C. Without delay
18. In the case that the L/C accepts on deck bill of lading, a set of bill of lading with the notation “shipped on deck” instead of “shipped on board” appearing thereon is acceptable. A. Right B. Wrong C. It’s arguable
19. ( ) in collection transactions, when documents presented lack bills of exchange, the remitting bank, upon request of the drawer, may instruct either the collecting bank or the drawee to create the bills of exchange instead with proper requirements as to their form and wording. (C, Art.8 of 522 ) A. Unless the remitting bank agrees B. Unless the presenting bank agrees C. No conditions needed
20. An L/C stipulated that the expiry date for negotiation was May 1, 2003
A. In the light of UCP600, the L/C was proper issued. But such a date will be deemed as the expiry date for presentation of
documents
B. In the light of UCP600, the L/C was badly issued
C. This stipulation can be disregarded. The period of presentation of documents would be 21 days after date of shipment
21. An L/C requires: invoice/bill of lading in 1 photocopy. What should the beneficiary present?
A. Invoice in 1 photocopy or BL in 1 photocopy
B. A document titled “invoice/bill of lading” in 1 photocopy C. The L/C is not clear, but it’s better to present an invoice and a BL each in photocopy
22. The transportation document called for was an air waybill issued to order of the applicant. The air waybill presented was issued to the applicant instead of to his order. A. The air waybill was discrepant.
B. The air waybill was OK because the L/C did not prohibit the alterative of the consignee
C. The air waybill was OK because this alternative was allowed by the ISPB
23. Which of the following clauses or notations appearing on the
face of the transport document would preclude it from being accepted?
A. Oil drums are leaking
B. Highly flammable material or potentially explosive material C. Refrigerated seafood, may spoil during voyage
24. A beneficiary receives an irrevocable documentary credit for which USD22,500.00 may be drawn during each month of the documentary credit’s one-year validity. The documentary credit also indicates that reinstatement is on a cumulative basis. Full monthly drawings were made during the first, second, fourth, fifth and seventh months and there have been no other drawings. In the last month of the documentary credit’s validity, the beneficiary expects to make a final shipment. What is the maximum value available for this final drawing? A. USD112,500.00 B. USD135,000.00 C. USD157,500.00
25. A documentary credit states that shipment dates would be acceptable? 1. 20 June
2. 27 June 3. 02 July 4. 03 July A. 1 and 2 only B. 1 and 4 only C. 2 and 3 only
26. When an advising bank has accepted a time/usance draft under an advised documentary credit, they are responsible for effecting payment at maturity when ( )?
A. they have received funds from the issuing bank] B. they have received funds from the reimbursing bank C. the draft is presented by the beneficiary
27. In accordance with UCP all the following statements relating to commercial invoices under a non-transferable documentary credit are correct EXCEPT the commercial invoices must () A. Be manually signed by the beneficiary B. Be made out it the name of the applicant
C. Appear to have been issued by the named beneficiary and indicate the description of goods corresponding with the documentary credit.
28. Which of the following Incoterms is correctly described?
IncoterInsurance
A. B. C.
29. Which party has the most responsibility to examine the terms and conditions of a documentary credit against the sales agreement? A. Applicant B. Beneficiary C. Issuing bank
30. In the case of a non-cumulative revolving documentary credit available for USD10,000.00 per month and valid for six months, which of the following statements is correct? 1. The face value of the credit is USD10,000.00 2. The face value of the credit is USD 60,000.00
3. The amount(s) not utilized in one month may be carried over to the next
m CFR FOB FCA
required Yes No No
Transport document Freight Collect Freight Paid Freight Collect