现代金融业务(综合)-3及答案解析.doc

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1、现代金融业务(综合)-3 及答案解析(总分：93.97，做题时间：90 分钟)一、BPart One Listen(总题数：2，分数：10.00)BSection One/BDirections: 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 mar

2、ked A, B, C and D, and decide which is the best answer.（分数：5.00）A.Sometimes the interest rates on time deposits are not fixed.B.People can draw these deposits at any time.C.The interest rates on time deposits are fixed.D.The interest rates on time deposits are floating.A.The objective of financial r

3、eporting is to provide information useful for making investment and lending decisions.B.The financial reporting is useless.C.The financial reporting cant help people to decide whether they invest on something or not.D.The financial reporting has no objectives.A.Some borrowers are engaged in undesira

4、ble activities which are considered immoral.B.Some lenders are engaged in undesirable activities which are considered immoral.C.Most borrowers dont engage in activities that are undesirable or immoral.D.Most lenders dont engage in activities that are undesirable or immoral.A.n irrevocable L/C can no

5、t be committed to amendment.B.n irrevocable L/C can not be cancelled without permission.C.n irrevocable L/C can not be cancelled or amended.D.Neither cancellation nor amendment without permission can be made to the irrevocable L/.A.The paying bank sends the check to the remitting bank for repayment.

6、B.The remitting bank sends the check to the paying bank for repayment.C.The collecting bank sends the check to the remitting bank for repayment.D.The remitting bank sends the check to the collecting bank for repayment.（分数：5.00）A.The shareholders are the owners of limited companies.B.Shareholders dep

7、osit their money in the limited companies.C.The shareholders can sell shares of limited companies to the public.D.Shareholders of limited companies are able to make profits continuously.A.A forward transaction is done on a future date.B.A forward purchase is to buy foreign currency in future.C.A for

8、ward purchase is to buy a foreign currency with settlement on a future date.D.A forward transaction is to buy a foreign currency on future date.A.Banks make money in foreign exchange business because of profit margin.B.Banks make money from the price spread in the foreign exchange market.C.Banks mak

9、e money in foreign exchange business on profit as well as on volume.D.Banks make money in foreign exchange business because of the great volume.A.The company is a sun-rising firm so it is worthwhile to extend the loan.B.The company has some accounting problems, some improvement is needed.C.The compa

10、ny is short of funds because it is sun-rising.D.The company has some accounting problems because it is sun-rising.A.A currency swap is a better way to convert the long-term transaction into a spot transaction.B.A currency swap makes long-term transaction exposure to exchange rate fluctuations.C.A cu

11、rrency swap is a better way to reduce the risks of the long-term transactions owing to the exchange rate fluctuations.D.A currency swap can in no way reduce the risk of exchange rate fluctuations.二、BSection Two/B(总题数：2，分数：10.00)Directions: In this section, you will hear ten short conversations. At t

12、he 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.（分数：5.00）A.Interest rate of a foreign currency is much higher.B.T

13、here are risks of losing money sometimes to open a foreign currency account.C.Foreign currencies exchange rates are relatively stable.D.It is advisable to open a foreign currency account.A.That she needs $200 to open an account.B.That savings accounts earn low interest.C.That she should not open an

14、account.D.That $ 2,000 will earn reasonable interest.A.Overdrafts.B.Mortgages.C.Personal loans.D.Letter of credit.A.The interest rate of savings account.B.The discounting rate for drafts.C.The rediscounting rate.D.The interest rate for loans.A.Accounting basis.B.Cash basis accounting.C.Accounting co

15、ntrol.D.The chart of accounts of a bank.（分数：5.00）A.Returning the cheque.B.Drawing the cheque in ink.C.Drawing the cheque in lead-pencil.D.Going to the paying bank.A.The payments of her draft.B.The collection of her draft.C.The exchange of some dollars.D.The opening of her account.A.Standard Chartere

16、d Bank, London is one of our correspondent banks.B.We can advise this L/C through Standard Chartered Bank, London.C.We will send the advice of the L/C directly to the beneficiary.D.nother bank will be chosen as the advising bank of this L/.A.Counter No.12.B.Counter No.6.C.Counter No.15.D.Counter No.

17、16.A.A savings account.B.A fixed account.C.A check account.D.An automatic transfer account.三、BSection Three(总题数：3，分数：10.00)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 onc

18、e. After you hear a question, you must choose the best answer from the four choices marked A, B, C and D.BPassage One/B（分数：3.00）A.It allows you to use a cheque book.B.It earns interest for you.C.The bank will charge you for this account.D.No charges will be paid if it remains in credit.A.11%.B.3%.C.

19、7%.D.It fluctuates.A.A safe and convenient way of handling money.B.People are paid in cash.C.Your salary goes straight into your account.D.Your money is paid straight into your account from othersBPassage Two/B（分数：4.00）A.A plastic card.B.A plastic card used by cardholder to purchase goods or service

20、s, or withdraw cash.C.Something used to purchase goods or services, or withdraw cash.D.A machine can be used to withdraw cash.A.Supermarkets.B.Gas stations.C.Stores.D.Newspaper stands.A.Current account.B.Deposit account.C.Savings account.D.Personal loan account.A.Secure.B.Portable.C.Durable.D.Golden

21、.BPassage Three/B（分数：3.00）A.To pass the full title to the endorsee.B.To inform the importers bank to negotiate.C.To strengthen the liability of the endorsee.D.To limit the endorsers liability.A.They may look to all other parties prior to the qualified endorser.B.They may look to all other parties pr

22、ior to the qualified endorser.C.They may look to all other parties prior to the immediate endorsee.D.They may look to all other parties prior to the immediate endorsee.A.Marks and thumbprints, and printed, typed, or stamped signatures are acceptable in addition to written ones.B.Marks and thumbprint

23、s, but printed, typed, or stamped signatures are acceptable in addition to written ones.C.Marks and thumbprints, but printed, typed, or stamped signatures are not acceptable.D.Marks and thumbprints only.四、BPart Two Readin(总题数：3，分数：15.00)BSection One/BDirections: There are three passages in this sect

24、ion. Each passage is followed by some questions or unfinished statements. For each of them, there are four choices marked A, B, C and D.Passage 1Most commercial letters of credit are documentary, meaning that certain documents must be included with any drafts drawn under the terms of the credit. Doc

25、uments required 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.The first is the standby letter of credit, in which the issuing bank undertakes to pay if the a

26、pplicant does not carry out his obligations. Documents normally called for are evidences of the underlying transaction, such as non-negotiable copies of bills of lading, or third partys certificate certifying the non-payment by the applicant. The second is the indemnity for minor discrepancies in th

27、e documents given to the shipping company so that the issuing bank may make payment or the shipping company may release goods to the applicant.（分数：5.00）(1).According to the passage, a documentary letter of credit is one which _.（分数：1.00）A.includes any draftsB.includes drafts accompanied by invoice,

28、bill of lading and other documentsC.is accompanied by invoices, bill of lading and other documentsD.is accompanied by drafts as well as insurance policy and commercial invoices(2).A clean credit is one which _.（分数：1.00）A.calls for no presentation of itB.is used instead of first demand guaranteeC.is

29、used without presentation of any documentsD.is the same as an unconditional first demand guarantee(3).Under a standby letter of credit, _.（分数：1.00）A.evidences of the underlying transaction should be filed firstB.the applicant may be exempted from any liabilitiesC.the issuing bank has to pay the bene

30、ficiaryD.the issuing bank should pay when the applicant fails to fulfill his obligations(4).The indemnity may be _.（分数：1.00）A.used whenever there are discrepancies in the documentsB.presented when the shipping company intends to release the goods to the applicantC.presented to the issuing bank of th

31、e L/C under which there are unimportant discrepancies in the documentsD.used in lieu of shipping documents(5).Standby letters of credit are relatives of documentary letters of credit because _.（分数：1.00）A.they are very similar to ordinary letters of credit in operationB.the issuing banks undertake to

32、 payC.they are normally accompanied by evidences of transactions such as non-negotiable copies of B/L or other documentsD.they call for all kinds of normal documentsPassage 2Bankers acceptances often arise in foreign trade. A business buying goods from abroad where it is not well known and does not

33、have other credit arrangements will first obtain a letter of credit from its own bank. The letter will authorize the foreign seller to draw a draft on the companys bank. It can be made payable on sight, that is, upon presentation, payable upon arrival of merchandise, or payable in a fixed number of

34、days. A draft can be made payable in, say, 30 days after it is presented to the bank against which it is drawn. This draft can be discounted at the sellers bank so that the seller receives immediate payment. If this is done, the draft can be sent through correspondent banks back to the domestic bank

35、 against which it is drawn. The domestic bank can buy the draft, a short-term loan agreement to be paid by the company buying the goods abroad. This action would tie up bank funds. Alternatively, the bank can stamp the draft “accepted“ with the appropriate signature, thereby indicating that the bank

36、 guarantees the draft, and then sell it in the secondary market.（分数：5.00）(1).What gives rise to the bankers acceptances?（分数：1.00）A.The money markets.B.The banks.C.The international trade.D.The buying and selling of goods.(2).What will a foreign seller do when he gets the letter of credit from the bu

37、yer?（分数：1.00）A.He will draw a bill of exchange on the buyers bank.B.He will sell it and get money at once.C.He will make payable on demand.D.He will authorize the company to make the payment.(3).How can the seller receive immediate payment if the draft is made payable on a future date?（分数：1.00）A.He

38、can send the draft to the correspondent bank for immediate payment.B.He can present it to the bank against which it is drawn for payment.C.He can ask the buyer to pay the money.D.He can discount the draft at his bank and get money immediately.(4).What will the buyer do if his bank buys the draft for

39、 him?（分数：1.00）A.He will open a letter of credit.B.He will repay the bank a short-term loan.C.He will buy back the draft.D.He will return the money to the seller.(5).What will happen if a draft is stamped “accepted“ by a bank?（分数：1.00）A.The bank will sell it as soon as possible to the buyer.B.The dra

40、ft will become money market funds.C.Dealers will buy it in the domestic market.D.The draft becomes a bankers acceptance and will be sold in the money market.Passage 3Futures are used for three purposes; hedging, speculating and arbitraging. This passage is only concerned with hedging, but it should

41、be noted that speculators and arbitrageurs play a particularly important role in the market. It is largely the speculators who take on the risks that the hedgers seek to shed, while the arbitrageurs, by ensuring that futures prices constantly stay in line with other markets, give both hedgers and sp

42、eculators the confidence that they are doing their deals at the right price.The volume of deals for arbitrage and speculation purposes is much higher than that for hedging purposes. This is similar to the foreign exchange markets, where it has been estimated that, the foreign exchange business neede

43、d in any one year for commerce and tourism is all done by 11 a.m. on 2, January, while the rest of the year is taken up with speculating and arbitraging.However, the purpose of the futures markets and what makes them different from a simple gambling ring in the eyes of the law, is to provide a servi

44、ce to those commercial enterprises which seek to hedge their risks. It is their money which drives much larger volume of other transactions and not the other way round.You might have expected, as is certainly the case in most other financial markets, that big institutions would be more ready and abl

45、e than small individuals to shoulder the risks involved in dealing speculatively in futures. However, futures markets are exceptional in this regard. In contrast to other financial markets, which are dominated by big institutions, or at least by fairly sizeable firms, the lifeblood of a successful f

46、utures market is its “locals“independent firms of only a few individuals trading for their own account. It is these quick-witted, aggressive and generally rather blunt-spoken individuals, viewed usually by outsiders with the utmost mistrust, who take the risks that others use the futures market to s

47、hed, and provide the markets with the liquidity without which they would he dead. The single reason why Chicago took off as a financial futures market where others lagged behind is that the CBOT and IMM already had a large pool of locals ready to turn their hand from soya beans to long bonds and pro

48、vide the new contracts with risk-taking capacity.（分数：4.95）(1).According to the passage, the main purposes of futures contracts are _.（分数：0.33）A.to hedgeB.to speculateC.to arbitrageD.all of the above(2).Arbitrageurs in the futures markets are those people who _.（分数：0.33）A.take on the risks that hedge

49、rs want to shedB.seek to hedge their risksC.make the futures prices move in accordance with other marketsD.all of the above(3).Which of the following statements is true?（分数：0.33）A.The volume of deals for hedging purposes is much higher than that for arbitraging and speculative purposes.B.The foreign exchange business for commerce and tourism must be done before 11a.m.on 2 January.C.It is hedgers money that drives much larger volume of other transactions.D.None of the above.(4).Th