1.If the term ‘exporting country’ is used in a credit without further definition being given in the credit as to its meaning, it shall have which of the following meanings?
1.The country where the shipper is domiciled.
2.The country of origin of the goods.
3.The country of receipt of the goods by the carrier.
4.The country from which shipment or despatch is made.
Select one:
A. 1 and 2 only.
B. 1, 2 and 4 only.
C. 3 and 4 only.
D. 2, 3 and 4 only.
2.Which of the following documents mustbe dated?
1.Commercial invoice.
2.Insurance certificate.
3.Non-negotiable sea waybill.
4.Certificate of origin.
Select one:
A. 1 and 2 only.
B. 2 and 3 only.
C. 2 and 4 only.
D. 1, 2 and 4 only.
3.A credit requires presentation of an insurance certificate covering risks in accordance with Institute Cargo Clauses (A). Which of the following would also be acceptable?
1.An insurance policy covering ‘all risks’.
2.An insurance policy covering ‘Institute Cargo Clauses (A)’.
3.An insurance certificate covering risks in accordance with Institute Cargo Clauses (B).
4.An insurance certificate covering risks in accordance with Institute Cargo Clauses (C).
Select one:
A. 1 only.
B. 2 only.
C. 3 and 4 only.
D. 1 and 2 only.
4.A credit that requires presentation of an invoice will be satisfied by which of the following?
1.Commercial invoice.
2.Proforma invoice.
3.Sales invoice.
4.deductibleTax invoice.
Select one:
A. 1 only.
B. 1 and 3 only.
C. 2 and 4 only.
D. 1, 3 and 4 only.
5.A credit requires an insurance document to be issued ‘irrespective of percentage’. What is the meaning of this terminology?
Select one:
A. The insurance coverage can be for any value provided that the minimum coverage is not less than the CIF or CIP invoice value of the goods.
B. The insurance coverage can be for any value provided that the minimum coverage is the CIF or CIP invoice value of the goods plus 10 per cent.
C. The insurance document must not contain a clause stating that cover is subject to a franchise or excess deductible.
D. The insurance cover must be ‘all risks’ or equivalent.
6.Which of the following statements about drafts are correct?
1.It must be dated.
2.It must state its value in both words and figures.
3.There should be no conflict between the amount in words and figures.
4.Corrections and alterations need not be authenticated.
Select one:
A. 1 and 3 only.
B. 1, 2 and 3 only.
C. 1, 3 and 4 only.
D. 2 and 3 only.
7.A credit is issued for USD 350,000 on a cumulative basis allowing for 10 monthly drawdowns of USD 35,000. Assuming that USD 33,000 is drawn in month one and that USD 28,000 is drawn in month two, what is the amount that can be drawn in month three?
Select one:
A. USD 35,000.
B. USD 42,000.
C. USD 44,000.
D. USD 105,000.
8.Documents are presented against a credit calling for drafts drawn at 15 days after bill of lading date. Assuming that the shipped on board date indicated on the bill of lading is 10 April XXXX, then which of the following will be acceptable?
1.Drafts drawn payable on 25 April XXXX.
2.Drafts drawn payable at 15 days after 10 April XXXX.
3.Drafts drawn payable at 15 days after bill of lading date with no indication elsewhere on the face of the draft of the actual bill of lading date.
4.Drafts drawn payable at 15 days from bill of lading dated 10 April XXXX.
Select one:
A. 1 and 2 only.
B. 1, 2 and 3 only.
C. 1, 2 and 4 only.
D. 3 and 4 only.
9.Which of the following can be considered as original transport documents?
1.Delivery note.
2.Forwarder’s cargo receipt.
3.Non-negotiable sea waybill.
4.Rail transport document marked ‘duplicate’.
Select one:
A. 1 and 2 only.
B. 2 and 3 only.
C. 3 and 4 only.
D. 4 only.
10.A transferable letter of credit is issued in favour of company A. The value of the credit is USD 85,000 and states the incoterms as CIF. The documentary requirements include ‘Insurance certificate covering all risks’, without any further qualification within the credit.
Company A requests that the credit be transferred to its sole supplier, Company B, to the value of USD 60,000.
How should the insurance requirements be best expressed in the transferred credit?
Select one:
A. Insurance certificate for a minimum of 110% of the CIF invoice value of the goods covering all risks.
B. Insurance certificate for a minimum of 142% of the CIF invoice value of the goods covering all risks.

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