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CIFFA Exam Sample Questions & Answers – Payments

CIFFA Exam Sample Questions & Answers – Payments List the four modes of settlement available in international transactions. Advance payment. Open account. Documentary collection. Documentary credit (or letter of credit). List three instances when it is not advisable or possible to sell to a foreign buyer on an open account. When there are currency restrictions, import permits or quotas or...

CIFFA Exam Sample Questions & Answers – Payments- 2

CIFFA Exam Sample Questions & Answers – Payment – 2 What are the main reasons why a letter of credit may be chosen as a form of International payment? Open account unsatisfactory, documentary collection unsatisfactory, foreign exchange issue in the importer’s country, political/economic instability, exporter’s request and fair/equal sharing of risk. Name some advantages of a letter of credit. The...

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CIFFA Exam Sample Questions & Answers – Payments

CIFFA Exam Sample Questions & Answers – Payments- 2