Question # 1

Which of the following can be cancelled by the issuing bank without the consent of the other parties

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Revocable letter of credit

Irrevocable letter of credit

Revolving letter of credit

Unconditional letter of credit

If the exporter is not the receiver (beneficiary) of money then a letter of credit is called:

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Resolving

Back to Back

Transferable

None of the above

Which of the following is an order of payment by one post office for another post office

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Postal order

Money order

Both a and b

None of these

The important types of banker's letter of credit:

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Two

Three

Four

None of these

Which type of letter of credit authorized the exporter to obtain an advance before the shipment of goods

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Documentary letter of credit

Green-clause letter of credit

Confirmed letter of credit

Red-clause letter of credit

Stock certificate is a document issued by

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Commercial bank

Central bank

Limited companies

Stock-market

What does IOU mean

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I am a debtor to you

I am a creditor to you

Both a and b

None of these

Which letter of credit is automatically renewed by fulfilling certain conditions

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Fixed

Documentary

Confirmed

Revolving

Which of the following parties of a letter of credit is called beneficiary

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Importer

Exporter

Opening bank

Advising bank

Where are the stock certificates sold and bought

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At commercial bank

At central bank

At post office

At stock exchange

The letter of credit which can be endorsed to another person is called:

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Special L.C

Transferable L.C

Resolving L.C

None of the above

I Owe You is a written instrument drawn by

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Trader

Debtor

Creditor

All the above

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Principles of Banking Icom Part 2 English Medium Chapter 11 Online Test MCQs With Answers

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