结算习题答案

KEYS<Instruments>Choices:A2(第2题删除)D(该题不要求)AC ABCB10(第10题删除) DBB14(第14题删除)C BC(该题不要求)DBBD AC BC B(删除) D B CD BD ACDTrue or false:TFFFF FTTFT TTFFF FTFFAnswer questions:1. Open cheque is also called Uncrosssed cheque. The open cheque can be exchanged for cash over the counter when the payee/holder presents the cheque for payment to the drawee bank.Crossed cheque is the cheque which is with two parallel lines drawn on the face of it. The crossed cheque amount should be paid into a bank account. The crossed cheque will not be paid over the counter of the paying bank and must be presented for payment by a collecting bank.2.(1)the word “exchange”(2)an unconditional order in writing(3)the person to whom it is addressed(4)signed by the person giving it(5)tenor(6)a sum certain in money(7) payable to a specified person or his order or to the bearer(8)date of issue and place of issue(9)place of payment3. The documentary bill is the one which should be accompanied by the relevant documents to complete an export transaction and will always be used together with the shipping documents.5. There are two principal parties in a promissory note. They are the maker and the payee.Case Analysis:1.1)China National Textiles Imp./Exp. Corp. Shanghai Branch2)ABC Co.3)Bank of China, Shanghai Branch4)tenor draft5)Bill of exchange in two sets6)The date of issue is not in order..2.1) James Harison, John Martin, Florence Brown2) They are jointly liable on the note.3.Exchange for US$ 3500.00 Hangzhou 21st October, 2008At 60 days date pay to the order of H the sum of United States Dollars three thousand five hundred Only for value received.To: R. SParis Hangzhou<Remittance and Collections>Choices:CAABACADAACBBBABDABCDDDDCBABCCABCD D ABCD B AB ABC ACD A A CCTrue or false:FFTTTFFTFFTFTFTAnswer questions:1. D/D stands for remittance by banker’s demand draft. The remitting bank, at the request of the remitter, draws a bill of exchange on the paying bank ordering the latter to pay on demand a certain sum of money to the beneficiary who will also b the payee of the draft.2.①The remitter fills in the application form, submits the proceeds to the bank, and pays the commission and airmail expenses;② The remitting bank offers the remitter receipt;③ The remitting bank sends a payment instruction by cable/telex/SWIFT to the paying bank;④ The paying bank notifies the payee of the payment order;⑤ The payee provides the paying bank with a receipt;⑥ The paying bank checks the identity of the beneficiary and releases the funds;⑦ The paying bank claims reimbursement against the remitting bank.3. Disadvantage: “Payment in advance” makes the importer undertake the risk of possible loss if the exporter defaults and stay in a position being short of liquidity.Advantage: the adoption of remittance by D/D can save the cost for settlement on the importer’s side. And the application and processing of D/D is quite easy and convenient for the importer to start.4. T/T is superior to M/T in the following points:TT is much more quickly and thus it can meet urgent needs;TT provides higher safety of fund transfer before the money is paid to the payee;TT can be suitable for transfer of large amount of money.TT doesn’t allow the bank to make use of the fund during the processing.5. ①The exporter ships the good and obtains the shipping documents, draws a draft on the importer;②The exporter fills in the application form for collection (indicating clearly that documents will be released under D/P at sight), submits the draft and the documents to the remitting bank;③The remitting bank completes its own collection order and forwards it together with the other two collection items to the collecting bank;④ Upon receipt o collection items, the collecting bank notifies the importer and presents draft for payment;⑤ The collecti ng bank releases shipping documents against the importer’s payment;⑥ The collecting bank remits the proceeds to the remitting bank.⑦ The remitting bank credits the payment to the exporter’s account.6. Clean collection means collection of financial documents not accompanied by commercial documents. Documentary collection means collection of financial documents accompanied by commercial documents, or commercial documents not accompanied by financial documents. The main difference between clean collection and documentary collection is whether commercial documents are involved. Clean collection is mainly used to collect incidental expenses occurred in a transaction such as freight, insurance premium, commission or any other supplementary chares. On other occasions, clean collection is also used in the collection of down-payment or in the case of service transaction. Documentary collection is commonly used as a payment method in international trade.7. D/P means documents against payment, and T/R means trust receipt. It is a modification to D/P after sight. The T/R is issued in exchange of shipping documents. In fact, it is a kind of credit extension by the collecting bank to the importer so that the latter can obtain shipping documents in advance before he makes payment.8. Draft used under collection is called the collection draft. The tenor can be either sight or time. The drawer of the draft is always the exporter or the seller and the drawee of the draft is the importer of the buyer. The payee can be made as the beneficiary, the remitting bank or the collection bank.9. Under open account terms, the exporter will take the main risks. The main risk is the risk of non-payment. The exporter should make sure that the credit standing of the importer is good enough. At the same time, he can require that a letter of guarantee should be provided by the importer before his shipment.10. Documentary collection with the term D/P at sight runs as follow:(1) the exporter and the importer agree to specify collection type in sales contract(2) the exporter loads goods on board & obtaining B/L(3) the exporter makes/obtains other documents(4) the exporter applies for collection attached with full set of documents(5) entrusting bank forwards instructions and documents to overseas correspondent(6) the collecting bank presents the full set of documents to the drawee(7) the drawee make payment at sight(8) the collecting bank releases documents, then the importer can obtain the goods(9) the collecting bank sends credit memo (advice) to the entrusting bank(10) the entrusting bank makes payment to the exporter11.删除Case analysis:1.(1)Bank of China, Guangzhou(2)Bank of China, New York(3)Wiletecc Co., Ltd.,New York(4)USD20,000.00(5)Sight draft<Documentary Credit>Choices:ADACDADAACDBDAACAACBAABCD BC ABC ABCD B BCD AB AC ABC ABCTrue or false:TTFTT FTTFT FFFAnswer questions:1. A red clause credit is often used when the importer wants to extend finance to his reliable supplier (the exporter) by providing him the funds prior to shipment. It is a credit with a special condition incorporated into it that authorizes the confirming bank or any other nominated bank to make advances to the beneficiary before presentation of the documents.2. The L/C proves a relationship (a contract) between exporter and bank, while the underlying contract is between the importer and the exporter. Although the credit is issued according to the L/C application form which is based on the sales contract, it is independent from the sales contract. That is to say, banks in the L/C operation will be bound by the credit only.3. (1) The issuing bank takes primary liabilities for payment, provided the documents presented are in compliance with the terms and conditions of the credit.(2) L/C serves as self-sufficient instrument. A credit by its nature is a separate transaction from the sales contract or other contracts(3) L/C follows pure documents principle. Banks deal with documents rather than physicalgoods, services or other performances to which the documents may relate.4. A confirmation of an irrevocable documentary credit by a bank (the confirming bank ) upon the authorization of request of the issuing bank constitutes a definite undertaking of the confirming bank, in addition to that of the issuing bank, provided that the stipulated documents are presented to the confirming bank or to any other nominated bank on or before the expiry date and the terms and conditions of the credit are complied with, to pay, to accept draft(s) or to negotiate.5. Both of them are usance credits. Seller’s usance credit is issued when the transaction is conducted on a time basis with the agreement that the exporter will obtain payment in a determinable future time. If the exporter wants to obtain advance payment, he can discount the time draft(s) and the discounting interest and acceptance commissions are to be borne by the exporter. Buyer’s usance credit is issued when the transaction is conducted on a sight basis with the agreement that the exporter will obtain payment at sight. If the exporter wants to obtain advance payment, he can discount the time draft(s) and the discounting interest and acceptance commissions are to be borne by the importer.6. A revolving credit is issued to facilitate the importer’s continuous and repeated purchases from the same supplier under which the issuing charges and the deposit margins on the part of the applicant can be saved.7. The draft used under documentary letter of credit is issued by the exporter on the drawee bank, which can be the issuing bank, the confirming bank, the paying bank and the accepting bank. The payee of the draft can be the beneficiary itself or its bank. The draft can be a sight or time draft. 8. What is the difference between the payment by the negotiating bank and the confirming bank? The negotiating bank is not liable for the payment under the letter of credit. After negotiation, the negotiating bank becomes the holder in due course. He has the right to claim payment from the drawee and will obtain the right of recourse against the exporter in the event of dishonor by non-payment. The confirming bank adds its own confirmation and thus takes the responsibility of payment. The payment by the confirming bank is effected without recourse against the exporter.10. ①The sales contract is established between the importer and the exporter, agreeing to settle the payment by L/C;②The importer fills in the application form and requests the issuing bank to issue a credit in favor of the exporter;③The credit is issued and then passed on to the exporter’s bank;④The exporter’s bank passes the documentary credit to the beneficiary after verification of the genuineness of the credit;⑤The exporter checks the terms and conditions of the credit against the sales contract to ensure that everything agrees with the credit requirement;⑥After shipment is made, the exporter presents the documents to the nominated bank;⑦The nominated bank checks the documents against the terms and conditions of the credit. If all are proper, the above said bank will effect payment by negotiation/payment/acceptance.⑧The nominated bank forwards the documents to the reimbursing bank to claim reimbursement;⑨The reimbursing bank or the issuing bank makes reimbursement;⑩The issuing bank notifies the importer of the arrival of documents and require the latter to get ready to make payments.(11)Documents are released to the importer against his payment.(12) The importer picks up the good against the documents.Case analysis:1. (1) Confirmed credit.(2) The negotiation bank. The bank assumes the same obligation as the issuing bank.2. (1) Acceptance credit.(2) Time draft.3. (1) Negotiable credit.(2) The documents can be presented to the negotiation bank.4. (1) revolve in relation to value.(2) USD 150,000.00.(3) USD 50,000.00.5 (1) irrevocable transferrable(2) December 9, 2001(3) ETS.TASSINON(4) any bank(5) drawer: SHANGHAI SUNRISE IMP.AND EXP. CD LTD;drawee: BANK BRUXELLES LAMBERT S.A.(6) USD 5,500(7) BANK BRUXELLES LAMBERT S.A.(8) Not later than 15 days after the date of shipment.2.3. Draw the draft for the beneficiary.<Documents & Documents Examination>Choices:ADBCB AACAB BDBAC AADAA BCBBC CCCBA AAAABA(本题删除) ABC B D(不要求) BTrue or false:FFF(本题不要求)TF TTFFFAnswer questions:1. A bill of lading is a transportation document which is issued and signed by a shipping company or his agent (the carrier) and given to the shipper acknowledging that goods have been received for shipment to a particular destination and stating the terms on which the goods are to be carried.2.Clean or unclaused B/L-- most favored by banks for settlementThe carrier finds no defective conditions concerning the goods or the packing.Dirty B/L is also Unclean or claused B/L-- not acceptable to banksThe carrier adds a clause indicating the defective conditions of the goods or the packing.3. Commercial invoice is the accounting document prepared by the seller to claim payment from the buyer for the value of goods and/or services being supplied. It services as basic documentagainst which other documents are established.4. A receipt of goodsA contract of carriage: the detailed provisions will be made on the reverse of the documentwhich stipulate the rights and responsibilities of the two parties.A title document: the legal owner of the bill of lading is the legal owner of the goodsA negotiable document5. The name of the shipping company (carrier)The name of the shipper, who is usually the exporter or the e xporter’s agentThe name of the consignee; The notify party;B/L No.The name of the carrying vessel and the voyage No.The port of loading and the port of destinationMarks and numbersDescription of goodsTotal packagesFreight charges: prepaid or collectNumber of original B/L: How many original bills of lading will make a full set.The signature of the carrier on behalf of the shipping companyThe B/L issuing date6. Name and address of the seller; Name and address of the buyerThe issuing dateDescription of goodsPrice and price termsPort of loading and port of dischargeShipping markPayment methodName of vessel (airliner), cost of freight and insurance (not always necessary)Signature of the exporter (if required)7. (1) The principle of independence. The credit is independent from the sales contract.(2) The principle of strict compliance. The documents must comply with the terms and conditions of the credit on the one hand and they must be consistent with each other on the other hand.(3) Banks deal exclusively with documents. That means: Banks do not deal with actual goods; Banks will not pay attention to the non-documentary condition; Banks will not examine the non-stipulated document(s).。