IIP301: L/C_Procedure

IIP301: L/C_Procedure

University

15 Qs

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IIP301: L/C_Procedure

IIP301: L/C_Procedure

Assessment

Quiz

Social Studies

University

Practice Problem

Medium

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Cao HN)

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15 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 5 pts

There are _____ main parties to a basic documentary letter of credits transaction.

four

five

six

three

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

The Uniform Customs and Practice for Documentary Credits (UCP) was developed by a working committee attached to the International Chamber of Commerce (ICC) in ______.

Moscow

Paris

London

New York

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

In documentary credits, the date when the issuing bank is bound to be responsible for L/C amendment is determined:............. Select one:

whenever the buyer or the seller has any issues.

by any period before the opening of the first L/C.

7 working days from the date of the L/C amendment.

from the date issuing amendment L/C.

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

When the exporter detects any additional amendments of the L/C, who should they contact first?

the issuing bank

the advising bank

the importer

the confirming bank

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Who has to deposit to open importing L/C?

the seller

the buyer

the issuing bank

the advising bank

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Availability refers to the availability of funds to the beneficiary (seller) after presentation of documents under the credit. Each of the forms of payment availability must be specified in the original credit and be accepted by the ___________.

issuing bank

advising bank

exporter

importer

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

In documentary credits, the party that pays for the credit value is:

the advising bank

the exporter

the importer

the issuing bank

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