《国际支付与结算》(修订版)王益平 课后答案

Chapter One

1. Fill in the blanks to complete each sentence.

(1) local legal system, political, exchange risks

(2) open account, advance payment, remittance and collection

(3) letter of credit, bank guarantee

(4) price terms, delivery terms

(5) least/minimum, most/maximum

(6) advance payment

(7) open account

(8) clean collection, documentary collection

2. 略

3. Translate the following terms into English.

(1) settlement on bank credit

(2) the potential for currency fluctuation

(3) to clear the goods for export

(4) to pay the insurance premium

(5) to carry out export formalities

(6) the major participants in international trade

(7) the commodity inspection clause

(8) to fulfill the obligation to deliver the goods

(9)t he goods have passed over the ship’s rail

(10)I nternational contract is concluded in a completely different context than

domestic ones

4．Decide whether the following statements are true or false.

(1) F (2) F (3) T (4) T (5) T

(6) T (7) F (8) T (9) T (10) F

5. Choose the best answer to each of the following statements

(1)-(5) BCCBD (6)-(10) DACCC

(11)-(15) BDDCD (16)-(20) DCACD

Chapter T wo

1. Fill in the blanks to complete each sentence.

(1) barter

(2) medium of exchange

(3) expensive, risky

(4) our

(5) V ostro

(6) vostro

(7) nostro

(8) specimen of authorized signatures, telegraphic test keys, terms and conditions, Swift authentic keys

2. Define the following terms

(1) Correspondent relationship 〖A bank having direct connection or friendly service relations

with another bank.〗

(2) International settlements〖International settlements are financial activities conducted among different countries in which payments are effected or funds are transferred from one country to another in order to settle accounts, debts, claims, etc. emerged in the course of political, economic or cultural contracts among them. 〗

(3) V isible trade〖The exchange of goods and commodities between the buyer and the seller across borders.〗

(4) Financial transaction〖International financial transaction covers foreign exchange market transactions, government supported export credits, syndicated loans, international bond issues, etc.〗(5). V ostro account〖V ostro account is an account held by a bank on behalf of a correspondent bank.〗

3. Translate the following terms into English.

(1) commercial credit

(2) control documents

(3) account relationship

(4) cash settlement

(5) financ ial intermediary

(6) credit advice

(7) agency arrangement

(8) credit balance

(9)reimbursement method

(10) test key/code

4．Decide whether the following statements are true or false.

(1) T (2) F (3) F (4) T (5) F

5. Choose the best answer to each of the following statements

(1)-(5) BCDAD (6)-(10) BBDAB

Chapter Three

1. Define the following Terms:

(1) Negotiable instrument〖“A negotiable instrument is a chose in action, the full and legal title to which is transferable by delivery of the instrument (possibly with the transferor’s endorsement) with the result that complete ownership of the instrument and all the property it represents passes free from equities to the transferee, providing the latter takes the instrument in good faith and for value.” 〗

(2) Bill of exchange〖A bill of exchange is an unconditional order in writing, addressed by one person to another, signed by the person giving it, requiring the person to whom it is addressed to pay on demand, or at a fixed or determinable future time, a sum certain in money, to or to the order of a specified person, or to bearer. 〗

(3) Check〖A check is an unconditional order in writing addressed by the customer to a bank signed by that customer authorizing the bank to pay on demand a specified sum of money to or to the order of a named person or to bearer. 〗

(4) Documentary bill〖It is a bill with shipping documents attached thereto. 〗

(5) Crossing〖A crossing is in effect an instruction to the paying bank from the drawer or holder to pay the fund to a bank only. 〗

2. Translate the following terms into English.

(1) 一般划线支票〖generally crossed check〗

(2) 特殊划线支票〖specially crossed check〗

(3) 过期支票〖a check that is out of date〗

(4) 未到期支票〖post dated check〗

(5) 大小写金额〖amount in words〗

(6) 白背书〖blank endorsement〗

(7) 特别背书〖special endorsement〗

(8) 限制性背书〖restrictive endorsement〗

(9) 跟单汇票〖documentary bill〗

(10) 即期汇票〖sight draft〗

(11) 远期汇票〖usance/term bill〗

(12) 承兑汇票〖acceptance bill〗

(13) 可确定的未来某一天〖determinable future date〗

(14) 光票〖clean bill〗

(15) 流通票据〖negotiable instrument〗

(16) 贴现行〖discounting house 〗

(17) 商人银行〖merchant bank〗

(18) 无条件的付款承诺〖unconditional promise of payment〗

(19) 负连带责任〖jointly and severally responsible〗

(20) 出票后90天付款〖payable 90 days after date〗

3. Decide whether the following statements are true or false.

(1) T (2) F (3) T (4) T (5) T

(6) F (7) T (8) T (9) T (10) T

(11) F (12) T (13) T (14) F (15) T

(16) T (17) T (18) F (19) F (20) F

4. Choose the best answer to each of the following statements

(1)-(5) CACBC (6)-(10) BACBB

(11)-(15) BDCCC (16)-(20) BBAAC

5-7 略

Chapter Four

1. Fill in the blanks to complete each sentence.

(1) beneficiary

(2) payment order / mail advice / debit advice

(3) the remittance amount is large / the transfer of funds is subject to a time limit / test key

(4) sell it to his own bank for crediting his account

(5) debits / credits

(6) demand draft

(7) act of dishonor

(8) swiftness / reliability / safety / inexpensiveness

(9) debiting remitting bank’s nostro account

(10) delivery of the goods

2. Define the following Terms.

(1) International remittance means a client (payer) asks his bank to send a sum of money to a beneficiary abroad by one of the transfer methods at his option while the beneficiary can be paid at the designated bank which is either the remitting bank’s overseas branch or its correspon dent with a nostro account.

(2) Remitting bank is the bank transferring funds at the request of a remitter to its correspondent or its branch in another country and instructing the latter to pay a certain amount of money to a beneficiary.

(3) A mail transfer is to transfer funds by means of a payment order or a mail advice, or sometimes a debit advice issued by a remitting bank, at the request of the remitter.

(4) Demand draft transfer is a remittance method using a bank demand draft. It is a negotiable instrument drawn by one bank on its overseas branch or its correspondent abroad ordering the latter to pay on demand the stated amount to the holder of the draft.

(5) Cancellation of the reimbursement under mail transfer or telegraphic transfer is usually done before its payment is made at the request of the remitter or the payee who refuses to receive the payment.

3. Translate the following terms into English.

(1) 汇款通知单remittance advice (2) 汇出汇款outward remittance (3) 国际汇款单international money order (4) 往来账户current account

(5) 自动支付系统automated payment system (6) 作为偿付in cover

(7) 赔偿保证书letter of indemnity (8) 信汇通知书 mail advice

(9) 汇票的不可流通副本non-negotiable copy of draft (10) 首期付款down payment

4. Choose the best answer to each of the following statements

(1)-(5) BCABD (6)-(10) BBBAA

Chapter Five

1. Fill in the blanks to complete each sentence.

(1) presenting bank

(2) title documents / pays the draft / accepts the obligation to do so

(3) legal / the exchange control authorities

(4) the payment is made

(5) open account / advance payment

(6) Inward collection

(7). the remitting bank

(8) trust receipt

(9) D/P at sight

(10) documents, draft, and collection order

2. Define the following terms

(1) Collection is an arrangement whereby the goods are shipped and a relevant bill of exchange is drawn by the seller on the buyer, and/or shipping documents are forwarded to the seller’s bank with clear instructions for collection through one of its correspondent banks located in the domicile of the buyer.

(2) The case of need is the representative appointed by the principal to act as case of need in the event of non-acceptance and/or non-payment, whose power should be clearly and fully stated in

the collection.

(3) Documentary collection is a collection of financial instruments being accompanied by commercial documents or collection of commercial documents without being accompanied by financial instruments, that is, commercial documents without a bill of exchange. Alternatively, the documentary collection is a payment mechanism that allows the exporters to retain ownership of the goods until they receive payment or are reasonably certain that they will receive it.

(4) Outward collection is a banking business in which a bank acting as the remitting bank sends the draft drawn against an export with or without shipping documents attached, to an appropriate overseas bank, namely, the collecting bank to get the payment or acceptance from the importer. (5) Collection bill purchased is a kind of financing by banks for exporters under documentary collection methods. It means that the remitting bank purchases the documentary bill drawn by the exporter on the importer. It involves great risk for the remitting bank due to lack of a guarantee.

3. Translate the following terms into English.

(1) 承兑交单acceptance against documents (2) 商业承兑汇票 trade acceptance

(3) 需要时的代理人case of need (4) 出口押汇export bill purchased

(5) 物权单据 title document (6) 以寄售方式on consignment

(7) 直接托收direct collection (8) 货运单据shipping documents

(9) 付款交单documents against payment (10) 远期汇票time/ tenor/term/ usance draft

4. Choose the best answer to each of the following statements

(1)-(5) ABCAB (6)-(10) ACAAD

Chapter Six

1. Define the following terms:

(1) Letter of credit 〖The Documentary Credit or letter of credit is an undertaking issued by a bank for the account of the buyer (the applicant) or for its own account, to pay the beneficiary the value of the draft and/or documents provided that the terms and conditions of the documentary credit are complied with. 〗

(2) Confirmed letter of credit 〖A credit that carries the commitment to pay by both the issuing bank and the advising bank. 〗

(3) Revolving credit 〖A credit by which, under the terms and conditions thereof, the amount is renewed or reinstated without specific amendments to the documentary credit being required. 〗(4) Confirming bank 〖A bank, usually the advising bank, which adds its undertaking to those of the issuing bank and assumes liability under the credit.〗

(5) Applicant of the credit〖The applicant is always an importer or a buyer, who fills out and signs an application form, requesting the bank to issue a credit in favor of an exporter or a seller abroad.〗2. Translate the following terms or sentences into English.

(1) 未授权保兑〖silent confirmation 〗

(2) 有效地点为开证行所在地的柜台〖to expire at the counters of the issuing bank 〗

(3) 凭代表物权的单据付款〖to pay against documents representing the goods〗

(4) 信用证以银行信用代替了商业信用。〖A credit places a bank’s credit instead of commercial credit.〗

(5) 信用证独立于它所代表的商业合同。〖A credit stands independent of the sales contract.〗3. Decide whether the following statements are true or false.

(1) F (2) F(3) T (4) F (5) T

(6) F (7) F (8) T (9) F (10) F

(11) T (12) T (13) F (14) F (15) T

4. Choose the best answer to each of the following statements

(1)-(5) BCDBA(6)-(10) DDCCC

(11)-(15) DDADB (16)-(20) DDDAB

Chapter Seven

1. Fill in the blanks to complete each sentence.

(1) completeness, correctness, consistency

(2) underlying transaction

(3) authorized signatures, test key

(4) comply with

(5) ISO currency code

2. Translate the following terms or sentences into English.

(1) 信用证表面的真实性〖the apparent authenticity of the credit 〗

(2) 标准国际银行惯例〖international standard banking practice〗

(3) 信息交换系统〖data communication network 〗

(4) 有足够的资金来支付信用证〖to have sufficient funds to cover the credit〗

(5) 买方考虑自己的要求也同样的重要〖It is equally important that the buyer’s own requirements be taken into account.〗

3. Decide whether the following statements are true or false.

(1) F (2) F(3) F (4) T (5) T

(6) T (7) F (8) T (9) F (10) T

4. Choose the best answer to each of the following statements

(1)-(5) CDCBC (6)-(10) CAADD

(11)-(15) ADDAB

Chapter Eight

1. Define the following terms:

(1) Commercial invoice 〖The commercial invoice is the key accounting document describing the commercial transaction between the buyer and the seller. It is a document giving details of goods, service, price, quantity, settlement terms and shipment. 〗

(2) Export license 〖An export license is a document prepared by a government authority of a nation granting the right to export a specific quantity of a commodity to a specified country. 〗(3) Bill of lading 〖A bill of lading is a document issued by a carrier to a shipper, signed by the captain, agent, or owner of a vessel, providing written evidence regarding receipt of the goods, the conditions on which transportation is made, and the engagement to deliver goods at the prescribed port of destination to the lawful holder of the bill of lading. 〗

(4) Inspection certificate 〖A document issued by an authority indicating that goods have been inspected prior to shipment and the results of the inspection. 〗

(5) Consular invoice 〖A consular invoice is an invoice covering a shipment of goods certified in the country of export by a local consul of the country for which the merchandise is destined. 〗II. Translate the following into English:

(1) 战略产品〖strategic commodity〗

(2) 普惠制〖General System of Preference〗

(3) 有预订的泊位〖with reserved berth〗

(4) 多式联运提单〖multi-modal transport bill of lading〗

(5) 抽样方式〖sampling methodology〗

3. Decide whether the following statements are true or false.

(1) F (2) F(3) T (4) T (5) F

(6) F (7) F (8) T (9) T (10) F

4. Choose the best answer to each of the following statements

(1)-(5) ABDAC (6)-(10) CCCDA

(11)-(15) DDAAA(16)-(20) ABACD

Chapter Nine

1. Fill in the blanks to complete each sentence.

(1) acceptable accounts receivable / non-recourse and notification

(2) collection as well as the risk of credit losses

(3) the level of sales

(4) changes in the world economic structure

(5) growing demands

(6) purchasing the client’s accounts receivables

(7) financial and administration

(8) the invoice date / the customer makes his payment

(9) market conditions and his assessment of the risks involved in a particular transaction

(10) fluctuations in the exchange rate / in the status of the debtor

2. Define the following terms

(1) Factoring is a form of trade financing that allows sellers to sell their products to overseas buyers essentially on an open account basis. In simple terms, factoring is the purchase of claims, arising from sales of goods, by a specialized company known as factoring company or factor. Factoring is in fact a three-party transaction between the factor and a business entity, i.e. the exporter selling goods or providing services to foreign the importer.

(2) Forfaiting is the term generally used to denote the purchase of obligations falling due at some future date, arising from deliveries of goods and services--mostly export transactions--without recourse to any previous holder of the obligation. Simply speaking, forfaiting is the business of discounting medium-term promissory notes or drafts related to an international trade transaction.

3. Translate the following terms into English.

(1)或有负债contingent liability (2)信用额度credit limit

(3)卖方信贷supplier credit (4)无追索权的without recourse

(5)信用审定credit approval (6)资本货物capital goods

(7)买方信贷担保buyer credit guarantee (8)福费廷融资便利forfaiting facility (9)贸易壁垒trade barrier (10)大宗采购折扣bulk purchase discount 4. Choose the best answer to each of the following statements

(1) B (2)A(3) D (4) C (5) D

Chapter 10

1. Fill in the blanks to complete each sentence.

(1) secure mechanism for payment / default instrument

(2) party tendering / the contract has been awarded

(3) presentation of the beneficiary’s demand and stipulated documentation

(4) issue a guarantee directly to the beneficiary

(5) Unconditional bonds

(6) withdraw its bid / accept the award of contract in its favor / between 2% and 5%

(7) UCP for documentary credits / Uniform Rules for Demand Guarantee.

(8) An advance payment

(9) borrower (the principal) / the lender (the beneficiary)

(10) counter indemnity

2. Define the following terms

(1) A bank guarantee is an instrument for securing performance or payment especially in international business. It is a written promise issued by a bank at the request of its customer, undertaking to make payment to the beneficiary within the limits of a stated sum of money in the event of default by the principal. It may also be defined as an independent obligation where the guarantor has to make a special agreement with its customer, ensuring that it will be refunded by him for any payment to be effected under the contract of guarantee.

(2) A beneficiary is the party in whose favor the guarantee is issued. He is secured against the risk of the principal’s not fulfilling his obligations towards the beneficiary in respect of the underlying transaction for which the demand guarantee is given. He will not obtain a sum of money if the obligations are not fulfilled.

(3) An indirect guarantee is a guarantee where a second bank, usually a foreign bank located in the beneficiary’s country of domicile, will be requested by the initiating bank to issue a guarantee in return for the latter’s counter-guarantee.

(4) A performance bond is an undertaking given by the guarantor at the request of a supplier of goods or services or a contractor to a buyer or beneficiary, whereby the guarantor undertakes to make payment to the beneficiary within the limit of a stated sum of money in the event of default by the supplier or the contractor in due performance of the terms of a contract between the principal and the beneficiary.

(5) A standby letter of credit is a clean letter of credit that generally guarantees the payment to be made for an unfulfilled obligation on the part of the applicant. It is payable on presentation of a draft together with a signed statement or certificate by the beneficiary that the applicant has failed to fulfill his obligation.

3. Translate the following terms into English.

(1)履约保函performance bond (2)担保书，保函letter of guarantee

(3)反赔偿counter indemnity (4)附属保函accessory guarantee

(5)备用信用证stand-by letter of credit (6)工程承包engineering contracting

(7)基础交易underlying transaction (8)见索即付保函demand guarantee

(9)延期付款保函deferred payment bond (10)反担保counter guarantee

4. Choose the best answer to each of the following statements

(1)-(5) BAADC (6)-(10) BCDBA

Chapter 11

1. Fill in the blanks to complete each sentence.

(1) collection operations for drafts and for documentary collections

(2) all collections / collection instruction

(3) all Documentary Credits / Credit

(4) all Bank-to-Bank Reimbursements / Reimbursement Authorization.

(5) any demand guarantee and amendment thereto / Guarantee or any amendment thereto.

(6) documents / goods / terms and conditions

(7) codification of rules / banking practice regarding documentary credits

(8) international finance, trade, transportation and computer technology

(9) quite different from the practice of guarantee / banking and commercial

(10) bank-to-bank reimbursements

2. Translate the following terms into English.

(1)索偿reimbursement claim

(2)仲裁书arbitral award

(3)银行委员会banking commission

(4)多式联运multi-model transport

(5)偿付保证reimbursement undertaking

(6)银行惯例banking practices

(7)集装箱运输containerized traffic

(8)非转让运输单据non-negotiable waybill

(9)远期托收提示tenor collection presentation

(10)国际商会International Chamber of Commerce

4. Choose the best answer to each of the following statements.

(1) B (2) D (3) C (4) A(5) D

Chapter 12

1. Fill in the blanks to complete each sentence.

(1) payment information / transfer value

(2) confirmation number / confirmation help and notification

(3) for procedures and message formats / computer readable

(4) information / value / net amount

(5) high speed and accuracy

(6) access to the system for the settlement of international money transfers

(7) faster, more reliable communication / lower transmission costs

(8) the international clearing house

(9) standardized formats

(10) Clearing House Automated Payment System / CHIPS

2. Define the following terms

(1) A payment system is the means whereby cash value is transferred between a payer’s bank account and a payee’s bank account.

(2) SWIFT (Society for Worldwide Inter-bank Financial Telecommunication) is a computerized international telecommunications system which, through standardized formatted messages, rapidly processes and transmits financial transactions and information among its members around the world.

(3) CHIPS (Clearing House Inter-bank Payment System) is a pseudo-wire system in New Y ork City that handles an enormous volume of cash flow between local financial institutions. CHIPS is a settlement system involving primarily about 135 New Y ork City financial institutions and is operated by the New Y ork Clearing House Association.

(4) Clearing House Automated Payments System (CHAPS) is a system of sending and clearing payments on a same-day basis that is available nationwide in Britain and is operated by a number of settlement banks that communicate directly through computers.

(5) Fed Wire is a fund-transfer system operated nationwide in the USA by the Federal Reserve System (the Fed, Central Bank of the USA) that handles transfer from one financial institution to another with an account balance held with the Fed.

3. Translate the following terms into English.

(1) 现金头cash positions

(2) 簿记入账bookkeeping entry

(3) 金融中介financial intermediary

(4) 客户汇款customer transfers

(5) 账目核对account reconciliation

(6) 联储银行支付系统Fed Wire

(7) 非结算银行non-settlement bank

(8) 资金调拨系统fund transfer system

(9) 次支付体系secondary payment system

(10) 储备余额账户reserve balance account

(11) 自动票据交换所automated clearing house

(12) 银行头寸调拨financial institution transfers

(13) 非盈利性合作协会non-profit cooperative society

(14) 外汇买卖和存放款foreign exchange deal and loan

(15) 票据交换所银行同业清算系统Clearing House Inter-bank Payments System

4. Decide whether the following statements are true or false.

(1) T (2) T (3) F (4) T (5) F

5. Choose the best answer to each of the following statements.

(1) B (2)A(3)D (4) B (5) C

Chapter 13

1. Fill in the blanks to complete each sentence.

(1) purchaser or the holder / replaced

(2) clerk or the teller / a small commission

(3) the initial signature / the countersignature

(4) banking instruments / retailing

(5) (assigned) merchant

(6) annual income and the credit standing

(7) issuance, application and clearing

(8) consumer’s credit / current account

(9) separate listing of their cheque numbers

(10) paying the bill in full / drawing revolving credit

2. Define the following terms

(1) A traveler’s cheque is a specially printed form of cheque issued by a financial inst itution, leading hotels, and other agencies in preprinted denominations for a fixed amount to a customer for use when he is going to travel abroad. A traveler’s cheque is actually a draft of a bank or other agency, which is self-identifying and may be cashed at banks, hotels, etc., either throughout the world or in particular areas only.

(2) A paying agent is one that undertakes by arrangement with the issuer to pay the latter’s traveler’s cheques when presented by the holder.

(3) Credit cards are instruments issued by banks to carefully selected customers with a line of credit ranging from several hundred to several thousand dollars based on the latter’s financial status for use in obtaining, on credit, consumer goods, services and other things when necessary.

(4) A cardholder is the customer who has a current account with the card-issuing bank and whose credit is good, and who based on his financial status can obtain, on credit, consumer goods, services and other things when necessary.

(5) A merchant is a store, hotel or restaurant that is bound to have a pre-arrangement with the card-issuing bank and is willing to accept the credit card for payment of commodities sold or services rendered

3. Translate the following terms into English.

(1) 初签initial signature

(2) 入会费entrance fee

(3) 销售代理selling agent

(4) 商户assigned merchant

(5) 旅行支票traveler’s cheque

(6) 购货收据purchase receipt

(7) 往来账户current account

(8) 签购单，购物单sales slip

(9) 兑付代理人paying agent

(10) 会员费membership dues/fee

(11) 消费者信贷consumer’s credit

(12) 签字印鉴authorized signature

(13) 美国运通卡American Express Card

(14) 非贸易结算non-trade settlement

(15) 零售银行业务retailing banking business

4. Decide whether the following statements are true or false.

(1) T (2)F (3)T (4) T (5)F

5. Choose the best answer to each of the following statements.

(1) B (2) D (3) A(4) C (5) B

Chapter 14

1. Fill in the blanks to complete each sentence.

(1) medium of high-speed digital transactions

(2) business-to-business commerce / its breadth of coverage and ease of use

(3) Putting up a Web site / luring online shoppers in

(4) “e-cash”, “cyber-money”

(5) stored-value products and access products (such as a bank A TM card)

(6) transfer of financial value

(7) advertising purposes

(8) phone orders and credit card orders

(9) digital signatures

(10) debit card account.

2. Define the following terms

(1) Electronic commerce is the ability to purchase goods and services electronically over the Internet from around the world at any time of day or night.

(2) Cyber-payment means the methods that have been implemented to transfer money, new methods of financial transactions as today banks already can transfer money with computers. (3) SET is a single technical standard for safeguarding credit (and in the near future debit) card purchases made over the open networks of the Internet. It is an international protoc ol that details how credit card (and debit card) transactions on the Internet will be secured using encryption technology and digital certification.

(4) A digital signature is a way to encrypt a message so that the recipient can decode it and be certain of the authenticity of the transaction.

(5) Smart cards are micro- processor-equipped cards that work with card readers installed in the computers of consumers.

3. Translate the following terms into English.

(1) 电子支付cyber-payment

(2) 电子现金e-cash

(3) 信用额度line of credit

(4) 数字化货币digital currency

(5) 电子钱包electronic wallet

(6) 自动出纳机automated teller machine

(7) 商务的全球化globalization of commerce

(8) 个人身份识别号personal identification number

(9) 微芯片埋置式灵通卡microchip-embedded smart card

(10) 电子交易安全标准Secured Electronic Transactions Standards

(11) 电子商务electronic commerce

(12) 加密的磁条encoded magnetic stripe

(13) 存取设备access device

(14) 借记卡debit card

(15) 虚拟指纹virtual fingerprint

4. Decide whether the following statements are true or false.

(1) F (2) T (3) T (4) F (5)T

(6) T (7) T (8) F (9) F (10) F

5. Choose the best answer to each of the following statements.

(1) A(2) B (3) C (4) D (5) D (6) C (7) B (8) A(9) D (10) B