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Oracle FLEXCUBE Universal Banking 12 Advanced Functional Implementation Essentials Sample Questions:

1. What does the product type "b" on the Lc product Definition screen stand for? (Choose the best answer.)

A) Shipping Guarantee
B) Secured LC
C) Standby LC
D) Usance payment LC
E) Reimbursement type LC

2. An export bill under a Letter of Credit is negotiated for $75,000 USD on August 1 st. On August 3rd, a reimbursement claim (MT 742) is raised by the negotiating bank on the reimbursing bank for $75,000 USD. The reimbursing bank honors the claim. Assuming that the reimbursing bank uses Oracle FLEXCUBE, how is this transaction handled in the system? (Choose the best answer.)

A) The reimbursing bank uses the Funds Transfer module for sending the MT202 message that honors this claim.
B) The reimbursing bank books a bill contract under the Letter of Credit for capturing the details of MT742. On liquidation of this bill contract, a payment message is generated to honor the claim.
C) The MT742 message can be viewed in the incoming browser of the messaging module of Oracle FLEXCUBE. A stand-alone MT202 message is created and sent from the outgoing browser of the messaging module.
D) Oracle FLEXCUBE does not support handling of trade transactions from the point of view of a reimbursing bank.

3. Transfer of an LC can be performed in Oracle FLEXCUBE. Which statement is true about a transferable LC? (Choose the best answer)

A) a transferable LC is where, at the request of a beneficiary (first beneficiary), the LC is made available in whole or in part to another beneficiary (second beneficiary)
B) A transferred LC can be transferred at the request of a second beneficiary to any subsequent beneficiary.
C) It is not possible to initiate the transfer of an LC to more than one secondary beneficiary on behalf of the primary or original beneficiary
D) Change of parties is allowed for the old LC contract, as well as the new transferred LC contract

4. Back-to-back LC contracts can be handled in Oracle FLEXCUBE. Which statement is true about a back-to-back LC? (Choose the best answer.)

A) All active and authorized export LCs are available for linkage, irrespective of different counter parties.
B) Amendment, cancellation, or close of an export LC that is linked to an import LC is not possible.
C) it is possible to enable the back-to-back flag only for an export LC.
D) An export LC can be linked to only one import LC.

5. Different parties are involved when an import LC is issued. Which group of parties are involved while booking an import LC transaction? (Choose the best answer)

A) the applicant and the issuing bank
B) the applicant and the advising bank
C) the applicant, the beneficiary, and the issuing bank
D) the applicant, the beneficiary, and the advising bank

Solutions: