Part 1 单单单单 1.
Among Among the kinds kinds of docum document entary ary credit credits s subject subject to UCP60 UCP600, 0, from which which can the benefic beneficiar iary y get two banks irrevocable undertaking to pay if complying documents are presented. A.
Irrevocable credit
B.
Trans ransfe fera rabl ble e cred credit it
C. Co Conf nfir irme med d cre credi ditt
2.
3.
Which Which tran transpo sport rt docum document ent of of the the follow following ing is is not a goods title A.
Bill of lading
B.
Multim Multimoda odall tran transpo sport rt docume documents nts
C.
Air waybill
?
Under Under an irrev irrevoca ocable ble cred credit, it, who who must must undert undertake akeprimary primary liability A.
for payment?
The applicant
B. Th The e is issu suin ing g ba bank nk C. The The nom nomin inat ated ed bank bank
4.
With With refe refere renc nce e to ( ), the the expr expres essi sion on “transshipment
not allowed” is not a binding
term under credit
transaction. A. Ai Airr trans transpo port rtat atio ion n B.
Mari Marine ne tran transp spor orta tati tion on
C. Insu Insura ranc nce e pol polic icy y
5.
Silent
confirmation
is an arrangement made between ( )
A.
Benefi Ben eficia ciary ry and adv advisi ising ng ban bank k
B.
Issuin Issuing g bank bank and advisi advising ng bank bank
C. Bene Benefi fici ciar ary y and and appli applica cant nt
6.
7.
A credit ca can be be transferred ( ) A.
From the first first benef beneficiar iciary y to the the second second benefi beneficiary ciary
B.
From the second second beneficiar beneficiary y to the third third beneficiary beneficiary
C.
From From the the applic applicant ant to to the the benefi beneficia ciary ry
As for a freely negotiable credit, credit, which bank acts as a transferring bank? A.
the advising bank
B.
the spe specif cifica ically lly aut author horize ized d bank bank
C. any any nego negoti tiat ating ing bank bank
8.
Of documentary d ocumentary credit and documentary collection in international trade, ( ) is better for the seller as it means a bank’s irrevocable undertaking to pay. pay. A.
The former
B.
The latter
C.
Neither
1
9.
Which abbreviation A.
UCP
B.
URC
C.
URDG
of the following is for uniform
customs and practice for documentary credits?
10. ( ) means “free on board a vessel” at the loading port, for which the seller does not supply insurance documents. A.
FOB
B.
CFR
C.
FCA
11. According to Incoterms 2000, which one of the below trade term is recommended
when the credit requires an
air waybill marked freight prepaid to the airport of destination? A.
CFR
B.
CPT
C.
FCA
12. 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 documentary credit best suits the exporter’s needs. A.
Transferable
B.
Standby
C.
Revolving
13. How many working days does an issuing bank have to as certain
whether the documents are in compliance
under a credit subject to UCP600? A.
5
B.
6
C.
7
14. Besides insurance company or its agent, the party who is also qualified to sign insurance document is ( ) A.
Underwriter
B.
Broker
C.
Proxy
15. Under CUP600 what is the minimum insurance amount acceptable when the credit requires the invoice amount be CIF USD1000? A.
USD1000
B.
USD1100
C.
USD1200
2
16. Collections should not contain
bills of exchange payable at a future date with instructions that commercial
documents are to be delivered against payment. If collections contain such a bill with such instructions, documents will be released to the drawee
upon ( ) and the presenting bank is not responsible for any consequences
arising out of any delay of payment. (A, 522 Art. 7 c) A.
The drawee’s payment
B.
The drawee’s acceptance
C. A guarantee to pay
17. In the case of
documents payable at sight the presenting bank must make presentation for payment ( )
A.
Within seven working days
B.
Within 3 working days
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 request of the drawer
, may instruct either the collecting bank
exchange instead with proper
requirements as to
A.
Unless the remitting bank agrees
B.
Unless the presenting bank agrees
C.
No conditions needed
or the drawee
their form and wording
, upon
to create the bills of
. (C, Art.8 of 522 )
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 ISBP
单单单单单单单单单单单单单单单单单“ 单单单”单单“ 单单单单单单单” 单单单单 单单单单单单单单单单单单单“单单单”单单 “单单单单单 单单”单单单单单单单单单单
，则 即使则则 据没有做成“ 凭指示” 式或“ 凭某具名
人指示”式抬则，也可接受。 3
如果信用则未则定到则 被通知人，则 空则则 上的相关则 位可以空白，或以任何方式填写。
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
C.
Refrigerated
material or potentially explosive
seafood, may spoil
material
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 on a cumulative
is
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?
25.
A.
USD112,500.00
B.
USD135,000.00
C.
USD157,500.00
A documentary credit states that shipment must be made on or about"
"/
“
27 june. Which of the
following 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 responsible for effecting payment at maturity
draft under an advised documentary credit, they are
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? Incoterm
Insurance required
Transport document
A.
CFR
Yes
Freight Collect
B.
FOB
No
Freight Paid
C.
FCA
No
Freight Collect 4
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
4.
The total undertaking of the issuing bank is USD60,000.00 A.
1 and 3 only
B.
1 and 4 only
C.
2,3 and 4 only
in one month may be carried over to the next
PART TWO 1.
An L/C calls for a certificate of origin issued by the ICC, which of the following samples are acceptable? A. ICC
B.
C.
CERTIFICATE OF ORIGIN CERTIFICATE OF ORIGIN
CERTIFICATE OF ORIGIN XXXXXXXX
XXXXXXXX
Xxxx
Signed by Smith
Signed by Smith Director of ICC
2.
Signed by Smith
Which of the following documents must be dated? A.
Packing list
B.
Drafts
C.
Transport documents
D.
Insurance documents
certificate of origin
5
3.
L/C: a packing list and a weight list. Are the following packing lists acceptable under the above L/C?
A.
B.
C.
PACKING LIST
PACKING & WEIGHT LIST
“Packing and weight details “Packing
and
weight
details
5.
6.
shown”
shown”
shown”
4.
“Packing and weight details
What does “exporting country” means? A.
Country where the beneficiary is domiciled
B.
Country where the L/C is advised
C.
Country of receipt of the goods by the carrier
D.
Country of origin of the goods or country from which shipment/dispatch
is made
What documents must be signed under the UCP 600? A.
Certificate of origin
B.
Invoice
C.
Transport documents and insurance documents
D.
Drafts and declaration
Which of the following documents areoriginal documents? A.
A photocopy with manually
signature
B.
An invoice produced on beneficiary’s letter-headed paper without signature and/or not indicating “original”
7.
C.
A signed document transmitted through a fax machine, though absent an original signature
D.
A document with “original” on it
Which of the following L/C is suitable to ask for a draft? A.
Available by negotiation
B.
Available by deferred payment
C.
Available by acceptance
D.
Available by payment
6
8.
We issued the L/C as follows:
L/C expired: Dec 27, 2005 at beneficiary’s country Latest shipment date: Dec 06, 2005 Period of presentation: documents to be presented within 21 days after date of shipment but within the validity of credit, state documents acceptable. Which of the following is acceptable?
9.
A.
B/L on board date: Dec 01, 2005, all documents presented on Dec 25, 2005
B.
B/L on board date: Dec 01, 2005, all documents presented on Dec 31, 2005
C.
B/L on board date: Dec 10, 2005, all documents presented on Dec 25, 2005
D.
B/L on board date: Dec 01, 2005, all documents presented on Dec 15, 2005
Which of the following documents arenot considered as transport documents under UCP600? A.
Delivery order and mate’s
B.
Forwarder’s certificate of receipt and forwarder’s cargo receipt
C.
Air waybill and bill of lading
D.
Warehouse notes/receipt
10. For the correction
and alternation
receipt
contained in the following documents, which needbe authenticated
a.
Correction and alternation in commercial invoice visaed by XXX consulate
b.
Correction and alternation in packing list issued by the manufacturer
c.
Correction and alternation drafts issued by beneficiary
d.
Correction and alternation in certificate of origin issued by beneficiary
11. If an actual date of dispatch which date below is deemed
?
, though not required by the L/C subject to UCP600, to be shown on the air waybill, to be the shipment date?
A.
Flight date: June 12, 2006 shown in the box for “carrier’s use only”
B.
Flight date: June 15, 2006
C.
Actual date of dispatch: june 17, 2006 made by a stamp
D.
A or B
12. Select the statements that correctly express the meaning of the UCP A.
An L/C is independent of relative contract even if it is expressly
B.
If the L/C opening application bears any ambiguity
referred to by the L/C
in its instruction, the issuing bank should bear
the risk to issue or amend the L/C C.
If the applicant has accepted the discrepancies
, the issuing bank can still refuse the
documents D.
Once a beneficiary accepts an L/C he must execute
it.
7
13. Under an L/C indicating the goods description as “frozen beef of origin, please determine
” and requiring invoice, B/L, packing list, certificate
the documents which are acceptable.
A.
Invoice indicating rhe goods description as “beef”
B.
B/L indicating the goods description as “beef”
C.
B/L indicating the goods description as “goods shipped as per invoice presented”
D.
Certificate of origin indicating the goods description as “goods shipped as per invoice presented”
14. A credit available with ( ) is also available with ( ) A.
a nominated bank, the issuing bank
B.
the issuing bank, a nominated bank
C.
advising bank, transferring bank
D.
confirming bank, the issuing bank
15. how would the issuing bank exercise control over the goods byair ? A.
insist upon holding the consignor
’s copy of the air waybill
B.
insist
C.
insist upon being named as consignee
D.
insist upon full set of air waybills to be presented
upon holding original air waybill for the consignee of the goods on the air waybill
16. A documentary credit calls for presentation of an insurance certificate. Which of the following insurance documents would be acceptable for CIF shipment where the invoice value is USD75,000 ? A.
insurance certificate for USD82,500
B.
insurance policy for USD85,000
C.
insurance declaration for USD75,000
D.
insurance certificate for USD75,000
17. the letter of credit requires “three copies of inspection certificate issued by CCIC”.The documents presented as follows. Which is acceptable? A. in 3 originals B.
in 3 copies
C.
in 1 original and 2 copies
D.
in 2 originals and 1 copy
18. an issuing bank has issued a sight documentary credit to a beneficiary authorizing
a nominated bank
to
pay the beneficiary for all documentary presented in accordance with the documentary credit terms and conditions. Upon receipt of complying issuing bank should
documents drawn
under the documentary credit directly from the beneficiary, the
:
A.
examine the documents and pay the beneficiary
B.
verify
C.
return the documents to the beneficiary for presentation to the nominated bank
D.
remit
the documents and pay the nominated bank
the documents to the nominated bank for examination
8
19. under which of the following situation, the on board notation
on B/L should also indicate the actual port of
loading? A.
when B/L contains the indicating “intended
vessel” or similar
qualification
in relation to the
vessel B.
when B/L indicates the port of loading of the credit in the column in the column
C.
“place of receipt” rather than
of “port of loading”
when B/L contains the indicating “intended
port of loading” or similar
qualification
in
relating to the port of loading D.
when B/L indicates that “goods have been received in appearance good condition”
20. which of the following statements about transferable L/C is correct? A.
in case of
freely negotiable L/C, the issuing bank should specifically nominate
in the credit
a bank as the transferring bank B.
the transferable L/C could be transferred more than once
C.
the transferable L/C could be transferred to more than one second beneficiary if partial shipment/drawing is not prohibited
D.
refusal
单单
of an amendment by one second beneficiary will invalidate the acceptance(s) by the other
second beneficiary (ies).
Part Three 1.
W would charter party B/L be acceptable when the L/C calls for an ocean B/L
2.
R an L/C calls for CFR shipment. The B/L is marked “freight paid”
and “free out
” , would this be
acceptable? 3.
R an L/C calls for FOB shipment and B/L marked “freight collect” “free in
4.
”, would this be acceptable?
W an L/C calls for an ocean B/L and delivery on FOB terms. Would a B/L be acceptable if marked “freight payable as per charter party”
5.
, the B/L is marked “freight collect” and
?
W an L/C calls for an AWB showing “actual flight date”. When received, the AWB shows this information but in a box marked “for carrier’s information only”. Would this be acceptable?
6.
W under “documents required” and L/C lists both “certificate of origin” and “GSP form A”. only the latter document is presented by the beneficiary. Would this be acceptable?
7.
R an L/C calls for a certificate regarding the vessel “to be issued by the carriers
”. The B/L has been issued by
Borneo Shipping Pte Ltd as agents for the carrier, Nyk Line. Borneo Shipping has also issued the certificate as agents for Nyk Line. Would this be acceptable? 8.
W an L/C calls for presentation of a copy telex/fax to the applicants giving certain information. The document presented is the beneficiary’s signed certificate that they have sent such a telex to the applicant (the certificate also lists the information sent which is accurate and complete). Would this be acceptable?
9.
R an L/C calls for “commercial invoice”, when presented, the invoice, which has been computer-generated, is not marked “original”, it does however bear an original manual
signature. Would this be acceptable?
10. R A beneficiary presents documents within the expiry date of the L/C but they contain discrepancies beneficiary collects the offending
documents for correction (leaving the rest with the bank) and in due
presents correct documents, however, in the i nterim
. The course
the L/C has expired. Should the bank now reject
the documents for “credit expired”?
9
11. W an L/C (which allows transshipment
) calls for shipment from a UK airport. The AWB shows goods on a flight
from Paris to London then transshipment to another flight from London to the ultimate
destination as specified
in the L/C. would this be acceptable? 12. R an L/C issued in favour of
a beneficiary in Galle
, Srilanka
calls for a certificate of origin issued by the
“local chamber of commerce”, when presented it has been issued by the chamber of commerce in Colombo srilanka
,
. Would this be acceptable?
13. R an L/C calls for ocean shipment from “western Europe to south korea”. In full utilization
of the L/C, the
documents presented include 3 sets of ocean B/L all showing the same vessel/voyage but 3 different ports of loading (all within western europe) and 3 different ports of discharge (all in south korea). Does this constitute evidence of partial shipment? 14. R an L/C subject to UCP600 specified that the L/C number must be quoted in all documents presented. The commercial invoice did not quote the L/C no. and issuing bank refused payment. Is the issuing bank correct in its refusal? 15. W is the following invoice acceptable or not? Description of the goods in an L/C is: 1000 pieces of towels L/C amount: USD1000 Invoice presented shows: Towels: 1000 pieces Total value: USD 1000 Samples of cap: 20 free of charge
Part Four 1.
F Having transferred the full shipment/expiry dates and presentation period and made the L/C available in the transferee’s country, the first beneficiary cannot now substitute
documents after the L/C has expired or late
presentation occurred. 2.
F part shipments/drawings are prohibited unless otherwise stated in the L/C. UCP600.
3.
F unless otherwise stated in the L/C, transport documentsmust show the L/C beneficiary as shipper/ consignor
.
4.
F an L/C calls for invoices in triplicate. When presented, they are identical computer-generated documents none of which is marked original. However, this is acceptable as the L/C only stated triplicate,not original and two copies.
5.
F an insurance policy is acceptable in lieu
of an insurance certificate and vice versa.
6.
F according to article 13 of UCP600, if the credit stipulates that a claiming bank must supply a certificate of compliance with the terms and conditions of the credit when making reimbursement claim, the reimbursing bank can disregard
7.
such a stipulation
.
T a bill of lading with pre-printed wording to show that the goods have been loaded on board can simultaneously bear a dated on-board notation
. In such a case the date of the on-board notation will be deemed
to be the
date of shipment whether it is earlier or later than the issuance date or the two are the same. 8.
F if the bill of lading indicates a place of receipt or taking in charge different from the port of loading, the on board notation
must also include the port of loading stipulated in the credit and the name of the vessel on which the
goods have been loaded, even if they have been loaded on the vessel named in the bill of lading. This provision does not apply when loading on board the vessel is indicated by pre-printed wording on the bill of lading. 9.
F terms such as “first class”, “well-known”, “independent”, “local”, “official”, “qualified” the like are ambiguous
words in light of the UCP. If such terms are incorporated
, “competent”
and
in the credit, banks will
accept the relative document (s) as presented, provided that it appears on its face to be in compliance with the other terms and conditions of the credit. 10
"
""first class" "
competent" "
""well known" "
" "qualified" "
""independent" "
""official" "
"
""local"
10. F as for a charter party bill of lading, banks will not examine the charter party contract to which the bill of lading is subject. But if the credit requires beneficiary(ies) to present the contract along with other documents banks have to determine
whether it is in compliance with the terms and conditions of the credit.
11. F under a freely negotiable and transferable credit any bank except the issuing bank is a nominated bank. Now that the relative article of UCP600 sets a rule that only the nominated bank has the right to make the transfer, thereof any bank exclusive
of the issuing bank can transfer such a credit unless otherwise stipulated.
12. F without the agreement or authorization of the applicant, an issuing bankmust issue a credit strictly application says and cannot make any alteration
as what the
even if to supplement or develop the terms in a manner
necessary or desirable to permit the use of the credit. 13. T if a signature and/or endorsement is required to be on a document consisting of more than one page, the signature is normally placed on the first or last page of the document, but unless the credit or the document itself indicates where a signature or endorsement is to appear, the signature or endorsement may appear anywhere on the document 14. F if an L/C requires “invoice” or “one invoice” it will be understood to be a requirement for an original invoice. If an L/C requires “invoice in 1 copy”, it will be understood to be a requirement for a copy of an invoice. 15. F an L/C called for one copy of insurance certificate, the original to be sent to the applicant by the beneficiary outside the L/C. the beneficiary presented one original in place of one copy. The original indicated on its face in column: NUMBER OF ORIGINAL: ONE. The presentation is valid. 16. F description of goods: 100 tables, unit price: USD100 FOB shenzhen, total value: USD10000 partial shipment allowed description of goods in presented invoice: 100 tables, unit price: USD 100 FOB ShenZhen 10 tables first shipment total value: USD1000 the description of goods in presented invoice is not acceptable. 17. T the signature of the below bill of lading is compliance L/C requirement:ocean bill of lading BILL OF LADING
BL NO,XXXXXXXXXXXXXX
XXXXXXXXXXXXXXXXXXXX XXXXXXXXXXXXXXXXXXXX
ZHANG XIN XIN XYZ FREIGHT FORWARDER AS CARRIER 18. T UCP600 is quite clear in stating that for the purpose of the articles in UCP, branches of a bank in a different country is considered to be sepearate bank. It follows that a branch of a bank in the same country is considered to be the same bank. 19. F a credit requires the bill of lading to show on board notation which should be dated, stamped and countersigned . In this respect if the bill of lading is signed by the carrier, the notation shouldnot be countersigned by the carrier. 20. F a credit subject to UCP600 calls for “international consignment note-copy for shipper ”. An international consignment note is presented without the words or marking “copy for shipper”, neither does it show for whom the document has been prepared. The document without the words or making “copy for shipper” creates a discrepancy.
11
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