1. Among the kinds of documentary credits subject to UCP600, from which can the
beneficiary get two banks irrevocable undertaking to pay if complying documents are presented.
A. Irrevocable credit B. Transferable credit C. Confirmed credit
2. Which transport document of the following is not a goods title
A. Bill of lading
B. Multimodal transport documents C. Air waybill
3. Under an irrevocable credit, who must undertake primary liability for payment
A. The applicant B. The issuing bank C. The nominated bank
4. With reference to ( ), the expression “transshipment not allowed” is not a
binding term under credit transaction. A. Air transportation B. Marine transportation C. Insurance policy
5. Silent confirmation is an arrangement made between ( )
A. Beneficiary and advising bank B. Issuing bank and advising bank C. Beneficiary and applicant
6. A credit can be transferred ( )
A. From the first beneficiary to the second beneficiary B. From the second beneficiary to the third beneficiary C. From the applicant to the beneficiary
7. As for a freely negotiable credit, which bank acts as a transferring bank
A. the advising bank
B. the specifically authorized bank C. any negotiating bank
8. Of documentary credit and documentary collection in international trade, ( )
is better for the seller as it means a bank’s irrevocable undertaking to pay. A. The former B. The latter
C. Neither
9. Which abbreviation of the following is for uniform customs and practice for
documentary credits A. UCP B. URC C. URDG
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 ascertain 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
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 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, 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, 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, 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, B. USD135, C. USD157,
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
A. B.
Incoterm Insurance required Transport document CFR FOB
Yes No
Freight Collect Freight Paid
C. FCA No Freight Collect
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,
per month and valid for six months, which of the following statements is correct 1. The face value of the credit is USD10, 2. The face value of the credit is USD 60,
3. The amount(s) not utilized in one month may be carried over to the next 4. The total undertaking of the issuing bank is USD60,
A. 1 and 3 only B. 1 and 4 only C. 2,3 and 4 only
PART TWO 多项选择 1. An L/C calls for a certificate of origin issued by the ICC, which of the following
samples are acceptable
A. B. C.
ICC CERTIFICATE OF ORIGIN Xxxx Signed by Smith CERTIFICATE OF ORIGIN CERTIFICATE OF ORIGIN XXXXXXXX XXXXXXXX Signed by Smith Signed by Director of ICC Smith
2. Which of the following documents must be dated
A. Packing list B. Drafts
C. Transport documents D. Insurance documents
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 and details shown” PACKING & WEIGHT LIST “Packing and weight weight “Packing and weight details shown” details shown”
4. 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
5. 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
6. Which of the following documents are original documents
A. A photocopy with manually signature
B. An invoice produced on beneficiary’s letter-headed paper without
signature and/or not indicating “original”
C. A signed document transmitted through a fax machine, though absent an
original signature
D. A document with “original” on it
7. 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
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
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
9. Which of the following documents are not considered as transport documents under
UCP600
A. Delivery order and mate’s receipt
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 contained in the following documents, which
need not be 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, though not required by the L/C subject to UCP600,
to be shown on the air waybill, which date below is deemed to be the shipment date
A. B. C. D. Flight date: June 12, 2006 shown in the box for “carrier’s use only” Flight date: June 15, 2006
Actual date of dispatch: june 17, 2006 made by a stamp 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
referred to by the L/C
B. If the L/C opening application bears any ambiguity 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.
13. Under an L/C indicating the goods description as “frozen beef” and reqiring
invoice, B/L, packing list, certificate of origin, please determine 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 by air
A. insist upon holding the consignor’s copy of the air waybill B. insist upon holding original air waybill for the consignee
C. insist upon being named as consignee of the goods on the air waybill D. insist upon full set of air waybills to be presented
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 documents drawn under the documentary credit directly from the beneficiary, the issuing bank should:
A. examine the documents and pay the beneficiary B. verify the documents and pay the nominated bank
C. return the documents to the beneficiary for presentation to the
nominated bank
D. remit the documents to the nominated bank for examination
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 “place
of receipt” rather than in the column of “port of loading” C. 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 of an amendment by one second beneficiary will invalidate the
acceptance(s) by the other second beneficiary (ies).
Part Three 是非判断
1. would charter party B/L be acceptable when the L/C calls for an ocean B/L 2. an L/C calls for CFR shipment. The B/L is marked “freight paid” and “free
out”, would this be acceptable
3. an L/C calls for FOB shipment and B/L marked “freight collect”, the B/L is
marked “freight collect” and “free in”, would this be acceptable
4. 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. 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. 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. 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. 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. 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. A beneficiary presents documents within the expiry date of the L/C but they
contain discrepancies. The beneficiary collects the offending documents for correction (leaving the rest with the bank) and in due course presents correct documents, however, in the interim the L/C has expired. Should the bank now reject the documents for “credit expired”
11. 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. 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. 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. 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. 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 判断正误
1. 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. part shipments/drawings are prohibited unless otherwise stated in the L/C. 3. unless otherwise stated in the L/C, transport documents must show the L/C
beneficiary as shipper/ consignor.
4. 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. an insurance policy is acceptable in lieu of an insurance certificate and vice
versa.
6. 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 such a stipulation. 7. 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. 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. terms such as “first class”, “well-known”, “independent”, “local”,
“official”, “qualified”, “competent” and the like are ambiguous words in light of the UCP. If such terms are incorporated 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. 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. 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. without the agreement or authorization of the applicant, an issuing bank must
issue a credit strictly as what the application says and cannot make any alteration even if to supplement or develop the terms in a manner necessary or desirable to permit the use of the credit.
13. 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. 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. 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. 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. 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. 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. 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 should not be countersigned by the carrier. 20. a credit subject to UCP600 calls for “international consignment not- 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.
SELF CHECKING ANSWER LIST Part 1 单项选择 1 C 2 C 3 B 6 A 7 B 8 A 11 B 12 B 13 A 16 A 17 C 18 B 21 C 22 C 23 A 26 C
27 A
28 C
PART 2 多项选择 1 AB 2 BCD 6 ABD 7 ACD 11 C 12 AC 16 AB
17 ABCD
PART 3 判断是非 1 W 2 R 6 W 7 R 11 W
12 R
PART 4 判断正误 1 F 2 F 6 F 7 T 11 F 12 F 16 F 17 T
4 A 5 A 9 A 10 A 14 AC 15 B 19 C 20 A 24 C 25 C 29 B
30 B
3 C 4 ACD 8 AD 9 ABD 13 BD 14 AD 18 A
19 BC
3 R 4 W 8 W 9 R 13 R
14 R
3 F 4 F 8 F 9 F 13 T 14 F 18 T
19 F
5 ACD10 D 15 BC 20 AC
5 W 10 R 15 W
5 F 10 F 15 T 20 F
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