Choose the correct word. Only one word is correct. Fill in the following gaps.

1. Mechanisms for financing exports and imports have evolved in response to a problem: … of trust.

a) abundance       b) lack        c) amount        d) costs

 

2. … seen the letter of credit, the US exporter ships the products to France.

a) to be       b) having        c) being        d) done

 

3. Title to the products is given in the bank in the form of a document called a bill of ...

a) credit       b) trust        c) investment           d) lading

 

4. In return the US exporter tells the bank … for the products, which the bank does.

a) to pay       b) to ship        c) to manage        d) to sell

 

5. The documents for requesting this payment is referred to as a … .

a) assignment       b) draft        c) visa        d) bill

 

6. The bank, … for the products, passes the title on to the French importer, whom the bank trust.

a) being paid       b) to have paid        c) having paid        d) have been paid

7. At the time or later, … on their agreement, the importer reimburses the bank.

a) to be depended     b) to depend     c) depending        d) to have depended

 

8. A letter of credit, abbreviated as L/C, stands at the center of international commercial … .

 a) transaction     b) assignments    c) drafts        d) letters

9. The letter of … states the bank will pay a specified sum of money to a beneficiary, normally the exporter, on presentation of particular, specified documents.

a) drafts      b) assessment    c) credit      d) payment

 

10. The French importer applies to the local bank for … of a letter of credit.

a) assurancing      b) issuance    c) giving      d) representing

 

11. The local French bank undertakes a credit check of the … .

a) exporter      b) importer    c) bank      d) layer

 

12. If the French bank is satisfied with its creditworthiness, it will issue a letter of … .

a) credit      b) lading      c) intent      d) condolence

 

13. In addition the French bank will charge the importer a … for this service.

a) fee     b) fine    c) credit      d) tax

 

14. Typically this amounts to between 0,5 percent and 2 percent of the value of the letter of credit, … on the importer’s creditworthiness and the size of the transaction.

a) to have depended     b) depending    c) to be depended     d) had depended

 

15. If the French bank is satisfied with the French importer’s creditworthiness it will … a letter of credit.

a) print     b) issue    c) accuse     d) purchase

 

16. The letter stares the French bank will pay the U.S. exporter for the … so long as it is shipped in accordance with certain specified instructions.

a) merchandise     b) credit    c) check     d) bell

 

17. At this point the letter of credit becomes a financial … between the French bank and the U.S. exporter.

a) sum    b) contract    c) requirement     d) measure

 

18. The French bank … the letter of credit to the U.S. exporter’s bank.

a) pays    b) returns    c) sends     d) performs

 

19. The U.S. bank tells the exporter it has received a letter of credit and he can … the merchandise.

a) attracts     b) ship    c) applies     d) approves

 

20. After the exporter has shipped the merchandise, he draws a … to the French bank.

a) letter     b) draft    c) money     d) approval

 

21. The exporter attaches the required documents and presents the draft to the U.S. … for payment.

a) government     b) office    c) bank     d) agent

22. The U.S. bank forwards the letter of credit and associated documents to the … bank.

a) American     b) French    c) European      d) World

 

23. When the U.S. bank receives the funds, it will pay the U.S. … .

a) exporter      b) importer    c) layer      d) the third person

 

24. Once the French bank has transferred the funds to the U.S. bank, it will collect … from the French importer.

a) documents      b) payment    c) draft      d) credit

 

25. Alternatively the French bank may allow the importer some time to resell the … before requiring payment.

a) ship     b) product    c) merchandise         d) documents

 

26. The great advantage of this system is that both the French importer and the U.S. exporter are likely to … reputable banks.

a) trust     b)visit    c)carry      d) solve

 

27. An exporter may find that … a letter of credit will facilitate obtaining pre-export financing.

a) being     b) to have been   c) having      d) having been

 

28. … the letter of credit, the U.S. bank might be willing to lend the exporter funds to process and prepare merchandise for shipping to France.

a) to have seen     b) having seen  c) to be seen      d) being seen

 

29. International practice is to use … to settle trade transactions.

a) selling     b) baying  c) paying      d) credit

 

30. Switch trading refers to the use of specialized … trading houses in a countertrade arrangement.

a) importer     b) exporter  c) third-party      d) managing

 

31. Even when counter trade is not the only option for structuring an export … many countries prefer counter trade to cash deals.

a) transaction     b) purchase  c) merchandise      d) deal

 

 

 

UNIT XIV

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