Certified Documentary Credit Specialist试题

Certified Documentary Credit Specialist (CDCS)

Practice Test

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This practice test paper is a small sample of the type of questions you will encounter in the actual test paper. This test represents one third of the actual test and should not take longer than 1 hour to complete. Please refer to the CDCS study guide for information on the structure and number of questions that will appear in the actual test paper.

This practice test paper consists of two sections: Section A and Section B.

Section A consists of 22 multiple choice questions worth one mark each.

Section B consists of:

?3 stand alone analysis questions worth one mark each;

?1 in-basket exercise, 5 questions per in-basket, each question worth one mark;

?1 simulation exercise worth a maximum of five marks.

Following the in-basket and simulation is the supporting documentation for each. (Please note that if taking the text in paper form there will be separate documentation for each in-basket or simulation.)

In the questions in both Section A and Section B you should assume that, unless otherwise stated, there are NO Bank Holidays, and Saturdays and Sundays are NOT banking days.

UCP600 applies throughout.

Only silent, non-programmable calculators may be used in this examination.

A qualification jointly examined and awarded by the ifs School of Finance and the International Financial Services Association. Endorsed by the International Chamber of Commerce.

Section A

1. A documentary credit for USD 120,000.00 calls for shipment of fertiliser in February, March, April and May. Each shipment is to be for about 500 tonnes. Shipment was effected as follows:

1. 450 tonnes sent 24 February for value USD 27,000.00.

2. 550 tonnes sent 12 April for value USD 33,000.00.

3. 460 tonnes sent 30 April for value USD 28,000.00.

4. 550 tonnes sent 04 June for value USD 33,000.00.

Which of the above shipments will be honoured on presentation?

A

1 only.

B

1 and 3 only.

C

2 and 4 only.

D

1, 2 and 3 only.

2. In accordance with ISP98, which of the following statements is correct? The issuer of a standby letter of credit MUST:

A

validate the breach of any underlying transaction.

B

ensure the accuracy of any documents presented.

C

ensure the genuineness of any documents presented.

D

honour presentations that appear on their face to comply.

3. An issuer of a standby credit subject to ISP98 is responsible for:

A

accuracy of any document.

B

act of omission by the nominated bank.

C

observance of law as stated in the standby.

D

performance of any underlying transactions.

4. A reimbursing bank has received a valid claim under its reimbursement undertaking and is instructed by the issuing bank NOT to honour the claim. In accordance with the URR525, the reimbursing bank should:

A

request the claiming bank to cancel the claim.

B

instruct the claiming bank to contact the beneficiary.

C

honour the claim and debit the issuing bank's account.

D

dishonour the claim as per the issuing bank's instruction.

5. An importer requires goods of a stipulated quality while the exporter requires certainty of payment. Which of the following would BEST meet all requirements?

A

Confirmed standby credit payable on demand calling for beneficiary's quality certificate.

B

Confirmed documentary credit payable at sight calling for beneficiary's quality certificate.

C

Confirmed documentary credit available by acceptance with drafts drawn on confirming bank calling for third party quality certificate.

D

Unconfirmed documentary credit payable at sight with drafts on issuing bank calling for third party quality certificate.

6. A German bank has added its confirmation to a documentary credit issued by a Turkish bank. Which of the following risks is NOT borne by the confirming bank?

A

Fraud by the beneficiary.

B

Insolvency of the issuing bank.

C

Refusal of the issuing bank to pay against complying documents.

D

Government restrictions on funds transfer from the issuing bank.

7. Which of the following can be combined under a credit available with and requiring a draft drawn on an issuing bank?

1. Payment.

2. Deferred payment.

3. Acceptance.

4. Negotiation.

A

1 and

2 only.

B

1 and 3 only.

C

2 and

3 only.

D

3 and

4 only.

8. In accordance with UCP 600, which of the following terms may NOT be altered on a transferred documentary credit? The:

A

amount.

B

required documents.

C

period for presentation.

D

amount of insurance cover.

9. A cumulative revolving documentary credit is opened with six months' validity and allowing for USD 25,000.00 to be drawn each month. If only the first month's shipment is effected in full, what is the available amount in the fourth month?

A

USD 0.00.

B

USD 25,000.00.

C

USD 75,000.00.

D

USD 100,000.00.

10. A documentary credit which allows partial shipments has the following shipment schedule: 1,000 units shipped between 01 June XXXX and 30 June XXXX

2,000 units shipped between 01 July XXXX and 31 July XXXX

2,000 units shipped between 01 August XXXX and 31 August XXXX

3,000 units shipped between 01 September XXXX and 30 September XXXX

The beneficiary shipped the goods and presented documents as follows:

1. 1,000 units shipped on …… 此处隐藏：15457字，全部文档内容请下载后查看。喜欢就下载吧 ……