Funds Remittance/Assessment

Assessment
1. The SWIFT System is
 * a. a type of bank guarantee to ensure payment.
 * b. the law governing funds remittance.
 * c. a method to communicate payment information between banks.
 * d. 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
 * a. immediately after the seller deposits the check.
 * b. when the foreign bank confirms and remits funds.
 * c. 2-3 business days after the check is deposited.
 * d. after the buyer deposits the funds and approves transfer.

3. A wire transfer is used to remit funds
 * a. in a quick manner under the sales agreement.
 * b. before the goods are shipped.
 * c. before the goods arrive.
 * d. after the documents are sent.

4. Funds remittance and methods of payment are
 * a. are the same thing and can be used interchangeably.
 * b. never used together since they are confusing to a buyer and seller.
 * c. are used only in international transactions.
 * d. used together to ensure timely payment between buyer and seller.

(Correct answers: 1=c, 2=b, 3=a, 4=d)