21. ( )According to International Standard Banking Practice, which of the following statements regarding the expression of "shipping documents" is correct?
A. all documents required by the Credit
B. transport documents only
C. invoice, transport documents, and insurance policy or certificate
D. all documents (not only transport documents), except drafts, required by the Credit

22. ( )According to UCPS00, banks shall disregard following expressions in the letter of credit except:
A. prompt
B. immediately
C. 'about
D. as soon as possible

23. ( )If L/C does not stipulate whether partial shipments are allowed or not, which of the following statements is applicable?
A. Partial shipments are allowed
B. Partial shipments are not allowed
C. Refer to the issuing bank
D. Refer to the beneficiary

24.( )If an applicant intends that the L/C expire for presentation at the issuing bank with drafts drawn on the issuing bank at 60 days after sight, how should the L/C be made available?
A. by acceptance
B. by deferred payment
C. by sight payment
D. by negotiation

25. ( )If the beneficiary intends to transfer partial or full mount of the letter of credit to the final supplier, what kind of terms should the letter of credit stipulate to meet the
beneficiary' s needs?
A. transmissible IMC
B. assignable L/C
C. divisible L/C
D. transferable L/C

26. ( )According to UCP500, all the following statements relating to commercial invoices under a non - transferable L/C are correct except that they must:
A. be manually signed by the beneficiary
B. be made out in the name of the applicant
C. appear to have been issued by the named beneficiary
D. indicate the description of goods corresponding with the L/C

27. ( )An L/C requires an inspection certificate to be issued by a competent authority. According to UCP500, banks may accept an inspection certificate issued by following parties except:
A. applicant
B. beneficiary
C. SGS .
D. third party manufacturer

28. ( )IMC calls for merchandise as "(1) 100 tours of wheat; (2) 1130 pairs of shoes", partial shipments are prohibite D. Which of following invoice is unacceptable according to UCP500 and L/C terms?
A. Invoice showing: (I) 95 tons of wheat (2) 96 pairs of shoes
B. Invoice showing: (1) 105 tons of wheat (2) 1(30 pairs of shoes
C. Invoice showing: (1) 106 tons of wheat (2) 100 pairs of shoes
D. Invoice showing: (i) 100 tons of wheat (2) 95 pairs of shoes

29.( )Prior to advising a Documentary Credit to the beneficiary, the Advising Bank is responsible for:
A. effecting payment against conforming documents
B. checking the apparent authenticity of the Documentary Credit
C. notifying the Issuing Bank that the Documentary Credit is being advised
D. checking that the reimbursement method is effective

30. ( )If an exporter is willing to release the shipping documents directly to the buyer, but wishes to retain some guarantee of payment should the buyer fail to pay on the due date, which of the following WCs BEST suit the exporter's needs?
A. Transferable
B. Revolving
C. Standby
D. Evergreen

31. ( )Under DDP terms, who is responsible for all import requirements and payments in addition?
A. Importer
B. Exporter
C. Issuing bank
D. Confirming bank

32. ( )L/C may be payable at all but one of die following locations:
A. Confirming Bank's counters
B. Nominated bank' s counters, or at the counters of any bank if the L/C is freely negotiable
C. Issuing Bank's counters
D. Reimbursing Bank's counters

33. ( )The beneficiary ABC Export Co. receives an amendment from the advising bank that states:
* IJC now extends to Jan. 31, 2005 instead of Jan. 1st, 2005
* Unit prices now reduces to USD1.50 instead of USD2.50.
ABC Export Co. presented stipulated documents to the nominated bank C within the presentation period of L/C on Jan. 25, 2005 and invoice showing unit price as USD2.50.
Which of the following statements is correct according to UCP500 if documents are otherwise in order?
A. Bank C should accept the documents since documents are presented within presentation period and validity of L/C according to the amendment
B. Bank C should reject the documents since the beneficiary only accepted part of the amendment to the L/C
C. Bank C should accept the documents since ABC Export Co. presented documents according to unit price stated in the original IMC and within the new expiry date
indicated in the amendment
D. Bank C should reject the documents since ABC Export Co. did not indicate in writing whether they had rejected or accepted the amendment

34.( )When goods are in transit by track from Xi' an to Pakistan border, which trade terms in INCOTERMS 2000is normally used?
A. CIP
B. CPT
C. DAF
D. DEQ

35. ( )Which of the following INCOTERMS requires the exporter to supply insurance ?
A. VAS
B. CFR
C. ClF
D. EXW

36. ( )A bank that informs the beneficiary of the IMC received at the request of the issuing bank is called:
A. Advising bank
B. Nominated bank
C. Reimbursing bank
D. Confirming bank

37. ( )L/C states:
Shipment schedule --First lot: T-shirts, latest date of shipment: June 20, 2005
--second lot: skirts, latest date of shipment: July 1st, 2005
Shipment must be effected in two separate lots.
For the first lot, beneficiary shipped T-shirts on June 21, 2005 and the issuing bank
refused payment because of late shipment of the first lot.
For the second lot, beneficiary shipped skirts on June 30, 2005 and presented documents to
the issuing bank for payment.
According to UCPSO0, which of the following statements is correct?
A. Issuing bank may refuse payment because the shipment schedule stipulated in L/C is not followe D.
B. Issuing bank may refuse payment because the beneficiary did not ship the second lot on July lst, 2005 as stipulated in the L/C.
C. Issuing bank may not refuse payment for both the first and the second lots because the latest date of shipment is July 1*t, 2005.
D. Issuing bank may not refuse payment because the second lot was shipped within the given period stipulated in the Credit.

38. ( )If L/C calls for invoices in quintuplicate, which of the following statements is correct?
A. Beneficiary may present two original invoices plus two copies.
B. Beneficiary. may present four original invoices.
C. Beneficiary may present four copies of invoices.
D. Beneficiary may present at least one original invoice plus four copies of invoices.

39. ( )The beneficiary can minimize the risks of its failure to comply with L/C conditions by
A. reading all the conditions of the L/C carefully as soon as they receive the L/C
B. immediately requesting an amendment to the L/C terms if any of the conditions appear to vary from the commercial agreement, or if the beneficiary find it difficult to satisfy any
of the credit conditions
C. shipping the goods first to avoid late shipment and then immediately requesting an amendment to the L/ C terms if any of the conditions appear to vary from the commercial
agreement, or if the beneficiary find it difficult to satisfy any of the credit conditions
D. obtaining a confirmation of the L/C by a bank in the beneficiary's country

40.( )If L/C calls for an insurance policy, then the beneficiary should make sure of following except:
A. the document tendered is not a cover note
B. the document tendered must be an insurance policy
C. the date of cover is effective
D. the risks must be covered as per PICC clauses

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