Essentials of International Trade Post Course Quiz

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1. Which of the following statements best describes International trade
2. Which of the following is not a feature of International Trade
3. Which of the statements below is not a true reason for engaging in International Trade?
4. The Uniform Rule for collections URC522 is the key guiding rule for Documentary Credit transaction.
5. Which of the following statement(s) is/are true of UCP600
6. Which of the following document is used to process commercial export transactions
7. All export proceeds for oil and non-oil export must be repatriated into the
8. Which of the following statement(s) is/are not true of the Nigerian Import regulations:
9. All export proceeds for oil and non-oil exports must be expatriated
10. Which of the following statement is true of Invisible trade?
11. Which of the following statement is NOT true of the validity period of a Form M
12. Which of the following is not a valid incoterm?
13. Which of the following statements is true of Incoterms?
14. Which of the following is not a valid mode of payment in International trade?
15. Which of the statements below best describes a Letter of credit?
16. When an Irrevocable unconfirmed Letter of credit is issued to a foreign beneficiary, the obligation to pay lies with the confirming bank.
17. A confirmed irrevocable letter of credit payable at Sight must be paid:
18. Under a Documentary Collection transaction, who has the obligation for payment?
19. Which of the following is not a financial document in international Trade?
20. Which of the following is not a special type of Letter of Credit (LC)?
21. A transferable Letter of credit involves two letters of credit and two different beneficiaries.
22. Which of the following document is an exchange control document?
23. Which of the following is not a party to a Letter of credit transaction?
24. Payment under a Standby Letter of Credit (or bank guarantee) is made when the opposing party has not fulfilled his obligation under a contract.
25. The Bill of Exchange is a promise to make payment of a certain sum of money to a stated party at a specified future date. It is signed in accordance to the mandate of the issuing party. This is a correct description of a Bill of exchange.
26. Which of the following is not a trade financing method.
27. A cross boarder credit line enables banks to offer US$ financing without cash collateral.
28. Which of the following is the major risks applicable to a foreign currency financing transaction?
29. Which of the following is NOT a feature of Pre-shipment export financing?
30. Which of the following statement is NOT true of Bill Avalization?

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