11th Commerce - Book Back Answers - Chapter 26 - English Medium Gudies

 

 

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Tamil Nadu Board 11th Standard Commerce - Chapter 26: Book Back Answers and Solutions

    This post covers the book back answers and solutions for Chapter 26 – Commerce from the Tamil Nadu State Board 11th Standard Commerce textbook. These detailed answers have been carefully prepared by our expert teachers at KalviTips.com.

    We have explained each answer in a simple, easy-to-understand format, highlighting important points step by step under the relevant subtopics. Students are advised to read and memorize these subtopics thoroughly. Once you understand the main concepts, you’ll be able to connect other related points with real-life examples and confidently present them in your tests and exams.

    By going through this material, you’ll gain a strong understanding of Commerce  Chapter 26 along with the corresponding book back questions and answers (PDF format).

Question Types Covered:

• 1 Mark Questions: Choose the correct answer, Fill in the blanks, Identify the correct statement, Match the following 
• 2 Mark Questions: Answer briefly 
• 3, 4, and 5 Mark Questions: Answer in detail

All answers are presented in a clear and student-friendly manner, focusing on key points to help you score full marks.

All the best, Class 11 students! Prepare well and aim for top scores. Thank you!

Chapter 26: EXPORT AND IMPORT
PROCEDURES

I. Choose the correct answer

1. EPC stands for
a) Export processing commission
b) Export Promotion Council
c) Export Carriage council    
d) Export Promotion Congress
Answer key:
b) Export Promotion Council
 
2. STC is expansion for
a) State Training Centre
b) State Training Council
c) State Trading Centre        
d) State Trading Corporation
Answer key:
d) State Trading Corporation

3. An ____is document prepared by importer an sent to the exporter to buy the goods
a) Invoice
b) Indent
c) Enquiry
d) Charter Party
Answer key:
b) Indent

4. The__________receipt is an acknowledgement of receipt of goods on the ship issued by the Captain
a) Shipping Bill
b) Bill of Lading
c) Mate’s Receipt
d) Consular Invoice
Answer key:
b) Bill of Lading

5. The Exporters appoint the_________agent to fulfill the customs formalities
a) Clearing Agent
b) Forwarding Agent
c) Commission Agent
d) Factor
Answer key:
b) Forwarding Agent

II. Very Short answer questions

1. What is meant by Indent?

• An indent actually points to an order received from abroad for export of goods.
• The indent contains the details in the box.   
• Indent is prepared in duplicate.

2. Mention the types of Indent.

• Open indent,
• Closed indent
• Confirmatory indent.

3. What is meant by Letter of Credit?

• Letter of Credit is an undertaking by its issuer that bills of exchange drawn by the foreign dealer on the importer will be honoured upon its presentation by exporter’s bank up to a specified amount.

III. Short answer questions

1. What are the contents of Indents? (any 3)

• Quantity of goods sent      
• Design of goods        
• Price         
• Nature of packing shipment         
• Mode of shipment           
• Period of delivery           
• Mode of payment

2. What is meant by Mate’s Receipt?

• Mate’s Receipt is the document issued by the captain of the ship acknowledging the receipt of goods on board by him to the port of specified destination.
• This contains details like quantity of goods shipped, number of packages condition for packing. etc.
• Where the Mate is satisfied with packing he/she issues clean receipt.

3. What are the documents used in Import Trade? (any 3)

• Import License  
• Indent    
• Letter of Credit    
• Bill of Entry    
• Bill of sight     
• Advice Note

IV. Long answer questions

1. What are the objectives of Import trade?
Achieving Rapid Industrialization

• Developing countries can achieve rapid industrialisation by importing advanced technology scarce raw materials

Meeting Consumer Demand

• Certain goods are either not available or cannot be manufactured / produced adequately to meet the growing demand in home country.

Upgrading Standard of Living of the People

• Consumers are able to use a wide variety of goods like cell phone, car laptop.

Meeting Shortage Situation

• During famine, earthquake, flood draught, tsunami, abnormal price-increase situations and so on food grains.

Strengthening Defence

• Many countries around the world import defence equipments for its armed force

2. Distinguish between Bill of Lading and Charter Party.

Basis	Bill of Lading	Charter Party
1. Meaning	This represents a document acknowledging receipt of goods on board for carrying them over to specified port of destination	It refers to an agreement to hire a whole or major part of ship when the goods take exported is heavy.
2. Transferable	It can be transferred to third party by endorsement and delivery	It cannot be transferred to third party
3. Loan	Loan can be raised against it	Loan cannot be raised against it
4. Crew	Master and crew remain the agent of ship owner	Master and crew become the agent of exporter for a temporary period
5. Lease	It is not a lease of ship	It is a lease of ship