lecture 8(1)Payment instruments
商务英语1000必备单词 Unit 3： Payment Instruments票据
商务英语1000必备单词Unit 3：PaymentInstruments票据学习英语中词汇是一个基本的入门，针对不同阶段的人群，需要学习词汇也是不同的，那么关于商务人员需要具备的哪些词汇呢?以下是我给大家整理的商务英语1000必备单词Unit 3 Payment Instruments票据，盼望可以帮到大家Unit 3 Payment Instruments第三单元票据bounceOh no! My check to City Supermarket bounced!跳(票)喔，糟了!我开给城市超市的支票跳票了!cashiers checkPre-payment with cashiers check or money order is accepted.本票预付款用本票或汇票都可以。
checkI dont have cash. Can I write you a check?支票我没有现金，可以开支票给你吗?clearing houseA clearing house is an office where banks exchange checks and drafts.票据交换所;清算所票据交换所是银行交换支票、汇票的地方。
endorseCan you endorse the back of the check, please?背书可以麻烦你在支票背面签名背书吗?financial institutionMany big financial institutions raised their interest rates today.金融机构很多大型金融机构都在今日升息。
matureWhen does my CD mature?(定存、票据等)到期我的定存何时到期?money orderCan I pay with money order?汇票我可以用汇票付款吗?paycheckThe HR assistant distributes employee paychecks every month.薪资支票人资部助理每个月会分发员工的薪资支票。
商务英语课件chapter 10 (2)
transferring title to the goods are not given to the buyer until he has paid the value of the draft issued against him.
Payment in Advance预付货款 Payment in advance signifies that the importer pays
the exporter before delivery of the goods. (used down payment)
Open account Business赊账业务 Under this device, the exporter sends his shipping
Discussion
Advantages and disadvantages of L/C from the perspective of exporters and importers respectively.
Confirmed L/C 保兑信用证 (Unconfirmed L/C) Revocable L/C 可撤销信用证 (Irrevocable L/C) Sight L/C (L/C at sight) 即期信用证 (Time L/C) Transferable L/C 可转让信用证 (Non-transferable L/C) Divisible L/C可分割信用证 (Indivisible L/C)
Collection 托收
After the exporter has shipped the goods or rendered services to his customer abroad, he draws a bill of exchange on the latter with or without shipping documents attached thereto and then gives the draft to his bank together with his appropriate collection instructions. Thus, a collection is usually processed through banks acting as the intermediary.
lecture 8
example
• 即期 GBP/USD=1.9620，伦敦市场利率 9.5%，纽约市场利率7%，三个月英镑 远期汇率》 • 英镑远期贴水 • 贴水数=即期汇率*利率差*天数/360 • =1.9620*(9.5%- 7%)*(90/360)=0.012 • 3个月远期=1.9500（1.9620-0.012）
• Small number of currencies ---forward contracts • Banks –offset position • 外汇银行为了平衡其远期外汇持有额而 交易。 交易。 • 远期外汇持有额就是外汇头寸(foreign exchange position)。
• 外汇银行之所以有风险，是因为它在与 客户进行了多种交易以后，会产生一天 的外汇“综合持有额”或总头寸(overall position)，在这当中难免会出现期汇和现 汇的超买或超卖现象。这样，外汇银行 就处于汇率变动的风险之中。为此，外 汇银行就设法把它的外汇头寸予以平衡 ，即要对不同期限不同货币头寸的余缺 进行抛售或补进，由此求得期汇头寸的 平衡
标价方法相同， 标价方法相同，交叉相除
1英镑=1.8644-1.8649美元 交叉相除 1欧元=1.2955-1.2958美元，则： 1英镑= 1.8644/1.2958-1.8649/1.2955 =1.4388-1.4395欧元
标价方法不同，同向相乘， 标价方法不同，同向相乘，即
1英镑=1.8644-1.8649美元 （英镑间接标价） 1美元=104.060-104.090日元（日元直接标价） 英镑= 1.8644* 104.060-1.8649*104.090 =194.0095-194.1174日元
Cross rate 套算汇率/交叉
英汉笔译测试
笔译测试一、解释术语1、Translation consists in?________________________________________________________________________ 2Translation as a science or an art?________________________________________________________________________ 3 Criteria of Translation________________________________________________________________________ 4What is dynamic equivalence?________________________________________________________________________ 5The methods of Translation?________________________________________________________________________ ________________________________________________________________________ 6What is method?________________________________________________________________________ 7What is diction?________________________________________________________________________ 8What is Amplification?________________________________________________________________________ 9What are purposes and obligatory?________________________________________________________________________ 10Note to omission?________________________________________________________________________二、句子翻译(2做3没做 )My holiday afternoons were spent in ramble about thesurrounding country.2）The sight of his native town called back his childhood.、I love my love with an E, because she's enticing; I hate her with anE, because she's engaged. I took her to the sign of the exquisite,and treated her with an elopement, her name's Emily, and she livesin the East.一朝春尽红颜老，花落人忘两不知。
Instruments_Lecture_1_notes
FINANCIAL INSTRUMENTSLecture 1Introduction and OverviewAimsAfter this lecture you should:•Understand the overall process of investment management•Know the main elements of client objectives•Know the principal constraints affecting client investments•Be familiar with typical institutional policy agreements and operating guidelines •Know the principal instruments available for financial investment•Know the main properties of these financial instruments•Know the main forms of investment management institutionsReading:–Analysis of Investments and Management of Portfolios, 9th edition, Keith C.Brown and Frank K. Reilly and (SouthWestern, 2009) Chapters 1, 2, 16 –Case Study: Ednam Products Company–USS “Investment Policy Statement”NOTE: In the subsequent sections, ▀ denotes that it is not in your lecture notes but have been included here to give you some additional information only.Investments, What? Why?•Defining Investment: A current commitment of £s for a period of time in order to derive future payments that will compensate for:–The time the funds are committed–The expected rate of inflation–Uncertainty of future flow of funds•Reason for Investing: By investing (saving money now instead of spending it), individuals can tradeoff present consumption for a larger future consumption.Enables smoothing of incomes.•Pure Rate of Interest (PRI)–It is the exchange rate between a certain future consumption (future £s) and a certain present consumption (current £s).Established by demand andsupply.If any uncertainty/inflation : PRI + eUsefulness of financial marketsNote: the slope of the line is –(1+r), r is the interest rate at which investors are willing to trade off current consumption for future consumption. It is decided by investors time-preference for consumption and the demand and supply of funds for real investments. The production opportunity curve from real investments are not shown.The slope is determines as followsWe know that given r i0 = i1/(1+r) and that i1=i0(1+r) and that the slope of the line is measure as rise/runWith complete investment of i0 the rise is i1 and the run is -i0 as you are now decreasing your i0. Therefore, i1/-i0 = i0(1+r) /-i0 = -(1+r).▀For those who are interested, please see /stable/1827424?seq=1 for an article by Jack Hirshleifer for a more elaborate discussion of this topic. This article is also relevant from a corporate finance point of view as it sets out how firms should make the optimal investment decision when investors have different time preferences.Who are the investors?•Individuals, Trusts•Charities/Endowments•Companies•Mutual Funds•Insurance Companies•Pension Funds•Defined Benefit•Defined ContributionNote: you should be able to briefly describe these various investor types.Investors by size•Small investors•Pooled investment vehicle run by a financial institution.–i.e. unit trusts (Open end funds),–Investment trusts (Closed-end funds),•Small insurance funds•Large investors•Fund manager hired to manage the fund, or•Client may employ a fund manager in-house–i.e. large pension funds,•Large insurance companies,•Large charitiesTypes of Asset ClassesAsset class: Comprised of securities that have similar characteristics, attributes andrisk/return profiles.•Fixed Income Instruments–Savings Accounts, Certificates of deposits, Tbills, Govt bonds/Gilts, corporate bonds (pref. stock?)•Equity Instruments – Domestic/Foreign Equities•Derivative Instruments–Options, Futures, Swaps•Investment Companies–Money market funds, Bond funds, Equity Funds, Index funds, ETF•Alternative Investments Instruments–Antiques, Art, Coins and stamps, Gems and Minerals, hedge funds, private equity etc.–Note: you should be able to briefly describe these various asset classes.Investment style box▀ A categorisation of Financial Assets (in order of Riskinesss). Note: This table is not on your lecture slides but is included here just to give you some additional info.▀A really simple and good guide to investing which does contains discussion of some these asset classes can be found on the Investment management Association (IMA) website at /consumer-centre . The IMA represents the UK investment management industry. Its members manage over £3.4 trillion of assets on behalf of UK and overseas clients.Average Asset Allocation across UK Pension Funds 1962-2007This was an example of a particular investor type’s allocation across asset classes over time. You should be able make some comments on how the asset allocation has changed over time and what that means in terms of aggressiveness of the allocation strategy.Ownership of UK Equity Market 1963-2006.This is an example of how particular investor types are investing in a particular asset class. You should be able to make some comments on the time trends and possible reasons for this.Individual Investor Life CycleThe main point here is that Investment needs change over a person’s life cycle. That implies that the objectives from investment, the risk that one is willing to take to achieve those returns etc will change as one move forwards in time. But there are some basic conditions that need to be satisfied before you can embark on a successful investment management program these are discussed here–Potential investors needs to have adequate income to cover livingexpenses and insurance to cover for the unexpected.–Insurance – life, health etc.•Death Benefit•Surrender the value of your life insurance policy and use theproceeds to supplement your retirement income.–Cash reserve – recommended 6 months of living expenses. In very liquid assets. Bank accounts, Short-term bond mutual funds etc.–Once basic insurance and cash reserve needs are met then can start a saving/investment program.This is a diagrammatic representation of a hypothetical individual investors life cycle and how the needs change over time. You should be able to make some comments on how these needs would impact on risk aversion, time horizon for investment etc.The idea is that the earlier you start on an investment program the better it is and the following table shows you how investing early on benefits.•Growth from initial 10,000 investment over 20, 30 and 40 years at 7% and 8% •Example : investing 50,000 over 20 years yields 120,000 while investing 90,000over 40 years yields over half a million @ 7%Portfolio Management ProcessGiven that most investors hold portfolios not single assets one might thing about how thisactually works. As with any process there is a planning, executing and a feedback phase.The first two steps are the planning phases, step 2 is execution and step 3 is the feedback and monitoring phase.So1.Policy Statementa.Identify investors’ needs2.Context of current and projected economic, political and social conditionsa.Is relationship between key factors and expected returns on assetsreviewed?3.Portfolio constructiona. Invest in a range of assets4.Assessment: Monitoring/feedbacka.Are key factors affecting returns in the capital markets monitored?b.Process for constructing & revising portfolioc.How is portfolio performance monitored?d.What is the BENCHMARK, by which performance will be judged? Input to PS - Client ObjectivesThe policy statement is an important document that sets out a particular investors’ return objectives and risk tolerances. This should enable one to arrive the appropriate asset allocation strategies for a particular investor.•These are the investment goals defined in terms of both risk and return.•Return objectives:–Specific as in a certain % return or relative to a benchmark or a general goal as in•Capital Preservation – minimise risk of loss of capital. (risk averse+ short term investors). This has to do with maintaining thepurchasing power and therefore the returns on the investmentneeds to be no less than the rate of inflation.•Capital appreciation – portfolio to grow in real terms. Focus oncapital gains.(long term + less risk averse). In this strategy growthoccurs through capital appreciation and the rate of return must begreater than the rate of inflation.•Current income – portfolio to generate income. This might suitinvestors who wants an additional source of income.•Total return – focus on capital gains + reinvesting incomes •Risk tolerance: - returns objectives alone is not enough. e.g. one might have a return objective to double ones investment in 2 years but then there might beserious risk factors to embarking on such a venture and the policy statement will focus attention on the risk associated with chasing a particular return objective •Risk Tolerance:•Life cycle concerns: young/old•Married/single/children•Wealth•Human capital•Other financial commitments•Type: owner or overseer (e.g. direct client or pension fund trustee)Client objectives & client constraintsTobin (1952) suggests that investors will invest in just two assets: the market portfolio (a portfolio of all risky assets) and the risk-free asset. This is called two-fund separation, and the percentage of funds in the risky assets and the safe asset only depends on the client’s degree of risk-aversion, or risk tolerance.An alternative perspective on asset allocation, is that individual investors may undertake a financial planning process, which will involve life cycle concerns: whether the investor is young/old, whether the investor is married or single, with or without children, how much wealth the investor holds, the amount of wealth tied up in human capital, and other financial commitments. Typically asset allocation changes over the life cycle, although this is controversial since Samuelson (1969) argues that asset allocation only depends on degree of risk-aversion. For individuals the risk tolerance may be affected by various factors.(See risk tolerance above.)The client objective for returns will be tempered by the constraints he faces. Personal and economic conditions obviously impact this. eg trustees have a fiduciary duty to safeguard the assets on behalf of the beneficiary so they may face a different set of constraints and have different objectives than say a individual investing for himself.Constraints are factor that limit the ability to take full advantage of particular investments.•Time horizon•Liquidity needs–Close relationship between liquidity needs and Time horizon.–Also impacts the risk tolerance•Tax concerns•Regulatory/legal – insider trading regulations•Unique needs, e.g. social or moral concerns- ethical investments- avoid sin industriesNote: The USS statement of Investment principles which goes with this lecture notes shows what a policy statement of a real investor looks like.Dynamic Portfolio Management ProcessA more detailed diagrammatic representation of the portfolio management process discussed before.Objectives and Constraints of institutional InvestorsInstitutional investors like individual investors have objectives and constraints which discussed fairly in detail here. You should be able to understand this fairly well.Fund ManagementWhat do fund managers do?A fund manager is an individual (or company) that performs a range of activities centred around a core service of investing client assets and managing a client’s investment portfolioPrincipal-Agent framework:A client employs a fund manager to invest the client’s assets in order to generate the highest expected returns for a given level of risk or the lowest level of risk to achieve a targeted return. In other words the fund manager should locate the client on the efficiency frontier, or attempts to generate abnormal returns for the client above the client’s benchmarkWhy is there a principal-agent relationship ? Why cannot the client locate on the efficiency frontier? There are two reasons for the P-A relationship: Either the fund manager has superior asset allocation skills (empirically this is questionable?); or the fund manager can achieve diversification for the client for low transactions costs through returns to scale to fund management, ie by managing across a number of clients.Fund Management OrganisationYou will need to have some fairly basic understanding of how the organisational set up of a fund.• Front office (marketing, sales, asset allocation, research) • Back Office (settlement, storage, compliance, IT systems) • Trend for outsourcing some of these functions▀ NOTE: SOME EXCELLENT FUND RELATED STATISTICS CAN BE FOUND on the following websites/fund-statistics (UK funds) /Cover/Funds.aspxMeasuring Returns and RiskYou should have a good understanding of the concept of risk and returns and how tomeasure these. This could be for individual assets or for portfolios. You should remember the formulae.Definition of ReturnsThe definition of a return R from holding an asset X over the period t to t+1 istt t tt tt t t x p p p p d p p p d R )()(11-+=-+=++Rearranging Gross Return istt t x p p d R 11++=+where:R t = net return during period t (or Holding Period Yield, HPY)Note 1+R t = gross return during period t (or Holding Period Return, HPR) p t is the price paid for the asset at time t, and p t+1 the price received for the asset at time t+1. d t+1 = the dividend payments made at end of period tThe time period could be annual, weekly, daily, minute-by-minute.These returns may be random since the future price and the dividends are uncertain at time t .We may illustrate how we can move from the time series of the level of stock prices (or a stock market index) to a time series of returns, and then to a frequency distribution of those returns, with reference to the monthly values of the FTSE 100.Monthly Values FTSE100 1984-20091000200030004000500060007000800002/04/19802/04/19802/04/19802/04/19802/04/19802/04/19802/04/19902/04/19902/04/19902/04/19902/04/19902/04/19902/04/19902/04/19902/04/19902/04/19902/04/20002/04/20002/04/20002/04/20002/04/20002/04/20002/04/20002/04/20002/04/20002/04/200The diagram above illustrates the movement in the FTSE100 index over time. Byapplying the definition of a return, the diagram below shows the time-series movement inthe returns on the FTSE 100 index.FTSE100 Monthly Return 1984-2009-15.00-10.00-5.000.005.0010.00From this time-series of returns, we can construct a frequency distribution of returns, which characterizes the properties of the returns series, and allows us to compute the expected (mean) return and variance of returns. So thatUsing the information on FTSE 100 returns above, we may compute the expected return and standard deviation of returns over various time periodFTSE 100 monthly returns MeanReturn St. Dev. ReturnsFull period 1984-2009 0.60 4.66Period 1993-2009 0.38 4.10Period 1993-2000 1.03 3.73Period 2000-09 -0.15 4.34Historical Rates of Return–Holding Period Return (HPR)HPR= Ending Value of investment/Beginning Value of investment –Holding Period Yield (HPY) HPY=HPR-1–Annual HPR and HPYAnnual HPR=HPR1/nAnnual HPY= Annual HPR -1=HPR1/n – 1Where n=number of years of the investment•Example: Your investment of £250 in Stock A is worth £350 in two years while the investment of £100 in Stock B is worth £120 in six months. What are the annual HPRs and the HPYs on these two stocks?•Stock A–Annual HPR=HPR1/n = (£350/£250)1/2 =1.1832–Annual HPY=Annual HPR-1=1.1832-1=18.32%• Stock B–Annual HPR=HPR1/n = (£120/£100)1/0.5 =1.2544–Annual HPY=Annual HPR-1=1.2544-1=25.44%Relationship between risk and returnCAPM:Risk is the covariance with the market portfolio, measured by Beta.Risk premium will be proportional to the beta.E(R) = rf + β (E(Rm) – E(Rf))The SML is a graphical representation of the CAPM. All assets lie on the SML in equilibrium. Is any asset lies above the line it implies it provide more returns for the risk than is warranted by the beta implying this asset would experience a huge buy pressure in the market pushing up the prices and thereby driving down the expected returns, forcing the asset back down on to the SML. The reverse happens for assets that lie below the SML.The SML is different from the CML or the capital market line, which has the E(Ri) on the Y axis ( same as the SML) but the CML has the standard deviation on the X axis instead of beta as in the case of SML. CML describes the relationship between risk and returns for well-diversified portfolios, while SML would apply to any asset.NOTE: FROM AN EXAM POINT OF VIEW, YOU ARE NOT EXPECTED TO DERIVE THE CAPM. HOWEVER, YOU WILL BE EXPECTED TO REMEMBER THE FORMULA and have an understanding of how capm works.▀ Please see the note here for a good discussion of CML and SML and a not so formal derivation of the capm. /doi/10.1111/j.1467-629X.1993.tb00194.x/abstract. (Brailsford, T. and Faff, R. (1993), A DERIVATION OF THE CAPM FOR PEDAGOGICAL USE. Accounting & Finance, 33: 53–60. ) Movement along the SML–When the risk of an investment changes due to a change in one of its risk sources, the expected return will also change, moving along the SML. Changes in the Slope of the SML–When there is a change in the attitude of investors toward risk, the slope of the SML will also change.–If investors become more risk averse, then the SML will have a steeper slope, indicating a higher risk premium, RP i, for the same risk level.–Changes in Market Condition or Inflation– A change in the RRFR or the expected rate of inflation will cause aparallel shift in the SML.–When nominal risk-free rate increases, the SML will shift up, implying a higher rate of return while still having the same risk premium.。
Unit 8 payment解析
ii.Kinds of remittance: M/T信汇 T/T电汇 D/D票汇 iii.Parties involved in remittance : remitter汇款人 remitting bank汇出行 paying bank汇入行 payee/benificiary受款人
ual practice: advanced payment预付货款 cash with order随订单付款 open account赊销 commission佣金 payment in installments 分期付款 settlement of claim索赔款
9 Please see (to it ) that… 要注意使….;务必使….;保证使….. Please see to it that shipment is effected during this month. 10.draw vi 开具汇票 vt 开具(汇票等) draw on sb.for a sum against sth. draw a draft/bill on sb.for a sum against sth. 开立…金额的以某人为付款人的汇票
Payment by T/T
Dear sirs, We have received your statement for the quarter ended September 30 and found that it agrees with our books.As requested,we have instructed our banks to send the sum of US$5,000.00 by T/T for the credit of your account at the Bank of China,Bejing Branch.
新视野大学英语第三版听说教程4答案
新视野大学英语第三版听说教程4答案Unit 1 Making the right choice1-1 Warm-upWhat did you hear ?A B B A B1-2 ListeningUnderstanding a passage 1B A B BUnderstanding a lecture 1D C B B1-4 Speaking-Listening and speakingPassage 11) science test2) relaxed3) All4) responsible5) proper carePassage 2i) remove stress2) health and happiness benefits /happiness and health benefits3) most enjoyable ways4) keep you company5) without judging you6) feel so goodLecture 11) music2) connection3) happy4) sad5) areas /partsLecture 21) musical instruments2) language and speech/speech and language3) Every culture4) humans5) speed up6) brings down7) pain and sadness /sadness and pain8) memory tests9) mental pictures1-5 HomeworkUnderstanding conversations 1A B A C BUnderstanding passages 1C D C AUnderstanding lectures or speeches 1C B A DUnit 2 Defining beauty 2-1 Warm-upWhat did you hear?1) imitate2) copy3) ages4) cultures5) individuals6) societies2-2 ListeningUnderstanding a passage 1D B B DUnderstanding a lecture 1C D A D2-4 Speaking-Listening and speakingPassage 1amazementageculturenationalityIndividual opinionssocietiestimeouter beautyinner beautyPassage 2secondgetting a raiseouter beautybehaveLecture 11) charming2) secure3) children4) healthy children5) protect6) shelterLecture 21) little choice2) traditional societies3) the entire family4) very common5) 20th/twenticth6) 21st/twenty-first7) grow over time8) 529) 6.310) 8811) 1.22-5 HomeworkUnderstanding conversations 1C BD AUnderstanding passages 1B C D AUnderstanding lectures or speeches 1B A B DUnit 3 Learning the secrets of entrepreneurs 3-1 Warm-upWhat did you hear ?1) have a vision2) turning their vision into reality3) emotionally connected4) products are delivered3-2 ListeningUnderstanding a passage 1A D C BUnderstanding a lecture 1C A C3-4 Speaking-Listening and speakingPassage 11) clothing2) eggs3) low cost4) little fat5) source6) nutritionPassage 21) raised animal2) feather color /feather colour3) number of toes4) social birds5) produce eggs6) baby chickens7) as a community8) roasted chicken9) butter chickenLecture 1B F A GC E DLecture 21) self-employed2) starting a business3) curiosity4) imagination5) make other people6) individual7) vision8) skills9) qualities3-5 HomeworkUnderstanding conversations 1D C C AUnderstanding passages 1A D A BUnderstanding lectures or speeches 1A D D AUnit 4 An important partnership 4-1 Warm-upWhat did you hear?1) interest2) inspire3) identify4) contribute to5) appreciate6) cause harm4-2 ListeningUnderstanding a passage 1D A C AUnderstanding a lecture 1A DB C4-4 Speaking-Listening and speakingPassage 11. help a person2. a stranger /strangers/a bystander/bystanders3. held responsiblePassage 21) respond2) act quickly3) immediate danger4) slower5) someone else6) makes an effort7) stand around8) each other9) similar to10) social11) economic12) male bystanderLecture 11. factory farms2. grow faster3. poorly4. helpless humansLecture 21) factory farming approach2) move around3) living, breathing animals /living breathing animals4) get diseases5) diseased meat6) consume chemicals7) control insects8) stay on4-5 HomeworkUnderstanding conversations 1B B D CUnderstanding passages 1B B A CUnderstanding lectures or speeches 1B A B CUnit 5 Culture clash, culture consensus 5-1 Warm-upWhat did you hear ?motivatedstereotypesfair5-2 ListeningUnderstanding a passage 1D C D CUnderstanding a lecture 1A B C B5-4 Speaking-Listening and speaking Passage 1give thanksspending time with familyprofitsgood salesPassage 2persuademidnightearliercomplainingtake advantage ofprotestingsacrificeAs a resultclosedemployeesLecture 11) correct values2) spoilt adults3) highs and lows4) balanced5) welfareLecture 21) terribly2) comfort3) sympathetic approach4) disappointments5) setbacks6) overcome7) possessions8) national park9) festival10) parachutes11) physical12) excitement13) proudest14) volunteering5-5 HomeworkUnderstanding conversations 1B DC BUnderstanding passages 1B A D BUnderstanding lectures or speeches 1C C A BUnit 6 Breaking the glass ceiling 6-1 Warm-upWhat did you hear ?1. director2. accepted3. minimizes/minimises6-2 ListeningUnderstanding a passage 1A D C CUnderstanding a lecture 1B A B C6-4 Speaking-Listening and speakingPassage 11) property2) authority3) lose everything4) vote5) better6) politicsPassage 21) equal status2) special homes3) stop violence4) child-care/childcare5) relying on6) pushed into7) equal access to8) scientists9) militaryLecture 11) better health2) die sooner3) like/like to be around4) negative outcomes5) improveLecture 21) remove2) unrealistic3) unprepared4) negotiating5) give up6) figuring out7) the success rate8) significantly9) determination10) reverse11) initially12) gain weight13) focus on14) take chances6-5 HomeworkUnderstanding conversations 1C B A BUnderstanding passages 1A D D AUnderstanding lectures or speeches 1A C D BUnit 7 A land of riches,a world of hunger 7-1 Warm-upWhat did you hear ?1) dead2) empty3) dirt4) garbage5) sheds6) relief7) victims7-2 ListeningUnderstanding a passage 1A C C DUnderstanding a lecture 1B D A D7-4 Speaking-Listening and speakingPassage 11) Chinese authorities2) burial site3) fierce conqueror4) government system5) measuring6) infrastructurePassage 21) level of detailing2) military position3) on their knees4) stand nearby5) leisure life6) surrounding environment7) excavatedLecture 11) cheaper price2) 250/two hundred and fifty3) pay no taxes4) tax revenue5) available jobs6) authentic products7) good quality8) testingLecture 21) fake medicines2) suffer tremendously3) are contaminated with4) purity and cleanness /cleanness and purity5) poisonous chemicals6) manufacturing process7) the nutritional value8) terrible consequences7-5 HomeworkUnderstanding conversations 1D C D CUnderstanding passages 1B DC AUnderstanding lectures or speeches 1D D C BUnit 8 A life worth living 8-1 Warm-upWhat did you hear?1) dies2) wants to do3) cultures4) goals5) achieve8-2 ListeningUnderstanding passages 1D C A DUnderstanding a lecture 1C B A C8-4 Speaking-Listening and speaking Passage 11. 50/fifty2. true love3. legalPassage 21) ancestors2) fell in love3) got pregnant4) prohibited5) rushed into6) marriage certificate7) committed a crime8) go to jail9) contacted10) regardiess of raceLecture 11) promises2) positive3) improving physical health4) exercise5) bad habitsLecture 21) practice self-control /practise self-control2) make too many resolutions3) overwhelm yourself with big general goals4) feel your determination slipping8-5 HomeworkUnderstanding conversations 1B C C CUnderstanding passages 1B B A DUnderstanding lectures or speeches 1C C A B。
外贸英语-入门教材
外贸实用英语——必学！！(8)付款Payment Terms（一）Payment is to be effected (made) before the end of this month.这个月末以前应该付款。
It's convenient to make payment in pound sterling.用英镑付款较方便。
Now, as regards payment, we've agreed to use U.S. Dollar, am I right?至于付款，我们已同意用美圆，对吗？We may have some difficulties making payment in Japanese yen.用日圆付款可能会有困难。
I've never made payment in Renminbi before.我从未用过人民币付款。
We can't accept payment on deferred terms.我们不能接受延期付款。
What's your reason for the refusal of payment?你们拒付的理由是什么？Collection is not paid.托收款未得照付。
We don't think you'll refuse to pay.我们相信你们不会拒付。
Only one refusal of payment is acceptable to the bank.银行只接受一次拒付。
You ought to pay us the bank interest once payment is wrongly refused.如果拒付错了，你们应该偿付我方的银行利息。
We'll not pay until shipping documents for the goods have reached us.见不到货物装船单据，我们不付款。
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Main Contents of Bill of Exchange
Parties: Drawer Drawee Payee = Payer
Payment Period
Sight Draft
…days after the date of draft Time Draft At…days’ sight of the draft
hence there is no “acceptance” involved. 含义：出票人签发的承诺自己在见票时无条件支付确定的金额给收款或持票 人的票据。 当事人：2个 出票人（maker）--任何情况下都是债务人 收款人(payee)
我国票据法规 1.本票只能有银行或其它金融机构签发，企业个人不能 2.本票出票人的由中国人民银行审定。
2． Contents of settlement
1) time of payment: prior payment (pay in advance) CWO Sight payment: COD Late payment : Payment by acceptance/installment, deferred payment( payment in arrears) 2) place of payment: importing country/(Payment , acceptance) export country/(negotiation) The third countries (reimbursement) 3）instrument of payment: draft/promissory note/cheque 4) modes of payment: remittance/T/T M/T D/D collection/D/P D/A Letter of Credit: (confirmed) irrevocable documentary L/C at sight 10/28/2014 3
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Adverse Exchange
Trade Bill (Bill of Exchange)
汇票是出票人向另一个人签发的无条件支付的书面命令，要求受票 人见票时或以后某一规定的时间或可以确定的时间将一定金额的款项支 付给特定的人或其所指定的人或持票人。
(1)注明“汇票”字样； (2)无条件的支付委托；(3)确定的金额； (4)付款人的名称； (5)收款人的名称； (6)汇票的出票日期； (7)出票人签章。 汇票上未记载规定事项之一者，汇票无效。
Currency（cash）:There are three different cases in using currency: adopting the currency of the seller’s country, or that of the buyer’s country, or even that of a third country. When we decide which currency should take the following two points into consideration: one is the convertibility and stability of the currency; the other is the tendency of fluctuation of the currency adopted. Bill is called 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 of determinable further time, a sum certain in money to , or to the order of , a
Section 6. Terms of Payment in the Contract
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Section 1 Outline of Int’l Payment
1. The importance of settlement of payment in the international trade In international trade, both the exporter and importer face risks in an export/import transaction as there is always the possibility that the other party may fail to fulfill the contract. For the exporters there is the risk that the importer fails to pay or he might not pay in full for the goods. The major reasons for this are that: the importers might go bankrupt; in importers’ government might ban trade with the exporting country or they might ban imports of certain commodities; or the importers might run into difficulties getting the foreign exchange to pay the goods. Another possibility is that the importers are not reliable and simply refuse to pay the agreed amount of money. On the other hand, for the importers there is the risk that the will be delayed and they might only receive them a long time after paying for them. It is even possible that the wrong goods might be sent. 10/28/2014 2 In order to guard against such possibilities, different methods payment have been developed. In general, there are three basic
Chapter 10 Int’l Payment of Purchase Price
Section 1
Outline of Int’l Payment
Section 2 The main instrument of payment : the currency and bill. Section 3 Section 4 Section 5 Remittance Collection (adverse) Letter of Credit (L/C） adverse)
Banker’s Draft
Payment Methods
Payment Instruments
Favorable Exchange:
Banker’s Draft Promissory Note Cheque
Section 2. The main instrument of payment : the currency and bill.
A
B
C
Buyer’s bank
USD10000 USD9500 USD9700 USD9800
背书（Endorsement） “前手”、“后手”、“贴现” 和 拒付 （Dishonour）
Drawer
Payer
Banker’s Buyer’s bank Seller’s bank draft Promissor Buyer’s bank Buyer’s bank y note Buyer’s bank check Buyer Trade bill Seller Buyer or its bank
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6. Cheque:
A cheque is an unconditional order in writing drawn on a banker signed by the drawer, requiring the banker to pay on demand a sum certain in money to or to the order of specified person or to a bearer. A cheque is also defined as “a bill of exchange drawn on a bank payable on demand”. 1.含义：是出票人签发的，委托办理支票存款业务的银行或者其他金额机构 在见票时无条件支付确定金额给收款人或者持票人的票据。实质上是以银行 为付款人的即期汇票（在我国，支票的持票人应当自出票日起10日内提示付 款），即存款人对银行无条件支付一定金额的委托或命令。 2.当事人： 出票人.付款人.收款人 出票人一定是有存户，以此抬头又成收款人 付款人一定是该存户设有账户的银行，以此抬头又成收款人 3.空头支票：rubber/bad checks/kite 10/28/2014 16 即出票人超过其银行存款余额而签发的支票。