Section One Directions: In this section, you will hear ten short statements. Each statement will be spoken only once. After each statement, there will be a pause. During the pause, you must read the four suggested answers marked A, B, C and D, and decide which is the best answer.
A.Each month the cardholder receives a statement and the amount of all the transactions.
B.Each month the bank gives the cardholder a statement showing the total amount outstanding.
C.Each month the bank gives the cardholder a statement showing the compound interest.
D.Each month the bank gives the cardholder a statement showing any minimum amount that needs to be paid.
A B C D
B
[解析] Each month the cardholder receives a statement from the bank, which lists the details of all the transactions in the month, together with the total amount outstanding.
statement与the amount of all the transactions不是并列关系,而是包含关系,A项错误;C、D项未提及。
5.
A.People are discouraged to do business with a lower discount rate.
B.People are encouraged to borrow more money if the discount rate is lowered.
C.People are encouraged to borrow more money if the discount rate is raised.
D.People are discouraged to borrow less money with a lower discount rate.
A B C D
B
[解析] When the Fed wishes to encourage business activity, it may lower the discount rate to boost borrowing.
Section Two Directions: In this section, you will hear ten short conversations. At the end of each conversation, a question will be asked about what was said. The conversation and question will be spoken only once. During the pause, you must read the four choices marked A,B,C, D, and decide which is the best answer.
[解析] W: What kind of monetary policy instruments may your bank use? M: They include adjusting the base interest rate, regulating rediscounting and open market operations. Q: Which of the following wasn't mentioned by the man as a monetary policy?
[解析] W: What is the rate of exchange for pound sterling into yen today? M: For cash it is seven hundred and ninety four yen to the pound and for traveler's cheques it is eight hundred and eighteen yen to the pound. Q: What's the exchange rate for cash?
A.A bill of exchange with a 90-day maturity for $ 6,075.00.
B.A bill of exchange with a 60-day maturity for $ 6,075.00.
C.A bill of exchange with a 90-day maturity for $ 6,750.00.
D.A bill of exchange with a 60-day maturity for $ 6,750.00.
A B C D
D
[解析] W: Excuse me, sir. Can you tell me what kind of a bill you have? M: Yes, it's a ninety-day bill for $ 6,750.00. It matures about two months from now. I didn't think we'd have to discount it, but I need the working capital right now. How do I discount it? Q: What kind of bill does the man have?
[解析] M: What should I do with my sight deposit if I need some money right now? W: Oh, that's easy. You can either use the cash dispensers or you can write cheques. Q: What does the man want to have now?
男士现在需要的是“some money”,即现金,所以选项A正确。
5.
A.To make investment.
B.To record data.
C.To provide useful information.
D.To understand some basic accounting principles.
A B C D
C
[解析] M: The primary objective of financial reporting is to provide information useful for making investment and lending decisions. W: The information must be relevant, reliable, and comparable. Q: What is the primary objective of financial reporting?
根据男士的说法,财务报告的作用在于为投资决策和筹资决策提供有用的信息。
Section Three Directions: In this section, you will hear three short passages. At the end of each passage, you will hear some questions. The passages and the questions will be spoken only once. After you hear a question, you must choose the best answer from the four choices marked A, B, C and D.
[解析] 21-24 Hyperinflation is defined as an economic condition during which there is a steep increase in prices. In accordance with the laws of economics, three factors combine to create this condition. First, demand must be much greater than the supply of available goods. Second, the country must continuously create and thereby build up an ever-increasing supply of money. Third, the governmental processes that are used to collect taxes must be crippled. Let's imagine a country where production is barely accomplishing its goal: to keep up with demand. When this happens, the government should decrease the salaries of the workers by raising taxes. But the government is powerless to collect the taxes, so it prints more money to compensate for the goods it must purchase. This new money goes to the workers who produced the goods; as a result, the people are not forced to give up certain things for a while—they actually become richer. While this might appear to be a positive step, it is actually regressive. Every month the government is forced to print more and more money, thereby increasing its liabilities until, it is destroyed. The only way to prevent total economic collapse in such a situation is for the government to increase taxes in a manner that is characterized by impartiality to everyone involved. 21. Which of the following might occur during hyperinflation?
录音原文提到Hyperinflation is defined as...a steep increase in prices. 恶性通货膨胀被定义为价格急剧上涨的经济环境。价格急剧上涨即D项的Soaring prices。
2.
A.Hyperinflation is just a passing phase in the economic development.
B.People could benefit a lot from hyperinflation.
C.Hyperinflation is used by a government to raise taxes.
D.Hyperinflation may cause the downfall of a government.
A B C D
D
[解析] What does the passage imply?
录音原文提到Every month the government is forced...until it is destroyed.每月政府被迫印刷越来越多的纸币,负债不断增加直至垮台。因此恶性通货膨胀可能导致政府垮台。
3.
A.Harmful.
B.Negative.
C.Going back.
D.Progressive.
A B C D
C
[解析] What does the word "regressive" probably mean?
录音原文提到While this might appear to be a positive step, it is actually regressive.尽管政府不断印钞表面上看来推动经济前行,实际导致经济衰退。going back即经济衰退。
4.
A.The cause of hyperinflation.
B.The dangers that hyperinflation brings to a country.
C.The relationship between taxes and hyperinflation.
D.The supply of money and hyperinflation.
A B C D
A
[解析] What does the author centers on in this passage?
录音原文提到In accordance with the laws of economics, three factors combine to create this condition.根据经济规律,三方面原因导致恶性通货膨胀的发生。可推断出该文旨在说明恶性通货膨胀的原因。
A.It consists of one commercial credit and one standby credit.
B.It consists of two entirely separate documentary credits.
C.It consists of a credit and some commercial documents.
D.It consists of a bill of exchange and a bill of lading.
A B C D
B
[解析] 25-27 Back-to-Back credits consist of two entirely separate documentary credits, but one credit may act as security for the other. They apply in transactions when actual suppliers and ultimate buyers deal through a middleman. If the supplier insists on a documentary credit, the middleman may apply to his bank for a credit on his behalf. If the middleman's bank is satisfied with his creditworthiness, the bank will issue the credit in the normal way and no other formalities will apply. However, the "back-to-back" credit comes into use if the bank insists that the middleman obtain a documentary credit in his favor from the ultimate buyer as security for the "back-to-back" credit in favor of the actual supplier. Only the middleman and his banker know the "back-to-back" credit, and only they are concerned with credit. 25. What do the back-to-back credits consist of?
录音原文提到“Back-to-Back”credits consist of two entirely separate documentary credits,…背对背信用证由两个完全不相关的信用证组成。
2.
A.When actual suppliers and ultimate buyers deal through a middleman.
B.When buyers and sellers agree to make settlement by means of letters of credit.
C.When buyers don't agree to make payment on collection basis.
D.When sellers insists on a documentary credit.
A B C D
A
[解析] In which situation do the back-to-back credits apply?
录音原文提到They apply in transactions when...through a middleman.背对背信用证适用于最初供货商和最终买方通过中间商进行的交易。
3.
A.The ultimate buyer.
B.The middleman.
C.The issuing bank.
D.The actual supplier.
A B C D
C
[解析] In whose favor is the back-to-back credit issued.?
录音原文提到However, the "back-to-back" credit comes into use if... "back-to-back." credit in favor of the actual supplier. 背对背信用证的产生是由于中间商银行坚持中间商持有一个来自最终买方的以银行自己为收款人的跟单信用证,作为其开立以供货方为收款人的信用证的担保。由此看出背对背信用证对中间商银行有利。
[解析] 28-30 The inter-bank market is important because through banks' lending and borrowing, a short-term interest rate can be determined. This interest rate indicates the marginal cost of acquiring short-term liquidity needed by banks in the money market. Thus, the lending is usually for short-term liquidity needs which is usually overnight. Some lending transactions may be arranged for a longer period of time, usually up to 3 months. The inter-bank money market is well established and active in Hong Kong, with an average daily turnover of HK $ 38 billion in late 1991. Lenders are mostly the locally incorporated banks and major borrowers are the foreign banks that do not have adequate deposit base in local currency. 28. What can be determined through inter-bank lending and borrowing?
录音原文提到The inter-bank market is important because...can be determined. 银行间市场很重要是因为通过银行问的借与贷,短期利率得以决定。
2.
A.One night.
B.One year.
C.Three days.
D.Three months.
A B C D
A
[解析] How long is the usual period of short-term liquidity needed by banks?
录音原文提到Thus, the lending is usually for short-term liquidity needs which is usually overnight. 因此借贷通常用来满足短期流动性需求,通常是隔夜借贷。
3.
A.The foreign banks.
B.The locally incorporated banks.
C.The government.
D.Inhabitant in Hong Kong.
A B C D
B
[解析] Who are the major lenders in the inter-bank market?
录音原文提到Lenders are mostly the locally incorporated banks and...贷款人绝大多数是当地组成公司的银行。
Part Two Reading
Section One Directions: There are three passages in this section. Each passage is followed by some questions or unfinished statements. For each of them, there are four choices marked A, B, C and D. Banking organizations are highly geared, much more than commercial or industrial companies. They have custody of large volume of monetary items, which makes them vulnerable to misappropriation and fraud. They therefore need to establish formal operating procedures, well defined limits for individual discretion rigorous system of internal control. Banking organizations engage in a large volume and variety of transactions. This necessarily requires complex accounting and internal control system and widespread use of electronic data processing. Banking organizations often assume significant commitments without any transfer of funds. These items may not involve accounting entries and consequently the failure to record such items may be difficult to detect. And most importantly, the failure of a bank, unlike most commercial firms, affects more than the fortunes of its shareholders and creditors, and may destabilize the whole economy. Effective supervision of banking organizations is an essential component of a strong economic environment in that the banking system plays a central role in making payments and mobilizing and distributing savings. Strong and effective banking supervision provides a public good that may not be readily available in the marketplace. Along with effective macroeconomic policy, it is critical financial stability in any country. While the cost of banking supervision is indeed high, the cost of poor supervision has proved to be even higher. For all these reasons, banks throughout the world are generally accorded a higher degree of official, supervision and regulation than other types of businesses. At the same time, banks are also provided with important elements of official protection. For example, the central bank usually acts as a lender of last resort to protect commercial banks against a temporary liquidity drain. This protection is an important component of the official safety net bank stopping the banking system. Another major aspect of that safety net takes the form of deposit insurance fund to guarantee bank depositors that they will get their money back in the event of a bank failure.
1. Why should banks need to establish formal operating procedures?
A.The supervisory authorities require them to do so.
B.The shareholders expect a reasonable return on their investment.
C.The banks have to keep safe large volume of monetary items raised from all sources.
D.The banks engage in a large volume and variety of transactions.
A B C D
C
文章第一段提到Banking organizations have custody of large volume...individual discretion rigorous system of internal control. 银行监管大量的货币项目,如果管理不慎,这些monetary items就会遭到破坏,所以就需要建立一套完整的操作程序。因而C选项符合题意。
2. Which of the following requirements is NOT mentioned in successfully dealing with large volume and variety of transactions?
A.A large number of skillful staff and expertise.
B.Effective internal control system.
C.Complex accounting system.
D.Widespread use of electronic data processing.
A B C D
A
文章第一段提到complex accounting, internal control system, electronic data processing。所以A选项是文中没有提到的。
3. "Vulnerable to" in Line 3 probably means ______.
4. A high degree of official supervision and regulation on bank organizations are important because ______.
A.The governments of many countries want to control banks
B.There are too many troubles in banking sector
C.It is crucial to stabilize the financial sector and the whole economy
D.The banks make much more deposit insurance fund
A B C D
C
文章第二段开关提到Effective supervision of banking organizations...in making payments and mobilizing and distributing savings. 银行在发放资金和资金存储上起着至关重要的作用。只有选项C与此意相同。
5. What is the main function of deposit insurance fund?
A.To ensure that the banks have sufficient fund to finance other economic sectors.
B.To protect the banks from all kinds of risks arising from their operation.
C.To meet requirements of financial needs of the public.
D.To pledge to depositors that their money is safe whenever a bank is insolvency.
A B C D
D
文章最后一段提到deposit insurance fund to guarantee bank depositors that they will get their money back in the event of a bank failure. deposit insurance fund(存款保险金)的作用是当银行面临风险的时候能保证储户的利益。
Section Two Directions: There are ten statements in this section. For each statement there are four choices marked A, B, C and D.
1. ______ measure the company' s ability to meet short-term obligations through the cash conversion cycle.
2. ______ is a large loan, generally more than USD10 million, negotiated between a borrower and a single bank, but actually funded by a number of banks.
5. A credit may be advised to a beneficiary through another bank (the advising bank) without engagement on the part of the advising bank, but that bank, if it elects to advise the credit, shall ______.
A.inform the issuing bank of the credit which it advises without delay
B.endorse the amount negotiated on the reverse of the credit which it advises
C.add his confirmation to the credit which it advises
D.take reasonable care to check the apparent authenticity of the credit which it advises
A B C D
D
通知行(advising bank)有对其通知的信用证辨别真实性的责任。beneficiary受益人,endorse在(票据)背面签名。on the reverse of the credit信用证背面。authenticity真实性。
Section Three Directions: There are 10 blanks in the following passages. For each blank, there are four choices marked A, B, C and D.
Passage One Insurance policies usually contain a 1 clause that excludes a fixed amount of the loss from 2 Casualty insurance policies frequently contain a coinsurance clause in the contract. A coinsurance clause provides that the insurance company shall be liable 3 only a portion of any loss 4 by the insured unless the insured carries insurance which totals a certain percent, frequently 80-90 percent of the fair value of the asset. In the 5 of a loss, the insured recovers from the insurance company that portion of the loss which the face of the insurance policy bears to the amount of insurance that should be carried as required by the coinsurance clause.
in the event of如果…发生。in the teeth of不顾。in the pay of受…雇用。
Passage Two Commercial paper may either be dealer placed or directly placed. If it is dealer placed, the 1 sells its promissory notes to one of the ten-regular commercial paper dealers, which, in turn, sells it to others. If commercial paper is directly placed, the issuing corporation sells its notes directly in the market, without the intermediation of the 2 . This is the method used primarily by sales-finance companies because they 3 in the market on a virtually continuous basis. Sales-finance companies are companies that supply the credit for the installment purchase of major 4 items, for example, automobiles, refrigerators, and television sets. These companies find the commercial paper 5 particularly well suited to their needs since it enables them to adjust to swings in demand for installment purchases.
Section Four Directions: Read the following passages and determine whether the sentences are "Right" or "Wrong". If there is not enough information to answer "Right" or "Wrong", choose "Doesn't say".
Passage One Commercial banks that supply services to other commercial banks are called correspondent banks. The correspondent banks are paid indirectly, in the form of income from deposit balances maintained by its bank customers, as well as by direct money payments. Small banks may have 5 or 6 correspondent banks, which provide many services: bookkeeping services (especially those that require large computers); assistance in the sale or purchase of assets (including the consolidation of purchases with other buyers); and the provision of information about capital markets (including the sale of equity shares in their banks). Large banks may have as many as 30 correspondent banks that provide services and representation in other localities (including foreign countries) and specialized services that the correspondents can offer at a smaller cost. Until 1981 the Federal Reserve had provided free check-clearing facilities to its members, but nonmember banks relied entirely on correspondent banks to clear their checks. The correspondent banks often clear nonmember banks' checks through the Federal Reserve. In 1979, the Federal Reserve cleared 32 billion checks, totaling $ 35 trillion. The total amount of cheeks debited against all insured banks in October 1982 was $ 93.5 trillion, of which 42 percent was from New York banks. Private clearing houses owned by groups of banks handled a large amount and so did the Federal Reserve, which began charging for that service.
1. The correspondent bank can only make money for its services to other banks from deposit balances maintained by bank customers.
A.Right
B.Wrong
C.Doesn't say
A B C
B
文中第一句话The correspondent banks are paid indirectly,...as well as by direct money payments.可以看出。
2. A correspondent bank may supply the following services to other commercial banks: A. keeping accounts B. assisting in the sale or purchase of assets C. providing information about capital markets
A.Right
B.Wrong
C.Doesn't say
A B C
A
从文中第三句话Small banks may have 5 or 6 correspondent banks, which provide many services...可以看出。
3. The Federal Reserve has been providing free check-clearing facilities to all the banks.
A.Right
B.Wrong
C.Doesn't say
A B C
B
第二段开头指出Until 1981 the Federal Reserve had provided free check-clearing facilities to its members...。
4. The amount of checks debited against New York banks in October 1982 was 39.27 trillion, which was 42% of the aggregate amount of checks of all the insured banks that month.
A.Right
B.Wrong
C.Doesn't say
A B C
A
从文中倒数第二句The total amount of cheeks debited against all insured banks in October 1982 was$93.5 trillion, of which 42 percent was from New York banks. 可推导出,因为 93.5×42%=39.27。
Passage Two A major type of risk that banks face is credit risk or the failure of a counter-party to perform according to a contractual arrangement. This risk applies not only to loans but also to other on-and-off balance sheet exposures such as guarantees, acceptances and securities investments. Serious banking problems have arisen from the failure of banks to recognize impaired assets, to create reserves for writing off these assets, and to suspend recognition of interest income when appropriate.
1. "Balance Sheet" means the statement on which a bank's assets and liabilities are listed.
A.Right
B.Wrong
C.Doesn't say
A B C
A
从文中第二句后半部分other on-and-off balance sheet exposures such as guarantees, acceptances and securities investments. 可以倒推出来。资产负债表外业务没有涉及资产和负债,那么资产负债表就应该包含资产和负债。on-and-off balance sheet资产负债表内外,balance sheet。
2. The word "exposures" in this paragraph can be understood as "risks".
A.Right
B.Wrong
C.Doesn't say
A B C
A
从第二句前半部分This risk applies not only to loans but also to other on-and-off balance sheet exposures such as…可推导出来。
3. Reserves for writing off impaired assets are unnecessary.
A.Right
B.Wrong
C.Doesn't say
A B C
B
从文中最后一句Serious banking problems have arisen from the failure of banks...to create reserves for writing off these assets...可以推导出来。句中意思指由于银行没有计提用于注销坏账的准备金而引发了严重的问题。
Passage Three Foreign exchange is by definition foreign to the holder; otherwise, it would be domestic exchange or in modem practice, local currency and legal tender. Foreign exchange typically is not legal tender and is therefore not acceptable in exchange for goods and services to whom it is being offered; hence, the desire to exchange it into something closer to home in terms of acceptability. Foreign exchange markets are nearly always markets that convert issues of foreign money for local units. The New York foreign exchange market, for example, is essentially a market for exchange foreign currencies against the US dollar. It is possible in New York to exchange French francs for Swedish kronor, but the normal practice would be to sell French francs for U.S. as a first step and then to sell US dollars and buy Swedish kronor as a second step in order to complete the transaction. Markets in other countries would be similar in structure and mechanical operation.
1. Foreign exchange is convertible currency but foreign to the holder.
A.Right
B.Wrong
C.Doesn't say
A B C
A
文中一开始就说出Foreign exchange is by definition foreign to the holder...,接着第三句指出Foreign exchange markets...that convert issues of foreign money for local units.
2. The reason that foreign exchange markets exist is because people have a strong desire to get foreign currencies to travel round the world, to buy goods produced in other countries.
A.Right
B.Wrong
C.Doesn't say
A B C
C
第二句末尾部分the desire to exchange it into something closer to home in terms of acceptability , 并没有提及题中的to travel round the world, to buy goods produced in other countries.
3. The New York foreign exchange market is a market for exchanging foreign currencies against any convertible currencies.
A.Right
B.Wrong
C.Doesn't say
A B C
B
文中第四句The New York foreign exchange market, for example, is essentially a market for exchange foreign currencies against the US dollar. 可以看出。
Part Three Writing
Section One Directions: Translate the following sentences into Chinese.
1. Direct lending risk occurs in products ranging from loans and overdrafts to credit cards and residential mortgages. It exists for the entire life of the transaction.
直接借款风险发生在从贷款透支到信用卡和住房抵押贷款等产品上。它存在于整个交易期间。
2. Effective banking supervision requires a set of preconditions to be in place, including sound and sustainable macroeconomic policies and a well developed public infrastructure.
3. Bond is an interest-bearing government or corporate security that obligates the issuer to make specified payments on a specific schedule to the bondholder.
债券是政府或公司发行的计息证券,要求发行人按照一定的日期向债券持有人支付一定金额。
4. In order to see the basic profitability of financial institutions, it is appropriate to exclude the impact on operating profits of net bond-related gains/losses, write-offs in trust accounts, and net transfer to the allowance for possible loan losses.
Section Two Directions: Read the following passage and fill in the blanks with its contents. As per the terms and conditions of the Contract No. 123, the payment is to be made by a documentary credit. Now, at the request of the importer, Mr. Houston & His Son, COTOBAML M. A. Hereby issues a documentary credit No. 56789 in favor of China National Chemicals Imp. & Exp. Corp, 56 Dongnanmen street, Beijing, to the extent of USD 56,700.00 on May 23, 2008. On June 1,2008 the exporter shipped the relative goods and drew a draft on the issuing bank, asking him to pay the credit amount at 60 days after sight of the draft, the draft was authorized to be signed by the corporate staff, Grace Peter. Bill of Exchange NO. 123 Dated 1 . Exchange for 2 . At 3 days after sight of this FIRST of Exchange (Second of exchange being unpaid) Pay to the order of 4 . The sum of 5 . Drawn under L/C No. 6 . dated 7 . Issued by 8 . Value received and charged the same amount to TO 9 . 10
1.
June 1,2008
2.
USD56,700.00
3.
60
4.
China National Chemicals Imp. &Exp. Corp.
5.
US Dollars Fifty, six thousand, seven hundred ONLY
6.
56789
7.
May 23,2008
8.
Citibank N.A.
9.
China National Chemicals Imp.&Exp. Corp, 56 Dongnanmen Street, Beijing
10.
Grace Peter
Section Three Directions: Write a bank letter according to the following requirements.
Sep 4th, 2008 ABC Bank Road×××, New York Dear Sirs,
Change in Interest Rate
This is to notify you that effective October 1st, 2008 until further notice interest is to be calculated on the credit balances at 5.5% p. a. (Instead of 5% at present) and charged at 6% p.a. on overdrafts in your Renminbi account with us. We would add that generally your account is not allowed to be overdrawn and it is hoped that you will see to it that your account always keeps a credit balance and is replenished in time when overdrawn. Yours faithfully, ××× Manager BEC Bank Beijing Branch