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uniit 4 quiz

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uniit 4 quiz
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8 questions

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1.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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  1. Does the method of international payment - Open Account guarantee payment?

Yes

No

2.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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  1. Who does the bank transfer funds on behalf of in Open Account ?

The buyer

The seller

The import

The export

3.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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Advance payments are recognized as:

receivable

payable

bad debt

none of these

4.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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Which is not the type of advance payments?

Prepaid bills

Income tax

Line of credit

Arrears billing

5.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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  1. All of the answers are primary participants of the documentary collection transactions, except:

  1. Remitting Bank

Collecting/Presenting Bank

Drawee

Retailers

6.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

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What type of documentary collection does this diagram illustrate?

Documentary Collection payable on a Sight basis (D/P)

  1. Documentary Collection payable on an Usance basis (D/A)

7.

MULTIPLE CHOICE QUESTION

45 sec • 1 pt

Media Image

  1. What is considered the safest payment method in international trade?

  • Advance payment  

  • Documentary credit

  • Documentary collection

  • Open account

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