An Instrument Issued by a Bank, at the Request of an Importer

question 16

Multiple Choice

An instrument issued by a bank, at the request of an importer, in which the bank promises to pay a beneficiary upon presentation of specified documents is a

• A) time certificate of deposit.
• B) time draft.
• C) sight draft.
• D) letter of credit.

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Definitions:

Written Contracts

Formal agreements documented in writing that specify the terms and obligations between parties.

Pressured

Feeling subjected to persistent urgency or stress, often from external demands or expectations.

Objectives

Specific, measurable goals set to accomplish a task or achieve a project’s outcomes.

Success Measured

The process of evaluating the effectiveness or outcomes of a project, program, or individual efforts, often through specific indicators or benchmarks.