I. Please fill in the blanks with appropriate answers.
1. In documentary collection transactions, the terms 'D/P' stands for .__, and 'D/A' stands for__
2. Draft is also called__
3. The payment method 'L/C' stands for__
4. The ocean transport documents 'B/L' stands for __
5. According to UCPS00, in credit operations al parties concerned deal with__ and not with goods, services, and/or other performances to which the __ may relate.
6. The shipper on the B/L is also called __
7. According to the regulations of Customs House, all exit and entry means of  transportation,cargos articles of international consignment must go through the procedures of __
8. The trade terms DEQ stands for __
9. The bank adds its own undertaking to an irrevocable L/C in addition to the issuing bank at the issuing bank's authorization or request is called the .__ bank.
10.According to regulations, __-- declaration and __ declaration must be made for dangerous cargos.

Ⅱ.True or false questions (Please write " √ " for the correct statement, and " x "for theincorrect statement).
1.(    )The buyer (as applicant) should specify in the application form the documents to be presented and the terms and conditions to be complied with.
2 (    )The banks channel the documents but also give their payment undertaking under the procedure of a documentary collection.
3.(    )The documentary credit structure provides the seller with an independent bank undertaking of payment.
4.(    )The buyer of the goods and/or services may 'also be known, as the importer, opener, applicant,accountee, or principal.
5.(    )The documentary credit provides only the seller with independent assurance in respect of the exchange of goods for payment.
6.(    )If the L/C calls for " Beneficiary' s certified copy of shipment advice by fax to the applicant advising shipment details", then banks will accept a documents titled as "shipment advice" without any signature and/or date produced on a fax machine.
7.(    )Red clause L/C is also called "reciprocal L/C".
8. (    )Both transferable L/C and back-to-back L/C involve a middleman as a seller and substitution of documents.
9.(    )For an unconfirmed L/C, a negotiating bank may negotiate with recourse to the beneficiary.
10. (   )Unless otherwise allowed in the L/C, insurance document should be issued in the same currency as the L/C.

Ⅲ. Multiple choice questions (Of following questions, there is only one correct answer to each question. Please select the correct answer. ).
1.(   )We are looking forward to __ your inquiry at an early, date.
A. receive           
B. receiving        
C. received      
D.  having received

2.(   )The  above offer is our final confirmation.
A. subject with     
B. subject in        
C. subject to        
D. object to

3.(   )According to UCPS00, which of the following words used in connection with the amount of the Credit or the quantity or the unit price stated in the Credit are NOT construed as allowing a difference not to exceed  10% more or less in the amount or the quantity or the unit price to which they refer?
A. circa            
B. approximately      
C. circs             
D. about

4. (   )According to INCOTERMS 2000, the trade terms __ means that the seller delivers the goods, cleared for export, to the carrier nominated by the buyer at the named place.
A. FCA      
B. EXW       
C. CFR       
D. DAF

5.(  )According to INCOTERMS 21300, when the seller only makes the goods available to the buyer at the seller's premises, the corresponding trade term is
A. DDU       
B. EXW        
C. FOB        
D. DDP

6.(   )UCP500 categorizes L/Cs into four types. Which type of IZC does not fall into that categorization?
A. sight payment L/C                       
B. acceptance L/C
C. negotiation L/C                         
D. confirmation L/C

7.(   )According to UCP500, which of the following documents must be issued/drawn by the beneficiary unless otherwise stipulated by the Credit?
A. draft      
B. packing list      
C. inspection certificate      
D. fax

8.( )When the credit calls for a draft drawn on the applicant, according to UCP500, how will banks treat such draft?
A. Banks may disregard such requirement.
B. Banks may accept a draft drawn on the issuing bank in lieu of one drawn on the applicant.
C. Banks will consider the draft as an "additional document.
D. Banks will t~" to persuade the applicant to amend the Credit to delete sueh requirement.

9.( )A bank that adds its undertaking to a Credit at the request of the issuing bank is called the:
A. advising bank
B. nominated bank
C. reimbursing bank
D. confirming bank

10. ( )Letter of credit, by their nature, are __ transactions from the sales confirmation or other contract on which they may be based, and bank are in __ way concerned with or bound by such contract.
A. separate.., any
B. separate.., no
C. associate
D.., all the
D. affiliate
D.., any

11. ( )If a Credit requires "an inspection certificate issued by a well-known inspector",
A. the certificate may be issued by anyone.
B. the certificate may be issued by the beneficiary.
C. the certificate must be signed, dated and issued in one original and one copy.
D. the certificate must not be issued by the beneficiary and must appear to comply with the other terms and conditions of the Credit.

12. ( )The Credit requires an ocean bill of lading showing port of loading as Shanghai and port of discharge as Long Beach. The bill of lading shows the place of receipt as Xi' an, the port of
loading as Shanghai, the port of discharge as Seattle and the final destination as Long Beach.Which of following statements is correct.'?
A. The bill of lading is discrepant because the port of discharge is incorrect.
B. The bill of lading is acceptable.
C. The bill of lading is discrepant because it is multimodal transport bill of lading.
D. The bill of lading is discrepant because it shows a place of receipt not indicated on the Credit.

13. ( )Which party(ies) is/are mentioned in the UCPSO0 who will disregard non-discoumentary conditions?
A. third party
B. beneficiary
C. banks
D. any party

14. ( )Based on the UCP500 article covering marine/Ocean Bills of lading, which one of the below wording is the correct definition of transshipment?
A. Unloading and reloading from one mode of transport to another during the course of the shipment.
B. Unloading and reloading from one vessel to another vessel during the course of ocean carriage from the port of loading to the port of discharge.
C. Unloading and reloading from one means of conveyance to another means of conveyance in different modes of transport during the course of the carriage.
D. Unloading and reloading from several means of transportation to another during the course of the carriage.

15. ( )What is the percentage of. tolerance in the drawing amount when the IMC prohibits partial shipments?
A. 10% or less
B. None
C. 3% or less
D. 5% or less

16. ( )Based on the UCP500, what should be the minimum insurance coverage in the insurance document when the Letter of Credit is for USD550,000.00 and the commercial invoice contains the following information?Total merchandise value USD1,100, 000. 00 Less advance payment USD550,000.00 Net due under the Letter of Credit USD550,000.00
A. USD1,210,000.00
B. USD605,000.00
C. USD550,000.00
D. USD710,000.00

17. ( )A transferable Credit can be transferred only on the terms and conditions specified in the original credit with the exception of:
A. any unit price, credit amount, expiry date, latest date for presentation, period for shipment, insurance percentage
B. credit amount, expiry date, presentation days, insurance percentage, period for shipment, document requirements
C. credit amount, expiry date, any unit price, latest date for presentation, period for shipment, insurance percentage, drafts and invoices
D. any unit price, credit amount, expiry date, latest date for presentation, period for shipment, insurance percentage, tenor of the draft

18. ( )According to UCP500, when the first beneficiary under a transferable credit fails to present draft(s) and invoice(s) for substitution upon first demand, the transferring bank has the right to:
A. contact the issuing bank for instructions
B. contact the first beneficiary once more and wait for instructions
C. create a draft(s) and invoice(s) on behalf of the first beneficiary for substitution
D. forward the second beneficiary's draft(s) and invoice(s) to the issuing bank

19. ( )Based on INCOTERMS 2000, which of the following INCOTERMS is applicable when under the contract the seller is not responsible for obtaining the export license?
A. FCA
B. EXW
C. DAF
D. FAS

20.( )According to International Standard Banking Practice, if a Credit is silent in its requirements of a date on any of the following documents, then the document does not need to be dated is:
A. draft
B. transport document
C. insurance document
D. packing list

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