Funds Remittance/Assessment

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Globe for WikiEducator.jpg Unit 4.4- Funds Remittance 

Introduction | Checks | Banker's Drafts | Electronic Funds Transfers | Money Orders | Cash or Bank Notes | Credit Cards | SWIFT | Summary | Resources | Activities | 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)