A Statement by a Bank Guaranteeing Acceptance and Payment of a Draft

question 56

Multiple Choice

A statement by a bank guaranteeing acceptance and payment of a draft up to a stated amount is called a(n)

• A) bill of exchange.
• B) commercial letter of credit.
• C) time draft.
• D) documentary draft.

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Definitions:

International Quality Standards

Guidelines and specifications set by international bodies to ensure products, services, and systems are safe, reliable, and of good quality.

Operations

the day-to-day activities required for a business to function effectively, including production, supply chain, and service delivery.

Continuous Improvement

Continuous improvement is an ongoing effort to enhance products, services, or processes through incremental improvements over time or breakthrough improvements all at once.

Total Quality Management

A management approach focused on continuous improvement of processes, products, and services by involving all members of an organization.