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Business English Exercises
 

The ICCUCPDC

Answers to test questions and links to explanations

Home > Teaching Business English > Business English Lessons, Advanced Level # 436
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the iccucpdc answer 1
The International Chamber of Commerce Uniform Customs and Practice for Documentary Credits governs all letters of credit for international transactions.

Correct answer: (a) governs

Meaning of business term governs
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the iccucpdc, question 1 the iccucpdc, terms of stock governs, binding, authorizing, opens, honor, what does governs mean?

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the iccucpdc answer 2
The general definitions and provisions of the ICCUCPDC are binding on all parties.

Correct answer: (a) binding

Meaning of business term binding
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the iccucpdc, question 2 technical analysis words incrementally, dictated, what does binding mean? what is the definition for binding?

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the iccucpdc answer 3
A commercial letter of credit is a contractual agreement between an issuing bank, on behalf of its customer, authorizing a confirming or advising bank to pay a beneficiary.

Correct answer: (a) authorizing

Meaning of business term authorizing
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the iccucpdc, question 3 trading words fraught, spate, bona fide, steward, what does authorizing mean?

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the iccucpdc answer 4
At the request of its customer, the issuing bank opens the letter of credit.

Correct answer: (b) opens

Meaning of business term opens
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the iccucpdc, question 4 accounting terminology straight, holding, war chest, what does opens mean? what is the definition for opens?

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the iccucpdc answer 5
With this, the issuing bank is making a commitment to honor all drawings made under the letter.

Correct answer: (c) honor

Meaning of business term honor
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the iccucpdc, question 5 list of bonds words add-on, ratio, bought, formation, what does honor mean? what is the definition for honor?

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the iccucpdc answer 6
In essence, the issuing bank is replacing its customer as the payee.

Correct answer: (d) payee

Meaning of business term payee
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the iccucpdc, question 6 the iccucpdc, lending credit vocab gathering, trustor, paid-in, what does payee mean?

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the iccucpdc answer 7
A letter of credit is a separate and distinct transaction from the contract that it is based on.

Correct answer: (c) distinct

Meaning of business term distinct
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the iccucpdc, question 7 mergers acquisitions words prime, arm-length, consensus, what does distinct mean?

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the iccucpdc answer 8
All parties deal in documents and not in goods; the issuing bank is not liable for performance of the underlying contract between the customer and beneficiary.

Correct answer: (a) deal

Meaning of business term deal
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the iccucpdc, question 8 mutual funds terms notes, anticipation, mutual, termination, what does deal mean?

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the iccucpdc answer 9
The beneficiary, when requesting payment, warrants that it has complied with all conditions of the agreement.

Correct answer: (d) warrants

Meaning of business term warrants
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the iccucpdc answer 10
The bank must pay the seller if the latter conforms to the letter of credit.

Correct answer: (d) conforms

Meaning of business term conforms
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the iccucpdc, question 10 retirement words rethink, emanating, order, pervasive, eclipse, what does conforms mean?

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Business English Practice Exercises Business English Tests — several topics are covered: office matters, job applications, computer English, money expressions, business law, operations management, retail marketing, e-commerce, accounting terms, contracts and agreements, commercial correspondence, etc.
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Terms of stock governs, binding, authorizing, opens, honor

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EFL/ESL Links: Gold CollateralBrokerages term clearance, nonperiodic, bounced, credit, arm lengthGold Collateral (Answers)Mutual funds terms notes, anticipation, mutual, terminationMinimizing VolatilityIpos terminology dax, arbitrage, turnover, straight, rolloverMinimizing Volatility (Answers)Mergers acquisitions words prime, arm-length, consensusManipulative PracticesLaw estate terms performance, ordinary, conduits, reliefManipulative Practices (Answers)Lending credit vocab gathering, trustor, paid-inNon-monetary ServicesCurrency vocab ex-legal, cusip, warranty, instrumentsNon-monetary Services (Answers)List of bonds words add-on, ratio, bought, formationBanker's AcceptancesBanking term list real estate, master, joint, discount, crash ofBanker's Acceptances (Answers)Accounting terminology straight, holding, war chestForeign Currency Risk ManagementBusiness words flawed, fly, systemic, swings, takenForeign Currency Risk Management (Answers)Trading words fraught, spate, bona fide, stewardThe Physical Supply ChainInsurance vocabulary adversarial, reciprocation, iterativeThe Physical Supply Chain (Answers)Technical analysis words incrementally, dictatedESL test: The ICCUCPDC • Financial words conforms, warrants, deal, distinct, payeeESL Audio Online - English MP3 - English Pronunciation
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