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.
B.The bank makes profits from not only the deposits but also its own money.
C.The bank has special obligation to make profits.
D.The bank makes profits by having special obligations to depositors.
A B C D
B
[解析] The bank has special obligation to depositors, because it makes profits from their money as well as its own.
单句意思为“银行对于存款人担有特殊的义务,因为它的收益部分来自存款,部分来自自身的资本金。”
5.
A.Depositors are usually full of confidence, but not the creditors.
B.Banks should maintain the confidence of depositors and creditors.
C.The nature of banks' business particularly damages their reputation.
D.Maintaining the confidence of depositors, creditors and the general marketplace particularly damages banks' reputation.
A B C D
B
[解析] Reputation risk is particularly damaging for banks since the nature of their business requires maintaining the confidence of depositors, creditors and the general marketplace.
A.If both the drawer and drawee of an instrument are the same person, the instrument may be treated as a promissory note.
B.In any case, the holder can treat the instrument as a bill of exchange or a promissory note.
C.If both the drawer and drawee of an instrument are the same person, the instrument can only he treated as a promissory note.
D.When the drawer and drawee of a bill are the same person, the holder may treat the instrument neither as a bill of exchange nor as a promissory note.
A B C D
A
[解析] When the drawer and drawee of a bill are the same person, the holder may treat the instrument either as a bill of exchange or as a promissory note.
单句意思为“当出票人和付款人是同一人时,持票人可把此票当成汇票。”
7.
A.The payee's signature can make the endorsement valid.
B.The drawer's duly authorized agent can make the endorsement valid.
C.The payer's signature can make the endorsement valid.
D.The drawee's duly authorized agent can make the endorsement valid.
A B C D
A
[解析] The signature of the payee or of his duly authorized agent is essential to the validity of an endorsement.
单句意思为“收款人或是收款人委托的代理行的签名能证实背书的有效性。”
8.
A.You have to deposit your money once a month.
B.You can use your money at any time you need it.
C.Your money is immediately run out.
D.Your money can immediately make more money.
A B C D
B
[解析] With a current account, your money is immediately available.
单句意思为“开立一个活期账户,你可以随时取钱。”
9.
A.The credit card can be used at any shop without paying cash.
B.The credit card can he used at any appointed shop together with cash.
C.The credit card can be used at any appointed shop without paying cash.
D.The credit card can be used to withdraw any amount of cash.
A B C D
C
[解析] The holder of credit card can buy goods against the card at any shop that has joined the scheme without cash.
单句意思为“此信用证的持有者可以在任何一家加盟的商店用此卡购物而无需用现金。”
10.
A.Our company prefers an L/C to collection.
B.Our company will apply for documentary collection.
C.Our company will apply for either documentary collection or sight letter of credit according to your advice.
D.Our company will adopt neither documentary collection nor letter of credit.
A B C D
A
[解析] Our company will apply for a sight letter of credit for settlement instead of documentary collection.
单句意思为“我们公司将申请即期信用证而不是跟单托收进行结算。”
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: What are three types of bank deposits exactly? W: They are sight deposits, time deposits and certificates of deposit. Q: What do CDs indicate according to the dialogue?
[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?
女士问的是货币政策的目标,男士的回答是"maintain the stability of currency",即为了维持货币的稳定,所以选项B正确。
3.
A.To make a decision quickly.
B.To make friends with the customer.
C.To know the position of the customer.
D.To examine the details of the financial statements.
A B C D
D
[解析] M: How to decide the amount of the loan granted to a banker's customer? W: The banker will examine the detailed financial statements of the customer before making a decision. Q: What should a banker do before a loan is made?
根据女士的回答,银行在贷款前会examine the detailed financial statements of the customer,D项正确。
4.
A.2,000 francs.
B.20,000 francs.
C.472 francs.
D.472.20 francs.
A B C D
D
[解析] M: I'd like to draw two thousand francs on my account, please. W: I'm sorry, sir. Your account has a balance of 427.20 francs. Q: How much is left to the account?
根据女士的回答"427.20 francs",即427.20法郎,所以答案应为D选项。
5.
A.To serve as a source of last resort.
B.To be one of the major objectives.
C.To transfer depositors' funds from one bank to another.
D.To borrow emergency funds from the Fed.
A B C D
D
[解析] M: Banks may borrow emergency funds from the Fed to meet an unusual demand for cash by depositors. W: Thus, Fed serves as a source of last resort for emergency funds. It is one of the major objectives of the Federal Reserve System. Q: What will the banks do when there is an unusual demand for cash by depositors?
从男士的话“当存款人有大量的现金需求时,银行may borrow emergency funds from the Fed”,可知答案应为选项D。
[解析] M: I'm busy preparing financial statements because my boss requires monthly reports. W: So you should prepare reports every month. For legal requirements, the longest interval between reports is normally one year. Q: What is the longest interval between reports?
对话谈论的是财务报表的上报频率的问题,女士说到"the longest interval between reports is normally one year.”即最长的时间间隔应为一年。
7.
A.From 9:00 a.m. to 6:00 p.m.
B.From 9:00 a.m. to 4:00 p.m.
C.From 9:00 a.m. to 12:00 a.m. or 1:30 to 4:00 p.m.
D.From 9:00 a.m. to 11:30 a.m. or 1:00 to4:30 p.m.
A B C D
C
[解析] W: My credit card has been left on your counter. Would you please tell me when I can go to your place to fetch my credit card? M: Well, you may come to get it back at any time. Our business hours are from 9:00 to 12:00 in the morning or 1:30 to 4:00 in the afternoon. Q: What are the business hours of the bank?
根据男士的回答"from 9:00 to 12:00 in the morning or 1:30 to 4:00 in the afternoon"可知答案应为选项C。
8.
A.To rewrite his signature.
B.To make a special endorsement.
C.To order another person to pay the cheque.
D.To give an order to the bank to collect the cheque.
A B C D
B
[解析] M: I don't know how to convert the blank endorsement into a special endorsement? W: You can just write above the endorser's signature a direction to pay the cheque to the order of himself or some other named person. Q: What do you think the holder of the cheque will do next?
男士说的是自己不知道如何将无记名背书转换成记名背书,由此可见男士是想做记名背书,所以B为正确项。
9.
A.No interest is charged.
B.The documents cannot be negotiated.
C.No stamp duty is paid.
D.Deferred Payment is on a "without recourse" basis.
A B C D
C
[解析] M: Could you tell me the advantage of deferred payment credit? W: Sure. If you open a deferred payment credit, you need not pay stamp duty on bill of exchange. But there will be risk on the part of the exporter since he can not receive his payment until maturity. Q: What is the benefit of deferred payment credit?
男士问的是延期付款信用证的优势所在,女士的回答是"you need not pay stamp duty on bill of exchange",即不用付印花税,由此可见选项C正确。
10.
A.The credit line will be lower than usual.
B.The credit line will be higher than usual.
C.The credit line will be as usual.
D.The credit line will be indefinite.
A B C D
B
[解析] W: Do the banks set the same credit lines to all the customers? M: No. Banks normally set different credit lines to different groups of cardholders. That depends on the personal income, the occupation, and to a large extent, on the creditworthiness of the customer. Q: What will be the credit line if a customer is a professor and has a good reputation?
Section Three Directions: In this section, you will hear three short passages. At the end of each passage, you will hear some questions. The passages and the questions will be spoken only once. After you hear a question, you must choose the best answer from the four choices marked A, B, C and D. Then mark the corresponding letter on the ANSWER SHEET with a single line through the center.
[解析] 21-23 Dealers in government and private securities need short-term financing to purchase new securities and carry their existing portfolios of securities until those securities are sold to customers or reach maturity. Such loans are readily granted by many of the largest banks because of their high quality--often backed by pledging the dealer's holdings of government securities as collateral. Moreover, many loans to securities dealers are so short-overnight out to a few days that the bank can quickly recover its funds or make a new loan at a higher interest rate if the credit markets have tightened up. 21. Who need short-term financing according to the passage?
录音原文第一句就提到Dealers in government and private securities need short-term financing to purchase new securities and…。
2.
A.They are backup for collateral.
B.They are pledged by government securities as collateral.
C.They are private offering backed by the largest banks.
D.They are backed by the largest banks.
A B C D
B
[解析] Why such loans are so high quality?
录音原文提到Such loans are…often backed by pledging the dealer's holdings of government securities as collateral.这些贷款通常有交易商持有的政府证券作为抵押,质量很高,因此各大银行都很乐意发放这样的贷款。
3.
A.one night
B.overnight out to a few days
C.several weeks
D.hours
A B C D
B
[解析] How long will the dealers keep such loans?
录音原文中提到Moreover, many loans to securities dealers are so short-overnight out to a few days…而且,很多给证券交易商的贷款期限很短,从隔夜到几天…。
[解析] 24-27 A certificate of deposit (CD) is a time deposit with a bank. Time deposits may not be withdrawn on demand like a check account. CDs are generally issued by commercial banks but they can be bought through brokerages. They bear a specific maturity date that usually lasts from 3 months to 5 years, a specified interest rate, and can be issued in any denomination, very similar to bonds. CDs offer a slightly higher yield than T-Bills because of the slightly higher default risk for a bank, but overall the likeliness of a large bank going broke is pretty slim. Of course, the amount of interest you earn depends on a number of factors such as the current interest rate environment, how much money you invest, the length of time, and your specific bank. 24. What is a CD?
录音原文提到A certificate of deposit (CD) is a time deposit with a bank.CD存放在银行的定期存款。
2.
A.cooperative banks
B.thrift banks
C.universal banks
D.commercial Banks
A B C D
D
[解析] Which of the followings generally issue CDs?
录音原文提到CDs are generally issued by commercial banks but they can be bought through brokerages.大额定期存单通常由商业银行发行,也可以通过经纪人购买。
3.
A.3 months
B.5 months
C.from 3 months to 5 yeas
D.5 years
A B C D
C
[解析] How long does a specific maturity usually last?
录音原文提到They bear a specific maturity date that usually lasts from 3 months to 5 years,…定期存单有一个明确的到期期限,通常从三个月到五年不等…
4.
A.T-bills are safer than CDs.
B.T-bills are easy to trade.
C.CDs have greater liquidity than T-bills.
D.CDs are safe because the FDIC guarantees their investments.
A B C D
A
[解析] Why do CDs pay higher return to investors than T-bills?
录音原文提到CDs offer a slightly higher yield than T-Bills because of the slightly higher default risk for a bank,…尽管银行破产的可能性极小,但其违约风险还是稍微大于国家,因此大额定期存单收益较国库券收益高。
[解析] 28-30 A bill of exchange is a negotiable security signed and dated by the issuer ( the drawer). It contains an unconditional order or instruction for the debtor ( the drawee) to pay a fixed sum of money to a certain person or to his order upon maturity. If the debtor agrees to this, he accepts the bill of exchange by signing it. Its form, content and legal consequences are regulated by law. A promissory note only differs from a bill of exchange in that it is issued in the form of a promise of payment made by the debtor instead of a payment order or instruction by the creditor. 28. Who signs and dates a bill of exchange?
录音原文提到A bill of exchange is a negotiable security signed and dated by the issuer (the drawer).汇票是由发行者或者收款人确定日期和签名的议付证券。
2.
A.a security signed by the issuer who promises to pay
B.a security issued by the creditor who instructing the debtor to pay
C.a security issued by the bank who promises to pay
D.none of the above
A B C D
B
[解析] What is a bill of exchange?
录音原文提到It contains an unconditional order…or to his order upon maturity.汇票要求付款人在到期日无条件支付确定的一笔钱给某确定的人或者根据债权人的指示付款。
3.
A.Law.
B.The drawee.
C.The payee.
D.The issuer.
A B C D
A
[解析] Which of the followings regulates the form, content and legal consequences of the bill of exchange?
录音原文提到Its form, content and legal consequences are regulated by law.
Part Two Reading
Section One 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. Passage 1 New securities by companies are usually brought to market after advice and a commitment to underwrite by an investment banking firm. Underwriting simply means that the investment banker promises to buy the securities. The investment bank helps design the security and the investment banker buys it from the issuer with the intent of selling it to investors as quickly as possible. Usually, the issue is not subscribed to in its entirety by the original investment banker but is syndicated among other institutions as well. Through the syndication process, the original investment banker invites others to subscribe to a part of the issue, receiving a predetermined portion of the fees in return. The original investment banker becomes known as the lead manager of the deal. ff there is more than one lead, the group is referred to as co-lead managers. The firm that deals directly with the company will be responsible for any syndication formation and also for final payment on behalf of the syndicate. It is referred to as the book runner for the issue. New issues of common stock come into two varieties-primary distributions and secondary distributions. Primaries are sales of stock that have never been issued before. There are two types of primary distributions-initial public offerings (IPOs) and additional floats of companies' stock that will dilute each shareholder's existing holding. Of the two, the latter are more common in the new issues market for equities since they involve offerings of shares of larger, more mature companies seeking additional equity capital. Secondary distributions are sales of stock that previously existed in some form or other but are too large to be accommodated on the stock exchanges. Procedures for secondaries often follow those for primaries although the offering period is much shorter and may involve a matter of hours rather than days. The actual marketing for these issues is done by investment bankers directly to the public. On rare occasions, companies have attempted to sell their shares or bonds directly to the public, avoiding investment banking fees. Unless the company is very well known, such attempts are less than successful. The behavior of investment bankers is key to the reception of new issues and directly affects the cost of capital for a company. As a result, the choice of an investment banker is crucial for a company, and the wrong choice could affect its costs over the near tenrm. This is true for bonds as well as for common stocks.
1. According to the passage, underwriting simply means ______.
A.that the investor promises to buy the securities
B.that the investment banker promises to sell the securities
C.that the investment banker promises to buy the securities
D.that the investor promises to sell the securities
A B C D
C
文章第一段提到Underwriting simply means that…buy the securities。承销的意思是投资银行承诺购买证券。所以C选项符合题意。
2. Usually, the original investment banker ______.
A.subscribes to the issue in its entirety
B.is prohibited from subscribing to the issue
C.subscribes to a part of the issue
D.is prohibited from subscribing to only part of the issue
A B C D
C
文章第一段提到Usually, the issue is not subscribed to in its entirety by the original investment banker。一般情况下,并不是由原始投资银行一家全部认购发行证券。所以C选项符合题意。
3. When the issue is syndicated among the original investment banker and other institutions, ______.
A.there is only one lead manager
B.there must be more than one lead manager
C.all the parties concerned are lead managers
D.there is one lead manager or more than one lead manager
A B C D
D
文章提到The original investment banker…to as co-lead managers。在这样的交易中,原始银行被称作牵头银行,如果有一家以上的银行牵头,则它们被称作联合牵头银行。所以D选项符合题意。
4. None of the following statements is true except ______.
A.initial public offerings will dilute each shareholder's existing holding
B.additional floats of companies stock will dilute each shareholder's existing holding
C.compared with additional floats, initial public offerings are more common in the new issues market for equities
D.initial public offerings usually involve offerings of shares of larger, more mature companies seeking additional equity capital
A B C D
B
文章第二段提到初次发行分两类,initial public offerings(首期公开发行)和增发公司股票,增发新股会“稀释”每一个股东现有的持股量,而这种在新发股票市场上更为普遍,因为它们涉及的是成熟的大公司为增加股本金而发行的股票。
5. The actual marketing for new issues ______.
A.is usually done by investment bankers indirectly to the public
B.is, most of the time, done by the companies directly to the public
C.is never done by the companies directly to the public
D.is usually done by the investment banker directly to the public
A B C D
D
文章第三段提到The actual marketing…investment bankers directly to the public.新发证券的实际销售是由投资银行直接卖给公众。
Passage 2 A financial future is a contract to buy or sell certain forms of money at a specified future date, with the price agreed at the time of the deal. Under such a contract, if the market price of the financial instrument concerned should be higher on the delivery date than the price specified in the contract or if its yield should be lower, the seller undertakes to meet the different and, by collecting this, the buyer can obtain a price or yield which is settled at the time the contract is agreed. Conversely, if the market price of the financial instrument should be lower or its yield higher than is specified in the contract, the seller will gain and the buyer will lose the difference: but at least the buyer still has the comfort of knowing the price or yield in advance, as it was fixed at the date the contract was entered into. The London International Financial Futures Exchange brings together those buyers and sellers who wish to hedge against interest rate and exchange rate fluctuations. On the exchange, "standard" agreements ( or contracts ), are available for : 1 ) interest rate movements--by trading interest bearing securities, such as bank deposit certificates, in sterling or Eurodollars, gilt-edged stocks and United States Treasury Bonds ; 2) exchange rate fluctuations--by trading a range of currencies, for example the United States dollar against the pound sterling, the United States dollar against the Swiss franc and so on. On LIFFE, in order to make the contracts more tradable and to enable keener prices to be quoted, a limited range of standard contracts is available with fixed settlement dates. For example, the contract size for sterling bank deposit certificates is GBP 500 000 with delivery on the second Wednesday of the delivery month which could be March, June, September or December. With a contract covering the movement of interest rates, the market brings together those who wish to take delivery of specific financial instruments, with those who are prepared to supply the same financial instrument on the same terms. Similarly, with a contract coveting exchange rate fluctuations, the market brings together those who wish to sell a stated amount of a certain foreign currency at an agreed future date, and those who wish to buy on the same terms.
6. A financial future is a contract to buy or sell certain forms of money at a specified date ______.
A.with spot rate
B.with forward rate
C.at the market price
D.at the price fixed at the time of the deal
A B C D
D
第一段第一句A financial future is…, with the price agreed at the time of the deal.
7. If the market price of the financial instrument concerned should be higher on the delivery date than the price agreed in the financial future contract ______ will make a profit.
A.the seller
B.the buyer
C.the broker
D.the dealer
A B C D
B
第一段第二句Under such a contract, if the market price…the buyer can obtain a price or yield which is settled at the time the contract is agreed,意指在交易日,如果金融工具的市场价格高于合同约定价格,或者说市场收益率低于合同收益率,卖方有义务弥补差价,买方则获得在合约中约定好的价格或收益。南此可见,买方受益。或者可以根据后面举的情况相反例子,反过来推断出买方受益。
8. Which of the following are interest-earning securities?
A.Bank deposit certificates in Eurodollars.
B.Gilt-edged stocks.
C.United States Treasury Bonds.
D.All of the above.
A B C D
D
第二段第二句后半句1) interest rate movements—by trading interest beating securities, such as…and United States Treasury Bonds. interest—earning securities与interest bearing securities含义相同,都指生息证券。
9. The author doesn't mention those participants ______ in the London International Financial Futures Exchange( LIFFE ).
A.who want to hedge against interest rate fluctuations
B.who wish to hedge against exchange rate fluctuations
C.who bet on which way interest rate will move
D.both A and B
A B C D
C
第二段第一句…brings together those buyers and sellers who wish to hedge against interest rate and exchange rate fluctuations,作者提到了A、B选项中的参与者。
10. In the third paragraph, the word "keener" most probably means ______.
A.dearer
B.stronger
C.sharper
D.cheaper
A B C D
A
倒数第二段第一句On LIFFE, in order to make the contracts more tradable and to enable keener prices to be quoted,…指出为了使合约更容易交易以及能报出更好的价格,在LIFFE,有限种类同时有固定日期的合约进行标准化。
Passage 3 There are two main types of stocks: common stock and preferred stock. Common stock is, well, common. When people talk about stocks in general they are most likely referring to this type. In fact, the majority of stock issued is in this form. Common shares represent ownership in a company and a claim (dividends) on a portion of profits. Investors get one vote per share to elect the board members, who oversee the major decisions made by management. Over the long term, common stock, by means of capital growth, yields higher returns than almost every other investment. This higher return comes at a cost since common stocks entail the most risk. If a company goes bankrupt and liquidates, the common shareholders will not receive money until the creditors, bondholders, and preferred shareholders are paid. Preferred stock represents some degree of ownership in a company but usually doesn't come with the same voting fights. (This may vary depending on the company. ) With preferred shares investors are usually guaranteed a fixed dividend forever. This is different from common stock, which has variable dividends that are never guaranteed. Another advantage is that in the event of liquidation preferred shareholders are paid off before the common shareholder (but still after debt holders). Preferred stock may also be callable, meaning that the company has the option to purchase the shares from shareholders at anytime for any reason (usually for a premium). Some people consider preferred stock to be more like debt than equity. A good way to think of these kinds of shares is to see them as being in between bonds and common shares. Common and preferred are the two main forms of stock ; however, it's also possible for companies to customize different classes of stock in any way they want. The most common reason for this is the company wanting the voting power to remain with a certain group; hence, different classes of shares are given different voting rights. For example, one class of shares would be held by a select group who are given ten votes per share while a second class would be issued to the majority of investors who are given one vote per share. When there is more than one class of stock, the classes are traditionally designated as Class A and Class B. Berkshire Hathaway (ticker: BRK), the company of Warren Buffett (one of the greatest investors of all time), has two classes of stock. The different forms are represented by placing the letter behind the ticker symbol in a form like this: "BRKa, BRKb" or "BRK. A, BRK. B".
11. According to the passage, stock in general is probably referred to as ______.
A.common stock
B.preferred stock
C.voting stock
D.non-voting stock
A B C D
A
文章第一段提到when people talk…this type。this type指前面所提到的普通股。
12. Common stock gets higher return than any other investment because of ______.
A.profits made from buying and reselling stocks
B.dividends received from holding the stocks
C.tax allowance provided from investing in the stocks
D.all of the above
A B C D
A
文章第二段提到This higher return comes…the most risk.普通股可以获得较高的收益,其主要来源于股票的买卖差价,而不是由于股利收入或税收折让的优惠。
13. According to the passage, preferred stockholders are guaranteed ______.
A.a voting rate per share
B.a promise to buy back the stocks made by the company
C.a withdrawal of investment principal in time of liquidation
14. According to the passage, companies can have different classes of stock mainly because the company wants ______.
A.to keep the financial costs at a certain level
B.to still have the control over the company
C.to keep the stock price from dropping
D.to attract more capital from the public
A B C D
B
文章倒数第二段提到common and preferred…in any way they want.除了普通股和优先股之外,公司可以另外设计新的类别,主要目的是为了保证通过股票对公司加以控制。
15. In the second paragraph, the word "liquidate" probably means ______.
A.wind up a company and pay back debts
B.manage the company
C.diversify
D.vote for a major decision
A B C D
A
第二段中"liquidate"是清偿的意思,是指公司破产后进入的程序。
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. Holding a group of assets reduces risk as long as the assets ______.
A.are perfectly correlated
B.are completely independent
C.do not have precisely the same pattern of returns
5. Once a break-even point is determined, management often wants to know the number of units that must be sold or the amount of services that must be performed to reach ______.
A.the target
B.the budgeted revenue
C.a target net income
D.a target cost
A B C D
D
break-even point盈亏平衡点。target cost目标成本。the budgeted revenue预算收入。target net income预期净收益。
6. The ______ is the agency taking the responsibility of inspecting and supervising the foreign exchange business of financial institutions.
A.The SAFE
B.The PBC
C.The IMF
D.The State Council
A B C D
A
句意:国家外汇管理局是负责检查和监督金融机构外汇业务的部门。SAFE国家外汇管理局。PBC中国人民银行。IMF国际货币基金组织。The State Council国务院。
7. Which of the following belongs to a long-term private debt instruments?
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 Banks are subject to various forms of legal risk, including inadequate or incorrect 1 advice or documentation that may result in unexpected decline in the value of 2 or unexpected increase in the value of liabilities. In addition, existing laws may 3 resolve legal issues involving a bank; a court case involving a 4 bank may have wider implications for banking business and involve costs to it and many or all other banks; and, laws 5 banks or other commercial enterprises may change. Banks are particularly susceptible to legal risks when entering new types of transactions and when the legal right of a counterpart to enter into a transaction is not established.
Passage Two Apart from borrowing from hanks, a firm or an individual can obtain funds in a financial market in two ways. The most common method is to issue a 1 , such as a bond or a mortgage, which is a 2 by the borrower to pay the holder of it at 3 until a specified date, when a final payment is made. The 4 of it is the time of expiration date. The second method of raising funds is by issuing 5 , such as common stock, which are claims to share in the net income and the assets of a business.
1.
A.debt instrument
B.letter of credit
C.letter of guarantee
D.certificate of deposit
A B C D
A
句意:最常见的一种方法是发行债务工具,比如债券或抵押。debt instrument债务工具。letter of credit信用证。letter of guarantee保证函。certificate of deposit大额定期存单。
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 The normal income statement which constitutes one of the financial statements of a company, is financial income statement. So functional income statement is an income statement that segregates all costs by use ; it shows revenues less cost of goods sold ( gross margin) less selling and administrative expenses. This approach is useful for financial reporting purpose ; it provides outsider readers with information about company's progress and about which functional areas are being emphasized. For management's use in the decision-making process, however, an income statement that follows a cost behavior approach, often referred to as a Contribution Margin Income Statement, is more valuable.
1. When the management of a business makes some decisions, it often refers to the normal income statement because the normal income statement is more useful in that.
A.Right
B.Wrong
C.Doesn't say
A B C
B
从段落中最后一句话For management's use in the decision-making process…as a Contribution Margin Income Statement, is more valuable可得知答案。
2. From the functional income statement we can see clearly the total revenue, total cost and the gross profit etc.
A.Right
B.Wrong
C.Doesn't say
A B C
C
文中只说it shows revenues less cost of goods sold (gross margin) less selling and administrative expenses,并没有说能看到"the total revenue, total cost"。
3. The company's prepayment to its supplier is regarded as a liability item.
A.Right
B.Wrong
C.Doesn't say
A B C
C
文中通篇没有提及prepayment预付款。
Passage Two There are five parties concerned with a collection, the customer, the remitting bank, the presenting bank and the drawee. The customer is the principal who entrusts the operation of collecting to his bank, which is the remitting bank. The collecting bank is any bank, other than the remitting bank, involved in processing the collection order, and the presenting bank is the collecting bank making presentation to the drawee--more than one collecting bank may be involved in collecting a bill and it is the bank that actually presents the bill to the drawee for acceptance/payment that is the presenting bank. The drawee is the person specified as the one to whom the financial document and/or commercial documents is to be presented. A collecting bank must be sent a collection order with the documents concerned, and this must give complete and concise instructions. It will in fact incorporate, all the instructions contained in the application form. Banks are only permitted to act upon instructions given in such an order and must advise the remitting bank immediate if they can not comply with the instructions contained in the order.
1. The remitting bank in the procedure of a collection may not be the collecting bank.
A.Right
B.Wrong
C.Doesn't say
A B C
A
从文中第三句话The collecting bank is any bank, other than the remitting bank…可以倒推出。
2. As for a collection, the presenting bank makes presentation to the drawer for acceptance/payment.
A.Right
B.Wrong
C.Doesn't say
A B C
B
从文中it is the bank that actually presents the bill to the drawee for acceptance/payment that is the presenting bank可以得知是"drawee",而非"drawer"。
3. The collecting bank only acts upon the instructions given in the collection order of the presenting bank.
A.Right
B.Wrong
C.Doesn't say
A B C
B
从文中最后一句话Banks are only permitted to act upon instructions given in such an order…再结合前一句话中的a collection order with the documents concerned,因此并非只执行"the collection order of the presenting bank"。
Passage Three Banks with large international credits limit their concentrations of loans in any one country according to the perceived "country risk". Country risk generally refers to economic and political conditions existing in a country. In any case, a loan to the foreign nation's government or its agencies is generally safer than a loan to a private-sector borrower. Even loans to governments may be unsafe, however, because of what is called "sovereign risk". When foreign governments experience economic or political pressures, there is a risk that they will divert resources to the correction of their domestic problems at the expense of servicing their debts to external lenders. In the 1980s, several less-developed nations requested the rescheduling of bank loans at considerable sacrifice in interest income to the banks involved. At the extreme, governments might simply repudiate their debts; that is, they might no longer recognize their obligations to external creditors.
1. Country risk refers to political risk existing in a country.
A.Right
B.Wrong
C.Doesn't say
A B C
B
从文中第二句话Country risk generally refers to economic and political conditions existing in a country.可看出,是"economic and political conditions"而非"political risk"。
2. Usually, a loan to government is safer than a loan to a private-sector borrower.
A.Right
B.Wrong
C.Doesn't say
A B C
A
从文中第三句话In any case, a loan to the foreign nation's government or its agencies is generally safer than a loan to a private-sector borrower.可以看出。
3. If we make loans to governments, we may suffer "sovereign risk".
A.Right
B.Wrong
C.Doesn't say
A B C
A
从文中第三句话Even loans to governments may be unsafe, however, because of what is called "sovereign risk"可以看出。
4. Debt crises broke out in the 1980s.
A.Right
B.Wrong
C.Doesn't say
A B C
C
文中倒数第二句In the 1980s, several less-developed nations…in interest income to the banks involved.只说几个发展中国家要求银行减免利息减轻债务,并没有说发生债务危机。
Part Three Writing
Section One Directions: Translate the following sentences into Chinese. Write your translation on the ANSWER SHEET.
1. The important distinction between the external financial market and the domestic financial market lies in that Eurocurrency banking is not subject to domestic banking regulations.
境外金融市场和国内金融市场的重要区别是欧洲货币银行业务不受国内银行规章制度的管辖。
2. Written policies and procedures governing municipal securities activities should be maintained by state member banks engaged in these activities.
从事市政证券业务的州立银行应该遵循成文的管理此项业务的政策和程序。
3. Foreign exchange includes various means of payments and assets denominated in a foreign currency that can be used for international settlement.
外汇包括各种各样的用于国际结算的支付手段和以外国货币表示的资产。
4. Common stock is paid in capital, which is regarded as the permanent capital of the business because it is not subject to withdrawal by the shareholders.
普通股股本以资本形式投人公司,它被看作是公司的永久性资本,因为股东不能抽回自己的本金。
Section Two Directions: Describe the procedure of direct bonds according to the numbers given in the following charter. Write your answer on the ANSWER SHEET.
1.
① Signing a contract. ② Applying for a bond. ③ Issuing a bond. ④ Claiming for indemnity. ⑤ Paying to beneficiary. ⑥ Asking for and obtaining reimbursement.
Section Three Directions: Write a bank letter according to the following requirements. Write your answer on the ANSWER SHEET.
September 4th, 2008 GGG Bank Road × × ×, London Dear Sirs,
Your Documentary Remittance No... Our L/C No...
We have received the above documentary remittance, and regret to inform you that we are unable to effect payment on the account of the following discrepancy. Certificate of Quality and Quantity is issued by the beneficiaries, whereas the Credit calls for Manufacturers' or public recognized surveyor's quality and quantity/weight certificate issued by manufacturer or public recognized. Yours faithfully, × × × Manager Bank of China Beijing Branch