Section One Directions: In this section, you will hear 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. Then mark the corresponding letter on the ANSWER SHEET with a single line through the center.
[解析] Debt, of course, can be a stimulant to growth.
2.
A.Very few types of health insurance programs have been devised.
B.Various types of health insurance programs have been devised.
C.People don't want to deal with the unforeseeable risks to health through accident or illness.
D.Unforeseeable risks to health should be dealt with.
A B C D
B
[解析] To deal with the unforeseeable risks to health through accident or illness, various types of health insurance programs have been devised.
3.
A.About one third of the members are specialists.
B.The specialists don't act as dealers and brokers.
C.About one - fourth of the members are specialists.
D.Half of the members are specialists.
A B C D
C
[解析] About one - fourth of the members are specialists, who act as both dealers and brokers.
4.
A.The currency of one country can be used for making payments on another country.
B.Different nations have the same monetary units.
C.The use of foreign exchange arises because different nations have different monetary units.
D.Foreign exchange doesn't exist now.
A B C D
C
[解析] The use of foreign exchange arises because different nations have different monetary units, and the currency of one country cannot be used for making payments in another country.
5.
A.The aim of such control is to raise the demand for foreign exchange.
B.The aim of such control is to decrease the supply of foreign exchange.
C.The aim of such control isn't to maintain a stable exchange rate.
D.The aim of such control is to maintain a stable exchange rate.
A B C D
D
[解析] The aim of such control is to limit the demand for and to increase the supply of foreign exchange in order to maintain a stable exchange rate.
A.Risks may emerge at any time in the course of operation and management.
B.When the project is completed, risks will not emerge.
C.When the project is transferred to operation, risks will not emerge.
D.Risks will not emerge in the course of operation and management.
A B C D
A
[解析] Even if the project is completed and transferred to operation, risks may emerge any time in the course of operation and management.
7.
A.Now the news media are filled with reports of businesses separating into different parts.
B.In the past few years, a lot of businesses combined and split to form new businesses.
C.There are no reports of businesses combined to form new businesses recently.
D.There are very few reports of businesses combined to form new businesses recently.
A B C D
B
[解析] In the past few years, the news media has been filled with reports of businesses combining and splitting to form new businesses.
8.
A.The World Trade Organization.
B.The World Health Organization.
C.The International Bank for Reconstruction and Development.
D.The International Labor Organization.
A B C D
C
[解析] The International Bank for Reconstruction and Development, also known as the World Bank, is a specialized agency of the United Nations.
9.
A.The bank doesn't charge anything for exchanging foreign currency.
B.The bank charges a certain amount of money for exchanging foreign currency.
C.You can't change foreign currency,.
D.You can change foreign currency in that bank.
A B C D
B
[解析] The bank charges a certain fee for exchanging foreign currency.
10.
A.Most banks only provide consultant and information service.
B.Most banks don't provide consultant and information service.
C.Most banks provide not only the banking business but also consultant and information service.
D.Most banks only provide the banking business.
A B C D
C
[解析] Besides the banking business most banks provide their customers with consultant and information service.
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 the 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. Then mark the corresponding letter on the ANSWER SHEET with a single line through the center.
A.The woman wants to open a checking- savings account.
B.The woman wants to deposit a large sum of money.
C.The woman needn't deposit a large sum of money.
D.The woman must deposit a large sum of money.
A B C D
A
[解析] W: Do I have to deposit a large sum of money if I want to open a checking- savings account? M: Not necessarily. Q: Which of the following statements is true?
2.
A.No, not necessarily.
B.Yes, she should recognize them immediately.
C.Yes. But she can refer to file record of their signatures.
D.No, she needn't do so.
A B C D
C
[解析] W: Will I have to learn to recognize all our customers' authentic signatures? M: Yes, you will. Any check we cash must have a genuine signature. But we keep a file of them that you call refer to. Q: Is it necessary for her to recognize all our customers' authentic signatures?
3.
A.She wants to stay in Germany.
B.She wants to stay in the U. S.
C.She wants to buy some American dollars with DM.
D.She wants to buy some DM with American dollars.
A B C D
D
[解析] M: I want to get some DM for my stay in Germany. Can I Buy them with American dollars? W: Of course, we are an authorized foreign exchange bank and can exchange them for you. Q: What does the man want to do?
4.
A.Service fee.
B.Cable and fax fee.
C.Indirect fees.
D.Tax.
A B C D
B
[解析] W: What about the service fee? M: For our long - term clients we only charge some direct fees like cable or fax fee. Q: What will they charge for long- term clients?
5.
A.820.76
B.820.73
C.830.76
D.820.67
A B C D
A
[解析] W: What's the rate of US dollar against RMB Yuan today? M: Let me see, the buying rate is RMB 820.76 yuan per hundred dollars. Q: What is the buying rate?
[解析] W: Can I help you? M: Yes, I'd like to open a bank account. Q: Where is the man?
7.
A.It is a plastic card.
B.People can lend it to others,
C.It can carry a line of credit ranging from several hundred to several thousand or more.
D.It is very convenient.
A B C D
B
[解析] W: Can you talk about the characteristics of credit cards ? M: The credit card is a plastic card carrying a line of credit ranging from several hundred to several thousand douars or more. Q: Which of the following is not the characteristic of credit cards?
8.
A.Dollar
B.Euro
C.French Franc
D.Swiss Franc
A B C D
D
[解析] W: Do you know the name of the currency of Switzerland? M: Yes, Swiss Franc. Q: What is the name of currency of Switzerland?
9.
A.RMB 20
B.RMB 12
C.$ 20
D.RMB 21
A B C D
A
[解析] W: How much is the service fee of the Peony card? M: For the common card, the yearly fee is RMB 20. Q: How much is the yearly service fee of the Peony card?
10.
A.She criticizes ABC Bank.
B.She wants to expand their business into China.
C.She thinks highly of ABC Bank.
D.She praises ABC Bank.
A B C D
B
[解析] W: ABC Bank as one of the world's leading banks, it has made a significant contribution to world trade and development, so we want to expand our business into China. M: You are welcome. Q: What does the woman want to do?
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. Then mark the corresponding letter on the ANSWER SHEET with a single line through the center.
[解析] 21-23 BOASTING a global network and nearly US $ I trillion in assets, tile Hong Kong and Shanghai Banking Corporation has many advantages over its competitors. Now it's planning to bring those to China when it opens tile sector to private investment. HSBC is a London - based banking conglomerate, established in 1865 to finance the growing trade between China and Europe. It generates over a third of its profits from Asia and, like nearly all big banks, is eyeing China's US $ 1.2 trillion in savings for future exploitation. China is just beginning to open up to foreign banks, part of reforms promised in return for tile country's entry into the World Trade Organization (WTO). HSBC's global franchise, which is evenly distributed across Asia, Europe and the Americas on a profit basis, is something any bank would envy. 21. How much money does HSBC have in assets?
2.
A.In 1865.
B.In 1965.
C.In 1968.
D.In 1869.
A B C D
A
[解析] When was HSBC established?
3.
A.HSBC has many advantages over its competitors.
B.HSBC is a foreign bank.
C.HSBC is a London - based banking conglomerate.
D.HSBC's global franchise is something ally bank would envy.
[解析] 24-26 In China, the personal money management services are still in the stage of exploration. Industrial and Commercial Bank of China, Bank of China, Agricultural Bank and Bank of Communications have put forward the conception but have not yet established some mature modes as well as a series of effective operational processes and service concepts. As far as market space is concerned, the situation is just the opposite. Foreign banks have entered the Chinese market but the scope of business is small; the domestic banks have fewer restrictions but are lagging behind in services. Hence, the Chinese and foreign banks have both strong points as well as weak points, and they are engaged in an unequaled game on the market of China's personal financial services. 24. In China, some banks have put forward the concept of personal financial services, but haven't carried it out. Which of the following doesn't belong to these banks?
2.
A.The scope of business of foreign banks is small.
B.The domestic banks have more restrictions.
C.The domestic banks are lagging behind in services.
D.The domestic banks have fewer restrictions.
A B C D
B
[解析] Which of the following is not true about the differences between Chinese banks and foreign banks?
[解析] 27-30 Cash has been the root of much social and economic evil. The emergence of electronic funds - transfer technology makes it possible to change the nature of money and to divorce it from evil. Eight percent of Americans regularly use credit cards. The development of a federal system to handle the country's 300 billion annual cash transactions in the United States electronically is within reach. The procedure for using electronic money commercially would be practically the same as it is with present - day credit - card transactions and hardly requires explaining. Well over 95 % of cash transactions are in commercial settings. The use of cash has diminished substantially since World War II. Some economists believe that cash in the United States will eventually be completely overtaken by checks and credit cards in coming years. 27. What has been the root of much social and economic evil?
2.
A.Eighteen percent
B.Eighty percent
C.Eight percent
D.Twenty- eight percent
A B C D
C
[解析] How many Amercians regularly use credit card?
3.
A.95%
B.59%
C.19%
D.15%
A B C D
A
[解析] Over how much percent of cash transactions are in commercial settings?
4.
A.The use of cash has increased substantially since World War Ⅱ.
B.The cash in the U.S. will eventually be completely overtaken by checks and credit cards in coming years.
C.The cash in tile U.S. will not be completely overtaken.
D.The procedure for using electronic money commercially would be different as it is with present- day credit card transactions.
A B C D
B
[解析] Which of the following statements is true?
Part Two Reading
Section One Directions: Each of the following sentences is provided with four choices. Choose tile one that best completes the sentence.
1. If rates fall to the ______ conversion price, the investor is locked an at that rate for the remaining life of the bond.
A.required
B.retained
C.ground
D.set
A B C D
D
2. ______ allow management, which seldom owns a majority of the shares, to control a majority of the votes and implement its decisions.
A.Proxies
B.Officials
C.Controllers
D.Officers
A B C D
A
3. The stock owner may cast all these ______ votes for one director or divide them among several.
A.common
B.key
C.cumulative
D.calculating
A B C D
C
4. If exercised, the ______ right prevents dilution of ownership control when additional stock is issued.
A.preferred
B.preemptive
C.exempt
D.exclusive
A B C D
B
5. Financial markets have grown more ______ since exchange rates were freed in 1973.
A.weak
B.liquid
C.void
D.volatile
A B C D
D
6. The result is that companies worldwide have been forced to come to ______ with their financial risks.
A.conditions
B.terms
C.norms
D.standard
A B C D
B
7. As many have found to their ______ , ignoring interest rate, currency or commodity risks car, hurt a company just as badly as tbe failure of a new product.
A.feet
B.surprise
C.stand
D.cost
A B C D
D
8. Forwards are traded over - the - counter and can be ______ to suit buyers' needs.
A.specified
B.funded
C.customized
D.produced
A B C D
C
9. A second general trend is that firms are ______ the power of the computer to provide a sensitivity analysis of positions.
A.nursing
B.building
C.raising
D.harnessing
A B C D
D
10. A ______ that bears repeating is that the test of a dealer is not the ability to make profit but the ability to take losses early rather than hang on mail too late.
A.teaching
B.saying
C.moral
D.truism
A B C D
D
Section Two Directions: There. are. a number of blanks in each of the following passages. For each blank there are four choices marked A, B, C and D. You are supposed to choose the best answer and mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center.
Passage One In a simple economy 1 which only metallic coins were used, it was easy to define money, because only one form of generally 2 medium of exchange was in use. As forms of payment increased to 3 the needs of' the U.S. economy, defining money became more complex. Differences of opinion developed about the items that should be 4 in the money supply. One definition of the money supply that evolved included currency and coin in the 5 of the public plus demand deposits held by the public in commercial banks.
1.
A.in
B.of
C.from
D.by
A B C D
A
2.
A.granted
B.accepted
C.permitted
D.allowed
A B C D
B
3.
A.fill
B.meet
C.change
D.follow
A B C D
B
4.
A.included
B.exercised
C.handled
D.circulated
A B C D
A
5.
A.home
B.pocket
C.hands
D.safe
A B C D
C
Passage Two By the mid - 1970s, this 1 of the money supply was denoted as M1 by the Fed. The Ma measure added time deposits and savings 2 held by the public in commercial banks to M1 but did not include certificates of deposit with denominations of $ 100,000 or more. At that time, Ms included all of the items in MI and M2 3 deposits at savings banks and S&Ls. 4 the beginning of the 1980s, credit union shares had been added to the M3 definition and the Fed even had M4 and M5 definitions of the money supply. By the mid - 1980s, the Fed had carefully defined the money supply for the M1, M2, and M3. In the 1990s, only occasional small modifications in these definitions were 5 .
1.
A.statement
B.story
C.saying
D.definition
A B C D
D
2.
A.accounts
B.receipts
C.certificate
D.deposits
A B C D
D
3.
A.plus
B.adding
C.without
D.except
A B C D
A
4.
A.At
B.In
C.For
D.By
A B C D
D
5.
A.happening
B.making
C.taking place
D.continuing
A B C D
C
Section Three 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". Then mark tile corresponding letter on the ANSWER SHEET by drawing a single line through the center.
Passage One Providing for a payments mechanism is a costly activity. Indeed, managing the payments mechanism can absorb up to a third of total bank costs. Cost items include wages for tellers and bookkeepers, computers and maintenance, advertising, and substantial amounts of other equipments and supplies. A large portion of employee time is spent performing the payments mechanism function. Service charges do not cover all of these expenses. The expansion of computerized payment systems promises to reduce the employee time and paperwork involved in transferring funds. The introduction of automatic teller machines (ATMs) has heralded the inauguration of computerized systems that permit 24 - hour banking services, such as electronic withdrawal of cash from one's deposit accounts. Highly advanced ATMs offer customers such additional services as access to their mutual fund account, purchase or sale of stocks, payment of utility and store bills, and printouts of bank statements. Another related electronic development has been the trend toward Internet banking based on the IT (Information Technology). Internet banking enables a customer to communicate with the bank via an Internet terminal (a computer, a mobile phone or even a TV) linked to the bank's computer. This represents another dimension of electronic funds transfer (EFT) systems, and consequently of paperless banking. Internet banking allows any customer to transact business from anywhere, at any time. It is generally viewed as the dominant delivery system of banking services in the foreseeable future. Wider use of these services will take people out of the bank, reduce the paperwork load, and drive down cost.
1. Managing the payments mechanism is costly and time - saving.
A.Right
B.Wrong
C.Doesn't say
A B C
B
2. Service charges banks obtain are not enough to cover the bank costs.
A.Right
B.Wrong
C.Doesn't say
A B C
A
3. The introduction of ATMs and the Internet banking based on the IT will take people out of the bank, and reduce the paperwork.
A.Right
B.Wrong
C.Doesn't say
A B C
A
Passage Two Lease is a contract granting the possession of lands, buildings, tenements, offices, machinery, or other chattels for a specified fixed or indeterminate period, for a stated consideration, usually a periodic payment known as rent or, in the case of land, ground rent. Since merely the possession and use of the property is conveyed by the owner to the user in a lease, the property reverts to the owner at the end of the term in most cases. The lease is a flexible device for business use. Instead of tying up capital in acquisition of title to the real or personal property, the possession and use of the property may be had for the stated term in consideration of' the rent or rental, which is a tax - deductible expense of doing business.
1. Chattels refer to fixed properties.
A.Right
B.Wrong
C.Doesn't say
A B C
B
2. The property will be returned to the owner at the end of the lease term.
A.Right
B.Wrong
C.Doesn't say
A B C
A
3. The lease is a flexible device for business use and the lessee does not have to tie up a large amount of funds and does not have to pay tax.
A.Right
B.Wrong
C.Doesn't say
A B C
A
Passage Three Capital market trading occurs in either the primary market or the secondary market. Investment funds, corporations, and individual investors can all purchase securities offered in the primary market, where new issues of stocks and bonds are introduced. When firms sell securities for the very first time, the issue is an initial public offering (IPO). The capital markets have well - developed secondary market. A secondary market is where the sale of previously issued securities takes place, and it is important because most investors plan to sell long- term bonds before they reach maturity and eventually to sell their holdings of stock as well. There are two types of exchanges in tire secondary market for capital securities: organized exchanges and over - the - counter exchanges. Whereas most money market transactions originate over the phone, most capital market transactions, measured by volume, occur in organized exchanges.
1. An initial public offering refers to the first issue of stocks and bends to the public.
A.Right
B.Wrong
C.Doesn't say
A B C
A
2. Capital market trading can only occur in the secondary market because most investors plan to sell long - term bends before they reach maturity and eventually to sell their holdings of stock as well.
A.Right
B.Wrong
C.Doesn't say
A B C
B
3. Capital market transactions are either conducted in organized exchanges or individually negotiated between contracting parties.
A.Right
B.Wrong
C.Doesn't say
A B C
A
4. Both money market and capital market transactions occur mostly in organized exchanges.
A.Right
B.Wrong
C.Doesn't say
A B C
B
Section Four Directions: There are 4 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. You should make the best choice and mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center.
Passage One Acceptance Credit. The term "acceptance" can only apply when the credit calls for usance bills (term bills), i.e. bills of exchange payable at a specified time after acceptance by the drawee. And bills should be drawn on a hank. The acceptance credit is also referred to as a "term credit" or "usance credit", which means that the seller draws a draft on the nominated bank demanding payment at some determinable future date, e.g. at 30 days' sight instead of at sight. In practice, this means that instead of receiving immediate payment on presentation of the documents (at sight), the seller's draft is returned to him accepted on face by the nominated bank. Deferred Payment Credit. Normally the terms of a documentary credit will include an instruction to the beneficiary to draw bills of exchange, and the issuing bank will guarantee that such bills will be honoured, provided all the other terms of the credit are met. However, in deferred payment credit, there is no need for the exporter to draw a bill of exchange. The issuing bank simply guarantees that payment will be made on a fixed or determinable future date, provided all the other conditions have been fulfilled. Although the exporter does not draw a bill of exchange, in all other respects these credits are identical to documentary credits. Although bills of exchange are not drawn, in practice some banks will negotiate the documents provided they are entirely satisfied with the standing of the issuing bank. One benefit of defened credits is that they avoid the need for payment of stamp duty on bills of exchange. In some countries stamp duty is set at a low rate, or there may not be any stamp duty at all, whereas in other countries stamp duties can be much higher.
1. Under an acceptance credit, the bill ______.
A.is a sight bill
B.can only be drawn on a bank
C.can be drawn on the importer
D.can be. drawn either on a bank or on the importer
A B C D
B
2. The acceptance credit ______.
A.is also referred to as sight credit
B.means that the seller draws a draft on the nominated bank demanding immediate payment
C.means that the seller draws a time draft on the nominated bank demanding future payment
D.calls for term bills payable at any time after acceptance by the drawee
A B C D
C
3. To trade on an acceptance credit basis, the bill is accepted by ______.
A.the buyer
B.the seller
C.the buyer or tile bank
D.the nominated bank
A B C D
D
4. All of the following statements are true except ______.
A.normally the terms of a acceptance credit will include an instruction to the beneficiary to draw bills of exchange
B.a deferred payment credit is not a documentary credit, since there is no need for the exporter to draw a bill of exchange
C.in practice some banks will negotiate the documents under a deferred payment credit even if they are, not accompanied by any draft
D.under an acceptance credit, the seller gets payment from the bank at some determinable future date instead of receiving immediate payment on presentation of the documents
A B C D
B
5. The issuing bank will guarantee that bills drawn by the beneficiary under a documentary credit will be honored, provided all the other terms of the credit are met. Here "bills will be honored" means that.
A."bills will be accepted but not paid by the issuing bank"
B."bills will be paid but not accepted by the issuing bank"
C."bills will be accepted or paid by the issuing bank"
D."bills will be. accepted or paid by the importer"
A B C D
C
Passage Two Forfaiting is a method of providing non - recourse short - and medium - term finance, usually at a fixed interest rate, to facilitate trade around the world, Non- recourse trade finance used to be a free - market, medium - term trade credit, for capital goods, arranged by a western manufacturer to an importer in an industrializing country with limited access to hard cmTency. The trade credit is of non - recourse and fixed rate, usually bank - guaranteed and often evidenced by a series of negotiable bills of exchange or promissory notes repayable semi - annually. Forfai6ng normally operates like this: The importer finds a bank or other first class institution which is willing to guarantee his liabilities. The institution is not resident in the exporter's country (and in fact would normally be resident in the importer's country). The method of guarantee can take the following forms: an aval, whereby the guarantor endorses bills of exchange drawn on the importer, thus becoming liable on them; a separate form of guarantee of the importer's liabilities. This usually applies when promissory notes are signed by the importer, as opposed to bills of exchange being used; when the guarantor is a bank from the United States, the guarantee takes the form of a standby letter of credit whereby the American bank undertakes to honor bills of exchange drawn in the prescribed way. The form of the guarantee is unimportant, provided the guarantee is legally binding. Provided the guarantor is undoubted, the exporter's bank, known as the forfaitist, will discount the bills or promissory notes, i.e. will pay the exporter the face value less the discount charges. If the importer is undoubted, then the forfait facility could be provided without the need of a guarantee from another institution.
1. Forfaiting is a method of providing non - recourse ______.
A.short - term finance, notably at a variable interest rate
B.long- term finance, normally at a variable interest rate
C.medium - term finance, normally at a fixed interest rate
D.short- and medium- term finance, normally at a fixed interest rate
A B C D
D
2. The trade credit by way of Forfaiting is provided ______.
A.with bank or other institution as a guarantor
B.only with exporter's bank as a guarantor
C.only with importer's bank as a guarantor
D.only with bank as a guarantor
A B C D
A
3. According to the passage, the method of guarantee can take the following forms except ______.
A.endorsement of the bill of exchange
B.a standby letter of credit
C.a separate form of guarantee of the importer's liabilities, which usually applies when promissory notes are signed by the importer
D.None of the above is the form of guarantee.
A B C D
D
4. Which of the following statements is not true?
A.An aval is used as a form of guarantee whereby the guarantor endorses bills of exchange drawn on the importer.
B.As a form of guarantee, an aval is normally used when promissory notes are signed by the importer.
C.Instead of using an aval, another form of guarantee is often used when promissory notes are signed by the importer.
D.If the guarantee is legally binding, the form of the guarantee is not important.
A B C D
B
5. According to the passage, which of the following statements is not true. The form of the guarantee is ______.
A.not important at all
B.very important
C.indispensable
D.sometimes not important
A B C D
D
Passage Three For Managerial Accounting, there are three common cost behaviors: variable, fixed, and semivariable. A cost is classified into one of these categories by the way it reacts to changes in activity level. Costs that change in total in proportion to changes in activity level are called variable costs, Those that do not change in total are called fixed costs. A cost is classified as variable only if it changes in relation to the specified activity base. If it does not change in relation to that activity base, it is fixed. Semivariable, or mixed, costs contain both variable and fixed components. Variable Costs Variable costs change in total in proportion to changes in the activity level of a firm. Examples are the costs of direct materials, which change with the number of milts produced and sales commissions, which change with sales volume, In addition to sales commissions and materials, many other costs (such as labor) could also have variable cost behavior pattern. So we can define variable cost as the costs that vary in total proportionately with changes in activity level, within the relevant range. Fixed Costs Fixed costs remain constant in total regardless of activity level, at least with a certain range of activity--the relevant range. Examples arc property taxes, insurance, executive salaries, plant depreciation, and rent. Because total fixed costs remain constant as production increases, tire fixed cost per unit decreases, This is in contrast to variable costs, where cost per unit remains constant through changes in level of activity. So fixed costs are defined as the costs that do not vary in tire total with changes in activity level, at least within a relevant range. Semivariable or Mixed Costs Semivairable, or fixed, costs are costs that contain both variable and fixed components. An example is rent that includes a fixed rental fee plus percentage of total sales. In the analysis of semivariable costs, they are, usually, separated into variable mid fixed costs.
1. For managerial account, variable cost means ______.
A.the cost that changes with time
B.the cost that changes with revenue
C.the cost that varies in total proportionately with changes in activity level, within the relevant range
D.None of the above.
A B C D
C
2. Which of the following costs for a car manufacturer is not the variable cost?
A.tiers
B.steel
C.paint
D.plant depreciation
A B C D
D
3. Which of the following statements is correct?
A.Fixed costs do not affect the cost of products.
B.Fixed costs remain fixed with time change.
C.Fixed costs do not vary in the total with changes in activity level, at least within a relevant range.
D.None of the above.
A B C D
C
4. Which of the following does not belong to the category of fixed costs?
A.Income tax.
B.Property tax.
C.Rent.
D.Plant depreciation.
A B C D
A
5. Which of the following belongs to semi - variable costs?
A.Direct materials.
B.Property tax.
C.Plant depreciation.
D.Salesperson's income containing basic salary and sales bonus.
A B C D
D
Passage Four Cash flow can be generated from a number of sources, including operations, investment and financing. Fund from operations is also known as Gross Operating Cash Flow. A company's operating cash flow consists of income plus non - cash charge less non - cash credits. Non - cash charge represents reduction in income not requiring cash outlays. The items include depreciation and amortization, defened taxes, asset write - down, amortization of bond discounts, provisions, reserves, losses on a sale of equipment and loss in equity investments. Non - cash' credit includes equity earnings in unconsolidated investments, amortization of bond premiums, gain on the sale of equipment, and negative deferred tax provisions. A company's operating cash needs consist of receivable, inventory and prepaid items. Increases in them represent use. of cash, while decreases in them represent cash outflow. Operating cash sources include accounts payable, accruals and taxes payable. Increases in them are sources of cash since cash is conserved and outlays are delayed, whilst decreases in them represent uses of cash. Cash from operation (or net operating cash flow) is operating cash flow available after working capital requirements. Cash flow from investment refers to that generated from primary expenditures and internal cash flow. Primary expenditures include cash dividends, long- term debts, repayments, capital expenditures and fixed assets acquired. Internal cash flow includes miscellaneous items and uses not pertaining to ordinary operations. Examples are disposals, non - operating receivable, purchase and sale of treasury stock, increases and decreases in investments, etc. Cash flow from financing involves need to finance and new financing. Tim first category represents total internally generated cash flow. If the amount is negative, we need to determine if the company's new financing is sufficient to fund the deficit. The second category includes externally generated cash such as new long - term debt, new equity and net change in short - term interest bearing debt. The new financing should be an appropriate source for the major uses causing the deficit. Result change in cash represents the result that the total internally and externally generated sources of cash net tile total uses of cash during the year.
1. According to the passage, non - cash charge represents ______.
A.reduction in net sales not requiring outlays
B.reduction in income not requiring outlays
C.reduction in assets not requiring outlays
D.reduction in income not requiring cash outlays
A B C D
D
2. Non - cash charges include all of the following except ______.
A.amortization of bend discounts
B.debt
C.loss in equity investments
D.deferred taxes
A B C D
B
3. None of the following is a company's operating cash needs except ______.
A.receivable
B.taxes payable
C.accruals
D.account payable
A B C D
A
4. Cash flow from investment refers to that generated ______.
A.from expenditures and operating cash sources
B.only from internal cash flow
C.from expenditures and operating cash uses
D.from basic expenditures and internal cash flow
A B C D
D
5. According to the passage, none of the following statements is correct except ______.
A.increases in receivable represent source of cash
B.increases in taxes payable represent use of cash
C.increases in accruals represent use of cash
D.increases in prepaid items represent use of cash
A B C D
D
Part Three Writing
Section One Directions: Describe the procedures of settlement by acceptance credit according to the number order in the following charter. Write your answer on the ANSWER SHEET.
1.
① Documents and Draft: The seller sends the documents to the bank where the Credit is available accompanied by a draft drown on the bank. ② Draft: After checking that the documents meet the Credit requirements, the bank accepts the draft and returns it to the seller. ③ Documents: The accepting bank then sends the documents to the issuing bank, stating that it has accepted the draft. ④ Reimbursement: The issuing bank, after checking that the documents meet the Credit requirements, makes reimbursement at maturity. ⑤ Documents: The issuing bank then sends the documents to the Buyer. ⑥ Reimbursement: Reimbursement is obtained in tile pre - agreed manner.
Section Two Directions: Translate the following sentences into Chinese. Write your translation on the ANSWER SHEET.
1. With China's entry into the World Trade Organization, China has decided to implement a phased reform of the wholly state - owned commercial banks. The first phase of restructuring aims to making them profit - driven entities with sound internal controls, internationally compatible prudential accounting rules, well - designed incentive structures and appropriate disclosure standards.
Bank A Los Angeles U.S.A Dear Sirs, In view of the excellent relations between our two banks, at your request, we are pleased to offer you a trade - oriented credit line of up to USD 453,000 to be used to finance your clients for their import of goods from our country. This credit line is made available at any time subject to your 5 - day prior notice to us and remains valid for a period of one year. If you me, interested, please write to us for further discussion on the terms and conditions. Please be mindful that our offer is available for half a year. Your early reply will be appreciated.
Yours faithfully, ××× Manager China Construction Bank Beijing Branch