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WorksheetsIIP301_Documentary Collection
Total questions: 15
Worksheet time: 8mins
The advantages of importers in D / P and D / A are the same.
True
False
According to the ICC URC 522, the following documents are commercial documents?
Drafts
Acceptances
Promissory Notes
Invoice
According to the ICC URC 522 following documents are financial documents:
bill of exchange
invoice
bill of lading
contract
Who sets up D / P collection terms?
Importer
Exporter
Remitting Bank
Collecting Bank
__________ is the key document prepared by the seller specifying the terms and conditions of the documentary collection.
The bill of lading
The delivery order
The collection order
The economic order
In documentary collections, the party that signs or accepts the drafts is:
Remitting bank
Collecting bank
Drawee
Principal
In documentary collections, the remitting bank _____ the documents listed on the collection received from their customer.
Choose one answer
holds
reviews
transfers
checks
In international transactions, the collection order is submitted by the exporter:
before the shipment of goods
immediately right at delivery date
when the importer received goods
after the shipment of goods
Not belong to different types of collections:
Payment documents against acceptance
Acceptance documents against payment
Documents against payment
Documents against acceptance
Choose correct statement about documentary collections:
The exporter's bank has obligations to pay upon presentation.
The exporter's bank has no obligations to pay upon presentation.
The importer's bank has obligations to pay upon presentation.
The importer has no obligations to pay upon presentation.
In D/A terms the buyer may accept (sign) the draft, take possession of the goods, but then refuse to pay the draft at maturity. In this case, the seller's option is:
locate another buyer
have the goods returned
negotiate new terms with the buyer
enforce the buyer's obligation to pay the draft through banking channels or legal action
The role of banks in documentary collection is to verify that the documents submitted appear to be as listed in the collection order and to confirm the authenticity of the documents submitted.
True
False
in which case seller should use documentary collection as payment method for his exporting transaction?
The seller doubts the buyer's ability and willingness to pay for the goods
The buyer's country is politically, economically, and legally unstable
The shipped goods are easily remarketable
There are foreign exchange restrictions in the buyer's country
Banks are only permitted to act upon the specific instructions given by the principal in the collection order.
True
False
If the documents call for payment in a specific currency, the banks must, unless otherwise instructed, collect payment for documents in that currency
True
False
