Srl Question OPTION A OPTION B OPTION C OPTION D CORRECT

OPTION
1 Advising bank is usually in the country of BENEFICIARY IMPORTER ISSUING BANK APPLICANT A
2 Confirming a LC is MANDATORY Choice of Choice of Choice of Issuing C
Importer Exporter Bank
3 Transferable LC may be transferred To multiple Twice Upon written To second and A
second request by third beneficiary
beneficiaries second only
beneficiary

4 ISBP stands for International International International Indian Standard C

StandBy Practice Standby Banking Standard Banking Practice
Practice Banking Practice

5 UCP 600 stands for Uniform Uniform Customs Uniform Universal Customs C
Customs Practices Customs and and Practices for
Principles Practices for Documentary
Documentary Credits
Credits

6 Pick the odd one out AIRWAY BILL SEAWAY BILL BILL OF LADING SHIPPING BILL D
7 If an exporter is willing to send the shipping documents directly to TRANSFERABLE REVOLVING SBLC RED CLAUSE C
the buyer, but wishes to retain some guarantee of payment if the CREDIT CREDIT CREDIT
buyer fails to pay on due date, which of the following BEST suits the
exporter’s needs?

8 CIF CARRAIGE COST INSURANCE COST & FREIGHT CARRAIGE IS FREE B

INSURANCE & & FREIGHT
FREIGHT
Srl Question OPTION A OPTION B OPTION C OPTION D CORRECT
OPTION
9 A transferable credit has been confirmed. The beneficiary has The transferred The transferred The transferred Request should be A
provided its request for transfer. Which of the following is correct? LC must also be LC need not be LC may be rejected
confirmed confirmed confirmed at the
option of the
Issuer

10 Which is the bank that issues Reimbursement Authorization under ISSUING BANK CONFIRMING ADVISING BANK REIMBURSING A
the Credit? BANK BANK
11 As per UCP 600 a commercial invoice forming a part of a 1 0 B
documentary credit transaction document must be signed
12 As per UCP 600 any of the following can be reduced in the amount date of insurance cover shipment date C
transferred credit except presentation
13 Advising bank which is requested to add its confirmation by the 1 0 A
Issuing Bank need not add its confirmation, if it so wishes.
14 If a credit states " Invoice - 3 sets", then which one of the following 3 Copies 2 Originals 1 3 Originals 1 Original 2 A
is not acceptable Copy Copies
15 Advising bank can avail the services of a second advising bank to 1 0 A
advise a credit
16 A credit must state whether it is available by sight payment, 1 0 A
deferred payment, acceptance or negotiation
17 Which one of the following necessarily requires a draft to be SIGHT PAYMENT DEFERRED ACCEPTANCE NEGOTIATION C
presented PAYMENT
18 If there is no indication in the credit of the insurance coverage 100% 110% 125% 100% B
required, the amount of insurance coverage must be at least
_____________ of the CIF or CIP value of the goods.
19 Nominated bank means any bank in the case of a credit available 1 0 A
with any bank.
Srl Question OPTION A OPTION B OPTION C OPTION D CORRECT
OPTION
20 UCP 600 States that the bank has a maximum of _____________ 5 working days 5 week days 5 banking days 3 Working days C
banking days in which to examine and
determine whether a presentation is complying.
21 As per UCP 600 a credit is irrevocable unless specified otherwise 1 0 A

22 A credit can neither be ISSUING BANK CONFIRMING BENEFICIARY ALL OF THE D

amended nor cancelled without the agreement of BANK ABOVE

23 Uniform Rules for Bank Payment Obligation (URBPO) is related to Advance Open Account Documentary Documentary B
Remittance Credit Collection
24 How many articles does UCP 600 has? 29 26 25 39 D
25 How many articles does URC 522 has? 29 26 25 39 B
26 Which article of UCP 600 has the definitions? 1 2 8 16 B
27 Under URC 522, remitting bank is the bank of Importer Exporter B
28 Article 14 of UCP 600 deals with Commercial Reimbursement Airway Bill Standard for D
Invoice Examination of
Documents
29 The latest version of Uniform Rules for Demand Guarantee (URDG) 758 748 859 992 A
is
30 For referring case to DOCDEX, the maximum possible fee is USD 10000, 500 15000, 10000 10000, 5000 15000, 5000 D
_____, but can be as little as USD_____