L5-8

Question 1

How many countries commissioned the European Union?

Answer 1

27

Question 2

In what year was the Civil Service Tribunal of the European Union created?

Answer 2

2004

Question 3

Where is the Treaty on European Union signed on July 29, 1992?

Answer 3

Maastricht

Question 4

The agreement that requires the developed country members have agreed to reduce over a six-year period beginning in 1995.

Answer 4

Tariffication Formula

Question 5

It presents the collections to the drawee and collects the payment or obtains the acceptance from the drawee.

Answer 5

Presenting Bank

Question 6

Subsidies that require recipients to meet certain export targets, or to use domestic goods instead of imported goods.

Answer 6

Prohibited Subsidies

Question 6

Tariff concessions that WTO members give are bound by ceiling, not floor tariffs.

Answer 6

Bound Tariff

Question 7

When is Europe Day?

Answer 7

May 9

Question 8

In what year General Court of the European Union was created?

Answer 8

1988

Question 9

It is directly elected by and is the voice of the EU people for a term of office in five years.

Answer 9

European Parliament

Question 10

What is the meaning of TPP?

Answer 10

Trans-Pacific Economic Strategic Partnership Agreement

Question 11

Is any bank involved in the processing of the collection and would normally be the remitting bank’s correspondent in the buyer’s country?

Answer 11

Collecting Bank

Question 12

In what year did Austria, Finland, and Sweden join the European Union?

Answer 12

1995

Question 13

An act that sets out the goal of all EU member states must achieve while allowing member states to decide how to achieve the goal.

Answer 13

Directive

Question 14

What are the member countries under NAFTA?

Answer 14

Canada, Mexico, and the United States

Question 15

In what year and date did the Euro become the single currency for the member states in the European Union?

Answer 15

1 January 1999

Question 16

In what article of GATT mentioned about set out the meaning of FTA in GATT and specifies the applicability of other GATT provisions to FTAs?

Answer 16

Article XXIV

Question 17

It is an undertaking given by a bank to add its undertaking to a letter of credit to pay according to the terms of credit provided all the documents are presented in order.

Answer 17

Silent Confirmation

Question 18

Credit claim to be used in the coffee trade in syre and operates.

Answer 18

Green Clause Credit

Question 19

Normally the seller’s bank which forwards the documents together with the seller’s instruction to the collecting bank.

Answer 19

Remitting Bank

Question 20

It is a binding on those to whom it is addressed.

Answer 20

Decision

Question 21

In what year and date did the European Union have 500 million people living in 27 member states and using 23 official languages to become an organization with a strong legal power?

Answer 21

February 2012

Question 22

What is the meaning of NAFTA?

Answer 22

North American Free Trade Agreement

Question 23

It is similar to ordinary documentary credit in that it is issued by a bank and embodies an undertaking to make payment to a third party or to accept bills of exchange loan provided that the beneficiary tenders.

Answer 23

Standby Credits

Question 24

What are the four pillars of AEC 2020?

Answer 24

1. Single market and production base
2. Competitive economic region
3. Equitable economic development
4. Integration in a globalized economy

Question 25

Subsidies deemed not to distort trade or at most cost minimal distortions and are not subject to WTO reduction commitments.

Answer 25

Green Box

Question 26

The seller who prepares the collection of documents and delivers them to his bank with collection instructions.

Answer 26

Principal

Question 27

What is the meaning of UCP?

Answer 27

Uniform Customs and Practice for Documentary Credits

Question 28

Credits are those allowing the seller to draw on documentary credit in advance of shipment.

Answer 28

Red Clause Credit

Question 29

What are the founding countries under ASEAN?

Answer 29

Indonesia, Malaysia, Philippines, Singapore, and Thailand

Question 30

In what month and year when the Asia-Pacific Economic Cooperation (APEC) Forum was established?

Answer 30

November 1989

Question 31

How many member countries compose APEC?

Answer 31

21

Question 32

What is the meaning of EFTA?

Answer 32

European Free Trade Agreement

Question 33

On what date did Cambodia join ASEAN?

Answer 33

30 April 1999

Question 34

In what year did Denmark, Ireland, and the UK join the EU?

Answer 34

1973

Question 35

It is a credit that may be canceled, terminated, and altered at any time without the consent of the beneficiaries.

Answer 35

Revocable Credits

Question 36

The complaining members have to show that the subsidy has an adverse effect on its interests.

Answer 36

Actionable Subsidies