1、金融英语初级汇总真题一及答案解析(总分：70.00，做题时间：90 分钟)一、Reading(总题数：10，分数：10.00)1.Since April 1994, the RMB exchange rate has been determined by_. （分数：1.00）A.the China foreign Exchange Trading SystemB.the Peoples Bank of ChinaC.supply and demand as well as trading situations in the China Foreign Exchange Swap Market
2、D.supply and demand as well as trading situations in the unified interbank foreign exchange market2.If near money is to be used directly to purchase goods or services,it must be_. （分数：1.00）A.permitted by the business companyB.endorsed by the holderC.drawn from a bank firstD.converted into cash or si
3、ght deposit3.Which of the following is not one of the function of money? （分数：1.00）A.Medium of exchangeB.Store of valueC.Financial assetsD.Standard for deferred payment4.Unless otherwise stated in the letter of credit, banks will not accept_ presented by the beneficiary. （分数：1.00）A.the open coverB.th
4、e cover noteC.the insurance certificateD.the insurance policy5.Factoring provides the following services except _. （分数：1.00）A.maintenance of the sales ledgerB.collection of accounts receivableC.100% non-recourse finance to the seller despite commercial disputes between the seller and the buyerD.cred
5、it risk protection on the buyer6.When the exported goods are insured under an open cover agreement, _is the most appropriate document as evidence of insurance. （分数：1.00）A.an open policyB.an insurance certificateC.an insurance policyD.an inspection certificate7.Advances to the importer can be given i
6、n the following ways except_ . （分数：1.00）A.limits for issuing letters of creditB.inward bills receivableC.packing loansD.delivery against the bank guarantee8.As far as the beneficiary is concerned the letter of credit which is available by _ is the least favourable. （分数：1.00）A.negotiationB.acceptance
7、C.sight paymentD.deferred payment9.Deposits, taken within the territory of the Peoples republic of China by a foreign financial institution shall not exceed _ percent of its total assets. （分数：1.00）A.20B.30C.40D.6010.“Pay Chen RMB10,000 on the date of his marriage.” This is _. （分数：1.00）A.a bill of ex
8、changeB.a chequeC.a promissory noteD.an order二、Section Two (10%)(总题数：2，分数：10.00)Commercial banks are business firms; like all firms, they strive to earn a profit. The object of commercial bank management is therefore to _41_ profits while maintaining a very low risk of becoming _42_. To remain solve
9、nt, a commercial bank must take precautions to ensure that the value of its assets _43_ the value of its liabilities at all times. If at any time losses from securities, _44_loans, or other investments force the value of the banks assets _45_ the value of its liabilities, the bank becomes insolvent.
10、（分数：5.00）A.minimizeB.maximizeC.controlD.manageA.insolventB.solventC.defaultD.liquidationA.equalsB.contractsC.exceedsD.lagsA.faultB.defaultedC.liquidD.speculatedA.aboveB.underC.beyondD.belowIn the foreign exchange market, which is made up of banks traders and brokers, prices _46_ every minute _47_ to
11、 supply and demand. For safetys sake, a branch will get a rate from their traders for a big transaction. This process would be too cumbersome, however, for every small transaction. Therefore the traders give their branches lists of exchange rates _48_ they may buy and sell notes and payments in the
12、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 _49_ under British exchange control regulations. The bank itself can usually authorize the payment after seeing a document such as an invoice to
13、 show that the payment is due; but cases _50_ borrowing and lending have to be referred to the Bank of England.（分数：5.00）A.alterB.varyC.turnD.convertA.inresponseB.respondentC.respondingD.answeringA.of whichB.on whichC.in whichD.at whichA.authorizingB.authorizeC.be authorizedD.have been authorizedA.in
14、volvingB.involveC.will involveD.being involved三、Section Three (10%)(总题数：3，分数：10.00)Passage 1 Liquidity is a measure of how quickly an item may be converted to cash. Therefore, cash is the most liquid asset. Account receivable is a relatively liquid asset because the business expects to collect the a
15、mount in cash in the near future. Supplies are less liquid than accounts receivable. Users of financial statements are interested in liquidity because business difficulties often arise owing to shortage of cash. How quickly can the business convert an asset to cash and pay a debt? How soon must a li
16、ability be paid? These are questions of liquidity.（分数：3.00）(1).Long-term assets are all assets other than current assets. （分数：1.00）A.rightB.wrongC.Doesnt say(2).Supplies are less liquid than accounts receivable, and furniture and buildings are even less so. （分数：1.00）A.RightB.WrongC.Doesnt(3).People
17、are interested in liabilities on the balance sheet because it is relatively liquid. （分数：1.00）A.RightB.wrongC.Doesnt sayPassage 2 Whereas the money markets provide very short-term loans, the capital market takes account of medium and long-term loans. It serves the needs of industry and commerce, gove
18、rnment and local authorities. Private sector firms borrow their working capital (current assets minus current liabilities) from the money market, which used to be mainly via commercial banks; the role of banks as middlemen has now diminished, even for the working capital requirements. Private sector
19、 firms raise their fixed capital by the issue of shares or commercial paper bonds. Government and local authorities borrow medium and long-term capital by issuing gilt-edged stocks and bands. The main market place for lending and borrowing medium and long-term capital in the UK is the Stock Exchange
20、 in London.（分数：3.00）(1).An industrial corporate can meet its financial needs by seeking funds from the capital markets. （分数：1.00）A.RightB.WrongC.Doesnt say(2).Nowadays a private business usually obtains its working capital through a commercial bank. （分数：1.00）A.RightB.WrongC.Doesnt say(3).In the UK c
21、ommercial banks often raise funds by issuing bands and stocks. （分数：1.00）A.RightB.WrongC.Doesnt sayPassage 3 A commercial bank shall formulate its business rules, establish and improve its business management, the system of cash control and its security system in accordance with the stipulations of t
22、he Peoples Bank of China. A commercial bank shall establish and improve its systems of examining and checking deposits, loans settlements and bad and doubtful accounts. The PBC can exercise examination of a commercial bank at any time in accordance with the relevant provisions. The personnel in char
23、ge of the examination and supervision should produce their legitimate at the time of conducting examination and supervision. A commercial bank shall provide financial financial accounting information, business contracts and other information about its business and management at the request of the Pe
24、oples Bank of China. A commercial bank is subject to the audit control by the auditing authorities in accordance with the audit law and regulations.（分数：4.00）(1).The PBC can exercise examination of a commercial bank at any time. （分数：1.00）A.RightB.WrongC.Doesnt say(2).A commercial bank shall establish
25、 and improve its system of internal control according to law. （分数：1.00）A.RightB.WrongC.Doesnt say(3).A member staff of the PBC should present his legitimate certificate for on-site examination. （分数：1.00）A.RightB.WrongC.Doesnt say(4).The auditing authorities can not exercise the audit control over a
26、commercial bank. （分数：1.00）A.RightB.WrongC.Doesnt say四、Section Four (20%)(总题数：4，分数：20.00)Passage 1 Qualified Endorsement: when the words “without recourse” or words with similar meaning are used part of the endorsement, such endorsement is referred to as qualified endorsement. The purpose of this typ
27、e of endorsement is to limit the endorsers liability. The qualified endorsee,however, may look to all other parties prior to the qualified endorser. Under the UCP, the term “signature” also includes marks and thumbprints and printed, typed, or stamped signatures are acceptable in addition to written
28、 ones. This rule also applies to endorsements. In the United States, the endorsement on an instrument need not necessarily be applied by the previous holder. Banks frequently provide this by placing a rubber-stamped endorsement on deposited check, typically using words as “credited to the account of
29、 within named payee” and guaranting the absence of the payees persona; signature and endorsement.（分数：5.00）(1).Qualified endorsement is one_. （分数：1.00）A.only with “without recourse” on it, words with similar meaning are not considered as qualified endorsement.B.where the holder merely writes his sign
30、ature on the bank of the instrument and thereafter it becomes payable to the bearer.C.with “without recorse” or words with similar meaning as part of the endorsement.D.which prohibits the further negotiation of the instrument or which expresses that it is a mere authority to deal with instrument as
31、thereby directed.(2).Qualified endorsement is used_. （分数：1.00）A.when the endorser wants to pass the full title to the endorseeB.to inform the importers bank to negotiateC.when the endorser wants to strengthen the liability of the endorseeD.to limit the endorsers liability(3).According to the UCP, th
32、e term “signature” includes_. （分数：1.00）A.marks and thumbprints, and printed, typed, or stamped signatures are acceptable in addition to written onesB.marks and thumbprints, and printed, typed, or stamped signatures are not acceptable in addition to written onesC.marks and thumprints, but printed, ty
33、ped, or stamped signatures are not acceptableD.marks and thumbprints only(4).The qualified endorsee may look to all other parties_. （分数：1.00）A.prior to the qualified endorserB.prior to the qualified endorseeC.prior to the immediate endorserD.prior to the immediate endorsee(5).Endorsement can be acce
34、ptable_. （分数：1.00）A.only when it is signed personally by the previous holderB.if it is signed, stamped or markedC.only when there is a rubber-stamped signature on itD.if there are thumbprints on itPaggage2 Whether sending or receiving payments across borders, banks often charge too much or take too
35、long-or both. One study last year found that European banks overcharged for over a third of urgent transfers. Thankfully, new payments networks are starting to offer quick, reliable and more competitively priced service. Given time, these could pose a threat to traditional bilateral(or correspondent
36、) agreements between individual banks and to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), the global network that processes most large international payments. One upstart gaining credibility is the Inter-bank On-line System(IBOS), which was founded in 1997 by Britains Roy
37、al Bank of Scotland and Spains Banco Santander. What is the systems attraction? The answer is that instead of taking many days and bits of paper, the form of correspondent banking, account-account payment in IBOS can be completed opening an expensive international branch network. The systems executi
38、ves like to refer to its members-now 11 banks from nine countries-as a single “virtual bank”. Charles Mallis of Chase, which is merging with Chemical, a big American rival, says that this ability to “share” branches was a big attraction to the bank, even though it already has the worlds largest corr
39、espondent network. IBOS bills themselves act as more than simply a quick payment service. It wants to develop into a platform for all sorts of cash-management products, particularly for multinationals. Sean Verity, its chief executive, says that there are also plans to license the systems technology
40、, so that banks anywhere can use it as a platform for their own independent payment associations. And its members think that its advanced technology could help them to speed up commerce-payments using smart cards, electronic cash and so on. IBOS claims that it is not a direct threat to SWIFT because
41、 the two are fundamentally different in several ways. For instance, the former is a decentralized cash management technology which links different banks branches directly, whereas all traffic for its bigger rival must pass through a central hub in Brussels.（分数：5.00）(1).International money transfer i
42、s often troubled with_. （分数：1.00）A.slow paymentB.expensive chargesC.both A and BD.none of the above(2).As a newly-founded payment system, IBOS is welcomed mainly for its _. （分数：1.00）A.high-tech platformB.cash-management technologyC.large correspondent networkD.speedy transfer of payment(3).Another r
43、eason why some banks joined IBOS is that_. （分数：1.00）A.they can share their branchesB.they can share their correspondentsC.branches of different banks can transfer money directlyD.all of the above(4).According to the passage, which statement is wrong? （分数：1.00）A.IBOS may help to speed up commerce-pay
44、ment using smart cards, electronic cash and so on.B.IBOS is a payment system for fast and cheap money transfer.C.IBOS ienables the member banks to create better cash management products than smart cards,electronic cash and so on.D.With IBOS technology, the banks money transfer can be more globalized
45、.(5).One of the main differences between IBOS and SWIFT is that_. （分数：1.00）A.SWIFT is a telecommunication system for global banking, while IBOS is merely a payment systemB.The business volume handled by SWIFT is much bigger than that of IBOSC.To use IBOS makes a bank more decentralizedD.All informat
46、ion processed by SWIFT has to go through its center, while under IBOS system two end-users can contact each other directlyPassage 3 Most commercial letters of credit are documentary, meaning that certain documents must be included with any drafts drawn under the terms of the credit. Documents requir
47、ed usually include an order bill of lading, a commercial invoice, and any of the following: consular invoice, insurance certificate or policy, certificate of origin, weight list, packing list. Letters of credit without the requirement for presentation of shipping documents or commercial documents ar
48、e called clean credits, and are similar to, although not legally identical with unconditional first demand guarantees. These credits are extremely flexible and may be used in an almost unlimited variety of situations, from construction bond to the finance of margin requirements on future markets. Tw
49、o kinds of clean letters of credit which are relative of the documentary letters of credit are of interest. The first is the standby letter of credit, in which the issuing bank undertakes to pay if the applicant does not carry out his obligations. Documents normally called for are evidences of the underlying transaction, such as non-negotiable copies
