| 1 |
What does IOU mean |
- A. I am a debtor to you
- B. I am a creditor to you
- C. Both a and b
- D. None of these
|
| 2 |
The important types of banker's letter of credit: |
- A. Two
- B. Three
- C. Four
- D. None of these
|
| 3 |
Commercial letter of credit is issued for the facilty of: |
- A. Ambassadors
- B. Common people
- C. Businessmen
- D. Alll of the above
|
| 4 |
Which type of letter of credit authorized the exporter to obtain an advance before the shipment of goods |
- A. Documentary letter of credit
- B. Green-clause letter of credit
- C. Confirmed letter of credit
- D. Red-clause letter of credit
|
| 5 |
Which of the following is used to finance the people who want to travel abroad |
- A. Traveller's letter of credit
- B. Traveller's cheque
- C. Circular note
- D. All the above
|
| 6 |
Which of the following can be cancelled by the issuing bank without the consent of the other parties |
- A. Revocable letter of credit
- B. Irrevocable letter of credit
- C. Revolving letter of credit
- D. Unconditional letter of credit
|
| 7 |
Which letter of credit is automatically renewed by fulfilling certain conditions |
- A. Fixed
- B. Documentary
- C. Confirmed
- D. Revolving
|
| 8 |
Which letter of credit is accompanied by some documents |
- A. Confirmed
- B. Documentary
- C. Non-documentary
- D. All the above
|
| 9 |
IOU is a document |
- A. Negotiable
- B. Non-negotiable
- C. Conditional negotiable
- D. Unconditional negotiable
|
| 10 |
Which of the following is a non-commercial letter of credit |
- A. Irrevocable letter of credit
- B. Red-clause letter of credit
- C. Special letter of credit
- D. Traveller's letter of credit
|
