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20 Topic 20 TOPIC1. What do you know about money orders and international money order? (U 1)  International money order can be used to make payments aboard. It is safer than sending currency through the post because it is required a signature, and form of photo identification.  Money order is a type of check safer than sending cash (in the mail). There are three parties in money order: Postal services, grocery stores, convenience stores, and financial services companies such as banks. It consists of two portions: the negotiable check, and a receipt. It is purchased for amount desired, and limited in face value (under $1000). In addition, they are pre- paid and therefore cannot bounce. It is drawn on bank’s fund.2. How many parts are there in a cheque? What are they? (U 2) There are seven parts in a cheque, and they are: 1. Place of issue 2. Cheque number 3. Account number MICR 4. Date of issue 5. Payee 6. Amount of currency 7. Signature of the drawerWhat is the difference between an order cheque and a bearer cheque?Order cheque Bearer chequeIs payable only to the named payee Is payable to anyone who isor they indorsee, it usually contains possession of the document, thethe language “Pay to the order of cheque does not state a payee.(name).”3. What is a traveler’s cheque? What are the parties of a traveler’s cheque? Give short explanation about each party of the traveler’s cheque. (U 3)  Traveler’s cheque is a preprinted, fixed-amount cheque designed to allow the person signing it to make an unconditional payment to someone else. It is available in several currencies such as: US dollar, Pound Sterling, Japanese Yen, and Euro; denominations usually being 20, 50, or 100 and are usually sold in pads of five or ten cheques. Traveler’s cheque do not expire, and unused cheques can be kept for latter use. We can get refund if traveler’s cheque lost or stolen.  There are four parties of a traveler’s cheque; and they are: The obligor or issuer: the organization produces it;  The agent: the bank or other place sells it;  The purchaser: the natural person who buys it;  The payee: the entity to whom the purchaser writes the cheque for goods or  services.4. What is the difference between a cheque and traveler’s cheque? (U 3)Traveler’s cheque Cheque  Preprinted, fixed-amount, sold in pads of five or ten cheque with denominations being  It is not. 20, 50, or 100.  It do not expire.  Just valid for 6 months.  Can refund if lost or stolen.  It cannot.  Unused cheques can be kept for latter use.  It cannot. Why are traveler’s cheque safe and convenient? • It is safe because of the two signatures needs: When you buy them, you sign in top left-hand corner; it says: signature.  When you changed them for cash in other country, you using again in the  presence of the payee and you sign where it says countersignature in bottom left. You fill in date of encashment in top right-hand corner.  In addition, you can get refund if you lost them.  • It is convenient because you can use them almost anywhere; they are acceptable as payment in restaurants, hotels, airlines, shops and so on, unused cheques can be kept for latter use and do not expired.5. What does “Irrevocable L/C”? When is the exporter due payment? (U 4)  Irrevocable L/C is: One an L/C has been opened and advisement has been made, they cannot altered or canceled without the consent of the seller. The buyer unable to pay goods, he request to his bank payment a full amount of goods.  The exporter due payment is after shipment and presentation of the necessary documentation to the advising bank, if no discrepancies are found.6. When does an invoice become action or inaction? (U 5) An invoice become action when using invoices that state specific dates that payment is expected and offer an incentive to pay promptly action- and will help get the money you’re owned flowing into your bank account. If not, it is inaction. When is a credit memo issued? When the buyer returns the products, the seller usually issues a Credit Memo for a same or lower amount than the invoice and then refunds the money to the buyer.7. When are negotiable bills of lading required? (U 6) Negotiable bills of lading are required where collection and payment is through banking channels, such as under L/C or documentary collection. How does Unconfirmed L/C differ from Confirmed L/C? Unconfirmed L/C Confirmed L/CAdvising bank forwarded L/C to the export Add its own undertaking confirming thatwithout adding its own undertaking to make payment will be made as long as compliantpayment or accept responsibility for payment at a documents are presented. And, this commitmentfuture date, but confirming its authenticity. holds even if the issuing bank or the Applicant fails to make payment.8. What is the difference between an L/C and a B/L? (U 4+ 6) L/C B/L ...