(41) Customers trading abroad in foreign currencies may protect against the exchange risk by arranging ________.
　　A. a contract of international sale of goods
　　B. a contract of marine insurance
　　C. a forward contract to fix the exchange rate in advance
　　D. contract for the delivery of goods by installments
　　(42) The danger to the exporter in open account trading is that by surrendering the shipping documents to the importer, he ________ before he has obtained payment for them.
　　A. is in control of the goods
　　B. loses control of the goods
　　C. retains control of the goods
　　D. gives up control of the goods
　　(43) What insurance document will be issued as evidence of cover when an exporter sells goods insured under an open cover agreement?
　　A. A third party inspection certificate
　　B. An insurance policy
　　C. A black list certificate
　　D. An insurance certificate
　　(44) Which of the following payment terms eliminates the exchange risk, assuming the exporter invoices in foreign currency?
　　A. Confirmed irrevocable documentary credit
　　B. Open account
　　C. documentary collection D/A
　　D. None of the above
　　(45) If dealers buy currency forward but do not sell forward at the same time, their position is known as ________.
　　A. short
　　B. long
　　C. speculation
　　D. hedging
　　(46) When a trader buys goods on credit he does not have to ________.
　　A. pay for them immediately
　　B. pay for them until the end of the month
　　C. pay for them
　　D. pay for them until they receive the goods
　　(47) The documentary collection provides the seller with a greater degree of protection than shipping on ________.
　　A. documentary credit
　　B. banker’s letter of guarantee
　　C. banker’s draft
　　D. open account
　　(48) International payments and other messages are often sent through an international computer network called ________.
　　A. CHAPS
　　B. SWIFT
　　C. CHIPS
　　D. CHATS
　　(49) An exporter sells goods to a customer abroad on FOB and on CIF terms. Who is responsible for the freight charges in each?
　　A. Importer; exporter
　　B. Exporter; importer
　　C. Importer; importer
　　D. Exporter; exporter
　　(50) The drawee of a cheque is ________.
　　A. the person who is to receive payment
　　B. the bank that has to make payment
　　C. the last person to endorse the cheque
　　D. the person whose bank account will be debited

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