Export Letter of Credit
Quiz by Miranda Odedra
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- Q1
Who is the beneficiary in an Export Letter of Credit
Immigration
Exporter / Seller
Importer / Buyer
60s - Q2
Who is the applicant in an Export Letter of Credit
Importer / Buyer
Exporter / Seller
Any New Zealander wishing to immigrate to Australia
30s - Q3
Who is the drawee
Exporter / Seller
Importer / Buyer
30s - Q4
Who is the drawer
Exporter / Seller
Importer / Buyer
30s - Q5
What are the 3 Incoterms (trade terms) you have learned so far
CFR/CPT/FOB
FOB/CFR/CIF
CIP/FOB/CIF
30s - Q6
What does UCP stands for
University of Central Punjab
Uniform Customs & Practice for Documentry Credit
Uniform Customs & Processes for Documentry Credit
30s - Q7
Who are the parties involved in a letter of credit ?
Shipping Company, Importer, Exporter
Importer, Issuing bank, Advising bank
Exporter, Importer, Issuing bank, Advising bank
30s - Q8
Advising bank means the bank that advise the credit at the request of
Applicant
Confirming Bank
Beneficiary
Issuing Bank
30s - Q9
What is a Letter of Credit
A written undertaking by a bank given to the exporter at the importers request to effect payment up to a stated amount within a stated time against presentation of specified documents which comply with the terms of the credit
A letter of credit is used by your company when providing a reference
A Letter of credit is used as currency to pay for inventory
30s - Q10
What is an MT 700
Advise of discharge
A list of the top 700 companies that you must not extend any credit to due to them having 'empty' account
A Payment Advise
Issuing a letter of credit
30s - Q11
What is an MT 707
A slightly bigger list than the MT 700
A Letter of Credit
Amendment to the Letter of Credit
30s - Q12
What is an MT 710
Transfer of funds between institutions
Advice of a Third Bank's or a Non-Bank's Documentary Credit
Advice of Payment/Acceptance/Negotiation
30s - Q13
If the Letter of Credit states 'documents to be presented within 21 days after Bill of Lading date what does a customer need to do
Make sure the documents are presented to the bank within 21 days after the shipped on board
The customers schedule presented within 21 days from shipped on board date
Make sure the goods on board the vessel within 21 days after shipped on board date
30s - Q14
What does the customer needs to do when the LC shows latest shipment date 14/8/2024?
Make sure docs presented to the bank by 14/8/2024
Make sure the goods on board the vessel within 21 days after shipped on board date
Make sure the goods are loaded on board vessel on or before the latest shipment date stated on the LC
30s - Q15
What does it mean under an MT700 31d, date and place of expiry 10th April 2024 in beneficiary's country ?
LC expires in reimbursement banks country
LC expires in negotiation banks country
LC expires in issuing banks country
LC expires in advising banks country
30s