Chapter Two
I. Decide whether the following statements are true or false.
1. Under non-trade settlement, the most common means to carry funds are cash,
traveler’s check, traveler’s letter of credit and credit card. ( )
2. Nostro account is an account (due to account) held by a bank on behalf of a
correspondent bank. ( )
3. Bills of exchange were created in the sixteenth century. ( )
4. The authorized signatures are used for authentication of the messages, letters,
remittances, letters of credit, etc .addressed by the bank to its correspondent bank.( ) 5. From an American bank’s view, a Nostro account is a dollar account held for its
overseas correspondents. ( )
II.Choose the best answer to each of the following statements.
1. From the point of view of a Chinese bank, ______is our bank’s account in the
books of an overseas bank , denominated in foreign currency. A. a vostro account B. a nostro account C. a mirror account D. a record account
2. There are four main methods of securing payment in international trade: ⑴payment under documentary credit; ⑵ open account; ⑶ collection; ⑷ payment in advance. From an exporter’s point of view, the order of preference is_______ . A. ⑴, ⑵, ⑶ ,⑷ B. ⑷, ⑶, ⑴, ⑵ C. ⑷, ⑴, ⑶, ⑵ D. ⑵, ⑷, ⑴, ⑶
3. The documentary collection provides the seller with a greater degree of protection than shipping on ______.
A. documentary credit B. banker’s letter of guarantee C. banker’s draft D. open account
4. An exporter sells goods to a customer abroad on FOB and on CIF terms, Who is responsible for the freight charges in each?________.
A. Importer, exporter B. Exporter, importer C. Importer, importer D. Exporter, exporter
5. Foreign trade can be conducted on the following terms except for _________. A. open account B. documentary collection C. documentary credit D. public bonds
6. A bank gets to know its exact position of funds by _________. A. reflecting the credit balance B. examining the mirror account C. consulting a foreign bank D. checking the nostro account
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7. If bank of China instructs Bank of America to pay a sum of US $ 1,000,000.00 to Midland, its nostro account will be _________.
A. credited B. debited C. increased D. decreased
8. Statements of balance of international payment don’t include: A. current account B. capital account C. balancing account D. visible account
9. Cash settlement is effected by shipping ______ taking the form of coins, bars or bullions.
A. precious metals B. gold C. silver D. notes
10. International cash settlement has the following disadvantages except _______ . A. expensive B. safe
C. risky D. time-consuming
Chapter Three
I.Decide whether the following statements are true or false.
1. In a promissory note, the drawer and the payer are the same person. ( ) 2. A promissory note is an unconditional order in writing. ( ) 3. There is no acceptor in a promissory note.( )
4. A bank draft is a check drawn by one bank on another. ( ) 5. A trade bill is usually a documentary bill. ( )
6. The interest in the bill of exchange can only be transferred by endorsement. ( ) 7. An endorser of a bill is liable on it to subsequent endorsers and holders of the bill.
( )
8. The person who draws the bill is called the drawer.( )
9. Bills of exchange drawn by and accepted by commercial firms are known as
trade bills. ( )
10. Trade bills are usually documentary bills. ( )
11. Endorsements are needed when checks in favor of a sole payee are credited to
a joint account. ( )
12. An open check can be paid into a bank account. ( ) 13. An open check can be cashed over the counter. ( ) 14. A crossed check can be cashed over the counter. ( )
15. The payment of a check cannot depend upon certain conditions being met.
( )
16. In a check, the drawer and the payer are the same person. ( ) 17. If a check is presented undated, the payee can insert a date .( ) 18. A draft is a conditional order in writing. ( )
19. If a bill is payable “at 30 days after date “, the date of payment is decided
according to the date of acceptance. ( )
20. A bill payable “ at 90 days sight” is a sight bill.( )
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II.Choose the best answer to each of the following questions.
1. The person paying the money is a ______ of a check.
A. payee B. endorser C. drawer D. endorsee
2. A check is valid for ______months from the date of issue, unless a shorter period
is written on the face of it.
A .six B. nine C. three D. one
3. If a check dated 1st Feb. 2007 was presented on the 5th Nov. 2000, it would be
______.
A. pre-dated B. out of date C. post dated D. undated
4. If a check dated 1st Feb, 2007 was presented on the 5th Oct. 2001, it would be
_____.
A .pre-dated B. out of date C. post dated D. undated
5. The effect of a blank endorsement is to make the check payable to the ______.
A .order of a specified person B. specified person C. bearer D. named person
6. Banks usually ask for endorsements when checks in favor of ______payees are
credited to a _______account
A .joint …joint B. joint …sole C. sole…joint D. sole….sole
7.”Payee J. Smith endorsed James Smith pay to L. Green”, this is a
_____endorsement.
A .specific B. blank C. general D. restrictive
8. If a bill is payable “60 days after date”, the date of payment is decided according
to_____.
A. the date of acceptance B. the date of presentation C. the date of the bill D. the date of maturity
9. A______carries comparatively little risks and can be discounted at the finest rate
of interest.
A. sight bill B. bank draft C. commercial bill D. trade bill 10. A term bill may be accepted by the ______.
A. drawer B. drawee C. holder D. payee 11. The party to whom the bill is addressed is called the ______. A. drawer B. drawee C. holder D. payee
12. When financing is without recourse, this means that the bank has no recourse
to the ______ if such drafts are dishonored.
A. payer B. drawee C. payee D. drawer
13. Only by endorsement can the interest in the bill be transferred by ______. A. the drawer B. the drawee
C. the holder D. any person to the bill
14. A promissory note is “inchoate ” until it has been delivered to the ______. A. payer or bearer B.payee or drawee C. payee or bearer D.holder or drawer
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15. The ______of a promissory note has prime liability while the other parties have secondary liability.
A. holder B. drawee C. maker D. acceptor
16. An acceptance with the wording “payable on delivery of bill of lading ” is
______.
A. a general acceptance B. qualified acceptance C. non acceptance D. partial acceptance
17._______must be accepted by the drawee before payment.
A. A sight bill B. A bill payable ×× days after sight C.A promissory note D.A bill payable ×× days after date
18.A(n)________is a financial document.
A. bill of exchange B. bill of lading
c. insurance policy D. commercial invoice
19.In order to retain the liabilities of the other parties, a bill that has been dishonored must be _____.
A. protested B. given to the acceptor
C. retained in the files D. presented to the advising bank
20. “A check payable to ABC Company is credited to the personal account of Mr.Li”. the bank _____.
A. is correct in crediting the account B. is merely doing what is requested C. has committed an act of negligence D. will make a claim on its principal
Ⅴ. Read the following draft and give your answer to each of the following
questions.
Exchange for GBP5,000,00 Shanghai. Jan 15,2000 At 90 days sight pay this first bill (Second unpaid ) to the order of the Bank of China The sum of Five Thousand Pounds only. Value received. To: ABC Company For China National Crafts Import & Export London Corporation, S.B. (signed) 1. 2. 3. 4. 5. 6.
Who is the drawer ? Who is the drawee? Who is the payee?
Is this a demand draft or a tenor draft?
Is this a sole bill or a bill of exchange in two sets? Where is the bill drawn?
Ⅶ.Directions : Mrs. Warren asks Joe Williams to draw out to her a crossed check
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for USD2, 300. She is to pay the amount to her account with Pacific Bank , City Office. Joe Williams signed the check (No.12345) on March 21, 2001 as requested . Now complete the following check according to the above information.
HONGKONG AND SHANGHAI BANKING CORP.LTD. (3) Date(1) , Pay(2) USD(4) (5) (6) Chapter Four
Ⅰ. Fill in the blanks to complete each sentence.
1. International remittance happens when a client (payer) asks his bank to send a sum of
money to a _______ abroad by one of the transfer methods at his option.
2. A_______,________or _________is an authenticated order in writing addressed by
one bank to another instructing the latter to pay a sum certain in money to a specified person or a beneficiary named thereon.
3. Telegraphic transfer is often used when ______and _____.The only means of
authenticating a cable transfer is the _______.
4. Under D/D, upon receipt of the draft , the beneficiary can either present it for payment
at the counter of the drawee bank or _______.
5. The whole procedure virtually is done by entries over banking accounts, where the
buyer’s bank (remitting bank)_______his account and ______the account of the correspondent bank.
6. In time of war, one can transfer funds out of the enemy country by means of the
_____in cirtue of its negotiability .
7. The remitting bank under D/D is generally reluctant to stop payment on a draft issued
bu itself for this would mean an ________on its part which will have an unfavorable effect on its credit –worthiness.
8. A large number of international remittances are carried out by telecommunications .
_______,_______,_______,and______are major advantages of transactions among member banks by means of SWIFT messages.
9. If the paying bank maintains the remitting bank’s account ,the reimbursement may be
effected by________.
10. Any methods of transfer may be used to transfer the payment before_______from the
impoter to the exporter through banks.
Ⅳ.Choose the best answer to each of the following statements.
1.A payment order ,mail advice or credit advice / please debit advice is an authenticated order in writing addressed by one bank to another instructing the latter to pay a sum certain in money to a specified person or a ____ named thereon . A.bank B.beneficiary
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