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Business Correspondence

Authored by Yen Pham

English

University

Used 2+ times

Business Correspondence
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17 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a sight draft?

A type of financial instrument used in international trade.

A document that requires payment upon presentation.

A method of shipping goods by sea.

A form of insurance for cargo.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a bill of exchange?

A legal document outlining terms of payment between buyer and seller.

A letter of credit issued by a bank.

A type of shipping document required for customs clearance.

A form of insurance for cargo.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a letter of credit (LC)?

A written agreement between buyer and seller.

A type of insurance policy for goods in transit.

A document issued by a bank guaranteeing payment to a seller.

A contract outlining delivery terms for international shipments.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which term refers to pre-defined shipping terms that specify responsibilities and costs between buyer and seller?

Letter of credit

Bill of exchange

Sight draft

Incoterms 2020

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A sight draft requires payment upon presentation. (True/False)

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A bill of exchange is a negotiable instrument that orders the payment of a specific sum of money.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Letters of credit are commonly used to minimize payment risks in domestic trade.

True

False

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