78. In international commerce, a draft is sometimes referred to as a _____.
79. In international commerce, a _____ refers to an order written by an exporter instructing an
importer to pay a specified amount of money at a specified time.
80. Which of the following is true with respect to the international and domestic practices of
settling trade transactions?
81. In international commerce, a party initiating a draft is known as the _____.
82. The two categories of drafts (or bills of exchange) are:
83. Which of the following drafts is payable on presentation to the drawee?
84. Which of the following drafts allows for a delay in payment?
85. When a time draft is presented to a drawee, he or she signifies acceptance of it by:
86. Once accepted by the drawee, a time draft becomes a(n):
87. When a time draft is drawn on and accepted by a bank, it is known as a _____.
88. When a time draft is drawn on and accepted by a business firm, it is known as a(n)
_____.
89. Which of the following is a characteristic of a time draft?
90. A _____ is issued to an exporter by a common carrier transporting the merchandise and it
serves as a receipt, a contract, and a document of title.
91. When serving as a _____, a bill of lading specifies that the carrier is obligated to provide a
transportation service in return for a certain charge.
92. When serving as collateral, the bill of lading:
93. When serving as a _____, a bill of lading is used to obtain payment or a written promise of
payment before the merchandise is released to the importer.
94. Which of the following is the first step in a typical international trade transaction?
95. The mission of the _____ is to provide financing aid that will facilitate exports, imports,
and the exchange of commodities between the United States and other countries.
96. The _____ guarantees repayment of medium– and long-term loans U.S. commercial banks
make to foreign borrowers for purchasing U.S. exports.
97. _____ has a direct lending operation under which it lends dollars to foreign borrowers for
use in purchasing U.S. exports.