CDCS Practice Quiz🔥UCP 600

According to the interpretations of UCP 600 Article 3, when determining a period of shipment, which of the following is true?

• The words "before" and "after" exclude the date mentioned.

• The words "to", "until", "till", "from", and "between" exclude the date mentioned.

• The words "to", "until", "till", "from", and "after" include the date mentioned.

• The words "before" and "after" include the date mentioned.

Based on the given statement, which of the following is true regarding banks' involvement in transactions?

• Banks directly handle goods, services, and performance.

• Banks are primarily concerned with the delivery of goods.

• Banks focus on the assessment of services provided.

• Banks primarily handle and process documents related to transactions only.

As per UCP 600, how are "branches of a bank in different countries" treated?

• Considered as one bank.

• Considered separate banks.

• No specific interpretation given in UCP.

• Considered separate entities but not as separate banks.

Which issuers are allowed to issue a document described using terms such as "first class," "well known," "qualified," "independent," "official," "competent," or "local"?

• Only the beneficiary is allowed to issue such documents.

• Only the issuer specified in the document can issue it.

• Any issuer is allowed except the beneficiary.

• Any issuer is allowed except the beneficiary or the applicant

A documentary credit states shipment should be made on or about 10th March 2023. Which of the following shipment dates are NOT acceptable?

• 04 March 2023

• 07 March 2023

• 14 March 2023

• 10 March 2023

What does "presentation" mean in the context of UCP 600?

• The delivery of documents under a credit to the issuing bank or nominated bank.

• The delivery of documents under a credit to the confirming bank.

• The delivery of documents under a credit to the advising bank.

• The delivery of documents under a credit to the beneficiary.

What is the document that is required to be submitted to honor a complying presentation, if the credit is available by deferred payment?

• Bill of exchange

• Draft

• Deferred payment undertaking

• Reimbursement Authorization

How is a "credit" defined in UCP 600?

• Any arrangement that can be revoked and constitutes an undertaking of the issuing bank

• Any arrangement issued by the confirming bank

• Any arrangement in accordance with international standard banking practice

• Any irrevocable arrangement that constitutes a definite undertaking of the issuing bank to honor a complying presentation

According to the interpretations, how should the terms "first half" and "second half" of a month be construed?

• The "first half" is from the 1st to the 10th, and the "second half" is from the 11th to the 20th.

• The "first half" is from the 1st to the 15th, and the "second half" is from the 16th to the last day.

• The "first half" is from the 1st to the 15th, and the "second half" is from the 16th to the 30th.

• The "first half" is from the 1st to the 10th, and the "second half" is from the 11th to the last day.

What is the "confirming bank" responsible for?

• Advising the credit at the request of the issuing bank

• Adding its confirmation to a credit

• Issuing a credit at the request of an applicant or on its own behalf

• Advising the amendment at the request of the issuing bank