填空题Now listen to a short conversation and a passage on the tape. This will be played once on the recorder. You may make notes while you are listening, but you should not answer any questions until the reading is over. {{B}}Qustion 1{{/B}}

填空题{{B}} Applying for a mortgage{{/B}} Susan Thomas and her husband Alan have decided to buy a house. They have seen one that they like and now have to get a mortgage loan. Susan goes to see Joan Bentley. Ms. Bentley works in the mortgage department of the Yorktown Bank in Texas, where the Thomases live. Ms. B: Hello, Mrs. Thomas. How are you today? I hear you want to apply for a mortgage loan with us. Mrs. T: That's right. I hope you have the time to answer some questions, though. My husband and I have never owned any real estate before and we have only elementary ideas about mortgages. Ms. B: I'll be happy to help you in any way I can. What would you like to ask? Mrs. T: First, is there any difference between a mortgage and a mortgage loan? I have heard both terms used. Ms. B: Yes there is, although in everyday speech people call the mortgage loan'a mort- gage. The mortgage is actually a written document. In legal terms it is called an instrument of conveyance because it transfers title of property from one party to another. The mortgage loan is, of course, the money that the mortgagee lends to the mortgagor so that the mortgagor can buy a house or some other piece of real property. Mrs. T: I see. That's clear to me now, but something has been worrying me. Many of my friends have told Alan and me that it won't be easy to get a mortgage. I don't know what they mean--Alan and I have always held good jobs. It seems that two good risks like us wouldn't have much difficulty in getting financing for a new home. Ms. B: The problem isn't the element of risk. The supply of mortgage money has become very tight lately. Also, with interest rates rising, banks don't want to lend a large sum of money for 25 or 30 years at a fixed rate. Mrs. T: When you mention fixed rates you remind me that I have been hearing a lot about variable - rate mortgages. I'm not quite sure that I understand exactly what they are, but people say more and more banks are using them now. Ms. B: I can explain them to you. In the past, the borrower or mortgagor paid the same rate of interest over the life of the mortgage. Monthly payments to the bank were the same for 30 years. But with variable-rate mortgages they can be adjusted every six months to changes in the interest rates banks pay on deposits. Mrs. T: That sounds very upsetting to me. What if the borrower gets a very large increase? How would he meet his payments? Variable - rate mortgages must greatly increase the possibility of the bank's foreclosing. Ms. B: Not really. The bank can't adjust the rate more than 1/4 of one percent for any six - month period. And most banks give an initial guaranteed - rate period of six months to five years. During this period, no adjustments are allowed. However, there's no limit to how much the rate that you pay can rise or fall over the life or the mortgage. Mrs. T: Why have banks begun to insist on variable-rate mortgages? The old system seems so much simpler. Ms. B: I'll admit it was simpler, but changes in conditions have made it difficult for banks to keep the system of fixed - rate mortgages. With certificates of deposit and other term - de- posit accounts, banks now pay very high interest rates to depositors in order to attract their money. These interest rates fluctuate, too, so banks want the protection of variable - rate mortgages. Mrs. T. Your explanation makes me feel more secure about variable -rate mortgages. How much does your bank expect as a down payment? Ms. B: Between 10% and 20% of the purchase price. Is that possible for you and your husband? Mrs. T: Yes. We have saved enough money for that. I would like to fill out an application. Ms. B: Fine. Here's one. We will be able to let you know whether we approve it or not in a week or ten days. Mrs. T: Thank you very much. Comprehension check State whether each sentence is true or false based on the dialogue of this lesson.

填空题The further reform of the wholly state-owned commercial banks will aim at introducing best modern banking practice, diversified ownership structure, advanced expertise in management, and intensified state control over the governance.

填空题Directions: Insert the correct words or phrases in the appropriate spaces in the passage below. investigate, quantity, discount, negligence, replements, discrepancy, packing list, unsaleable, inferior, penalty clause, up to standard Complaints are often received by companies who ship consignments overseas. These complaints are sometimes about the {{U}}(26) {{/U}} of goods received. Perhaps not enough goods were sent, perhaps too many. And sometimes it is a complaint that the wrong goods were sent. Often there are complaints about {{U}}(27) {{/U}} packing, which can cause damage to the goods. Sometimes the complaint is about inferior quality. Buyers in this case often complain that the goods are not {{U}}(28) {{/U}} There may be a {{U}}(29) {{/U}} between the description of the goods in the brochure and the goods which actually arrived. A complaint may be about a delay in shipment, although companies often have a {{U}}(30) {{/U}} in their contract to protect them against loss from delay. Complaints about damage are usually the business of insurance companies, but if the damage is caused by the {{U}}(31) {{/U}} of the packers, then the insurance companies will not accept responsibility. When there is a complaint that the wrong goods were sent, or too many, or too few, then it is always necessary to check the {{U}}(32) {{/U}} for the cases, as well as the invoice. Then the agent must {{U}}(33) {{/U}} what happened. The goods may still be in the port of unloading. Bad, inferior or inadequate packing may cause damage to goods in transit. The buyers may accept damaged goods if the supplier offers a {{U}}(34) {{/U}}, but if the goods arc badly damaged they may be {{U}}(35) {{/U}}, and in this case the buyer will demand replacements.

填空题Applying for a mortgage Susan Thomas and her husband Alan have decided to buy a house. They have seen one that they like and now have to get a mortgage loan. Susan goes to see Joan Bentley. Ms. Bentley works in the mortgage department of the Yorktown Bank in Texas, where the Thomases live. Ms. B: Hello, Mrs. Thomas. How are you today? I hear you want to apply for a mortgage loan with us. Mrs. T: That's right. I hope you have the time to answer some questions, though. My husband and I have never owned any real estate before and we have only elementary ideas about mortgages. Ms. B: I'll be happy to help you in any way I can. What would you like to ask? Mrs. T: First, is there any difference between a mortgage and a mortgage loan? I have heard both terms used. Ms. B: Yes there is, although in everyday speech people call the mortgage loan'a mort- gage. The mortgage is actually a written document. In legal terms it is called an instrument of conveyance because it transfers title of property from one party to another. The mortgage loan is, of course, the money that the mortgagee lends to the mortgagor so that the mortgagor can buy a house or some other piece of real property. Mrs. T: I see. That's clear to me now, but something has been worrying me. Many of my friends have told Alan and me that it won't be easy to get a mortgage. I don't know what they mean--Alan and I have always held good jobs. It seems that two good risks like us wouldn't have much difficulty in getting financing for a new home. Ms. B: The problem isn't the element of risk. The supply of mortgage money has become very tight lately. Also, with interest rates rising, banks don't want to lend a large sum of money for 25 or 30 years at a fixed rate. Mrs. T: When you mention fixed rates you remind me that I have been hearing a lot about variable - rate mortgages. I'm not quite sure that I understand exactly what they are, but people say more and more banks are using them now. Ms. B: I can explain them to you. In the past, the borrower or mortgagor paid the same rate of interest over the life of the mortgage. Monthly payments to the bank were the same for 30 years. But with variable-rate mortgages they can be adjusted every six months to changes in the interest rates banks pay on deposits. Mrs. T: That sounds very upsetting to me. What if the borrower gets a very large increase? How would he meet his payments? Variable - rate mortgages must greatly increase the possibility of the bank's foreclosing. Ms. B: Not really. The bank can't adjust the rate more than 1/4 of one percent for any six - month period. And most banks give an initial guaranteed - rate period of six months to five years. During this period, no adjustments are allowed. However, there's no limit to how much the rate that you pay can rise or fall over the life or the mortgage. Mrs. T: Why have banks begun to insist on variable-rate mortgages? The old system seems so much simpler. Ms. B: I'll admit it was simpler, but changes in conditions have made it difficult for banks to keep the system of fixed - rate mortgages. With certificates of deposit and other term - de- posit accounts, banks now pay very high interest rates to depositors in order to attract their money. These interest rates fluctuate, too, so banks want the protection of variable - rate mortgages. Mrs. T. Your explanation makes me feel more secure about variable -rate mortgages. How much does your bank expect as a down payment? Ms. B: Between 10% and 20% of the purchase price. Is that possible for you and your husband? Mrs. T: Yes. We have saved enough money for that. I would like to fill out an application. Ms. B: Fine. Here's one. We will be able to let you know whether we approve it or not in a week or ten days. Mrs. T: Thank you very much. Comprehension check State whether each sentence is true or false based on the dialogue of this lesson.

填空题abbreviations, overseas, addressee, efficient, punctuation, hyphenated, telegraphic, brief, minimum, urgent A telegram sent to another country is often called a (21) When there is an (22) message to give or a demand to make, the telegram is the quickest and most (23) communication. It gives a (24) message in the (25) number of words, to reduce the cost. The language of telegrams is often difficult, as there is no (26) with the exception of the word "STOP". Recognized (27) such as CIF, are also used but you must be careful to write signs which are recognized (28) . There are various rules about the number of words. For example, (29) words, such ms ready -made, are counted as one word. The name of the (30) is included in the number of words.

填空题The most important types of operational risk involve breakdowns in external controls or corporate governance.

填空题Name 3 ways in which an offer of a contract will expire.

填空题Since the enactment of the Law of the People's Bank of China in March 1995, the PBC has no longer played the role of financing fiscal deficits in national budgetary.

填空题Name 3 types of remedies provided for breach of contract.

填空题Reputation risk is particularly damaging for banks since the nature of their business requires maintaining the confidence of depositors, creditors, and the general marketplace.

填空题 A bank manager speaks My name is Jane Carson and I'm the manager of a savings bank in Portland, Oregon. My bank is open every day from 8: 30 in the morning until 4: O0 in the afternoon. On Fridays the bank remains open until 6:30 in the evening. Friday is our busiest day. Many people get their paychecks on Fridays and they come into deposit them. I find that on Fridays I have to keep six windows open all day long. My bank tries very hard to reduce the amount of time that customers have to waif for service. We have many signs to remind people that they need their passbooks for all transactions and that they must fill out their deposit of withdrawal slips completely. If our depositors cooperate with us we can accommodate them with as few delays as possible. Of course, people do forget. The tellers inform me that many customers still forget to endorse their checks or try to open or close joint accounts with the signature of only one of the parties. But I hope that my program of information for customers will reduce such delays. Banking has changed a lot in recent years. Computers now do much of the work that the tellers used to do. As computers improve, they are able to accomplish more difficult tasks and they help us serve our customers better. Another important change in banking, especially for savings banks, are the many different term deposit accounts that are now available to our customers. Since these certificates of deposit offer very high interest rates they help attract depositors to our bank. I make sure that my staff always has the latest information about these accounts so that they can advise our depositors correctly. My bank is not a very large bank. The total of our current assets and fixed assets comes to 15 550 000 dollars. I'm proud of our balance sheet. Although some banks across the country are having difficulties, my bank has more assets than liabilities. We are solvent and growing. The number of customers we serve has increased this year and I expect that it will continue to grow in the future. Comprehension check State whether each sentence is true or false based on the reading.

填空题Name the types of actionable misrepresentation.

填空题 Checking accounts In the United States, checking accounts are available only at commercial banks. Commercial banks specialize in demand deposits, such as checking accounts. A checking account is money that a customer deposits in order to use that money to write checks. Saving accounts pay the depositor interest but checking accounts do not. In fact, checking account customers pay the bank a service charge for the bookkeeping involved in administering the account. The method of recordkeeping is also different in savings accounts and checking accounts. A depositor must present his passbook for any savings account transaction. The bank records these transactions in the depositor's passbook. Checking account customers, however, do not have passbooks. They themselves record the amounts of the checks that they write and they receive a monthly statement from the bank. This statement lists all the checks that the bank paid and all deposits that the account holder made during the month. The bank usually sends the statements with the customer's cancelled checks. The customer then compares the balance on the statement with the balance in his own records by subtracting the total of his outstanding checks. There are other fees that the bank may collect from checking account holders. For instance, banks charge a fee for stopping payment to a check. When a depositor decides that be doesn't want the bank to pay a payee, but he bas already written a check to that person, he may give the bank a stop payment order. The bank will then refuse to pay this check, and charges the depositor a fee. 'Banks also charge a depositor a fee when he is overdrawn. A depositor is overdrawn when he writes a check for more money than the balance in his account: The bank marks the check "insufficient funds", returns it, and charges a penalty for it. In everyday language we say that a check returned for insufficient funds has "bounced". Recent changes in banking regulations have allowed savings banks to offer negotiable order of withdrawal accounts. These accounts, called N. O. W. accounts, are very similar to checking accounts but they pay interest like savings accounts. The depositor can write withdrawal orders against the balance in the account. These withdrawal orders look like checks, and depositors receive a monthly statement summarizing deposits and withdrawals. There is often no service charge if depositors keep a minimum balance in their accounts. Commercial banks also offer N. O. W. accounts. As far as checking accounts go, the difference between savings banks and commercial banks is growing smaller in the U. S. State whether each statement is true or false based on the reading.

填空题List 2 factors that affect the validity of an otherwise effective contract.

填空题As per the terms and conditions of the Contract No. 123, the payment is to be made by a documentary credit. Now, at the request of the importer, Mr. Houston & His Son, COTOBAML M. A. Hereby issues a documentary credit No. 56789 in favor of China National Chemicals Imp. ＆ Exp. Corp, 56 Dongnanmen street, Beijing, to the extent of USD 56,700.00 on May 23, 2008. On June 1,2008 the exporter shipped the relative goods and drew a draft on the issuing bank, asking him to pay the credit amount at 60 days after sight of the draft, the draft was authorized to be signed by the corporate staff, Grace Peter. Bill of Exchange NO. 123 Dated (1) . Exchange for (2) . At (3) days after sight of this FIRST of Exchange (Second of exchange being unpaid) Pay to the order of (4) . The sum of (5) . Drawn under L/C No. (6) . dated (7) . Issued by (8) . Value received and charged the same amount to TO (9) . 　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　　 (10)

填空题What type of indorsement is the following? "Pay John on his delivery of documents of title to Hong Kong Bank. Signed: Wang"

填空题Now listen to a short conversation and a passage on the tape. This will be played once on the recorder. You may make notes while you are listening but you should not answer any questions until the reading is over. {{B}}Qustion 1{{/B}}

填空题Banking, by its nature, entails taking a wide array of risks.