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Letters of Credit/Assessment

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Unit 4.5-Letters of Credit 

Introduction | Letters of Credit | Types | Summary | Resources | Activities | Assessment

Assessment

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1 A confirmed letter of credit includes a

funds transfer in US Dollars only.
a request for only a draft and commercial invoice.
a freely negotiable credit for the seller.
second bank's promise to pay upon complying document presentation.

2 Unless otherwise stated, all letters of credit are considered

revocable.
confirmed.
irrevocable.
transferable.

3 A transferable letter of credit allows the beneficiary to transfer the _____________ to a secondary beneficiary.

letter of credit
funds
documents
liability


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