Question # 1

If the exporter is not the receiver (beneficiary) of money then a letter of credit is called:

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Resolving

Back to Back

Transferable

None of the above

Which letter of credit is accompanied by some documents

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Confirmed

Documentary

Non-documentary

All the above

The important types of banker's letter of credit:

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Two

Three

Four

None of these

The first stage or step between importer and exporter for the purpose of sale and purchase is:

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Oath or undertaking

Agreement

Contract with bank

Issuing of L.C

Which one can be crossed :

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Money order

Postal order

Credit card

All of the above

What is the nature of credit instrument IOU

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An autograph

A monograph

A holograph

A sonograph

Which type of letter of credit authorized the exporter to obtain an advance before the shipment of goods

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Documentary letter of credit

Green-clause letter of credit

Confirmed letter of credit

Red-clause letter of credit

Which of the following is used to finance the people who want to travel abroad

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Traveller's letter of credit

Traveller's cheque

Circular note

All the above

I Owe You is a written instrument drawn by

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Trader

Debtor

Creditor

All the above

Commercial letter of credit is issued for the facilty of:

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Ambassadors

Common people

Businessmen

Alll of the above

What does IOU mean

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I am a debtor to you

I am a creditor to you

Both a and b

None of these

Which of the following is an order of payment by one post office for another post office

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Postal order

Money order

Both a and b

None of these

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Principles of Banking Icom Part 2 English Medium Chapter 11 Online Test MCQs With Answers

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