34. Which of the following stands at the center of international commercial tran

Question

34.          Which of the following stands at the center of international commercial transactions and is issued by a bank at the request of an importer?

A.            Bill of lading

B.            Time draft

C.            Letter of credit

D.            Sight draft

E.            Bill of exchange

35.          When serving as collateral, the bill of lading:

A.            can be used to advance funds to the exporter by its local bank before or during shipment.

B.            specifies that the carrier is obligated to provide a transportation service in return for a certain charge.

C.            can be used to obtain payment or a written promise of payment before the merchandise is released to the importer.

D.            states that the bank will pay a specified sum of money to a beneficiary, normally the exporter, on presentation of particular, specified documents.

E.            is an order written by an exporter instructing an importer, or an importer's agent, to pay a specified amount of money at a specified time.

16. The objective of establishing the World Bank was to:

A. revive the gold standard.

B. promote general economic development.

C. control and manage the International Monetary Fund.

D. promote a floating exchange rate system.

E. approve large currency devaluations

Explanation / Answer

34. C is Correct

35. D is Correct

16. B is Correct, After World War 2 Worldbank was set up primarily to spur economic development

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