2007金融英语真题和答案.pdf

Financial English Certificate Test ( Banking: Comprehensive) 2007 Part One Listening Part One Listening Section One (10%) 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. Now you will hear the example: She went to the bank with Mr. Smith. , A. She went home. B. She liked Mr. Smith. C. She went to the bank. D. She went to Mr. Smiths house. Sentence C, “ She went to the bank.“ is the closest in meaning to the statement “ She went to the bank with Mr. Smith. “ Therefore, you should choose answer C. Now listen to the statements. 1. A.House mortgage has a short history. B.House mortgage appeared in recent years in China. C. Nowadays, people still couldnt accept the idea of house mortgage. D.Many years ago people accepted house mortgage in China. 2. A. If a country wants to be a member of the World Bank, it should first be the member of the International Monetary Fund. B. The membership of the International Monetary Fund is not so important. C. The membership of the International Monetary Fund is not important at all. D. A few countries want to be members of the World Bank. 3. A.Face value is not important. B.Maturity date is not important. C. Coupon rate is important. D.Nothing is important. 4. A.The value of the U.S. dollar changed a lot. B. The value of the U.S. dollar didnt change a lot. C. The value of U. S. dollar had no change. D. The value of the U.S. dollar had little change. 5. A.They will pay 100 francs in advance. B.They will pay 130 francs in advance. C.They will pay 130 francs later. D.They will pay 120 francs later. 6. A. He forgot to bring his safe. B. He forgot to close his safe. C. He forgot the code of his safe. D.He forgot to open his safe. 7. A. In the U.S., the Federal Gold Reserve acts as the central bank. B. In the U.S., the central bank is the commercial bank. C. In the U.S., there is no central bank. D.In the U.S. , the central bank is not so important. 8. A. Dont change your ideas. B.Dont change the accounts. C. Dont leave the bank. D. Dont forget to take your change. 9. A. Barter trade was very important. B. Barter trade was not the original form. C. Money was very important. D. Barter Trade was the original form of international transaction. 10. A.If you lose your bank notes, you will not get them back. B. If you lose your bank notes, you will get compensation. C. If you lose your bank notes, you can get them back soon. D.If you lose your bank notes, most probably, you will not get them back. Section Two (10 marks) 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 the 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. Now you will hear: M: Does our bank have a direct correspondent relationship with the Bradlays Bank? W: No, we dont. So we have to advise this L/C via another bank. Q: Which of the following is right? ; r ; Now you will read: A.We can advise this L/C to the Bradlays Bank. B.The Bradlays 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 answer is C.Therefore you should choose answer C. 11. A. You must report the loss of your card immediately to the bank. B. You will be scolded. C.You must give a new card to the bank. D. You must pay for the new card. 12.A.Checks. B.Travelers checks. C. Travelers letters of credit. D. Securities. 13. A.The third bank is the issuing bank. B.The third bank is not the confirming bank. C. The letter of credit should be confirmed by the third bank. D. The letter of credit should be confirmed by the issuing bank. 14. A.The beneficiary doesnt want to carry the money with himself. B. The beneficiary does so for the sake of safety. C. The beneficiary does so for the sake of convenience. D.The beneficiary doesnt want to pay the money. 15. 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. 16. A.In Australia. B.In Austria. C.In China. D.In the U.S. 17. A.I wont advertise. B. I dont want to report to the police station. C. 1 will be worried about this. D.Ill advertise or report to the police station. 18. A. Three - month. B. Six - month. C. 15 days. D. Twelve - month. 19.A.RMB. B.Hongkong Dollar. C. Dollar. D. Franc. 20. A.The government. B.The banks. C.The leaders. D.The fund authorities Section three (10 marks) 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. Passage One 21. A.1994 B.1996 C.1998 D.1995 22. A.280 million B.I80 million C.280 billion D.I80 billion 23. A.small projects B. financing key state construction projects C.hope projects D.private projects Passage Two 24. A.hotel expenses B.stock exchange C.plane expenses D.restaurant expenses 25. A. It can avoid the necessity of carrying large amount of cash. B. You neednt purchase large amounts of travelers checks. C. You neednt use personal checks in places other than your own locality. D.It cant provide an instant cash service in case you run out of money. 26. A. very useful and convenient B. useless C. a waste of money D. not popular 27. A. American Express B. Chinese Peony Card C. Dragon Card D. Credit Card Passage Three 28. A.The Asian markets are in recession. B. No investment is worth keeping if it robs of your sleep. C. If you need the money today, you should have sold the stocks now. D.It is easy to be brave and keep buying during a bull market. 29. A.50 B.15 C.60 D.70 30. A. You can live a happy life. B. Though you are not rich, you can enjoy a long and happy life. C. You can have a big mansion in Spain. D. You can live to see your granddaughters graduation. Tart Two.Reading Section One(lOmarks) Directions: There are ten statements in this section. For each statement there are foure choices marked A, B, C and D. You should choose the best answer and mark the corresponding letter on the ANSWER SHEET by drawing a single line through! the center. 31. Before making a loan, potential lenders determine the borrowers ability to meet _ A. scheduled payment B. his creditor C. the government s requirements D. the stockholdersrequirements 32. _ may make wage demands based on the accounting information that shows their employer s reported income. A. Creditors B. Employees C. Labor union D. B but cases _ 50_ borrowing and lending have to be referred to the Bank of England. 46. A.alter B. vary C.turn D. convert 47. A.in response B. respondent C.responding D. Answering 48. A. of which B. on which C. in which D. at which 49. A. Authorizing B. Authorize C. be authorized D. have been authorized 50. A. Involving B. Involve C. will involve D. being involved Section Three (10%) 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 1 One of the most important functions of the accounting process is to accumulate and report ac-counting information that shows an organizations financial position and the results of its opera-tions . Many businesses publish such financial statements at least annually. The subdivision of the accounting, process that produces these general - purpose reports is referred to as financial accounting. Another major function of accounting is to provide management with the data needed for decision making and for efficient operation of the firm. Although management people routinely receive the financial reports , they also require var-ious other information, such as the unit cost of a product, estimates of the profit earned from a specific sales activity, cost comparisons of alternative courses of action and long- range bud-gets . The process of generating and analyzing such data is often referred to as managerial ac-counting . 51.The purpose of managerial accounting is to prepare financial statements every year. A. Right B.Wrong C.Doesnt say 52.Financial statements include balance sheet, income statement and cash flow statement. A.Right B.Wrong C. Doesnt say 53 . Financial statements are used only by the outsiders of a firm . A.Right B.Wrong C.Doesnt say 54 .he management of a firm needs to use the results of both financial accounting as well as managerial accounting. A.Right B.Wrong C.Doesnt say Passage Two During this period a number of important structural measures have been taken with partic-ular significance for the banking sector. The first was the unification of the Renminbi (RMB) exchange rates and foreign exchange markets in January 1994. Second, the passage of central banking and commercial banking laws in 1995 has provided legal basis for the banking system in China. Third, the acceptance of the obligations of Article VIII of the Articles of Agreement of the International Monetary Fund in December 1996, namely commitment to RMB current-ac-count convertibility, has officially removed the remaining restrictions on international payments for trade and service transactions. 55. foreign exchange can be bought or sold without any restrictions in foreign exchange mar- kets. A. Right B. Wrong C. Doesnt say 56. The passage of cantral banking and commercial banking laws has made the banking system of China healthier, stronger and more vigorous. A. Right B. Wrong C. Doesnt say 57. International payments for trade and service transactions can be made freely because RMB current accounts are convertible since 1996. A. Right B. Wrong C. Doesnt say Passage three Accounting provides the techniques for gathering economic data and the language for com-municating 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 purposes of taxation and reg-ulation. Employees and their union representatives are also vitally interested in the stability and 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 account-ing techniques. For example, comparison of past performance with planned objectives may re-veal the means of acceleration, favorable trends and reducing those that are unfavorable. 58. The financial position and future prospects are of the concern of business investors. A.Right B.Wrong C. Doesnt say 59. Before making loans to customers, banks would try to get rid of risks involved. A.Right B.Wrong C. Doesnt say 60.Employees may show little concern in the earnings of a business enterprise in which they work. A.Right B.Wrong C. Doesnt say Section Four (20%) Directions : There are ten statements in this section . For each statement there are four choices marked A , B , C and D . You should choose the best answer and mark the corre-sponding letter on the ANSWER SHEET by drawing a single line through the center. Passage 1 When a savings account is opened in a bank, The depositor must sign a deposit agree-ment . By signing agreement , the depositor agrees to abide by the rules and regulations of the bank. These rules and regulations vary with different banks and may be altered and amended from time to time. At this time, a passbook may be given to the depositor. This is a small book in which the bank teller enters the date and amount of each deposit or withdrawal and initials the entry . The passbook is to be presented at the bank or mailed to the bank along with a de-posit or withdrawal slip each time money is deposited or withdrawn from the account . An alter-native practice for depositing or withdrawing money from a savings account is to give the deposi-tor a small register for recording deposits and withdrawals and a pad of deposit - withdrawal forms. This procedure eliminates the use of the passbook. Each time a deposit or withdrawal from savings is made, the appropriate part of one of the forms is filled in, signed, recorded in the register and presented or mailed to the bank with deposit items or other documents. The bank gives a machine - printed receipt to the depositor or returns it by mail . There should be a separate savings account in the ledger to record these activities. Traditionally, the principal differences between a savings account and a checking account are that interest is paid regularly by the bank on a savings account and withdrawals from a sav-ings account may be made at the bank or by mail by the depositor or an authorized agent. De-positors use checking accounts primarily as a convenient means of making payments, while sav-ings accounts are used primarily as a means of accumulating funds with interest . An increasing-ly common practice is for the bank to combine savings and checking accounts and get deposi-tors permission to make automatic transfers of funds from the savings portion to the checking portion whenever the latter falls below a specified minimum balance . This amounts to giving the depositor an interest - earning checking account. 61 . What is the primary purpose of a savings account? A .For interest B .For transfer of funds C .For accumulating funds with interest D .For making profits 62 .What is the aim of a small register and a pad of deposit withdrawal forms? A.To attract deposits B.To improve bank services C .to eliminate the use of the passbook D .To promote banking business 63 .What is the purpose of signing a deposit agreement? A.To follow the banks rules and regulations B.To have the right to make full use of the banks facilities C.To open an account in the bank D.To protect the depositors interest 64 .What does a depositor do with a passbook? A.He makes deposits with a bank B.He withdraws money from a savings account C .He withdraws money from a checking account D.Both A and B 65 .For what purpose does a bank try to combine a savings account and a checking account? A.For holding more funds B.For covering the checking account falling below the specified minimum balance C .For automatic transfer of funds D .Both B and C Passage Two Document 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 re-ceive the bill (s) of lading, the importer accepts the usance (time) draft that creates an obli-gation similar to a promissory note called a trade acceptance. This can be used for finance pur-poses under some conditions. This is a promise to pay in a certain number of days, after ac-cepting the 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 nego-tiable instrument. It is much easier to enforce a financial instrument than an account receiv-able, which must be proven to the courts. However, a sharp increase in risk over D/A oc-curs because the 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 foreign bank are purely agents for transmittion and collection. It is very important not to confuse a bankers acceptance, which carries the credit of a bank, with a trade acceptance mentioned here. The latter is no better than the credit and integrity of the buyer as opposed to the bank. 66.If D/A terms are used to settle international transaction, then _. A.the seller must pay on presentation of documents. B.B. A sight draft is usually used C.The importer can get the bill (s) of lading only after he accepts the time draft D.A promissory note is created 67.In the passage, the sentence “this can be used for finance purposes under some condi-tions“ means that _. A. the buyer gives credit to the seller B. the buyer can get the goods and even sell it before he has to pay C. the buyer promises to pay in 30 days D. an obligation is created 68.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 receivale 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 bills. 69.The most important difference between a bankers acceptance and a trade acceptance is that _ . A.