INTERNATIONAL TRADE FINANCE (ITF) MOCK TEST MCQS IIBF EXAM

"International Trade & Finance with 25 IIBF-inspired MCQs! Test your knowledge with interactive quiz featuring timer, scoreboard & instant results. Free exam prep resource!"

ITF MOCK TEST

Test your IIBF exam readiness with 25 expert-curated questions

⏳ Time: 25:00

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1. Which organization succeeded the General Agreement on Tariffs and Trade (GATT)?

World Bank World Trade Organization (WTO) International Monetary Fund (IMF) United Nations

2. The Asian Clearing Union (ACU) facilitates trade among:

ASEAN countries South Asian countries African nations European Union members

3. Which is NOT a function of the International Chamber of Commerce (ICC)?

Dispute resolution Issuing Certificates of Origin Setting global interest rates Publishing Incoterms

4. "Ad Valorem Duty" refers to a tax based on:

Weight of goods Value of goods Quantity of goods Country of origin

5. Which ICC publication defines cost allocation between buyers and sellers?

UCP 600 Incoterms URDG 758 ISP98

6. Which is NOT a valid trade agreement?

NAFTA ASEAN ARIAN MERCOSUR

7. A Certificate of Origin is used to:

Ensure payment Verify production country Calculate insurance Track shipments

8. Immediate payment in documentary collections is ensured under:

Documents Against Payment (D/P) Documents Against Acceptance (D/A) Letter of Credit Open Account

9. The IMF primarily focuses on:

Infrastructure loans Exchange rate stability Trade disputes Export insurance

10. Under which Incoterm does the seller handle export clearance?

EXW FOB DDP CIF

11. The World Bank primarily provides loans for:

Infrastructure Currency regulation Trade disputes Political risk insurance

12. A "Green Clause" Letter of Credit allows:

Partial shipments Advance payment Environmental audits Post-shipment inspection

13. "Force Majeure" covers:

Product defects Unforeseen contract disruptions Insurance claims Penalty clauses

14. Which document is NOT required in a Letter of Credit?

Commercial Invoice Bill of Lading Promissory Note Certificate of Origin

15. India’s FEMA regulates:

Foreign exchange Export promotion FDI Inflation

16. A core WTO principle is:

Most-Favored-Nation (MFN) Fixed exchange rates Domestic subsidies Bilateral agreements

17. A Consular Invoice verifies:

Value and origin Insurance terms Shipment routes Customs in the exporting country

18. Forward Contracts mitigate:

Foreign exchange risk Political risk Fraud risk Shipping delays

19. A "Quota" restricts:

Import taxes Import quantity Banned goods Export subsidies

20. Which is NOT a Letter of Credit type?

Revocable Irrevocable Conditional Confirmed

21. Currency conversion is termed:

Hedging Arbitrage Foreign exchange Factoring

22. The Basel Accords are issued by:

IMF Bank for International Settlements (BIS) World Bank ICC

23. A "Draft" in trade refers to a:

Bill of Exchange Bill of Lading Contract draft Insurance policy

24. A Standby Letter of Credit acts as a:

Payment guarantee Shipping document Insurance substitute Tax certificate

25. "Dumping" involves exporting goods at:

Higher than domestic prices Lower than domestic prices Subsidized rates Market-equivalent prices