ENGLISH FOR INTERNATIONAL TRADE 1

bers that I’m sending it. What happens if she doesn’t pick it up?
DEAN: They’ll hold the money until she comes in. If she doesn’t come in within a couple of days, I imagine they’ll notify her that it’s there.
TIFFANY: Good. I called and told her it was coming, but sometimes she forgets.
DEAN: With the fee, that comes to $542.
TIFFANY: Here you are. Will my friend have to pay anything?
DEAN: The local bank will charge something for the service, although I don’t know exactly how much.
TIFFANY: It won’t be a lot, will it?
DEAN: No, I don’t think so. Here’s your receipt. The money will be there when your friend goes to the bank in the morning.
TIFFANY: Good. Thank you for your help. Good-bye.
DEAN: Good-bye. Have a nice day.
1) Who is the recipient of the money?
(A) The recipient is an American woman named Tiffany.
She's a friend of the woman who sends the money.
She's a Spanish women named Tauste.
2) What should you take with you when you go to pick up money from a wire transfer?
(A) You should take your checking account statement.
You should have your spouse or a close friend with you.
Take some form of identification.
3) What is Dean’s attitude toward Tiffany?
(A) He appears to be angry with her.
He's patient but not very polite at all.
He seems polite and patient.
4) What can you say if you need help understanding someone’s name?
(A) "Speak faster, please."
"Could you spell that, piease?"
What is the slip of paper the woman puts in her purse just before she says good-bye?
(A) It's a check for $542
She puts the withdrawal slip in her purse.
It's the receipt.
7) How does Tiffany want to pay for the wire transfer?
8) Why hasn’t she filled in the amount on her withdrawal slip?
9) What is the name of her friend’s bank in Spain?
10) What does the woman in Spain have to do in order to pick up her money?
11) How much is the fee for sending this wire transfer?
3.5 REQUEST A LETTER OF CREDIT
CINDY: Well, George, I think we can make a deal.
GEORGE: So do I, Cindy. Your toys have been such a hit in the United States that I’m sure they’ll do just as well in my stores in Paris and Madrid.
CINDY: I love the idea that kids all over the world will be playing with our toys.
GEORGE: And parents all over the world will be buying them.
CINDY: I love that, too.
GEORGE: I hope that this is just the beginning. If your toys sell as well as I think they will, we’ll be back to order more.
CINDY: Here’s hoping! Now, what else do we have to work out?
GEORGE: Well, for starters, how do you want to be paid?
CINDY: Our usual practice is to require a letter of credit for the full amount.
GEORGE: OK. Do you have specific requirements?
CINDY: It’s pretty standard. We do require that it be confirmed and irrevocable.
GEORGE: That’s reasonable. What about the date of payment?
CINDY: Well, most of our letters of credit stipulate payment at sight.
GEORGE: Well, I’m not sure that’ll work for us. We prefer at least 60 days.
CINDY: George, we’re a small company. We can’t wait that long.
GEORGE: Well, I’ll have to discuss it with my team. What about delivery?
CINDY: Tell you what: Let work out the delivery and the rest of the details over lunch. I’m starving.
GEORGE: Good idea. I’m hungry, too. If we can work out some sort of agreement, I can call the office when we get back and get the ball rolling.
CINDY: Terrific. Let me get my coat and I’ll be right with you.
QUESTIONS:
1) What deal are George and Cindy making?
(A) George plans to sell Cindy’s hit music all over the world.
(B) Cindy’s going to sell George’s toys in the United States.
(C) George is going to sell Cindy’s toys in Europe.
2. What point do George and Cindy disagree about?
(A) whether or not to make the letter of credit irrevocable.
(B) the payment amount.
(C) the date of payment.
3.4 READ A LETTER OF CREDIT
CENTRAL COMMERCE BANK
Irrevocable Straight Letter of Credit
May 10, 1999
Mail to:	All drafts must be marked: 
Dear Sir or Madam:
At the request of George Elder, importer of toy products for International Toys, and for the account of same, we hereby issue in your favor our Irrevocable Letter of Credit for a sum not to exceed a total of US $118,000, available by your draft(s) drawn at sight from our bank and accompanied by the following documents:
1) British Customs invoice (original and two copies)
2) Certificate of Origin stating that the customs invoice covers “Toy Products.”
This Letter of Credit must accompany all draft(s) and documents. When presenting your draft(s) and documents, please mention the reference number shown above.
This Letter of Credit is subject to the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits (UCP) in effect on the date this Letter of Credit is issued.
Charles Spears
CEO, 
Central Commerce Bank.
QUESTIONS
1. What type of letter is this?
(A) It’s an invoice.	(B) This is an order for toys.	(C) It’s a letter of credit.
2. Why would you ask for an irrevocable letter of credit?
(A) I would be able to change it myself if I needed to.
(B) An irrevocable letter is safer because it cannot be changed.
(C) My customer would be able to change the terms of the letter.
3. Who will receive the money indicated in this letter?
(A) Hoi Polloi Toy Company
 (B) George Elder of International Toys
(C) the International Chamber of Commerce
4. From whose account will the money be taken?
(A) from the account of International Toys at Central Commerce Bank
(B) from Hoi Polloi’s account at Central Commerce Bank
(C) from the account of Charles Spears at Central Commerce Bank
5. What documents would you need to bring with you to get the money for this letter?
(A) a British Customs Invoice and a Certificate of Origin
(B) an International Chamber of Commerce document and a credit card
(C) a bank statement from Hoi Polloi Toy Company and George Elder's business card
6. What amount of money can the bank pay, according to this letter?
(A) exactly $118,000	(B) more than $118,000	(C) $118,000 or less.
7. Who is Charles Spears?
(A) He owns Hoi Polloi Toy Company.
(B) Mr. Spears is the CEO of Central Commerce Bank.
(C) He’s an imp orter of toy — products.
8. If you took this letter to the bank today, when could you get your money?
(A) right away, becaus e it says "drawn at sight"
(B) after 5 days, because it says, "in effect on the date"
(C) on May 10th, because this is the date of the letter
9. What is the reference number of this letter of credit?
(A) The referenc e number is $118,000.
(B) It's 94410
(C) It's number 10-4450010-TOY.
10. In which of the following situations is a letter of credit most likely to be used?
(A) when a company buys goods from another company
(B) when one needs to charge business dinner at a restaurant
(C) when one needs cash but the ATM machine is broken
3.7 DISPUTE A FEE
3.5 REQUEST A LETTER OF CREDIT
1. What phrase can you use to introduce yourself in a phone message?
(a)You should say, “Thank you for calling.”
(b)No introduction is necessary when using the phone.
(c)You can use the words, “This is...”
2. Why is Cindy Metz calling Dean Oliver?
(a)Cindy wants to pay the $10 charge over the phone.
(b)She wants him to explain a fee on her bank statement.
(c)She wants her ATM card back.
3. What does Cindy expect Dean to do?
(a)She expects Dean to pay the $10 charge.
(b)Candy expects him to wait for her to call him again.
(c)She wants him to return her call.
4. Why does Cindy use the phrase, “first thing tomorrow morning”?
(a)She’s happy to wait until Dean calls her.
(b)Cindy wants to talk to Dean as early as possible.
(c)She’s meeting Mr. Oliver for breakfast.
5. When you leave a phone message, what is a good way to end it?
(a)Say,”This is...” and give your name.
(b)Give your phone number and say good-bye.
(c)You should say, “Thank you for calling.”
3.6 Read the L/C
Central Commerce Ba nk
Chicago, Illinoi846182
Irrevocable Straight Letter of Credit
May 10, 1999
Mail to: All drafts must be marked:”Original”
HoiPolloi Toy Co. FNN: 
Ref. 10-4450010-TOY
P.O. Box 332 
Toy Lane Chicago, IL 46177
Dear Sir or Madam
At the request of George Elder, importer of toy products for International Toys, and for the account of same, we hereby issue in your favor our Irrevocable Letter of Credit for a sum not to exceed a total of U.S. $118,000, available by your draft(s) drawn at sight from our bank and accompanied by the following documents:
1. British Customs invoice (original and two copies)
2. Certificate of Origin stating that the customs invoice covers "Toy Products."
This Letter of Credit must accompany all drafts) and documents. When presenting your draft(s) and documents, please mention the reference number shown above.
This Letter of Credit is subject to the International Chamber of Commerce Uniform Customs and Practice for Documentary Credits in effect on the date this Letter of Credit is issued.
Charles Spears
CEO, Central Commerce Bank
3.7 Dispute a fee
1) What phrase can you use to introduce yourself in a phone message?
You should say, "Thank you for calling."
You can use the words, "This is..."
No introduction is necessary when using the phone
2) Why is Cindy Metz calling Dean Oliver?
Cindy wants to p ay the $ 10 charge over the phone.
She wants him to explain a fee on her bank statement.
She wants her ATM card back.
3)What does Cindy expect Dean to do?
She expects Dean to pay the — $10 charge.
i—i She wants him to return her y call.
Cindy expects him to wait for her to call him again.
4)Why does Cindy use the phrase, "first thing tomorrow morning"?
Cindy wants to talk to D e an as early as possible.
She’s meeting Mr. Oliver for breakfast.
She’s happy to wait until Dean calls her.
5)When you leave a phone message, what is a good way to end it?
Give your phone number and say good-bye.
You should say, "Thank you for c ailing."
Say, "This is ..." and give your name.