Unity Bank Post-course Assessment

Welcome to your Unity Bank Post-course Assessment

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1. The Uniform Rule for collections URC522 is the key guiding rule for Documentary Credit transactions.
2. Which of the following statement(s) is/are true of UCP600
3. Which of the following is NOT a valid mode of payment in International trade?
4. Which of the statements below best describes a Letter of credit?
5. When an Irrevocable unconfirmed Letter of credit is issued to a foreign beneficiary, the obligation to pay lies with the confirming bank.
6. A promissory note is a financial document usually issued by
7. Under a Documentary Collection transaction, who has the obligation for payment?
8. Under which transaction will a Nigerian bank make more revenue?
9. Which of the following is not a special type of Letter of Credit (LC)?
10. A transferable Letter of credit involves two letters of credit and two different beneficiaries.
11. Which of the following document is an exchange control document?
12. Which of the following is not a party to a Letter of credit transaction?
13. Payment under a Standby Letter of Credit (or bank guarantee) is made when the opposing party has not fulfilled his obligation under a contract.
14. 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.
15. Which of the following is not a trade financing method.
16. A cross boarder credit line enables banks to offer US$ financing without cash collateral.
17. Which of the following is the major risks applicable to a foreign currency financing transaction?
18. Which of the following statements is correct about Nigeria import regulation?
19. The difference between a Letter of Credit (LC) and a Standby Letter of credit (SBLC) is that under the LC, payment is made when the transaction has been executed but in the case of the SBLC payment is made when the transaction fails.
20. Which of the following statement is NOT correct about a Bill for collection Transaction?

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