金融英语考试选择题练习(14)
Passage Two
Revocable credit is the one which can be amended or cancelled at any time, but the issuing bank is bound to pay drawing under the credit negotiated by the advising bank or the transmitting bank prior to the receipt by it of the notice of revocation or of amendment. An irrevocable credit, however, carries the irrevocable undertaking of the issuing bank to pay all drawings made in terms of the credit. Such a credit can only be amended or cancelled with the consent of all parties to it, that is the applicant, the issuing bank, the intermediary bank, if any, and the beneficiary.
Where the confirmation of an intermediary bank is added to an irrevocable letter of credit, the credit is a confirmed credit, or more exactly, a confirmed irrevocable credit, and such a confirmation constitutes
a definite undertaking of the confirming bank in addition to the undertaking of the issuing bank.
54. A revocable credit can be amended in any circumstances.
A. Right
B. Wrong
C. Doesn’t say
55. An irrevocable confirmed credit gives the beneficiary a double assurance of payment.
A. Right
B. Wrong
C. Doesn’t say
56. An irrevocable credit cannot be cancelled.
A. Right
B. Wrong
C. Doesn’t say
57. Where the confirmation of intermediary bank is added to a revocable letter of credit, the credit is a confirmed revocable credit.
A. Right
B. Wrong
C. Doesn’t say
Revocable credit is the one which can be amended or cancelled at any time, but the issuing bank is bound to pay drawing under the credit negotiated by the advising bank or the transmitting bank prior to the receipt by it of the notice of revocation or of amendment. An irrevocable credit, however, carries the irrevocable undertaking of the issuing bank to pay all drawings made in terms of the credit. Such a credit can only be amended or cancelled with the consent of all parties to it, that is the applicant, the issuing bank, the intermediary bank, if any, and the beneficiary.
Where the confirmation of an intermediary bank is added to an irrevocable letter of credit, the credit is a confirmed credit, or more exactly, a confirmed irrevocable credit, and such a confirmation constitutes
a definite undertaking of the confirming bank in addition to the undertaking of the issuing bank.
54. A revocable credit can be amended in any circumstances.
A. Right
B. Wrong
C. Doesn’t say
55. An irrevocable confirmed credit gives the beneficiary a double assurance of payment.
A. Right
B. Wrong
C. Doesn’t say
56. An irrevocable credit cannot be cancelled.
A. Right
B. Wrong
C. Doesn’t say
57. Where the confirmation of intermediary bank is added to a revocable letter of credit, the credit is a confirmed revocable credit.
A. Right
B. Wrong
C. Doesn’t say