Which of the following statements is not true
A commercial letter of credit is a promise by the issuer to honor the beneficiary's presentation of documents specified in the lencr of credit.
B. Normally, the presentation of documents will not occur in a standby letter of credit.
C. With standby letter of credits, the issuer, after checking that the shipping documents meet the terms and conditions of' the credit, will make payment to the beneficiary.
D. Standby letter of credit can be used in virtually all circumstances.
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Investment banks are more or less the same as the commercial banks and other savings - collecting institutions.
A. Right
B. Wrong
C. Doesn't say
The buyer has to prove his promise in an open account.
A. Right
B. Wrong
C. Doesn't say
A commercial letter of credit is used when ______.
A. the underlying transaction is consummated by the applicant
B. the underlying transaction is not performed by the applicant
C. something will go wrong or a negative event will occur
D. it is necessary to assure the performance of non - monetary obligations
The larger a corporation's taxable income, the closer its average tax rate comes to the higher ______ pate.
A. marginal
B. interest
C. exchange
D. ceiling
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