IIP301 - Quiz 1 Exam Latest 2026 Questions and
Correct Detailed Answers Already Graded A+
Which document is issued by the government authority of a country granting the
right to export a specific quantity of a commodity to a specific country?
a. Country of origin
b. Inspection certification
c. Packing list
d. Export license - CORRECT ANSWER-d
___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. Charter Party Bill of lading
c. A marine bill of lading
d. A non-negotiation sea waybill - CORRECT ANSWER-d
In a documentary credit the ___ specifies the documentation required from the
___ before the ___ is to make payment and the seller is given assurance that
,payment will be made after shipping the goods as long as the document is in
order.
a. seller, buyer, bank
b. Buyer, seller, bank
c. bank, seller, buyer
d. Buyer, bank, seller - CORRECT ANSWER-b
In a sales contract between a seller and a buyer, open account payments are
made either by bank draft or check or through a wire payment to the bank
account specified by the___
a. Exporter
b. Importer
c. Freight forward
d. Customs broker - CORRECT ANSWER-a
Which of the following is true about export license?
a. It is often required for the exportation of certain natural resources, national
treasures, drugs, strategic commodities, and arms armaments.
b. The export license of each country will have its own form and content
c. All of the others
,d. It is document prepared by a government authority of a nation granting the
right to export a specific quantity of a commodity to a specified country. -
CORRECT ANSWER-c
A_________________is similar to an international cash on delivery (COD). The
seller ships goods to the buyer but sends the documents, including the bill of
lading (title document), through the banks with instructions to release them to
the buyer only upon payment.
a. documentary collection
b. letter of credit
c. Cash in advance
d. Open account - CORRECT ANSWER-a
In documentary collection, the seller (principal) prepares and presents (remits) a
document package to his bank (the remitting bank) consisting of
a. a collection order specifying the terms and conditions under which the bank is
to hand over documents to the buyer anf receive payment
b. the negotiable transport document (bill of lading)
c. other documents (e.g., insurance document, certificate of origin, inspection
certificate, etc.) as required by the buyer
d. All of these - CORRECT ANSWER-d
, As defined in Uniform Rules for Collection URC522, the bank that is responsible
for making the documents available to the drawee is known as:
a. The remitting bank
b. The collecting bank
c. The confirming bank
d. The reimbursing bank - CORRECT ANSWER-b
25. Which of the follwing is NOT covered under Incoterms?
A. Transfer of title
B. Payment terms or methods
C. Task, cost and risk of buyer and seller associated with the transportation and
delivery of goods
D. Both A and B
E. Both B and C - CORRECT ANSWER-D
27. Which of the following is not a commercial documents?
A. Bill of exchange
B. Bill of lading
C. Commercial invoice
Correct Detailed Answers Already Graded A+
Which document is issued by the government authority of a country granting the
right to export a specific quantity of a commodity to a specific country?
a. Country of origin
b. Inspection certification
c. Packing list
d. Export license - CORRECT ANSWER-d
___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. Charter Party Bill of lading
c. A marine bill of lading
d. A non-negotiation sea waybill - CORRECT ANSWER-d
In a documentary credit the ___ specifies the documentation required from the
___ before the ___ is to make payment and the seller is given assurance that
,payment will be made after shipping the goods as long as the document is in
order.
a. seller, buyer, bank
b. Buyer, seller, bank
c. bank, seller, buyer
d. Buyer, bank, seller - CORRECT ANSWER-b
In a sales contract between a seller and a buyer, open account payments are
made either by bank draft or check or through a wire payment to the bank
account specified by the___
a. Exporter
b. Importer
c. Freight forward
d. Customs broker - CORRECT ANSWER-a
Which of the following is true about export license?
a. It is often required for the exportation of certain natural resources, national
treasures, drugs, strategic commodities, and arms armaments.
b. The export license of each country will have its own form and content
c. All of the others
,d. It is document prepared by a government authority of a nation granting the
right to export a specific quantity of a commodity to a specified country. -
CORRECT ANSWER-c
A_________________is similar to an international cash on delivery (COD). The
seller ships goods to the buyer but sends the documents, including the bill of
lading (title document), through the banks with instructions to release them to
the buyer only upon payment.
a. documentary collection
b. letter of credit
c. Cash in advance
d. Open account - CORRECT ANSWER-a
In documentary collection, the seller (principal) prepares and presents (remits) a
document package to his bank (the remitting bank) consisting of
a. a collection order specifying the terms and conditions under which the bank is
to hand over documents to the buyer anf receive payment
b. the negotiable transport document (bill of lading)
c. other documents (e.g., insurance document, certificate of origin, inspection
certificate, etc.) as required by the buyer
d. All of these - CORRECT ANSWER-d
, As defined in Uniform Rules for Collection URC522, the bank that is responsible
for making the documents available to the drawee is known as:
a. The remitting bank
b. The collecting bank
c. The confirming bank
d. The reimbursing bank - CORRECT ANSWER-b
25. Which of the follwing is NOT covered under Incoterms?
A. Transfer of title
B. Payment terms or methods
C. Task, cost and risk of buyer and seller associated with the transportation and
delivery of goods
D. Both A and B
E. Both B and C - CORRECT ANSWER-D
27. Which of the following is not a commercial documents?
A. Bill of exchange
B. Bill of lading
C. Commercial invoice
