Funds Remittance/Assessment

Assessment

1 The SWIFT System is

	a type of bank guarantee to ensure payment.
	the law governing funds remittance.
	a method to communicate payment information between banks.
	used to get the best US dollar exchange rate.

2 Funds remitted through a company check, drawn on a foreign bank will arrive in the seller’s account

	immediately after the seller deposits the check.
	when the foreign bank confirms and remits funds.
	2-3 business days after the check is deposited.
	after the buyer deposits the funds and approves transfer.

3 A wire transfer is used to remit funds

	in a quick manner under the sales agreement.
	before the goods are shipped.
	before the goods arrive.
	after the documents are sent.

4 Funds remittance and methods of payment are

	are the same thing and can be used interchangeably.
	never used together since they are confusing to a buyer and seller.
	are used only in international transactions.
	used together to ensure timely payment between buyer and seller.

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