金融英语part4 exercise
金融英语课后题
Unit 1 EMU Has Exchange Rate Policy Implications for Transition Countries Seeking EU Membership[Key Words]European Economic and Monetary Union (EMU) 欧洲经济货币联盟EMU reference values 欧洲经济货币联盟参考标准The new exchange rate mechanism (ERM 2) 新汇率机制IMF’s Fiscal Affairs Department 国际货币基金组织财政部The currency risk premium 货币风险溢酬Asymmetric real shocks 非对称性实际冲击An independent monetary and exchange rate policy 独立的货币汇率政策Macroeconomic stability 宏观经济稳定性Budget balance 预算平衡Synchronized cycles 同步的循环Biased toward agriculture and industry 偏重于工农业Non-core EU members 欧盟非核心成员国A managed float (exchange rate arrangement) 有管理的浮动汇率制An undeclared margin against the deutsche mark 钉紧德国马克，保持一个不公开的差额A pre-announced crawling peg 预先公布的缓慢钉紧汇率制度A currency board arrangement 货币局制度、联系汇率制度External current account 对外经常性项目账户The capital account 资本账户Legal reserve requirement systems 法定存款准备金制度Sterilized intervention 对冲操作The nominal exchange rate 名义利率Exchange rate regimes 汇率制度Appropriate flanking policies 适当的配套政策Containment of fiscal imbalances 遏制财政失衡A prudent monetary stance 审慎的货币政策Fixed parity 固定平价Purchasing power parity (PPP) 购买力平价Interest rate parity (IRP) 利率平价Gold parity 金平价Widen the official margins 放宽官方波动幅度Shadow the Euro unilaterally 单方面暗中钉紧欧元Full capital account liberalization 资本项目的完全放开[Notes]1. Including convergence toward EMU reference values and adherence to the new exchange rate mechanism (ERM2) created for nonparticipating EU members.2. That is, those that have opted out, or been left out, of EMU.3. Albeit4. Entering the EMU currency area entails both cost and benefits for candidate countries.5. Also, the currency risk premium, reflected in the interest rate, would fall and eventually vanish.6. An important potential cost of joining a currency area is that it impairs a country’s ability to absorb asymmetric real shocks in the absence of an independent monetary and exchange rate policy.7. And, conversely, participation in a currency area leads to trade expansion and thus to more synchronized cycles.8. Their economic structure is only moderately more biased toward agriculture and industry relative to services than that of non-core EU members, except Greece.9. At one end of the spectrum, the Czech Republic follows a managed float subordinate to the inflation target set by the central bank.10. The current macroeconomic situation in these countries is broadly characterized by sustainable growth, underpinned by rapidly increasing labor productivity, and by a deceleration in inflation to low double-digit or high single-digit rates.11. The effect is compounded by a surge in foreign direct investment.12. Insufficient financial and enterprise restructuring has rendered the Czech economy vulnerable.13. All five countries-to varying degrees-will need to make steady progress toward increased wage flexibility, containment of fiscal imbalances supported by a prudent monetary stance, and financial sector restructuring.14. However, accession countries should exercise caution in widening the band during a period of turbulence in the foreign exchange market.15. To preserve credibility, the authorities should declare the country’s commitment to reinstate the former parity following a temporary deviation due to a speculative attack.16. *The other dilemma enters on the requirement of full capital account liberalization while the candidate countries remain vulnerable to destabilizing capital flows prompted by rapid shifts in investor sentiment.[Exercise 2]1．美国是个移民国家，他号称接纳了那些不愿或不能回到自己祖国去的许多人。
金融英语(4-13)
Chapter 4 Financial Markets
4.1 Types of Financial Markets
Spot market and future market
• The spot market or cash market is a public financial market in which financial instruments or commodities are traded for immediate delivery.
➢ Accommodating corporate finance needs.
The financial markets serve as the mechanism whereby corporations (acting as deficit units) can obtain funds from investors (acting as surplus units).
➢ Interest
Chapter 4 Financial Markets
4.1 Types of Financial Markets
Visible market and invisible market
The term "market" is sometimes used for what are more strictly exchanges, organizations that facilitate the trade in financial securities, such as a stock exchange or commodity exchange. This may be a physical location (like the NYSE, BSE, NSE) which is called visible market, or an electronic system (like NASDAQ) which is called invisible market.
金融英语Part7exercise
⾦融英语Part7exercisePart7 1. Multiple Choice(1) The person to whom the bill is addressed is called the _________.A. drawerB. holderC. payeeD. drawee(2) If a bill is a _______, the documents will be handed over only against payment of the bill.A. tenorB. sightC. cleanD. bank(3) In collection, banks are obligated to verify the documents received to see that ________.A. they are authenticB. they are regularC. they are those listed in the collection orderD. they are in the right form(4) A export bond is a guarantee to _______that _______will fulfill his contractual obligations.A. the buyer… the exporterB. the exporter …the buyerC. the guara ntor … the buyerD. the exporter … guarantor(5) When there is no indication of damage to the goods, a bill of lading is said to be ________.A. cleanB. goodC. qualifiedD. dirty(6) Which of the following party is in a position to instruct the nominated ( e.g. advising ) bank to add its confirmation ?A. beneficiaryB. L/C issuing bankC. reimbursing bankD. applicant(7) When a customer asks its bank to make a telegraphic transfer to a beneficiary abroad, the charges may ___________.A. be paid by either the remitter or the remiteeB. be debited against the nostro accountC. be credited to the vostro accountD. be paid by the remitting bank(8) ______________informs the beneficiary another bank has issued a credit in his favor without adding its own engagement.A. Advising bankB. Confirming bankC. Drawee bankD. Issuing bank(9) _________must approve any amendments to a confirmed irrevocable letter of credit.A. BeneficiaryB. Confirming bankC. Issuing bankD. A and B and C(10) The beneficiary must do two things to be paid. He must present documents which conform to the credit, _________.A. and he must present them on the expiry date.B. and he must present them before expiry date.C. and he must present them on or before the expiry date.D. and he must present them around the expiry date.2. True or False(1) If a bill is payable “at 60 days sight”, the date of payment is decided according to the date of draft.A. trueB. false(2) Banks have no obligation to take any action in respect of the goods to which a documentary collection relates.A. trueB. false(3) Unless otherwise stated in the credit, a transferable credit can be transferred only once.A. trueB. false(4) An irrevocable credit can be amended, revoked or cancelled without the beneficiary's consent.A. trueB. false(5) A back-to-back credit is mainly used by a middleman to get from a supplier goods which are sold or resold to a third party or parties.A. trueB. false(6) There is no acceptor in a promissory note.A. trueB. false(7) Any transferee for value who takes possession of an endorsed bill of lading obtains a good title to it, provided the transferor had a good title in the first place.A. trueB. false(8) In the case of MT, the remitting bank issues a draft to its customer, and directs its foreign branch or correspondent by mail to make the payment to the beneficiary.A. trueB. false(9) If a bill of lading is made out to bearer, it can be legally transferred without endorsement.A. trueB. false(10) A documentary collection is an arrangement whereby the seller draws only a draft on the buyer for the value of the goods and presents the draft to his bank.A. trueB. false3. ClozePassage 1terms open policy open cover one-offinsurance policy regular premium certificate of insuranceWhen an exporter sells goods on a ___1____ basis, he will normally arrange an ___2__of insurance to cover all his exports during a specific period. This provides insurance cover at all times within agreed terms and conditions. Each time a shipment is made, the exporter will declare the details and pay a ____3___ to the insurer. A ____4______ is then issued by the exporter who sends one copy to the insurance company for their record.The benefit to the ____5___system is that it avoids the need to negotiate insurance___6___ each time a shipment is made, and it avoids the necessity of issuing a separate policy for each individual shipment. If an exporter sells goods on a __7____basis, then he will negotiate terms with the insurers and an ________8____will be issued.Passage2applicant instruction advance beneficiary advising bank receiptA red clause documentary credit contains an __1___from the issuing bank for the advising bank to make an _____2___ to the beneficiary prior to shipment. When the exporter subsequently presents the documents, the amount of the advance and interest will be deducted from the full amount of the credit.Such advance can be in two forms: conditional, whereby the beneficiary must sign an。
金融英语
金融英语Financial EnglishChapter 1Banks in modern society（现代社会中的银行）Unit 1Basic roles and services of a bank（银行的基本职能和服务）What is a bank?（如何定义银行？）It may be advisable to define a bank as an institution for doing financial work.（可以将银行定义为从事金融工作的机构。
）Notes bankingA modern bank provides many services.（现代银行提供多种服务）。
One of the most important of these is regular pass book saving. （其中最重要的一项就是存款储蓄，）.If you go to a bank to open a saving account, （如果你去银行开立储蓄户头，）first of all you’ll be asked to fill out a signature card. （首先你得填写签名卡。
）【Saving account Deman d－deposit or checkin g－accounts, tim e－deposit.】Then you’ll be given a passbook in which your initial deposit would be recorded.（然后你就会得到一张存折，上面记载了你的初次存款。
）All deposits and withdrawals from your account are entered into your passbook.（你账上所有存、取款都将记入你的存折。
）This means that the passbook contains an actual record of saving you have at any one time. （这就是说存折实实在在记录着你每一次的储蓄情况。
英文版国际金融练习题Chapter-4
INTERNATIONAL FINANCEAssignment Problems (4) Name: Student#:I. Choose the correct answer for the following questions (only ONE correct answer) (3.5 credits for each question, total credits 3.5 x 20 = 70)1. The exchange rate system refers to __________.A. a country’s internal economic policies such as employment, inflation and interest rate levelsB. a country’s monetary policiesC. a country’s fiscal policesD. a country’s choice as to which exchange rate regime such as fixed or floating or between to follow2. The international monetary system is broadly defined as ___________.A. the set of conventions, rules, procedures and institutions that govern the conduct of financial relations between nationsB. the set of rules to manage every country’s central banksC. the set of rules to solve trade disputes between countriesD. the set of rules to develop world economy3. Under the gold standard, the exchange rate was fixed because __________.A. each currency unit could be converted to a weight of goldB. the gold could be exported and imported with no restrictionsC. gold coins could be freely mintedD. all of the above4. When the gold standard prevailed, the United States fixed the price of gold at $20.646 per ounce and the Britain fixed the price at 4.252 per ounce. Now suppose the fees for transporting one ounce of gold were approximately $0.03 per sterling of gold. Then the exchange rate of dollar versus sterling would fluctuate between _________.A. $4.8856/₤ and $4.8256/₤B. $4.9042/₤ and $4.8070/₤C. $4.9770/₤ and $4.7463/₤D. We don’t know, because it depends on the supply and demand forces in the foreign exchange market5. Under the gold standard, the par value of the exchange rate was determined by __________ .A. gold parity of the relative currenciesB. interest rate of the relative currenciesC. demand and supply forces in the foreign exchange marketD. inflation rate of the relative currencies6. Which of the following is true regarding the collapse of the gold standard system?A. The World War I had many European countries suspend convertibility of their currencies into gold.B. The political costs of maintaining the overvalued pound were so great in the United Kingdom.C. Nations facing 1929 – 1933 worldwide recession decided to pursue objectives such as higher employment rates and real growth rates, rather than to maintain the exchange value of their currencies.D. All of the above are the reasons that the gold standard finally collapsed.7. The U.S. dollar was designated as the international currency in international settlements under the Bretton Woods system. The dollar was accepted by the rest of the world because __________.A. it could be used to purchase U.S. goods and servicesB. it could be converted to gold at a price of $35/ounceC. the U.S. was the only super power at that timeD. the IMF forced the rest of the world to use dollar to settle international debts8. The principal function of the International Monetary Fund (IMF) was originally to __________.A. act as a supranational regulatory agency for all countries’central banksB. lend to member nations experiencing a shortage of foreign exchange reservesC. finance postwar reconstruction, particularly in Europe and JapanD. reduce trade barriers and settle disputes among countries relating to currency negotiations9. Before 1971 the exchange rates were pretty stable because of the Bretton Woods Agreement. So if the par value of the Japanese Yen and U.S. dollar was set by ¥100/$, the upper limit and lower limit that this exchange rate was allowed to fluctuate freely would be __________ .A. ¥ 101/$ and ¥ 99/$B. ¥ 102.25/$ and ¥ 97.75/$C. ¥ 105/$ and ¥ 95/$D. ¥ 110/$ and ¥ 90/$10. The increase in value of a currency pegged to gold or another currency is known as __________,A. appreciationB. depreciationC. revaluationD. devaluation11. A country that regulates the rate at which its currency is exchanged for all other currencies is considered to have a __________ exchange rate system.A. fixed or managedB. floating or flexibleC. currency boardD. dollarization12. Which of the following is true for those who are in favor of floating exchange rate system?A. Floating exchange rates ensure balance-of-payments equilibriumB. Floating exchange rates ensure monetary autonomyC. Floating exchange rates promote economic stabilityD. All of the above are true.13. Since the advent of floating exchange rates in 1973 it has become evident that authorities have not always let their currency float freely butrather they have frequently intervened to influence the exchange rate. This floating exchange rate system is also called __________.A. clean floatB. managed floatC. dirty floatD. Both B and C are correct14. One of the benefits of the creation of euro is that it __________.A. promotes trades and investments in those euro-zone countriesB. makes those euro-zone countries avoid the exchange rate risksC. helps those euro-zone countries restrain inflationD. All of the above are benefits for euro-zone countries.15. Which of the following correctly identifies exchange rate systems from less fixed to more fixed?A. independent floating, currency board, crawling pegsB. independent floating, crawling pegs, dollarizationC. independent floating, currency board, managed floatingD. dollarization, currency board, crawling pegs16. A currency board’s foreign exchange reserves are equal to __________ or slightly more of its notes and coins in circulation, as set by law.A. 100%B. 90%C. 75%D. 50%17. Which of the following features are NOT shared by independent floating exchange rate system?A. The exchange rates are determined by the market forces.B. The exchange rates may change minute by minute.C. The central bank has to maintain large quantities of foreign exchange reserves.D. The central bank can pursue desired monetary policy.18. The IMF constitution was amended to allow member nations to determine their own exchange rate arrangements by the __________.A. Louvre AccordB. Jamaica AccordC. Smithsonian AgreementD. Plaza Agreement19. The United States adopted a modified gold standard in 1934 when the dollar was devalued to $35 per ounce of gold from the 20.67 perounce price in effect prior to World War I. The dollar’s devaluation rate can be calculated as __________.A. (20.67 – 35) /35B. (20.67 – 35) / 20.67C. (35 – 20.67) / 35D. (35 – 20.67) / 20.6720. Which of the following is NOT true regarding the 1976 Jamaica Accord?A. It formally legitimized the floating exchange system.B. It aimed at increasing the importance of SDRs in international reserves.C. It emphasized the importance of gold in international reservesD. All of the above are true.II. QuestionsQuestions 1 through 4 are based on the following information. (2.5 credits for each question, total credits 2.5 x 4 = 10 credits) Assume one Argentina peso is composed of $0.50 and €0.50. Also assume the spot dollar/euro exchange rate is $1.10/€.1. The peso/dollar exchange rate should be __________.2. The peso/euro exchange rate should be __________.3. The weight assigned to the U.S. dollar in one Argentina peso is __________.4. The weight assigned to the euro in one Argentina peso is __________.Questions 5 through 7 are based on the following information. (10 credits total)Under the gold standard the gold par value was $20.67 per ounce in the United States. The gold par value was ₤4.2474 per ounce in Britain.5. The par exchange rate (dollars per pound) implied by the gold parities is __________. (2 credits)6. How would you arbitrage if the exchange rate quoted in the foreign exchange market were $4.00 per pound instead? (4 credits)7. What pressure is placed on the exchange rate by this arbitrage? (4 credits)8. A European-based manufacturer ships a machine tool to a buyer in Jordan. The purchase price is €375,000. Jordan imposes a 12% import duty on all products purchased from the European Union. The Jordanian importer then re-exports the product to a Saudi Arabian importer, but only after imposing its own resale fee of 22%. Given the following spot exchange rates on May 25, 2004, what is the total cost to the Saudi Arabian importer in Saudi Arabian riyal, and what is the U.S. dollar equivalent of that price? (10 credits)Spot rate, Jordanian dinar (JD) per euro (€) JD 0.8700/€Spot rate, Jordanian dinar (JD) per U.S. dollar ($) JD 0.7080/$ Spot rate, Saudi Arabian riyal (SRI) per U.S. dollar ($) SRI 3.750/$Answers to Assignment Problems (4)Part I.1. D2. A3. D4. A5. A6. D7. B8. B9. A 10. C11. A 12.D 13. D 14. D 15. B 16. A 17.C 18. B 19.A 20. CPart II.1. Since 50% ($1) + 50% (1€) = Mex$ 1S$/€= 1.10 , S€/$ = 1/1.10 = 0.9091So, 50% ($1.10) + 50% ($1) = $1.05/Mex$ 12. 50% (€0.9091) + 50% (€1) = €0.9545/Mex$ 13. 0.5/1.05 = 0.47624. 0.5/0.9545 = 0.52385. $4.8665/₤6. buy pound in foreign exchange market, change pound for gold in England, transport gold to U.S., convert gold to dollar. (alternative answer)7. towards to the par rate: $4.8665/₤, because the supply of dollar and the demand for pound rise. That pushes up the value of the pound.8. 375,000 x 0.87 = 326,250 x (1 + 12%) = JD365,400365,400 x (1 + 22%) = JD445.788445,788/0.7080 = $629,644.07 (U.S. dollar equivalent)629,644.07 x 3.75 = SRI 2,361,165.26 (total cost to the Saudi Arabian importer)THANKS !!!致力为企业和个人提供合同协议，策划案计划书，学习课件等等打造全网一站式需求欢迎您的下载，资料仅供参考。
金融术语
金融术语Notes1.Banks provide most of the credit our economy needs by making loans to enterprises, individuals and governments.银行通过向企业、个人和政府发放贷款，提供我国国民经济所需的大部分信贷资金。
(1)(credit) our economy needs我国国民经济所需的（信贷资金）此句为定语从句，省略了关系代词which，修饰前面的先行词credit。
(2)economy n.①the system or range of economic activity in a country, region, or community经济体：国家、地区或群体的经济活动体系和范围例：Effects of inflation were felt at every level of the economy.通货膨胀影响到每一经济阶层②a specific type of economic system经济制度：特定经济体系类型例：an industrial economy; a planned economy.工业经济体制；计划经济体制(3)by making loans to enterprises, individuals and governments是介词短语，在句中做状语。
by prep. with the use or help of; through借助于；通过(4)making (loans to…)是动名词，做介词by的宾语。
2.The interest that borrowers pay for their loans or for their notes discounted forms the major source of banks' income.借款人支付贷款或贴现票据的利息形成了银行主要收入的来源。
金融术语英语
金融英语(术语）inflation 通货膨胀deflation 通货紧缩tighter credit 紧缩信贷monetary policy 货币政策foreign exchange 外汇spot transaction 即期交易forward transaction 远期交易option forward transaction 择期交易swap transaction 调期交易quote 报价settlment and delivery 交割Treasury bond 财政部公债current—account 经常项目pickup in rice 物价上涨Federal Reserve 美联储buying rate 买入价selling rate 卖出价spread 差幅contract 合同at par 平价premium 升水discount 贴水direct quoation method 直接报价法indirect quoation method 间接报价法dividend 股息domestic currency 本币floating rate 浮动利率parent company 母公司credit swap 互惠贷款venture capital 风险资本book value 帐面价值physical capital 实际资本IPO（initial public offering) 新股首发；首次公开发行job machine 就业市场welfare capitalism 福利资本主义collective market cap 市场资本总值glolbal corporation 跨国公司transnational status 跨国优势transfer price 转让价格consolidation 兼并leverage 杠杆financial turmoil/meltdown 金融危机file for bankruptcy 申请破产bailout 救助take over 收购buy out 购买(某人的）产权或全部货物go under 破产take a nosedive (股市）大跌tumble 下跌falter 摇摇欲坠on the hook 被套住shore up confidence 提振市场信心stave off 挡开, 避开,liquidate assets 资产清算at fire sale prices 超低价sell-off 证券的跌价reserve 储备note 票据discount贴现circulate流通central bank 中央银行the Federal Reserve System联邦储备系统credit union 信用合作社paper currency 纸币credit creation 信用创造branch banking 银行分行制unit banking 单一银行制out of circulation 退出流通capital stock股本at par以票面价值计electronic banking电子银行banking holding company 公司银行the gold standard金本位the Federal Reserve Board 联邦储备委员会the stock market crash 股市风暴reserve ratio 准备金比率division of labor 劳动分工commodity money 商品货币legal tender 法定货币fiat money 法定通货a medium of exchange交换媒介legal sanction法律制裁face value面值liquid assets流动资产illiquidl assets非流动资产the liquidity scale 流动性指标real estate 不动产checking accounts,demand deposit,checkable deposit 活期存款time deposit 定期存款negotiable order of withdrawal accounts 大额可转让提款单money market mutual funds 货币市场互助基金repurchase agreements 回购协议certificate of deposits存单bond 债券stock股票travelers’checks 旅行支票small-denomination time deposits小额定期存款large-denomination time deposits大额定期存款bank overnight repurchase agreements 银行隔夜回购协议bank long-term repurchase agreements 银行长期回购协议thrift institutions 存款机构financial institution 金融机构commercial banks商业银行a means of payment 支付手段a store of value储藏手段a standard of value价值标准deficit 亏损roll展期wholesale批发default不履约auction拍卖collateralize担保markup价格的涨幅dealer交易员broker经纪人pension funds 养老基金face amount面值commerical paper商业票据banker's acceptance银行承兑汇票Fed fund 联邦基金eurodollar欧洲美元treasury bills 国库券floating—rate 浮动比率fixed-rate 固定比率default risk 拖欠风险credit rating信誉级别tax collection税收money market货币市场capital market资本市场original maturity 原始到期期限surplus funds过剩基金syndication辛迪加underwrite包销，认购hedge对冲买卖、套期保值innovation到期交易spread利差principal本金swap掉期交易eurobond market 欧洲债券市场euronote欧洲票据Federal Reserve Bank (FRB)联邦储备银行unsecured credit无担保贷款fixed term time deposit定期支付存款lead bank牵头银行neogotiable time deposit议付定期存款inter-bank money market银行同业货币市场medium term loan 中期贷款syndicated credit银团贷款merchant bank商业银行portfolio management 有价债券管理lease financing租赁融资note issurance facility票据发行安排bearer note不记名票价underwriting facility包销安排floating—rate note 浮动利率票据bond holder债券持持有者London Interbank Offered Rate（LIBOR)伦敦同业优惠利率back—up credit line备用信贷额promissory note(P.N.。
金融英语_刘文国第二版课后练习Exercises 06
Exercise sixⅠ Answer the following questions in English:1.How many common methods to express a foreign exchange rate?There are two common methods to express a foreign exchange rate. The most widely used method expresses the amount of any currency that is required to buy one U.S. dollar. Another common way of quoting rates is simply the reverse of the first method. Under this second method, the foreign exchange rate is expressed in terms of the US dollar amount that can be exchanged for one unit of foreign currency.2.What is foreign exchange?Foreign exchange consists of trading one type of currency for another.Unlike other financial markets, the FX market has no physicallocation and no central exchange. It operates "over the counter"through a global network of banks, corporations and individualstrading one currency for another. The FX market is the world'slargest financial market, operating 24 hours a day with enormousamounts of money traded on a daily basis.3.How does Stop Order work?Stop orders can be used to enter the market on momentum or to limit the potential loss of a position. Stop orders are extremely important in foreign currency trading and should be used by all traders that want to participate in the currency markets. Just like for limit orders, when placing a stop order a trader must specify for how long that order is to remain active.4.What do you think about single currency system? Is it possible toestablish single currency system in the world now?The single currency system is good and it will benefit following:Currency stabilityTourismBusiness benefitsCheaper mortgage and lower interest ratesIt is impossible to establish single currency system in the world now because there are too many factors such as economy, politics and labor migration.5.What is Limit Order?A limit is an order to buy or sell a currency at a specified price orbetter. In a limit order, the currency trader not only specifieswhich currency he wants to buy or sell, but also at which price he wants to do so.6.How to make money for many traders through foreign exchange market?Investors can make profit from change of foreign exchange rate, and different foreign exchange rates in different countries.Ⅱ Fill in the each blank with an appropriate word or expression:1.The currency trader should also decide the time frame that he willbe using to trade in order to determine which trend will be the most important.2.The bid is the price at which dealers are willing to buy dollars(base currency) in terms of yen (quote currency) and users of our trading platform can sell dollars in terms of yen.3.The order remains active until the end of the trading day (5:00 PMEST), unless it is executed or canceled by the trader.4. A GTC order remains active until it is canceled by the currencytrader or until the order is executed. It is the trader's responsibility to cancel a GTC order.5.The Foreign Exchange Market is where the majority of buying andselling of world currencies takes place.6.When placing a limit order, the trader also specifies the durationfor which the order is to remain active while it is not executed.Ⅲ Translate the following sentences and passage into English:1.外汇交易市场，也称为"Forex"或"FX"市场，是世界上最大的金融市场，平均每天超过1兆美元的资金在当中周转 -- 相当于美国所有证券市场交易总和的30倍。
货币金融学(全英)chapter 4习题
• 16.if the present value of security is $150 which interest payment is $55 next year and you will get $133 in the end of third year, the interest rate is ( )
• B next year$6m, and every year$4m in next 4 year after that
• C every year be paid $1m, the last year be paid $6
• D above forms have the same present value
• 5. if interest rate raise from 4%to 5%, the bond holder will be benefit.
• 6. if all kinds of bond’s interest rate decrease from8% to 6% in one year’s time, you prefer bonds with longer maturities.
Choose the best answer
• 1. the present value of security that interest payment is $52.5 next year and $110.25 the second year, interest rate is 5%
• A $162.5 • B $50 • C $100 • D $150 •d
• A 4% • B5% • C6% • D7% •c • 21. which has the lowest yield to maturity of the following
金融英语Part7 exercise
Part7 1. Multiple Choice(1) The person to whom the bill is addressed is called the _________.A. drawerB. holderC. payeeD. drawee(2) If a bill is a _______, the documents will be handed over only against payment of the bill.A. tenorB. sightC. cleanD. bank(3) In collection, banks are obligated to verify the documents received to see that ________.A. they are authenticB. they are regularC. they are those listed in the collection orderD. they are in the right form(4) A export bond is a guarantee to _______that _______will fulfill his contractual obligations.A. the buyer… the exporterB. the exporter …the buyerC. the guara ntor … the buyerD. the exporter … guarantor(5) When there is no indication of damage to the goods, a bill of lading is said to be ________.A. cleanB. goodC. qualifiedD. dirty(6) Which of the following party is in a position to instruct the nominated ( e.g. advising ) bank to add its confirmation ?A. beneficiaryB. L/C issuing bankC. reimbursing bankD. applicant(7) When a customer asks its bank to make a telegraphic transfer to a beneficiary abroad, the charges may ___________.A. be paid by either the remitter or the remiteeB. be debited against the nostro accountC. be credited to the vostro accountD. be paid by the remitting bank(8) ______________informs the beneficiary another bank has issued a credit in his favor without adding its own engagement.A. Advising bankB. Confirming bankC. Drawee bankD. Issuing bank(9) _________must approve any amendments to a confirmed irrevocable letter of credit.A. BeneficiaryB. Confirming bankC. Issuing bankD. A and B and C(10) The beneficiary must do two things to be paid. He must present documents which conform to the credit, _________.A. and he must present them on the expiry date.B. and he must present them before expiry date.C. and he must present them on or before the expiry date.D. and he must present them around the expiry date.2. True or False(1) If a bill is payable “at 60 days sight”, the date of payment is decided according to the date of draft.A. trueB. false(2) Banks have no obligation to take any action in respect of the goods to which a documentary collection relates.A. trueB. false(3) Unless otherwise stated in the credit, a transferable credit can be transferred only once.A. trueB. false(4) An irrevocable credit can be amended, revoked or cancelled without the beneficiary's consent.A. trueB. false(5) A back-to-back credit is mainly used by a middleman to get from a supplier goods which are sold or resold to a third party or parties.A. trueB. false(6) There is no acceptor in a promissory note.A. trueB. false(7) Any transferee for value who takes possession of an endorsed bill of lading obtains a good title to it, provided the transferor had a good title in the first place.A. trueB. false(8) In the case of MT, the remitting bank issues a draft to its customer, and directs its foreign branch or correspondent by mail to make the payment to the beneficiary.A. trueB. false(9) If a bill of lading is made out to bearer, it can be legally transferred without endorsement.A. trueB. false(10) A documentary collection is an arrangement whereby the seller draws only a draft on the buyer for the value of the goods and presents the draft to his bank.A. trueB. false3. ClozePassage 1terms open policy open cover one-offinsurance policy regular premium certificate of insuranceWhen an exporter sells goods on a ___1____ basis, he will normally arrange an ___2__of insurance to cover all his exports during a specific period. This provides insurance cover at all times within agreed terms and conditions. Each time a shipment is made, the exporter will declare the details and pay a ____3___ to the insurer. A ____4______ is then issued by the exporter who sends one copy to the insurance company for their record.The benefit to the ____5___system is that it avoids the need to negotiate insurance___6___ each time a shipment is made, and it avoids the necessity of issuing a separate policy for each individual shipment.If an exporter sells goods on a __7____basis, then he will negotiate terms with the insurers and an ________8____will be issued.Passage2applicant instruction advance beneficiary advising bank receiptA red clause documentary credit contains an __1___from the issuing bank for the advising bank to make an _____2___ to the beneficiary prior to shipment. When the exporter subsequently presents the documents, the amount of the advance and interest will be deducted from the full amount of the credit.Such advance can be in two forms: conditional, whereby the beneficiary must sign anundertaking to use the money to help him assemble the goods referred to in the credit; or unconditional, whereby the beneficiary merely signs a ___3____for the money.In either case, the issuing bank will be responsible for reimbursing the ___4___ if the exporter should subsequently fail to present the documents called for under the credit; (The issuing bank will then seek reimbursement from its customer, the ____5_____.) The bank releases its facilities at request of the issuing bank instead of the __6____itself not as in the case of packing loan.Passage 3recourse repayment confirm advance anominate interest Sometimes the issuing bank will ____1____the advising bank to negotiate a credit, or it may even make the credit freely negotiable, in which case any bank is a nominated bank.If a bank negotiates a credit, it will _____2___money to the beneficiary on presentation of the required documents and will charge ____3____on the advance from the date of the advance until such time as it receives reimbursement from the issuing bank.Such negotiation advances are said to be with____4____, so that if payment is not ultimately forthcoming from the issuing bank, the negotiating bank will be able to claim____5_____from the beneficiary of the advance, plus interest. If the negotiating bank has ____6_____the credit, then the advance will be on a “without recourse” b asis, provided the terms of the credit have been complied with.4. TranslationDirections: Translate the following paragraphs into Chinese.(1) Packing loan is a pre-shipment financing facility. The exporter can obtain packing loan from a bank when it receives the letter of credit issued in its favour. The money required is to finance the business between the commencement of the manufacturing process and the despatch of goods. This period is identical for the exporter. Usually, the finance available will not exceed 90% of the L/C amount. After shipment, the exporter can present the documents to a bank for negotiation, and repay the packing loan.(2) A bill of lading acts as a document of title to goods being shipped. The goods will be released from the port only against production of one of the original bills of lading. Original bills of lading are usually issued in sets of two or three (the number of originals will be indicated on the bill of lading). As any one original bill of lading will enable the possessor to obtain the goods, possession of a complete set is required before control of the goods is assured. Shipping companies often issue unsigned copies of the bill of lading for record purposes. These unsigned copies are not documents of title.(3) A standby letter of credit anticipates the possibility that something will go wrong or a negative event will occur, such as the failure of the applicant to perform a payment pursuant to a loan agreement or the failure of the applicant to perform some other kind of obligation.A commercial letter of credit, by contrast, is a method of payment that anticipates a positive event, the consummation of the underlying transaction. Thus commercial letters of credit are a means of implementing the performance of the buyer and the seller while standby credits envision the possibility of non-performance by the applicant in the underlying transaction.5. Reading ComprehensionPassage One…On Demand‟ bonds, sometimes known as …unconditional bonds‟, can be called at the sole discretion of the beneficiary. The bank must pay if called upon to do so, even in circumstances where it may be clear to the principal that the claim is wholly unjustified.If the bank has to pay under the bond, it will debit the customer's account under the authority of the counter indemnity. The principal will then be left with the unenviable task of claiming reimbursement in the courts of the beneficiary's country.It must be stressed that banks never become involved in contractual disputes. If payment called for conforms to the terms of the bond, the bank must pay.Conditional bonds can be divided into two types: conditional bonds requiring documentary evidence; and conditional bonds which do not require documentary evidence.Conditional bonds requiring documentary evidence give maximum protection to the principal. Payment can only be called for by the beneficiary against production of a specified document, such as a certificate of award by an independent arbitrator. Unfortunately, this type of conditional bond is often unacceptable, particularly in the case of Middle East buyers.On the other hand, conditional bonds which do not require documentary evidence are a bit better than on demand bonds from the principal's point of view. Such bonds often specify that payment must be made in the event of default or failure on the part of the contractor to perform his obligations under the above mentioned contract. This terminology is so vague that banks are often obliged to pay a simple on demand claim if one is received.(1) …On Demand‟ bonds, sometimes known as …unconditional bonds‟, can be called at the sole discretion of the _____________.A. exporterB. applicantC. beneficiaryD. guarantor(2) If the bank has to pay under the bond, it will debit the customer's account under the authority of the_____________.A. bondB. counter indemnityC. agreementD. counter guarantee(3) “unenviable” in Li ne 5 probable means___________.A. unfortunateB. unpleasantC. enjoyableD. unfair(4) Payment of conditional bonds requiring documentary evidence can only be called for by the beneficiary against production of a specified document, such as ____________.A. a demand for paymentB. draftC. a certificate of awardD. a written statement(5) Which of the following statements is not true ?A. The bank must pay if called upon to do so, even if it may be unjustified to the principal.B. If the bank has to pay under the bond, it will debit the customer's account.C. Conditional bonds which do not require documentary evidence are no better than on demand bonds from the principal's point of view.D. “On demand” bond is also known as unconditional bond.Passage TwoAll documents sent for collection must be accompanied by a collection order giving complete and precise instructions. Banks are only permitted to act upon the instructions given in such collection orders and in accordance with these rules.Any deviation from these instructions at the request of the drawee will be at the responsibility of the collecting bank.The instructions of the remitting bank override the banking relationship, if any, between drawee and collecting bank.Banks will act in good faith and exercise reasonable care and must verify that the documents received appear to be as listed in the collection order. Banks have no further obligation to examine the documents.In the case of documents payable at sight, the collecting bank acting as presenting bank must make presentation for payment without delay. And in the case of documents payable at a tenor other than sight, the presenting bank must, where acceptance is called for, make presentation for acceptance without delay.In respect of a documentary collection including a bill of exchange payable at a future date, the collection order should state whether the commercial documents are to be released to the drawee against acceptance (D/A) or against payment (D/P). In the absence of such statement, the commercial documents will be released only against payment.(6) Collecting bank should act upon the instructions received from __________.A. importerB. exporterC. remitting bankD. presenting bank(7) Any deviation from these instructions at the request of the drawee will be at the responsibility of the_____________.A. collecting bankB. draweeC. bank's customerD. remitting bank(8) Which is not the obligation of the collecting bank in respect of documentary collection?A. Banks will act in good faith and exercise reasonable care.B. Banks must verify that the documents received appear to be as listed in the collection order.C. In the case of documents payable at sight, the collecting bank must make presentation for payment without delay.D. Banks have obligation to examine the documents.(9) Which of the following statements is not true ?A. If the instructions are D/A the commercial documents are to be released to the drawee against acceptance.B. If the instructions are D/P the commercial documents are to be released to the drawee against payment.C. In the absence of such statement, the commercial documents will be released either against acceptance or against payment.D. Without D/P or D/A instructions, the commercial documents will be released only against payment.(10) “override” in Line 6 probable means___________.A. prevailB. overtakeC. revokeD. overthrowPassage ThreeSilent confirmation represents an agreement between a bank and the beneficiary for that bank to add its confirmation to the documentary credit despite no being so authorised by the issuing bank.The benefic iary wishes to obtain the security of …the confirming bank‟ and is willing to pay the “confirmation commission”, but does not wish to request the applicant to instruct theissuing bank to authorise another bank to confirm its documentary credit.Under UCP500 sub-article 9 (b), the documentary credit may only be confirmed if it is so authorised or requested by the issuing bank. Therefore, the documentary credit may not be confirmed when it has not been authorised or requested by the issuing bank. Nevertheless, the fact that such an unauthorized …confirmation‟ may have been effected extends the responsibility of the bank which confirmed the documentary credit against the beneficiary, without recourse as a … confirming bank‟ to the issuing bank which clearly did not request or authorize the bank to …add its confirmation.‟ In effect, there has not been a …confirmation‟ but a separate arrangement between the beneficiary and the …confirming bank‟ which …confirmed‟ the documentary credit under which the said bank is irrevocably obligated, subject to compliance, to purchase or discount the draft (s) and/or document(s) drawn and presented by the beneficiary, and usually without recourse.(11) A confirmation of an irrevocable documentary credit by a bank (the confirming bank) should be made upon the authorization or request of the __________.A. advising bankB. nominated bankC. issuing bankD. beneficiary(12) Silent confirmation represents an agreement between a bank and ____________for that bank to add its confirmation to the documentary credit.A. applicantB. issuing bankC. advising bankD. beneficiary(13) The “confirming bank” usually purchase or discount the draft (s) and/or document(s) drawn and presented by the beneficiary_________.A. with courseB. without courseC. irrevocablyD. in due course(14) An unauthorized …confirmation‟ confers the responsibility of the …confirming bank‟ against the issuing bank which clearly does not request or authorize the ba nk to …add its confirmation.‟___________.A. without recourseB. with recourseC. irrevocablyD. revocably(15) Which of the following statements is not true ?A. A silent confirmation is a separate arrangement between the beneficiary and the …confirming bank‟B. A silent confirmation is made when the beneficiary is not willing to pay the “confirmation commission”.C. When a silent confirmation is made, there has not been a …confirmation‟ but a separate arrangement between the beneficiary and the …confirming bank‟.D. A silent confirmation is made when the beneficiary does not wish to request the applicant to instruct the issuing bank to authorise another bank to confirm its documentary credit。
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1 Part4 1. Multiple Choice (1) Accounting is the system that measures business activities, processes that information into reports, and communicates these findings to ______ . A. decision makers B. government C. managers D. suppliers (2) Financial statements are the documents that report on an individual's or an organization's business _____. A. quantatively B. qualitatively C. in monetary amounts D. in financial amounts (3) ______ is a procedural element of accounting as arithmetic is a procedural element of mathematics A. Auditing B. Bookkeeping C. Public accounting D. Social reporting (4) Businesses determine their ______ based on their accounting records that show how much they have sold. A. deferred tax B. sales tax C. income tax D. corporation tax (5) Auditing is the accounting profession's most significant service to ______ . A. the Public B. the Limited companies C. investors D. tax authorities (6) ______ is the independent examination that ensures the reliability of the accounting reports that management prepares and submits to investors, creditors, and others outside the business. A. A segmental reporting B.A management account C. An Audit D. A management review (7) In carrying out an audit, ______ from outside a business examining the business's financial statement. A. internal auditors B. professional appraisalersC. certified public accountants D. investors (8) the CPAs give a professional opinion stating that the firm's financial statements are in accordance with ______ , which is the standard. A. CICPA B. General accepted accounting principles C. ACCA D. Legislation (9) Tax accounting has two aims: complying with the tax law and ______ . A. minimizing the taxes to be paid B. fully disclosing the tax liabilities C. giving an accurate tax return D. satisfying investor's personal needs (10) ______ is the catch all term that describes the wide score of advice CPAs provide to help manager run a business. A. Financial accounting B. b. AuditingC. Management accounting D. Management consulting (11) Which of the following is variable cost? A. Salary of genera manager B. Worker's wages based on time C. Worker's wages based on piece of work D. Accountant's salary (12) The break-even is the point that ______. A. contribution=fixed costs B. gross margin=fixed cost C. variable costs=fixed costs D . revenue=variable costs (13) If a company has shareholders' equity of USD2000000 and liabilities of USD800000, how much is its asset? A. USD2800000 B. USD2000000 C. USD1200000 d. USD800000 (14) Two general classifications of specialized accounting services are ______. A. private accounting and CPA B. public accounting and CPA C. public accounting and private accounting D. financial accounting and Bank accounting (15) Net asset is equal to ______. A. asset = liability B. liability - asset C. liability = owner's equity D. owner's equity (16) The balance sheet is a statement of the financial position ______. A. at a specified point in time B. during a particular period C. for a year D. none of all (17) ______ is the foundation of private accounting, which analyzing a business's costs to help managers control expenses. 2
A. Budgeting B. Management information system C. Internal auditing cost accounting D. Cost accounting (18) When operations produce a positive cash flow, we say there is ______ . A. a net inflow B. a net outflow C. a swap position D. a square cash position (19) The most volatile accounts in recent years have been ______. A. the current accounts B. the trade accounts C. the short-term capital account D. the long-term capital accounts (20) Sales total USD400 000, cost of good sold is USD225 000, and operating expenses are USD10 000, how much is gross margin? A. USD30 000 B. USD15 000 C. USD35 000 D. USD5 000
2. True or False (1) The principles of accounting apply to the financial considerations of individuals as well as those of business firms. A. true B. false (2) Nonprofit organizations rarely need accounting information to make decisions. A. true B. false (3) The accounting profession's most significant service to the public is auditing. A. true B. false (4) Tax accounting has two aims: complying with the tax laws and filling in tax returns in time. A. true B. false (5) Internal auditing is usually performed by a CPA from outside the firm. A. true B. false (6) Management accounting generates information that meets external users such as creditors. A. true B. false (7) The most basic concept in accounting is that of the entity. A. true B. false (8) The cost principle holds that the accounting records should use the prevailing market value of an asset for as long as the business holds the asset. A. true B. false (9) The going-concern concept holds that the entity will remain in operation indefinitely. A. true B. false (10) Liquidity is a measure of how quickly an item may be sold. A. true B. false (11) Current liabilities are debts that are due to be paid within one year or within the entity's operating cycle. A. true B. false (12) There are usually two kinds of ledgers: general ledger and specific ledger. A. true B. false (13) The Balance sheet is divided into three sections: assets, liabilities, and owner's equity. A. true B. false (14) Another name of income statement is profit and loss statement. A. true B. false (15) There are three common cost behavior patterns: variable, fixed, and managerial. A. true B. false (16) Direct materials, sales commissions and executive salaries are all examples of variable costs. A. true B. false (17) The break-even point is the point at which total sales revenue is equal to total fixed costs plus total variable costs. A. true B. false (18) Equity financing and debt financing are two common ways of generating additional financial resources. A. true B. false