CDCS测试题.docx

1、CDCS测试题(CDCS)Practice Test Session Number XXXXX_This practice test paper is a small sample of the type of questions you will encounter in the actual testpaper. This test represents one third of the actual test and should not take longer than 1 hour tocomplete. Please refer to the CDCS study guide fo

2、r information on the structure and number ofquestions that will appear in the actual test paper.This practice test paper consists of two sections: Section A and Section B.Section A consists of 22 multiple choice questions worth one mark each.Section B consists of: 3 stand alone analysis questions wo

3、rth one mark each; 1 in-basket exercise, 5 questions per in-basket, each question worth one mark; 1 simulation exercise worth a maximum of five marks.Following the in-basket and simulation is the supporting documentation for each. (Please note that if taking the text in paper form there will be sepa

4、rate documentation for each in-basket or simulation.)In the questions in both Section A and Section B you should assume that, unless otherwise stated, there are NO Bank Holidays, and Saturdays and Sundays are NOT banking days.UCP600 applies throughout.Only silent, non-programmable calculators may be

5、 used in this examination.INSTRUCTIONS TO CANDIDATES1. Read the instructions on both sides of the answer sheet carefully.2. Do NOT open this exam paper or the in-basket / simulation bookletsuntil instructed to do so.3. Answer all questions on the answer sheet provided. You may writeon the in-basket

6、/ simulation booklets or the question paper.4. Before you leave the examination room you must hand in all theexamination materials including the answer sheet, the questionpaper and the in-basket / simulation booklets and have themchecked by the invigilator. Failure to do so will invalidate yourentry

7、.A qualification jointly examined and awarded by the ifs School of Finance and the International Financial ServicesAssociation. Endorsed by the International Chamber of Commerce.CDCS sample testPage 1 of 11Section A1. A documentary credit for USD 120,000.00 calls for shipment of fertiliser in Februa

8、ry, March, Apriland May. Each shipment is to be for about 500 tonnes. Shipment was effected as follows:1. 450 tonnes sent 24 February for value USD 27,000.00.2. 550 tonnes sent 12 April for value USD 33,000.00.3. 460 tonnes sent 30 April for value USD 28,000.00.4. 550 tonnes sent 04 June for value U

9、SD 33,000.00.Which of the above shipments will be honoured on presentation?A 1 only.B 1 and 3 only.C 2 and 4 only.D 1, 2 and 3 only.2. In accordance with ISP98, which of the following statements is correct? The issuer of a standbyletter of credit MUST:A validate the breach of any underlying transact

10、ion.B ensure the accuracy of any documents presented.C ensure the genuineness of any documents presented.D honour presentations that appear on their face to comply.3. An issuer of a standby credit subject to ISP98 is responsible for:A accuracy of any document.B act of omission by the nominated bank.

11、C observance of law as stated in the standby.D performance of any underlying transactions.4. A reimbursing bank has received a valid claim under its reimbursement undertaking and isinstructed by the issuing bank NOT to honour the claim. In accordance with the URR525, thereimbursing bank should:A req

12、uest the claiming bank to cancel the claim.B instruct the claiming bank to contact the beneficiary.C honour the claim and debit the issuing banks account.D dishonour the claim as per the issuing banks instruction.5. An importer requires goods of a stipulated quality while the exporter requires certa

13、inty of payment.Which of the following would BEST meet all requirements?A Confirmed standby credit payable on demand calling for beneficiarys quality certificate.B Confirmed documentary credit payable at sight calling for beneficiarys quality certificate.C Confirmed documentary credit available by a

14、cceptance with drafts drawn on confirmingbank calling for third party quality certificate.D Unconfirmed documentary credit payable at sight with drafts on issuing bank calling forthird party quality certificate.CDCS sample testPage 2 of 116. A German bank has added its confirmation to a documentary

15、credit issued by a Turkish bank.Which of the following risks is NOT borne by the confirming bank?A Fraud by the beneficiary.B Insolvency of the issuing bank.C Refusal of the issuing bank to pay against complying documents.D Government restrictions on funds transfer from the issuing bank.7. Which of

16、the following can be combined under a credit available with and requiring a draft drawn onan issuing bank?1. Payment.2. Deferred payment.3. Acceptance.4. Negotiation.A 1 and 2 only.B 1 and 3 only.C 2 and 3 only.D 3 and 4 only.8. In accordance with UCP 600, which of the following terms may NOT be alt

17、ered on a transferreddocumentary credit? The:A amount.B required documents.C period for presentation.D amount of insurance cover.9. A cumulative revolving documentary credit is opened with six months validity and allowing for USD25,000.00 to be drawn each month. If only the first months shipment is

18、effected in full, what is theavailable amount in the fourth month?A USD 0.00.B USD 25,000.00.C USD 75,000.00.D USD 100,000.00.CDCS sample testPage 3 of 1110. A documentary credit which allows partial shipments has the following shipment schedule:1,000 units shipped between 01 June XXXX and 30 June X

19、XXX2,000 units shipped between 01 July XXXX and 31 July XXXX2,000 units shipped between 01 August XXXX and 31 August XXXX3,000 units shipped between 01 September XXXX and 30 September XXXXThe beneficiary shipped the goods and presented documents as follows:1. 1,000 units shipped on 15 June XXXX docu

20、ments presented on 30 June XXXX2. 3,000 units shipped on 15 July XXXX and presented on 28 July XXXX3. 2,000 units shipped on 31 July XXXX and presented on 15 August XXXX4. 3,000 units shipped on 15 September XXXX and presented on 30 September XXXXWhich of the above sets of documents are complying?A

21、1 only.B 3 only.C 1 and 4 only.D 1, 2 and 4 only.11. In accordance with UCP 600, which of the following alterations can a first beneficiary request a transferring bank to make under a transferable documentary credit?A Extend the expiry date.B Decrease the unit price.C Decrease insurance cover.D Exte

22、nd the period for shipment.12. A transferable credit can do which of the following?A Protect the applicant from the risks of loss and error.B Allow the second beneficiary to obtain payment for complying documents.C Restrict the right of the second beneficiary to claim payment directly from the nomin

23、atedbank.D Permit the supplier to provide the intermediary trader with the security of a documentarycredit.13. A documentary credit calls for a draft at 95 days bill of lading date drawn on the confirming bank.The documentary credit is available by:A refinance.B acceptance.C sight payment.D deferred

24、 payment.CDCS sample testPage 4 of 1114. A documentary credit pre-advice is issued on 1 March for USD 510,000.00 with the following terms and conditions:- Part shipment allowed.- Latest shipment date 30 April.- Expiry date 15 May.On 2 March the applicant requests an amendment prohibiting part shipme

25、nt and extending theexpiry date to 30 May. In accordance with UCP 600 what MUST the issuing bank do?A Clarify with the applicant the period for presentation.B Issue the documentary credit as originally instructed.C Issue the documentary credit incorporating all the amendments.D Issue the documentary

26、 credit incorporating only the extended expiry date.15. On 03 January XXXX an irrevocable documentary credit for USD 500,000.00 is confirmed. On 17January XXXX the confirming bank receives an amendment cancelling the documentary creditwhich it advises to the beneficiary. As at 18 January XXXX, what

27、is the liability of both banks?A Issuing and confirming bank USD 0.00.B Issuing and confirming bank USD 500,000.00.C Issuing bank USD 0.00 Confirming bank USD 500,000.00.D Issuing bank USD 500,000.00 Confirming bank USD 0.00.16. Which of the following statements is correct when an assignment of proc

28、eeds has been effectedunder a documentary credit issued in accordance with UCP 600?A The assignee must present complying documents to receive payment.B The assignee will receive payment of the proceeds directly from the applicant.C The value of the documentary credit is reduced by the amount of the

29、assignment.D The beneficiary has assigned its rights to the stated amount of proceeds to the assignee.17. An applicant has given its counter indemnity to its bankers in connection with a delivery order.Which of the following statements would NOT be included? The applicant:A indemnifies the bank agai

30、nst all actions, damages and costs.B undertakes to accept the underlying documents irrespective of discrepancies.C gives the issuing bank authority to debit its account for the full value pending inspection ofthe goods.D undertakes that should the goods form part of a large consignment it will accep

31、t thatconsignment and pay the full value.18. A documentary credit is issued for an amount of GBP 60,000.00 and calls for drafts to be drawn at30 days from bill of lading date. Documents have been presented with a bill of lading dated 09November XXXX. Which of the following tenors on the draft will NOT be acceptable?A 09 December XXXX.B 30 days from bill of lading date.C 30 days after 09 November XXXX.D 30 days date, draft dated 09 November XXXX.CDCS sample testPage 5 of 1119. Which of the following documents MUST be signed?A Packing list.B Certificate