金融英语真题和答案

Financial English Certificate Test

( Banking: Comprehensive)

2007

Part One Listening

Part One Listening

Section One (10%)

Directions: In this section, you will hear ten short statements. Each statement will be spoken only once. After each statement there will be a pause. During the pause, you must read the four suggested answers marked A, B, C and D, and decide which is the best answer. Then mark the corresponding letter on the ANSWER SHEET with a single line through the center. Now you will hear the example:

She went to the bank with Mr. Smith. ,

A. She went home.

B. She liked Mr. Smith.

C. She went to the bank.

D. She went to Mr. Smith's house.

Sentence C, " She went to the bank." is the closest in meaning to the statement " She went to the bank with Mr. Smith. " Therefore, you should choose answer C. Now listen to the statements.

1. A.House mortgage has a short history.

B.House mortgage appeared in recent years in China.

C. Nowadays, people still couldn't accept the idea of house mortgage.

D.Many years ago people accepted house mortgage in China.

2. A. If a country wants to be a member of the World Bank, it should first be the member of the International Monetary Fund.

B. The membership of the International Monetary Fund is not so important.

C. The membership o f the International Monetary Fund is not important at all.

D. A few countries want to be members of the World Bank.

3.A.Face value is not important. B.Maturity date is not important.

C. Coupon rate is important.

D.Nothing is important.

4. A.The value of the U.S. dollar changed a lot.

B. The value of the U.S. dollar didn't change a lot.

C. The value of U. S. dollar had no change.

D. The value of the U.S. dollar had little change.

5.A.They will pay 100 francs in advance. B.They will pay 130 francs in advance.

C.They will pay 130 francs later.

D.They will pay 120 francs later.

6.A. He forgot to bring his safe. B. He forgot to close his safe.

C. He forgot the code of his safe.

D.He forgot to open his safe.

7.A. In the U.S., the Federal Gold Reserve acts as the central bank.

B. In the U.S., the central bank is the commercial bank.

C. In the U.S., there is no central bank.

D.In the U.S. , the central bank is not so important.

8.A. Don't change your ideas. B.Don't change the accounts.

C. Don't leave the bank.

D. Don't forget to take your change.

9. A. Barter trade was very important.

B. Barter trade was not the original form.

C. Money was very important.

D. Barter Trade was the original form of international transaction.

10.A.If you lose your bank notes, you will not get them back.

B. If you lose your bank notes, you will get compensation.

C. If you lose your bank notes, you can get them back soon.

D.If you lose your bank notes, most probably, you will not get them back.

Section Two (10 marks)

Directions: In this section, you will hear ten short conversations. At the end of each conversation, a question will be asked about what was said. The conversation and the question will be spoken only once. During the pause, you must read the four choices marked A, B, C, D, and decide which is the best answer. Then mark the corresponding letter on the ANSWER SHEET with a single line through the center. Now you will hear:

M: Does our bank have a direct correspondent relationship with the Bradlays' Bank? W: No, we don't. So we have to advise this L/C via another bank.

Q: Which of the following is right? ; r ;

Now you will read:

A.We can advise this L/C to the Bradlays' Bank.

B.The Bradlays' Bank is our correspondent.

C.The L/C has to be advised by a third bank.

D.We should advise this L/C by ourselves.

From the conversation we know that we have to advise this L/C via another bank. The best answer is

C.Therefore you should choose answer C.

11.A. You must report the loss of your card immediately to the bank.

B. You will be scolded.

C.You must give a new card to the bank.

D. You must pay for the new card.

12.A.Checks. B.Traveler's checks. C. Travelers' letters of credit. D. Securities. '13. A.The third bank is the issuing bank.

B.The third bank is not the confirming bank.

C. The letter of credit should be confirmed by the third bank.

D. The letter of credit should be confirmed by the issuing bank.

14.A.The beneficiary doesn't want to carry the money with himself.

B. The beneficiary does so for the sake of safety.

C. The beneficiary does so for the sake of convenience.

D.The beneficiary doesn't want to pay the money.

15.A.In order to avoid problems arising from fluctuations of exchange rate.

B. In order to get more money.

C.In order to use the money as soon as possible.

D. In order to overdraw the money.

16. A.In Australia. B.In Austria. C.In China. D.In the U.S.

17. A.I won't advertise.

B. I don't want to report to the police station.

C. 1 will be worried about this.

D.I'll advertise or report to the police station.

18. A. Three - month. B. Six - month. C. 15 days. D. Twelve - month.

19.A.RMB. B.Hongkong Dollar. C. Dollar. D. Franc.

20. A.The government. B.The banks. C.The leaders. D.The fund authorities

Section three (10 marks)

Directions: In this section you will hear three short passages. At the end of each passage, you will hear some questions. The passages and the questions will be spoken only once. After you hear a question, you must choose the best answer from the four choices marked A, B, C, and D.Then mark the corresponding letter on the ANSWER SHEET

with a single line through the center.

Passage One

21. A.1994 B.1996 C.1998 D.1995

22. A.280 million B.I80 million C.280 billion D.I80 billion

23. A.small projects B. financing key state construction projects

C.hope projects

D.private projects

Passage Two

24.A.hotel expenses B.stock exchange

C.plane expenses

D.restaurant expenses

25.A. It can avoid the necessity of carrying large amount of cash.

B. You needn't purchase large amounts of traveler's checks.

C. You needn't use personal checks in places other than your own locality.

D.It can't provide an instant cash service in case you run out of money.

26. A. very useful and convenient B. useless

C. a waste of money

D. not popular

27. A. American Express B. Chinese Peony Card C. Dragon Card D. Credit Card Passage Three

28. A.The Asian markets are in recession.

B. No investment is worth keeping if it robs of your sleep.

C. If you need the money today, you should have sold the stocks now.

D.It is easy to be brave and keep buying during a bull market.

29. A.50 B.15 C.60 D.70

30. A. You can live a happy life.

B. Though you are not rich, you can enjoy a long and happy life.

C. You can have a big mansion in Spain.

D. You can live to see your granddaughter's graduation.

Tart Two.Reading

Section One(lOmarks)

Directions: There are ten statements in this section. For each statement there are foure choices marked

A, B, C and D. You should choose the best answer and mark the corresponding letter on the ANSWER SHEET by drawing a single line through! the center.

31.Before making a loan, potential lenders determine the borrower's ability to meet ______

A. scheduled payment

B. his creditor

C. the government s requirements

D. the stockholders'requirements

32. _____ may make wage demands based on the accounting information that shows their employer' s reported income.

A. Creditors

B. Employees

C. Labor union

D. B & C Above

33. Not all of those _____ takeovers continue to run the business they have bought.

A. to be carried out

B. carrying out

C. being carried out

D. carried out

34. In February 2001, when the currency union fell ________, the official reserves had fallen to less than $2400 million.

A. apart

B. To

C. across

D. under

35. When the collecting bank receives from the presenting bank the documents for

collection,it_______________.

A.should examine all documents to ascertain whether or not they appear,or on their

face, to be in compliance with them.

B.may examine either the documents or the instructions to collect the proceeds.

C.will examine documents in order to obtain instructions.

D.will not examine documents in order to obtain instructions .

36 .The minimum registered capital for the establishment of a commercial bank shall be RMB

_______ yuan.

A.10million

B.100million

C.1billion

D.10 billion

37 .The ratio of liquid assets to liquid liabilities of a commercial bank shall not fall short of

_______ per cent .

A. 25

B. 8

C.75

D.10

38 . If we have a quote of 1 . 4950/1 . 4960 for $ /DM , __________ .

A. the first rate is the buying rate for the dollar

B. he first rate is the buying rate for the DM

C. the second rate is the buying rate for the dollar

D. the second rate is the selling rate for the DM

39. Recovery from the turmoil in Asian financial markets has been remarkably rapid but

the problems have left _____ scars on the local banking system.

A. last

B. lasting

C. to last

D. lasted

40. State interference carried with it an implied guarantee, so bankers paid no heed _____ the financial risks they were undertaking.

A. to

B. at

C. towards

D. against

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 supposed to choose the best answer and mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center.

Passage One

All foreign exchange _ 41 _ 42 _account transactions shall be repatriated, unless otherwise

by domestic establishments from43_ by the State Council. All foreign exchange receipts from capital transactions ___44 __ in foreign exchange account 45 _ at designated foreign exchange banks in accordance with the relevant state regulation, such revenues can also be sold to a designated foreign exchange bank upon the approval by the SAFE.

41.A.expenditure B.receipts C. surplus D. yields

42. A. current B. foreign exchange C. capital D. gold

43. A. specified B. appointed C. designated D. approved

44. A. may be deposited B. shall be deposited C. may be credited D. can be debited

45. A. held B. Owned C. possessed D. drawn

Passage Two

In the foreign exchange market, which is made up of banks' traders and brokers, prices _ 46 _ every minute _ 47 _ to supply and demand. For safety's sake, a branch will get a rate from their traders for

a big transaction. This process would be too cumbersome, however, for every small transaction. Therefore the traders give their branches lists of exchange rates _ 48 _ they may buy and sell notes and payments in the main currencies.Whenever a bank in Britain makes a payment in foreign currency, or makes a payment in sterling to a non - resident, the payment has first to _ 49 _ under British exchange control regulations. The bank itself can usually authorize the payment after seeing

a document such as an invoice to show that the payment is due; but cases _ 50_ borrowing and lending have to be referred to the Bank of England.

46. A.alter B. vary C.turn D. convert

47. A.in response B. respondent C.responding D. Answering

48. A. of which B. on which C. in which D. at which

49. A. Authorizing B. Authorize C. be authorized D. have been authorized

50. A. Involving B. Involve C. will involve D. being involved

Section Three (10%)

Directions: Read the following passages, and determine whether the sentences are " Right" or "Wrong" . If there is not enough information to answer "Right" or "Wrong" , choose "Doesn' t say". Then mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center.

Passage 1

One of the most important functions of the accounting process is to accumulate and report

ac-counting information that shows an organization's financial position and the results of its

opera-tions . Many businesses publish such financial statements at least annually. The subdivision

of the accounting, process that produces these general - purpose reports is referred to as financial accounting. Another major function of accounting is to provide management with the data needed

for decision making and for efficient operation of the firm.

Although management people routinely receive the financial reports , they also require var-ious

other information, such as the unit cost of a product, estimates of the profit earned from a specific sales activity, cost comparisons of alternative courses of action and long- range bud-gets . The

process of generating and analyzing such data is often referred to as managerial ac-counting .

51.The purpose of managerial accounting is to prepare financial statements every year.

A. Right

B.Wrong

C.Doesn't say

52.Financial statements include balance sheet, income statement and cash flow statement.

A.Right

B.Wrong

C. Doesn't say

53 . Financial statements are used only by the outsiders of a firm .

A.Right

B.Wrong

C.Doesn't say

54 .he management of a firm needs to use the results of both financial accounting as well as managerial accounting.

A.Right

B.Wrong

C.Doesn't say

Passage Two

During this period a number of important structural measures have been taken with partic-ular significance for the banking sector. The first was the unification of the Renminbi (RMB) exchange rates and foreign exchange markets in January 1994. Second, the passage of central banking and commercial banking laws in 1995 has provided legal basis for the banking system in China. Third, the acceptance of the obligations of Article VIII of the Articles of Agreement of the International Monetary Fund in December 1996, namely commitment to RMB current-ac-count convertibility,

has officially removed the remaining restrictions on international payments for trade and service transactions.

55. foreign exchange can be bought or sold without any restrictions in foreign exchange mar-

kets.

A. Right

B. Wrong

C. Doesn't say

56. The passage of cantral banking and commercial banking laws has made the banking system

of China healthier, stronger and more vigorous.

A. Right

B. Wrong

C. Doesn't say

57. International payments for trade and service transactions can be made freely because RMB current accounts are convertible since 1996.

A. Right

B. Wrong

C. Doesn't say

Passage three

Accounting provides the techniques for gathering economic data and the language for

com-municating such data to different individuals and institutions.

Investors in a business enterprise need information about its financial status and its future prospects. Bankers and suppliers appraise the financial soundness of a business organization and assess the risks involved before making loans or granting credit. Government agencies are concerned with the financial activities of business organizations for purposes of taxation and reg-ulation. Employees and their union representatives are also vitally interested in the stability and profitability of the organization that hires them. All of them, individuals or institutions, can obtain necessary information and make their appropriate decisions with the help of account-ing techniques. For example, comparison of past performance with planned objectives may re-veal the means of acceleration, favorable trends and reducing those that are unfavorable.

58. The financial position and future prospects are of the concern of business investors.

A.Right

B.Wrong

C. Doesn't say

59. Before making loans to customers, banks would try to get rid of risks involved.

A.Right

B.Wrong

C. Doesn't say

60.Employees may show little concern in the earnings of a business enterprise in which they work.

A.Right

B.Wrong

C. Doesn't say

Section Four (20%)

Directions : There are ten statements in this section . For each statement there are four choices marked A , B , C and D . You should choose the best answer and mark the corre-sponding letter on the ANSWER SHEET by drawing a single line through the center.

Passage 1

When a savings account is opened in a bank, The depositor must sign a deposit agree-ment . By signing agreement , the depositor agrees to abide by the rules and regulations of the bank. These rules and regulations vary with different banks and may be altered and amended from time to time. At this time, a passbook may be given to the depositor. This is a small book in which the bank teller enters the date and amount of each deposit or withdrawal and initials the entry . The passbook is to be presented at the bank or mailed to the bank along with a de-posit or withdrawal slip each time money is deposited or withdrawn from the account . An alter-native practice for depositing or withdrawing money from a savings account is to give the deposi-tor a small register for recording deposits and withdrawals and a pad of deposit - withdrawal forms. This procedure eliminates the use of the passbook. Each time a deposit or withdrawal from savings is made, the appropriate part of one of the forms is filled in, signed, recorded in the register and presented or mailed to the bank with deposit items or other documents. The bank gives a machine - printed receipt to the depositor or returns it by mail . There should be a separate savings account in the ledger to record these activities.

Traditionally, the principal differences between a savings account and a checking account are that interest is paid regularly by the bank on a savings account and withdrawals from a sav-ings account may be made at the bank or by mail by the depositor or an authorized agent. De-positors use checking accounts primarily as a convenient means of making payments, while sav-ings accounts are used primarily as a means of accumulating funds with interest . An increasing-ly common practice is for the bank to combine savings and checking accounts and get deposi-tors' permission to make automatic transfers of funds from the savings portion to the checking portion whenever the latter falls below a specified minimum balance . This amounts to giving the depositor an interest - earning checking account.

61 . What is the primary purpose of a savings account?

A .For interest

B .For transfer of funds

C .For accumulating funds with interest

D .For making profits

62 .What is the aim of a small register and a pad of deposit withdrawal forms?

A.To attract deposits

B.To improve bank services

C .to eliminate the use of the passbook

D .To promote banking business

63 .What is the purpose of signing a deposit agreement?

A.To follow the bank's rules and regulations

B.To have the right to make full use of the bank's facilities

C.To open an account in the bank

D.To protect the depositor's interest

64 .What does a depositor do with a passbook?

A.He makes deposits with a bank

B.He withdraws money from a savings account

C .He withdraws money from a checking account

D.Both A and B

65 .For what purpose does a bank try to combine a savings account and a checking account?

A.For holding more funds

B.For covering the checking account falling below the specified minimum balance

C .For automatic transfer of funds

D .Both B and C

Passage Two

Document against acceptance ( D/A) is exactly like document against payment ( D/P) except that, instead of signing the sight draft and paying on presentation of documents to re-ceive the bill (s) of lading, the importer accepts the usance (time) draft that creates an obli-gation similar to a promissory note called a trade acceptance. This can be used for finance pur-poses under some conditions. This is a promise to pay in a certain number of days, after ac-cepting the documents, usually for a term of between 30 and 180 days. D/A terms are more secure than open account because the transaction and receipt of goods are evidenced by a nego-tiable instrument. It is much easier to enforce a financial instrument than an account receiv-able, which must be proven to the courts. However, a sharp increase in risk over D/A oc-curs because the importer now has the goods, and the exporter only has a promise to pay. The bank has no responsibility to collect the funds on or after the due date. Both your bank and the foreign bank are purely agents for transmittion and collection. It is very important not to confuse a banker's acceptance, which carries the credit of a bank, with a trade acceptance mentioned here. The latter is no better than the credit and integrity of the buyer as opposed to the bank.

66.If D/A terms are used to settle international transaction, then ______.

A.the seller must pay on presentation of documents.

B.B. A sight draft is usually used

C.The importer can get the bill (s) of lading only after he accepts the time draft

D.A promissory note is created

67.In the passage, the sentence "this can be used for finance purposes under some condi-tions" means that ______.

A. the buyer gives credit to the seller

B. the buyer can get the goods and even sell it before he has to pay

C. the buyer promises to pay in 30 days

D. an obligation is created

68.To the seller, which of the following is disadvantage of D/A?

A. It is much more secure in comparison with open account.

B.It is much more enforceable than an account receivale

C . The seller has to incur much higher risk of dishonor ,of the bills .

D . The collecting bank is responsible for the payment in the event of the dishonor of the

bills.

69.The most important difference between a banker's acceptance and a trade acceptance is that

______ .

A. the acceptances are made by different agents

B. credits are given by different agents

C. the banker's acceptance is inferior to a trade acceptance

D. the banker's acceptance depends on the bank's credit , while the later depends on

the credit of the buyer

70. The word "conduits" in the passage means ______ .

A . The banks assume no responsibility if the buyers fail to meet their payment obligation specified

in the commercial contract

B. the banks assume no responsibility for consequences arising from any causes beyond their

control

C .just acting as agents , the banks transmit documents and collect money in accordance

with the directions given by the principal

D . all of the above

Passage Four

Banking organizations are highly geared, much more than commercial or industrial compa-nies. They have custody of large volume of monetary items, which makes them vulnerable to misappropriation and fraud. They therefore need to establish formal operating procedures, well defined limits for individual discretion rigorous system of internal control. Banking organiza-tions engage in a large volume and variety of transactions. This necessarily requires complex accounting and internal control system and widespread use of electronic data processing. Bank-ing organizations often assume significant commitments without any transfer of funds. These items may not involve accounting entries and consequently the failure to record such items may be difficult to detect. And most importantly, the failure of a bank, unlike most commercial firms, affect more than the fortunes of its shareholders and creditors, and may destabilized the whole economy.

Effective supervision of banking organizations is an essential component of a strong eco-nomic environment in that the banking system play a central role in making payments and mobi-lizing and distributing savings . Strong and effective banking supervision provides a public good that may not be readily available in the marketplace. Along with effective macroeconomic poli-cy , it is critical financial stability in any country . While the cost of banking supervision is in-deed high, the cost of poor supervision has proved to be even higher.

For all these reasons, banks throughout the world are generally accorded a higher degree of official , supervision and regulation than other types of businesses . At the same time , banks are also provided with important elements of official protection . For example , the central bank usually acts

as a lender of last resort to protect commercial banks against a temporary liquidity drain. This protection is an important component of the official safety net bankstopping the banking system. Another major aspect of that safety net takes the form of deposit insurance fund to guarantee bank depositors that they will get their money back in the event of a bank failure .

71. Why should banks need to establish formal operating procedures?

A. The supervisory authorities require them to do so.

B. The shareholders expect a reasonable return on their investment.

C . The banks have to keep safe large volume of monetary items raised from all sources .

D . The banks engage in a large volume and variety of transactions .

72 . Which of the following requirements is NOT mentioned in successfully dealing with large

volume and variety of transactions?

A . A large number of skillful staff and expertise .

B. Effective internal control system

C . Complex accounting system

D . Wide - spread use of electronic data processing

73. "Vulnerable to in line 3 probably means __________ .

A. subject to

B. easy to be attacked by

C . of great volume

D. likely to damage

74 . A high degree of official supervision and regulation on bank organizations are important

be-cause __________ .

A . The governments of many countries want to control banks

B . There are too much trouble in banking sector

C . It is crucial to stabilize the financial sector and the whole economy

D. The banks make much more deposit insurance fund

75 . What is the main function of deposit insurance fund?

A . To ensure that the banks have sufficient fund to finance other economic sectors .

B . To protect the banks from all kinds of risks arising from their operation

C . To meet requirements of financial needs of the public

D . To pledge to depositors that their money is safe whenever a bank is insolvency

Part Three (20%) Writing

Section One (5%)

See the chart ,fill the gap with the correct answer.(see the answer).

Section TWO(5%)

Directions

Translate the following sentences into Chinese. Write your translation on the ANSWER

SHEET.

1.Investment banking are banking activities associated with securities underwriting ,making

a market in securities ,and arranging mergers, acquisitions and restructing .

2. The source of foreign exchange for overseas investment by domestic entities must be reviewed by the SAFE before the application for such investment is filed with the relevant government agencies.

3.Bank accounting basis refers to methods for recognizing revenues expenses, assets and liabilities in accounting statements. Major bases of accounting include the accrual, cash and modified cash bases。

4.Banks maintain vaults and elaborate security systems to safeguard their own stores of cash, securities, and other negotiable instruments. A traditional bank service has been to make this security available to customers for the safekeeping of their valuables. these services are of two types: safe deposit boxes and safekeeping.

5.The commercial bank is subject to the risk-based capital guidelines issued by central bank or monetary authority according to the Basle Accord.

Section3(5%)

Please write a letter followed by the lists.

请按信函的格式以下列内容给美国花旗银行用英语写一封信。

1.要求与贵行建立业务往来关系。

2.我方很高兴的看到我们两国之间的贸易量一直在快速的增长。为了处理我们两国之间爱你日益增加的银行业务，我方很乐于与贵方建立业务往来关系。

3.处于这一良好意愿，我方现随函附上2006年年度报告一份供您参考。

4.一旦受到贵方函复，我方将很高兴发送给贵方我方的控制文件。

盼佳音。

---END---

Financial English Certificate Test

( Banking: Comprehensive)

2007

Part One Listening

Section one

I.B 2.A 3.C 4.A 5.B 6.C 7.A 8.D 9.D 10. D

Section Two

II.A 12.D 13. C 14.D 15.A 16.A 17.D 18.C 19.B 20.D Section Three

Passage One

A 22. C 23.B

Pssage Two

24. B 25. D 26. A 27. A

Pssage Three

28. C 29. A 30. B

Tart Two.Reading

Section.1

31.A 32.D 33.B 34. A 35.D 36.C 37.A 38.A 39.A40.A

Section.1

41.B 42.D 43.A 44.B 45.A

46.B 47.A 48.D 49. C 50.A

51 B 52. C 53.B 54.A 55.A

56.C 57. A 58.A 59.C 60.A

61.C 62.C 63.A 64.D 65.D

66. C 67. A 68.A 69. D 70. C

71.C 72.D 73.C 74.B 75.A

Part Three Writing

Section1

1.signing a contract

2.applying for a bond

3.issuing a bond

4.claiming for indemnity

5.paying to beneficiary

6.asking for and obtaining reimbursement

Section1：Translation

Answer:

1.投资银行业务是与证券承销，创造证券市场和安排合并，收购和公司重组活动有关的

银行业务。

2. 境内机构向境外机构投资，在向审批部门申请前，由外汇管理机关审查其外汇资金来源。

3. 会计基础是指在会计报表中确认收入、费用、资产和负债的核算原则。主要的会计核算

原则包括原则发生制（应计制），收复实现制（现金制）和修正的现金收入三种。

4. 银行有保险库和精密的安全系统来保存自己的现金、证券和其他可流通票据。银行的一

项传统服务是向客户提供这种安全保障系统，为他们保管贵重物品。这种服务分为两类：

保险箱和代客保管。

5商业银行应该执行中央银行或货币当局根据巴塞尔协议中规定的风险资本指南进行评估。

Section1

Wirting

Request for correspondent relationship

We are indeed pleased to notice that the volume of trade between our two countries has been increasing rapidly. In order to cope with the ever increasing banking transactions between our two banks, it is our pleasure to propose the establishment of correspondent relationship with your

esteemed bank,

With this food wish, we enclose herewith a copy of our annual report for the fiscal the fiscal year 2006 for your reference. We shall be pleased to dispatch to you our control documents upon our receipt of your favorable replay.

We anticipate to receive a favourable reply from you.

Yours sincerely,

* * *

Manager

Bank of china

Shanghai branch