Documents used in foreign trade - SS1 Commerce Past Questions and Answers - page 1
1
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Which of the following is a legal document in which a borrower pledges collateral as security for a loan?
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A
Foreign Bill of Exchange
B
Documentary Credit
C
Letter of Hypothecation
2
Which financial instrument is a form of prepaid currency that can be used like cash when traveling?
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A
Mail Transfer
B
Telegraphic Transfer
C
Travelers Cheque
3
Which method of sending money from one bank account to another involves the use of postal mail?
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A
Mail Transfer
B
Telegraphic Transfer
C
Foreign Bill of Exchange
4
Which financial instrument allows for the transfer of funds between parties in different countries?
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A
Letter of Hypothecation
B
Foreign Bill of Exchange
C
Travelers Cheque
5
Which method of electronically transferring funds from one bank account to another is typically faster and more secure than a mail transfer?
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A
Mail Transfer
B
Telegraphic Transfer
C
Foreign Bill of Exchange
6
What is a documentary credit, and how does it work?
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7
How is a travelers cheque different from carrying cash while traveling?
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