LM Quiz 4

During a finance class, Olivia asked her classmates, what does UCP 600 stand for?

• Uniform Credit Procedures 600

• Uniform Customs and Practice for Documentary Credits

• United Credit Practices 600

• Universal Credit Protocol 600

Isla is studying the UCP 600 guidelines for her finance class. She wants to know which article defines 'Applicant'.

• Article 3

• Article 2

• Article 4

• Article 1

What is a 'Complying Presentation' in the context of a project submission by James?

• A presentation that meets the terms of the credit

• A presentation that is rejected

• A presentation that is late

• A presentation that is incomplete

During a finance class, Emma asked, 'Which article discusses the 'Issuing Bank Undertaking'?

• Article 6

• Article 7

• Article 8

• Article 9

Hannah has submitted a loan application to the bank. What is the maximum number of banking days for examining a presentation?

• 10 days

• 7 days

• 5 days

• 3 days

Ava is reviewing her academic credits and wants to know which article covers 'Transferable Credit'?

• Article 39

• Article 38

• Article 41

• Article 40

In a banking scenario, what is the role of the 'Confirming Bank' when Elijah is applying for a letter of credit?

• To issue the credit

• To advise the credit without obligation

• To negotiate or honor a complying presentation

• To reject all presentations

What does 'Honour' mean in the context of UCP 600, as explained to Rohan during his finance class?

• To reject a presentation

• To negotiate a draft

• To pay at sight

• To delay payment

Evelyn is reviewing the guidelines for her project. Which article specifies the 'Standard for Examination of Documents'?

• Article 16

• Article 15

• Article 17

• Article 14

Ethan is trying to understand the definition of 'Negotiation' according to UCP 600. What does it mean?

• The acceptance of a credit

• The rejection of documents

• The issuance of a credit

• The purchase of drafts by the nominated bank