金融英语真题及答案

FECT 初级考试1999 年考题LISTENING (20 Points)Part OneDirections: 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 ma rk the corresponding letter on the ANSWER SHEET with a single line through the center. Now you will hear the example:She went to the bank with Mr. Smith.You will read:A. She went home.B. She liked Mr. Smith.C. She went to the bank.D. She went to Mr. Smith’s house.Statement C, ―She went to the bank‖ is the closest in meaning to the statement ―She wentto the bank with Mr. Smith.‖ Therefore, you should choose answer C.Now listen to the statements.1.A. You can get the funds by M/T. B. You can remit the money by M/T.C. The funds are sent by M/T.D. You have sent the money by T/T.2. A. There are three copies. B. The documents have been made out.C. The documents are often made out in 3 copies.D. There are three documents.3. A. You have signed the contract with them. B. You will sign the contract with them.C. You are interested in signing the contract.D. You’ll be asked to sign the contract.4.A. Must the time draft be presented? B. At what time must draft be presented?C. When has the time draft been paid?D. Must the time draft be paid?5. A. The loan is of USD 50,000. B. The loan is of USD 5,000.C. The loan is of USD 50,000,000.D. The loan is of USD 500,000.6. A. The position is held by spot transactions.B. There is a position in foreign exchange market.C. Spot transaction is the most important transaction in exchange market.D. Foreign exchange market is held by spot transactions.7. A. The receipt was sent to you. B. The payer’s receipt should be sent away.C. Please pay us against the payee’s receipt.D. Please send us the payee’s receipt8. A Bankers are becoming more able in modern business.B. Banks are working with global strategy in their outlook and organization.C. Banks are granting more loans to organizations.D. There are more commercial banks managing in foreign exchange dealing.9. A. More and more bookkeeping work is done by computers.B. There is more bookkeeping work after using computers.C. Bookkeeping work goes more detailed at all levels.D. Bookkeeping work is all done by computers.10. A. We have had your specimen signature.B. You should provide us with your specimen signatures.C. You should sign on the space.D. It’s necessary for you to sign the statement.Part TwoDirection: In this section, you will hear some short conversations. At the end of each conve rsation, a question will be asked about what was said. The conversation and the question will be spoken only once. During the pause, you must read the four choices marked A, B, C, and D, and decide which is the best answer, then mark the corresponding letter on the ANSWER SHE ET with a single line through the center.Now you will hear:M: Does our bank have a direct correspondent relationship with the Bradlay’s Bank?W: No, we don’t. So we have to advise this L/C via another bank.Q: Which of the following is right?Now you will read:A. We can advise this L/C to the Bradlay’s Bank.B. The Bradlay’s Bank is our correspondent.C. The L/C has to be advised by a third bank.D. We should advise this L/C by ourselves.From the conversation we know that we have to advise this L/C via another bank. The best ans wer is C. Therefore you should choose answer C.11. A Foreign exchange B. Foreign exchange risk.C. Foreign exchange marketD. Change of home currency value.12. A Very good. B. not good C. Totally unsatisfactory D. Very bad13. A.To the post office B. To the department store. C. To the city branch. D. To DEF Compan y14. A. One B. Two C. Three D. Four15. A. $1.5605 B. $1.5615 C. $1.5625 D. $1.5635Part ThreeDirection: In this section, you will hear two short passages. At the end of each passage, you will hear some questions. The passages and the questions will be spoken only ONCE. After y ou hear a question, you must choose the best corresponding letters on the ANSWER SHEET witha single line through the center.16. A Check cards B. Debit cards C. Cash cards D. Credit cards17. A. Differ according to the terms of loans B. There is little difference.C. Vary a lot according to customers.D. They are different among countries and banks.18. A. 5 per cent over the base rate. B. Less than 4 per cent.C. 4 per cent over the base rate.D. More than 5 per cent.19. A. Financial technology. B. Financial innovationsC. Financial engineeringD. Financial opportunities20. A. It is a new development. B. It is a kind of complicated term.C. It is a financial innovation.D. It is a broad term.READING AND WRITINGPart One (15 points)Direction: There are ten blanks in the following passage. For each blank there are four choices marked A, B, C, and D. You should choose the best answer and mark the corresponding lett er on the ANSWER SHEET by drawing a single line through the center.21. is the f oundation of private accounting, which analyzes a business’ costs to help managers control expenses.A. BudgetingB. Management information systemC. Internal auditingD. Cost accounting22. You are requested to send us to authenticating the cable L/Cs issued by your bank in thefuture.A. your specimen signature bookB. your telegraphic test keyC. your tariffsD. your terms and conditions23. If the supply increases at a more rapid rate than the production of goods and services,is the result.A. capit al…. DeflationB. capital.. .. inflationC. money …. inflationD. money … deflation24. A red clause letter of credit contains a ―red clause ‖ which authorizes an intermediate bank to to the seller before shipment.A. effect negotiationB. give an adviceC. make paymentD. grant an advice25. If the exporter is badly in need of funds to fulfill the contract, he would ask the buyer to provide a , if possible.A. revocable Documentary CreditB. irrevocable Documentary CreditC. red clause Documentary CreditD. stand-by Documentary Credit26. Under CIF term, the seller is responsible for .A. producing clean bill of lading marked ― shipped on board‖ and ― freight payable at the destination‖.B. Arranging for issuing of import license and payment of import costs, duties and taxes.C. Paying all the costs relating to the goods before the time they have passed the ship’s rail at the port of delivery.D. Beat all risks of loss of damage to the goods until such time as they have arrived at thenamed port of destination.27. When capital inflows into a nation, its effect on the nation’s balance of payments acco unts is .A. surplus increasesB. deficit increasesC. no effectD. all of the above28. Liquidity .A. is a measure of how quickly an item may be converted to foreign currenciesB. is a measure of how quickly an item may be converted to cash.C. is a measure of how quickly an item may be converted to liabilities.D. is a measure of how quickly an item may be converted to fixed capital29. Failure to make payments of interest or repayment of principal on the due date is called.A. default B. bankruptcy C. deferred payment D. ill-will30. If the goods were dispatched directly to the collecting bank without prior arrangement, should take all risks arising from the dispatchment.A. the shipping companyB. the consigneeC. the master of the shipD. the consigner31. If a telex does not state that the mail confirmation is the only operative credit instru ment, the telex will be certainly .A. the operative credit instrumentB. the confirmation to the advising bankC. the negotiation sent by the issuing bankD. the documents of the confirming bank32. Performance bonds undertake that a stated penalty is to be paid by the if the contractedgoods are not of the required standard.A. exporterB. consigneeC. importerD. bank33. For ordinary remittance, the remitting bank shall transfer to the paying bank’s accounton the date of remittance.A. the moneyB. the coverC. the amountD. the proceeds34. is defined as an unconditional order in writing drawn on a bank signed by the drawer , r equiring a bank to pay on demand a sum certain in money to, or to the order of a named person or to the bearer.A. A draftB. A promissory noteC. A chequeD. A bond35. Banks usually ask for , when cheques are cashed over the counter (not usually for customer’s own checks).A. guaranteesB. reimbursementsC. endorsementsD. certificates issued by authorities concernedPart Two (10 points)Directions: There are ten blanks in the following passage. For each blank there are four choices marked A, B, C, and D,. You should choose the best answer and mark the corresponding le tter on the ANSWER SHEET by drawing a single line through the center.Passage OneThe reasons why the authorities in the developing countries, as well as in many developed ones. 36 to maintain interest rates at low levels might be briefly mentioned as follows: the desire to keep down the cost of servicing the public sector’s 37 ; the suspicion that oligopolistic financial markets would set excessively high lending rates, especially for smaller b orrowers, or excessively large 38 between deposit and lending rates; fears that higher interest rates damage 39 sectors or groups; the belief that higher interest rates result in 40 in vestment and growth ; concerns about the adjustment costs 41 both financial institutions andnon-financial enterprises; and worries that a rise in interest rates may be 42 , either through the direct impact on costs or the indirect effect through expectations. In many instances, a policy of retaining low interest rates through administrative controls arises from a desire to 43 the consequences of other polices being pursued, such as maintaining a large 44and 45 private credit expansion, on interest rates, investment and growth.36. A scheme B. are disinclined C. disagree D. are inclined37. A. products B. costs C. management D. debt38. A. profits B. assets C. spreads D. spaces39. A. running B. managing C. disadvantaged D. advantaged40 A. higher B. lower C. quicker D. slower41. A. managed by B. resulted from C. faced by D. produced by42. A. prosperous B. inflationary C. deflectable D. recessive43. A. bring about B. avoid C. result in D. appeal for44. A. fiscal deficit B. revenue C. currency volume D. stock45. A. extending B. supporting C. developing D. limitingPart Three (10 points)Directions: Read the following passages, determining the sentences ―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 OneMost bills of lading are ―shipped‖ bills of lading, but some others know as ―received for shipment‖ bills of lading (also called ―alongside ‖ bills of lading) are also used. The difference between these two types may be seen from the following examples:―Shipped in apparent good order and condition by …. on board the steamship of motor vessel …..‖―Received in apparent good order and condition from ….. for shipment on the ship …. Or other persons ….‖Where the ship owner issues a ―shipped‖ bills of lading, loaded on board his ship; Where he issues a ―received for shipment‖ bills of lading, he acknowledge that t he goods are stored under his control waiting for shipment. The buyer under aci or fob contract may reject a―received for shipment‖ bills of lading and insist on a ―shipped‖ bills of lading, unless the contrary is expressly agreed upon by the parties to the contract or is customary in a particular trade.46. Most bills of lading are ―clean ‖ bills of lading.A. RightB. WrongC. Doesn’t say47.Where the ship owner issues an ―on board‖ bill of lading, he acknowledges that the goods are loaded on board his ship.A. RightB. WrongC. Doesn’t say48. The buyer reject a ―received for shipment‖ bills of lading in any case.A. RightB. WrongC. Doesn’t sayPassage TwoAccounting provides the techniques for gathering economic data and the language for communic ating such data to different individuals and institutions.Investors in a business enterprise need information about its financial status and its future prospects. Bankers and suppliers appraise the financial soundness of a business organization and assess the risks involved before making loans or granting credit. Government agencies are concerned with the financial activities of business organizations for purpose of taxation and regulation. Employees and their union representatives are also vitally interested inthe stability and the profitability of the organization that hires them. All of them, individuals or institutions, can obtain necessary information and make their appropriate decisions with the help of accounting techniques. For example, comparison of past performance with pl anned objectives may reveal the means of accelerating favorable trends and reducing those that are unfavorable.49. The financial position and future prospects are of the concern of business investors.A. RightB. WrongC. Doesn’t say50. Before making loans to customers, banks would try to get rid of risks involved.A. RightB. WrongC. Doesn’t say51. Employees may show little concern in the earning of a business enterprise in which they work.A. RightB. WrongC. Doesn’t say52. According to this passage, people can hardly acquire and exchange economic data by means of accounting techniques.A. RightB. WrongC. Doesn’t sayPassage ThreeSimilar to a non-financial business, a commercial bank obtains funds from creditors and shar eholders; uses funds for its raw materials, labor, and capital, and recovers funds, hopefully in excess of the amount spent. The raw materials purchased are funds instead of iron, cloth or food, and the products sold are funds packaged in a usable form instead of steel, clothing, or groceries. As in a non-financial business a bank management’s basic objective should be to maximize the value of the owner’s investment in the bank. Useful information on theappropriate tradeoffs between returns made and risks taken is obtained from relatively efficient markets for most publicly held banks, The management of smaller banks seeks to achievethe highest returns for the risk level deemed appropriate by the shareholders.53. The recovery of funds of a commercial bank is ideally managed on a parallel with its expenditure. A. Right B. Wrong C. Doesn’t say54. A commercial bank should try its best to increase the profits of its creditor and ownership sources. A. Right B. Wrong C. Doesn’t say55. Relatively efficient market can usually provide information on the credit worthiness ofa commercial bank. A. Right B. Wrong C. Doesn’t sayPart Four (15 points)Directions; There are three passages in this part. 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 have the best choice and mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center.Passage OneWe will live in a society wh en cash no linger exists. Instead, ―cash‖ would be electronic,as in bank-card systems. Notes and coins would be abandoned. Its benefits would be profoundand fundamental. Theft of cash would become impossible. Bank robberies and cash-register robberies would cease to occur. Attacks on shop keepers, taxi-drivers, and cahiers would all end. Purse snatching would become a thing of the past. Urban streets would become safe. Retailshops in once dangerous areas could operate in safety. Securities cost and insurance premium would fall. Property values would rise. Neighborhood would improve. In the long run, a change from cash to recorded electronic money would be accompanied by a flow of previously income-tax revenues running in the tens of billions of dollars. As a result, income-tax rate could be lowered or the national reduced.National electronic-money system would operate as a debit-card system. Each individual’s ―money ‖ would be held in his money-system account. A transaction would effect an instant transfer of money from his account to that of another account holder. Only cash would be supplanted by electronic money. The use of checks, drafts, money orders, traveler’s checks, cashier’s checks, as well as letter of credit, acceptances, and other f inancial instruments would remain in regular use. Credit card and automatic-teller-machine system would not necessarily change, although you could no longer obtain cash at ATMs.56. we will live in a society where no longer exist.A. moneyB. theftC. bank-card systemD. Cash57. In future, money will be in the form of .A. cashB. notes and coinsC. recorded electronic funds-transfer systemD. paper gold58. Which of the following statements is false?A. In a cash-free society, bank robberies and cash register robberies would not occur.B. Retail shops could operate in safety.C. Automatic-teller-machine system would have to change.D. Purse snatching would simply become possible. 59. According to the passage, in future, neighborhoods would improve because .A. cash would be longer in use.B. there would be more safety guardsC. more prisons would be set up.D. People would be better off60. make(s) it possible to divorce money from evil.A. Letters of creditB. Electronic funds –transfer technologyC. Cre dit cardsD. Traveler’s checksPassage TwoDocument against acceptance (D/A) is exactly like document against payment (D/P) except that,instead of signing the sight draft and paying on presentation of documents to receive the bill(s) of lading, the importer accepts the usance (time) draft that creates an obligation similar to a promissory note called a trade acceptance. This can be used for finance purposesunder some conditions. This is a promise to pay in a certain number of days, after acceptingthe documents, usually for a term of between 30 and 180 days. D/A terms are more secure than open account because the transaction and receipt of goods are evidenced by a negotiable instrument. It is much easier to enforce a financial instrument that an account receivable. Which must be proven to the courts. However, a sharp increase in risk over D/A occurs becausethe importer now has the goods, and the exporter only has a promise to pay. The bank has no responsibility to collect the funds on or after the due date. Both your bank and the foreignbank are purely conduits, or agents for transmittal and collection. It is very important not to confuse a banker’s acceptance, which carries the credit of a bank, with a trade acceptance mentioned here. The latter is non better than the credit and integrity of the buyer asopposed to the bank.61. If D/A terms are used to settle international transactions, then .A. the seller must pay on presentation of documentsB. a sight draft is usually usedC. the importer can get the bill(s) of lading only after he accepts the time draftD. a promissory note is created62. In the passage, the sentence ―this can be used for finance purposed under some conditions‖ means that .A. the buyer gives credits to the sellerB. the buyer can get the goods and even sell it before he has to payC. the buyer promise to pay in30 daysD. an obligation is created63. To the seller, which of the following is disadvantage of D/A?A. It is much more secure in comparison with open account.B. It is much more enforceable than an account receivable.C. The seller has to incur much higher risk of dishonor of the bills.D. The collecting bank is responsible for the payment in the event of the dishonor of the gb ills.64. The most important differe nce between a banker’s acceptance and a trade acceptance is that .A. the acceptances are made by different agentsB. credits are given by different agentsC. the banker’s acceptance is inferior to a trade acceptanceD. the banker’s acceptance depends on the bank’s credit, while the latter depends on the credit of the buyer.65. The word ―conduits‖ in the passage means .A. the banks assume no responsibility if the buyers fail to meet their payment obligation specified in the commercial contractB. the banks assume no responsibility for consequences arising from any causes beyond theircontrolC. Just acting as agents, the banks transmit documents and collect money in accordance withthe directions given by the principalD. All of the abovePassage ThreeProviding for a payment mechanism or the transfer of funds is one of the important functionsperformed by commercial banks and it is increasing in importance as greater reliance is placing on the use of checks and credit cards. The increasing efficiency with which funds are managed is indicated by the gradual decline in money holdings relative to the gross nationalproduct over the years, despite an increase in the number of financial transactions. In recent years the only kind of money that has increased relative to national is coin, primarily because of the growth of metering and vending machines. As we can see, at present check deposits are assuming a larger portion of the transaction load, and they are being used more efficiently.Most of the checks in the nation are cleared through the commercial banking system. Checks drawn on and deposited in the same bank merely transfer funds from one counter to another. Ifonly two banks are involved in the same town, there is a direct exchange of checks. When several banks are involved within the same city, a clearing house arrangement is usually employed. The process becomes a bit more complicated and time-consuming.Banks have employed computers and other sophisticated equipment to speed the clearing process, reduce costs, and improve accuracy. In recent years considerable thought and research have been given to what has become known as checkless banking. This would activate computers inbanks throughout the nation and thus transfer funds from the pur chaser’s account to the seller’s account. The ATM can be used to withdraw cash from a depositor’s account, make deposits and loan repayments, and transfer funds between a depositor’s savings and checking accounts.66. Although banking transaction load is ever heavier, .A. there is less money among the peopleB. more funds are managed in commercial banksC. money management shows higher efficiencyD. there is a gradual decline of funds in gross national product67. In the writer’s view what is being used more efficiently?A. Money holdingsB. Check depositsC. CoinsD. Metering and vending machines68. How is the clearing of checks involved in two banks in the same city?A. through the clearing houseB. by transfer of funds from one account to anotherC. through a correspondent bankD. by direct exchange of checks69. According to the passage, can eliminate bank checks and the subsequent work.A. credit cardsB. some sophisticated equipmentC. computersD. a device of electronic transfer of funds70. The central idea of this passage is .A. electronic transfer of fundsB. bank’s payment mechanismC. clearing of checksD. computer and payment Part Five (10 points)Directions : There are ten blanks in this part . In each blank, you should put one of the words given below in its proper form. Write your answer on the ANSWER SHEET.write draw supervise distinguish act lend make offer refer repayBanking 71 to the business of taking deposits and making loans. As financial intermediaries,banks may also 72 a whole range of other financial services, such as insurance, credit cards and foreign exchange, but their 73 characteristic is their role in the money supply through the creation of deposits. When a bank 74 a loan it incurs a book debt to a customer in return for a promise to 75 it. The ability of a bank to create money in this way is limited inmost countries by government control on 76 as well as by its obligation to pay out currenta ccount deposit in cash on demand. Since the bank’s customers meet most of th eir needs for money by 77 cheques on their deposits, the cash holdings the banks need are only a small fraction of their total deposits. The settlement of debts arising between banks through cheques78 on one bank and deposited in another is made through a clearing house. Banks are 79 and regulated in most countries by the central bank, which 80 as lender of last resort.Part Six ( 5 points )Directions: Describe the procedures of D/P at sight according to the number given in the charter. Write your answer on the ANSWER SHEET . Step one and Step seven have been provided.6Collecting Bank Remitting Bank3 54 2 7 1Buyer (drawee) Seller (beneficiary)Part Seven (15 points )Directions: Write a letter according to the following request. Write your answer on the ANSWER SHEET.以甲银行名义，用正式信函格式写一封英文信给乙银行，内容如下：关于你行５月５日电传所述没有收到我行５月３日要求偿付的电传，实际上我行已收到你行对该电传的答复。