一. Choose the right answer from the four choices below.
1. According to UCP 600, for the examination of documents the banks now have a maximum of ( ) following the day of presentation.
A. 7 banking days B. 5 banking days
C. 3 banking days D. 1 banking days
2. The UCP published by the ( ), contains detailed provisions dealing with the operation of documentary credit.
A. ICC in 1936 B. FIATA in 1920 C. BIMCO in 2007 D. ICC in 1933
3. The ( ) are the most popular additions in the latest UCP.
A. consolidation B. clarification of new terms
C. definitions and explanation Articles D. radical rethought
4. Documentary rejections constitute 70% of ( ).
A. all world trade B. all the presentations
C. the first submission of documents D. business negotiations
5. In some articles of the UCP 600, the rights and obligations of advising, confirming and issuing banks are ( ).
A. made clearer B. certified C. removed D. reduced
6. The changes in the UCP 600 are ( ) as far as the contents are concerned.
A. dramatic B. minor C. great D. obvious
7. The UCP 600 came into force on ( ).
A.July 31, 2007 B.July 1, 2007 C. January 1,1920 D.July 1, 1919
8. One major changes of UCP 600 is that the bills of lading may now allow ( ), providing that the entire carriage is covered by one and the same bill of lading.
A. partial shipment B. transshipment C. transferred D. signed
二. Decide whether the following statements are true or false.
1. UCP 600 does not apply unless it is expressly mentioned in the text of the L/C. ( )
2. According to UCP 600, the banks now have a maximum of seven banking days after the day of presentation. ( )
3. The UCP 600 is divided into the same seven sections as the UCP 500. ( )
4. The radical rethought of the UCP 500 is for clarification only. ( )
5. Traders using an L/C as the method of payment should be clear about the stipulations of the UCP 600. ( )
6. The standard for checking the documents has been changed to “reasonable time not exceeding 7 banking days”. ( )
7. According to the UCP 600, data in a document must not conflict with data in any other stipulated document or the L/C. ( )
8. The documentary rejections may be as high as 30% of the first presentations. ( )
9. Most differences between the UCP 500 and the UCP 600 are actual changes rather than clarifications. ( )
三. Multiple choice questions. Select all of the correct answers.
1. Comparing with UCP 500, the major changes introduced by the UCP 600 include ( ).
A.The commercial invoice must be made out in the same currency as the L/C.
B.The commercial invoice may not be made out in the same currency as L/C.
C.B/L may now allow transshipment, provided that the entire carriage is covered by one and the same bill of lading.
D.B/L may not allow transshipment, provided that the entire carriage is covered by one and the same bill of lading.
2. The objectives of the latest revision of UCP include ( ).
A. facilitate the flow of international trade
B. facilitate consistent application and interpretation of the Rules
C. enhance the reputation of an L/C as the payment of method in international trade
D. reduce documentary rejections
3. The impact of all the changes to the UCP 500 includes ( ).
A. some radical rethought B. clarification of some rules
C. consolidation of some rules D. definition and explanation Articles
4. Although there are many changes in the UCP 600, yet traders should pay more attention to articles including ( ).
A. Articles 1-8 B. Articles 29-37 C. Article 38 D. Articles 9-10
5. Very useful clarification is given in some articles concerning the rights and obligations of ( ) banks.
A. collecting banks B. advising banks
C. issuing banks D. confirming banks
6. Major changes of UCP 600 lie in the following articles including ( ).
A. Article 20 B. Article 38 C. Article 14 D. Articles 1-2
7. The stated aim of the new revision of UCP is to address development in the ( ) industries.
A. transport B. outsourcing C. banking D. insurance
