Font size
WorksheetsSettlement of International Trade Part 1
Total questions: 13
Worksheet time: 3hrs 15mins
In international trade, the currency must exchange into
local currency
foreign currency
Settlement is also known as
export
import
transction
payment
Telegraphic Transfer is
method of fund transfer
method of shipping
methods of importing
SWIFT is a
shipping system to process export payments between member banks worldwide
telecommunication system to process interbank financial payments between member banks worldwide
importing system to process payments between member banks worldwide
There are ____________ methods of payment in international trade.
five
six
seven
which are the following known as methods of settlement in international trade
Documentary Collection
Advance payments
Bilateral Payment Arrangement (BPA)
Balance of payment
EXW
Nostro account also known as
Your money with us
My money with you
Our money with you
Vostro account also known as
Your money with us
Their money
Our money with us
Open account is a sale on credit where
Buyer pay the good first and seller collects payment later
Seller sends the good first and collects payment later
Buyer and seller did not send goods and payment
Under open account arrangement, the credit status and general reputation of the buyer and seller are
good (Trust has built up between parties)
poor
moderate
Consignment can be refer to
Shipments of goods are arranged under agreement that payment and goods should be sold immediately
Shipments of goods are arranged under agreement that payment be made after goods are sold by a specified period.
Shipments of goods by a specified period.
there are _________ types under collection method
one
two
three
Clean collection may differ from documentary collection. Documentary collection includes:
financial documents
commercial documents
shipping documents
checking documents
