Unity Bank Pre-course Assesment Welcome to your Unity Bank Pre-course Assesment Please fill in your name and choose your preferred answer to the questions. When done, Please click the submit button. Full Name 1. Which of the following statements best describes International trade?Transaction between a buyer and a sellerExchange of goods and services by two traders both resident in the same countryExchange of goods across national boundaries by a buyer and a sellerExchange of goods and services by buyers and sellers located in two different geographical locations.All of the above. 2. Which of the following is not a feature of International Trade:Foreign Exchange and currency regulations.Diversity of language, culture and customsDifferent monetary units (Currencies)Disparity of geographical locations by trading partnersNone of the above 3. Which of the following is not a valid mode of payment in International trade?Telegraphic TransferLetters of CreditDocumentary CollectionOpen AccountAdvance Payment 4. Which of the statement below best describes a Letter of credit?An unconditional guarantee to effect payment to a beneficiary when goods have been delivered.A promise that goods described in a document presentation have been delivered to the importer.An undertaking to make payment to a beneficiary provided conforming documents are presented to an issuing bank.An undertaken to make payment to the beneficiary in the event that the goods are not delivered to the importer.All of the above. 5. When a confirmed Irrevocable Letter of credit is issued to a foreign beneficiary, the obligation to pay lies with the Issuing bank.TrueFalse 6. A confirmed irrevocable letter of credit payable at Sight must be paid:Within 30 daysImmediately not exceeding 6 working daysNot later than 5 working daysAs soon as possibleNone of the above 7. Under a Documentary Collection transaction, who has the obligation for payment to the beneficiary?The Collecting bankThe remitting bankThe importerThe exporterThe Issuing bank 8. Which of the following is not a financial document in international Trade?Bill of ExchangeFinal InvoicePromissory noteLetter of creditNone of the above 9. Which of the following is/are a risk associated with a Letter of credit?Payment RiskCommercial RiskCross boarder Risk(a), (b) & (c)None of the above 10. Which type of Bills for Collection transaction is allowable under the Nigerian Trade regulation?Document Against Payment (D/P)Document against acceptance (D/A)? Time is Up!