LC WIZARD
Quiz
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Others
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Professional Development
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Practice Problem
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Hard
Pinaki Chandra
Used 1+ times
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30 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following types of LC cannot be amended or canceled without the consent of all parties involved?
Revocable LC
Irrevocable LC
Transferable LC
Standby LC
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term "partial shipment" refer to in the context of an LC?
The LC allows for shipments to be made in more than one consignment
The LC requires all goods to be shipped at once
The LC allows for a portion of the payment to be made before shipment
The LC mandates full payment upon sight of documents
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which document certifies the origin of the goods being shipped?
Bill of lading
Commercial invoice
Certificate of origin
Packing list
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of LC is specifically used to cover the buyer's performance obligations rather than payment for goods?
Commercial LC
Standby LC
Transferable LC
Revolving LC
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of LC can be transferred by the beneficiary to one or more second beneficiaries?
Irrevocable LC
Transferable LC
Standby LC
Revolving LC
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of a "clean" LC?
It ensures the payment is made only if the goods meet the specified standards
It guarantees payment without the presentation of shipping documents
It allows for partial shipments
It requires a third party's confirmation
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which type of LC allows for multiple shipments within a specified period?
Standby LC
Transferable LC
Revolving LC
Red clause LC
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