Part One Directions: In this section, you will bear some 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 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] M: I'm happy that the budget forecast is almost finished. Can we assume A&C will still be in business next year? W: I think that's a safe assumption. If our estimates are correct, the increase in next year's sales volume will be the largest A&C has ever have. Q: What are they talking about?
2.
A.Options get rid of any risk.
B.Options make price increasing possible.
C.Options can realize maximum profits and minimum loss.
D.Options can stop price decreasing.
A B C D
[解析] M: Why do you suggest an option contract instead of a forward contract for me? W: Because with an option, you can kill off the downside risk and keeps the upside possibility. Q: What does the woman mean?
3.
A.86-81
B.68-18
C.18-68
D.86-18
A B C D
[解析] M: This week was fantastic. The price went up and up. Yesterday it reached 86-18. W: Wow. That is almost 12% more than the level where you bought it. Q: What is the highest point they are talking about?
4.
A.to buy a land and build a new plant
B.to lease a facility
C.to buy a new plant
D.to give up
A B C D
[解析] M: We were surprised by your recommendation, George. We felt there should have been at least one facility that could buy or lease, rather than our having to build a new plant. W: I inspected every facility in the area, and not one of them was adequate. Q: What is George's recommendation?
5.
A.I hope we have enough coverings.
B.I hope we have covered the lorries well.
C.I hope we have adequate damage compensations from insurers.
D.I hope we are warm and healthy.
A B C D
[解析] M: The vehicle insurers say the lorries are completely write offs. W: I hope we are covered all right. Q: What does the man mean?
Part Two Directions: In this section, you will hear 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] 6-8 We will live in a society where cash no longer exists. Instead, "cash" is electronic, as in bank card systems. Currency and coin are abandoned. Its benefits would be profound and fundamental. Theft of cash would become impossible. Bank robberies and cash-register robberies would simply cease to occur. Attacks on shopkeepers, taxi drivers, and cashiers would all end. Purse snatchings would become a thing of the past. Urban streets would become safer. Retail shops in once-dangerous areas could operate in safety. Security costs and insurance rates would fall. Property values would rise. Neighbonrhoods would improve. In the long run, a change from cash to recorded electronic money would be a fluid transition. Previously unpaid income-tax rates could be lowered or the national debt reduced. 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. Eighty 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. A national electronic-money system would operate as a debit-card system. Each individual's "money" would be held in his money-system account. A transaction would effect an instant transfer of "money" from his account to that of another account holder. 6. According to the passage, which of the following statements is true?
2.
A.lower
B.higher
C.the same
D.unpredictable
A B C D
[解析] What will be the national debt in a "no cash" society?
3.
A.impossible
B.conditional
C.possible
D.unconditional
A B C D
[解析] Can we handle cash transactions electronically in the United States?
[解析] 9-10 Only cash would be supplanted by electronic money. The use of checks, drafts, money orders, traveler's checks, cashier's checks, as well as letters of credits, acceptances, and other financial instruments would remain in regular use. The credit card and automatic-teller-machine system would not necessarily change, although you could no longer obtain cash at ATMs. Deposits into your electronic-money account would be made by direct electronic transfer, via a terminal, from any other money-system account. To deposit checks, money orders, and other non-electronic instruments into your money-system account, you would negotiate them at a commercial bank, which would transmit them through a clearing-house. There would be no such thing as a withdrawal: rather, you could only transfer funds from your account into some-one else's account (or a different account of your own) via the money-system terminal. For the majority of people who now use credit and debit cards, learning to use the new money system would be a snap. Even those unfamiliar with bank cards would find it easy. Transforming America's cash to a federal electronic-money system would be historic. Details have yet to be worked out on matters such as whether or not to leave coins in circulation, coordinating with the banking industry, selecting communication and computer systems, implementing the systems, working out international monetary arrangements, and so on. 9. What is needed to realize a "no-cash" society?
2.
A.ATM
B.debit card
C.withdrawal
D.clearing house
A B C D
[解析] What will not appear in an electronic money system?
二、单项选择
1. You customer asks your bank to handle a colleetion outwards on his behalf. Your bank are ______.
A.the reimbursing bank
B.the negotiating bank
C.the remitting bank
D.the collecting bank
A B C D
C
2. A cheque crossed" account payee" ______.
A.can only be accepted for the account of the named payee
B.can be accepted for the credit of an account other than that of the named payee provided the collecting bank makes enquiries
C.prevents negotiation of the cheque and, therefore, has the same effect as a "notnegotiable" crossing
D.is an example of a special crossing
A B C D
B
3. The following are the basic functions of a bill of lading except to act as ______.
A.a receipt for the goods from the shipping company to the exporter
B.a certificate of origin, which certifies that the goods were produced in a particular country
C.a document of title to goods being shipped overseas
D.a quasi negotiable document
A B C D
B
4. In extending loans, one of the principles that a commercial bank persists in is ______.
A.free from interference of local government
B.against collateral
C.based on sole responsibility to its profits and losses
D.in pursuance of the law of the People's Bank of China
A B C D
B
5. A cheque payable to ABC Company is credited to the personal account of Mr. Gao. The bank ______.
A.is correct in crediting the account
B.is merely doing what is requested by its customer
C.has committed an act of negligence
D.will make a claim on its principal
A B C D
C
6. Customers trading abroad in foreign currencies may protect against the exchange risk by arranging ______.
A.a contract of international sale of goods
B.a contract of marine insurance
C.a forward contract to fix the exchange rate in advance
D.contract for the delivery of goods by installment
A B C D
C
7. A company that has the use of a vehicle upon payment of a sum of money on a regular basis over a long period of time is using the finance service of ______.
A.factoring
B.hire purchase
C.leasing
D.installment credit
A B C D
C
8. A rise in interest rate will cause ______.
A.an increase in borrowing and a slowing - down of credit creation
B.a decrease in borrowing and an increase in credit creation
C.an increase in borrowing and an increase in credit creation
D.a decrease in borrowing and a decrease in credit creation
A B C D
D
9. There are three ways in which a banker may take security for an advance: (1) lien (2) by pledge (3) by mortgage (4) by indemnity
A.(1), (2), (3)
B.(1), (2), (4)
C.(2), (3), (4)
D.(1), (3), (4)
A B C D
A
10. International payments and other messages are often sent through an international computer network called ______.
When a Letter of Credit has been confirmed, the agent bank in the seller's country usually asks for the shipping documents, and often corite to the seller to say that they are willing to 1 a draft on them for the 2 . This draft (another name for Bill of Exchange) is often 3 to the shipping documents and is called a Documentary Bill of Exchange. Banks often state that the seller can 4 on them for the amount of the Credit. A buyer or his bank may ask the seller if he is willing to allow them a period of 30, 60, or 90 days to pay. They may write. "can you present your drafts for 60 d/s?" this is a form of 5 and allows the buyer time to pay. The agent bank will normally accept a draft 6 documents, because they need them to make sure that the title to 7 has been transferred. Some times the bank demands a letter of 8 so that they have the right to sell the goods if the Bill of Exchange is 9 , that is, if the buyer or his bank do not pay. This does not apply to irrevocable documentary credit. However, the bank can 10 the Bill of Exchange by deducting the interest for the period the draft has to go before maturity.
1.
draw
2.
amount
3.
attached
4.
accept
5.
hypothecation
6.
against
7.
ownership
8.
credit
9.
dishonoured
10.
discount
四、阅读理解 A note receivable is a negotiable instrument, which means it is readily transferable from one business or person to another and may be sold for cash. To get cash quickly, payees sometimes sell a note receivable to another party before the note matures. The payee endorses the note and hands it over to the note purchaser--often a bank--who collects the maturity value of the note at the maturity date. Selling a note receivable before maturity is called discounting a note receivable because the payee of the note receives less than its maturity value. This lower price decreases the amount of interest revenue the payee earns on the note. Giving up some of this interest is the price the payee is willing to pay for the convenience of receiving cash early. Assume that the maturity date of the Dorman note is January 18, 1995 and that General Electric discounts the Dorman note at First City National Bank on December 9, 1994. The discount period--which is the number of days from the date of discounting to the date of maturity (this is the period the bank will hold the note) -- is 40 days; 22 days in December, and 18 days in January. Assume the bank applies a 12 percent annual interest rate in computing the discount value of the note. The bank will want to use a discount rate that is higher than the interest rate on the note in order to increase its earnings. GE may be willing to accept this higher rate in order to get cash quickly. The discounted value, called the proceeds, is the amount that GE receives from the bank. The proceeds are computed as follows: General Electric's entry to record discounting the note is: Dec. 9, 1994cash $ 15 170 Note receivable Dorman Builders $ 15 000 Interest Revenue $ 170 TO RECORD DISCOUNTING NOTE RECEIVABLE At maturity the bank collects 15 375 from the maker of the note, earning 205 of interest revenue. Observe two points in the above computation: (1) The discounting is computed on the maturity value of the note (principal plus interest) rather than on the original principal amount, and (2) the discounting period extends backwards from the maturity date (January 18, 1995) to the date of discounting (December 9, 1994).
1. What is a note receivable?
A.It is a note received by a payer.
B.It is paper currency paid for documents as well as notes.
C.It is a negotiable instrument which may be used to transfer funds from one person to another.
D.It is a negotiable instrument which may be transferable from one person to another.
A B C D
D
2. What does a payee have to do when he discounts a note receivable with a bank?
A.He has to collect the maturity value of the note on the discounting date.
B.He has to endorse the note.
C.He has to sell it to the note purchaser.
D.He has to get cash quickly.
A B C D
B
3. What is called discounting a note receivable?
A.Purchasing a note receivable.
B.Receiving less money than the principal amount of the note.
C.Selling a note receivable before maturity.
D.Giving up some of tile interest revenue of the note.
A B C D
C
4. How is discounting period calculated?
A.From December 9, 1994 to January 18, 1995.
B.The discounting period begins with the date of making the note and end with date of selling it to the note purchaser.
C.The number of the days is calculated from the date of discounting to the date of maturity.
D.The days of discounting period involve the discounting date and the maturity date.
A B C D
C
5. How much interest revenue does General Electric receive in discounting the note receivable?
A.15 000
B.15 170
C.15 357
D.170
A B C D
D
What determines the rate of exchange between currencies will be examined later in this booklet, but first it is useful to consider the mechanics of international transactions. To enable a UK importer to pay his American supplier, for example, the facilities of two or more banks are used, firstly in handling the often complex documentation and secondly, through the foreign exchange market, in obtaining the currency required. At one time payments to and from other countries were made by bills of exchange; hence in part the term "exchange rate", which was maintained even though other methods of payment have largely superseded the bill of exchange. The British importer will probably need to pay his American supplier in dollars and his British bank can offer him several alternative methods of settlement. It can provide him with a banker's draft drawn in dollars. The bank is able to do this because it will have an account with another bank (called a correspondent bank) in an American city and it simply issues a dollar cheque or draft drawn on that account. The British importer can then send this draft by airmail to the supplier. Since there is a danger that the draft may be lost or fall into the wrong hands' the safer and more normal method would be for the British bank to arrange for payment by mail transfer. Instructions are sent by airmail to the correspondent bank in the US to pay on behalf of its customer the required sum to the named recipient from the British bank's dollar account. This mail transfer system is very flexible since the instructions for payment can be varied or elaborated to suit practically every kind of requirement.
6. How many methods of settlement are mentioned in this passage when the British importer needs dollar to pay his Americans supplier?
A.Two.
B.Three.
C.One.
D.Several.
A B C D
B
7. Why is the British bank able to offer its customer a banker's draft drawn in dollar?
A.Its US correspondent bank prefers to make the payment.
B.It will send dollar in cash by airmail.
C.It has a dollar account with another bank in an American city where the beneficiary lives.
D.Its customer has a dollar account with it.
A B C D
C
8. What will the correspondent bank do in the settlement according to this passage?
A.It will make payment in dollars against the banker's draft.
B.It will send the draft to the bank in Britain.
C.It will issue a documentary credit.
D.It will have an agreement with the bank mentioned.
A B C D
A
9. What is the safer and more normal method for the importer's bank to effect the settlement?
A.To issue a banker's draft.
B.To arrange for payment by mail transfer.
C.To make the payment to its correspondent bank.
D.To ask the importer to pay the money on his dollar account.
A B C D
B
10. Who is the "recipient" in the settlement?
A.The correspondent bank.
B.The British bank.
C.The British importer.
D.The American supplier.
A B C D
D
五、英释汉
1. Bancassurance refers to the sale of insurance products through bank distribution.
银行保险是指在银行的网点销售保险产品。
2. Commodity futures refer to contracts to supply quantities of the underlying commodity at a future date.
商品期货是指在未来某一日期提供大量基础商品的合约。
六、判断正误 There are two general ways in which the term "market" is used in economics. First, a market is thought of as a formal or informal organization of buyers and sellers who conduct trades in particular commodities or services. The market may be located at a geographical meeting place, such as your friendly neighborhood bookstore or shopping center (a retail market). A market may be organized over wide areas connected through phones or computer terminals. Although the trading room of the New York Stock Exchange is located in New York City, buyers and sellers who actively participate in this market may conduct their trades from distant locations. This description is the institutional way of looking at a market. The second meaning of the word "market" is used in formal economic models. Here the equations that explain the demand and supply of a commodity such as money are sometimes grouped together. Although money is traded in all markets, the reasons for supplying and holding money are thought to be specific enough to warrant separate equations. This is an abstract way to think of the money market. New financial assets are traded in primary markets. Financial assets that are resold are traded in secondary markets. Finns that specialize in trading either new or reissued financial assets are called primary and secondary dealers, respectively. Both new and reissued securities are traded in many markets, such as the U. S money market. The New York Stock Exchange, however, is a secondary market.
1. A financial market may be thought of as an ordinary market in which traders may buy or sell particular financial commodities.
A.Right.
B.Wrong.
C.Doesn't say.
A B C
A
2. We can learn from the second part of the passage that there are some equations of market which can explain the demand and supply of the currency of a country.
A.Right.
B.Wrong.
C.Doesn't say.
A B C
C
3. If a consumer wants to sell his CDs before the maturity date, he would do it in the primary markets.
A.Right.
B.Wrong.
C.Doesn't say.
A B C
B
A consumer with an unused line of credit on his or her credit card account may make retail purchase without presenting a demand deposit check or cash. Unutilized credit card credit is used instead. The line of unutilized credit available to card holders may be a good candidate for inclusion in the definition of money. These credit lines serve as a medium of exchange for the purchase of a wide variety of goods and services. Lines of unutilized credit card credit are similar to unutilized demand deposit overdraft facilities, which allow customers to issue checks for more money than they have on deposit. Overdrafts, which have long been used in Great Britain and Canada, are now widely used in the Unite States, often against bank credit card credit. The range of transactions that might be included in computerized credit card transactions is large. Taxicabs, newspaper stands, vending machines, public transportation, street vendors, and highway toll stations, to name but a few places where cash is used, could all, be provided with small machines that store information about purchases. These data sources could be linked into computer terminals at convenient locations or could be entered synchronously with the purchase through centralized communication networks. A centralized electronic funds transfer system could even instantaneously charge the purchases against the buyers' bank accounts and credit the funds to the sellers bank accounts.
4. Both lines of unutilized credit card credit and unutilized demand deposit overdraft facilities allow customers to use more money than they have on deposit.
A.Right.
B.Wrong.
C.Doesn't say.
A B C
A
5. The credit card serves as a medium of exchange in the wide range of transactions.
A.Right.
B.Wrong.
C.Doesn't say.
A B C
A
6. A great amount of information about purchases with cash will be sent to the centralized electronic funds transfer system and handled at the same time.
A.Right.
B.Wrong.
C.Doesn't say.
A B C
B
七、写作题 Directions: Write a letter according to the following request.
We thank you for your statement of our account. On Page 4 of it there is a debit balance of USD309 488.61 on Jun, 20, 2006. We wish to mention that the amount should be USD615 105. 94 instead of USD934 594.55 and the balance should come to USD10 000.00 on that date. Please check the matter and make immediate adjustment under advice to US.