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:

Campaign

Organized efforts to achieve a specific goal, often used in contexts such as marketing, political movements, or social awareness initiatives.

Territory Acquisition

The process or act of obtaining new lands or jurisdictions, often through purchase, conquest, annexation, or treaty, to expand the geographical bounds or influence of a state or nation.

Polk

James K. Polk, the 11th President of the United States (1845-1849), known for his expansionist policy, including the annexation of Texas and the acquisition of territories following the Mexican-American War.

Cultural Diversity

The existence of a variety of cultural or ethnic groups within a society, valued for promoting mutual respect and understanding.