13. Once a seller (exporter) ships goods guaranteed under a letter of credit issued by its domestic bank on behalf of a foreign buyer (importer), the seller will typically receive payments by first presenting the shipping document or receipt to: A) Its domestic bank B) The buyer (importer) C) A foreign bank D) The buyer's Bank E) Its local government

Economics Today and Tomorrow, Student Edition
1st Edition
ISBN:9780078747663
Author:McGraw-Hill
Publisher:McGraw-Hill
Chapter14: Money And Banking
Section14.3: Types Of Money In The United States
Problem 5R
Question

13. Once a seller (exporter) ships goods guaranteed under a letter of credit issued by its domestic bank on behalf of a foreign buyer (importer), the seller will typically receive payments by first presenting the shipping document or receipt to:
A) Its domestic bank
B) The buyer (importer)
C) A foreign bank
D) The buyer's Bank
E) Its local government

 

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