Trade Payment Methods Quiz

Froggy Jumps

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Test on international payment methods

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daleela

Malaysia

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Trade Payment Methods Quiz


Froggy Jumps Trade Payment Methods QuizOnline version Test on international payment methods by daleela 1 An exporter agrees to ship goods before receiving payment because the buyer is a long-term trusted customer. Which payment method is MOST likely being used? a B. Open Account b A. Payment in Advance c C. Letter of Credit 2 Which payment method exposes the exporter to the HIGHEST risk of non-payment? a B. Letter of Credit b A. Payment in Advance c C. Open Account 3 An importer wants maximum protection because they do not wish to pay until goods have been shipped. Which payment method would be LEAST attractive to the importer? a A. Open Account b D. Payment in Advance c B. Documentary Collection 4 Why is a Letter of Credit commonly used in international trade between parties who have never done business before? a C. It guarantees product quality. b B. It provides security for both buyer and seller. c A. It eliminates transportation costs. 5 Which statement best distinguishes a Documentary Collection from a Letter of Credit? a B. Letters of Credit provide a stronger payment commitment than Documentary Collections. b C. Documentary Collections require payment in advance. c A. Documentary Collection involves banks, while Letters of Credit do not. 6 A company regularly imports raw materials from the same supplier every month. Which type of Letter of Credit would be most suitable? a A. Revocable LC b B. Revolving LC c D. Back-to-Back LC 7 Which type of Letter of Credit can be transferred from the original beneficiary to another party? a B. Irrevocable LC b C. Transferable LC c A. Revolving LC 8 An exporter receives part of the payment before shipping the goods under the terms of a Letter of Credit. Which type of LC is being used? a B. Revolving LC b A. Back-to-Back LC c D. Red Clause LC 9 Which payment method provides the GREATEST level of security to the exporter? a C. Documentary Collection b D. Payment in Advance c A. Open Account 10 Arrange the following payment methods from lowest exporter risk to highest exporter risk. 1. Payment in Advance 2. Letter of Credit 3. Documentary Collection 4. Open Account a B. 1 → 3 → 2 → 4 b C. 2 → 1 → 3 → 4 c A. 1 → 2 → 3 → 4 11 Which of the following Letter of Credit types CANNOT normally be amended or cancelled without the agreement of all parties involved? a A. Revocable LC b B. Irrevocable LC c D. Red Clause LC 12 An exporter sells goods through a foreign agent who only pays after the goods are sold to final customers. Which payment method is this? a C. Documentary Collection b B. Open Account c A. Consignment

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Trade Payment Methods Quiz

Froggy Jumps

About this activity

Created by

Download the paper version to play

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Trade Payment Methods QuizOnline version

by daleela

An exporter agrees to ship goods before receiving payment because the buyer is a long-term trusted customer. Which payment method is MOST likely being used?

Which payment method exposes the exporter to the HIGHEST risk of non-payment?

An importer wants maximum protection because they do not wish to pay until goods have been shipped. Which payment method would be LEAST attractive to the importer?

Why is a Letter of Credit commonly used in international trade between parties who have never done business before?

Which statement best distinguishes a Documentary Collection from a Letter of Credit?

A company regularly imports raw materials from the same supplier every month. Which type of Letter of Credit would be most suitable?

Which type of Letter of Credit can be transferred from the original beneficiary to another party?

An exporter receives part of the payment before shipping the goods under the terms of a Letter of Credit. Which type of LC is being used?

Which payment method provides the GREATEST level of security to the exporter?

Arrange the following payment methods from lowest exporter risk to highest exporter risk. 1. Payment in Advance 2. Letter of Credit 3. Documentary Collection 4. Open Account

Which of the following Letter of Credit types CANNOT normally be amended or cancelled without the agreement of all parties involved?

An exporter sells goods through a foreign agent who only pays after the goods are sold to final customers. Which payment method is this?