LCBD
Mastering Letter of Credit Basics
Test your knowledge of Letter of Credit (LC) with our engaging quiz! This quiz covers various aspects of LCs, including payment modes, the role of banks, and essential documents. Whether you’re a student, professional, or simply curious about international trade finance, this quiz is designed for you.
- Multiple choice questions to challenge your understanding
- Instant feedback on your answers
- Perfect for anyone involved in trade or finance
What are various modes of payment?
Advance Payment
Open Account
Bills for Collection
All of the above
In an LC which bank undertakes the guarantee to make the payment to third party?
Issuing Bank/Applicant Bank
Beneficiary Bank
None
LC is opened by?
Buyer
Seller
None of Abobe
In which type of LC, the buyer gets the agreed credit period time?
Sight LC
Usance LC
What are the basic documents required for initial De-Dupe check of the client?
Board Resolution
Request Letter
Audited Last FY Balance Sheet
A and b
B and c
A, b and c
Client A approaches his bank XYZ to open LC in favor of Client B which is having account with bank PQR. Bank XYZ is currently not having lines with bank PQR. Can the LC be discounted in this case?
Yes
No
Client A approached its bank B to open LC in favor of Client C which is having account with Bank D. If client C wants to get its LC discounted, then which will be the advising bank in this case?
Bank B
Bank D
Under Sight LC, payment has to be made within
5 days
10 days
15 days
LCBD Sanctioned Limit will be valid for
6 months
12 months
No such Time Limit
LC protects interests of
Buyer
Sellet
Both
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