國際結算練習三

國際結算練習題三

Practices for International ttlement

1. Choo the true answer of the following ntences.

(1)A credit is issued by Bank of China, Tianjin and confirmed by Bank of China, London. It

constitutes the payment undertaking of ( )

(A) one bank only (B)above two banks

(2)A credit contains the terms as follows :

“The amount shall renewed after each negotiation only upon receipt of issuing bank’s notice

stating that the credit might be renewed”

the credit is ( )restoration to revolve.

（A） automatic (B)non-automatic (C) miautomatic

(3)When a credit is issued by full cable in full details, such cable advice ( ) an operative credit.

(A ) is (B) is not

(4)Suppo an L/C says one shipment of “100,000 yards of wire”. Which quantities fail to comply

with the L/C.( )

(A)94,000 yards of wire (B) 100,000yards of wire

(C)97,000 yards of wire (D) 106,000 yards of wire

(5)If the credit requires insurance policy, the prentation of an insurance certificate .It is ( )

(A) permissible (B) not permissible

(6)An L/C states an amount of amount of about USD1,450.00 and partial shipment are not

allowed. Which of the following drawing are not acceptable? ( )

(7)A letter of credit is

(A) a formal guarantee of payment (B) a conditional undertaking to make payment

(C)an unconditional undertaking to make payment

(D) a two bank guarantee of payment

(8) With an unconfirmed irrevocable letter of credit,

(A) the terms and conditions can be amended or cancelled unilaterally by any party

(B) only the exporter can amend the credit.

(C) the advising bank transmits details without commitment to the beneficiary.

(D)the issuing bank has the ability to cancel the credit at any time.

(9) A confirmed irrevocable letter of credit

(A) carries the confirmation of the issuing bank

(B) the advising bank at the request of the issuing bank.

(C) the advising bank after the receipt of correct documentation.

(D)the issuing bank after the receipt of correct documentation.

(10) In any dispute over the terms and conditions of the credit, which interpretation

will prevail?

(A) Uniform Customs and Practice (B) Incoterms

? Statute law (D) International law

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(12) A stand-by letter of credit

(A) is never revoked (B) is not a letter of credit

(C )is invoked in the event of non-compliance by buyer or ller with the terms of an

original

(D) is invoked in the event of non-compliance by buyer or ller with the terms of the

sales contract.

(13) The beneficiary of a traditional credit is

(A) the paying/accepting/negotiating bank

(B) the shipper ( C) the middleman

(D) the producer

(14) The sum of the transferred credit will not be .

(A) the same as in the credit before transfer

(B) less than in the credit before transfer.

(C ) more than in the credit before transfer

(D ) equal to the original credit

(15) Which of the following details on the transferred credit may not be different to

that of the credit before transfer?

(A) The shipping date

(B) The expiry date of the credit.

(C ) The description of the goods

(D) The name of the applicant

(16) A back-to-back credit expos the bank issuing the cond credit to risk becau

(A) the beneficiary under the cond credit may not ship goods

(B) the documents prented under the cond credit may not exactly conform to the

terms of the first credit.

(C)the bank has already paid the beneficiary under the cond credit before it receives

documentation from the beneficiary under the first credit

(D) the bank has already paid the beneficiary of the first credit before it receives

documentation from the beneficiary under the first credit.

(17) Under the red clau credit, on which party does the final responsibility lie for

reimburment if the terms and conditions are not fulfilled by the beneficiary?

(A) the issuing bank (B) the advising bank

(C) the beneficiary (D)the applicant

(18) An applicant must reimbur an issuing bank unless he finds that

(A). goods are defective (B) The advising bank

(C) documents received do not allow him to clear the goods through customs.

(D) documents do not conform on the face to the terms and conditions of the credit

(19) An applicant must reimbur an issuing bank unless he finds that

(A) goods are defective (B) goods are not as ordered in the sales contract

(C )documents received do not allow him to clear the goods through customs.

(D)documents do not conform on the on the face to the terms and conditions of the

credit.

(20)A revocable credit cannot be amended or cancelled only after

(A) the documents under it have been honored.

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(B) it has been amended once

(C) the advising bank has notified the beneficiary of its opening

(D) it has been confirmed by a correspondent bank

(21) According to the beneficiary’s instructions , a transferable credit may be

available to

(A) one party (B) two parties

(C) more parties (D)any of the above

(22) A bank is obligated to transfer the credit only after

(A) being instructed (B) being instructed as well as paid

(C)receiving the credit (D) the credit is confirmed

(23) Under ,the obligation of the issuing bank is extended only to the

beneficiary in honoring drafts/documents and usually experiences at the counter of the

issuing bank.

〔A〕the irrevocable credit (B) the revocable credit (C) the confirmed credit

(D) irrevocable straight credit

(24) gives the beneficiary double assurance of payment.

(A) The irrevocable credit (B) the revocable credit

(C) the confirmed credit (D) the credit is confirmed

(25) The revolving credit can be revolved in relation to

(A) time (B) value (C) time and value (D) time or value

(26) The credit may only be confirmed if it is so authorized or requested by

(A) the issuing bank (B) the supplier (C) the advising bank (D) the beneficiary

(27) The red clau credit is often ud as a method of

(A) providing the buyer with funds prior to shipment

(B) providing the ller with funds prior to shipment

(C) providing the buyer with funds after shipment

(D)providing the ller with funds after shipment

(31) The informs the beneficiary another bank has issued a credit in his favor

without adding its own engagement.

(A) confirming bank (B) advising bank (C) issuing bank (D)prenting bank

(32)The beneficiary must do two things to be paid. He must prent documents which

confirmed to the credit,

(A) and must prent them on the expiry date

(B) and must prent them on or before the expiry date.

(C) and must prent them on or before the expiry date

(D) and must prent them around the expiry date.

(33) The expiry date is Feb.25, The beneficiary prents his documents on Feb.25.

The bank examines the documents and finds the insurance certificate was made out

for too little .

(A) The bank will not pay the beneficiary

(B) The bank will not pay the beneficiary for the documents prented expired

(C) The bank will not pay the beneficiary for the documents prented not in order

(D)Both B and C

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(34) is obligated to reimbur the paying bank under a confirmed irrevocable

credit.

(A) The issuing bank (B) the negotiating bank

(C) the reimbursing bank (D)the advising bank

(35) must apply for any amendment to a letter of credit.

(A) The account party (B) the beneficiary

(C) the confirming bank (D) the issuing bank

(36) must approve any amendment to a confirmed irrevocable letter of cedit.

(A) The beneficiary (B) the confirming bank (C) the issuing bank (D) A and B and C

(37) In L/C transactions, the account party is the

(A) buyer (B) ller (C) importer (D) both A and C

(38) In a letter of credit, the bank pays the ller for

(A) documents which agree with the credit

(B) merchandi which the buyer ordered

(C) merchandi which agrees with the contract

(D) documents which agree with the contract

(39) J.A. Smith applies to his bank for a letter of credit. The bank issues the credit and

mails it to C. Thomas. Mr. Smith is the

(A) margins (B) ller (C) beneficiary (D) applicant

(40) If a credit is issued with belief advi by tele-transmission, the operative credit

will be the

(A) mail advi subquently nt (B) the brief advi

(C) the applicant form (D) the SWIFT message

(41) Under a letter of credit, the account is obliged to repay provided that the

terms and conditions of the credit are complied with.

(A) the negotiating bank (B) the issuing bank (C) the advising bank (D) the ller

fill the blanks of the following ntences.

(1) How many basic parties are there in a documentary credit? Write their names

1 2 3

(2) The advising bank’s liability is to check the apparent with the credit.

(3) If the credit provides negotiation, issuing bank pays drafts recour to the

nominated bank or the beneficiary. But, nominated bank negotiates drafts recour to the

beneficiary.

(4) Usance credits may be divided into two kinds: buyer’s usance credit, usance credit.

(5) A transferable credit can be transferred time.

(6) The primary beneficiary is the of back to back credit and the condary beneficiary

is the actual of the goods.

(7) All anticipatory credit may be classified into three kinds: sum to be paid in advance

credits 2. clau credit 3 clau credit.

(8) A credit contains the term as follows:

“ 30% of credit amount as down payment will be paid in advance upon negotiation of bene-

ficiary’s simple receipt and their undertaking to ship the goods.”

The above credit belongs to clau credit.

(9) There are two kinds of revolving credits:1. the credit may revolve in relation to time.

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credit may revolve in relation to .

(10) The differences between standby credit and commercial credit are as follows:

cial credit is subject to UCP500. Standby credit is subject to .

of commercial credit is effected on the basis of the beneficiary fulfillment of credit

terms. Payment under standby credit to be effected on the basis of the in the of his

obligation.

(11)A bill of lading has two basic parties namely 1 2 .

(12)The words about or circa ud in connection with the amount, quantity or unit price stated in

the credit are to be construed as allowing a difference not to exceed percent more or less

than the amount , quantity or unit price to which they refer.

(13) Quantity is expresd as weight , length or measurement eg 100 tons, 5,000 yards or 400

gallon ,tolerance between percent more or less than quantity stated in the credit is

allowed.

(14) Date of insurance document must be not later than then the date of .

(15) The minimum amount for insurance cover is the value of the goods plus

percent , or the minimum amount is percent of the amount for which payment ,

acceptance or negotiation is requested under the credit or 110% of gross amount of the

invoice whichever is .

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