国际结算课后练习(2)

C.remitter D.acceptor

2.The only means of authenticating a cable transfer is the ____. A. SWIFT authentic key B. payment order

C.test key D. authorized signatures

3.____is often used when the client wants to transfer the funds to his beneficiary himself. A.Demand draft B.payment order

C.test key D.authorized signatures

4.The same methods of transfer may be used both in advance payment and open account business : remitting the payment bu a banker’s draft ,by mail transefer ,by telegraphic transfer ,bu SWIFT message, by a(n)_____.

A. postal money order B. international money order C. payment order D. reimbursement

5.If the paying bank opens a current account with the remitting bank, the reimbursement may be effected by ______.

A. instructing the paying bank to claim reimbursement from another branch of the same bank or another bank with which the remitting bank opens an account. B. debiting remitting bank’s nostro account

C. instructing a reimbursing bank to pay the paying bank bu debiting the remitting bank’s nostro account.

D.crediting vostro account of the paying bank.

Chapter Five

Ⅰ、Fill in blanks to complete sach sentence.

1. If the collecting bank is not located near the importer,it would send the documents to

a ______in the importer’s city .

2. In a documentary collection the bank ,acting as exporter’s agent,regulates the timing

and sequence of the exchange of goods for value by holding the______until the importer either______or______.

3. The clean colletion method lacks the protection of the documentary collection .It is

generally used in countries where a draft is needed for ______purposes or because it is required by______.

4. Under documents against acceptance,after acceptance,the buyer gains possession

of the goods before______and is able to dispose of the goods as he wishes.

5. Collections serve as compromise between______and______in settlement of

international transactions concluded by the importer and the exporter.

6. ______is a banking business in which a bank acting as the collecting bank receive

the draft with or without shipping documents attached as well as the instructions from a bank abroad and endeavors to collect the payment or obtain the acceptance from the importers.

7. Collection bill purchased involves great risk for______fou lack of bank”s

guarantee,so they are seldom willing to do so.

8. The collecting bank authorizing the release of title documents on______must realize

that this financing requires a great degree of confidence in the reputation,honesty,and integrity of the customer acting as frustee.

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9. Under_______,the seller issues a draft.The collecting bank presents the draft to the

buyer.When the buyer sees it he must pay the money at once,then he can get the shipping documents.

10. The remitting bank sends______to the colleting/presenting bank in the importer’s

country that notifies the importer.

Chapter Five

Ⅳ. Choose the best answer to each of the following statements.

1. The principal is generally the customer of a bank who prepares documentation and submits them to the bank with a collection order for payment from the buyer (drawee).

A. remitting B. collecting C. presenting D. correspondent 2. Which type of collection offers the greatest security to the exporter?

A. Documents against acceptance B. Documents against payment C. Clean collection D. Acceptance D/P

3. is an arrangement whereby the seller obtains his bank’s pre-numbered direct collection letter, thus enabling him to send his documents directly to his bank’s correspondent bank for collection.

A. Clean collection B. Documents against payment C. Direct collection D. Documents against acceptance 4. Which of the following is not the obligation of the trustee?

A. To arrange for the goods to be warehoused and insured in the trustee’s name. B. To pay all the proceeds of sale to the bank or to hold them on behalf of the bank. C. Not to put the goods in pledge to other persons.

D. To settle claims of the bank prior to liquidation in case of the trustee’s bankruptcy. 5. Which of the following is not a risk that the exporter assumes on documentary collection basis?

A. Non-acceptance of merchandise B. Harm to the reputation due to dishonor C. Exchange restrictions D. Non-payment of trade acceptance Ⅱ. Decide whether the following statements are true or false.

1. Under documentary credit, the nominted bank has no obligation to examine documents. ( )

2. Usually the advising bank is the bank resides in the same city as the buyer. ( )

3. Credit, by its nature, is a separate transaction from the sales contract or other contracts on which it was based, and banks are in no way concerned with or bound by such contracts. ( )

4. A revocable credit cannot be amended. ( )

5. Unless otherwise stipulated in the credit, a transferable credit can be transferred only once. ( )

6. A transferable credit can be transferred only to one party. ( )

7. Under assignment, the beneficiary assigns his right to perform under the credit to a third party. ( )

8. An irrevocable confirmed credit gives the beneficiary a double assurance of payment.

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( )

9. Reciprocal credits will be effective only when each of the two parties receives a credit from the opposite side. ( )

10. In a red clause credit, the advising bank itself gives a packing loan to the beneficiary. ( )

11. Under a red clause credit, the onus of repayment of the advance lies with the applicant. ( )

12. Banks run greater risks when they open a revolving credit, therefore they usually specify a total amount available in this type of credit. ( )

13. A transferable credit is one that authorizes the beneficiary to transfer part of the right under the credit to third party or parties. ( )

14. An irrevocable credit cannot be amended, revoked or cancelled. ( )

15. Under a straight credit, the issuing bank is under no obligation to the advising bank. ( )

Chapter Six

Ⅲ. Translate the following terms and statements into English. 1. 未授权保兑

2. 有效地点为开证行所在地的柜台 3. 凭代表物权的单据付款

4. 信用证以银行信用代替了商业信用 5. 信用证独立于它所代表的商业合同 Ⅳ. Choose the best answer to each of the following statements. 1. A letter of credit is . A. a formal guarantee of payment B. a conditional undertaking to make payment

C. an unconditional undertaking to make payment D. a two bank guarantee of payment

2. With an unconfirmed irrevocable letter of credit, . A. the terms and conditions can be amended or cancelled unilaterally by any party B. only the exporter can amend the credit

C. the advising bank transmits details without commitment to the beneficiary D. the issuing bank has the ability to cancel the credit at any time

3. A confirmed irrevocable letter of credit . A. carries the confirmation of the issuing bank B. always involves at least two banks C. is issued by the advising bank

D. creates the highest level of security against sovereign risk

4. Confirmation of a credit may be given by . A. the beneficiary at the request of the importer

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B. the advising bank at the request of the issuing bank

C. the advising bank after the receipt of correct documentation D. the issuing bank after the receipt of correct documentation

5. In any dispute over the terms and conditions of a credit, which interpretation will prevail? . A. Uniform Customs and Practice B. Incoterms

C. Statute law D. International law 6. A stand-by letter of credit . A. is never revoked B. is not a letter of credit

C. is invoked in the event of non-compliance by buyer or seller with the terms of an

original credit

D. is invoked in the event of non-compliance by buyer or seller with the terms of the

sales contract.

7. The beneficiary of a transferred credit is . A. the paying/ accepting/ negotiating bank B. the shipper C. the middleman D. the producer 8. The sum of the transferred credit will not be . A. the same as in the credit before transfer B. less than in the credit before transfer

C. more than in the credit before transfer D. equal to the original credit

9. Which of the following details on the transferred credit may not be different to that of the credit before transfer? . A. The shipping date B. The expiry date of the credit C. The description of the goods D. The name of the applicant

10. A back-to-back credit exposes the bank issuing the second credit to risk because . A. the beneficiary under the second credit may not ship goods

B. the documents presented under the second credit may not exactly conform to the

terms of the first credit

C. the bank has already paid the beneficiary under the second credit before it receives

documentation from the beneficiary under the first credit

D. the bank has already paid the beneficiary of the first credit before it receives

documentation from the beneficiary under the first credit

11. Under the red clause credit, on which party does the final responsibility lie for reimbursement if the terms and conditions are not fulfilled by the beneficiary? . A. The issuing bank B. The advising bank C. The beneficiary D. The applicant

12. An applicant must reimburse an issuing bank unless he finds that . A. goods are defective

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B. goods are not as ordered in the sales contract

C. documents received do not allow him to clear the goods through customs

D. documents do not conform on the face to the terms and conditions of the credit 13. A revocable credit cannot be amended or cancelled only after . A. the documents under it have been honored B. it has been amended once

C. the advising bank has notified the beneficiary of its opening D. it has been confirmed by a correspondent bank

14. According to the beneficiary’s instructions, a transferable credit may be made available to . A. one party B. two parties C. more parties D. any of the above 15. A bank is obligated to transfer the credit only after . A. being instructed B. being instructed as well as paid C. receiving the credit D. the credit is confirmed

16. Under , the obligation of the issuing bank is extended only to the beneficiary in honoring draft(s)/ document(s) and usually expires at the counters of the issuing bank.

A. the irrevocable credit B. the revocable credit

C. the confirmed credit D. irrevocable straight credit 17. gives the beneficiary double assurance of payment.

A. The irrevocable credit B. The revocable credit

C. The confirmed credit D. The irrevocable confirmed credit 18. The revolving credit can be revolved in relation to . A. time B. value C. time and value D. time or value 19. The credit may only be confirmed if it is so authorized or requested by . A. the issuing bank B. the supplier C. the advising bank D. the beneficiary

20. The red clause credit is often used as a method of . A. providing the buyer with funds prior to shipment B. providing the seller with funds prior to shipment C. providing the buyer with funds after shipment D. providing the seller with funds after shipment

Chapter Seven:

Ⅰ.Fill in the blanks to complete each sentence

1 When the beneficiary presents the documents to his bank ,he must follow the “3c principle” in his documentation, the “3c” represents ___,___,___. 2 The credit is legally quite independent of the ___.

3 If a letter of credit is issued by airmail , it ought to be authenticated by ___ and when issued by cable / telex is authenticated by ___.

4 The documents of the credit must ___the terms and conditions of the letter of the letter of credit on the one hand and they must ___with each other on the other hand.

5 The currency in which the credit is to be issued should be indicated as shown in the ___.

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