1、1. The differences between a bill and a promissorynote are as follows:Bill(1) A bill is an uncon diti onal order to pay.(2) A bill has three basic parties namely drawer,drawee and payee.(3) Where payable after date, a bill is gen erallyaccepted.(4) An accepta nee can be con diti on al.(5) Before acc

2、eptanee the drawer is primarily liablefor payment, but after acceptanee, the acceptorbecomes primarily liable for payme nt.(6) A bill can be accepted for hon our.(7) A bill can be draw n in a set.2. The differences between a cheque and a bill are as follows:BillCheque(1) The drawee may be any pers o

3、n.(1) The drawee must be a.(2) There are four kinds of tenor for the bills.(2) The tenor is merely payable(3) After acceptanee the acceptor is primarily liable forpayme nt.(3) Theis always primarily liablefor payme nt.(4) Before issu ing a bill, the drawer may not ope n anaccou nt with drawee.(4) Be

4、fore issuing a cheque the drawer must be acustomer who has ope ned anwith the pay ing bank andmoney inthe accou nt.(5) A bill other tha n a ban kerdema nd draft orstipulation in Article 5 of Cheque Act cannot becrossed.(5) A cheque can be.(6) Accepta nee made by acceptor is irrevocable.(6) Duty and

5、authority of paying bank to pay a chequemay be term in ated by.(7) A bill can be draw n in a set.(7) A cheque cannot be draw n in a3. Make choice of whether the following bills are acceptable or not.(1) A bill shows: Pay to ABC Co. providi ng the goods in complia nee with con tract the sum of onetho

6、usa nd US dollars.()Note(1)A note is an _(2)A note has two basic parties n amely(3)A note is _(4)A promise to pay can _(5)A maker is always the party(6)A note _ accept for honour.(7)A note _ be drawn in a set.A. It is acceptableB. It is unacceptable(2) A bill shows: Pay to ABC Co. out of proceeds of

7、 sale of woolen blankets the sum of one thousand USdollars. ( )A. It is acceptableB. It is unacceptable(3) A bill shows: Pay from our No. 2 account to ABC Co. the sum of one thousand US dollars. ()A. It is acceptableB. It is unacceptable(4) A bill shows: Pay to ABC Co. or order the sum of one thousa

8、nd US dollars and debit our No. 2account. ( )A. It is acceptableB. It is unacceptable(5) A bill shows: Pay to Mary the sum of fifty pounds and gave her a suit of clothes. ()A. It is acceptableB. It is unacceptable4. (1) The maturity of one month after 31 Jan. is ().(2) The maturity of two months aft

9、er 28 Feb. is ().(3) The maturity of 180 days after 4 April is ().5. (1)The party who draws and deliver the bill is called ().(2)The party onwhom a bill is drawn but has not accepted it is called () .(3)The drawee agrees to pay on the due date and signs the bill expressing hisagreement, he is called

10、 ().(4)The party in whose favour the drawer directs payment to be made is called ( ).(5)The party who endorsesthe bill and delivers it is called ().(6)The party to whom anendorser endorses the bill is called ().(7)The personwho transfers his possession of a bill to another is called ().(8)The person

11、 to whom the bill istransferred is called ().(9)Payment of abill may be guaranteed by a third person who is called ().(10)A () means the payee or endorsee of a bill who is in possession of it, or thebearer thereof.(11)A ( ) is any holder whether he gave value or not, providing some previousholder ga

12、ve value, but now he is a holder.(12)A ( ) is a holder who has taken a bill with complete and regular items onthe face under the following conditions: (a). That he became the holder of the bill beforeit wasoverdue, and without notice that it had been previously dishonoured, if such was the fact. (b)

13、. That hetook the bill in good faith and for value, and that at that time the bill was negotiated to him he had nonotice of any defect in the title of the person who negotiated it.6. The holder may exercise his right of recourse only when he has completed the following procedures:(1) ( ) the bill to

14、 drawee for acceptance and / or payment, and it is dishonoured by non-acceptance /non-payment.(2) Give ( ) to his prior party in one business day following the day of dishonour.(3) Make a () for non-acceptance or non-payment one business day followingthe day of dishonour.7. (1) The drawee banks of D

15、/D are located in a clearing centre of draft currency, it is called draft ( ).(2) A D/D for USD1,000.00 drawn on American InternationalBank, Los Angeles (is /isnt) a draft on centre in USD.(3) A D/D for USD2,000.00 drawn on Chase Manhattan Bank N. A., New Y ork (is /isnt) adraft on centre in USD.(4)

16、 A D/D for USD860.00 drawn on Bank of China, London (is /isnt) a draft on centre in USD.(5) A D/D for GBP1,000.00 drawn on Bank of China, London (is /isnt) a draft on centre inGBP.(6) A D/D for GBP1,800.00 drawn on Midland Bank Ltd., Liverpool (is /isnt) a draft on centrein GBP.8. Please write“cover

17、 instruction”for each remittance in the following blanks.a. The paying bank has maintained an USD account with the remitting bank. Suppose an outwardremittance in USD is made, how do you write“cover instruction”for this remittance?b. The remitting bank has maintained a GBP account with the paying ba

18、nk. Suppose an outwardremittance in GBP is made, how do you write“cover instruction”for this remittance?c. Both remitting bank and paying bank have maintained USD accounts with XYZBank, NewYork. Suppose an outward remittance in USD is made, how do you write“cover instruction”forthis remittance?d. Re

19、mitting bank and paying bank have not maintained account with each other, nor have kept boththe accounts with a third bank. Suppose an outward remittance is made, how do you write coverinstruction for such remittance?9. URC522 says that goods should not be consigned to or to the order of a bank with

20、out prior agreementon the part of that bank.Put x in the check boxes of the following sentences to express the consignee of B/L correspondingwith above stipulation or usual practice.(1)() B/L consigned to order and blank endorsed(2)() B/L consigned to order of collecting bank(3)() B/L consigned to o

21、rder of shipper and blank endorsed(4)() B/L consigned to order of Bank of China, London(5)() B/L consigned to order of buyer.10. How many parties are there in a collection?(1)(or seller)(2)(3)bank/bank(or buyer)11. (1) The remitting bank has maintained an account with the collecting bank, how do you

22、 writecollecting proceeds instructions in the collection instruction?(2)The collecting bank has maintained an account with the remitting bank, how do you writecollecting proceeds instructions in the collection instruction?(3) The remitting bank has maintained an account with the X Bank, how do you w

23、rite collectingproceeds instructions in the collecting instructions?12. What are the duties of remitting bank and collecting bank?13. How many methods of financing in the collection transactions?14. Under an irrevocable credit, who must undertake primary liability for payment?(1) () the applicant(2)

24、 () the issuing bank(3) () the nominated bankAn irrevocable confirmed credit gives the beneficiary(1) () a single assurance of payment(2) () a double assurance of payment(3) () a triple assurance of payment16. A letter of credit is ().A. a formal guarantee of paymentB. a conditional undertaking to m

25、ake paymentC. an unconditional undertaking to make paymentD. a two bank guarantee of payment17.“Independent and abstraction principle”may be explained as follows:(1) Issuing Bank must independently undertake its primary responsibility to ( ) beneficiaryscomplying presentation without interference co

26、ming from the other party .(2) A credit is an independent instrument, it is a separate transaction from the ().(3) A credit is the () business.18. Under negotiation credit, the negotiating bank make payment to the beneficiary(1) () with recourse.(2) () without recourse.19. Under negotiation credit,

27、the confirming bank make payment to the negotiating bank(1) () with recourse.(2) () without recourse.20. Under negotiation credit, the issuing bank make payment to the confirming bank(1) () with recourse.(2) () without recourse.21. Negotiation means that the Negotiating Bank gives value for draft (s

28、) and / or documents to theBeneficiary. Once the value has been given, the Negotiating Bank would become:(1) () the creditor of the draft (s)(2) ( ) the holder of the draft (s)(3) () the holder in due course of the draft (s)22. A German bank has added its confirmation to a documentary credit issued

29、by a Turkish bank. Whichof the following risks is NOT borne by the confirming bank?(1) ( ) Fraud by the beneficiary.(2) () Insolvency of the issuing bank.(3) () Refusal of the issuing bank to pay against complying documents.(4) () Government restrictions on funds transfer from the issuing bank.23. What is called international factoring?International factoring is that factor will provide a series of financial services such as:(1) export trade .(2) maintenance ofledger.(3) collection of .(4) protection forcredit.for