Sample Final: International Payments

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Sample Final: International Payments

I, MCQ

1, A shipping document indicating the details of the shipment and delivery of the goods and their ownership is a

A, B/L (True: This is the most important transport document)

B, Sight draft (False: This is a type of B/E)

C, Time draft (False: This is a type of B/E)

D, L/C (False: this is a method of payment)

2, A written statement by the exporter ordering the importer to pay a specific amount of money upon presentation to drawee to whom it is addressed is known as a

A, B/L (False: This is a transport document)

B, Sight draft (True: This is the type of B/E that requires payment upon presentation)

C, Time draft (False: This is the type of B/E that requires payment at a future date after presentation)

D, L/C (False: this is a method of payment)

3, L/C may be payable at all but one of the following locations:

A, Confirming Bank’s counters (False: Confirming Bank has irrevocable undertaking to Beneficiary)

B, Nominated Bank’s counters, or at the counters of any bank if L/C is freely negotiable (False: Nominated Bank pays Beneficiary on behalf of Issuing Bank (Confirming Bank))

C, Issuing Bank’s counters (False: Confirming Bank has irrevocable undertaking to Beneficiary)

D, Reimbursing Bank’s counters (True: Reimbursing Bank has no undertaking towards Beneficiary. It only functions to reimburse other banks with authorization of Issuing Bank)

4, Which of the following can be combined under a credit available with the Issuing Bank and require a draft drawn on the Issuing Bank

I. Payment

II. Deferred Payment

III. Acceptance

IV. Negotiation

A, 1 and 2 only (False: Payment and Deferred Payment cannot be combined; both don’t require drafts drawn on Issuing Bank)

B, 2 and 3 only (False: Deferred Payment and Acceptance cannot be combined; Deferred Payment doesn’t require…...

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