单选题Although the company showed a profit, the balance sheet looks increasingly ______.

单选题When a country’s currency appreciates, the country’s goods abroad become ______ and foreign goods in that country become ______.

单选题ABC company is the beneficiary of a confirmed irrevocable letter of credit. bank (s) will assure the company that it will be paid. A. One B. Two C. Three D. None

单选题A business operating cycle is ______.

单选题{{B}}Section One{{/B}} 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.

单选题A business has the following figures for the year ended 31 December 2000 ＄ Stock at beginning of period 85,000 Stock at the end of period 90,000 Purchases 300,000 Purchases return 25,000 Cost of goods sold is ______. (a)＄295,000 (b)＄270,000 (c)＄305,000 (d)＄280,000

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

单选题BPart One/BDirections: In this section, you will hear some 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 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.

单选题To a banking organization, effective risk management and internal control can help ensure ______.

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

单选题{{B}}Passage Three{{/B}} Foreign exchange is by definition foreign to the holder; otherwise, it would be domestic exchange or in modem practice, local currency and legal tender. Foreign exchange typically is not legal tender and is therefore not acceptable in exchange for goods and services to whom it is being offered; hence, the desire to exchange it into something closer to home in terms of acceptability. Foreign exchange markets are nearly always markets that convert issues of foreign money for local units. The New York foreign exchange market, for example, is essentially a market for exchange foreign currencies against the US dollar. It is possible in New York to exchange French francs for Swedish kronor, but the normal practice would be to sell French francs for U.S. as a first step and then to sell US dollars and buy Swedish kronor as a second step in order to complete the transaction. Markets in other countries would be similar in structure and mechanical operation.

单选题The monthly statement gives you a record of all the ______ of your checking account.

单选题The most basic tool of the account is the accounting equation. This equation presents the assets of the business and the claims to those assets. Assets are economic resources of a business that are expected to be of benefit in the future. Cash, office supplies merchandise, furniture, land and buildings are examples; Claims to those assets come from two sources. Liabilities are "outside claims", which are economic obligations, debts payable to outsiders. These outside parties are called creditors. For example a creditor who has loaned money to a business has a claim-- a legal right -- to a part of the assets until the business pays the debt, "insider claims" are called owners' equity or capital. These are the claims held by the owners of the business. Owners' equity is measures by subtracting liabilities from assets.

单选题______ relates to the liability of the issuing bank, whereas ______ relates to the responsibility of the correspondent bank or other banks.

单选题Still in the above case, three months after the transaction, the market price of the same computer rose by US $ 150. So the price of the computer shall bc booked at the price ______.

单选题Usually, the sales invoices are purchased by the factor after ______.

单选题Container bills of lading are. issued ______.

单选题What determines the rate of exchange between currencies will be examined later in this booklet, but first it is useful to consider the mechanics of international transactions. To enable a UK importer to pay his American supplier, for example, the facilities of two or more banks are used, firstly in handling the often complex documentation and secondly, through the foreign exchange market, in obtaining the currency required. At one time payments to and from other countries were made by bills of exchange; hence in part the term "exchange rate", which was maintained even though other methods of payment have largely superseded the bill of exchange. The British importer will probably need to pay his American supplier in dollars and his British bank can offer him several alternative methods of settlement. It can provide him with a banker's draft drawn in dollars. The bank is able to do this because it will have an account with another bank (called a correspondent bank) in an American city and it simply issues a dollar cheque or draft drawn on that account. The British importer can then send this draft by airmail to the supplier. Since there is a danger that the draft may be lost or fall into the wrong hands' the safer and more normal method would be for the British bank to arrange for payment by mail transfer. Instructions are sent by airmail to the correspondent bank in the US to pay on behalf of its customer the required sum to the named recipient from the British bank's dollar account. This mail transfer system is very flexible since the instructions for payment can be varied or elaborated to suit practically every kind of requirement.

单选题In 1944, officials from forty - five nations assembled for a historic meeting at Bretton Woods in the United States. Even though World War II was still going on, international monetary authorities and world leaders were planning for the future. They wanted to make provisions for the economic problems they expected to follow by the end of the war. These efforts resulted in the formation of the International Monetary Fund. The IMF attempts to encourage monetary cooperation, to promote excharige rate stability, and to plan international arrangements on ex- change rates. In addition, the Fund attempts to prevent competitive exchange rate reductions among its members. It also tries to eliminate or reduce any foreign exchange controls that slow down world trade. In order to attain these objectives, however, very large financial reserves are needed. The necessary reserves are obtained in the form of deposits, which are required from each member when joining the Fund. The size of the deposit is known as the member's quota. The quota is the heart of the International Monetary Fund. The Fund authorities set the size of the quota. It is based on the economic importance of the country as shown by such indicators as populations, international trade, and GNP. Traditionally, the quota has been paid in a combination of gold and the member's own currency, with 25 percent in gold and the rest in currency. It is important because it determines the maximum amount that the member can draw out in times of difficulty. Sometimes new members have succeeded in reducing the quotas set by the IMF. They have usually regretted this decision when they later needed to withdraw large a- mounts from the Fund. Perhaps the main function of the IMF has been to help members with balance of payments problems so as to prevent a monetary crisis. For instance, a small country could experience storm, which greatly reduced its main export crop. Because of the considerable shortfall in ex- port, the country would earn much less foreign exchange than usual. As a result, there would be a current account deficit. Tile country could have difficulty in paying for essential imports, for its official reserves might not provide enough foreign exchange. Without help from abroad, the country could solve the payments problem in two ways. It could allow its currency to devalue because of the reduced international demand, or it could prevent the exchange rate from falling by using exchange control. Both of these methods seem too dramatic. However, because the country's problems are very short - term ones. Under these circumstances, the Compensatory Finance Facility can be used to obtain the necessary foreign exchange.