Section One Directions: In this section, you will hear ten short statements. Each statement will be spoken only once. After each statement, there will be a pause. During the pause, you must read the four suggested answers marked A, B, C and D, and decide which is the best answer. Then mark the corresponding letter on the ANSWER SHEET with a single line through the center.
A.The forward price for a currency is always the same with the spot price.
B.The forward price for a currency is always different from the spot price.
C.Theoretically, the forward price is almost always either higher or lower than the spot price.
D.Theoretically, the forward price for a currency is always the same with the spot price.
A B C D
D
[解析] Theoretically, the forward price for a currency can be identical with the spot price. However, it in practice is almost always either higher or lower than the spot price.
A.In dealing with collections, banks will do nothing to follow the collection order.
B.Banks will do something in dealing with the collection order.
C.Banks should strictly follow the instructions in the collection order.
D.In dealing with collections, the bank is usually useless.
A B C D
C
[解析] In dealing with collections, banks will do nothing but follow the collection order.
单句意思为“在托收中,银行所要做的就是遵循托收指示。”
10.
A.The supplier is the prime beneficiary of a transferable L/C.
B.The middleman is the prime beneficiary of a transferable L/C.
C.Neither the supplier nor the middleman is the beneficiary of a transferable L/C.
D.In order to be in favor of the middleman, you should open a transferable credit.
A B C D
B
[解析] If you open a transferable credit, the credit is established in favor of the middleman.
单句意思为“你若开立一张可转让信用证,那这张信用证将使中间商受益。”
Section Two Directions: In this section, you will hear ten short conversations. At the end of each conversation, a question will be asked about what was said. The conversation and question will be spoken only once. During the pause, you must read the four choices marked A, B, C, D, and decide which is the best answer. Then mark the corresponding letter on the ANSWER SHEET with a single line through the center.
[解析] M: Have you borrowed money from the bank? W: Yes, I have borrowed $1,000 with the rate of interest 12% and the time one year. Q: How much interest will the woman pay at maturity?
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 dollars or more. Q: Which of the following is not the characteristic of credit cards?
本对话谈论的是信用卡的特点,女士说到信用卡是“a plastic card carrying a line of credit ranging from several hundred to several thousand dollars or more.”,由此可推出信用卡是很方便的。
3.
A.The loan proposal.
B.His repayment capability.
C.The bank's money.
D.Her own money.
A B C D
B
[解析] M: I've got my loan proposal approved. W: That's good news. But be sure that you can get enough money to repay the loan when it is due. Q: What does the woman worry about?
女士担心的是男士在贷款到期时能否repay,也就是他的偿还能力。
4.
A.3%.
B.5%.
C.11%.
D.None.
A B C D
D
[解析] W: Will my deposit earn any interest? M: Certainly. Interest rate on savings accounts at the moment is 3%. If you opened a current account money, you wouldn't earn any interest. Q: What would the interest rate be if the woman opened a current account?
[解析] M: International banking is accomplished by many different organizational types. W: Such as subsidiaries, branches and agencies of the parent banking firms. Q: Which of the following is not mentioned in the dialogue?
对话谈到跨国银行的几种组织形式时说到了"subsidiaries","branches" and "agencies",但是 没说到"representatives"。
[解析] W: I want to put some money in account. M: Please write down the amount, your name and the account number on this slip, Madame. Q: What is the woman NOT going to write down?
[解析] M: I've learned that financial statements can be presented in different formats. W: It can be shown in a vertical method or in a horizontal method. It is completely up to the owners of a business to decide on the method of presentation. Q: In what method are financial statements presented?
[解析] W: In Judy's case, why is she discharged? M: Because as a general rule, a bill of exchange must be duly presented for payment. Judy must have failed to observe the very strict rules about it. Q: Why did Judy lose her rights?
当女士问到为什么Judy会被拒付时,男士回答道,按通常规则,汇票"must be duly presented for payment",然后男士又推断说Judy可能忽视了这一点,由此可推断出答案应为D项。
9.
A.Documentary credit.
B.Documentary collection.
C.Payment in advance.
D.Open account.
A B C D
A
[解析] W: Our company will do business with ABC Wine Company in France in next two months. Could you give me some suggestions about the relatively safer means of settlement? M: In that case, I advise you to create a documentary credit. It will reduce the possible risk of export. Q: Which means of settlement is the safest from the exporter's viewpoint?
A.A debit card cannot be used to pay for services.
B.A debit card cannot be used to pay for goods.
C.A debit card cannot be used to pay for meals.
D.A debit card cannot be used to overdraw money.
A B C D
D
[解析] W: Can you tell me the main difference between a credit card and a debit card? M: OK. A debit card can be used to pay for your goods or services but it cannot be used to overdraw any money. Q: What does the man mean?
女士问的是信用卡和借记卡的区别,男士的回答是"but it cannot be used to overdraw any money."即借记卡是不可以透支的,所以选项D正确。
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] 21-24 In the United States, even if you decide that you do not want to borrow in order to go on vacation, it is still a good idea for you to have several major credit cards. These provide positive identification when renting an automobile and can be used for the deposit. The credit card receipts will serve as an accurate record of all hotel, plane, train, and restaurant expenses. The use of credit cards avoids the necessity of carrying large amount of cash, purchasing large amounts of traveler's cheeks and keeping track of them, or attempting to use personal checks in places other than your own locality. Many major credit cards provide an instant cash service in case you run out of money. American Express, for example, has set up machines in major airports in which you can purchase traveler's checks using your American Express card. 21. The credit card receipts will serve as accurate record for all but which of the following choices?
A.It can avoid the necessity of carrying large amount of cash.
B.You needn't purchase large amounts of traveler's checks.
C.You needn't use personal checks in places other than your own locality.
D.It can't provide an instant cash service in ease you run out of money.
A B C D
D
[解析] Which of the following is not true about the use of credit card?
录音原文提到The rise of credit cards avoids…in places other than your own locality.信用卡的用处有:不必携带大量现金、不必购买大额旅行支票并随时记录支出,或者不必在别处使用个人支票。录音原文接着提到Many major credit cards provide…you run out of money.你的钱花光时,一些主流信用卡能及时提供现金。
3.
A.very useful and convenient
B.useless
C.a waste of money
D.not popular
A B C D
A
[解析] Concerning the advantages of credit cards, which of the following is true?
综合整个录音原文容易推出:信用卡非常有用而且很方便。
4.
A.American Express.
B.Chinese Peony Card.
C.Dragon Card.
D.Credit Card.
A B C D
A
[解析] According to the passage, which card has set up machines in major airports?
录音原文提到American Express, for example, has set up machines in major airports…例如,美国快递已经在各主要机场安装了提款机。
1. About a business operating cycle, which of the followings is the most accurate?
A.12 months
B.half a year
C.the time span during which cash is used to acquire goods and services
D.always longer than a year
A B C D
C
[解析] 25-27 Current assets are assets that are expected to be converted to cash, sold, or consumed during the next 12 months or within the business's normal operating cycle if longer than a year. The operating cycle is the time span during which (1) cash is used to acquire goods and service, and (2) these goods and services are sold to customers, who in tuna pay for their purchases with cash. For most businesses, the operating cycle is a few months. A few types of business have operating cycles longer than a year. Cash, accounts receivable and notes receivable due within a year or less are current assets. For some retail companies, inventory is also a kind of current asset. This account shows the cost of goods that are held for sate to customers. 25. About a business operating cycle, which of the followings is the most accurate?
录音原文提到The operating cycle is the time span during which (1) cash is used to acquire goods and service, and(2)…经营周期包括:(1)现金用来购买商品和服务;(2)商品和服务卖出收回现金的时期。在四个选项中,C项是最准确的。
2. Which of the following does not belong to current assets?
A.cash
B.account payable
C.account receivable
D.note receivable
A B C D
B
[解析] Which of the following does not belong to current assets?
录音原文提到Cash, accounts receivable and notes receivable due within a year or less are current assets.现金、期限在一年以内(含一年)的应收账款和应收票据都属于流动资产。B项中应付账款是流动负债。
3. Which of the following is not long term-assets?
A.machine
B.building
C.land
D.inventory for the retailer
A B C D
D
[解析] Which of the following is not long term-assets?
录音原文提到For some retail companies, inventory is also a kind of current asset.对于一些零售企业来说,存货也是一种流动资产。A、B、C选项都是长期资产。
[解析] 28-30 It's no secret that throughout history common stock has outperformed most financial instruments. If an investor plans to have an investment for a long period of time, then their portfolio should be comprised mostly of stocks ; however, investors who don't have this kind of time should diversify their portfolios. For this reason, the concept of "asset allocation" was developed. Asset allocation is an investment portfolio technique that aims to balance risk and create diversification by dividing assets among major categories. The underlying principle of asset allocation is that the older a person gets, the less risk he or she should face. After you retire you may have to depend on your savings as your only source of income. 28. Throughout history, what kind of stock has outperformed most financial instruments?
录音原文一开始就提到It's no secret that throughout history common stock has outperformed most financial instruments,纵观历史,普通股表现优于其他绝大多数金融工具不是秘密。
2.
A.to balance risk and to get proper mix of investments
B.to achieve higher return from investments
C.to invest in blue chips
D.to get back money before retirement
A B C D
A
[解析] What is the purpose of asset allocation?
录音原文提到Asset allocation is an investment…by dividing assets among major categories.资产组合是一种投资组合工具,通过将资产分为几大类,制造出多样化的组合,以达到风险分散的目的。
3.
A.the higher return, the more the risk
B.the older the person gets, the less risk he should face
C.the greater the asset portfolio, the higher the return
D.investors should speak to their investment advisor
A B C D
B
[解析] What is the principle underlying the concept of asset allocation?
录音原文提到The underlying principle of asset allocation is that…should face.资产组合隐含的原理是:人的年龄越大,所面临的风险应该越小。
Part Two Reading Directions: There are three passages in this section. Each passage is followed by some questions or unfinished statements. For each of them, there are four choices marked A, B, C and D. You should make the best choice and mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center.
Section One Passage 1 What determines the rate of exchange between currencies will be examined later in this book let, 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 he varied or elaborated to suit practically every kind of requirement.
1. How many methods of settlement are mentioned in this passage when the British importer needs dollar to pay his American supplier?
A.Two.
B.One.
C.Three.
D.Several.
A B C D
B
国际结算的方式有很多种,但文中提到的只有一种,即汇票。
2. 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
文中提到The bank is able to do this because…a dollar cheque or draft drawn on that account.是因为英国的银行在美国有往来银行。
3. 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
文中提到it simply issues a dollar cheque or draft drawn on that account.所以A选项符合题意。
4. 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
文中提到The British importer can then send…the British bank to arrange for payment by mail transfer.相对较为安全的方法是邮汇。
5. 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
收款是美国的供应商。所以D选项正确。
Passage 2 Once you own an option, there are three methods that can be used to make a profit or avoid loss : exercise it, offset it with another option, or let it expire worthless. By exercising an option you have purchased, you are choosing to take delivery of (call) or to sell (put) the underlying asset at the option's strike price. Only option buyers have the choice to exercise an option. Option sellers, on the other hand, may experience having an option assigned to an option holder and subsequently exercised. Offsetting is a method of reversing the original transaction to exit the trade. If you bought a call, you have to sell the call with the same strike price and expiration. If you sold a call, you have to buy a call with the same strike price and expiration. If you bought a put, you have to sell a put with the same strike price and expiration. If you sold a put you have to buy a put with the same strike price and expiration. If you do not offset your position, then you have not officially exited the trade. If an option has not been offset or exercised by expiration, the option expires worthless. If you originally sold an option, then you want it to expire worthless because then you get to keep the credit you received from the option premium. Since an option seller wants an option to expire worthless, the passage of time is an option seller's friend and an option buyer's enemy. If you bought an option, the premium is nonrefundable even if you let the option expire worthless. As an option gets closer to expiration, it decreases in value. It is important to note that most options traded on U.S. exchanges are American style options. In essence, they differ from European options in one main way. American style options can be exercised at any time up until expiration. In contrast, European style options can be exercised only on the day they expire. All the options of one type (put or call) which have the same underlying security are called a class of options. For example, all the calls on IBM constitute an option class. All the options that are in one class and have the same strike price are called an option series.
6. You can choose the following methods to exit an option position except to ______.
A.exercise the option
B.pay the premium
C.offset a deal
D.let it expire
A B C D
B
文章第一段提到there are three methods…or let it expire worthless.退出期权交易的方式有三种,分别为执行期权、对冲交易或不执行期权,使其到期。
7. ______ have the option to exercise the option.
A.Only option sellers
B.Only option buyers
C.Both the option sellers and buyers
D.Only the exchanges
A B C D
B
文章第一段提到Only option buyers have the choice to exercise an option.只有期权的买方可以选择以何种方式处理期权合约,即只有买方愿意执行期权时,卖方才能执行期权。
8. If you are a put seller, you have to ______ in order to offset the original deal.
A.buy a put at a lower strike price and earlier expiration
B.sell a put with the same strike price and expiration
C.buy a put with the same strike price and expiration
D.sell a put at a higher strike price and earlier expiration
A B C D
C
如果卖出看跌期权,相应的对冲交易则为买入相同执行价格、相同到期日的看跌期权。
9. As an option comes to be closer to expiration date, it ______.
A.increases in value
B.devalues
C.lowers its premium
D.increases its premium
A B C D
B
期权越接近到期日,其价值就越低。
10. ______ can be exercised only on the day when they expire.
A.American options
B.European options
C.Chinese options
D.Japanese options
A B C D
B
欧式期权只有在到期日当天可以被执行,而美式期权则不同,可以在到期日前任何一个营业日执行。
Passage 3 Secured loans involve the pledge of specific collateral. An example is a loan that is secured by a chattel mortgage on an automobile or some other form of personal property. Pledged collateral for secured loans may consist of a variety of assets such as real estate, warehouse receipts, accounts receivable, plants and equipment, trust receipts, negotiable bills of lading, oil runs, corporate stocks, and bonds. The basic requirement of such assets is marketability. The main reason for requesting that a loan be secured is to reduce the bank's risk of loss in the event the borrower is unwilling or unable to repay the loan at maturity. Security does not assure that the loan will be repaid; however, it does reduce the risk, since the hank becomes a preferred creditor in the event of liquidation, and takes precedence over general creditors in the liquidation of any assets pledged to the bank as collateral. The value of the assets securing a loan may deteriorate, and this deterioration, coupled with a forced sale, may not furnish sufficient funds to cover the indebtedness. In arranging security for a loan, it is imperative that the bank obtain the primary claim to the collateral and that its value be as great as, or greater than, the amount of the loan. Should the value of the collateral exceed the amount of the loan, and the bank be forced to liquidate it because of default on the part of the borrower, the excess is returned to the borrower. In the event the security is not sufficient to cover the loan, the bank can in some instances obtain, through court proceedings, a deficiency judgment for the difference. This entitles the bank to a claim on additional property or income, should the borrower have any. In recent years some states have enacted legislation limiting the use of deficiency judgments in the area of consumer lending. In most instances this has taken the form of eliminating the deficiency judgment when the loan is reduced below a certain level. The objective of limiting deficiency judgments was to reduce overcharging on consumer durable goods at the retail level. The limitation was later extended to lenders as well. Limiting the use of the deficiency judgment has increased the risk of lending and will eventually reduce the availability of credit to certain borrowers. Consumer credit will, to an increasing extent, be made available only to those borrowers who have a good, well-established credit record.
11. The word "collateral" in the first paragraph probably means "______".
A.security
B.automobile
C.personal property
D.oil run
A B C D
A
"collateral"一词的意思是“抵押品”,只有A选项符合题意。
12. The bank's request for loan security is ______.
A.to make the loan more profitable
B.to make the loan more diversified
C.to reduce the loss in case of default
D.to guard against deterioration of loan collateral
A B C D
C
文章第一段提到The main reason for requesting that…to repay the loan at maturity.银行在发放贷款时向借款人要求一定的抵押品,主要是为了降低风险,在借款人不能按时还款时,可以处置抵押品来降低贷款损失。
13. The value of the collateral must be ______.
A.greater than the loan amount
B.the same as or be greater than the loan amount
C.smaller than the loan amount
D.the same as the loan amount
A B C D
B
文章第二段提到it is imperative that…or greater than, the amount of the loan.抵押品的价值一般应高于或等于贷款的金额,这样才能控制贷款风险的作用。
14. If the value of the pledged asset is greater than the amount of the loan , ______ is entitled to have the excess.
A.the lending bank
B.the borrower
C.the guarantor
D.the guarantee
A B C D
B
文章第二段提到the bank be forced to liquidate it…to the borrower.在贷款发生违约、银行处理抵押品时,如果抵押的资产价值高于贷款的金额时,银行只能收取贷款金额的相应部分,超过部分应由借款人获得。
15. Limiting the use of deficiency judgments in the area of consumer lending will ______.
A.increase the risk of lending
B.reduce the risk of lending
C.increase the availability of credit facility
D.set up the credit record of borrowers
A B C D
A
文章第二段提到Limiting the use of the deficiency…certain borrowers.在消费信贷领域限制使用缺席审判"deficiency judgment",将会使消费信贷的贷款风险加大,从而会使该类贷款的数量和金额都有所下降。
Section Two Directions: There are ten statements in this section. For each statement 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.
1. What is a documentary letter of credit?
A.A conditional bank undertaking to pay an exporter on production of stipulated documentation.
B.A method of lending against documentary security.
C.An international trade settlement system biased in favor of importers.
D.All of the above.
A B C D
A
跟单信用证是一种国际结算工具,由开证行自己或者指示其他银行承兑或者实际支付货款,该付款安排并不有利于进口商。documentary letter of credit跟单信用证。
2. Which of the following statements is false about zero-coupon bonds?
A.They will make a single cash payment at maturity.
B.They are issued at a discount.
C.They will make one single coupon payment at maturity.
9. The main objective of the Exchange Equalization Account is to ______.
A.prevent undue fluctuation in the exchange value of sterling against other currencies
B.ensure that notes and coins continue to be acceptable as a medium of exchange
C.control the rate of inflation
D.permit the exchange of payments between banks
A B C D
A
the Exchange Equalization Account (=stabilization fund)外汇平衡账户,汇兑平衡账户(指政府在本国中央银行账上的资金,用以购入或卖出黄金及外汇,旨在防止本国币值大幅度的上下波动。)。undue fluctuation过度的波动。rate of inflation通货膨胀率。
10. Interest on a bank overdraft will be charged to a firm's ______.
A.balance sheet
B.profit and loss account
C.current account
D.deposit account
A B C D
B
企业透支款项支付的利息,银行将该利息借记企业的损益类账户。charge a sum to sb.'s account将一笔金额借记某人账户。profit and loss account损益类账户。balance sheet资产负债表。current account活期存款账户。deposit account存款账户。
Section Three Directions: There are 10 blanks in 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 The bank 1 borrowers enough interest to pay the expense of the bank and have something left over for 2 . The interest cannot be higher than the legal rate, which is established by state law and in most states is 6% per year. 3 big loans, the interest rate is much less, even as low as 2%. The rate depends on the money market, when there is plenty of money 4 to be borrowed, banks charge low rates of interest. A savings bank may pay its depositors 2% and lend the money at 3.5% or 4%. But when money is tight, interest rates go up, and a savings bank may try to 5 depositors by offering 4% or 4.5% or even more and lending the money at 5% or 6%.
Passage Two A balance sheet is simply the enumeration of the various assets of a business on one side of a ledger and the enumeration of various liabilities and 1 accounts on the other side. The two sides must be equal, or balance. Only one further point should be 2 : A balance sheet refers to a single point in time, for example, the close of business on December 31. Taken by itself, a balance sheet does not show 3 over time. It is what economists call a stock concept, not a 4 concept. That is, the balance sheet shows the stock of goods a firm has on hand at any particular instant and does not show the flow of goods through the firm over time. For this reason, a balance sheet does not show business 5 , which are a flow.
Section Four Directions: Read the following passages and determine whether the sentences are " Right" or "Wrong". If there is not enough information to answer "Right" or "Wrong", choose "Doesn't say". Then mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center.
Passage One There are two types of cheques--the "crossed" and the "open" cheques. A "crossed" cheque is so called because it has two parallel lines across it--an "open" cheque does not. The effective difference is that a "crossed" cheque would not normally be cashed, but would need to be paid in to an account. An "open" cheque can be cashed by the payee at the branch of the bank upon which it is drawn. Should a "crossed" cheque fall into some unauthorized person's hands, he could not cash it. As it must go through an account, the bank is able to trace the presenter of the cheque and therefore the money may not be lost. Once an "open" cheque has been cashed over the counter of a bank by an unauthorized person, the money may never be recovered. For this reason, it is always wise to use "crossed" cheques when paying bills or sending cheques through the post. Should a customer wish to "cross" an "open" cheque before issuing it, he can do so simply by ruling two ink lines across it. To "open" a "crossed" cheque in order to draw cash for himself at his own branch, he simply writes "pay cash" between the parallel lines and adds his signature beneath.
1. If an "open" cheque falls into some unauthorized person's hand, he can cash it immediately and the bank is not able to trace him.
A.Right
B.Wrong
C.Doesn't say
A B C
A
从第三段最后一句Once an "open" cheque…by an unauthorized person,the money may never be recovered.可以得出答案。
2. If a customer wants to draw cash with a cheque for himself at his own branch, what he needs to do is to write "pay cash" between the parallel lines.
A.Right
B.Wrong
C.Doesn't say
A B C
B
根据文中最后一句To "open" a "crossed" cheque…writes "pay cash" between the parallel lines and adds his signature beneath.Signature签名。
3. It's unwise for you to use "open" cheques when paying your telephone bills.
A.Right
B.Wrong
C.Doesn't say
A B C
A
根据第四段For this reason, it is always wise to use "crossed" cheques when paying bills or sending cheques through the post.也就是using "open" cheques是不明智的。
Passage Two Banks face losses from three sources : their own position if short or long in a particular currency; dealing positions taken by employees who gamble with the bank's money; and defaults by counter-parties to forward exchange contracts and covering transactions. These risks were well illustrated by events in 1974: Bankhaus Herstatt, cologne, collapsed due largely to losses on its foreign exchange exposures; Lloyds Bank, Lugano, lost USD77 million due to unauthofised trading by staff. Herstatt's closure by the Bundesbank during working hours left many banks with unfulfilled foreign exchange transactions. Since then banks and authorities have tightened their control. Banks still take a position on foreign currencies and put traders on commission to speculate on their behalf, but mainly on within-day trading or on overnight positions. On longer-term positions banks aim to match liabilities and claims in a particular currency or cover the difference in the swap market.
1. Banks in international lending face the risks common to all banks: liquidity risk, interest rate risk, credit (asset) risk, and contingent liabilities risk.
A.Right
B.Wrong
C.Doesn't say
A B C
C
文章通篇提及银行面临的三类风险,并加以举例,并没有提及Banks in international lending。
2. Banks face losses from three sources : their own position ; dealing positions taken by employees, and defaults by counter parties to forward exchange contracts and covering transactions.
A.Right
B.Wrong
C.Doesn't say
A B C
A
从文中第一句话Banks face losses from three sources…可以直接找到。
3. If employees of a bank gamble in foreign exchange dealings with the bank's money, the bank will suffer heavy losses of foreign currencies.
A.Right
B.Wrong
C.Doesn't say
A B C
A
第一句中间dealing positions taken by employees who gamble with the bank's money以及举例,都说明了题中观点是正确的。
Passage Three A credit card is a plastic card (or its equivalent) to be used upon presentation by the cardholder to obtain money, goods, or services, possibly under a line of credit established by the card issuer. The cardholder is billed for any outstanding balance. Credit card customers are given a credit limit on the credit card account and can buy goods and services up to this amount. Normally, banks will set different credit lines to the different groups of cardholders. Every time cardholder uses a credit card for purchasing, he/she must sign a sales slip in the presence of the seller, and the signature is then compared to the signature on the card. Copies of the sales slips have the details of the card and they also show the details and amount of the sale. Each month the cardholder receives a statement from the bank which details all the transactions in the month, together with the total amount outstanding and any minimum amount that needs to be paid. When the full balance is not settled each month, the cardholder is charged a compound interest" (say 0.05% ) on the outstanding balance, and this is supposed to provide the bank with a main source of income (although in China, this revenue is still low because people are reluctant to run into debt). Other two major sources of credit card services are the annual fee from the eardholders and the percentage of the sales revenue as the commission paid by the seller.
1. A credit card is a plastic card and the like to be used to obtain money, goods, or services and an overdraft is not allowed.
A.Right
B.Wrong
C.Doesn't say
A B C
C
第一段开始A credit card is…possibly under a line of credit established by the card issuer.但并没有说an overdraft is not allowed。
2. Normally, banks will set different credit limits on different customers' credit card ac counts.
A.Right
B.Wrong
C.Doesn't say
A B C
A
从第二段第二句Normally, banks will set different credit lines to the different groups of cardholders.可推出。
3. Each month the credit cardholder will receive a statement from the bank showing the details of the transactions excluding the total amount outstanding.
A.Right
B.Wrong
C.Doesn't say
A B C
B
从第三段第一句Each month the cardholder receives…together with the total amount outstanding and any minimum amount that needs to be paid.容易得出。
4. If the balance of the credit card is not fully settled, the cardholder will have to pay a compound interest on the outstanding amount.
A.Right
B.Wrong
C.Doesn't say
A B C
A
从第三段第二句When the full balance is not settled each month, the cardholder is charged a compound interest" (say 0.05%) on the outstanding balance…可知。
Part Three Writing
Section One Directions: Translate the following sentences into Chinese. Write your translation on the ANSWER SHEET.
1. For U. S. banks, the rapid deterioration in syndicated loans comes at a time when the majority of banks have strong capital bases and earnings.
对于美国银行业来说,银团贷款的快速恶化发生在大部分银行有充足的资本和盈利的时候。
2. In order to improve foreign exchange administration and maintain strong balance of payments position, China promulgated the Regulations on Foreign Exchange Administration on January 29, 1996.
3. Liabilities are debts owed to outsiders, measurable by money value, which will be paid to creditors using assets or services.
负债是企业所承担的将来能以货币计量、并以资产和劳务偿付的债务。
4. Settlement, in general, is the striking of a balance between two or more parties having mutual dealings with one another, i. e. , the payment of balance by the debtor(s) to the creditor(s).
概括来讲,结算是指彼此有交易的双方或多方之问结清余款,由债务人将余额支付给债权人。
Section Two Directions: Describe the procedure of outward collection according to the numbers given in the following charter. Write your answer on the ANSWER SHEET.
1.
①Shipping goods and getting documents. ②Asking for collection. ③Sending collection instruction and documents to collecting bank. ④Releasing documents against D/A or D/P. ⑤Sending funds for credit to the principle's account.
Section Three Directions: Write a bank letter according to the following requirements. Write your answer on the ANSWER SHEET.
July 4th,2008 GGG Bank Road × × ×, London Dear Sirs,
Request for a Report on the Credit Standing of NEC CO.
NEC CO. , London wishes to have a large sum of loan from us and has given you as a reference. We should be obliged if you could furnish us with a detailed report on the financial position, including credit standing, business lines, general management ect. of the NEC CO. Any information sent to us will be held in strict confidence and will entail no obligation on your part. We thank you very much for your assistance, and would be pleased to reciprocate your service in the future. Yours faithfully, × × × Manager Bank of China Beijing Branch