(Draft) Trade Quiz - TOE Department

The bank that advises the credit at the request of the issuing bank is?

• Advising Bank
  

• Negotiating Bank
  

• Nominated Bank
  

• Transfering Bank
  

Honour means ?

• To pay at sight if the credit is available by sight payment

• To incur a deferred payment undertaking and pay at maturity if the credit is available by deferred payment

• To accept a bill of exchange drawn by the beneficiary and pay at maturity if the credit is available by acceptance

• To pay at cash against document if the credit is available by sight payment

Nominated Bank means?

• The bank that adds its confirmation to a credit upon the issuing bank's authorization or request

• The bank with which the credit is available or any bank in the case of a credit available with any bank

• The bank that issues a credit at the request of an applicant or on its own behalf

• None of the above

Presenter means?

• a beneficiary, applicant, bank or other party that makes a presentation.

• a beneficiary, applicant, institutions, bank or other party that makes a presentation.

• a beneficiary, bank or other party that makes a presentation.

• a person who introduces a person or thing.

The bank that adds its confirmation to a credit upon the issuing bank's authorization or request is?

• Confirmation Bank

• Advising Bank

• Nominated Bank

• Confirming Bank

Provided that the stipulated documents are presented to the nominated bank or to the issuing bank and that they constitute a complying presentation, the issuing bank must honour if the credit is available by?

• sight payment, deferred payment or acceptance with the issuing bank

• sight payment with a nominated bank and that nominated bank does not pay

• deferred payment with a nominated bank and that nominated bank does not incur its deferred payment undertaking or, having incurred its deferred payment undertaking, does not pay at maturity

• acceptance with a nominated bank and that nominated bank does not accept a draft drawn on it or, having accepted a draft drawn on it, does not pay at maturity

• negotiation with a nominated bank and that nominated bank does not negotiate

A commercial invoice must?

• must appear to have been issued by the beneficiary

• must be made out in the name of the applicant

• must be made out in the same currency as the credit

• must be signed

Which statement are correct?

• A bill of lading, however named, must appear to indicate the name of the carrier and be signed by the carrier or a named agent for or on behalf of the carrier

• A bill of lading, however named, must appear to indicate the name of the carrier and be signed by the forwarder or a named forwarder agent for or on behalf of the carrier

• A bill of lading, however named, must appear to indicate the name of the carrier and be signed by the forwarder or a named forwarder agent for or on behalf of the master

• A bill of lading, however named, must appear to indicate the name of the carrier and be signed by the master or a named agent for or on behalf of the master

Which statement are correct?

• Complying presentation means a presentation that is in accordance with the terms and conditions of the credit, the applicable provisions of these rules and international standard banking practice

• Credit means any arrangement, however named or described, that is revocable and thereby constitutes a definite undertaking of the issuing bank to honour a complying presentation.

• Negotiation means the purchase by the nominated bank of drafts (drawn on a bank other than the nominated bank) and/or documents under a complying or discrepant presentation, by advancing or agreeing to advance funds to the beneficiary on or before the banking day on which reimbursement is due to the nominated bank.

• Presentation means either the delivery of documents under a credit to the issuing bank, confirming bank, or nominated bank or the documents so delivered.

Which statement are incorrect?

• Where applicable, words in the singular include the plural and in the plural include the singular

• A credit is revocable even if there is no indication to that effect

• A document need not to be signed by handwriting, facsimile signature, perforated signature, stamp, symbol or any other mechanical or electronic method of authentication

• A requirement for a document to be legalized, visaed, certified or similar will be satisfied by any signature, mark, stamp or label on the document which appears to satisfy that requirement