金融英語-99真題

FECT1999LISTENING(20PartDirections:Inthissection,youwillheartenshortstatements.Eachstatementwillbeenonlyonce.Aftereachstatementtherewillbeapause.Duringthepause,youmustreadthefoursuggestedanswersmarkedA,B,C,andD,anddecidewhichisthebestanswer.ThenrkthecorrespondingletterontheANSWERSHEETwithasinglelinethroughtheNowyouwillheartheShewenttothebankwithMr.YouwillA.Shewenthome.B.ShelikedMr.C.Shewenttothebank.D.ShewenttoMr.Smith’sStatementC,“Shewenttothebank”istheclosestinmeaningtothestatement“ShetothebankwithMr.Smith.”Therefore,youshouldchooseanswerC.Nowlistentothestatements.1.A.YoucangetthefundsbyM/T.B.YoucanremitthemoneybyC.ThefundsaresentbyM/T.D.YouhavesentthemoneybyA.Therearethreecopies.B.TheshavebeenmadeC.Thesareoftenmadeoutin3copies.D.TherearethreeA.Youhavesignedthecontractwiththem.B.YouwillsignthecontractwithC.Youareinterestedinsigningthecontract.D.You’llbeaskedtosigntheA.Mustthetimedraftbepresented?B.AtwhattimemustdraftbeC.Whenhasthetimedraftbeenpaid?D.MustthetimedraftbeA.TheloanisofUSD50,000.B.TheloanisofUSDC.TheloanisofUSD50,000,000.D.TheloanisofUSDA.ThepositionisheldbyspotB.ThereisapositioninforeignexchangeC.SpottransactionisthemostimportanttransactioninexchangeD.ForeignexchangemarketisheldbyspotA.Thereceiptwassenttoyou.B.Thepayer’sreceiptshouldbesentC.Pleasepayusagainstthepayee’sreceipt.D.Pleasesendusthepayee’sABankers ingmoreableinmodernB.Banksareworkingwithglobalstrategyintheiroutlook C.Banksaregrantingmoreloans D.TherearemorecommercialbanksmanaginginforeignexchangeA.MoreandmorebookkeeworkisdonebyB.ThereismorebookkeeworkafterusingC.BookkeeworkgoesmoredetailedatallD.BookkeeworkisalldonebyA.WehavehadyourspecimenB.YoushouldprovideuswithyourspecimenC.YoushouldsignontheD.It’snecessaryforyoutosignthePartDirection:Inthissection,youwillhearsomeshortconversations.Atofeachrsation,aquestionwillbeaskedaboutwhatwassaid.Theconversationandthequestionlbespokenonlyonce.Duringthepause,youmustreadthefourchoicesmarkedA,B,C,D,anddecidewhichisthebestanswer,thenmarkthecorrespondingletterontheANSWERETwithasinglelinethroughtheNowyouwillM:DoesourbankhaveadirectcorrespondentrelationshipwiththeBradlay’sW:No,wedon’t.SowehavetoadvisethisL/CviaanotherQ:WhichofthefollowingisNowyouwillWecanadvisethisL/CtotheBradlay’sTheBradlay’sBankisourTheL/ChastobeadvisedbyathirdWeshouldadvisethisL/CbyFromtheconversationweknowthatwehavetoadvisethisL/Cviaanotherbank.ThebestwerisC.ThereforeyoushouldchooseanswerAForeignexchangeB.ForeignexchangeC.ForeignexchangemarketD.ChangeofhomecurrencyAVerygood.B.notgoodC.TotallyunsatisfactoryD.VeryA.TothepostofficeB.Tothedepartmentstore.C.Tothecitybranch.D.ToDEFyA.OneB.TwoC.ThreeD.A.$1.5605B.$1.5615C.$1.5625D.PartDirection:Inthissection,youwillheartwoshortpassages.Atofeachpassage,youwillhearsomequestions.ThepassagesandthequestionswillbespokenonlyONCE.Afterouhearaquestion,youmustchoosethebestcorrespondinglettersontheANSWERSHEETasinglelinethroughtheACheckcardsB.DebitcardsC.CashcardsD.CreditA.DifferaccordingtothetermsofloansB.ThereislittleC.Varyalotaccordingtocustomers.D.TheyaredifferentamongcountriesandA.5percentoverthebaserate.B.Lessthan4perC.4percentoverthebaserate.D.Morethan5perA.Financialtechnology.B.FinancialC.FinancialengineeringD.FinancialA.Itisanewdevelopment.B.ItisakindofcomplicatedC.Itisafinancialinnovation.D.Itisabroadterm.READINGANDWRITINGPartOne(15Direction:Therearetenblanksinthefollowingpassage.ForeachblanktherearefourchoicesmarkedA,B,C,andD.YoushouldchoosethebestanswerandmarkthecorrespondingletterontheANSWERSHEETbydrawingasinglelinethroughthecenter.isthefoundationofprivateaccounting,whichyzesabusiness’coststohelperscontrolA.BudgetingB.ManagementinformationsystemC.InternalauditingD.CostYouarerequestedtosendustoauthenticatingthecableL/CsissuedbyyourbankinyourspecimensignaturebookB.youregraphictestC.yourtariffsD.yourtermsandIfthesupplyincreasesatamorerapidratethantheproductionofgoodsandisthecapital….DeflationB. C.money….inflationD.money…Aredclauseletterofcreditcontainsa“redclause”whichauthorizesanebanktotothesellerbeforeA.effectnegotiationB.giveanadviceC.makepaymentD.grantanIftheexporterisbadlyinneedoffundstofulfillthecontract,hewouldaskthertoprovidea,ifA.revocablearyCreditB.irrevocablearyC.redclausearyCreditD.stand-byaryUnderCIFterm,thesellerisresponsibleforproducingcleanbillofladingmarked“shippedonboard”and“freightpayableatArrangingforissuingofimportlicenseandpaymentofimportcosts,dutiesandPayingallthecostsrelatingtothegoodsbeforethetimetheyhavepassedtheship’sailattheportofBeatallrisksoflossofdamagetothegoodsuntilsuchtimeastheyhavearrivedatnamedportofWhencapitalinflowsintoanation,itseffectonthenation’sbalanceofpaymentsuntsisA.surplusincreasesB.deficitincreasesC.noeffectD.alloftheLiquidityisameasureofhowquicklyanitemmaybeconvertedtoforeignisameasureofhowquicklyanitemmaybeconvertedtoisameasureofhowquicklyanitemmaybeconvertedtoisameasureofhowquicklyanitemmaybeconvertedtofixedFailuretomakepaymentsofinterestorrepaymentofprincipalontheduedateis.A.defaultB.bankruptcyC.deferredpaymentD.ill-Ifthegoodsweredispatcheddirectlytothecollectingbankwithoutpriorarrangement,shouldtakeallrisksarisingfromthedispatent.A.theshipcompanyB.theconsigneeC.themasteroftheshipD.theIfaexdoesnotstatethatthconfirmationistheonlyoperativecreditment,theexwillbecertainlytheoperativecreditinstrumentB.theconfirmationtotheadvisingC.thenegotiationsentbytheissuingbankD.thesoftheconfirmingPerformancebondsundertakethatastatedpenaltyistobepaidbytheifthegoodsarenotoftherequiredA.exporterB.consigneeC.importerD.Forordinaryremittance,theremittingbankshalltransfertothepayingbank’saccountonthedateofremittance.A.themoneyB.thecoverC.theamountD.theisdefinedasanunconditionalorderinwritingdrawnonabanksignedbythedrawer,equiringabanktopayondemandasumcertaininmoneyto,ortotheorderofanamednortotheA.AdraftB.ApromissorynoteC.AchequeD.ABanksusuallyaskfor,whenchequesarecashedoverthecounter(notusuallyforer’sownA.guaranteesB.reimbursementsC.endorsementsD.sissuedbyauthoritiesPartTwo(10Directions:Therearetenblanksinthefollowingpassage.ForeachblanktherearefourchoicesmarkedA,B,C,andD,.YoushouldchoosethebestanswerandmarkthecorrespondingletterontheANSWERSHEETbydrawingasinglelinethroughthecenter.PassageThereasonswhytheauthoritiesinthedevelocountries,aswellasinmanydevelopedones.36tomaintaininterestratesatlowlevelsmightbebrieflymentionedasfollows:thedesiretokeepdownthecostofservicingthepublicsector’s37;thesuspicionthatoligopolisticfinancialmarketswouldsetexcessivelyhighlendingrates,especiallyforsmallerborrowers,orexcessivelylarge38betweendepositandlendingrates;fearsthathigherinterestratesdamage39sectorsroups;thebeliefthathigherinterestratesresultin40investmentandgrowth;concernsabouttheadjustmentcosts41bothfinancialinstitutionsandnon-financialenterprises;andworriesthatariseininterestratesmaybe42,eitherthroughthedirectimpactoncostsortheindirecteffectthroughexpectations.Inmanyinstances,apolicyofretaininglowinterestratesthroughadministrativecontrolsarisesfromadesireto43theconsequencesofothersbeingpursued,suchasmaintainingalarge44and45privatecreditexpansion,oninterestrates,investmentandgrowth.AschemeB.aredisinclinedC.disagreeD.areA.productsB.costsC.managementD.A.profitsB.assetsC.spreadsD.A.runningB.managingC.disadvantagedD.40A.higherB.lowerC.quickerD.A.managedbyB.resultedfromC.facedbyD.producedA.prosperousB.inflationaryC.deflectableD.A.bringaboutB.avoidC.resultinD.appealA.fiscaldeficitB.revenueC.currencyvolumeD.A.extendingB.supportingC.develoD.limitingPartThree(10points)Directions:Readthefollowingpassages,determiningthesentences“Right”or“WrongIfthereisnotenoughinformationtoanswer“Right”or“Wrong”,choose“Doesn’tThenmarkthecorrespondingletterontheANSWERSHEETbydrawingasinglelinethroughPassageMostbillsofladingare“shipped”billsoflading,butsomeothersknowas“receivedforshipment”billsoflading(alsocalled“alongside”billsoflading)arealsoused.Thedifferencebetweenthesetwotypesmaybeseenfromthefollowingexamples:“Shippedinapparentgoodorderandconditionby….onboard shipofmotor“Receivedinapparentgoodorderandconditionfrom…..forshipmentontheship….Or sWheretheshipownerissuesa“shipped”billsoflading,loadedonboardhisship;Whereheissuesa“receivedforshipment”billsoflading,heacknowledgethatthegoodsareedunderhiscontrolwaitingforshipment.Thebuyerunderaciorfobcontractmayreject“receivedforshipment”billsofladingandinsistona“shipped”billsoflading,unlessthecontraryisexpresslyagreeduponbythepartiestothecontractoriscustomaryinaparticulartrade.Mostbillsofladingare“clean”billsofRightB.WrongC.Doesn’tWheretheshipownerissuesan“onboard”billoflading,heacknowledgesthatthesareloadedonboardhisA.RightB.WrongC.Doesn’tThebuyerrejecta“receivedforshipment”billsofladinginanyRightB.WrongC.Doesn’tsayPassageTwoAccountingprovidesthetechniques atheringeconomicdataandthelanguageforatingsuchdatatodifferentindividualsandInvestorsinabusinessenterpriseneedinformationaboutitsfinancialstatusanditsfutureprospects.Bankersandrsappraisethefinancialsoundnessofabusinessanizationandassesstherisksinvolvedbeforemakingloansrantingcredit.ernmentagenciesareconcernedwiththefinancialactivitiesofbusinessanizationsforpurposeoftaxationandregulation.Employeesandtheirunionrepresentativesarealsovitallyinterestedthestabilityandtheprofitabilityoftheanizationthathiresthem.Allofthem,individualsorinstitutions,canobtainnecessaryinformationandmaketheirappropriatedecisionswiththehelpofaccountingtechniques.Forexample,comparisonofpastperformancewithplannedobjectivesmayrevealthemeansofacceleratingfavorabletrendsandreducingthosethatareThefinancialpositionandfutureprospectsareoftheconcernofbusinessRightB.WrongC.Doesn’tBeforemakingloanstocustomers,bankswouldtrytogetridofrisksRightB.WrongC.Doesn’tEmployeesmayshowlittleconcernintheearningofabusinessenterpriseinwhichRightB.WrongC.Doesn’tAccordingtothispassage,peoplecanhardlyacquireandexchangeeconomicdatabyofaccountingA.RightB.WrongC.Doesn’tPassageSimilartoanon-financialbusiness,acommercialbankobtainsfundsfromcreditorsandeholders;usesfundsforitsrawmaterials,labor,andcapital,andrecoversfunds,hopefullyinexcessoftheamountspent.Therawmaterialspurchasedarefundsinsteadofiron,clothorfood,andtheproductssoldarefundspackagedinausableforminsteadofsteel,clothing,roceries.Asinanon-financialbusinessabankmanagement’sbasicobjectiveshouldbetoizethevalueoftheowner’sinvestmentinthebank.Usefulinformationonappropriatetradeoffsbetweenreturnsmadeandriskstakenisobtainedfromrelativelyientmarketsformostpubliclyheldbanks,Themanagementofsmallerbanksseekstoachievethehighestreturnsfortheriskleveldeemedappropriatebytheshareholders.Therecoveryoffundsofacommercialbankisideallymanagedonaparallelwithitsenditure.A.RightB.WrongC.Doesn’tAcommercialbankshouldtryitsbesttoincreasetheprofitsofitscreditorandhipsources.A.RightB.WrongC.Doesn’tRelativelyefficientmarketcanusuallyprovideinformationonthecreditworthinessofacommercialbank.A.RightB.WrongC.Doesn’tsayPartFour(15Directions;Therearethreepassagesinthispart.EachpassageisfollowedbysomequestionsorunfinishedstatementsForeachofthemtherearefourchoicesmarkedA,B,C,andD.YoushouldhavethebestchoiceandmarkthecorrespondingletterontheANSWERSHEETbydrawingasinglelinethroughthePassageWewillliveinasocietywhencashnolingerexists.Instead,“cash”wouldbeelectronic,asinbank-cardsystems.Notesandcoinswouldbeabandoned.Itsbenefitswouldbeprofoundandfundamental.Theftofcashwouldeimpossible.Bankrobberiesandcash-registerrobberieswouldceasetooccur.Attacksonshopkeepers,taxi-drivers,andcahierswouldalld.Pursesnatchingwouldeathingofthepast.Urbanstreetswouldesafe.Retailshopsinoncedangerousareascouldoperateinsafety.Securitiescostandinsurancepremiumwouldfall.Propertyvalueswouldrise.Neighborhoodwouldimprove.Inthelongrun,achangefromcashtorecordedelectronicmoneywouldbepaniedbyaflowofpreviouslyincome-taxrevenuesrunninginthetensofbillionsofdollars.Asaresult,e-taxratecouldbeloweredorthenationalNationalelectronic-moneysystemwouldoperateasadebit-cardsystem.Eachindividual’s“money”wouldbeheldinhismoney-systemaccount.Atransactionwouldeffectaninstanttransferofmoneyfromhisaccounttothatofanotheraccountholder.Onlycashwouldbesupplantedbyelectronicmoney.Theuseofchecks,drafts,moneyorders,traveler’schecks,cashier’schecks,aswellasletterofcredit,acceptances,andotherfinancialinstrumentswouldremaininregularuse.Creditcardandautomatic-ler-machinesystemwouldnotnecessarilychange,althoughyoucouldnolongerobtaincashatATMs.wewillliveinasocietywherenolongerA.moneyB.theftC.bank-cardsystemD.Infuture,moneywillbeintheformofA.cashB.notesandcoinsC.recordedelectronicfunds-transfersystemD. rWhichofthefollowingstatementsisInacash-freesociety,bankrobberiesandcashregisterrobberieswouldnotRetailshopscouldoperateinAutomatic-ler-machinesystemwouldhavetoPursesnatchingwould eAccordingtothepassage,infuture,neighborhoodswouldimprovebecausecashwouldbelongerintherewouldbemoresafetymoreprisonswouldbesetPeoplewouldbebettermake(s)itpossibletodivorcemoneyfromLettersofcreditB.Electronicfunds–transferC.CreditcardsD.Traveler’schecksPassageTwoagainstacceptance(D/A)isexactlylikeagainstpayment(D/P)exceptthat,insteadofsigningthesightdraftandpayingonpresentationofstoreceivethebill(s)oflading,theimporteracceptstheusance(time)draftthatcreatesanobligationsimilartoapromissorynotecalledatradeacceptance.Thiscanbeusedforfinancepurposesundersomeconditions.Thisisapromisetopayinacertainnumberofdays,afteracceptingthes,usuallyforatermofbetween30and180days.D/Atermsaremoresecurethanopenaccountbecausethetransactionandreceiptofgoodsareevidencedbyanegotiableinstrument.Itismucheasiertoenforceafinancialinstrumentthatanaccountreceivable.Whiustbeproventothecourts.However,asharpincreaseinriskoverD/Aoccursbecausetheimporternowhasthegoods,andtheexporteronlyhasapromisetopay.Thebankhasnoresponsibilitytocollectthefundsonoraftertheduedate.Bothyourbankandtheforeignbankarepurelyconduits,oragentsfortransmittalandcollection.Itisveryimportantnottoconfuseabanker’sacceptance,whichcarriesthecreditofabank,withatradeacceptancementionedhere.Thelatterisnonbetterthanthecreditandintegrityofthebuyerasopposedtothebank.IfD/Atermsareusedtosettleinternationaltransactions,thenthesellermustpayonpresentationofasightdraftisusuallytheimportercangetthebill(s)ofladingonlyafterheacceptsthetimeapromissorynoteisInthepassage,thesentence“thiscanbeusedforfinancepurposedundersomens”meansthatthebuyergivescreditstothethebuyercangetthegoodsandevensellitbeforehehastothebuyerpromisetopayin30anobligationisTotheseller,whichofthefollowingisdisadvantageofItismuoresecureincomparisonwithopenItismuoreenforceablethananaccountThesellerhastoincurmuchhigherriskofdishonoroftheThecollectingbankisresponsibleforthepaymentintheeventofthedishonoroftheThemostimportantdifferencebetweenabanker’sacceptanceandatradeacceptanceishattheacceptancesaremadebydifferentcreditsaregivenbydifferentthebanker’sacceptanceisinferiortoatradethebanker’sacceptancedependsonthebank’scredit,whilethelatterdependsonthereditoftheTheword“conduits”inthepassagemeansthebanksassumenoresponsibilityifthebuyersfailtomeettheirpaymentobligationecifiedinthecommercialthebanksassumenoresponsibilityforconsequencesarisingfromanycausesJustactingasagents,thebankstransmitsandcollectmoneyinaccordancewiththedirectionsgivenbytheprincipalAllofthePassageProvidingforapaymentmechanismorthetransferoffundsisoneoftheimportantfunctionsperformedbycommercialbanksanditisincreasinginimportanceasgreaterrelianceisplacingontheuseofchecksandcreditcards.Theincreasingefficiencywithwhichfundsaremanagedisindicatedbythegradualdeclineinmoneyholdingsrelativetothegrossproductovertheyears,despiteanincreaseinthenumberoffinancialtransactions.Inrecentyearstheonlykindofmoneythathasincreasedrelativetonationaliscoin,primarilybecauseofthegrowthofmeteringandvendingmachines.Aswecansee,atpresentcheckdepositsareassumingalargerportionofthetransactionload,andtheyarebeingusedmoreeffiMostofthechecksinthenationareclearedthroughthecommercialbankingsystem.Checksdrawnonanddepositedinthesamebankmerelytransferfundsfromonecountertoanother.Ifonlytwobanksareinvolvedinthesametown,thereisadirectexchangeofchecks.Whenseveralbanksareinvolvedwithinthesamecity,aclearinghousearrangementisusuallyemployed.Theprocessesabitmorecomplicatedandtime-consuming.Bankshaveemployedcomputersandothersophisticatedequipmenttospeedtheclearings,reducecosts,andimproveaccuracy.Inrecentyearsconsiderablethoughtandresearchhavebeengiventowhathaseknownaschecklessbanking.Thiswouldactivatecomputersinbanksthroughoutthenationandthustransferfundsfromthepurchaser’saccounttotheseller’saccount.TheATMcanbeusedtowithdrawcashfromadepositor’saccount,makedepositsandloanrepayments,andtransferfundsbetweenadepositor’ssavingsandcheckingaccAlthoughbankingtransactionloadiseverheavier,thereislessmoneyamongthemorefundsaremanagedincommercialmoneymanagementshowshigherthereisagradualdeclineoffundsingrossnationalInthewriter’sviewwhatisbeingusedmoreMoneyholdingsB.CheckC.CoinsD.MeteringandvendingHowistheclearingofchecksinvolvedintwobanksinthesamethroughtheclearingbytransferoffundsfromoneaccounttothroughacorrespondentbydirectexchangeofAccordingtothepassage,caneliminatebankchecksandthesubsequentcreditcardsB.somesophisticatedC.computersD.adeviceofelectronictransferofThecentralideaofthispassageiselectronictransferoffundsB.bank’spaymentC.clearingofchecksD.