mind and body is similar or identical to
the relationship between software and hardware and thus may be a solution to the body problem.
the relationship between software and hardware and thus may be a solution to the mind problem.
the relationship between software and hardware and thus may be a solution to the mind-body problem.
the relationship between software and hardware and thus may be a solution to the major problems.

8 The validity of each cryptocurrency's coins is provided by a bank.

Yes
No

9 The full form of DGC is

Digital Golden Currency.
Digital Gold Currency.
Digital Good Currency.
Deposited Gold Currency.

10 Digital currency or electronic currency - is a type of currency available in digital form –

in lieu of physical, such as banknotes and coins.
in favour of physical, such as banknotes and coins.
in contrast to practices, such as banknotes and coins.
in contrast to physical, such as banknotes and coins.

11 A blockchain is a growing list of records, called blocks, that are linked using cryptography.
True
False

12 Banks are opening new research labs dedicated to blockchain technology in order to explore how
blockchain can be used in financial services to increase efficiency and reduce costs. Why?
A blockchain is a public digital ledger that is used to record transactions across many computers so
banks feel that it has potential to speed up back office settlement systems.
Banks are planning to launch their own version of cryptocurrency for facilitating payments on the
platform.
Large banks feel that this is a futuristic technology that may change the entire method of financial
transactions.
Banks feel that they can become more efficient by using a futuristic technology.

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13 Digital currency is a money balance recorded electronically on a stored-value card or other

devices.
Yes
No

14 The full form of MVCC is

Multiple Concurrency Control.
Multiversion Concurrent Control.
Multiversion Concurrency Control.
Multiversion Concurrency Contact.

15 Advancements in AI have contributed to the growth of the automotive industry

through the creation and evolution of self-driving cycles.
through the creation and evolution of self-driving vehicles.
through the creation and evolution of automatic vehicles.
through the creation and evolution of electric vehicles.

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