Archive:Letters of Credit/Assessment: Difference between revisions
wikademia>MSUglobal New page: {{TF4.5}} ==Assessment== 1. A confirmed letter of credit includes a ::a. funds transfer in US Dollars only. ::b. a request for only a draft and commercial invoice. ::c. a freely negotiabl... |
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Latest revision as of 19:23, 29 May 2009
1. A confirmed letter of credit includes a
- a. funds transfer in US Dollars only.
- b. a request for only a draft and commercial invoice.
- c. a freely negotiable credit for the seller.
- d. second bank's promise to pay upon complying document presentation.
2. Unless otherwise stated, all letters of credit are considered
- a. revocable.
- b. confirmed.
- c. irrevocable.
- d. transferable.
3. A transferable letter of credit allows the beneficiary to transfer the _____________ to a secondary beneficiary.
- a. letter of credit
- b. funds
- c. documents
- d. liability
(Answers: 1=D, 2=C, 3=A)