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 tile four suggested answers marked A, B, C and D, and decide which is the best answer. Then mark the corresponding letter on fire: ANSWER SHEET with a single line through the center.
A.The foreign banks should have set up a representative office.
B.The foreign banks can't apply for a branch.
C.The foreign banks can't expand business in China.
D.The foreign banks are forbidden setting up a representative office.
A B C D
A
[解析] The foreign banks should have set up a representative office in China two years before they can apply for a branch.
7.
A.In 1980, Japan established the first representative's office of the Export - Import Bank in Beijing.
B.In 1979, file Export - Import Bank of Japan became the first to establish the representative's office in Beijing.
C.In 1979, the ABC Bank of England established the first representative's office in Beijing.
D.In 1979, the Bank of Canada established the first representative's office in Beijing.
A B C D
B
[解析] In 1979, the Expert - Import bank of Japan became the first to establish a representative's office in Beijing.
8.
A.In 1994
B.In 1998
C.In 1949
D.In 1995
A B C D
A
[解析] On July the first, 1994 the regulations on the management of foreign funded financial institution were issued by the State Council.
9.
A.There are no inconveniences of personal checks.
B.Personal checks are very convenient.
C.There are some inconveniences of personal checks.
D.Personal checks are very useful.
A B C D
C
[解析] But there are still some inconveniences of personal checks.
10.
A.The interest rate for time deposits is lower.
B.The interest rate for regular savings account is as high as regular savings accounts.
C.There is no interest rate for time deposits.
D.The interest rate for time deposits is much higher than regular savings accounts.
A B C D
D
[解析] I understand the interest rate is much higher for time deposits than regular savings accounts.
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.
[解析] W: Does the holder have to pay immediately? M: No, the cardholder has the option of paying the bill in full within a grace period without interest. Q: Which of the following statements is true?
2.
A.Taxes on activities.
B.Taxes on income.
C.Taxes on wealth.
D.Sales taxes.
A B C D
D
[解析] W: What are the three principal types of 'taxes in the United States? M: Taxes on income, taxes on wealth, and taxes on activities. Q: Which of the following doesn't belong to tile three principal types of taxes in the United States?
3.
A.No less than $ 100 million.
B.No less than RMB 100 million.
C.At least RMB 200 million.
D.At least RMB 150 million.
A B C D
B
[解析] W: If a foreign bank wants to open all organ actually doing banking business, how much money must it have as a starting capital? M: No less than RMB 100 million. Q: How much should a foreign bank have as a starting capital?
4.
A.With this, people do not need to take cash with them.
B.It is useless.
C.People can't buy grits with a signed check.
D.People can't pay for services with a signed check.
A B C D
A
[解析] W: What is the use of the personal check book? M: With the personal check book, people do not need to take cash with them. Q: Which of the following is true?
5.
A.In 1918.
B.In 1915.
C.An 1951.
D.In 1975.
A B C D
B
[解析] W: I know the credit card is widely used in the Western countries. But do you know when was the first credit card was issued, and where? M: The first credit card was issued in the United States in the year of 1915. Q: When was the first credit card issued?
[解析] W: Can you tell me what are the most numerous and the largest banks in the United States? M: Commercial banks. You know, they form the nucleus of the U.S. banking system. Q: What are the most numerous and the largest banks in the United States?
7.
A.The Industrial and Commercial Bank.
B.Agricultural Bank.
C.Bank of China.
D.The People's Bark of China.
A B C D
D
[解析] W: Which is the central bank of China? M: The People's Bank of China. Q: Which is the central bank of China?
8.
A.Expanding business.
B.Maintaining the stability of currency.
C.Decreasing economic growth.
D.Supervising file banking system.
A B C D
B
[解析] W: What do you think of the objective of monetary policies? M: It is to maintain the stability of currency and thereby promote economic growth. Q: What is the objective of monetary policies?
9.
A.You can't get out the money before the certificate matures.
B.If you need the money, you can get out the money before the certificate matures.
C.You would not receive the stated interest return if you draw the money before the certificate matures.
D.You couldn't use the money if you failed to get out the money from the banks.
A B C D
A
[解析] W: What if I need the money for an emergency before the certificate matures? Can I get it out then? M: Yes, of course, you may withdraw your funds by cashing in your certificate before the maturity date if this becomes necessary. But, in that case, you would not receive the stated interest return. Q: Which of tile following is not true?
10.
A.Bonds
B.Savings
C.Common stocks
D.Blue chips
A B C D
C
[解析] W: Among all the different kinds of securities, which are the most risky investments? M: Common stocks. Q: Which of the following are. the most risky investments?
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 arm 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 Canadian financial services have developed in response to the monetary needs of the economy. To operate in Canada, a commercial bank must be individually chartered by the Parliament. Most normal central - banking functions are fulfilled by file Bank of Canada which has substantial autonomy in the determination of monetary policy. The Bank of Canada implements its monetary polices through its nine chartered banks which are at the center of the financial system. Although there are other financial institutions, such as credit unions, provincial savings banks, trust and mortgage and loan companies, chartered banks are the main financial institutions. They are relatively free from controls on activities involving foreign exchange. 21. Why have Canadian finance services developed?
2.
A.Chartered banks.
B.Credit Unions.
C.Provincial Savings banks.
D.Trust and mortgaged loan companies.
A B C D
A
[解析] What are the main financial institutions in Canada?
3.
A.Most of central - banking functions are fulfilled by the Bank of Canada.
B.The Bank of Canada doesn't implement its monetary policies through its nine chartered banks.
C.The Bank of Canada has substantial autonomy in the determination of monetary policy.
D.The Bank of Canada implements its monetary policies through its nine chartered banks.
A B C D
B
[解析] Which of the following satements is not true about the Bank of Canada?
[解析] 24-27 In the U.S., the Dow Jones Industrial Average has soared from around 40 points, when the index was established in 1896, to about 9700 points last week. Many crises have hit the New York Stock Exchange--the Great Depression of 1929, the bombing of Pearl Harbor in 1941, the Black October (:lash in 1987, and now, the terrorist attacks an New York and Pentagon on Sept. 11. Each trine the Dow dropped like a stone--only to bounce back to grater heights. The lesson: Anchor your portfolio in top stocks--known as "blue chips" in many markets-- and hang on to them. Accumulate more shares when there's blood in the streets. "Good quality companies are always the first to turn around when the market rebounds, says Peter Reichenbach, managing director of Swiss - based Gottardo Asset Management. "I'd suggest global blue chips. With internationally strong companies, you don't have to worry that they won't be around next year." 24. In the U.S. ,how many points has the Dow Jones Industrial Average reached last week?
2.
A.The terrorist attacks on New York on Sept. 11.
B.The Great Depression of 1929.
C.The Black October crash in 1987.
D.The Watergate Scandal.
A B C D
D
[解析] Which of the following doesn't belong to the many crises mentioned in the article which have hit the New York Stock Exchange?
3.
A.Good quality companies
B.State - owned companies
C.Private enterprises
D.Bad quality companies
A B C D
A
[解析] Which of the following are always the first to trun around when the market rebounds?
A.Young people have a limited amount of capital to invest.
B.A retired person may want to buy Social Securities.
C.People invest their money for different reasons.
D.Some people may have a risky investment.
A B C D
C
[解析] 28-30 People invest their money for different reasons, and their motives affect their investments choices. If you are a young adult saving to buy your first house, for example, you probably have a limited amount of capital to invest. You can't afford to gamble on a risky investment or tie your money up for the next 20 years. In contrast, an executive at tile peak of his or her career might be willing to accept more risk and less liquidity. Such a person would select a different mix of investments. If you're counting on receiving a steady, reasonably predictable flow of cash from your investments, you are chiefly concerned with income. The best strategy would be, to choose bonds, and preferred stocks--that pay dividends or interests on a regular basis. A retired person who wants to supplement Social Security or pension benefits would be a customer for this type of investment. 28. What's the article mainly about?
2.
A.money
B.property
C.hobbies
D.motives
A B C D
D
[解析] What affects people's investment choices?
3.
A.blue chips
B.bonds and preferred stocks
C.social securities
D.collectables
A B C D
B
[解析] If you want to receive steady and predictable flow cash frown your investments, which of the following would be the best strategy?
Part Two Reading
Section One Directions: Each of the following sentences is provided with four choices. Choose the one that best completes the sentence.
1. ______ strategies attempt to penetrate new areas, expand geographically, seize market opportunities and adopt innovations in order to make the bunk organization a leader in its market.
A.Wise
B.Success
C.Offensive
D.Management
A B C D
C
2. Inflation has returned to ______ the major industrial economies, forcing interest rates higher from the lows set after the global stock market crash of 1987.
A.fight
B.knock
C.enshrine
D.haunt
A B C D
D
3. The IMF warned recently that continuing strong domestic demand could ______ a new jump in the US current account balance of payments deficit.
A.drag
B.nurture
C.trigger
D.launch
A B C D
C
4. Unemployment ______ last year and since then has gone down.
A.increased
B.disappeared
C.firmed
D.peaked
A B C D
D
5. The world economy seemed to have gone into a ______.
A.trouble
B.decrease
C.decline
D.dilemma
A B C D
C
6. On first reading it appeared to offer some hope that the industrial world can achieve a soft ______ from its present overheated state.
A.rising
B.falling
C.climbing
D.landing
A B C D
D
7. But the IMF projections also foresaw a ______ deterioration of the global current account imbalance.
A.outstanding
B.ceased
C.marked
D.continuing
A B C D
C
8. Such developments could cause international investor to ______ down their demand for US dollar assets.
A.keep
B.put
C.nose
D.scale
A B C D
D
9. To ensure, a company's long - term survival and prosperity, finance managers need to make decisions about the ______ of the company.
A.gearing
B.benefit
C.profit
D.gain
A B C D
A
10. In an extreme case--bankruptcy--the owner's ___ will be repaid only after everyone else has received what they are owed.
A.property
B.equity
C.estate
D.firm
A B C D
B
Section Two Directions: There axe 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 Allan Greenspan was 1 Fed chairman in June 1987 by Ronald Reagan. He was asked to "fill - the - shoes" of Paul Volcker, who was responsible 2 guiding Fed policy in bringing 3 the double - digit inflation of the 1970s. Greenspan's first big test was the stock market 4 of October 1987. He responded by immediately pumping liquidity 5 the banking system.
1.
A.promoted
B.appointed
C.named
D.candidated
A B C D
B
2.
A.as
B.to
C.for
D.with
A B C D
C
3.
A.up
B.down
C.along
D.below
A B C D
B
4.
A.crash
B.explosion
C.depression
D.recession
A B C D
A
5.
A.to
B.with
C.into
D.out
A B C D
C
Passage Two The result was avoidance of monetary contraction mad asset devaluation of the kind that 1 the stock market crash of 1929. A reversal of policy occurred in raid - 19gg when interest rates were raised to 2 increasing inflation. A relatively mild recession then occurred during the 1990 - 91 period. However, inflation has been 3 below the 3 percent level since then. How does the business sector 4 Greenspan's performance? Fortune magazine recently 5 204 chief executive officers from the 1000 largest U.S. corporations. An astounding 96 percent felt that Greenspan has done a good job and should be reappointed as the Fed chairman. Only time will toll whether this confidence will be justified in the future.
1.
A.continued
B.stepped
C.followed
D.pursued
A B C D
C
2.
A.tame
B.temper
C.fight
D.reduce
A B C D
C
3.
A.controlled
B.kept
C.watched
D.regulated
A B C D
B
4.
A.look at
B.comment
C.praise
D.view
A B C D
D
5.
A.investigated
B.asked
C.questioned
D.surveyed
A B C D
D
Section Three Directions: Read the following passages and determine whether the sentences arc "Right" or "Wrong". If there is not enough information to answer "Right" or "Wrong", choose "Doesn't say". Then mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center.
Passage One When a hill is payable on demand or at sight, the drawee is required to pay immediately when the bill is presented to him. A bill is payable on demand if it is so specified or if time for payment is not expressed. A bill may be, payable within a fixed period after the date of the bill. For example, "pay three months after date...". A bill may be payable within a fixed period after an event which is certain to happen, e. g., "one month after the death of B". A bill may be expressed as being payable within a fixed period after sight; "sight" means the presentation of the bill to the drawee for acceptance.
1. The drawee is needed to pay a bill at a future date when it is specified that the bill is to be paid at once.
A.Right
B.Wrong
C.Doesn't say
A B C
B
2. A bill may be paid on demand if time for payment is not indicated.
A.Right
B.Wrong
C.Doesn't say
A B C
A
3. Acceptance of the bill by the drawee is referred to as presentation.
A.Right
B.Wrong
C.Doesn't say
A B C
B
Passage Two A traveller's cheque is a draft of a bank or travel agency which is selfidentifying and may be cashed at banks, hotels etc., either throughout the world or in particular areas only. The selfidentification is provided by obtaining tile signature of the customer on the instrument at the time of issuance, with a second space for his signature being left blank until presentation for cashing, when the encashing agent will require signature, in his presence. This gives reasonable safety, both for the traveler and for the party cashing the item.
1. One can only cash his traveller's cheque in his hometown.
A.Right
B.Wrong
C.Doesn't say
A B C
B
2. A traveller's cheque is selfidentifying because the issuer can have his name on it.
A.Right
B.Wrong
C.Doesn't say
A B C
B
3. It is very reasonable to print the signature of the customer on the traveller's cheque.
A.Right
B.Wrong
C.Doesn't say
A B C
C
Passage Three A share of common stock in a firm represents an ownership interest in that firm. Common stockholders vote, receive dividends, and hope that the price of their stock will rise. Preferred stock is a form of equity from a legal and tax standpoint. It differs form common stock in several important ways. First, because preferred stockholders receive a fixed dividend that never changes, a share of preferred stock is as much like a bond as it is like common stock. Second, because the dividend does not change, the price of preferred stock is relatively stable. Third, preferred stockholders do not usually vote unless the firm has failed to pay the promised dividend. Finally, preferred stockholders hold a claim on assets that has priority over the claims of common shareholders but after that of creditors such as bondholders.
1. Common stock is less risky than a preferred stock because of its fixed dividend.
A.Right
B.Wrong
C.Doesn't say
A B C
B
2. A share of preferred stock is more like a bond than common stock.
A.Right
B.Wrong
C.Doesn't say
A B C
A
3. Preferred stockholders hold a claim on assets that enjoys priority over the claims of common stockholders and bondholders.
A.Right
B.Wrong
C.Doesn't say
A B C
B
4. If the firm has paid the promised dividend, the preferred stockholders do not usually vote.
A.Right
B.Wrong
C.Doesn't say
A B C
A
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 A transferable credit is defined in Article 48 of the Uniform Customs and Practice for Documentary Credits. Under UCP a credit is only transferable if it is expressly designated transferable by the issuing bank. Terms such as "divisible," "assignable" and "fractionable" do not render a credit transferable. The transferable credit will be used when the supplier of goods sells them through a middleman and does not deal directly with the ultimate buyer. If the supplier is in a strong bargaining position, he may insist that a documentary credit be set up in his favour. The middleman may not wish to art, rage a documentary credit himself, and his bankers in any case may not be willing to issue a credit on his behalf. Thus the middleman will approach the ultimate buyer and ask him to arrange a transferable documentary credit in his (the middleman's) favour. The middleman is known as the first beneficiary of the credit. The credit will be designated transferable, and will allow the first beneficiary to request the bank authorized to pay, incur a deferred payment undertaking, accept or negotiate, or in the case of a freely negotiable credit, the bank specifically authorized as the transferring bank to make the credit available to one or more third parties who are known as "second beneficiaries". Thus the original supplier of the goods is known as the second beneficiary. 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 original suppliers and ultimate buyers deal through a middleman. In fact back - to - back credits are used in the same. situations as transferable credits, but the rights and obligations of the parties differ between the two types of credit. If the supplier insists on a documentary credit, the middleman may apply to his bankers for him to issue one on his behalf. If the middleman's bankers are satisfied with his creditworthiness, they will issue the credit in the normal way and no other formalities will apply. However, the 'back - to -back' aspect comes into play if the middleman's bankers insist that the middleman obtain a documentary credit in his favour from the ultimate buyer as security for one which the middleman has applied for in favour of the seller. Only the middleman and his banker need know of the back - to - back aspect, and only they are concerned with the back - to- back aspect, The other parties, the ultimate buyer, the original supplier and their bankers, are not affected in any way whatsoever by the back - to - back aspect. With transferable credits, the ultimate buyer is aware that he is dealing with a middleman; with back - to - back credits, he is not. With transferable credits the middleman and his bankers have no liability, but with back - to - back credits, they are fully liable on the second credit.
1. Under UCP a credit is transferable if it is ______.
A.expressly designated transferable by the issuing bank
B.expressly' designated assignable by the issuing bank
C.marked on its face divisible
D.used whenever the supplier sells goods through a middleman
A B C D
A
2. In a transferable credit, the first beneficiary is usually ______.
A.the supplier
B.the bank
C.the middleman
D.the importer
A B C D
C
3. The middleman will approach the ultimate buyer and ask him to arrange a transferable documentary credit in his (the middleman's) favour. Here "in the middleman's favour" means that ______.
A.the credit will be opened with the help of the middleman
B.the credit will be opened with the help of the ultimate buy&
C.the credit will be opened with the middleman as its beneficiary
D.the credit will be opened with the ultimate buyer as its beneficiary
A B C D
C
4. Which of the following is not the difference between a transferable credit and a back - to - back credit?
A.Only one credit is involved in trading on a transferable credit basis, whereas back - to - back credits consist of two entirely separate documentary credits.
B.With transferable credits tire middleman gets a documentary credit from the ultimate buyer, whereas with back - to - back credits the supplier has to obtain a documentary credit from the ultimate buyer.
C.With transferable credits, the ultimate buyer is aware that he is dealing with a middleman; with hack - to- back credits, he is not.
D.With transferable credits the middleman and his bankers have no liability on the credit, but with back - to- back credits, they are fully liable on the second credit.
A B C D
B
5. With back - to - back credits, party (parties) affected by the back - to - back aspect is (are) ______.
A.the ultimate buyer
B.the original supplier
C.the original supplier's banker
D.the middleman and its banker
A B C D
D
Passage Two Factoring is short - term financing from the non - recourse sale of accounts receivable to a third party, known as a factor. There are two basic types of factoring: (1) discount factoring, in which the factor pays a discounted price for the receivables prior to the maturity date; and (2) maturity factoring, where the factor pays the client the purchase price of the factored accounts at maturity. The mechanics of conventional factoring are simple and clear - cut. The factor's, credit department checks the creditworthiness of all orders received from the client. When orders are filled and merchandise shipped, and delivery verified, the factor purchases the sales invoices, which notify the client's customers that bills are payable directly to the factor. The factor then handles accounts receivable record keeping and collections and guarantees payment to its client. In conventional factoring, all of the client's invoices are purchased after the requirements are met at a predetermined advance rate. These cash advances are not loans, since they are made against money due to the client at a later date. In non- recourse factoring, on the client's balance sheet there is no liability to the factor for funds that have been advanced. On the contrary, the balance of undrawn funds still held by the factor is carried as an asset on the client's financial statement. Maturity factoring involves no financing, only service. The factor provides the client with a credit guarantee for all customers, whose orders are approved prior to shipment, thus shielding the client from any bad debt losses. It is then the factor's responsibility to collect the net sales proceeds from customers. On the average due date for each month's sales, the factor turns over the accumulated funds to the client. No interest is charged, since the client has taken no advances against his sales prior to the date when they have theoretically matured and been paid. In fact, the factor remits to the client whether or not he has actually received-payment from the client's customers. For all these services, rite client pays a fee or service charge computed as a commission on net sales factored. Actually, the service performed by the factor is reminiscent of that rendered by the old - line factors to their early clients in the textile industry--credit guarantee, receivable bookkeeping, and collection service. Clients who utilize this type of factoring arrangement are usually firms with substantial working capital that can borrow sufficient working funds on an unsecured basis directly from banks or other financial institutions. Furthermore, the fact that the accounts receivable are guaranteed by the factor usually strengthens the borrowing position of the client.
1. Factoring is a method of providing short - term financing in which ______.
A.The client sells its accounts to the factor
B.The client sells its accounts payable to the factor
C.The client sells its accounts receivable to the factor
D.The client sells its sales proceeds to the factor
A B C D
C
2. Usually, the sales invoices are purchased by the factor after ______.
A.orders are. rifled
B.merchandise is shipped
C.delivery is verified and other requirements are met
D.None of the above is correct.
A B C D
C
3. Cash advances under factoring are not loans, since ______.
A.they are made prior to the maturity date of the bill
B.they are made at maturity of tile bill
C.they are made against borrower's guarantee
D.they are made on the basis of money due to the client at a later date
A B C D
D
4. In non - recourse factoring, the balance of undrawn funds still held by the factor is carried as ______.
A.asset on the client's financial statement
B.current liability on the client's financial statement
C.long- term liability on the client's financial statement
D.None of the above is correct.
A B C D
A
5. All of the following statements are time except ______.
A.the accounts receivable guaranteed by the factor usually strengthens the borrowing position of the client
B.factoring involves no financing, only service
C.in factoring, orders from the client's customer are approved prior to shipment, and the factor's responsibility is to collect the net sales proceeds from customers
D.in maturity factoring, no interest is charged, since the client has taken no advances against his sales prior to the maturity date of the bill
A B C D
B
Passage Three Nostro Accounts and Vostro Accounts. A nostro account is one opened and held with other bask, it is also called a "Due from Bank" account. A vostro account, which literally means "your account with us", is one opened with us by other bank. It is also called a "Due to Bank" account. Bank Reconciliation Statements. For nostro accounts, we receive bank statements from other banks, but in order to ascertain that the information appeared on these bank statements are correct, we need to match those on our own accounting records, the so - called "mirror accounts". We compare our due from bank accounts statements with those statements received from other banks and reconcile the two by listing out all the outstanding items. And this is a "Bank Reconciliation" statement. On bank reconciliation statements, all the outstanding items will appear under "you debit, you credit, we debit, or we credit". For vostro account, we sent out account statements to other banks instead and they will perform their own bank reconciliation. There are certain important points to be remembered when reconciling accounts. · The hank reconciliation statement must be balanced. Any unbalanced statements should be investigated immediately as a top priority. As the longer it takes to clear, the more difficult it is. Possible reasons for unbalanced statements are missing statements, duplicated statements, reconciliation errors, etc. · "Our balance" can be checked with account balance. "Their balance" should be checked with the statements received from correspondent banks, whether by SWIFF, mail or both. · Balancing the bank reconciliation is only the first basic step of the reconciliation work. The most important step is to sort out the outstanding items and find out why they are outstanding. · Any communication to the originating/operating departments to reconcile any items must be supported by signed written evidence. Usually telephone instructions should not be accepted. Any instructions to reconcile outstanding items should be judged with common sense to see if they are justified and appropriate. · The interest credited or debited should be checked with interest statements received or request for one if not available. The debit interest exceeding a certain amount and any back value adjustment should be double - checked with the originating department. · Account reconciliation staff should be separate from those committing transactions and accounting entries should be, in principle made or passed by the originating departments. · Bank reconciliation statements should be prepared timely and reviewed by a senior officer.
1. A nostro account is also called ______.
A."due to hank" account
B."due from bank" account
C."your account with us"
D.None of the above.
A B C D
B
2. A vostro account is also called ______.
A."due to bank" account
B."due from bank" account
C."our account with you"
D.None of the above.
A B C D
A
3. "Mirror accounts" mean ______.
A.accounts which reflect information of bank statements
B.accounts of other banks
C.accounts in other banks
D.accounts on our own bank to check whether the information appearing on the statements received from other banks are correct.
A B C D
D
4. Possible masons for unbalanced statements are ______.
A.missing statements
B.duplicated statements
C.reconciliation errors
D.All above.
A B C D
D
5. Account reconciliation staff should be ______.
A.those committing transactions
B.those committing account entries
C.Neither A nor B
D.Both A and B
A B C D
C
Passage Four It should be stressed that the scope of Incoterms is limited to matters relating to the rights and obligations of the parties to the contract of sale with respect to the delivery of goods sold ( in the sense of "tangibles", not including "intangibles" such as computer software). As has always been underlined by ICC, Incoterms deal only with the relation between sellers and buyers under the contract of sale, and, moreover, only do so in some very distinct respects rather than all the duties which parties may wish to include in a contract of sale. While it is essential for exporters and importers to consider the very practical relationship between the various contracts needed to perform an international sales transaction--where not only the contract of sale is required, but also contracts of carriage, insurance and financing--Incoterms relate to only one of these contracts, namely the contracts of sale. Nevertheless, the parties' agreement to use a particular Incoterm would necessarily have implications for the other contracts. Furthermore, the document required under a documentary credit would necessarily depend upon the means of transport intended to be used. Although Incoterms are extremely important for the implementation of the contract of sale, a great number of problems which may occur in such a contract are not dealt with at all, like transfer of ownership and other property rights, breaches of contract and the consequences following from such broaches as well as exemptions from liability in certain situations. It should be stressed that lncoterms are not intended to replace such contract terms that are needed for a complete contract of sale either by the incorporation of standard terms or by individually negotiated terms. Generally, Incoterms do not deal with the consequence of breach of contract and exemptions from liability owing to various impediments. These questions must be resolved by other stipulations in the contract of sale and the applicable law.
1. Incoterms, which is short for "International Rules for the Interpretation of Trade Terms", is ______.
A.limited to matters relating to the rights and obligations of the parties to the contract of carriage
B.limited to matters relating to the rights and obligations of the parties to the contract of sale with respect to the delivery of tangible goods
C.limited to matters relating to the rights and obligations of the parties to the contract of sale with respect to the delivery of both tangible and intangible goods
D.limited to matters relating to the rights and obligations (ff the parties to the contract of sale with respect to the delivery of intangible goods
A B C D
B
2. Incoterms provides for ______.
A.all the duties which parties may wish to include in a contract of carriage
B.all the duties which parties may wish to include in a contract of sale
C.part of the duties which parties may wish to include in a contract of carriage
D.part of the duties which parties may wish to include in a contract of sale
A B C D
D
3. An international sales transaction ______.
A.only involves contract of sale
B.only involves contract of insurance
C.sometimes involves contract of' sale, contract of carriage and contract of financing
D.always involves contract of sale and contract of financing
A B C D
C
4. The parties agreement to use a particular Incoterm ______.
A.would surely have no implications for the other contracts
B.is intended to replace a complete contract of sale
C.may have implications for the other contracts
D.is intended to deal with transfer of ownership
A B C D
C
5. Questions concerning the consequence of breach of contract and exemptions from liability ______.
A.should be solved by stipulations in the Incoterms
B.should only be solved by other stipulations in the contract of sale
C.should be solved by stipulations in the contract of carriage
D.should be solved by other stipulations in the contract of sale and the applicable law
A B C D
D
Part Three Writing
Section One Directions: Describe the procedures of settlement by negotiation credit according to the number order in the following charter. Write your answer on the ANSWER SHEET.
1.
① Documents and Draft: The seller presents the draft and documents to the bank where the Credit is available for negotiation (the negotiation bank). ② Money: After checking that the documents meet the Credit requirements, the negotiating bank remits the funds to the beneficiary. ③ Documents and Draft: The negotiating bank then sends the draft and documents to the issuing bank. ④ Reimbursement: The issuing bank, after checking that the documents meet tile Credit requirements, makes reimbursement in the pre - agreed manner. ⑤ Documents: The issuing bank then sends the documents to the Buyer. ⑥ Reimbursement: Reimbursement is obtained in the pre - agreed manner.
Section Two Directions: Translate the following sentences into Chinese. Write your translation on the ANSWER SHEET.
1. The reform of tile financial system and particularly the diversification of banking institutions have increased competition in file banking sector and improved financial services in China. Apart from the traditional deposit taking and lending business, commercial banks now offer a broad range of intermediary services such as international settlement, bankcards, private banking, and financial consulting.
Bank A Philadelphia U.S.A Dear Sirs, Discrepancies in Documents under Our Letter of Credit No. 398749 We are in receipt of your captioned payment advice together with the relative documents. We regret to advise you that we are unable to make payment for the reason of the following discrepancies in the documents: 1)Net weight, packing list and inspection certificate are not indicated on the invoice. 2)The number of cases shown on the invoice is not consistent with that on the bill of lading. We have referred the matter to our clients, who state that the above discrepancies are unacceptable to them. They, however, express the idea that the payment will be effected upon receipt of relative revised documents and after deducting the delay penalty from the invoice value. Please take note of the above and convey tile same to the beneficiaries. We are now holding the documents at your disposal pending your instructions.
Yours faithfully, ××× Manager Bank of China Beijing Branch