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15. ( )What is the percentage of. tolerance in the drawing amount when the IMC prohibits partial shipments?
A. 10% or less
B. None
C. 3% or less
D. 5% or less
16. ( )Based on the UCP500, what should be the minimum insurance coverage in the insurance document when the Letter of Credit is for USD550,000.00 and the commercial invoice contains the following information?Total merchandise value USD1,100, 000. 00 Less advance payment USD550,000.00 Net due under the Letter of Credit USD550,000.00
A. USD1,210,000.00
B. USD605,000.00
C. USD550,000.00
D. USD710,000.00
17. ( )A transferable Credit can be transferred only on the terms and conditions specified in the original credit with the exception of:
A. any unit price, credit amount, expiry date, latest date for presentation, period for shipment, insurance percentage
B. credit amount, expiry date, presentation days, insurance percentage, period for shipment, document requirements
C. credit amount, expiry date, any unit price, latest date for presentation, period for shipment, insurance percentage, drafts and invoices
D. any unit price, credit amount, expiry date, latest date for presentation, period for shipment, insurance percentage, tenor of the draft
18. ( )According to UCP500, when the first beneficiary under a transferable credit fails to present draft(s) and invoice(s) for substitution upon first demand, the transferring bank has the right to:
A. contact the issuing bank for instructions
B. contact the first beneficiary once more and wait for instructions
C. create a draft(s) and invoice(s) on behalf of the first beneficiary for substitution
D. forward the second beneficiary‘s draft(s) and invoice(s) to the issuing bank
19. ( )Based on INCOTERMS 2000, which of the following INCOTERMS is applicable when under the contract the seller is not responsible for obtaining the export license?
A. FCA
B. EXW
C. DAF
D. FAS
20.( )According to International Standard Banking Practice, if a Credit is silent in its requirements of a date on any of the following documents, then the document does not need to be dated is:
A. draft
B. transport document
C. insurance document
D. packing list
21. ( )According to International Standard Banking Practice, which of the following statements regarding the expression of "shipping documents" is correct?
A. all documents required by the Credit
B. transport documents only
C. invoice, transport documents, and insurance policy or certificate
D. all documents (not only transport documents), except drafts, required by the Credit
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