IPCK1

1. Which of the following trade terms (Incoterms 2010) are

applicable for maritime transport and inland waterway only?

• a. FCA, FAS, FOB, CIF

• b. CFR, FOB, CIF, FAS

• C. CIF, CIP, FOB, FAS

• d. FOB, FAS, CIF, DAT

2. In D/P, the collection instruction clearly stipulated that "All

charges are for drawee's account. In case of refusal, please waive

the charges". In fact, the importer did not agree to make payment

for both the value of the documents and the charges. What should

the collecting bank do?

• a. Do not release the documents to the importer, and wait until the importer agrees to pay.

• B. Do not release the documents to the importer, and advise the remitting bank without delay.

• c. Automatically deduct the charges from the importer's account,

  then release the documents to the importer.

• d. Release the documents to the importer, and sue the importer for

  not making payment.

3. A "CLEAN BILL OF LADING" means:

• a. There is no corrections and alterations on the B/L.

• b. The word "clean" should appear on the B/L.

• c. There is no clause or notation expressly declaring a defective condition of the goods.

• d. (a), (b) and (c) are correct

4. In which trade term is Saigon port (Vietnam) a loading port?

• a. CIP Saigon Port, Vietnam

• b. CFR Saigon Port, Vietnam

• c. CIF Saigon Port, Vietnam

• D. FOB Saigon Port, Vietnam

5. An Advising Bank is responsible for:

• a. The content of the credit or amendment that is appropriate to the sales contract.

• b. Checking and determining whether or not the documents appear on their face to constitute a complying presentation.

• c. The apparent authenticity of the letter of credit or amendment

• d. None is correct.

6. The bank having definite undertaking to honour a complying presentation is:

• a. Paying bank

• B. Confirming bank

• c. Negotiating bank

• d. Transferring bank

7. What type of L/C would be used when a company exports goods through middleman?

• A. Red Clause L/C

• b. Transferrable L/C

• c. Reciprocal L/C

• d. Negotiable L/C

8. If the terms and conditions stipulated in the L/C conflict with those

in the sales contract, the issuing bank will:

• a. ask the seller and buyer to change the contents of L/C to be complying with the signed contract.

• b. check documents against L/C because L/C is separate from the contract.

• c. consider both L/C and contract when checking the presented

  documents.

• d. issue an amendment to make the L/C in accordance with the

  contract

9. What type of L/C is a mechanism for providing funding to the

seller prior to the shipment of goods?

• a. Revolving L/C

• b. Transferable L/C

• c. Reciprocal L/C

• d. Red clause L/C

10. According to UCP 600, how many days does an issuing bank

have for checking the compliance of presented documents?

• a. Five days after the presentation date

• b. Five banking days after the presentation date

• c. Five working days after the shipment date

• d. Twenty one days after the presentation date