Escolar Documentos
Profissional Documentos
Cultura Documentos
SPECIMEN PAPER
Length of examination:
3 hours
1.
A documentary credit for USD 120,000 calls for shipment of fertiliser in February, March, April
and May. Each shipment is to be for about 500 tonnes. Shipments were effected as follows:
2.
1 only.
1 and 3 only.
2 and 4 only.
1, 2 and 3 only.
In accordance with ISP 98, which of the following statements is correct? The issuer of a
standby letter of credit MUST:
3.
If an exporter is willing to release the shipping documents directly to the buyer, but requires a
guarantee of payment should the buyer default, which of the following BEST suits the exporters
needs?
Standby.
Revolving.
Evergreen.
Transferable.
Page 2
A reimbursing bank has received a valid claim under its reimbursement undertaking and is
simultaneously instructed by the issuing bank NOT to honour the claim. In accordance with the
URR 725, the reimbursing bank should:
5.
An importer requires goods of a stipulated quality while the exporter requires certainty of
payment. Which of the following would BEST meet all requirements?
A confirmed standby credit payable on demand calling for beneficiary's quality certificate.
A confirmed documentary credit payable at sight calling for beneficiary's quality certificate.
An unconfirmed documentary credit payable at sight with drafts on issuing bank calling for
a third-party quality certificate.
6.
When an advising bank has accepted a usance draft, it is responsible for effecting payment at
maturity when:
7.
A sight documentary credit authorises a nominated bank to pay the beneficiary. Upon receipt of
complying documents, direct from the beneficiary, the issuing bank should:
return the documents to the beneficiary for presentation to the nominated bank.
Page 3
If a credit, available with the issuing bank, calls for a draft at 60 days after sight, it is available
by:
9.
payment.
negotiation.
acceptance.
deferred payment.
A documentary credit that will only become available for presentation of shipping documents to
the issuing bank after it has received and approved a performance guarantee is usually
described as:
10.
standby.
revocable.
inoperative.
advance payment.
In accordance with UCP 600, which of the following banks MAY have an undertaking to
negotiate complying documents?
1. Issuing bank.
2. Confirming bank.
3. Nominated bank.
4. Reimbursing bank.
11.
1 and 2 only.
1 and 3 only.
2 and 3 only.
3 and 4 only.
If a seller in country X wishes to receive payment from a buyer in country Y as soon as possible,
which type of payment SHOULD the documentary credit be made available?
Page 4
Which of the following payment terms are possible under a credit available with, and requiring a
draft drawn on, an issuing bank?
13.
14.
1.
Payment.
2.
Deferred payment.
3.
Acceptance.
4.
Negotiation.
1 and 2 only.
1 and 3 only.
2 and 3 only.
3 and 4 only.
The buyer has the LEAST risk by agreeing which of the following payment methods?
Documentary credit.
Payment in advance.
Documentary collection.
The issuing bank of a standby credit, subject to ISP 98, acknowledges an instruction from the
beneficiary to assign proceeds. Which of the following statements is INCORRECT? The rights
of an assignee are subject to:
any other rights or interests that may have priority under the applicable law.
the existence of any net proceeds payable to the beneficiary by the person making the
acknowledgement.
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16.
17.
1.
2.
3.
4.
pay drafts accepted by the drawee bank and unpaid by the drawee bank at maturity.
1 and 2 only.
1 and 3 only.
2 and 4 only.
3 and 4 only.
may sell participations in their rights against the applicant and any presenter.
will affect its obligation under the standby letter of credit by any participations sold.
will create new rights and obligations between the beneficiary and the participants.
In accordance with UCP 600, which of the following terms may NOT be altered on a transferred
documentary credit?
Credit amount.
Required documents.
Page 6
The goods description field states "goods per the copy of the proforma invoice appended
to the credit which forms an integral part of the credit".
A copy of the sales contract is submitted with the credit application to the issuing bank
and there is no reference to such attachment within the credit application.
The additional conditions field states that this credit is relative to sales contract XYZ and
that all documents must state "details per purchase order 123 and contract XYZ".
A copy of the purchase order is provided to the issuing bank for information purposes only
and the goods description field of the credit application includes details of the purchase
order.
19.
A standby letter of credit which supports the obligations of an applicant to pay for goods or
services in the event of non-payment by other method is usually described as:
20.
a financial standby.
a direct-pay standby.
a commercial standby.
an advance-payment standby.
A cumulative revolving documentary credit is opened with six months' validity and allowing for
USD 25,000 to be drawn each month. A single drawing is made for USD 25,000 in the first
month. What is the available amount in the fourth month?
USD 0.
USD 25,000.
USD 75,000.
USD 100,000.
Page 7
A documentary credit which allows partial shipments has the following shipment schedule:
22.
1 only.
3 only.
2 and 4 only.
1, 2 and 4 only.
A cumulative, revolving documentary credit for USD 22,500 allows full monthly drawings and is
valid for one year. Full monthly drawings were made during the first, second, fourth, fifth and
seventh months and there have been no other drawings. In the last month of the documentary
credits validity, what is the maximum value that can be drawn?
USD 22,500.
USD 112,500.
USD 157,500.
USD 180,000.
Page 8
24.
should obtain the issuing bank's authorisation as the nominated transferring bank.
A documentary credit calls for a draft at 95 days bill of lading date drawn on the confirming bank.
The documentary credit is available by:
25.
refinance.
acceptance.
sight payment.
deferred payment.
A documentary credit pre-advice is issued on 01 March for USD 510,000 with the following
terms and conditions:
On 02 March the applicant requests an amendment prohibiting partial shipment and extending
the expiry date to 30 May. In accordance with UCP 600, what action MUST the issuing bank
take?
Issue the documentary credit incorporating only the extended expiry date.
Page 9
27.
The confirming bank receives documents on Friday 02 April and finds them complying on 05
April. Tenor is 30 days after the bill of lading date. The bill of lading is dated 01 April, and the
confirming bank agrees to pay the beneficiary immediately. On what date would the confirming
bank expect to receive funds from the issuing bank? (There are NO bank holidays and
Saturdays and Sundays are NOT banking days.)
28.
05 April.
30 April.
01 May.
03 May.
What action should an advising bank take if it receives a documentary credit which includes the
term transmissible?
29.
A documentary credit is issued with drafts at 45 days sight drawn on the confirming bank.
Under special conditions it states 'drafts can be discounted and paid on a sight basis'. The
applicants account will be debited at:
Page 10
Documents presented to the issuing bank have been found discrepant. The bank has left a
message for the applicant to discuss the discrepancies. The bank should:
continue to hold the documents until discussion with the applicant. No further action is
required.
send notice of refusal to the presenter without listing discrepancies as the applicant has
not been consulted.
send notice of refusal by the close of the fifth banking day following presentation, listing all
discrepancies and current disposition of the documents.
31.
A documentary credit calls for the beneficiary's invoice in 3 copies. Which of the following
requirements is mandatory for a complying presentation?
32.
Documents, including the CMR consigned to the order of the issuing bank, have been delayed
in transit between the confirming bank and the issuing bank. The applicant requires the goods
urgently and therefore requests from the issuing bank a:
33.
delivery order.
letter of indemnity.
performance guarantee.
A third-party supplier requires a notice of assignment from the nominated bank prior to shipping
the goods. This notice of assignment:
is a conditional undertaking from the nominated bank to pay the third-party supplier from
proceeds, if any, payable under the credit.
Page 11
A documentary credit requires presentation of a full set of bills of lading or a letter of indemnity in
lieu of the bills of lading. These documentary requirements are typically associated with the
shipment of:
35.
oil.
cars.
heavy machinery.
perishable foodstuffs.
Which of the following statements would NOT be included in an applicant's counter indemnity
when requesting a delivery order?
The applicant:
gives the issuing bank authority to debit its account for the full value pending inspection of
the goods.
undertakes that should the goods form part of a large consignment it will accept that
consignment and pay the full value.
36.
Amendments to the documentary credit will only bind the lead bank.
The documentary credit must stipulate the risk participation of each syndicate bank.
The value of the documentary credit, the goods, the validity for shipment and expiry
should be covered.
Each participating bank draws up a syndicate agreement and each of these agreements
is countersigned by the lead bank.
Page 12
Incoterm
38.
Insurance Doc.
Transport Doc.
DDP
Required
CFR
Required
FOB
Not required
FCA
Not required
Under Incoterms 2010, which of the following terms are applicable for any mode or modes of
transport?
1. FCA.
2. FAS.
3. CFR.
4. CIP.
39.
1 and 3 only.
1 and 4 only.
2 and 3 only.
2 and 4 only.
To clear the goods in the absence of an original bill of lading, which document should the
applicant request from the issuing bank?
An indemnity.
A delivery order.
A payment guarantee.
Page 13
A beneficiary requests the confirming bank to purchase complying documents presented under
a deferred payment credit. In accordance with UCP 600, which of the following actions could
the confirming bank take?
41.
1 only.
4 only.
2 and 3 only.
3 and 4 only.
Which of the following statements is NOT correct for a credit that is subject to UCP 600? If the
credit:
prohibits transhipment, an air transport document may indicate that transhipment will or
may take place.
requires a bill of lading indicating freight prepaid, a notation of freight prepaid as per
charter party is acceptable.
calls for one original rail transport document, presentation of a rail transport document
marked duplicate is acceptable.
calls for a multimodal transport document made out to order, an endorsement made by,
for or on behalf of the shipper is required.
42.
A documentary credit states that shipment must be made on or about 27 June. Which of the
following shipment dates would be acceptable?
1. 20 June.
2. 27 June.
3. 02 July.
4. 03 July.
2 only.
1 and 4 only.
2 and 3 only.
2, 3 and 4 only.
Page 14
A standby credit issued subject to ISP 98 requires presentation of a court order in duplicate
originals. Which of the following presentations would satisfy that requirement?
44.
Two copies.
Two originals.
45.
When an advising bank adds its confirmation to a documentary credit, which of the following
risks has the beneficiary mitigated?
1. Issuing bank.
2. Foreign exchange.
3. Political.
4. Fraud.
46.
1 and 3 only.
1 and 4 only.
2 and 3 only.
2 and 4 only.
Prior to advising a documentary credit to the beneficiary, the advising bank is responsible for:
notifying the issuing bank that the documentary credit is being advised.
Page 15
When a bank confirms an irrevocable transferable documentary credit it assumes the credit risk
of which party?
48.
The applicant.
49.
In accordance with UCP 600, which of the following terms can a first beneficiary change in its
transfer request?
50.
A bank issues a clean credit for GBP 50,000. Which of the following presentations would be
acceptable under this credit?
Page 16
Restrict the right of the second beneficiary to claim payment directly from the transferring
bank.
Permit the second beneficiary to provide the first beneficiary with the security of a
documentary credit.
52.
The first beneficiary may request that confirmation be withheld from the transferred credit.
The first beneficiary may cancel the transferred credit without the second beneficiary's
consent.
A transferred credit can be transferred at the request of the second beneficiary to any
subsequent beneficiary.
The transferred credit may expire in the second beneficiary's domicile on the expiry date
of the first beneficiary's credit.
53.
54.
Transferable.
Red clause.
Which of the following statements is correct when an assignment of proceeds has been effected
under a documentary credit issued in accordance with UCP 600?
The:
assignee will receive payment of the proceeds directly from the applicant.
beneficiary has assigned its rights to the stated amount of proceeds to the assignee.
Page 17
56.
Which of the following statements are correct? A documentary credit is issued in accordance
with UCP 600 if available with:
57.
1 and 2 only.
1 and 4 only.
2 and 3 only.
3 and 4 only.
A documentary credit prohibits partial shipment. Two sets of original charter party bills of lading
are presented covering shipment from two different ports of loading within a geographical area
stated in the credit. To be complying, the bills of lading must indicate:
1 and 4 only.
2 and 3 only.
1, 2 and 3 only.
1, 3 and 4 only.
Page 18
59.
1 only.
2 only.
1 and 3 only.
2 and 4 only.
60.
2 only.
3 only.
1, 2 and 3 only.
2, 3 and 4 only.
issuing bank to the confirming bank confirming receipt of electronic and paper documents.
presenting bank to the confirming or the issuing bank signifying that the presentation is
completed.
beneficiary to the bank to which presentation is made signifying that the presentation is
completed.
bank to which presentation is made to the beneficiary signifying that the bank has
received the complete presentation.
Page 19
A credit requires an 'invoice' without further definition. Which of the following MUST be
considered a discrepancy?
An invoice:
62.
A documentary credit is issued for GBP 60,000 and calls for drafts at 30 days from bill of lading
date. Documents have been presented with a bill of lading dated 09 November. Which of the
following tenors on the draft will NOT be acceptable?
63.
09 December.
If a credit states that GBP 10,000 may be drawn each month during its one-year validity, then
the credit is:
64.
clean.
revolving.
evergreen.
transferable.
Where a documentary credit includes a shipping schedule and an instalment is NOT shipped
within the stipulated period, which of the following statements concerning the documentary
credit is correct?
Page 20
66.
1 and 3 only.
2 and 4 only.
1, 2 and 3 only.
2, 3 and 4 only.
A documentary credit calls for invoices for the full CIF value and insurance certificate covering
all risks. Documents presented include invoices for the CIF value of USD 150,000 certifying to
shipment on 10 February less discount of USD 25,000 and insurance policy for USD 137,500
effective from 09 February covering Institute Cargo Clauses A.
According to UCP 600, all of the following statements are correct EXCEPT:
67.
If a documentary credit expires for presentation at the issuing bank's counters with drafts drawn
on the issuing bank 90 days after sight, it is available by:
negotiation.
acceptance.
sight payment.
deferred payment.
Page 21
Which party has the MOST responsibility to examine the terms and conditions of a documentary
credit against the sales agreement?
69.
70.
71.
Applicant.
Beneficiary.
Issuing bank.
Confirming bank.
Packing list.
Certificate of origin.
Commercial invoice.
Weight specification.
Which of the following makes a bill of lading discrepant unless the credit states otherwise?
Page 22
Which of the following documents must be presented to the carrier to obtain release of the
underlying goods?
73.
74.
1 and 2 only.
1 and 4 only.
2 and 3 only.
3 and 4 only.
Which of the following is an example of a straight consigned bill of lading? A bill of lading:
In accordance with UCP 600, which of the following documents are deemed transport
documents?
1. Courier receipts.
2. Forwarders' receipts.
3. Mates' receipts.
4. Postal receipts.
1 and 3 only.
1 and 4 only.
2 and 3 only.
2 and 4 only.
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76.
77.
Bills of lading.
Bills of exchange.
Certificates of origin.
Commercial invoices.
Which of the following percentages represent the minimum insured value on the insurance
document, unless otherwise stated in the documentary credit?
78.
100%.
105%.
110%.
115%.
In accordance with UCP 600, all the following statements relating to commercial invoices are
correct EXCEPT that they must:
Page 24
A documentary credit calls for a commercial invoice, but documents presented include only a
customs invoice. What action should the confirming bank take?
80.
81.
82.
A standby credit subject to ISP 98 states that it is not operative. Therefore it is:
If a bank requests that an electronic record be re-presented because the initial presentation
appears to be corrupted, the:
time for examination is suspended and resumes when the re-presented records are
received.
re-presentation may be with paper documents even if the documentary credit calls for
electronic records.
Page 25
In accordance with UCP 600, which of the following terms may NOT be reduced or curtailed in a
transferred credit?
Page 26
84.
A documentary credit is issued for USD 300,000 covering 300 TV sets CIF New York, partial
shipments allowed available by negotiation with Bank N. The credit is amended to USD 280,000
covering 350 TV sets FOB Hong Kong. Documents are subsequently presented direct to the
issuing bank by the beneficiary for USD 280,000 covering shipment of 280 TV sets CIF New
York. No other correspondence has been received from the beneficiary or from Bank N. What
action should the issuing bank take?
85.
An issuing bank amends a documentary credit from USD 100,000 to USD 80,000 stating the
amendment will come into effect within 10 calendar days after its issuance. Which of the
following statements are correct?
1. The credit value remains at USD 100,000 until the amendment has been accepted by the
beneficiary.
2. The credit value reduces to USD 80,000 on presentation of complying documents for that
value.
3. The credit value reduces to USD 80,000 10 calendar days after issue of the amendment.
4. The credit value reduces to USD 80,000 unless the beneficiary rejects the amendment
within the stipulated 10 calendar days.
1 and 2 only.
1 and 4 only.
2 and 3 only.
3 and 4 only.
Page 27
A documentary credit for USD 150,000 calls for a full set of bills of lading and an insurance
certificate to cover all risks. The bill of lading presented indicates an on board date of 15
December. Which of the following insurance documents are acceptable?
87.
1.
2.
3.
4.
1 and 2 only.
1 and 4 only.
2 and 3 only.
3 and 4 only.
Delivery of goods has been made to the buyer on 08 October. Complying documents are
presented including a CMR dated 15 days prior to delivery. The credit terms state payment is to
be effected 30 days after shipment. On which date will payment be made? (There are NO bank
holidays and Saturdays and Sundays are NOT banking days.)
88.
Friday 22 October.
Monday 25 October.
Friday 05 November.
Monday 08 November.
A documentary credit calls for presentation of an insurance certificate. Which of the following
insurance documents would be acceptable for CIF shipment where the invoice value is USD
75,000?
1 and 2 only.
1 and 4 only.
2 and 3 only.
3 and 4 only.
Page 28
Under a documentary credit calling for a bill of lading and requiring shipment from a Korean port
to a UK port, which of the following would be acceptable?
Place of Receipt
Port of Loading
Port of Discharge
Final Destination
1.
Busan
Osaka
Hamburg
Southampton
2.
Osaka
Busan
Southampton
Hamburg
3.
Busan
Osaka
Southampton
Hamburg
4.
Osaka
Busan
Hamburg
Southampton
90.
1 only.
2 only.
1 and 4 only.
2 and 3 only.
A documentary credit is issued for approximately GBP 40,000 with drafts at 30 days from date of
shipment. Documents are presented on 22 September with bills of lading dated 01 September.
Which of the following drafts would comply?
1.
2.
3.
4.
1 and 2 only.
1 and 3 only.
2 and 4 only.
3 and 4 only.
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Page 30
91.
92.
93.
1 and 2 only.
1 and 4 only.
2 and 3 only.
3 and 4 only.
Which of the following statements relating to the insurance requirements, as specified, are
correct?
1 and 3 only.
1 and 4 only.
2 and 3 only.
2 and 4 only.
Page 31
95.
1 and 2 only.
1 and 3 only.
2 and 4 only.
3 and 4 only.
1 and 3 only.
1 and 4 only.
2 and 3 only.
2 and 4 only.
Page 32
Page 33
96.
97.
100%.
110%.
134%.
147%.
1. ABC Co.
2. 123 Company.
3. The Best Bank.
4. Bank of Vancouver BC.
98.
1 only.
3 only.
1 and 2 only.
3 and 4 only.
On Monday 25 October XXXX The Best Bank receives compliant documents from the second
beneficiary indicating a shipment date of 10 October XXXX. By which date must the first
beneficiary present their substitute invoice and draft?
99.
25 October XXXX.
26 October XXXX.
31 October XXXX.
01 November XXXX.
ABC Co.
XYZ Co.
123 Company.
Page 34
Hold the documents and contact the issuing bank for approval.
Forward documents, including the first beneficiary's invoices and draft to the issuing bank
for acceptance.
Return the first beneficiary's invoices and present the second beneficiary's invoice, draft
and other documents to the issuing bank.
Page 35
Page 36
Transhipment is allowed.
1 and 2 only.
2 and 3 only.
2 and 4 only.
3 and 4 only.
103. Which of the following statements relating to the transport documents are NOT correct?
1 and 3 only.
2 and 3 only.
2 and 4 only.
3 and 4 only.
Page 37
1 and 2 only.
1 and 3 only.
2 and 3 only.
3 and 4 only.
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