IIP301 full Questions With Complete Solutions
_______ wants (typically) the seller to bear the transportation
and insurance costs and to have the goods delivered to a local,
home-country delivery point where is ownership is assumed
a. Importer
b. Exporter
c. Producer
d. Banker Correct Answers a
______________________________is an obligation on the part
of an issuing bank to pay a beneficiary in the case of the
nonperformance of the applicant
a. A transferable credit
b. A revolving documentary credit
c. A red clause credit
d. Standby documentary credit credit Correct Answers d
___________________________is a transport document
covering port-to-port shipments of goods issued by a party
chartering a vessel (as opposed to a named carrier or shipping
line).
a. A charter party bill of lading
b. A marine bill of lading
c. A non-negotiable sea waybill
d. Air waybill Correct Answers a
__________________________is a set of uniform rules
codifying the interpretation of trade terms defining the rights
and obligations of buyers and sellers in international
transactions. Developed and issued by the International
,Chamber of Commerce (ICC) in Paris, this version is
publication from __________________________________.
a. "Incoterms 2010", 2010
b. "Incoterms 2011", 2011
c. "Incoterms 2012", 2012
d. "Incoterms 2013", 2013 Correct Answers a
________________________describes under a letter of credit
the different ways in which payment may be effected to the
seller from the buyer through the banks
a. Issurance
b. Amendment
c. Utilization
d. Settlement Correct Answers d
______________________is a new documentary credit opened
in favor of another beneficiary on the basis of an already
existing , irrevocable, non-transferable documentary credit
a. A revolving documentary credit
b. A back-to-back documentary credit
c. A standby documentary credit
d. A red clause documentary credit Correct Answers b
______________________is a transport document covering
port-to-port shipments. It is not a title document, is not
negotiable and cannot be endorsed
a. Export License
b. A marine bill of lading
c. A non-negotiable sea waybill
d. Charter Party Bill of Lading Correct Answers c
, _____________________is an obligation on the part of an
issuing bank to restore a credit to the original amount after it has
been utilized, without the need for amendment.
a. A revolving documentary credit
b. A transferable credit
c. A red clause credit
d. A standby documentary credit Correct Answers a
___________________is a transport document covering port-to-
port shipments of goods issued by a party chartering a vessel.
a. A charter party bill of lading
b. A marine bill of lading
c. A non-negotiable sea waybill
d. Air waybill Correct Answers a
__________________are the most common form of
international payment because they provide a high degree of
protection for both the buyer and the seller. The buyer specifies
the documentation required from the seller before the bank is to
make payment, and the seller is given assurance that payment
will be make after shipping the goods so long as the
documentation is in order.
a. Open account
b. Cash in Advance
c. Transfers and Remitances
d. Letters of credit Correct Answers d
_________________is used by a "middlemen" who acts as an
intermediary between a buyer and a seller to earn a profit for
structuring the transaction
a. A revolving documentary credit
_______ wants (typically) the seller to bear the transportation
and insurance costs and to have the goods delivered to a local,
home-country delivery point where is ownership is assumed
a. Importer
b. Exporter
c. Producer
d. Banker Correct Answers a
______________________________is an obligation on the part
of an issuing bank to pay a beneficiary in the case of the
nonperformance of the applicant
a. A transferable credit
b. A revolving documentary credit
c. A red clause credit
d. Standby documentary credit credit Correct Answers d
___________________________is a transport document
covering port-to-port shipments of goods issued by a party
chartering a vessel (as opposed to a named carrier or shipping
line).
a. A charter party bill of lading
b. A marine bill of lading
c. A non-negotiable sea waybill
d. Air waybill Correct Answers a
__________________________is a set of uniform rules
codifying the interpretation of trade terms defining the rights
and obligations of buyers and sellers in international
transactions. Developed and issued by the International
,Chamber of Commerce (ICC) in Paris, this version is
publication from __________________________________.
a. "Incoterms 2010", 2010
b. "Incoterms 2011", 2011
c. "Incoterms 2012", 2012
d. "Incoterms 2013", 2013 Correct Answers a
________________________describes under a letter of credit
the different ways in which payment may be effected to the
seller from the buyer through the banks
a. Issurance
b. Amendment
c. Utilization
d. Settlement Correct Answers d
______________________is a new documentary credit opened
in favor of another beneficiary on the basis of an already
existing , irrevocable, non-transferable documentary credit
a. A revolving documentary credit
b. A back-to-back documentary credit
c. A standby documentary credit
d. A red clause documentary credit Correct Answers b
______________________is a transport document covering
port-to-port shipments. It is not a title document, is not
negotiable and cannot be endorsed
a. Export License
b. A marine bill of lading
c. A non-negotiable sea waybill
d. Charter Party Bill of Lading Correct Answers c
, _____________________is an obligation on the part of an
issuing bank to restore a credit to the original amount after it has
been utilized, without the need for amendment.
a. A revolving documentary credit
b. A transferable credit
c. A red clause credit
d. A standby documentary credit Correct Answers a
___________________is a transport document covering port-to-
port shipments of goods issued by a party chartering a vessel.
a. A charter party bill of lading
b. A marine bill of lading
c. A non-negotiable sea waybill
d. Air waybill Correct Answers a
__________________are the most common form of
international payment because they provide a high degree of
protection for both the buyer and the seller. The buyer specifies
the documentation required from the seller before the bank is to
make payment, and the seller is given assurance that payment
will be make after shipping the goods so long as the
documentation is in order.
a. Open account
b. Cash in Advance
c. Transfers and Remitances
d. Letters of credit Correct Answers d
_________________is used by a "middlemen" who acts as an
intermediary between a buyer and a seller to earn a profit for
structuring the transaction
a. A revolving documentary credit
