Quiz 1

1、单选题：
‏Which is the international convention that regulates the negotiation, conclusion and implementation of international sales contract?​
选项：
A: UCP600
B: Contract Law of PRC
C: CISG
D: INCOTERMS 2010
答案: 【 CISG】

2、多选题：
‏Compared with domestic trade, what are the risks that are  special for international trade?​
选项：
A: Different language
B: Different culture
C: Different currency
D: Long distance
E: Different legal system
F: Political risk
答案: 【 Different language;
Different culture;
Different currency;
Long distance;
Different legal system;
Political risk】

3、判断题：
‍International rules, such as UCP, have the same binding effect as laws.‏
选项：
A: 正确
B: 错误
答案: 【 错误】

4、判断题：
‎Domestic laws could be ignored when we conducting business internationally.‌
选项：
A: 正确
B: 错误
答案: 【 错误】

5、判断题：
‏There is no difference between domestic trade and international trade.‌
选项：
A: 正确
B: 错误
答案: 【 错误】

6、判断题：
‌Import is just an inverse process of export, and no special attention should be paid.​
选项：
A: 正确
B: 错误
答案: 【 错误】

7、判断题：
‎INCOTERMS 2010  regulates the practice of payment by letter of credit.​
选项：
A: 正确
B: 错误
答案: 【 错误】

Review test chapter 1

1、单选题：
‍When a Chinese company exports some goods to Britain, what currency is best for the Chinese exporter?‎
选项：
A: A stable hard currency
B: An unstable soft currency
C: A currency that is not convertible.
D: A third country’s currency which both parties disagree to use.
答案: 【 A stable hard currency】

2、单选题：
‎Which one of the following is different from the others?‌
选项：
A: law
B: custom
C: practice
D: rules
答案: 【 law】

3、多选题：
‌What are the obligations of the exporter in an international transaction?‌
选项：
A: to deliver the goods.
B: to handover documents related to the goods.
C: to transfer the property in the goods.
D: to be responsible for any risks arise in the transaction.
答案: 【 to deliver the goods.;
to handover documents related to the goods.;
to transfer the property in the goods.】

4、填空题：
‎中译英：国际惯例‏
答案: 【 international practice##%_YZPRLFH_%##international custom】

5、填空题：
‎中译英：信用风险​
答案: 【 credit risk】

6、填空题：
‏中译英：进出口业务​
答案: 【 import-export transaction】

7、填空题：
​英译汉：Letter of credit(L/C)​
答案: 【 信用证】

8、填空题：
‍英译汉：Chamber of Commerce‎
答案: 【 商会】

9、填空题：
Put the following transaction behaviors in the right order in the exact form of A-B-C-D-E-F.‌‌A. The exporter presents the documents a sight draft (drawn on thr letter of credit) and bill of lading and commercial invoice to the Negotiating Bank for payment.‌B. The importer applies for a letter of credit to his Bank.‌C. Preparation.‌D. The Importer takes delivery of the goods.‌E. Reach an agreement.‌F. The exporter ships the goods to the importer on a common carrier, and get the document of bill of lading.‌​‌
答案: 【 C-E-B-F-A-D】

Test for Documentation

1、单选题：
‌A(n) (        ) is a general description of the goods and also the first document a seller has to prepare.‍
选项：
A: export license
B: packing list
C: commercial invoice
D: pro forma invoice
答案: 【 commercial invoice】

2、单选题：
​The drawer of a draft drawn under L/C is the (        ).‍
选项：
A: issuing bank
B: negotiatiing bank
C: beneficiary
D: applicant
答案: 【 beneficiary】

3、单选题：
‏If the B/L is required to mark "Freight Collect", the trade term adopted might be (        ). ‎
选项：
A: CPT
B: CIF
C: CFR
D: FOB
答案: 【 FOB】

4、单选题：
‌There are four principles about document conformity for international trade documentation under the letter of credit. Which set of the two principles are concerned by banks? (  )‏
选项：
A: Credit-contract conformity and document-goods conformity
B: Document-document conformity and document-credit conformity
C: Document-goods conformity and document-credit conformity
D: Credit-contract conformity and document-credit conformity
答案: 【 Document-document conformity and document-credit conformity】

5、单选题：
​Deadline for presentation under the letter of credit is not later than (  ) calendar days after the date of shipment and not later than the expiry date of the credit.‍
选项：
A: 21
B: 11
C: 31
D: 25
答案: 【 21】

6、单选题：
‍Which one of the following statements about complying presentation is correct? (  )‍
选项：
A: When an issuing bank determines that a presentation does not comply, it may, with the agreement from the negotiating bank, approach the applicant for a waiver of the discrepancies.
B: When an issuing bank determines that a presentation is complying, it may in its sole judgement, decide whether or not to honour.
C: Banks may refuse to honour or negotiate discrepant documents.
D: Notice of refusal must be given to presenter no later than close of the tenth banking day following the day of presentation.
答案: 【 Banks may refuse to honour or negotiate discrepant documents.】

7、单选题：
‎Which one of the following statements about important dates for presentation and examination is correct? (  )‌
选项：
A: A credit must state an expiry date for presentation.
B: Documents of presentation under the letter of credit cannot be dated prior to issuance date of credit, also they cannot be dated later than the expiry date for presentation.
C: Deadline for presentation under L/C is not later than 25 calendar days after the date of shipment and not later than the expiry date of the credit.
D: The banks have maximum 10 banking days following the day of presentation to determine if a presentation is complying.
答案: 【 A credit must state an expiry date for presentation.】

8、单选题：
​How many parties are involved in a draft for the payment against a letter of credit? (  )‎
选项：
A: Two. They are drawer and drawee.
B: Three. They are drawer, drawee and payee.
C: Three. They are issuer, presenter and payee.
D: Four. They are drawer, drawee, payer and payee.
答案: 【 Three. They are drawer, drawee and payee.】

9、单选题：
‎Which one of the following description is a demonstrative order of a draft? (  )‍
选项：
A:  “Pay to ABC Company only”
B: “Pay to the order of Bank of China”
C: “Pay to bear”
D: “Pay to holder”
答案: 【 “Pay to the order of Bank of China”】

10、单选题：
‌A draft is drawn on the (1). He is also known as the (2). Usually the (1) and the (2) could be the issuing bank. Find the names of the two parties from the following combinations. (  )‍
选项：
A: 1=drawer and 2=payer
B: 1=drawee and 2=payee
C: 1=drawer and 2=payee
D: 1=drawee and 2=payer
答案: 【 1=drawee and 2=payer】

11、单选题：
‌Which one of the following statements about commercial invoices are correct? (  )‌
选项：
A: Description of goods, services or performance does not have to correspond with the description in the credit.
B: The issuer of a commercial invoice should be the beneficiary of the draft.
C: The commercial invoice must be signed by the issuer.
D: Currency of the commercial invoice should be the same as the credit.
答案: 【 Currency of the commercial invoice should be the same as the credit.】

12、单选题：
‌Which one of the statements about the issuing date of the commercial invoice is NOT correct? (  )​
选项：
A: The date can be earlier than the issuing date of the letter of credit. 
B: The date can be later than the expiry date of the credit.
C: The date is earlier than the date of shipment.
D: The date can be same date as the date of shipment. 
答案: 【 The date can be later than the expiry date of the credit.】

13、单选题：
‎The purposes of providing a packing list along with a commercial invoice are (  ).‌
选项：
A: It works as the buyer’s reference regarding packing and quality of the goods and it is used for pre-shipment inspection at the destination.
B: It works as the buyer’s reference regarding packing and quantity of the goods and it is used for custom clearance and inspection at the destination.
C: It provides information about the value of the goods. Therefore, it is used by the buyer to calculate import costs and by the importing country’s custom to determine tariff.
D: It is required by insurance company to calculate insured amount and used by the seller as a payment order.
答案: 【 It works as the buyer’s reference regarding packing and quantity of the goods and it is used for custom clearance and inspection at the destination.】

14、单选题：
‍Which one of the statements about packing list is NOT correct? (  )​
选项：
A: The packing list is supplementary to the commercial invoice.
B: The packing list and the invoice are usually issued at the same time.
C: The name of the packing list does not need to be the same name of the list as required in the letter of credit.
D: A packing list cannot serve as a weight list or a measurement list. If the latter two lists are needed, they should be issued as two separate documents along with the packing list.
答案: 【 A packing list cannot serve as a weight list or a measurement list. If the latter two lists are needed, they should be issued as two separate documents along with the packing list.】

15、单选题：
‌The issuing date of a bill of lading is (  ).‌
选项：
A: The date when the loading operation for a specify shipment begins.
B: The date when the loading operation for a specific shipment finishes.
C: The date when the ship leaves the port of loading.
D: The date when the goods are delivered to the carrier’s warehouse at the port of loading and are accepted by the carrier.
答案: 【 The date when the loading operation for a specific shipment finishes.】

16、单选题：
​Which one of the statements about bill of lading is NOT correct? (  )‏
选项：
A: Bill of lading only needs to indicate the port of loading as stated in the credit, but not the port of discharge.
B: If bill of lading is issued in more than one original, all originals are required for presentation.
C: Bill of lading may indicate that the goods will or may be transhipped provided that the entire carriage is covered by one and the same bill of lading.
D: A bank will only accept a clean on-board bill of lading for presentation.
答案: 【 Bill of lading only needs to indicate the port of loading as stated in the credit, but not the port of discharge.】

17、单选题：
​Banks won’t accept (  ) submitted by the seller as an insurance document for presentation.‏
选项：
A: Cover note
B:  Insurance policy
C: Insurance certificate
D: Open policy
答案: 【 Cover note】

18、单选题：
‏Insurance coverage expressed in the letter of credit as percentage of goods/invoice value is deemed to be minimum coverage required. It should be at least (  ) of the CIF or CIP value of the goods.‏
选项：
A: 90%
B: 100%
C: 110%
D: 120%
答案: 【 110%】

19、单选题：
‍Which one of the following statements about cargo insurance document is NOT correct? (  )‍
选项：
A: The credit should state type of insurance required and additional risks to be covered.
B: If the credit uses imprecise terms such as “usual risks” or “customary risks”, banks will not accept such insurance document because the insurance coverage is not clearly defined in the credit.
C: If the credit requires insurance against “all risks”, banks will accept insurance document containing any “all risks” notation or clause, without regard to any risks stated to be excluded.
D: An insurance document may contain reference to any exclusion clause.
答案: 【 If the credit uses imprecise terms such as “usual risks” or “customary risks”, banks will not accept such insurance document because the insurance coverage is not clearly defined in the credit.】

20、单选题：
‏Which one of the following company is a reputable international inspection company? (  )‏
选项：
A: FDA from US
B: CCPIT from China
C: AQSIQ from China
D: SGS from Switzerland
答案: 【 SGS from Switzerland】

21、单选题：
‍In order to apply for commodity inspection by the Chinese inspection authority, the exporter needs to fill a form called “application form for inspection on export commodity” and submit it to (  ).‌
选项：
A: AQSIQ
B: China Certification & Inspection Group (CCIC)
C: Any independent inspection companies which has a branch in China
D: Any non-foreign owned inspection companies
答案: 【 AQSIQ】

22、单选题：
‌Inspection certificate issued by CIQ is valid for (x) days for general products and only for (y) days for perishable goods. Please find the right number of days in the following combinations. (  )‎
选项：
A: x=30 and y=30
B: x=60 and y=14
C: x=60 and y=7
D: x=20 and y=15
答案: 【 x=60 and y=14】

23、单选题：
‏As of 2017, there are 39 countries in the world give GSP treatment to goods imported from China, including (  ).‎
选项：
A: US and Spain
B: US and Russia
C: UK and France
D: Brazil and Argentina
答案: 【 UK and France】

24、单选题：
​Which body in China is in charge of issuing Generalized System of Preferences (GSP) certificate of origin Form A? (  )‍
选项：
A: CCPIT
B: Chinese Customs
C: AQSIQ
D: CCIC
答案: 【 AQSIQ】

25、单选题：
‎ In China, two institutes can issue ordinary certificate of origin. They are (  ). ‍
选项：
A: Chinese Custom and Ministry of Commerce of China
B: Bank of China and China Certification & Inspection Group (CCIC)
C: China Certification & Inspection Group (CCIC) and SGS from Switzerland
D: Entry-Exit Inspection and Quarantine Bureaus of AQSIQ and China Council for the Promotion of International Trade (CCPIT)
答案: 【 Entry-Exit Inspection and Quarantine Bureaus of AQSIQ and China Council for the Promotion of International Trade (CCPIT)】

26、判断题：
​The payee of a draft should be the exporter in internatonal trade.‍
选项：
A: 正确
B: 错误
答案: 【 错误】

27、判断题：
‎Insurance policy or certificate is one of the requisite documents in L/C.‍
选项：
A: 正确
B: 错误
答案: 【 错误】

28、判断题：
‏Documentary credit is a separate transaction from the sale or other contract on which it may be based. Banks deal with documents and not with goods, services or performance to which the documents may relate.​
选项：
A: 正确
B: 错误
答案: 【 正确】

29、判断题：
​Documents of presentation under the letter of credit cannot be dated prior to issuance date of credit, also they cannot be dated later than the expiry date for presentation.‌
选项：
A: 正确
B: 错误
答案: 【 错误】

30、判断题：
‏According to UCP 600 article 15 and 16, when an issuing bank determines that a presentation is complying, it must honour.​
选项：
A: 正确
B: 错误
答案: 【 正确】

31、判断题：
‏A draft is also called a bill of exchange, it is a written, unconditional order issued by one party (the drawer) to another (the drawee) to pay a certain sum to the payer.‏
选项：
A: 正确
B: 错误
答案: 【 错误】

32、判断题：
‌A draft can be made payable to bearer/holder. This type of draft is acceptable by the Chinese banks.‏
选项：
A: 正确
B: 错误
答案: 【 错误】

33、判断题：
‎The commercial invoice must be made out in the name of the beneficiary of the letter of credit.‍
选项：
A: 正确
B: 错误
答案: 【 错误】

34、判断题：
‏The issuing date of a commercial invoice can be earlier than the issuing date of the letter of credit, but should not be later than the expiry date of the credit.‏
选项：
A: 正确
B: 错误
答案: 【 正确】

35、判断题：
‍A neutral packing list is a packing list without the name of the buyer printed on the list.‏
选项：
A: 正确
B: 错误
答案: 【 错误】

36、判断题：
‍A packing list usually does not contain uni