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Credit instrument - SS2 Commerce Past Questions and Answers - page 1

1

What is the purpose of a letter of credit?

 

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A

Guaranteeing payment to the buyer

 

B

Guaranteeing payment to the seller

 

C

Guaranteeing payment to the issuing bank

 

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2

Who is the payee in a promissory note?

 

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A

The maker

 

B

The drawee

 

C

The beneficiary

 

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3

What is the primary function of a bill of exchange?

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A

Issuing loans to corporations

 

B

Guaranteeing payments in international trade

 

C

Facilitating electronic transactions

 

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4

What is the main characteristic of debentures?

 

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A

They represent ownership in a company

 

B

They have a fixed maturity date

 

C

 They are physical paper documents

 

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5

How are vouchers commonly used?

 

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A

To guarantee loan repayments

 

B

To track financial transactions

 

C

To issue shares in a company

 

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6

Define a promissory note in simple terms.

 

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7

What is the purpose of a letter of credit in international trade?

 

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