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    Huế Thùy
    The document contains 20 multiple choice questions about letters of credit, the Uniform Customs and Practice for Documentary Credits (UCP), and the International Standard Banking Practice for the Examination of Documents under Documentary Credits (ISBP). Some of the questions address when different versions of the UCP were established, key parties and documents in a letter of credit transaction, and provisions of the UCP600 that came into effect in 2007.

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    50 views4 pages
    The document contains 20 multiple choice questions about letters of credit, the Uniform Customs and Practice for Documentary Credits (UCP), and the International Standard Banking Practice for the Examination of Documents under Documentary Credits (ISBP). Some of the questions address when different versions of the UCP were established, key parties and documents in a letter of credit transaction, and provisions of the UCP600 that came into effect in 2007.

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    UCP600

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    The document contains 20 multiple choice questions about letters of credit, the Uniform Customs and Practice for Documentary Credits (UCP), and the International Standard Banking Practice for the Examination of Documents under Documentary Credits (ISBP). Some of the questions address when different versions of the UCP were established, key parties and documents in a letter of credit transaction, and provisions of the UCP600 that came into effect in 2007.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as pdf or txt
    50 views4 pages

    This Study Resource Was

    Uploaded by

    Huế Thùy
    The document contains 20 multiple choice questions about letters of credit, the Uniform Customs and Practice for Documentary Credits (UCP), and the International Standard Banking Practice for the Examination of Documents under Documentary Credits (ISBP). Some of the questions address when different versions of the UCP were established, key parties and documents in a letter of credit transaction, and provisions of the UCP600 that came into effect in 2007.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    of 4

    1. When was ICC established?

    A. 1933
    B. 1919
    C. 1935
    D. 1996
    2. Which of the following is the objective of ISBP?
    A. fill the gap between general principals of UCP and the daily
    practice.
    B. explain UCP 500 rules more explicitly.
    C. achieve internationally accepted standards for examination of

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    documents under documentary letters of credit

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    D. ALL OF ABOVE

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    3. What is the THIRD revision of UCP?

    o.
    A. UCP151 rs e
    ou urc
    B. UCP222
    C. UCP400
    o

    D. UCP500
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    vi y re

    4. What is the latest edition of ISBP?


    A. ISBP 645
    B. ISBP 681
    ed d
    ar stu

    C. ISBP 745
    D. None of above
    5. Which of the following is NOT the reasons why UCP is created?
    is

    A. Conflicts in national regulations between countries become


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    popular
    B. Risks of trading good and services across borders
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    C. Establish a new trading system


    D. Standardize international trade especially in letter of credit
    6. Which of the following is not true of a letter of credit?
    A. It is a document
    B. It is issued by a bank
    C. byIt100000829565831
    This study source was downloaded is made at fromthe request
    CourseHero.com of the10:22:18
    on 08-17-2021 exporter
    GMT -05:00

    https://www.coursehero.com/file/50907071/Multiple-choice-for-UCP-600-ISBP-745docx/
    D. The bank agrees to honor a draft drawn on the importer
    7. If a letter of credit can be neither cancelled nor modified without
    the consent of all parties, it is known as _____.
    A. revolving
    B. irrevocable
    C. revocable
    D. unconfirmed
    8. If the beneficiary is not happy with the terms & conditions of LC,
    he can ask applicant for:
    A. Fresh letter of credit (replacement)

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    B. An amendment

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    C. Applicant confirmation

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    D. An insurance document

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    9. Issuing bank is bound by a letter of credit
    rs e
    ou urc
    A. From the time of issue LC
    B. From the time the LC is advised by the advising bank
    o

    C. From the time LC is received by the beneficiary


    aC s
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    D. From the time LC is forwarded from the confirming bank to


    advising bank
    10. Banking day means a day on which a bank is …………….at the
    ed d

    place at which an act subject to these rules is to be performed


    ar stu

    A. Regularly open for an act


    B. Start from Monday to Friday
    is

    C. Normal days including Eid holiday


    Th

    D. None of above
    11. A credit can neither be amended or cancelled without the
    sh

    agreement of the following parties:


    A. The issuing bank & the confirming bank
    B. The confirming bank & The beneficiary
    C. The issuing, confirming bank & the beneficiary
    D. The applicant & the issuing bank
    This study source12. Advising
    was downloaded bank from
    by 100000829565831 means theon bank
    CourseHero.com 08-17-2021 that advises
    10:22:18 GMT -05:00 the credit at the
    request of the……………
    https://www.coursehero.com/file/50907071/Multiple-choice-for-UCP-600-ISBP-745docx/
    A. The issuing bank
    B. The confirming bank
    C. The beneficiary
    D. The applicant
    13. Which of the following is not among the main/core parties of LC?

    A. Issuing bank
    B. Advising bank
    C. Beneficiary
    D. Confirming bank
    14. Documents required in a documentary credit operation according

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    er as
    to UCPDC includes?

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    A. transport documents

    eH w
    B. commercial invoice

    o.
    rs e
    C. insurance documents
    ou urc
    D. all of the above
    15. Documents under UCP 600
    o

    A. Commercial Invoice
    aC s
    vi y re

    B. Transport Documents
    C. Insurance Documents
    ed d

    D. All of these
    ar stu

    E. None of these
    16. Letter of Credit (LC) is a banking instrument used for:
    is

    A. Export- Import
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    B. Foreign Remittance
    C. Local Money Transfer
    D. Consumer Loan Security
    sh

    E. None of these
    17. "A bank guarantee can be issued subject to UCP 600." Is this
    statement
    true or false?
    True
    False by 100000829565831 from CourseHero.com on 08-17-2021 10:22:18 GMT -05:00
    This study source was downloaded

    https://www.coursehero.com/file/50907071/Multiple-choice-for-UCP-600-ISBP-745docx/
    18. How many Articles in UCPDC 600 ?
    A. 36
    B. 37
    C. 38
    D. 39
    19. Which year UCP600 comes into effect on 01 July?
    A. 2006
    B. 2007
    C. 2008
    D. 2009

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    er as
    20. According to article 3, the words "from" and "after" when used to

    co
    determine a maturity date:

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    A. Exclude the date mentioned

    o.
    rs e
    B. Include the date mentioned
    ou urc
    o
    aC s
    vi y re
    ed d
    ar stu
    is
    Th
    sh

    This study source was downloaded by 100000829565831 from CourseHero.com on 08-17-2021 10:22:18 GMT -05:00

    https://www.coursehero.com/file/50907071/Multiple-choice-for-UCP-600-ISBP-745docx/
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