Unit 5
1. The booking note is issued by the ____ requesting allocation of shipment space. (C)
A. carrier to the agent B. carrier to the shipper
C. shipper to the carrier D. carrier to consignee
2. AN NVOCC is a (n) ____ who operates regular scheduled services. (B)
A. shipper B. carrier C. receiver D. charterer
3. AN NVOCC usually operates vessel to provide sea transportation. (B)
4. To the actual shipper, the NVOCC is a ____ while to the actual carrier, he is a ___. (B)
A. actual carrier……carrier B. carrier……shipper
C. shipper……carrier D. carrier……consignee
5. The ____ is issued by the shipper to the carrier requesting allocation of shipment space. (C)
A. cargo manifest B. mate’s receipt
C. booking note D. delivery order
6. Which of the following documents can be issued by a carrier _____? (ABD)
A. bill of lading B. mate’s receipt
C. booking note D. delivery order
7. Shipping note is also called booking note and shipping order. (B)
8. The carrier issues a Shipping Advice to inform the notify party about the cargo discharge point, number of packages and so on. (B)
9. When the goods arrives at the port of destination, the_____ issues an Arrival Notice informing the notify party of the cargo discharge point and other information. (B)
A. shipper B. carrier C. receiver D. consignee
10. A cargo manifest provides information regarding cargo on board. (A)
11. A delivery order is issued by the carrier to enable the shipper to load the cargo. (B)
12. All bills of lading should be signed either the___ or____. (D)
A. notify party……carrier B. carrier……shipper
C. consignor……consignee D. carrier……his agent
13. A booking note is a commitment on the part of the shipper to ship the goods and serves as the basis for the preparation of the bill of lading. (A)
14. A document signed by the Chief Office acknowledging the receipt of cargo on board ship, and later exchanged for a B/L is called______. (B)
A. sea waybill B. mate’s receipt
C. booking note D. delivery order
15. Which of the following descriptions are true about NVOCC_____? (ACD)
A. he operates a regular scheduled service
B. he owns or operates the vessel
C. he provides a useful service by providing groupage or consolidation services
D. he assumes double roles relationship with carrier and shipper
Unit 6
1. Documentary credit means payment against____ instead of against______. (D)
A. goods……documents B. acceptance……confirmation
C. documents……acceptance D. documents……goods
2. Detailed provisions dealing with the operation of documentary credit can be found in_____. (B)
A. ICC B.UCP C. INCOTERMS D. CMR convention
3. In a revocable credit, it is the____ who has the right to revoke the credit. (A)
A. buyer B. seller C. advising bank D. issuing bank
4. The____ bank should ensure that the seller’s documents are drawn up in accordance with the credit terms before such documents are paid for and forwards to the____ bank for final reimbursement. (C)
A. issuing……negotiating B. advising……paying
C. negotiating……issuing D. paying……advising
5. An irrevocable confirmed letter of credit ranks the first credit rating in payment terms. (A)
6. In irrevocable letter of credit, the seller can receive his payment once he finishes the shipment of contract goods. (B)
7. The UCP600 published by the ICC contains detailed provisions dealing with the operations of sales contract. (B)
8. The banks on the buyer’s side on L/C arrangement are____. (AD)
A. issuing bank B. advising bank
C. negotiating bank D. paying bank
9. _____ published by the ICC contains detailed provisions dealing with the operation of documentary credit. (B)
A. Hague Rules B. UCP600 C. Incoterms2000 D. CMR convention
10. In the practice of L/C transaction, the buyer is not required to pay for the goods until the arrival of the relevant____. (C)
A. B/L B. invoice C. documents stipulated by L/C D. L/C
11. According to documentary credit, the____, on receipt of letter of credit, will have to prepare
shipment of the contract goods within the delivery date. (D)
A. agent B. customer
C. buyer D. seller
12. Not all the documentary credits are operated through banks. (B)
13. Once shipment of the goods is finished, the seller should present all the documents to the negotiating bank for payment under the terms of the credit. (A)
14. The negotiating bank and issuing bank perform the same function in the documentary credit.
(B)
15. Which of the following statements are true about documentary credit_____? (ABCD)
A. documentary credit means payment against document instead of against goods
B. all the documentary credits are operated through banks
C. the buyers is not required to pay for the goods until the arrival of the relevant shipping documents
D. the documents transfer title to the goods