2012012学年第一学期国际结算练习2

1、1. The differences between a bill and a promissory note are as follows:Bill(1) A bill is an unconditional order to pay.(2) A bill has three basic parties namely drawer, draweeand payee.(3)Where payable after date, a bill is generally accepted.(4) An acceptance can be conditional.(5) Before acceptanc

2、e the drawer is primarily liable forpayment, but after acceptance, the acceptor becomesprimarily liable for payment.(6) A bill can be accepted for honour.(7) A bill can be drawn in a set.2. The differences between a cheque and a bill are as follows:BillCheque(1) The drawee may be any person.(1) The

3、drawee must be a _ .(2) There are four kinds of tenor for the bills.(2) The tenor is merely payable .(3) After acceptance the acceptor is primarily liable forpayment.(3) The _ is always primarily liablefor payment.(4) Before issuing a bill, the drawer may not open an accountwith drawee.(4) Before is

4、suing a cheque the drawer must be a customerwho has opened an _with the paying bank and _ money inthe account.(5) A bill other than a bankers demand draft or stipulationin Article 5 of Cheque Act cannot be crossed.(5) A cheque can be _.(6) Acceptance made by acceptor is irrevocable.(6) Duty and auth

5、ority of paying bank to pay a cheque maybe terminated by _ .(7) A bill can be drawn in a set.(7) A cheque cannot be drawn in a_3. Make choice of whether the following bills are acceptable or not.(1) A bill shows: Pay to ABC Co. providing the goods in compliance with contract the sum of one thousandU

6、S dollars.()A. It is acceptableNote(1)A note is an _(2)A note has two basic parties namely(3)A note is _(4)A promise to pay can _(5)A maker is always the party(6)A noteaccept for honour.(7)A notebe drawn in a set.B. It is unacceptable(2) A bill shows: Pay to ABC Co. out of proceeds of sale of woolen

7、 blankets the sum of one thousandUS dollars. ()A. It is acceptableB. It is unacceptable(3) A bill shows: Pay from our No. 2 account to ABC Co. the sum of one thousand US dollars. ()A. It is acceptableB. It is unacceptable(4) A bill shows: Pay to ABC Co. or order the sum of one thousand US dollars an

8、d debit our No. 2 account.()A. It is acceptableB. It is unacceptable(5) A bill shows: Pay to Mary the sum of fifty pounds and gave her a suit of clothes. ()A. It is acceptableB. It is unacceptable4. (1) The maturity of one month after 31 Jan. is ().(2) The maturity of two months after 28 Feb. is ().

9、(3) The maturity of 180 days after 4 April is ().5. (1)The party who draws and deliver the bill is called ().(2)The party on whom a bill is drawn but has not accepted it is called () .(3)The drawee agrees to pay on the due date and signs the bill expressing his agreement, he is called().(4)The party

10、 in whose favour the drawer directs payment to be made is called().(5)The party who endorses the bill and delivers it is called ().(6)The party to whom an endorser endorses the bill is called ().(7)The person who transfers his possession of a bill to another is called ().(8)The person to whom the bi

11、ll is transferred is called ().(9)Payment of a bill may be guaranteed by a third person who is called ().(10)A () means the payee or endorsee of a bill who is in possession of it, or thebearer thereof.(11)A () is any holder whether he gave value or not, providing some previousholder gave value, but

12、now he is a holder.(12)A () is a holder who has taken a bill with complete and regular items onthe face under the following conditions: (a). That he became the holder of the bill before it was overdue,and without notice that it had been previously dishonoured, if such was the fact. (b). That he took

13、the bill in good faith and for value, and that at that time the bill was negotiated to him he had nonotice of any defect in the title of the person who negotiated it.6. The holder may exercise his right of recourse only when he has completed the following procedures:(1) () the bill to drawee for acc

14、eptance and / or payment, and it isdishonoured by non-acceptance / non-payment.(2) Give () to his prior party in one business day following the day ofdishonour.(3) Make a () for non-acceptance or non-payment one business day followingthe day of dishonour.7. (1) The drawee banks of D/D are located in

15、 a clearing centre of draft currency, it is called draft().(2) A D/D for USD1,000.00 drawn on American International Bank, Los Angeles (is /isnt)a draft on centre in USD.(3) A D/D for USD2,000.00 drawn on Chase Manhattan Bank N. A., New Y ork (is /isnt)a draft on centre in USD.(4)A D/D for USD860.00

16、 drawn on Bank of China, London (is /isnt) a draft on centrein USD.(5)A D/D for GBP1,000.00 drawn on Bank of China, London (is /isnt) a draft oncentrein GBP.(6)A D/D for GBP1,800.00 drawn on Midland Bank Ltd., Liverpool (is /isnt) a draftoncentre in GBP.8. Please write“cover instructionfor each remi

17、ttance in the following blanks.a. The paying bank has maintained an USD account with the remitting bank. Suppose an outwardremittance in USD is made, how do you write“cover instructionfor this remittance?b. The remitting bank has maintained a GBP account with the paying bank. Suppose an outward remi

18、ttancein GBP is made, how do you write“cover instructionfor this remittance?c. Both remitting bank and paying bank have maintained USD accounts with XYZ Bank, New York. Supposean outward remittance in USD is made, how do you write“cover instructionfor this remittance?d. Remitting bank and paying ban

19、k have not maintained account with each other, nor have kept boththe accounts with a third bank. Suppose an outward remittance is made, how do you write cover instructionfor such remittance?9. URC522 says that goods should not be consigned to or to the order of a bank without prior agreementon the p

20、art of that bank.Put x in the check boxes of the following sentences to express the consignee of B/L correspondingwith above stipulation or usual practice.(1)() B/L consigned to order and blank endorsed(2)() B/L consigned to order of collecting bank(3)() B/L consigned to order of shipper and blank e

21、ndorsed(4)() B/L consigned to order of Bank of China, London(5)() B/L consigned to order of buyer.10. How many parties are there in a collection?(1)(or seller)(2)(3)bank/bank(or buyer)11. (1) The remitting bank has maintained an account with the collecting bank, how do you writecollecting proceeds i

22、nstructions in the collection instruction?(2)The collecting bank has maintained an account with the remitting bank, how do you writecollecting proceeds instructions in the collection instruction?(3) The remitting bank has maintained an account with the X Bank, how do you write collecting proceedsins

23、tructions in the collecting instructions?12. What are the duties of remitting bank and collecting bank?13. How many methods of financing in the collection transactions?14. Under an irrevocable credit, who must undertake primary liability for payment?(1) () the applicant(2) () the issuing bank(3) ()

24、the nominated bank15. An irrevocable confirmed credit gives the beneficiary:(1) () a single assurance of payment(2) () a double assurance of payment(3) () a triple assurance of payment16. A letter of credit is ().A. a formal guarantee of paymentB. a conditional undertaking to make paymentC. an uncon

25、ditional undertaking to make paymentD. a two bank guarantee of payment17.“Independent and abstraction principlemay be explained as follows:(1) Issuing Bank must independently undertake its primary responsibility to ()beneficiarys complying presentation without interference coming from the other part

26、y .(2) A credit is an independent instrument, it is a separate transaction from the ().(3) A credit is the () business.18. Under negotiation credit, the negotiating bank make payment to the beneficiary(1) () with recourse.(2) () without recourse.19. Under negotiation credit, the confirming bank make

27、 payment to the negotiating bank(1) () with recourse.(2) () without recourse.20. Under negotiation credit, the issuing bank make payment to the confirming bank(1) () with recourse.(2) () without recourse.21. Negotiation means that the Negotiating Bank gives value for draft (s) and / or documents to

28、theBeneficiary. Once the value has been given, the Negotiating Bank would become:(1) () the creditor of the draft (s)(2) () the holder of the draft (s)(3) () the holder in due course of the draft (s)22. A German bank has added its confirmation to a documentary credit issued by a Turkish bank. Whicho

29、f the following risks is NOT borne by the confirming bank?(1) () Fraud by the beneficiary.(2) () Insolvency of the issuing bank.(3) () Refusal of the issuing bank to pay against complying documents.(4) () Government restrictions on funds transfer from the issuing bank.23. What is called international factoring?International factoring is that factor will provide a series of financial services such as:(1) export trade.(2) maintenance ofledger.(3) collection of.(4) protection forcredit.for