FCI第一阶段考题.doc

Question 1 The IF was due to make a PUG of EUR 10,000 on the 1 October but was prevented from doing so by an exchange control restriction. This was imposed on the 1 August and lifted on 30 November. What is the total amount that the IF must pay under guarantee on 1 December. (LIBOR = 4%; lowest EF borrowing rate = 6%. I month = 30 days and 1 year = 360 days) EUR 10,067 EUR 10,100 EUR 10,133 EUR 10,200 Question 2 When asking for credit cover, the EF must advise the IF whether direct contact with the buyer is allowed. Why is it important to allow the IF to contact the buyer at this stage? For the IF to agree with the buyer how payments will be made. For the IF to obtain the information he needs to make his credit cover decision. For IF to deliver the factoring agreement terms to the buyer. All of the above. Question 3Regarding the use of , which of the following should be part of your internal security arrangements?(This question has more than one correct option)窗体顶端Appoint a system administrator who is fully familiar with all system functions and internet usage.Authorise individual users to access only selective functions relating to their job.Set up user accounts for all staff in your company.Establish internal control procedures for the use of .Question 4 Once an EF has assigned an A/R by , in order to facilitate the subsequent collection of A/R, the IF has the right to request the EF to provide which of the following documents? (This question has more than one correct option) Proof of delivery. Proof of Shipment. Exact copy of the original invoice. The Export Factoring Agreement. Question5窗体底端A seller has annual sales of EUR 300,000 to buyer A. Payment terms are 60 days nett after invoice date. There is no seasonality to their sales. What credit cover amount should the EF apply to the IF for?窗体顶端EUR 50,000.EUR 100,000.EUR 75,000.EUR 60,000.窗体底端Question6：Which of the following statements are correct?i) The EF (and the seller) is not obliged to offer the IF all buyers in the IFs country for credit cover.ii) If the IF granted a credit cover on a buyer, all A/R - existing and future - of that buyer must be assigned to the IF, unless the amount exceeds the credit cover.iii) If the IF cancels a line cover, the EF must continue to assign A/R of that buyer until all approved outstanding A/R are paid.窗体顶端(i) and (ii) are true.(i) and (iii) are true.(ii) and (iii) are true.All are true.窗体底端Question 7Invoice 4231 for EUR 6,000 was due for payment on 1 March. On 25 April the IF learns that the buyer is bankrupt. On 20 May the government prohibits the transfer of payments abroad. This prohibition is lifted at 23.59 hrs. on 30 September. How much must the IF pay to the EF?(LIBOR=5%; lowest EF borrowing rate=6%; 1 month=30 days and 1 year=360 days)窗体顶端EUR 6,000.EUR 6,100.EUR 6,120.EUR 6,210.窗体底端Question 8Which of the following statements are correct in relation to Non-notification Cross Border Factoring (NNF)?i) One advantage of NNF is that the seller may receive his payments faster.ii) Because the EF and IF sign a supplemental agreement to the interfactor agreement, the GRIF does not apply to NNF.窗体顶端Statement (i) is correct.Statement (ii) is correct.Both statements are correct.Neither statement is correct.窗体底端Question 9Which of the following statements are correct?i) If two FCI members cannot settle a disagreement in an amicable way, they can either ask for FCI Arbitration or take the matter to a court of law.ii) A breach of the Business Rules (referred to as the User Guide in the Rules) is a breach of the Interfactor Agreement.窗体顶端Statement (i) is correct.Statement (ii) is correct.Both statements are correct.Neither statement is correct.窗体底端Question 10What criteria should the EF take into account when selecting suitable IF correspondents?(This question has more than one correct option)窗体顶端Ability to access a buyers credit worthiness quickly and accurately.Effective collection procedures.Financial strength to meet obligations.Ability to prevent or minimise problems and risks.窗体底端Question 11As the factors main security is the assigned A/R, one of our key considerations for accepting new business is whether the seller has a factorable product or service. Which of the following is factorable?窗体顶端Sale of air conditioners where the contract requires satisfactory installation.Sale of canned food to supermarkets on consignment basis.Sale of socks to department stores.Completion of a swimming pool construction project which must first be certified by surveyor.窗体底端Question 12A seller extends credit terms of 60 days nett after invoice date to a buyer. The IF approves a credit cover on the buyer on such terms. What occasional variation can be allowed such that the credit cover continues to be valid?窗体顶端60 days.45 days.30 days.No variation allowed.窗体底端Question 13The following statements relate to Sample Invoices. Which statements are correct?i) Sample invoices are automatically excluded from credit cover by the IF unless agreed by the EF and IF.ii) Sample invoices must be included in the sellers turnover assigned to the IF, otherwise buyers may be confused in distinguishing to whom they should pay different types of invoices.iii) The EF and IF should agree which invoices are regarded as sample invoices and the way to handle them.窗体顶端Statements (i) and (ii) are correct.Statements (i) and (iii) are correct.Statements (ii) and (iii) are correct.All statements are correct.窗体底端Question 14Which of the following statements are correct?i) If a buyer raises a dispute 150 days after the due date of the invoice and after a payment under guarantee (PUG) has been made by the IF to the EF, the IF can claim back the PUG made to the EF.ii) A credit cover is not cancelled but suspended until there is an outcome to a dispute. 窗体顶端Statement (i) is correct.Statement (ii) is correct.Both statements are correct.Neither statement is correct.窗体底端Question 15When an EF notifies an IF of the termination of a sellers factoring agreement, the IF will cancel all credit covers on buyers relating to that seller. What is the status of the credit covers?窗体顶端Any A/R not yet assigned will not be credit covered.The credit covers will remain valid for shipments made before the date of termination.The credit covers will remain valid for shipments made before the date of termination provided that the A/R are assigned to the IF within 30 days of that date.The credit covers will remain valid for shipments made before the date of termination provided that the A/R are assigned to the IF within 60 days of that date.窗体底端Question 16In his recourse export factoring agreement the EF agreed to finance 80% of the sellers total export A/R. When the largest buyer became bankrupt, owing EUR 360,000, the total A/R was EUR 800,000. The buyer failure caused the seller himself to go into liquidation. The EF expects to collect in full from the other buyers but is unlikely to get anything from the insolvent buyer. What will the EF probably lose from this situation?窗体顶端EUR 180,000 EUR 200,000 EUR 220,000 EUR 240,000 窗体底端Question 17A disputed invoice has at last been settled with the seller agreeing to reduce the price from EUR 10,000 to EUR 9,000. The buyer duly pays the EUR 9,000.How does the IF clear his books of the unpaid amount?窗体顶端By getting a credit note from the seller via the EF. By reassigning the invoice. By writing off the EUR 1,000. By charging back the EUR 1,000 to the EF. 窗体底端Question 18Which of the following statements is correct?i) It is the responsibility of the EF to resolve disputes with the buyers.ii) The EF has responsibility for the seller. He finances the seller and provides the A/R administration for him.窗体顶端Statement i) is correct. Statement ii) is correct. Both statements are correct. Neither statement is correct. 窗体底端Question 19The buyers payment terms as stated in Message 5 are 30 days nett from date of invoice. The seller does a special deal with this buyer and on this occasion also changes the payment terms. Which of the following terms would still be credit covered by the IF?This question has more than one correct option窗体顶端15 days nett from date of invoice. 45 days nett from date of invoice. 60 days nett from date of invoice. 90 days nett from date of invoice. 窗体底端Question 20The seller is a carpet manufacturer and exports his products on payment terms of 45 days nett from date of invoice. On the 17 June 2009 the EF sends messages 9 to the IF for the following invoices:Invoice A dated 30 May 2009 for EUR 2,750 for display stands;Invoice B dated 1 May 2009 for EUR 6,825 for carpet yarn.Which of these invoices would an IF accept for credit cover?窗体顶端Invoice A. Invoice B. Both invoices. Neither invoice. 窗体底端Question 2110. The line cover of an IF generally covers which of the following types of risks unless there is a dispute? I. Commercial risk.II. Non-payment by the buyer because of civil unrest.III. Non-payment by the buyer because of a natural disaster. 窗体顶端I. I. and II. I. and III. All of them. 窗体底端Question 22Which of the following do NOT apply to Order Cover? (This question has more than one correct option) 窗体顶端It must be completed within a specified time. It applies to one invoice only. It is revolving until expiry date. It allows better control of risk. 窗体底端Question 23When are messages considered to have been delivered?窗体顶端As soon as sent by the sender. When delivered to the receivers mailbox. When the receiver has received them into his system. One business day after being sent. 窗体底端Question 24The buyer raises a dispute on a credit covered A/R. Legal action is taken against the buyer and eventually the court decides on 180th day after the original due date of the invoice that the seller is right. In accordance with the GRIF when the IF is liable to pay under guarantee?窗体顶端Within 75 days after the settlement reached. Within 14 days after the settlement reached. Within 90 days of the original due date of the invoice. Within 90 days after the settlement reached. 窗体底端Question 25In his factoring agreement with a seller the EF has a condition that the seller must bear the first EUR 2,000 of each bad debt. In the first year there are three bad debts of EUR 7,000, EUR 10,000 and EUR 1,500. All three have line covers of EUR 7,500 and are undisputed. Calculate the IFs losses for that year.窗体顶端EUR 10,500. EUR 14,500. EUR 17,000. EUR 18,500. 窗体底端Question 26Which of the following statements is correct?i) Breaches of warranty can affect the IFs obligation to pay because they may prejudice the IFs credit risk assessment and/or his ability to collect from the buyers.ii) IF is not obliged to prove that the EF and/or the seller have substantially breached the GRIF for not paying under guarantee. IFs verbal or written declaration for the EFs and/or the sellers breach is enough for stopping the guarantee payment.窗体顶端Statement i) is correct. Statement ii) is correct. Both statements are correct. Neither statement is correct. 窗体底端Question 27Assume that an approved line cover is fully used for approved outstanding invoices. Which is the first of the following unapproved invoices to drop in under the approved line cover when the approved invoice(s) have been paid?窗体顶端Invoice dated 15th March with due date 15th May, assigned on 20th March. Invoice dated 20th March with due date 20th April, assigned on 30th March. Invoice dated 1st March with due date 30th April, assigned on 5th March. Invoice dated 20th March with due date 25th April, assigned on 30th March. 窗体底端Question 28Which of the following statements is correct?i) Sample invoices are not necessary to be included in the sellers turnover assigned to the IF, because they are not eligible for payment under guarantee according to the GRIF.ii) If the buyers become insolvent, the IF is expected to pay under guarantee for the total risk including sample invoices. Nevertheless payment under guarantee for sample invoices has to be made 180 days after the due date of the respective invoice.窗体顶端Statement i) is correct. Statement ii) is correct. Both statements are correct. Neither statement is correct. 窗体底端Question 29According to the GRIF which of the following statements is correct?i) The IF may decide on his own to give the credit cover under specific conditions which deviate form the provisions of the GRIF, in such case EFs consent is not obligatory.ii) The IF may require special documentation to verify his risk position and he is entitled to ask the EF for the following documents as proof, such as, evidence of shipment, an exact copy of the invoice, evidence that the contract of sale or service has been fulfilled.窗体顶端Statement i) is correct. Statement ii) is correct. Both statements are correct. Neither statement is correct. 窗体底端Question 30When on the 1 January the IF canceled the line cover of EUR 15,000, he had 4 invoices outstanding on his books for this buyer (in date order) A for EUR 10,000, B for EUR 4,000, C for EUR 2,000 and D for EUR 3,000. During January the IF received one more invoice E for EUR 4,500 and a credit note for EUR 4,000 in respect of invoice B for damaged goods. What is the IFs risk position at the end of January?窗体顶端EUR 19,500. EUR 11,000. EUR 15,000. None of the above. 窗体底端Question 31Which of the following sales transactions fall in the scope of the GRIF?(This question has more than one correct option) 窗体顶端Stand by L/C. Documents against acceptance (D/A) sales. D/P sales. Deferred payment L/C. 窗体底端Question 32Which of the following statements is correct?i) Main purpose of RESCUE is to assist FCI members doing two-factor export factoring to collect all accounts receivables.ii) The Interfactor Agreement and the GRIF do not apply to export factoring with D/A terms.窗体顶端Statement i) is correct. Statement ii) is correct. Both statements are correct. Neither statement is correct. 窗体底端Question 33Single Factoring is considered as disadvantageous for the IF in many ways. Why is this?(This question has more than one correct option) 窗体顶端The buyer is not notified of the IFs involvement. The IF does not keep his own ledger and must rely on the information the EF provides. Late payment information for the IF. The IF needs very experienced EF for close cooperation. 窗体底端Question 34Which of the following statements are correct?i) The IF is not obliged to pay under guarantee if the buyer is willing to pay but is prevented from doing so by government regulations.ii) If an IF fails to make a PUG at the proper time through a genuine error, then he must pay interest to the EF at the lowest rate the EF can borrow the money. 窗体顶端Statement i) is correct. Statement ii) is correct. Both statements are correct. Neither statement is correct. 窗体底端Question 35Which of the following options are correct for the Centralised Reporting System?(This question has more than one correct option) 窗体顶端E messages #22, #23, #24 are designed to correct the CRS reports. CRS includes annual accounts of EFs and IFs. Some of the CRS reports are binding. The A/R is the most important report in the CRS. 窗体底端Question 36Which of the following payments are indirect but valid payments according to the GRIF?(This question