一、听力题 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.
C.Those who will stay at the bank for a long time.
D.Those who will deposit a large sum of money for a long time.
A B C D
[解析] 1-3 For customers who are willing to deposit large sums (£5 000 or more), for a number of years (maybe 5 years), the banks offer certificates of deposit (CDs) on which very favorable rates of interest are paid. The certificate acknowledges receipt of the deposit and specifies the rate of interest that is to be paid on it, and when the sum is repayable. Usually an amount in sterling is involved, but CDs are issued in US dollars as well. CDs are negotiable and therefore the holder may obtain his money back (or some of it) by selling the CD as an investment at the time it is sold. If the rate of interest received on the CD is higher than the current level of interest at the same time then it is possible that the holder will receive more for it than its nominal value, though the opposite may of course apply. 1. What kind of person will get a CD?
2.
A.Favorable rates of interest.
B.Negotiable.
C.Issued in sterling and US dollar.
D.Both A and B.
A B C D
[解析] What are the advantages of a CD?
3.
A.The holder will receive more for the CD when negotiating it.
B.The holder will receive less for the CD when negotiating it.
C.The holder will keep the CD for longer time.
D.The holder will get back only the nominal value of the CD.
A B C D
[解析] What will happen if the interest rate on CD is higher than the current interest rate?
[解析] 4-6 One of the most important services in a modern hank is the checking account. It's a safe and more convenient way for everyone to handle money. Another important service is a regular passbook savings account. You can withdraw money whenever you need it. You need only fill out a form and give it to the bank clerk along with your passbook. One more important service in a bank is traveler's cheques. They are safe and more convenient for travelers. If you lose your cheques, or someone steals them, you can get a refund. For this service, the bank' asks a small fee. The credit card is a bigger service in a bank. You need fill out a form and tell about your salary and other income. The bank issues the credit cards to the customers with good credit. Most of these services do not provide a major source of income to the bank. The bank's largest source of income is through loans. 4. What is the checking account said to be in a modern bank?
2.
A.It will refund the customer.
B.It will find it back to the customer.
C.It will find the lost cheque for him.
D.It will be refunded by the customer.
A B C D
[解析] What will the bank do if a customer loses his traveler's cheques?
3.
A.To anyone who applies for it.
B.To those who fill out a form.
C.To those who tell about their salaries and other income.
D.To those who are with good credit.
A B C D
[解析] To whom will the bank issue the credit cards?
[解析] 7-10 Chemical Banking Corp and Chase Manhattan Corp said yesterday' that they have reached a "definitive agreement" to merge, creating the largest US bank with nearly US $ 300 billion in assets and US $ 20 billion in shareholders' equity . The banks said the merger, approved by the boards of both companies, would be carried out through a share swap in which 1.04 shares of Chemical common stock will be exchanged for one share of Chase stock. All of Chase's preferred stock will be exchanged for similar Chemical preferred stock. It said the merger is expected to be completed in the first quarter of 1996, creating the largest bank in the United States and the fourth largest in the world, ahead of Citicorp. The bank will adopt the Chase name. The merger is subject to approval by shareholders of both institutions as well as federal and state regulatory authorities. "We expect the new Chase to achieve double-digit earnings per share growth...and a re- turn on equity of 18 percent or better," said Walter Shipley, Chemical Bank chairman and chief executive officer, who will be chairman and chief executive officer of the new bank. Thomas Labrecque, chairmen and chief executive officer of Chase, will be the president and chief operating officer of the new entity. 7. What happened to Chemical Bank and Chase Manhattan Bank?
2.
A.1
B.1.04
C.4
D.18
A B C D
[解析] How many shares of Chemical common stock will be exchanged for one share of Chase stock?
3.
A.By the Federal Reserve System and the shareholders.
B.By the board of directors of the two banks.
C.By the presidents of the two banks.
D.By the state and federal regulatory authorities and the shareholders.
A B C D
[解析] By whom must the merger be approved?
4.
A.Chairman of Chemical Bank.
B.Chairman of Chase Manhattan.
C.Both of them.
D.Not mentioned.
A B C D
[解析] Who will be the chairman of the new bank?
二、单项选择
1. These are four main methods of securing payment in international trade: (1) payment under documentary credit (2) open account (3) collection, that is document against payment or acceptance of a bill of exchange (4) payment in advance From an exporter's point of view, the order of preference is ______.
A.(4), (2), (3), (1)
B.(4), (3), (1), (2)
C.(4), (1), (3), (2)
D.(2), (4), (1), (3)
A B C D
B
2. International payments and other messages are often sent through an international computer network called ______.
A.CHAPS
B.SWIFT
C.BACS
D.EIMT
A B C D
B
3. A check payable to Johnson is endorsed by him "pay Parry Smith only" What type of endorsement is this?
A.Blank
B.General
C.Restrictive
D.Special
A B C D
C
4. In a syndicated loan, ______ handles the negotiations with the borrower, prepares the relevant documentation and disburses the full amount of the loan to the borrower.
A.the lead bank
B.the accounting bank
C.the participating bank
D.the agent bank
A B C D
A
5. Which of the following statements is false? ______.
A.To increase cash, debit the account
B.To increase revenue, credit the account
C.To decrease a receivable, debit the account
D.To increase a receivable, debit the account
A B C D
C
6. By purchasing government securities commercial banks are ______.
A.borrowing from the government
B.acquiring earning assets
C.making a "loan" to the government
D.both B and C
A B C D
D
7. A life insurance policy that has a constant premium through the life of the policy is called a ______.
A.term life policy
B.whole life policy
C.universal life policy
D.fixed -rate life policy
A B C D
B
8. Which of the following is not the distinction between bonds and stocks?
A.Bonds are debt whereas stocks are equity.
B.The bondholder does not share in the profits if a company does well, while the shareholder does.
C.A sock's price fluctuates while that of a bond is fixed.
D.In the case of bankruptcy, a bondholder will get paid before a shareholder does.
A B C D
C
9. ABC company is the beneficiary of a confirmed irrevocable letter of credit. bank (s) will assure the company that it will be paid.
A.One
B.Two
C.Three
D.None
A B C D
B
10. Under FOB terms the bill of lading would state goods ______.
A.loaded on board, freight paid
B.loaded on board, freight payable at destination
C.received for shipment, freight paid
D.received for shipment, freight payable at destination
A B C D
B
三、完型填空 Liquidity risk arises from the inability of a bank to accommodate unexpected decreases in 1 or to fund increases in 2 . When a bank has 3 liquidity, it cannot obtain sufficient funds, either by increasing liabilities or by 4 assets promptly, at a reasonable cost, thereby affecting profitability. In extreme cases, insufficient liquidity cam lead to the 5 of a bank.
1.
A.liabilities
B.assets
C.sufficiency
D.supply
A B C D
A
2.
A.liabilities
B.assets
C.efficiency
D.profitability
A B C D
B
3.
A.adequate
B.inadequate
C.accurate
D.inaccurate
A B C D
B
4.
A.changing
B.exchanging
C.converting
D.turning
A B C D
C
5.
A.efficiency
B.ability
C.solvency
D.insolvency
A B C D
D
China will continue to pursue a 6 monetary policy, and seek refinements in the conduct of monetary policy by relying on 7 policy instruments. First, open market operation will be expanded, and the quality of the relevant decision - making will be improved to 8 the timing and scale of open market transactions. Transaction frequency will be 9 and fine -tuning measures will be taken as the occasion warrants. Flexibility will be exercised in selecting modes of transaction so give further play to the open market in guiding 10 interest rates.
6.
A.open
B.sound
C.safe
D.overall
A B C D
B
7.
A.indirect
B.prudential
C.direct
D.complicated
A B C D
A
8.
A.enlarge
B.optimize
C.widen
D.re4tuce
A B C D
B
9.
A.increase
B.created
C.decreased
D.cut down
A B C D
A
10.
A.long- term
B.lending
C.short-term
D.borrowing
A B C D
C
四、阅读理解 Capital is at the top of any bank supervisor's list. The most basic form of capital is equity capital, which is the shareholder's financial interest or net worth. Equity capital serves several purposes: it provides a permanent source of revenue for the shareholders and funding for the bank; it is available to bear risk and absorb losses; it provides a base for further growth; and it gives the shareholders reason to ensure that the bank is managed in a safe and sound manner. Minimum capital adequacy ratios are necessary to reduce the risk of loss to depositors, creditors and other stakeholders of the bank and to help supervisors pursue the overall stability of the banking industry. Basle Committee's "core principles for effective banking supervision" require that supervisions set prudent and appropriate minimum capital adequacy requirements and encourage banks to operate with capital in excess of the minimum. When it appears appropriate due to the particular risk profile, uncertainties regarding the asset quality, risk concentrations or other adverse characteristics of a bank's financial condition, considerations of requiring higher than minimum capital ratios are encouraged. If a bank's ratio falls below the minimum, banking supervisions will act to ensure that it has realistic plans to restore the minimum in a timely fashion, or may consider putting additional restrictions on the bank's operations.
1. What's the subject of the passage?
A.capital
B.restrictions on banks' operations
C.supervision
D.capital adequacy
A B C D
D
2. Bank supervisors think ______ most important.
A.capital
B.financial interest
C.shareholders
D.capital minimum
A B C D
A
3. Which of the following is not the purpose of equity capital?
A.Providing a permanent source of revenue.
B.Bearing risks and absorbing losses.
C.Disclosing reserves.
D.Facilitating further growth.
A B C D
C
4. What can we infer from the passage?
A.The Basle Committee's core principles require the minimum capital adequacy requirements.
B.The Basle Committee encourages banks to operate with capital of the minimum.
C.The Basle Committee helps bank supervisors to reduce the risk of loss.
D.The Basle Committee ensures banks to pursue the stability of the banking industry.
A B C D
D
5. Which of the following is implied in the passage?
A.A very important purpose of bank - supervision is to provide adequate capital for their operation.
B.A very important purpose of bank - supervision is to ensure banks to operate with adequate capital.
C.A very important purpose of bank - supervision is to put additional restrictions on the banks' operations.
D.A very important purpose of bank - supervision is to concentrate on risks.
A B C D
B
The reliability principle requires that accounting information be dependable--free from significant error and bias. Users of accounting information rely on its truthfulness. To be reliable, information must be verifiable by people outside the business; Financial statement users may consider information reliable if independent experts would agree that the information is based on objective and honest measurement. Consider the error in a company's failure to accrue interest revenue at the end of an accounting period. This error results in understated interest revenue and understated net income. Clearly, this company's accounting information is unreliable. Biased information -- data prepared from a particular viewpoint and not based on objective facts -- is also unreliable. Suppose a company purchased inventory for $ 25. 000. At the end of the accounting period, the inventory had declined in value and can be replaced for $ 20 000. Under the lower of cost or market rule, the company must record a $ 5 000 loss for the decrease in the inventory's value. Company management may believes that the appropriate value for the inventory is $ 22 000, but that amount is only an opinion. If management reports the $ 22 000 figure, total assets and owner's equity will be overstated on the balance sheet. Income will be overstated on the income statement. To establish a reliable figure for the inventory's value, management could get a current price list from the inventory supplier or call in an outside professional appraiser to revalue the inventory. Evidence obtained from outside the company leads to reliable, verifiable information. The reliability principle applies to all financial accounting information --from assets to owner's equity on the balance sheet and from revenue to net income on the income statement.
6. What does the reliability principle of accounting information involve?
A.The accounting information should depend on the principle.
B.The accounting information should be free from significant error and bias.
C.The accounting information relies on independent experts.
D.The accounting information must be verifiable by people outside.
A B C D
D
7. According to the reliability principle, what should people do with their accounting information?
A.They just rely on its truthfulness.
B.They must verify the information carefully.
C.They should ask independent experts to verify the information to see whether it is based on objective and honest measurement.
D.They may consider the information reliable.
A B C D
C
8. What is the result if a company fails to make the entry of accrued interest revenue on the accounting statement?
A.The error will result in understated interest revenue and understated net income.
B.The accounting statement will be revised.
C.The error will reduce the company's net income.
D.People will not rely on the accounting information.
A B C D
A
9. Why is biased accounting information unreliable?
A.Because the information is not based on objective facts.
B.Because the information consists of some state data.
C.Because the information is prepared on the basis of facts.
D.Because the information is made according to the inventory value of the business firm.
A B C D
A
10. What would happen if the company in the example recorded the loss of $ 5 000 on the accounting statement?
A.The company's inventory would decline in value.
B.The total assets would be reported twice on the balance sheet.
C.The owner's equity will be overstated on the income statement.
D.The accounting information is reliable and the total assets and 'owner's equity will be stated correctly on the balance sheet.
A B C D
D
五、英释汉
1. Treasury bonds refer to coupon bearing government securities with a relatively longer maturity.
国库券是指期限较长的带息票的政府债券。
2. An insurer might be sound financially and yet indulge in practices that are detrimental to the public, such as unfairly discriminating against an insured or engaging in sharp claim practices, which should be supervised and regulated.
六、判断正误 International trade always creates the need for forward operations, if the exchange risk is to be hedged. Let us consider the case of a Swiss importer who has bought goods in Germany, in- voiced in Euro, payable in 90 days. To eliminate the risk of a significant rise of the Euro in the meantime and also to have the basis for an exact price calculation, he buys the Euro 90 days forward. In the converse case a Swiss exporter knows that in three months he will receive U. S. dollars in payment for this export. Here again, in order to eliminate the exchange risk, he hedges by selling the U. S. Dollar three months forward. Not to do these, forward transactions would be equivalent to speculating, on a fall of the Euro in the first case, or a rise of the U. S. dollar in the second case.
1. In the first case, "invoiced in Euro" means that the contract asks the Swiss importer to pay in Euro to the Exporter.
A.Right
B.Wrong
C.Doesn't say
A B C
A
2. In the first case, the Swiss importer will buy the Euro 90 days later.
A.Right
B.Wrong
C.Doesn't say
A B C
B
3. In the second case, the Swiss exporter sells the U. S. dollar because be believes that the U. S. dollar will rise.
A.Right
B.Wrong
C.Doesn't say
A B C
B
To finance the national debt, the government issues a variety of debt securities. The most widely held liquid security is the Treasury bill, which is commonly issued by the ministry of finance. However, some Treasury bills, like the Treasury bill of the U. S. government, do not actually pay interest. Instead they are issued at a discount from par (their value at maturity). The investor's yield comes from the increase in the value of the security between the time it was pm, chased and the time it matures. Treasury bills are attractive to investors because they are backed by the government and therefore are virtually free of default risk. Because even if the government ran out of money, it could simply print more to pay them off when they mature. The risk of unexpected changes in inflation is also low because of the short term to maturity. The markets for Treasury bills in most developed countries are deep and liquid. A deep market is one with many different buyers and sellers. A liquid market is one in which securities can be bought and sold quickly and with low transaction costs. Investors in markets that are deep and liquid have little risk that they will not be able to sell their securities when they want to.
4. reasury bills are short - term and virtually free of default risk.
A.Right
B.Wrong
C.Doesn't say
A B C
A
5. As some treasury bills do not actually pay interest, they are not attractive to investors.
A.Right
B.Wrong
C.Doesn't say
A B C
B
6. The markets for treasury bills in most developed countries have many different buyers and sellers.
A.Right
B.Wrong
C.Doesn't say
A B C
C
7. nvestors in deep and liquid markets face immense risk that they will not be able to sell their securities when they want to.
A.Right
B.Wrong
C.Doesn't say
A B C
B
七、写作题 Directions: Describe the linkages among prices, exchange rates, interest rates and other variables according to the numbers given in the chart.
1.
These six relationships can be stated more explicitly as follows: ①inflation rate = rate of growth of money supply a rate of growth of real gross national product (too much money chasing too few goods) ②rate of change of exchange rate = inflation rate differential ( purchasing power parity theory) ③interest rate = "real" interest rate expected inflation rate (Fisher effect: one country) ④expected rate of change of exchange = interest rate differential ( international Fisher effect) ⑤forward exchange premium or discount = interest rate differential ( interest rate parity theory) ⑥forward premium or discount = expected rate of change of exchange rate ( unbiased for- ward rate theory)