金融英语初级模拟10-暂无听力

金融英语初级模拟10-暂无听力 Financial English Certificate Test ? (BANKING: COMPREHENSIVE) Part One Listening (30 marks) Section one (10 marks) Directions: In this section, you will hear 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. Section One 1. A. Analysts think that they can choose the most successful firm in China now. B. Analysts say they can't choose the most successful firm in China now. C. Analysts think there is no successful firms in China. D. Analysts have different opinions. 2. A. The American government B. The Japanese government C. The Chinese government D. The Hongkong government 3. A. Assuming inappropriately large financial risk can cause investors to lose sleep. B. Financial risk will not cause investors to lose sleep. C. Seeking to maximize profits appropriately can cause investors to lose sleep. D. No matter how much they earn, the investors will no lose sleep. 4. A. Any one country's currency is always Legal tender. B. Any one country's currency is always illegal tender. C. Any one country's currency is legal tender only within its national boundaries. D. One country's currency is the Legal tender in the other country. 5.A. 50% B. 15% C.51% D.59% 6. A. Complexities arise when goods cross international boundaries. B. Complexities will not arise because different kinds of money can be used. C. People must face the complexities. D. The people cannot accept the complexities. 7. A. They collect enough information. B. They don't open accounts with customers. C. They don't collect enough information. D. Customers don't want to open accounts. 8. A. The 1980s boom collapsed in 1989. B. The 1980s boom collapsed in 1990. C. The 1980s boom collapsed in 1988. D. The 1980s boom collapsed in 1991. 9. A. Dealers find it easy to hake a living. B. Dealers find it hard to make a living. C. Auctioneers find it hard to make a living. D. Dealers often buy something for stock. 10. A. $ 3001million. B. less than $ 300 billion. C. $ 300 billion. D. over $ 300 billion. 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. 11. A. Buy some other country's goods. B. Enjoy a fortnight's holiday in London or in Paris. C. Buy wheat from U. S. A. D. Exchange more money. 12. A. Seven five - dollar bills. B. Seven ten- dollar bills. C. Five ten - dollar bills. D. Seven twenty - dollar bills. 13. A. They are very special. B. They are very hard to counterfeit. C. They are very easy to counterfeit. D. They are very attractive. 14. A. Risk aversion. B. lack of time. C. Lack of skill. D. Enough time. 15. A. A syndicated loan is a loan arranged by a lead bank. B. The syndicated banks share credit information and credit risk. C. These syndicated banks don't share any information. D. A group of other banks are involved in a syndicated loan. 16. A. The woman wants to draw money from the bank. B. The woman wants to deposit some money. C. The woman wants to change her money into U.S. dollars. D. The woman wants to change her money into Hongkong dollars. 17.A. $ 100 bill. B. $ 50 bill. C. $ 20 bill. D. $ 10 bill. 18.A. By check. B. in cash. C. With credit card. D. With RMB. 19. A. The currency's value is increasing. B. The currency is losing value. C. The currency's value remains unchanged. D. The currency's value has changed a lot, 20. A. There has been a depreciation of 50%. B. There has been a depreciation of 70%. C. There has been an appreciation of 50%. D. There has been an appreciation of 70%. 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. You can read some newspapers. B. You can watch some TV programs. C. You can read our "Tips for parents" section and visit Planet Orange. D. You can ask somebody for advice. 22. A. Saving for college. B. Retirement planning. C. Identity theft. D. Every cost - cutting strategies. 23. A. Helping people to get on well with each other. B. Helping people to save their money. C. Helping people to find a good job. D. Helping people to study well. Passage Two 24. A. PICC property and Casualty Co. Ltd. B. Ping An Insurance Co. Ltd. C. China Life Insurance Co. Ltd. D. People's Insurance Company of China Group. 25. A. US $ 2.5 billion B.US $ 3.5 billion C.US $ 2.15 billion D.US $ 2.5 million 26. A. 45% B.26% C.48% D.24% Passage Three 27. A. benefit B. suffer C. are not affected D. increase their profits 28. A. cut cost mid improve quality B. hire more people C. fire some people D. lower their product process 29. A. constant concern for policymakers B. occasional concern for policymakers C. temporary concern for policymakers D. domestic concern for policymakers 30. A. higher prices B. lower prices C. constant prices D. None of above. Part Two Reading (50 marks) Section One (10 marks) Directions: Each of the following sentences is provided with four choices. Choose the one that best completes the sentence. 31. If at a given moment the market rate in one center deviates too far from the average, a balance will soon be restored by ______. A. arbitration B. authority C. arbitrate D. arbitrage 32. Therefore, balance - of- payments deficits often lead to price ______ of a nation's currency relative to the prices of other currencies. A. appreciation B. depreciation C. appropriation D. affiliation 33. A currency considered to be overvalued will soon be greeted by a rash of sell orders, ______ its price. A. demonstrating B. demobilizing C. dismissing D. depressing 34. Primary producing countries may borrow from the IMF to ______ losses from unfavorable price fluctuations in their export earnings. A. defend B. replace C. deduce D. offset 35. Acts of a bill of exchange are some essential legal acts taken for the purpose of ______ the debt in the draft. A. assuming B. resuming C. retaining D. assuring 36. ______ provide the trading parties, buyer and seller, with, a compromise between open account terms and payment in advance for file settlement of their transactions. A. Credits B. Bills C. Loans D. Collections 37. ______ is a term generally used to denote the purchase of obligation falling due at some future date. A. Forfaiting B. Listing C. Issuing D. Collecting 38. If the Fed buys securities from the commercial banks, payment will be ______ to the banks' accounts at the Fed. A. distributed B. contributed C. credited D. submitted 39. The term Eurodollar is commonly used to refer to U.S. dollar ______ held by foreign national. A. options B. contributions C. reserves D. balances 40. Repurchase agreements are short - term ______ loans used by securities dealers and other market participants. A. individual B. rescued C. collateralized D. credible Section Two (10 marks) Directions: There are a number of blanks in each of the following passages. For each blank there are four choices marked A, B, C and D. You are support to choose the best answer and mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center. Passage One In many instances the initial purchase of raw materials or finished foods for resale is on (41) Thus, suppliers can provide financing in the form of (42) payable. The accounts payable period covers the period between when tile order for law materials is (43) and when the resulting payable is paid. The accounts payable period is subtracted (44) the length of the operating cycle to get the cash conversion cycle. The cash conversion cycle measures a firm's financing gap in (45) of time. In other words, it is the time between when the firm pays its suppliers and when it collects money from its customers. 41. A. terms B. credit C. debt D. loans 42. A. accounts B. cash C. claims D. liability 43. A. put B. taken C. placed D. made 44. A. in B. on C. to D. from 45. A. terms B. light C. means D. charge Passage Two It is the time between (46) materials are ordered and receivables are collected less the time over which payables are outstanding. Of course, if no credit is extended by suppliers, (47) the operating cycle and the cash conversion cycle would be the same. Increases in the cash conversion cycle mean the firm must finance itself for a (48) . period of time. This will increase the firm's short - term financing needs and financing (49) . Financial managers will want to monitor the cash conversion cycle and (50) action should it begin to lengthen. Shorter cash conversion cycles mean tile firm will reduce its short - term financing needs and financing costs. 46. A. where B. how C. when D. what 47. A. than B. that C. thus D. then 48. A. less B. longer C. shorter D. more 49. A. costs B. expenses C. expenditures D. money 50. A. make B. expect C. take D. measure Section Three ( 10 marks) 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 One A revocable documentary credit is issued in favour of the beneficiary in accordance with the instructions of the 'applicant 'and gives the buyer maximum flexibility, since it can be amended, revoked or cancelled without the beneficiary's consent and even without prior notice to the beneficiary tap to the moment of payment by the bank at which the issuing bank has made the documentary credit available. The revocable documentary credit involves risks to the beneficiary since the documentary credit may be amended or cancelled while the goods are in transit and before the documents am presented, or... 51. According to the order of the applicant, an irrevocable documentary credit is issued in favor of the beneficiary. A. Right B. Wrong C. Doesn't say 52. However, the applicant in such a case incurs some risk. A. Right B. Wrong C. Doesn't say 53. The buyer in this case can get the largest flexibility since the revocable documentary credit can be revoked without prior notice to the beneficiary up to the moment of payment by the bank at which the issuing bank has made the documentary credit available. A. Right B. Wrong C. Doesn't say Passage Two An irrevocable documentary credit gives the beneficiary greater assurance of payment; however, he remains dependent on an undertaking of a foreign issuing bank. The issuing bank irrevocably commits itself to honour the exporter's draft and / or documents provided that the stipulated documents are presented and all the stipulations of the documentary credit are compiled with. The irrevocable documentary credit cannot be cancelled/modified without the express consent of the issuing bank, the confirming bank (if any) anti the beneficiary. 54. The beneficiary is independent of an undertaking of the foreign issuing bank even though he can get some assurance of payment by an irrevocable documentary credit. A. Right B. Wrong C. Doesn't say 55. On condition that the documents required are presented and all the provisions of the documentary credit are followed, the issuing bank revocably commits itself to honoar the draft. A. Right B. Wrong C. Doesn't say 56. The irrevocable documentary credit cannot be cancelled if the issuing bank does not grant clear consent. A. Right B. Wrong C. Doesn't say Passage Three In balance sheet terms, the purpose of every bank loan can be assigned to one of three categories. The first is to support or acquire assets -- current assets of seasonal nature, noncurrent assets or normal productive capacity. The second is to replace liabilities. Replacing liabilities can take the form of either assistance in making trade discounts, making tax payments or significantly riskier category of taking out( or "bailing out") other banks or financial institutions. The third is to replace equity. Replacing equity is a risky purpose since the effect of substituting equity will substantially increase leverage. Occasionally, such a loan is appropriate, however, particularly in solving control problems of highly profitable companies. 57. Taking out other banks or financial institutions means getting rid of other banks or financial institutions. A. Right B. Wrong C. Doesn't say 58. Leverage is the relationship between debt financing and equity financing, also known as the debt - to - equity ratio. High leverage means high risk. A. Right B. Wrong C. Doesn't say 59. Making trade discounts is one form of replacing liabilities. A. Right B. Wrong C. Doesn't say 60. Replacing equity is risky and therefore not appropriate in solving control problems of highly profitable companies. A. Right B. Wrong C. Doesn't say Section Four (20 marks) Directions: There are 4 passages in this section. 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 make the best choice and mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center. Passage One Mergers and acquisitions simply mean that one company would attempt to take over another by gaining enough of its common stock to gain control. In the simplest sense, merger means two companies becoming one with the acquirer being in the commanding position. Mergers come in one of several distinct forms. A horizontal merger brings together two companies in a similar industry--two steel companies for example. A vertical merger brings together two companies in related industries. A steel company taking over an energy producer such as a coal mine would be an example. An automobile producer taking over a parts manufacturer is another. In either case, the merger is designed to produce a synergy between the two companies that did not exist before. The horizontal merger should produce greater scale and efficiency, avoiding duplication of products and production. Both bring together companies related either directly or indirectly. Another type of merger, or takeover as the case may be, is the merger of two unrelated companies. This is known as the conglomerate merger--a company purposely buying another not engaged in the same business at all. This sort of merger and the companies it creates-- conglomerates--were originally conceived to serve as hedge against changing economic climates. Leveraged buyout (LBO) is the purchase of one company by another using mainly borrowed funds. Generally most M&A activity involves one company buying another, taking it out of the public marketplace. On occasion, the management of a company will itself tender for the outstanding shares of a company, accomplishing the same ends. This type of privatization is referred to as a management buyout, or MBO. Acquisitions are classified as either friendly or hostile, depending upon the reaction of tile target company's directly to the proposed bid. If management remains opposed and attempts to dissuade shareholders from accepting the offer of the acquirer, the proposed purchase price is known as a hostile offer, as opposed to a friendly offer if they agree to the terms and conditions. But it should not be assumed that all hostile bids will be successful. Target companies can mount expensive defenses to ward off unwanted suitors, although the costs can be quite high. Some of those defenses are also products of the 1980s and are equally or more famous than some of the financial engineering techniques developed during the same period. 61. Mergers and acquisitions mean ______. A. two companies becoming one with the acquirer being in a subordinate position. B. one company taking over another by acquiring enough of its common stock. C. two companies forming a synergy that did not exist before. D. Both B and C. 62. What is a conglomerate? A. It is a merger of two related industries. B. It is a company deliberately acquiring another engaged in an activity different from that of the original. C. It is a vertical merger. D. It is a hostile merger. 63. Leveraged buyout refers to ______. A. the acquisition of one company by another through its influence. B. the buying of one company by another mainly using debt. C. the acquiring of one company by force. D. the buying of one company by diversifying the risks. 64. MBO refers to ______. A. the management of a company voluntarily offering to buy the outstanding shares of a company. B. a company buying another, taking it out of the public marketplace. C. management buyout. D. Both A and C. 65. What does a hostile acquisition mean? A. It means the target companies disagree to the terms and conditions proposed by the acquirer. B. It means the management of the target companies opposes the proposed bid but tries to persuade shareholders to accept the offer of the acquirer. C. All hostile bids fail. D. Target companies may try to keep away from unwanted suitors, usually at modest costs. Passage Two Cash flow can be generated from a number of sources, including operations, investment and financing. Funds From Operation is also known as Gross Operating Cash Flow. A company's operating cash flow consists of income plus non - cash charge less non - cash credits. Non - cash charge represents reduction in income not requiring cash outlays. The items include depreciation and amortization, deferred taxes, asset write - downs, amortization of bond discounts, provisions, reserves, Josses on a sale of equipment mid loss in equity investments. Non - cash credit includes equity earnings in unconsolidated investments, amortization of bond premiums, gain on the sale of equipment, and negative deferred tax provisions. A company's operating cash needs consist of receivable, inventory and prepaid items. Increases in them represent use of cash, while decreases in them represent cash outflow. Operating cash sources include accounts payable, accruals and taxes payable. Increases in them are sources of cash since cash is conserved and outlays are delayed, whilst decreases in them represent uses of cash. Cash from operation (or net operating cash flow) is operating cash flow available after working capital requirements. Cash flow from investment refers to that generated from primary expenditures real internal cash flow. Primary expenditures include cash dividends, long- term debts, repayments, capital expenditures and fixed assets acquired. Internal cash flow includes miscellaneous items and uses not pertaining to ordinary operations. Examples are disposals, non - operating receivable, purchase and sale of treasury stock, increases and decreases in investments, etc. Cash flow front financing involves need to finance and new financing. The first category represents total internally generated cash flow. If the amount is negative, we need to determine if the company's new financing is sufficient to fund the deficit. The second category includes externally generated cash such as new long- term debt, new equity and net change in short- interest bearing debt. The new financing should be an appropriate source for the major uses causing the deficit. Result change in cash represents the result that the total internally rout externally generated sources of cash net tile total uses of cash during the year. 66. Non- cash charge ______. A. represents reduction in income not requiring cash expenditures. B. includes asset devaluation, losses on a sale of equipment. C. includes amortization of bond premiums. D. Both A and B. 67. Receivable can meet a company's operating cash. Increases in receivable represent ______. A. cash outflow. B. cash deficiency. C. use of cash. D. cash sufficiency. 68. Net operating cash flow is ______. A. operating cash flow available after allowance is made for working capital requirements. B. the same as working capital. C. the same as funds from operation. D. None of the above. 69. Internal cash flow includes ______. A. various items and uses not related to ordinary operations. B. disposals and operating receivable. C. capital expenditures. D. All of the above. 70. Examples or externally generated cash are ______. A. increases/decreases in short - term debt. B. new equity. C. new long term debt. D. All of the above. Passage Three The economic life of a project is a rather abstract concept for the purpose of IRR (Internal Rate of Return ) calculation, albeit a necessary one. In practice, different components of investment packages are likely to have a different physical life experience. Thus, the mobile equipment of a venture may have a physical life of only 5 to 7 years and require replacement thereafter, whereas a stationary piece of heavy machinery may last 20 years or more without major rehabilitation or replacement work. The IRR analysis requires a common time frame for cost and benefit streams. Therefore, careful judgement must be made about the overall project life in terrors of likely physical and economic life expectancy, taking account of likely technological evolution, replacement costs and economies of scale. These discounting factors decline over the years so that the impact of cash flows in later years on the project's rate of return becomes less important. Project implementation period plus project life define the overall time frame for IRR calculations. Cost and benefit streams are established within this time frame. Schedules of a financial nature are important for the establishment of pro forma financial statements and are crucial in determining the financial solvency and creditworthiness of the project sponsors. However, in the financial and economic rate - of- return calculation, the method of financing, of debt servicing (interest and principal repayment), depreciation and dividends are unimportant. The IRR analysis calls for the consistent establishment of all cost and benefit streams under the same estimated frame (project implementation and project life). Typically the analyst must distinguish between capital cost streams, operating cost streams and revenue streams (benefit streams). The total sum of costs and benefits for each year results in the "net benefit". Depending oil the absolute size of all costs and benefits for a given year, the net benefit can be positive or negative. The stream of annual net benefits is simply referred to as the net benefit stream. One can think of the analytical framework ,ff tile IRR calculation as a matrix consisting of tile annual cost and benefit streams. 71. The economic life of a project ______. A. is not necessary in IRR calculation. B. is a rather abstract concept but necessary for IRR calculation. C. is a rather abstract and therefore necessary for IRR calculation. D. is a rather abstract concept but not necessary for IRR calculation. 72. Stationary means ______. A. moving. B. immobile. C. writing materials. D. None of the 'above. 73. Pm forma financial statements refer to ______. A. projected financial statements. B. formal financial statements. C. financial statements provided in advance. D. Either A or C. 74. Financial solvency means ______. A. financial bankruptcy. B. financial creditworthiness. C. having an excess of assets over liabilities. D. financial liquidation. 75. Matrix means ______. A. standard. B. something from which something else takes from. C. measure. D. means. Passage Four A bank has different kinds of security as cover for advance to its customers. There are several ways in which a bank may take security for an advance by lien, pledge, mortgage and hypothecation. In the case of an ordinary lien, the borrower is stile the owner of the property, but the creditor (bank) is in actual or constructive possession of the property, without as a rule having a right to sell it. The securities subject to the bank's lien are those which come into a bank's hands in the ordinary course of its business, for example, bills, cheques and other negotiable instruments deposited with the bank in order that it may collect file proceeds. Pledge is the characteristic model of taking goods as security. It arises when goods (or documents of title thereto) or bearer securities are delivered by one person (called the "pledgor") to another person (called the "pledgee") to be, held as a security for the payment of a debt or for the discharge of some other obligation, upon the express or implied undertaking that the subject matter of the pledge is to be restored to the pledgee as soon as tile debt or other obligation is discharged. The pledgee is entitled to the exclusive possession of the property until the debt is discharged, and the pledgee, in certain circumstances, has the power of sale, but the ownership remains in the pledgor, subject to the pledgee's right. Securities subject to pledge are goods and chattel and fully negotiable securities. Delivery of possession may be either actual or constructive. Essentially, mortgage is an assignment or charge of some interest in land or other property, as security for the payment of a debt or the discharge of some obligation for which it is given subject to a right of redemption (or equity of redemption), discharge of the obligation the interest conveyed (or charged) shall be reconveyed (or discharged). The mortgagee has a special interest in the property, and also a power of sale, but the possession of the property usually remains with the mortgagor unless and until there is a default and the mortgagee enters into possession, which is rare, or exercises any of his other remedies. Securities subject to mortgage are title deeds, life policies, and stocks and shares and others chosen in action. Hypothecation is a transaction whereby goods may be made available as security for a debt without transferring either the property or the possession to the lender. There is risk of lending against the hypothecation of goods. Since the lender does not obtain actual or constructive possession of the goods, his measure of control over them is often very limited, giving the borrower an easy opportunity of dealing with them fraudulently. 76. An advance means ______. A. a loan. B. an improvement. C. money paid before it is due. D, Either A or C. 77. In the case of the ordinary lien, ______. A. the creditor (bank) has a legal claim upon the property of the borrower until a debt on it is paid. B. the creditor has the right to sell the property? C. the creditor becomes the owner of the property. D. the creditor can not claim on bills, cheques and other negotiable instruments deposited with him in order that be may collect the proceeds. 78. In the case of pledge, ______. A. goods, their title, or bearer securities can be held as a security for the payment of a debt. B. the pledgee is in exclusive possession of the goods and sometimes has the power of sale. C. mobile property can be held as a security. D. All of the above. 79. In the case of mortgage, ______. A. the mortgagee has a special interest in the land or other property but has no power of sale. B. if the mortgagor fails to pay the debt, the mortgagee may enter into possession of the property. C. even if the mortgagor defaults, the mortgagee can not possess the property. D. Both A and B. 80. Under hypothecation, ______. A. the creditor has unlimited control over the goods. B. the creditor has no possession of the goods being held as security for a debt.. C. the borrower is less likely to default. D. All of the Jove. Part Three Writing (20 marks) Section One (5 marks) Directions: Describe the procedures of collection by D/P (documents against payment) at sight according to the number order in the following charter. Write your answer on the ANSWER SHEET. Section Two ( 5 marks) Directions: Translate the following sentences into Chinese. Write your translation on the ANSWER SHEET. With the growth of holdings in currencies of countries other than the country of residence, the interdependence of monetary policy, which was an accepted result of the international monetary arrangements under a commodity standard, has been partially restored and its degree has depended, inter alia, on the size of the foreign - currency holding relative to the domestic - money stock. Section Three (10 marks) Directions: Write a letter according to tile following requirements. Write your answer on the ANSWER SHEET. 请按信函格式以下列内容给美国亚特兰大甲银行用英语写一封信。 1)我行客户乙公司专营各类纺织品，现想与贵方有兴趣进口纺织品特别是毛织品的客户建立直接的商 业关系。 2)希望贵行提供有关上述商品在贵地市场的年需求量、进口外汇管理以及其他毛织品入关必要手续等 信息。 3)贵行如能提供对此感兴趣的你方客户的名址及上述各项信息，我行不胜感激。 4)随函寄去有关上述公司情况的一份，供参阅。 Scripts of Listening ? Section One 1. Analysts say that it's too early to pick which firm will have most success in China. 2. The Hongkong government is embarking on lining up some of the largest finance deals in Asia. 3. Seeking to maximize profits by assuming inappropriately large financial risk can cause investors to lose sleep. 4. Any one country's currency is legal tender only within its national boundaries. 5. In eight years the debt had climbed to be about 50% gross national product. 6. Complexities arise when goods cross international boundaries because different kinds of money are involved. 7. They don't collect enough information when they open an account with a customer. 8.The 1980s boom collapsed in 1990. 9. Dealers, as opposed to auctioneers, are still finding it hard to make a living and seldom buy for stock. 10. The annual interest is expected to climb to over $300 billion by the end of the decade. Section Two 11. W: Why do people want to have a foreign currency? M: Because people must use foreign currency to buy some other country's goods--meat from Argentine, wheat from U. S. A. or Canada, and with foreign currency they can enjoy a fortnight's holiday in London or Paris. Q: Which of the following is not mentioned by the man about the usage of foreign currency? 12. W: Please tell me what note you want. M: Will seven ten- dollar bills be all right? Q: What does the man want? 13. W: What's the real selling point of plastic notes? M: They am very hard to counterfeit. Q: What is the selling point of plastic notes? 14. W: I know them are some elements which will affect the investors' searches for the highest possible returns. What are they? M: Risk aversion , lack of time , lack of skill, and other mortal conditions. Q: Which of the following doesn't belong to the elements which will constrain the investors' searches for the highest possible returns? 15. W: Can you explain the meaning of syndicated loan? M: A syndicated loan is a loan arranged by a lead bank between a borrower, itself, and a group of other banks that are parties to the original credit agreement. These syndicated banks share credit information and credit risk. Q: Which of the following is not true about the syndicated loan? 16. W: I'd like to convert the full amount of the remittance into U. S. dollars. M: OK. Q: What does the woman want to do? 17. W: Do you know what is the most counterfeited note in the world? M: Yes,. the $ 100 bill. Q: What is the most counterfeited note in the world? 18. W: You will pay by check or cash, sir? M: I'd like to pay by check, please, rather than in cash. Q: What will the man pay? 19. W: What's the value of currency now? M: The currency is inflated and is losing value. Q: What does the nm think of the currency? 20. W: What's the property value? M: There has been an appreciation in property values of 50% in three years. Q: What's the property value in three years? Section Three Passage One We are in the business of helping you save your money. At IN(; DIRECT, we stress the importance of saving and financial education. If you are a parent or teacher, we encourage you to read our "Tips for Parents" section and to visit Planet Orange, both will help you explain the basics of earning, spending, saving and investing to your children. We also offer bimonthly tips on an array of financial topics such as saving for college, retirement planning, and simple everyday cost - cutting strategies. Another important topic at ING DIRECT is security and privacy. Here you can read our industry leading privacy policy where you, the Customer, get to tell us if you want to hear from us. You will also want to read about identity theft and how to reduce your chances of being a victim. Whatever your reason for visiting Tips & Tools, we hope you find the site helpful. 21. According to the passage, if you are a parent or a teacher, what do we encourage you to do? 22. Which of the following doesn's belong to the tips given by the site? 23. What is the purpose of establishing the website? China Life Insurance Ch. Ltd. , the country's largest life insurer, is launching a US $ 2.5 billion initial public offering (IPO) that would be the biggest in the world this year. State controlled China Life is the leading life insurer on the mainland, with a market share of 45 per cent last year, followed by Ping An Insurance which had a share of 24 per cent. The company's IPO comes after PICC Property and Casualty Co. Ltd., China's largest property insurer, raised HK $ 6.221 billion from a share sale early this month that drew massive orders from investors. Ping An is also eyeing a Hong Kong IPO in coming months that could raise about US $ 2 billion. Questions: 24. What is our country's largest life insurer? 25. How much does China insurance Co. Ltd. launch as the initial public offering? 26. How many shams did Ping An Insurance Company have? Every change, in exchange, rate, whether upward or downward, helps some firms and individuals and hurts others. When a country's currency appreciates, its export industries suffer, as do industries that compete with imports. However, consumers benefit from the availability of low - cost imports, and they profit from efforts by domestic producers to cut costs and improve quality in response to foreign competition. Mm, profits rise and the number of jobs increases in sectors that use imported mw materials and in those devoted to marketing and servicing imported goods. When a country's currency depreciates, the effects are reversed: consumers face higher prices; people who sell mad service imported goods suffer; but export industries boom, and import competing industries enjoy a respite from international competition. The former winners become the losers, and vise versa. These effects insure that exchange rates are a matter of constant concern for policymakers. Questions: 27. When a country's currency appreciates, what should its export industries do? 28. What do the domestic producers do in response to foreign competition? 29. What am the exchange rates according to the article? 30. When a country's currency depreciates, what would home consumes face? Reference Answer ? Part One Listening Section One 1.B 2.D 3.A 4.C 5.A 6.A 7.C 8.B 9.B 10.D Section Two 11.D 12.B 13.B 14.D 15.C 16.C 17.A 18.A 19.B 20.C Section Three Passage One 21.C 22.C 23.B Passage Two 24.C 25.A 26.D Passage Three 27.B 28.A 29.A 30.A Part Two Reading Section One 31.D 32.B 33.D 34.D 35.A 36.D 37.A 38.C 39.D 40. C Section Two Passage One 41. B 42. A 43. C 44. D 45. A Passage Two 46. C 47. D 48. B 49. A 50.C Section Three Passage One 51.C 52.B 53.A Passage Two 54.B 55.B 56.A Passage Three 57.B 58.A 59.A 60.B Passage Four Passage One 61.D 62.B 63.B 64.D 65.A Passage Two 66.D 67.C 68.A 69.A 70.D Passage Three 71.B 72.B 73.D 74.C 75.B Passage Four 76.D 77.A 78.D 79.D 80. B Part Three Writing Section One ? Appling for Collection and Presenting Documents : The principal (exporter) applies to the remitting bank for collection by D?P at sight and presents the relevant documents accompanied by sight draft to the remitting bank. ? Sending Collection Instructions and Documents: The remitting bank sends file collection instructions accompanied by the relevant documents to the collecting bank. ? Presenting Documents: The collecting bank presents the relevant documents accompanied with the sight draft to the payer (importer). ? Making Payment: The payer makes payment. ? Delivering Documents: The collecting bank delivers the documents to the importer against the payment. Section Two 随着对居住国以外国家的货币持有量的增加，曾被公认为商品本位下国际贷币产物的贷币政策相互依存关系已部分恢复，且相互依存程度除其他的因素外主要取决于相对本币存量的外国贷币持有量。 Section Three Bank of China Beijing Branch April 22,2003 Bank A Atlanta U.S.A Dear Sirs: Our client, B Corporation, specializing in all sorts of textiles, wish to enter into direct business connection with customers at your end who are interested in the import of textiles, especially woolen textiles. Besides, they should be very much pleased if you would be able to furnish them with information as to the annual demand of the said commodity in your market, the import exchange control, and the necessary customs formalities in connection with the importation into your place of woolen textiles. We should much appreciate it if you would forward to us the names and addresses of any of your clients who are interested in this inquiry, together with such information as you may give in respect of this above points. For your information we enclose a report on this corporation. Yours sincerely, ××× Manager Bank of China Beijing Branch