Certificate in International Trade and Finance (CITF)

Specimen paper 2 Hours

INSTRUCTIONS TO CANDIDATES

1 This question paper consists of 100 stand alone multiple choice questions.

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

OTHER INFORMATION

1. Answer ALL questions.

A qualification assessed and awarded by the ifs School of Finance, a registered charity incorporated by Royal Charter.
 Certificate in International Trade and Finance - Specimen paper

1. For a valid contract to come into effect there must be:

A a formal document.
B a witness.
C an affidavit.
D consideration.

2. The latest Terrorism Act was passed in which year?

A 2000.
B 2003.
C 2005.
D 2007.

3. Which of the following most accurately describes the purpose of Incoterms? They:

A explain the terms used in documentary credits.

B state the responsibilities of exporters and importers engaged in international trade.
C state the roles and responsibilities of banks engaged in international trade.
D state the rules for collecting overseas trade debts.

4. An international consignment note can be used for transport by:

A air only.
B rail and air.
C rail and road.
D road and air.

5. When agreeing to payment in advance terms, who will carry the greatest level of risk in the
transaction? The:

A agent. (1) The importer pays for the goods before shipment
B exporter. (2) The exporter ships the goods to the importer
C importer.
D insurer.

6. In international trade, importers will commonly make payments against:

A certificates.
B consents.
C documents.
D policies.

7. The most secure method of payment for an exporter is:

A documentary collection.
B documentary credit.
C open account.
D payment in advance.

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 Certificate in International Trade and Finance - Specimen paper

8. A standby letter of credit may be subject to:

ISP ( International Standby Practices - ISP 98)
A eUCP. - ISP98 was issued by the Institute of International Banking Law & Pract on April 6 1998
B Incoterms 2000. - ISP98 was approved for used by the International Chamber of Commerce (ICC) at the
C UCP 600 or ISP 98. end of 1998 and effective from 1 January 1999
D URC 522 only. - Enforceability: Similar to other ICC rules

=> ISP was designed specifically for standby L/C, while UCP for commercial L/C
9. Which of the following governs the issuance of demand bonds and guarantees?

A Incoterms 2000.
B UCP 600.
C URC 522.
D URDG 458.

10. For a limited company to have capacity to contract, the nature of the business must be:

A clearly stated on the company's certificate of registration.

B something its staff are fully qualified to provide.
C within a certain geographical area.
D within the objectives set out in the company's memorandum and articles of association.

11. What does MLR stand for?

A Money Laundering Regulations.

B Money Lenders' Rights.
C Money Locating Rationale.
D Money Loss Reimbursement.

12. Which of the following activities, if seen on a business account, might put bank staff upon
enquiry?

A A lot of credits paid into the account.

B Many small cheques being written.
C Requests for regular statements.
D Requests that do not seem to make commercial sense.

13. Which of the following bodies is responsible for Incoterms?

A The International Chambers of Commerce. Phòng Thương mại quốc tế

B The International Monetary Fund.
C The Society for Worldwide Interbank Financial Transactions.
D The World Trade Organisation.

14. Which combination of documents must an exporter provide under 'CFR' terms?

A Customs documentation and insurance certificate.

B Invoice and bill of exchange.
C Invoice and transport documents.
D Invoice, seller’s contingency insurance certificate and transport documents.

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15. Which of the following documents assures the importer that goods are of a certain standard?

A An ECGD policy.
B An inspection certificate.
C An insurance certificate.
D An insurance policy.

16. Which type of invoice is requested when a country wishes to prevent the dumping of goods at
artificially low prices?
Commercial invoice is a required document for the export and import clearance process
A Commercial invoice.
B Consular invoice.
C Legalised invoice.
D Pro-forma invoice.

17. In an open account transaction, who carries the highest risk? The:

A exporter.
B importer.
C insurance company.
D shipping company.

18. Which of the following sets out the rules for collections?

A ICC 2000.
B UCP 600. Uniform Customs and Practice for Documentary Credits
C URC 522. Uniform rules for collection
D URDG.

19. With open account trade, an exporter will submit:

A his invoice directly to the importer.

B his invoice together with the other shipping documents under a documentary credit.
C his invoice with other shipping documents to his bank and ask his bank to collect the
payment on his behalf.
D the invoice to the exporter's bank under a remittance schedule and ask the importers
bank to collect payment on his behalf.

20. Which of the following would not normally be found on a commercial invoice?

A Charges for insurance and freight and packing details.

B Description and price of goods, date of the invoice, the terms of sale and exporter's
signature.
C Name and address of seller, buyer, description and price of goods and date of the invoice.
D The terms of the contract of carriage.

21. Apple Limited contracts with Banana Limited to build a bridge for Banana Limited. Banana
Limited requires a guarantee from Orange Bank. Under URDG 458, who is the principal?

A A third party.
B Apple Limited.
C Banana Limited.
D Orange Bank.

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22. Which of the following terms would you not expect to see in a contract?
Names and Addresses of the Parties Force majeure
A Prices. Description of goods
B The governing law. Resolution of
Price Disputes
C The names of the parties to a contract. Delivery terms Governing law
D The qualifications of the contracting parties. Payment terms
Documents
Inspection of goods by the buyer
23. Which of the following is incorrect? Under the PCA it is a criminal offence to be involved in:

A concealing, disguising, converting, transferring or removing criminal property from the UK.
B the acquisition and/or possession of criminal property.
C tipping off a person that a disclosure has been made.
D using a forged passport to open a bank account.

24. A sales contract specifies 'Ex Works'. This means that the exporter must make the goods
available:

A at any port.
B at the importer’s premises.
C for collection at their premises.
D to a carrier.

25. How does a pro-forma invoice differ from a commercial invoice?

A It does not contain Incoterms.

B It does not have the exporter’s signature.
C It does not state the cost of the goods.
D It is not a demand for payment.

26. Which of the following is not a commercial document?

A Bill of exchange.
B Certificate of origin.
C Commercial invoice.
D Consular invoice.

27. Under a 90-day bill of exchange, the drawee will have an obligation to:

A accept the bill and arrange to have sufficient funds available to make payment 90 days
later.
B discount the bill.
C discount the bill and arrange to have sufficient funds available to make payment 90 days
later.
D negotiate the bill.

28. Which of the following is not one of the three recognised phases of money laundering?

A Evasion.
B Integration.
C Layering.
D Placement.

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 Certificate in International Trade and Finance - Specimen paper

29. What does Incoterms stand for?

A International commercial terms.

B International company terms.
C International contract terms.
D International counter party terms.

30. Which of the following has established universally accepted rules for the treatment of
collections?

A The Bank of England.

B The Financial Services Authority.
C The International Bank for Reconstruction and Development.
D The International Chamber of Commerce.

31. A promissory note is drawn up by the:

A bank.
B drawee.
C freight forwarder.
D payee.

32. Sanjay Importing Limited agree to buy a shipment of materials from Hong Kong Trading
Corporation. It agrees payment in advance terms. When should Sanjay Importing Limited make
the payment?

A As soon as the shipping company agrees.

B Before shipment is made.
C When the goods arrive.
D When they receive evidence of shipment.

33. Which of the following would not be used in conjunction with open account trade?

A A factoring facility.
B A letter of credit.
C A standby guarantee.
D An invoice discounting facility.

34. In international trade transactions, a guarantor issues the guarantee on behalf of:

A a third party. A guarantee is undertaking by a third person ( guarantor) to the obligee

B the beneficiary. obligee (beneficiary) to perform the obligation on behalf of the obligor ( applicant) if the
C the beneficiary's bank. obligor fails to perform their obligations during the guarantee period
D the principal. obligor

35. On receipt of an offer, the recipient may then:

A accept the offer.

B alter the amount of goods quoted unilaterally.
C alter the price unilaterally.
D pass the offer on to another party.

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36. A bank collects a cheque or bill of exchange on behalf of someone who is not the true owner of
it. The bank is guilty of:

A conversion.
B deception.
C fraud.
D theft.
Free carrier

37. The contract terms are 'FCA Southampton Container Depot'. Which of the following transport
documents would be acceptable to the importer?

A Air waybill, marked freight paid.

B Air waybill, unmarked.
C Container bill of lading marked 'freight paid'.
D Container bill of lading marked 'freight payable at destination'.

38. Which of the following terms on a bill of exchange giving 90 days' credit will be acceptable? Pay
this bill of exchange:

A 90 days after the arrival of the ship.

B 90 days after the goods are despatched from the vendor.
C 90 days from the date on the bill of exchange.
D at sight.

39. Which of the following is not a financial document commonly presented under a documentary
collection?

A Bill of exchange.
B Cheque.
C Credit note.
D Promissory note.

40. Which of the following would provide finance for the exporter with recourse?

A Discount against an avalised bill of exchange.

B Invoice finance with insurance.
C Negotiation of a bill of exchange.
D Pre-shipment finance against a confirmed letter of credit where all documents comply.

41. A sight bill of exchange allows the exporter to receive reimbursement:

A following acceptance by the importer.

B when documents are presented by the exporter.
C when the importer is presented with the bill of exchange.
D when the importer’s bank receives the bill of exchange.

42. What course of action would the issuer take in the event of a claim being made against the
guarantee?

A They must first check the underlying contract to ensure there has been an actual
omission.
B They must honour the payment.
C They should appoint an agent to check validity of the claim.
D They should first seek approval from the principal to make payment.

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43. Which of the following statements is correct?

A Delay in presenting a bill of exchange for payment removes liability from the acceptor.
B Once acceptance has been given the importer has no liability for payment.
C Signature by the acceptor does not indicate legal capacity to do so.
D The drawee has no liability on a bill until it is accepted.

44. Failure to comply with all terms of a contract constitutes a breach of contract unless:

A a 'force majeure' clause can be applied.

B one of the parties becomes bankrupt.
C one of the parties goes into liquidation.
D the purchaser runs out of funds.

45. If you are suspicious about a transaction which a client has asked you to carry out, what must
you do?

A Call the police immediately.

B Carry out a citizen's arrest upon the client.
C Refuse to carry out the transaction.
D Report the matter to your bank's compliance or money laundering department.

46. Which of the following documents is fully negotiable?

A Combined transport bill of lading.

B Freight forwarder’s bill of lading.
C Promissory note.
D Sea freight bill of lading.

47. In an open account transaction, when should payment be made?

A Always within 30 days of the invoice date.

B In accordance with the contract.
C On receipt of the goods.
D When the goods are shipped.

48. In which of the following areas would importers or exporters need to produce a SAD document?

A Australia.
B Canada.
C Germany.
D Mexico.

49. Which of the following describes the collection of a bill of exchange without any other
commercial or transport documents?

A Clean collection.
B Documentary collection. A bank, in accordance with the seller's instruction, handles documents in order to deliver
C Exchange collection. them to the buyer agaisnt payment, acceptance, or on other terms and conditions
D Promissory collection.

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50. Advance of funds against a draft and/or documents is referred to as:

A acceptance.
B payment.
C honour.
D negotiation.

51. For a bank to advance money to an importer against the security of goods, which of the
following conditions are essential? The importer has:

A a full set of original bills of lading.

B a full set of original bills of lading and the non-negotiable copies.
C a full set of original bills of lading consigned to a local freight forwarder.
D a full set of original bills of lading marked 'consigned to order'.

52. Which of the following may be required once a performance bond has expired?

A A duty deferment guarantee.

B A tender bond.
C A warranty bond.
D An advanced payment guarantee.

53. A breach of contract by one party enables the other party to:

A have the breacher arrested.

B have the breacher fined for criminal negligence.
C seize the breacher's assets.
D void the contract.

54. Which section of the Bills of Exchange Act covers forged signatures?

A Section 2.
B Section 4.
C Section 24.
D Section 32.

55. Under 'FAS Port of London' terms, which of the following most accurately describes the
responsibilities of the exporter? Package goods in a suitable manner:

A and complete export and customs formalities.

B complete export and customs formalities and supply a commercial invoice.
C complete export and customs formalities, provide insurance to cover the voyage and
supply a commercial invoice.
D complete export and customs formalities, supply a commercial invoice and arrange
seller’s interest insurance.

56. A 'letter of credit' is also known as a:

A bank credit.
B documentary credit.
C payment credit.
D uniform credit.

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57. Suspicion of money laundering in a bank should normally be reported to the bank's:

A Chief Executive Officer.

B Chief Financial Officer.
C Compliance Officer.
D Head of Security.

58. Which of the following describes the difference between a 'collection' and a 'letter of credit'?
With a letter of credit:

A a bank adds its own name to the transaction.

B an insurance company issues a credit note.
C the buyer must always pay within 180 days.
D the supplier always receives payment in advance.

59. Which document might form part of a claim under a bank guarantee?

A A bill of lading.
B A notary's confirmation of the dishonour of a bill.
C A packing list.
D Certificate of origin.

60. To forestall money laundering, banks must take appropriate measures to ensure that all staff
are:

A given the number of the local police station.

B made aware of the law relating to money laundering and terrorist financing.
C professionally qualified in financial accounting techniques.
D trained in how to make a citizen's arrest.

61. Which of the following issues a letter of credit?

A A bank.
B A shipping company.
C A warehousing agent.
D An insurance company.

62. 'Layering' is:

A a method of counting bank notes.

B having lots of bank accounts.
C passing money through several transactions so as to hide its origins.
D passing several transactions through one account in the same day.

63. When negotiating a contract, which words should be added to correspondence to show that it is
part of the negotiation process rather than a formal offer?

A Caveat emptor.
B Pro forma.
C Sub judice.
D Subject to contract.

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64. The term FOB stands for:

A first over board.

B free of bills of exchange.
C free of bills of lading.
D free on board.

65. In a letter of credit, the importer is also known as the:

A agent.
B applicant.
C intermediary.
D seller.

66. Which of the following statements is true in connection with the presentation of documents
associated with a letter of credit? They:

A are always treated separately to the credit.

B are not necessary because the bank assumes the risk.
C must be as specified in the credit.
D will always be negotiable instruments.

67. Documentary collections always involve:

A a guarantee from the importer's bank.

B a minimum of six months credit from the exporter.
C advanced payment by the importer.
D commercial and/or transport papers.

68. A facility granted to importers which guarantees an accepted bill of exchange is also known as:

A acceptance facility.
B counter indemnity facility.
C counter trade facility.
D forfaiting facility.

69. Assignment of a guarantee:

A allows the proceeds to be paid to a nominated party.

B enables the guarantee to be amended.
C enables the guarantee to be cancelled.
D enables the principal to dispute a claim.

70. The first step in handling a commercial dispute should be to:

A attempt to reach a compromise.

B cancel the contract.
C go to arbitration.
D hire a good lawyer.

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71. If you run a London-based exporting company, what would you wish to nominate as the law
governing the contract?

A British law.
B English law.
C The law of diminishing returns.
D The law of the buyer's country.

72. Under the Incoterm 'CFR Durban', which of the following obligations are the responsibility of the
exporter? Package goods in a suitable manner:

A supply a commercial invoice to the buyer and pay for the transport of goods to Durban.
B and pay for export licence, duties, taxes, supply a commercial invoice to the buyer.
C and pay for export licence, duties, taxes, supply a commercial invoice to the buyer, pay
for the transport of goods to Durban, pay for the unloading costs and supply the transport
document.
D and pay for export licence, duties, taxes, supply a commercial invoice to the buyer and
documentary evidence of seller’s contingency insurance.

73. Letters of credit must comply with which of the following?

A ICC 2000.
B UCP 600.
C URC 522. Uniform rules for collection -> Documentary collections
D URDG Article 3.

74. Why might an exporting company insist on payment in advance terms? When it has:

A a large cash surplus in its bank account.

B a revolving credit arrangement with its bank.
C an ongoing relationship with the importer.
D not previously dealt with the importer.

75. Very large companies can sometimes raise finance by the issue of commercial paper direct to
investors. These are also known as:

A bills of exchange.
B letters of credit.
C promissory notes.
D trust receipts.

76. A standby letter of credit is used:

A as a means of payment.
B as a warranty for goods or service.
C to give title to goods.
D to protect against non payment.

77. Who should documents be presented to in order to terminate a guarantee?

A The beneficiary. obligee

B The exporter.
C The guarantor.
D The importer. obligor ( applicant)

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78. The 'Model Law on International Commercial Arbitration' is published by which organisation?

A NATO.
B UNCITRAL.
C UNICEF.
D WHO.

79. A clean bill of lading marked 'shipped on board' and 'freight paid to Hong Kong' would be
acceptable under which of the following shipping terms?

A CFR(Hong Kong).
B CIF(Hong Kong). + insurance
C EXW(Hong Kong).
D FOB(Hong Kong).
just shipped on board

80. A key aspect of letters of credit is that:

A banks deal in documents and not the underlying goods themselves.

B once issued, they are easy to be cancelled at any time. irrevocable
C the bank involved will always take ownership of the goods and sell them.
D the underlying goods must be shipped by sea.

81. In a documentary collection, the principal is normally the:

A exporter.
B exporter's bank.
C importer.
D importer's bank.

82. An invoice finance facility will typically provide what percentage advancement for an invoice?

A 40-50%.
B 60-70%.
C 80-90%.
D 100%.

83. A standby letter of credit is issued by a bank on behalf of the:

A applicant.
B beneficiary.
C drawer.
D exporter.

84. In a letter of credit, which of the following describes the bank in the exporter's country through
which the credit is transmitted? The:

A advising bank.
B issuing bank.
C nominated bank.
D remitting bank.

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85. Once final agreement is reached on a contract, and it is signed by all parties, any amendments
will require:

A a new contract to be created.

B application to a court.
C reference to arbitration.
D the written consent of all parties to the original contract.

86. In documentary collections, the specified collecting and presenting banks are normally:

A in different countries.
B the exporter's bank and the importer's bank respectively.
C the importer's bank and the exporter's bank respectively.
D the same bank.

87. If differences arise between parties to a contract and they cannot agree amongst themselves,
the next step should be to:

A continue with the transaction without resolving the differences.

B go to the courts for redress.
C ignore the situation and hope for the best.
D take the dispute to arbitration.

88. Which of the following does not provide arbitration services for commercial disputes?

A ACAS.
B American Arbitration International Centre for Dispute Resolution.
C ICCCA.
D London Court of International Arbitration.

89. Typically, in a letter of credit, who is the beneficiary? The:

A applicant.
B exporter.
C importer.
D issuer.

90. A collection, compared to a letter of credit, is usually:

A less expensive.
B more expensive.
C safer for the exporter.
D safer for the shipper.

91. If an importing company cannot immediately clear goods from the port, it will incur which of the
following charges from the Port Authority?

A Demurrage charges.
B Insurance premiums.
C Parking fines.
D Search fees.

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92. Under ISP 98, a beneficiary:

A is not authorised to request an amendment.

B who requests an amendment is deemed to have agreed to it.
C who requests an amendment must accept it in writing again once it has been amended.
D who requests an amendment relinquishes all right under the standby credit to make any
subsequent claim.

93. The Incoterms 'CIF' stand for:

A Carriage and Insurance to Frontier.

B Carriage Insurance and Freight.
C Cost and Insurance to Frontier.
D Cost Insurance and Freight.

94. As security for an invoice discounting facility for a limited company, a bank would normally look
to take which of the following as security?

A A cash deposit.
B A chattels mortgage.
C A debenture.
D A loan postponement.

95. Why might a 'confirming bank' be used in a letter of credit? To confirm that:

A adequate insurance exists while the goods are in transit.

B the exporter will pay on the due date.
C the goods are of acceptable quality.
D it will meet the obligations of the issuing bank.

96. A bond may be called upon due to:

A a shortage of cash for the beneficiary.

B an economic recession.
C non-payment by the principal.
D the non-performance of the beneficiary.

97. A collection, compared to a letter of credit, does not provide:

L/C: A written and irrevocable undertaking of a bank, at the request of the
A a bank guarantee of payment. importer, to make payment to the exporter or accept the drafts issued by
B a bank involved in the transaction. the exporter if the exporter can present complicant documents
C eventual payment processed via the banking system.
D universally accepted rules.

98. Which of the following would make factoring unacceptable?

A 25% of the ledger is to overseas debtors.

B If the company is an exporter.
C The customer only wishes to factor the invoices with bad credit risk.
D The exporter requires a without recourse facility.

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99. A standby letter of credit requires a:

A certificate issued by the beneficiary stating that the applicant had not made payment on
the due date.
B certificate issued by the beneficiary stating that the goods have been received in good
order.
C certificate of origin.
D full set of clean on board bills of lading.

100. Typically, an insurance company would offer to provide protection against unfair calling of a
bond against:

A a failure by the beneficiary to make a claim within the validity of the guarantee.
B a failure by the principal to honour payment at maturity for the underlying contract.
C a failure by the principal to perform under the contract.
D the exporter's failure to perform because of political events.

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Multiple-choice

Q. no Answer Syllabus Ref

1 D Procedures involved in Trade Contracts

2 A International trade products
3 B Trade terms and Incoterms 2000
4 C The nature of financial, commercial and transport documents used in
international trade
5 C The principles of advanced payment and open account trading
6 C Documentary collections in accordance with URC 522
7 D Short-term trade finance
8 C The non-payment risk covered by bank products
9 D Bank guarantees
10 D Procedures involved in Trade Contracts
11 A International trade products
12 D International trade products
13 A Trade terms and Incoterms 2000
14 C The nature of financial, commercial and transport documents used in
international trade
15 B The nature of financial, commercial and transport documents used in
international trade
16 B The nature of financial, commercial and transport documents used in
international trade
17 A The principles of advanced payment and open account trading
18 C Documentary collections in accordance with URC 522
19 A Short-term trade finance
20 D The nature of financial, commercial and transport documents used in
international trade
21 B Bank guarantees
22 D Procedures involved in Trade Contracts
23 D International trade products
24 C Trade terms and Incoterms 2000
25 D The nature of financial, commercial and transport documents used in
international trade
26 A The nature of financial, commercial and transport documents used in
international trade
27 A The nature of financial, commercial and transport documents used in
international trade
28 A International trade products
29 A Trade terms and Incoterms 2000
30 D Documentary collections in accordance with URC 522
31 B The nature of financial, commercial and transport documents used in
international trade
32 B The principles of advanced payment and open account trading
33 B Short-term trade finance
34 D Bank guarantees
35 A Procedures involved in Trade Contracts
36 A International trade products
37 D Trade terms and Incoterms 2000
38 C The nature of financial, commercial and transport documents used in
international trade
39 C Documentary collections in accordance with URC 522
40 C Short-term trade finance
41 C The nature of financial, commercial and transport documents used in
international trade
42 B Bank guarantees
43 D The nature of financial, commercial and transport documents used in
international trade
44 A Procedures involved in Trade Contracts
45 D International trade products
46 C The nature of financial, commercial and transport documents used in

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international trade
47 B The principles of advanced payment and open account trading
48 C The nature of financial, commercial and transport documents used in
international trade
49 A Documentary collections in accordance with URC 522
50 D Short-term trade finance
51 A The nature of financial, commercial and transport documents used in
international trade
52 C Bank guarantees
53 D Procedures involved in Trade Contracts
54 C International trade products
55 D Trade terms and Incoterms 2000
56 B The nature of documentary credits
57 C International trade products
58 A The nature of documentary credits
59 B Bank guarantees
60 B International trade products
61 A The nature of documentary credits
62 C International trade products
63 D Procedures involved in Trade Contracts
64 D Trade terms and Incoterms 2000
65 B The nature of documentary credits
66 C The nature of documentary credits
67 D Documentary collections in accordance with URC 522
68 D Short-term trade finance
69 A Bank guarantees
70 A International trade products
71 B Procedures involved in Trade Contracts
72 C Trade terms and Incoterms 2000
73 B The nature of documentary credits
74 D The principles of advanced payment and open account trading
75 C Short-term trade finance
76 D The non-payment risk covered by bank products
77 C Bank guarantees
78 B International trade products
79 A Trade terms and Incoterms 2000
80 A The nature of documentary credits
81 A Documentary collections in accordance with URC 522
82 C Short-term trade finance
83 A The non-payment risk covered by bank products
84 A The nature of documentary credits
85 D Procedures involved in Trade Contracts
86 D Documentary collections in accordance with URC 522
87 D Procedures involved in Trade Contracts
88 A International trade products
89 B The nature of documentary credits
90 A Documentary collections in accordance with URC 522
91 A International trade products
92 B The non-payment risk covered by bank products
93 D Trade terms and Incoterms 2000
94 C Short-term trade finance
95 D The nature of documentary credits
96 C Bank guarantees
97 A Documentary collections in accordance with URC 522
98 C Short-term trade finance
99 A The non-payment risk covered by bank products
100 D Bank guarantees

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