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Moodle

The document contains a series of questions related to UCP600 and international payment methods, focusing on the definitions and principles of letters of credit (L/C), payment methods, and the roles of banks in these transactions. It includes multiple-choice questions about the characteristics of irrevocable credits, the nature of L/C applications, and the implications of different payment methods. The questions also touch on the governing rules for bills of exchange and the requirements for validity in financial instruments.

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Nguyễn Thư
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9 views3 pages

Moodle

The document contains a series of questions related to UCP600 and international payment methods, focusing on the definitions and principles of letters of credit (L/C), payment methods, and the roles of banks in these transactions. It includes multiple-choice questions about the characteristics of irrevocable credits, the nature of L/C applications, and the implications of different payment methods. The questions also touch on the governing rules for bills of exchange and the requirements for validity in financial instruments.

Uploaded by

Nguyễn Thư
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Q1: According to UCP600, a credit is which means it can neither be amended nor cancelled

without the agreement the issuing bank, the confirming bank, if any, and the beneficiary.

A. Discrepant

B. Ravocable

C. Complying

D. Irrevocable

Q2: 57. According to UCP600, a credit is which means it can neither be amended nor
cancelled without the agreement of the issuing bank, the confirming barik, if any, and the
beneficiary.

A. Complying
B. ierevocable
C. Discrepant
D. Revocable

Q3: 60. L/C application is a between issuing bank and buyer.

A.document
B. letter
C. contract
D. relationship

Q4: what is one of the disadvantages of open account?

A. low fee
B. simple procedures

C. fastest method

D. not regulated by international laws or practices

Q6: Be default, a credit is even if there is no indication to that effect. (Article 3 - UCP 600)

A.unconfirmed
B. revocable
C. confirmed
D. Irrevocable

Q7: In a documentary credit, "issuing bank" means the bank..

A. that advises the credit at the request of the issuing bank.

B. that adds its confirmation to a credit upon the issuing bank's authorization or request.
C. with which the credit is available.

D. that issues a credit at the request of an applicant or on its own behalf.

Q8: What are the principles the banks subject to under L/C?

A. The strict principle.


B. The independent principle and strict-compliance principle.
C. The strict compliance principle.
D.The independent principle.

Q9: What does "D/A" stand for in international payment?

A. Documents against acceptance


B. Documents at agreement
C. Documents against agreement
D. Documents against arrival

Q10: What are the international governing rules for B/E?

A. URC522

B. ULC 1931

C. ULB 1930

D. UCP600

Q11: Which payment method favor the seller the least?

A.DAP

B. Open account

C. Documentary collection

D. Cash in advance

Q12: This payment method requires the buyer to pays the collecting bank in exchange for
the documents.

A.L/C
B. D/P
C. Open account
D.Cash in advance

Q13: If an instrument does not contain it is invalid as a B/E.


A. Place of payment
B. The term bill of exchange
C. Place of issuing
D. Time of payment

Q14: In a documentary credit, who is the buyer?

A. The beneficiary
B. The advising bank
C. The issuing bank
D. The applicant

Q15: This payment method requires the buyer to pay before shipment.

A. Documentary collection
B. Open account
C. L/C
D. Cash in advance

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