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.Current accounts are greatly different from sight deposits.
B.Current accounts can be withdrawn through dispensers.
C.Current accounts can not be withdrawn through cheque.
D.Sight deposits can not be withdrawn through cheque.
A B C D
B
[解析] Sight deposits can be withdrawn through cash dispensers or by cheque and are often called current accounts.
单句意思为“活期存款可以通过自动柜员机或支票取款,且经常被称为活期账户”,只有B项意思正确。
2.
A.The cardholder has to pay the bill in full within a grace period without interest.
B.The cardholder can choose to pay the bill in full within a grace period without interest.
C.The cardholder can choose to pay the bill in full and interest within a grace period.
D.The cardholder has to pay the bill in full and interest within a grace period.
A B C D
B
[解析] The cardholder has the option of paying the bill in full within a grace period without interest.
单句意思为“持卡人可以选择在宽限期内将贷款全额还上,这样就不用交利息。”
3.
A.You need to pay ten dollars to open a new account.
B.You can open a new account to get ten dollars.
C.Bank will charge you ten dollars for your new account.
D.You can open a new account by depositing ten dollars.
A B C D
D
[解析] Ten dollars of initial deposit is needed for opening a new account.
单句意思为“开立新的帐户时需十美元作为首笔存款。”
4.
A.Banks with global operations are also referred to as national corporations.
B.Both the banks and non-financial corporations have the same desire to make profit.
C.Managers of non-financial corporations have no profit motives.
D.Non-financial corporations are multinational and operate globally.
A B C D
B
[解析] Banks that operate globally are multinational corporations and their management has the same profit motives that managers of non-financial corporations have.
单句意思为“全球性经营的银行为跨国公司,其管理层和其他非金融机构的管理者一样具有相同的盈利动机”。
5.
A.tinder straight L/C, the paying bank has recourse to the beneficiary.
B.Under negotiation L/C, the negotiating bank has no recourse to the beneficiary.
C.Under straight L/C, the paying has to recourse to the beneficiary.
D.Under negotiation L/C, the negotiating bank has recourse to the beneficiary.
A B C D
D
[解析] The difference between the straight documentary credit and negotiation documentary credit lies in that the latter is with recourse to the beneficiary but the formal without.
A.To benefit, all the documents are to be combined with the credit.
B.All the documents are to be made by the beneficiary for the credit.
C.All the documents are to be made in conformity with the terms and conditions of the credit.
D.The beneficiary will make the documents combined with the terms and conditions of the credit.
A B C D
C
[解析] The beneficiary have to make all the documents complied with the terms and conditions of the credit.
单句意思为“受益人必须制定与信用证的条款相符合的单据。”
8.
A.Bank will reject the crossed check.
B.It is not advisable to hold a crossed check.
C.You can only have a crossed check paid to your account.
D.A crossed check is not a good check, not illegal though.
A B C D
C
[解析] A crossed cheek can not be encashed but can be paid into account.
单句意思为“划线支票不能兑换现金,但是能存入账户。”
9.
A.The application form should only be signed by the customer.
B.The application form could be signed by a customer or by his authorized agent.
C.The application form should be signed by the bank.
D.The application form should only be signed by his authorized agent.
A B C D
B
[解析] The application form should be signed by the customer or by those persons who have been duly authorized to act on his behalf.
单句意思为“申请表格可以由客户本人签字或是由客户授权人代其签字。”
10.
A.The issuing bank of an L/C is a bank in the exporter's country.
B.The issuing bank establishes an L/C in favor of the exporter.
C.The issuing bank of an L/C is a bank in the importer's country.
D.The bank that opens the letter of credit on behalf of the importer is the advising bank.
A B C D
C
[解析] The issuing bank of an L/C is the bank located in the importer's country that opens the letter of credit on behalf of the importer.
单句意思为“信用证的开证行位于进口商境内,开证行代表进口商开立信用证。”
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.
A.In order to avoid problems arising from fluctuations of exchange rate.
B.In order to get more money.
C.In order to use the money as soon as possible.
D.In order to overdraw the money.
A B C D
A
[解析] W: Why should the money be deposited within such a short time? M: To avoid problems arising from fluctuations of exchange rate and to prevent possible fraud or overdrawing. Q: Why should the money be deposited within such a short time?
男士回答:为了避免由于浮动汇率带来的问题和防止可能的恶意欺诈或透支行为。
2.
A.Immediate payment.
B.Deferred payment.
C.Invoice.
D.US $1,000.
A B C D
B
[解析] W: Henry, I understand your invoice for US $ 1,000 is due for payment at the end of this month. Please allow me to defer payment until four weeks later. M: That's all right. We won't press you for immediate payment. Send us your check later on when you have money. Q: What does the woman ask for?
[解析] W: Then certified checks, cashier's and cash letters of credit are "all variants of demand deposits. M: Yes, that's right. Q: Which of the following is not one form of demand deposits?
女士谈到活期存款时提到了"certified checks"、"cashier's"、"cash letters of credit",但没有提及"savings certificate"。
4.
A.Interbank lending.
B.Cheek clearance.
C.Electronic fund transfer.
D.Borrowing ability.
A B C D
A
[解析] M: What are the benefits for commercial banks as a member of the Federal Reserve System? W: There are three major benefits : ease of check clearance, electronic fund transfer and ability to borrow from the Fed. Q: Which of the following is not mentioned by the woman?
[解析] M: The depositors can earn interest on demand deposits, is that right? W: Yes, but the rate of interest on demand deposits is generally well below the bank's base rate. Q: What does the woman imply?
[解析] M: Good news! The current price of land we bought last year has increased greatly. How about reporting it in the profit and loss account? W: Wait a minute. According to the Prudence Concept, if the market price is higher than the cost, the higher amount is ignored in the accounts. Q: Why can't they record the gains right now?
女士说“根据会计的谨慎原则,当市场价高于成本时,按成本价入账。”
7.
A.Canadian dollars.
B.British Pounds.
C.U.S. dollars.
D.H.K. dollars.
A B C D
A
[解析] M: Hello, can I do anything for you? W: Yes, I need to change foreign moneys. Could you help me change some Canadian dollars in traveler's cheques issued by Royal Bank of Canada? Q: What kind of foreign currencies does the speaker want to exchange?
女士回答:我需要兑换一些外币。你可以给我兑换一些加元以存入由加拿大皇家银行发行的旅行支票吗?
8.
A.How to present the bill for payment.
B.The presentation of bills for payment.
C.The solution to the injured drawer.
D.The payment of the cheque.
A B C D
B
[解析] M: What will happen if a draft is not presented for payment when due? W: If this is the case, all the signatories on the bill will be discharged except the acceptor. Q: What are the two people mainly talking about?
[解析] M: Oh, my God! Jessica. It's five p. m. now. Tomorrow is Saturday. The credit will expire on Sunday. Weekend is non-business day. We cannot make it today. What shall we do? W: Don't worry. Banks will accept presentation on the following business day. Q: When will the bank deal with the credit if the expiry date of a credit fails on a non-business day?
根据女士的回答,贷款在假期期间到期时,银行将在下一个工作日办理。
10.
A.The sales slips are not important.
B.The sales slips show the amount of the sale.
C.The sales slips perform important functions in the bankcard transactions.
D.The sales slips contain the details of the card.
A B C D
C
[解析] W: What is function of the sale slip? It is so small that it is not always considered important. M: It is small, of course, but it contains the details of the card and they also show the details and amount of the sale. Q: What can we learn from the conversation?
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.
A.It means that at any time you can buy currency of one country for another currency.
B.It means that the actual and variable amount of one currency can be bought for a fixed sum in another currency at any given time.
C.It means that any kind of currency can be bought at any time for another currency.
D.It means that the actual and fixed amount of the currency of one country at any time can be bought for a variable sum in the currency of another currency.
A B C D
B
[解析] 21-23 Spot transaction means the actual and variable amount of the currency of one country which at any given time, can be bought for a fixed sum in the currency of another country. It is a term meaning that these transactions are settled on the second working day from the date of the deal. For example, you buy $ 5,000.00 US dollars on October 10th( say Wednesday) , the purchased US dollars will value on October 12th. 21. What does spot transaction mean?
录音原文提到Spot transaction means…can be bought for a fixed sum in the currency of another country.现汇交易意味着一国货币可按照现行汇率确定的数额随时兑换固定数额的他国货币。
2.
A.Two days from the dealing date.
B.2 days after the dealing date
C.On the 2nd business day from the dealing date
D.2 days before value date
A B C D
C
[解析] When are the spot transaction settled?
录音原文提到It is a term meaning that…from the date of the deal.现汇交易本身意味着在交易后第二个工作日交易价格确定。
3.
A.Oct. 10th
B.Oct. 11th
C.Oct. 12th
D.Oct. 13th
A B C D
C
[解析] What's the value date for purchase of $ 5,000.00 US dollars in the passage?
录音原文最后提到For example, you buy $5,000.00 US dollars…will value on October 12th.例如,10月10日你购买5,000.00美元,其价格10月12日确定。
1. How often do the FOMC members typically put their heads together?
A.twice annually
B.4 times annually
C.6 times annually
D.8 times annually
A B C D
D
[解析] 24-27 The FOMC typically meets 8 times of year. At these meetings the FOMC members decide whether monetary policy should be changed Before each meeting, FOMC members receive the "Green Book", which contains the FRB staff forecasts of the U. S economy, the "Blue Book", which presents the Board staff monetary policy analysis and the "Beige Book", which includes a discussion of regional economic conditions prepared by each Reserve Bank. When the FOMC meets, they decide to lower, raise, or leave unchanged its target for the federal funds rate. The reason we say they set the "target" for the rate is that the rate is actually determined by market forces. 24. How often do the FOMC members typically put their heads together?
录音原文提到The FOMC typically meets 8 times of year. "meet"即题中的"put their heads together",是开会的意思。
2. What is the purpose of the FOMC meeting?
A.Making decisions on investment portfolio of the FRB.
B.Making decisions on monetary policy.
C.Making decisions on fiscal policy.
D.Making decisions on exchange rate of U. S. dollar.
A B C D
B
[解析] What is the purpose of the FOMC meeting?
录音原文提到At these meetings the FOMC members decide…be changed联邦公开市场操作委员会成员在会议上商榷货币政策是否应该改变。
3. Which of the followings presents the forecasts of the U.S. economy?
A."Blue Book"
B."Green Book"
C."Beige Book"
D."White Book"
A B C D
B
[解析] Which of the followings presents the forecasts of the U.S. economy?
录音原文提到FOMC members receive the "Green Book", …the U.S economy,联邦公开市场操作委员会成员开会前都会收到“绿皮报告”,报告中有联邦储备委员会对美国经济的预测。
4. Who determined the actual level of federal funds rate?
A.The Fed.
B.Market forces.
C.The FOMC.
D.none of the above.
A B C D
A
[解析] Who determined the actual level of federal funds rate?
录音原文提到When the FOMC meets, they decide to…the federal funds rate.委员会在会议上决定是提高,或降低,或保持原来的联邦基金目标利率不变。
[解析] 28-30 Currency options may have two kinds of value, intrinsic value and time value. If and to the extent that an option would currently be profitable to exercise, it is said to have intrinsic value. In the case of a call, if the spot price is higher than the option exercise price, the option has intrinsic value. In the case of a put, if the spot price is less than the option exercise price, the option has intrinsic value. Such options are said to bein-the-money'. If the opposite is true of either calls or puts, they have no intrinsic value and said to be out-of-the-money'. 28. What are the two kinds of value do currency options have?
录音原文提到Currency options may have two kinds of value, intrinsic value and time value.外汇期权有两种价值:内在价值和时间价值。
2.
A.When the spot price is lower than the option exercise price.
B.When the option exercise price is higher than the spot price.
C.When the spot price is higher than the option exercise price.
D.When the option strike price is higher than the spot price.
A B C D
C
[解析] When does a call option have intrinsic value?
录音原文提到In the case of a call, if the spot price is higher than the option exercise price, the option has intrinsic value.当现行汇率高于期权执行汇率时,看涨期权具有内在价值。
3.
A.It is said to be "out-of-the-money".
B.It is said to be "at-the-money".
C.It is said to be "unprofitable".
D.It is said to be "in-the-money".
A B C D
D
[解析] What is the option said to be if it has intrinsic value?
录音原文提到Such options are said to be 'in-the-money'.有内在价值的期权被称为价内期权。
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 The forward market also provides facilities for forward currency transactions. This is a means of enabling the importer or exporter to agree a rate of exchange, now, at which a foreign currency will be exchanged for sterling at a future date, usually one, two, three or six months ahead but sometimes one or two years. This rate is fixed regardless of what might have happened to the rate of exchange in the meantime and is particularly useful in an era of floating, and potentially volatile, exchange rates. If, for example, a British importer of US machines which cost $ 3,000 each has to pay in one month's time he may prefer to buy the currency now for actual delivery in one month's time. With a current rate of $2.00 to the 1 pound the one month rate may be at a two cent premium ($1.98) or 2 cents dearer than the spot rate. These purchases will therefore cost the importer an additional £ 15 but at least he knows exactly how much it will cost him whatever happens to exchange rates. If the pound had been devalued or floating down during the month the cost could have horn a lot more than £ 15. Theoretically there are two alternatives to buying forward: 1) To buy $3,000 now at the spot rate, pay interest on any loan to pay for the purchase and invest the dollars for one month. 2) Pay the spot rate in one month's time whatever the rate might be. The facility to buy or sell a currency forward, therefore, enables the importer to fix a definite price which will not be affected by fluctuations in exchange rates. Forward exchange markets were temporarily disrupted in 1974 by the collapse of a West German bank which failed to meet its foreign currency obligations. As the foreign exchange markets depend so much on confidence, this collapse led to a temporary contraction in the forward market. However, it has now regained much of the ground lost, indeed in an era of floating rates the forward market is of even more importance to traders in insuring themselves against loss through exchange rate fluctuations.
1. How are the forward transactions made in the forward market?
A.When the dealers see marginal differences in the rate of exchange in different markets, they can buy the second currency in one market and selling in another.
B.Most of the dealing in the foreign exchange market is to satisfy the immediate requirements of traders.
C.The dealers can close a deal by agreeing the rate of exchange in the meantime in this market and then delivery of currency is specified to take place at a future date.
D.The markets respond to the normal laws of supply and demand of currency.
A B C D
C
第一段第二句指出This is a means of enabling the importer or exporter to agree a rate of exchange,…意指远期市场的远期外汇交易使进出口商协定好汇率,并按照事先协定汇率,在约定的未来的某段时期后,进行外汇交易。此句说清楚了远期外汇交易是如何进行的。
2. Why would the British buyer in the example prefer to pay the additional £ 15?
A.He can use the $ 3,000 for investment for one month.
B.He can be insured against loss through pound sterling devaluation or floating down during the month.
C.Because the rate of these purchases is fixed whatever happens to exchange rates in the meantime.
D.Both B and C.
A B C D
D
第一段倒数第二句…but at least he knows exactly how much it will cost him whatever happens to exchange rates,意思是说尽管该进口商额外花了£15,但至少他通过远期交易把进口成本给固定下来了,而不用管汇率如何变动。接下来一句If the pound had been devalued or floating down during the month the cost could have been a lot more than £15,是指如果在未来一个月期间英镑贬值,他的损失将远远超过£15。
3. What is the reason why the forward exchange markets were in chaos for a time in 1974?
A.The collapse of a West German bank.
B.The dealers in the foreign exchange markets lacked confidence in their trading.
C.A West German bank did not fulfill its foreign currency obligations and its collapse led to the disorder in the forward market.
D.The exchange rate was worse at that time.
A B C D
C
最后一段第一句Forward exchange markets were temporarily disrupted…which failed to meet its foreign currency obligations,意指远期外汇市场在1974年陷于混乱的原因在于,西德一家没有偿还外币债务的银行破产。
4. What is the important function of" the foreign exchange market mentioned in the passage?
A.Its main function is to reduce the risk of fluctuating exchange rates or a change in the parity of currencies.
B.The foreign exchange market can protect the traders against loss through exchange rate fluctuations.
C.The foreign exchange market is the mechanism through which foreign currencies are traded.
D.The important function of the foreign exchange market is to uniform the currency being traded and circulate the knowledge of price changes.
A B C D
B
文中最后一句…indeed in an era of floating rates the forward market is…through exchange rate fluctuations,意指在浮动汇率时代,对于交易者而言,远期市场可以使他们避免由于汇率变动所造成的损失,十分重要。由此可推断这是远期市场一个重要功能。
5. What does "the ground lost" mean in the sentence "It has now regained much of the ground lost" ?
A.A temporary contraction in the forward market.
B.The loss caused by fluctuations in exchange rates.
C.The temporary disruption in the forward market.
D.The loss caused by currency devaluation.
A B C D
A
最后一段第二句this collapse led to a temporary contraction in the forward market. However, it has now regained much of the ground lost,意思是这起破产导致远期市场的暂时萎缩,然而,现在它现在已经收复绝大部分失地。
Passage 2 A guarantee is defined in the Statute of Frauds 1677 as "a written promise made by one person to be collaterally answerable for the debt, default, or miscarriage of another". There are therefore three parties involved in the guarantee situation, although only two are in a contractual relationship arising out of the guarantee document, the creditor and the guarantor. The party who is owed the money, or whose rights are protected, is known as the creditor and the person owing him the money, or who is under an obligation to him, is called the principal debtor. The guarantor, or surety as he is sometimes called, therefore assumes a secondary liability and in effect says to the creditor: "if the principal debtor does not meet his liabilities to you, then I will". There are similarities between a contract of guarantee and a contract of indemnity, but the difference is that an indemnifier assumes primary responsibility himself and in effect he says to the creditor "I will see that you are paid". The distinction is important, for whereas a guarantee to be enforceable must be evidenced in writing according to the Statute of Frauds 1677, this is not the case with an indemnity and an indemnity given orally would be enforceable, although understandably it might be difficult to prove to a court that such a contract had been entered into. In point of fact, nearly all bank guarantee forms are drafted in such a way that not only do they constitute a contract of guarantee, but they are also an indemnity. The advantage of this is that it gives the bank rights against the party signing, even though the bank might find itself with no fights which it could exercise against the principal debtor, for in such circumstances a contract of guarantee alone would be unenforceable. In other words, enforcement is not dependent on the efficacy of the Contract between the creditor and the principal debtor. Guarantees may be executed by hand or under seal, but if by hand they must be supported by consideration. The consideration usually given by a bank is of course the loan of money to the principal debtor, or the agreement to continue to allow borrowing facilities for a further period of time.
6. ______ are the parties with contractual relationship derived from the guarantee document.
A.The creditor, the debtor and the guarantor
B.The guarantor and the debtor
C.The guarantor and the creditor
D.The debtor and the creditor
A B C D
C
文章第二段提到There are therefore three parties…the creditor and the guarantor.担保合同中相关的当事人是债权人(或被担保人)和担保人。债务人并不是担保合同中的当事人。
7. Under a guarantee contract, ______.
A.the guarantor assumes the primary liability
B.the guarantor assumes the secondary liability
C.the creditor assumes the primary liability
D.the debtor assumes the secondary liability
A B C D
B
文章第二段提到The guarantor, …assumes a secondary liability。在担保合同项下,担保人作为次债务人,承担的是第二性的担保责任,即在主债务人不能履行合同时,才由担保人承担担保之责。
8. The main difference between a contract of guarantee and a contract of indemnity is that ______.
A.an indemnifier takes up primary liability to the creditor
B.an indemnity must be evidenced in writing
C.a guarantee can be given orally or in writing
D.an indemnity would be unenforceable
A B C D
A
文章第三段提到but the difference is that… "I will see that you are paid"。担保合同和赔偿担保书的最大区别在于担保合同中的担保人承担的是第二性的付款责任,只有在主债务人违约的情况下担保人才承担责任;而赔偿担保书的担保人则承担第一性付款责任。
9. Almost all bank guarantees are designed as not only a contract of guarantee, but also an indemnity so that ______.
A.the bank can always protect its right regardless of the efficacy of related loan agreements
B.the principal debtor would be liable
C.the creditor may find the contract unenforceable against the primary debtor
D.the efficacy of loan agreement is more important than ever
A B C D
A
文章第四段提到The advantage of this…would be unenforceable。实践中,几乎所有的银行担保文书都做成既是担保合同又是赔偿担保书的形式,这样可以最大范围地保障作为债权人的银行的权利,使银行权利在主债务人违约却无法得到赔偿的情况下,可以直接按照赔偿担保书约定向赔偿担保人要求执行,而不管债权人与债务人的合同约定情况。
10. The word "consideration" in Paragraph 4 refers to ______.
A.costs derived from carrying out a contract
B.liabilities incurred at the time a contract is made
C.risk incurred at the time a contract is executed
D.money or items of value transferred at the time a contract is made
Passage 3 Credit cards are an important part of American life. Whether we have a positive or negative image of credit cards, they are an inescapable part of our finances, either now or in the future. Without a credit card, it's just about impossible to rent a car, make a hotel or airline reservation, or even get a membership at a video store. Since credit cards are so important, yet so many people are in financial trouble because of them, we feel education is extremely important. We want to show our customers that credit cards are not toys; they are an important responsibility. A credit card can be used to "charge" things like clothes, tapes or C. D. 's, dinner at a restaurant, or maybe a hotel room while you're on vacation. When you charge something, you are agreeing to pay for your purchase at a later date. Basically, you are buying something now and paying for it later. Credit cards come with a "limit". Let's say your credit card has a limit of USD100.00. That means you can charge up to USD100.00 worth of items on your card. You will get a statement in the mail each month that lists the charges you have made. You will also have to make a payment every month that you have a balance owing. You can either make a minimum payment or you can pay any amount above that minimum payment up to the full amount. Don't worry about figuring out your minimum payment--your statement will tell you what it is. Of course, we highly recommend you pay your bill in full each month.
11. The author thinks that the credit cards are ______.
A.toys
B.instruments
C.tools
D.an important part of American life
A B C D
D
第一段开始就指出Credit cards are an important part of American life。
12. You will get a statement in the mail each ______ that lists the charges you have made.
A.day
B.week
C.month
D.year
A B C D
C
倒数第二段第二句指出You will get a statement in the mail each month…。
13. When you charge something, you are agreeing to pay for your purchase at a ______ date.
A.earlier
B.same
C.later
D.too much later
A B C D
C
第四段第二句指出When you charge something, you are agreeing to pay for your purchase at a later date。
14. Credit card can be used ______.
A.to make reservation
B.as toys
C.as students' card
D.card
A B C D
A
第四段第一句A credit card call be used to…or maybe a hotel room while you’re on vacation,意指信用卡可以为购买衣服、磁带、C.D.、晚餐、旅游时预定房间付费。make reservation预定旅馆房间。
15. The best title for this passage is ______.
A.card
B.credit card
C.debit card
D.toys card
A B C D
B
本文围绕信用卡在生活中的地位、作用以及额度等方面展开。
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. An amount, payable in money goods, or service, owed by a business to a creditor, is known as a/an ______.
6. ______ are bonds which carry a rate of interest and give the owner the right to exchange the bonds at some stage in the future into ordinary shares according to a prearranged formula.
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 A certificate of deposit (CD) is issued by a depository- institution 1 that the holder has deposited at the institution a certain mount of money for a certain period of time. By issuing a certificate of deposit, a bank, or 2 institution, gives its pledge to 3 the certificate at maturity and to pay a certain rate of interest for the use of the deposited funds. Certificates of deposit are issued in several different forms. They may be negotiable or nonnegotiable, If a CD is negotiable it may be sold on the secondary market 4 to maturity. Usually only large CDs are issued in negotiable form. CDs may also be issued either in bearer or registered form. Negotiable CDs are usually always issued in bearer form because of the ease with which ownership may be 5 .
1.
A.evidence
B.fact
C.proof
D.prove
A B C D
A
根据上下文,填空处的意思应为“证据”,proof更加倾向于某种现象证明(英文意思:A sign that something is certainly true)。而evidence则偏向于由某一事物为证明的(英文意思:Words or objects make something more clearly true)。本句意思在于强调CDs的证明作用,所以A项更符合题意。
Passage Two In the foreign exchange market, which is made up of banks' traders and brokers, prices 1 every minute 2 to supply and demand. For safety's sake, a branch will get a rate from their traders for a big transaction. Therefore the traders give their branches lists of exchange rates 3 they may buy and sell notes and payments in the main currencies. Whenever a bank in Britain makes a payment in foreign currency, or makes a payment in sterling to a non-resident, the payment has first to 4 under British exchange control regulations. The bank itself can usually authorize the payment after seeing a document such as an invoice to show that the payment is due; but cases 5 borrowing and lending have to be referred to the Bank of England.
1.
A.alter
B.vary
C.turn
D.convert
A B C D
B
vary变化,改变,不及物动词。alter改变,常作及物动词。convert使转变,转换。
2.
A.in response
B.respondent
C.responding
D.answering
A B C D
A
in response to回答,响应,固定搭配。respondent回答的;有反应的。
3.
A.of which
B.on which
C.in which
D.at which
A B C D
D
以…的汇率,用at exchange rate。
4.
A.authorizing
B.authorize
C.be authorized
D.have been authorized
A B C D
C
这里表示的应该是一种被动的关系。
5.
A.involving
B.involve
C.will involve
D.being involved
A B C D
A
句意:牵涉到借贷的事件时必须提交给英国银行处理。involving牵涉到…。
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 Besides a current or spot price for currencies (or monies) and spot markets, there are futures markets, where futures ( or forward) prices are determined by buying and selling futures contracts. Also, a large volume of forward contracts is made directly between participants in the foreign exchange markets. Spot transactions require the exchange of deposits by two days after the date of the contract. Forward transactions require an exchange of deposits at specified longer maturities on the forward contract. There are standardized maturities of three months, six months, and one year, and on major currencies, longer contracts are sometimes available. Banks, acting as financial intermediaries, make available forward contracts tailored exactly to their customers needs, such as 46-day maturity. If the spot price is below the forward price, the currency is said to be at a forward premium. If the spot price is above the forward price, the currency is said to be at a forward discount. Both spot and forward markets for currencies are subject to control and intervention by governments. The governments may step in to support their domestic currency by buying it. They may impose exchange controls on the repatriation of profits or interest payments. The risk of loss in forward contracts because of these latter controls can be called sovereign risk. Thus spot and forward markets can suffer from imperfections. The evidence, however, generally tends to support the hypothesis that these markets are approximately efficient, especially the offshore foreign exchange markets that are free of government controls.
1. A great number of forward contracts are made directly between people who take part in the foreign exchange markets.
A.Right
B.Wrong
C.Doesn't say
A B C
A
文章第一段提到a large volume of forward contracts…foreign exchange markets.所以该陈述正确。从文中第二句Also, a large volume of forward contracts is made directly…可以看出。
2. The payments for either spot transactions or forward transactions must be made by transferring deposits.
A.Right
B.Wrong
C.Doesn't say
A B C
A
从文中第三句Spot transactions require the exchange of deposits…,第四句Forward transactions require an exchange of deposits…可以推导出,句中的exchange即题中的transfer,是在两者之间转换的意思。
3. As financial intermediaries, banks can make the maturities of forward contracts infinitely long if their customers expect.
A.Right
B.Wrong
C.Doesn't say
A B C
B
第一段最后一句话Banks…make available forward contracts tailored exactly to their customers needs, such as 46-day maturity.而并非可以构造出任意期限长的远期合约。tailored意指银行精心构造符合顾客需要期限的远期合约。
4. If any government imposes exchange control on the repatriation of profits, there will be sovereign risk.
A.Right
B.Wrong
C.Doesn't say
A B C
C
文中倒数第二段中间两句说They may impose exchange controls…can be called sovereign risk.意即当外汇管制造成远期合约损失时,才成为主权风险,而并非像题中所描述的。sovereign risk主权风险。
Passage Two The law and FDIC's ( the Federal Deposit Insurance Corporation) regulations, which apply to all state member banks and bank holding companies, reinforce the Federal Reserve's longstanding policy that an institution-affiliated party who engages in misconduct should not be insulated from the consequences of his or her misconduct. From a safety and soundness perspective, a state member bank or bank holding company should not divert its assets to pay a line or other final judgment issued against an institution-affiliated party for misconduct that presumably violates the institution's policy of compliance with applicable law, especially in cases where the individual's misconduct has already harmed the institution. Although state corporate laws may allow a company to adopt by-laws indemnifying its institution affiliated parties, any indemnification provisions or agreements adopted by a state member bank or bank holding company must comply with federal law and the FDIC's regulations concerning indemnification.
1. A state member bank should not pay a fine or other final judgment issued against an institution-affiliated party for misconduct.
A.Right
B.Wrong
C.Doesn't say
A B C
C
文中第二句话a state member bank or bank holding company should not divert its assets…against an institution affiliated party for misconduct that…而并非如题中所说。
2. The federal law and the FDIC's regulations have the same power of financial supervision.
3. It is an institution affiliated party who engages in misconduct that should be responsible consequences of his or her misconduct.
A.Right
B.Wrong
C.Doesn't say
A B C
A
从第一段第一句话的后半部分…that an institution-affiliated party who engages in misconduct should not be insulated from the consequences of his or her misconduct. "insulated from"与…绝缘,免于…的责罚,与responsible相反。
Passage Three Forming a corporation is more costly than starting a sole proprietorship. The cost may include, for example, attorneys fees, incorporation fees paid to the state, and other outlays necessary to bring the corporation into existence. These costs are charged to an asset account entitled organization costs. In the balance sheet, organization costs appear under the other assets caption. Conceptually, organization costs are an intangible asset that will benefit the corporation over its entire life. But as a practical matter, most corporations amortize this asset to expense over a period of only 5 years, as allowed under income tax regulations. Because the amortization of organization costs usually is immaterial in dollar amount, this convenient treatment is justified by the accounting principle of materiality.
1. Organization costs are belong to assets.
A.Right
B.Wrong
C.Doesn't say
A B C
A
从段落第四句话These costs are charged to an asset account entitled organization costs,可以直接看出。
2. Organization costs must be amortized into expenses within 5 years.
A.Right
B.Wrong
C.Doesn't say
A B C
B
从倒数第二句But as a practical matter,most corporations amortize this asset to expense over a period of only 5 years…可以直接看出。
3. Organization costs is listed in income statement.
A.Right
B.Wrong
C.Doesn't say
A B C
B
段落中第四句话In the balance sheet, organization costs appear under the other assets caption.可以推导出公司筹备费列于资产负债表中而非收入表中。
Part Three Writing
Section One Directions: Translate the following sentences into Chinese. Write your translation on the ANSWER SHEET.
1. The fundamental analyst examines balance sheet items, corporate management, business prospects and earnings outlook in order to determine an intrinsic value for stock of a company.
基础分析员研究资产负债表项目、企业管理层、业务展望和盈利潜能以确定一家公司股票的内在价值。
2. The PBC supervises and administers financial institutions and financial market as well as promulgates ordinances and rules concerning financial administration and business.
中国人民银行监督管理金融机构和金融市场,并且发布有关金融监管和业务的命令和规章。
3. All entities and individuals involved in transactions that directly affect balance of payments must report data for compilation of balance of payments statistics.
4. Investment banking are banking activities associated with securities underwriting, making a market in securities, and arranging mergers, acquisitions and restructuring.
投资银行业务是与证券承销、创造证券市场和安排合并、收购和公司重组活动有关的银行业务。
Section Two Directions: Describe the procedures of settlement by payment credit according to the numbers given in the following charter. Write your answer on the ANSWER SHEET.
1.
① The seller sends the documents to the bank where the Credit is available. ② After checking that the documents meet the Credit requirements, the bank makes payment. ③ This bank then sends the documents to the issuing bank. ④ The issuing bank, after checking that the documents meet the Credit requirements, makes reimbursement. ⑤ The issuing bank then sends the documents to the Buyer. ⑥ Reimbursement is obtained in the pre-agreed manner.
Section Three Directions: Write a bank letter according to the following requirements. Write your answer on the ANSWER SHEET.
1. 香港GGG公司缶我行( ABC BANK, CITY BRANCH)申请贷款50万美元,并以大额应收账款的转让作为担保。我行经研究其所提的资产负债表及其他资料后,回信表示,正考虑贷款申请,但要该公司证明其大额应收账款是好账,而不是呆账。 请就此内容起草一信文,并告知该公司,我行若发现问题,将会及时与之联系,对方若有不明事项,请用信、电话或通过互联与我行信贷部联系。
September 4th, 2008 GGG Bank Road × × ×, Hong Kong Dear Sirs,
Credit Line
We know that you are applying to us for a loan in the amount of $ X500,000, and offering the assignment of your accounts receivable as security. Upon careful study of the balance sheets and other materials you furnished us, we formally inform you that your application is under our consideration. We, however, should like to obtain verification from you to verify that those accounts receivable are good debts rather than bad debts. We shall contact you in time when we meet any problem in the operation, and if you have anything unclear, please contact our Loan Department either by letter, by telephone or via Internet. Yours sincerely, × × × ABC BANK CITY BRANCH