Model test.doc

Simulated Test模拟测试 I. Multiple choices (there is only one correct answer among the choices).1. Which of the following payment order of a bill of exchange is acceptable? A. Pay to Bank of China Guangxi Branch or order the sum of five thousand US dollars. Drawn under L/C No. LC54105018 issued by New York Bank, New York dated on 25th May, 2003. B. Pay to the order of ABC Co. the sum of five thousand US dollars converted into Euro equivalent. C. Pay to ABC Co. the sum of ten thousand US dollars on condition that shipment of goods has been made. D. Pay from our No. 1 account to ABC Co. the sum of one thousand US dollars.2. In which of the following price terms, the seller must pay the costs, freight and the insurance premium? A. FOB B. CIF C. CFR D. FAS3. A _ is used to provide an assurance of the intention of the party submitting the tender to sign the contract if his tender is accepted.A. repayment guarantee B. performance guarantee C. tender guarantee D. maintenance guarantee4. Strictly speaking, the party that makes a promise to pay is called _. A. drawee B. acceptor C. drawer D. maker5. The _ refers to an individual who acquires a negotiable instrument in good faith. A. holder for value B. acceptor C. holder in due course D. drawee6. Which of the following is a demonstrative order in a bill of exchange?A. Pay to A Co. only B. Pay A Co. or bearer C. Pay A Co. or order D. Pay bearer7. Under a documentary credit，A DRAFT IS PAYABLE AT 90 DAYS FROM SIGHT. The draft was drawn on 15 March, 2007，the holder presented the draft to the bank for acceptance on 15 April. According to UCP600 and irrespective of holiday, the draft should be paid on_.A. 8月15日 B. 7月14日 C. 8月14日 D. 7月15日8. According to Chinas Negotiable Instrument Law, a check must be presented for payment within _ days after date. A. 10 B. 30 C. 7 D 29. Under documentary collection, in order to prevent risks, the exporter had better conclude a deal in _ price terms. A. FOB B. CIF C. CFR D. FAS10. By which of the following L/C, the beneficiary can obtain double assurance of payment? A. Advance Payment Credit B. Irrevocable Confirmed Credit C. Sight Payment Credit D. Irrevocable Transferable Credit11. In UCP600, credit means any arrangement, however named or described, that is irrevocable and thereby constitutes a definite undertaking of the_ to honour a complying presentation. A. advising bank B. negotiating bank C. issuing bank D. applicant12. Documents presented later than _ calendar days after the date of shipment are acceptable as long as they are presented no later than the expiry date for presentation as stated in the credit. A. 5 B. 21 C. 20 D. 813. If the agent signs the bill of lading on behalf of the carrier, and the carrier has been indicated on the face of the B/L, which of the following signature is not correct? A. ABC Co., Ltd. B. ABC Co., Ltd.As agent for As agent for China Ocean Shipping (Group) Co. China Ocean Shipping (Group) Co.Carrier SignatureSignatureC. ABC Co., Ltd. D. ABC Co., Ltd.As agent for The carrierThe above-named carrier SignatureSignature 14. According to UCP600，the issuing bank must deal with the presented documents within_ banking days following the day of receiving the documents.A. 6 B.5 C. 7 D. 315. How many banking days in which the issuing bank can deal with the presented documents if calculated from the date on which the documents are received?A. 6 B.5 C. 7 D. 316. The following invoices are acceptable by the banks in credit operations except _?A. Commercial invoice B. Final invoiceC. Pro-forma invoice D. Customs invoice17. Which of the following invoice is not acceptable by the banks in credit operations?A. Commercial invoice B. Final invoiceC. Provisional invoice D. Customs invoice18. Unless otherwise stipulated in the credit, the amount of insurance coverage must be at least _ of the CIF or CIP value of the goods. A. 100% B.105% C. 110% D. 115%19. The first beneficiary of a transferable credit is usually _.A. a middleman B. the manufacturer C. original supplier of the goods D. the applicant20. The UCP600 states that a transferable credit should specifically state it is “_”. A. transmissible B. fractionable C. divisible D. transferable 21. Usually, a tolerance not to exceed _ more or _ less than the quantity of the goods is allowed, provided the credit does not state the quantity in terms of a stipulated number of packing units or individual items and the total amount of the drawings does not exceed the amount of the credit. A. 5%, 10% B. 10%, 10% C. 15%, 10% D. 5%, 5%22. Which of the following documents are not title documents except _. A. bills of lading B. Non-Negotiable Sea Waybill C. air transport documents D. road transport documents23. A credit stipulates that documents shall be presented 10 days after the date of shipment. In a bill of lading under the credit, the issuing date of the B/L is November 2, 2007. There is an on board notation indicated on the face of the B/L, the on board notation was made on November 5, 2007. The latest date for presentation was _. A. November 12, 2007 B. November 11, 2007 C. November 14, 2007 D. November 15, 200724. The person who requests his bank to remit funds to the payee in a foreign country is called_. A. remitter B. beneficiary C. remitting bank D. paying bank25. Negotiation under documentary credits means _ by the nominated bank of drafts and/or documents under a complying presentation. A. purchase B. sales C. endorsement D. acceptance26. Forfaiting is the purchase of a credit instruments such as drafts, promissory notes on a _ basis. A. non-recourse B. recourse 27. In forfaiting finance, the forfaiter provides _ without recourse finance to the exporter. A. 50% B. 80% C. 90% D. 100%28. The notice of refusal must be given by the issuing bank not later than the close of the _ banking day following the day of presentation. A. 5th B. 6th C. 7th D. 10th 29. A commercial invoice must appear to have been issued by the _. A. beneficiary B. applicant C. issuing bank D. confirming bank30. An air transport document should not be issued “_” or “to order of” a named party. A. to bearer B. to order II. Multiple choices (there are at least two correct answers).1. Negotiable instruments include _.A. bills of exchange B. promissory notes C. cheques D. stocks E. bonds2. Which of the following negotiable instruments are three-party instruments? A. promissory notes B. certificates of deposit C. draft D. checks3. The three basic parties to a negotiable instrument are _. A. drawer B. drawee C. payee D. acceptor E. endorser 4. Which of the following is not a demonstrative order in a bill of exchange?A. Pay to A Co. only B. Pay A Co. or bearer C. Pay A Co. or order D. Pay bearer5. Under a documentary collection, the most frequently used terms of releasing documents are: A. T/T B. B/L C. D/D D. D/P E. D/A6. Unless otherwise stipulated in the credit, drafts may not be needed in the following credits: A. Acceptance Credit B. Red Clause Credit C. Revolving Credits D. Sight Payment Credit E. Deferred Payment Credit7. A transferable credit can be transferred exactly on the terms and conditions of the credit except that the following items may be reduced: A. the amount of the credit B. any unit price stated C. the expiry date D. the period of presentation E. the amount of insurance 8. Financing provided by banks to the exporter under a documentary credit includes _. A. trust receipt B. inward bill purchasing C. credit line D. negotiation E. packing loan 9. Financing provided by banks to the importer under a documentary credit includes _. A. trust receipt B. inward bill purchasing C. credit line D. negotiation E. packing loan 10. The most commonly seen three types of contract guarantees are _. A. tender bonds B. performance guarantees C. repayment guarantees D. retention money guarantee E. advance payment guarantee11. The costs of forfaiting finance cover _. A. commitment fee B. option fee C. discount interest D. days of grace fee E. advice fee12. A credit stipulates that the quantity of goods is 1000MT, unless otherwise stipulated, which of the following invoices presented are acceptable?A.1100MT B.900MT C. 990MT D.1015MT E. 1058MT13. A credit stipulates that the quantity of goods is about 1000MT, which of the following invoices presented are acceptable?A.1102MT B.895MT C. 990MT D.1005MT E. 1110MT14. The basic parties to a bill of lading are _. A. carrier B. shipper C. consignee D. notify party E. acceptor15. Which of the following documents must be signed and dated? A. B/L B. insurance policy C. draft D. invoice E. packing list16. Which of the following documents need not be signed and dated if there is no such stipulation in the credit? A. B/L B. insurance policy C. draft D. invoice E. packing list17. The characteristics of a documentary credit are _. A. The issuing bank undertakes the primary liability to effect payment B. It is independent of the sales contract C. Banks deal with documents exclusively D. Banks deal with both documents and goods 18. The control documents of the correspondent banks include _. A. authorized signatures B. telegraphic test keys C. Schedule of terms and conditions D. SWIFT authentic key19. Endorsement of a draft can be classified into _. A. special endorsement B. blank endorsement C. restrictive endorsement D. conditional endorsement20. Basic parties to international factoring transactions are _. A. supplier B. importer C. export factor D. import factor E. forfaiter III. True or false( F ) 1. Simply speaking, forfaiting is a kind of financial service that discounts time bills to exporters with recourse.( T ) 2. The most important distinction between a Standby Credit and a Documentary Credit is that the Standby Credit is intended to cover a “Non-Performance” (default) situation instead of a “Performance” situation under the commercial/documentary credit.( F ) 3. To issue a draft means to draw and sign a draft only.( T ) 4. Briefly, a check is a draft drawn on a bank payable on demand. ( F ) 5. Factoring is suitable for the financing of the export of capital goods with credit terms between 90180 days, while forfaiting is used for the financing of consumer goods exports with credit terms of a few years.( F ) 6. Clean collection means collection of financial documents accompanied by commercial documents.( F ) 7. The signed documents sent by fax can be deemed as original documents.( F ) 8. When a foreign bank maintains a current account with a domestic bank, this account is considered by the domestic bank as a nostro account. ( F ) 9. When a domestic bank maintains a current account with a foreign bank, this account is considered by the domestic bank as a vostro account. ( T ) 10. Documentary collection means collection of financial documents accompanied by commercial documents or commercial documents not accompanied by financial documents. ( F ) 11. A documentary credit is revocable even if there is no indication to that effect that it is irrevocable.( F ) 12. Simply speaking, a Documentary Credit is an unconditional bank written undertaking of payment.( F ) 13. A documentary credit may be issued available by a draft drawn on the applicant.( F ) 14. In documentary operations, banks deal with both documents and goods. ( T ) 15. Unless otherwise stipulated in the credit, commercial invoice need not be signed or dated.( F ) 16. According to UCP600, a transferable credit can be transferred more than three times to subsequent beneficiary.( T ) 17. According to UCP600, a transferable credit can be transferred only once.( T ) 18. If a credit does not state who is to issue the certificate of origin, a document issued by any party, including the beneficiary, is acceptable. ( F ) 19. In practice, a bill of lading is usually made out to order of the buyer.( F ) 20. In credit operations, it is the applicant who determines to refuse the documents or not. ( F ) 21. The date of insurance policy can be dated later than the date of a B/L.( F ) 22. Documentary credits are subject to URC522. ( T ) 23. Where the insurance policy is made out to order, the exporter need endorse it before presenting it to the negotiating bank.( T ) 24. Cover note will not be accepted by banks.( F ) 25. Under FOB and CFR, it is the seller that buys the insurance covering the transport of the goods.( F ) 26. An air waybill is a title document. It can be transferred. ( T ) 27. L/C and collection are reverse remittances.( F ) 28. In practice, a bill of lading is usually made out to order of the buyer.( T ) 29. The major function of a negotiable instrument is to serve as a substitute for money. ( F ) 30. Where a draft is payable to bearer, it can be negotiated by endorsement and delivery.IV. Give brief answers to the following questions1. What are the main contents of a bill of exchange?2. What are the main characteristics of negotiable instruments?3. What are control documents?4. What are the services provided to the exporter by a factor in international factori