单选题Countries like the UK, wishing to maintain their own attractions, may well push their own rates lower, ______ further rounds of tax cutting.

单选题______ are assets that are expected to be converted to cash, sold, or consumed during the next 12 months or within the business's normal operating cycle if longer than a year.

单选题 Passage 3 Though the glass building is modern enough, such scenes suggest that little has really changed at London's ancient insurance market. For centuries, brokers and underwriters have performed similar rituals, in good times and in bad notably in the early 1990s, when Lloyd's suffered such huge losses that it almost went under. But since it pulled back from the abyss in 1996, Lloyd's has reinvented itself. It clings tenaciously to its historic trappings; but, in substance, it is as though it had died and come back in a new form. To see how Lloyd' s has changed, look at who invests there. This year, Britain's largest insurer, CGU, has moved its marine operation into Lloyd's. March ＆ McLennan, the world's largest insurance broker, has helped to found a new Bermudian insurer that will underwrite from Lloyd's. And the market has welcomed its first big multinational, Smith Kline BeeCham, a drags giant, which has launched an in-house (or "captive") insurer. Other arrivals read like a Who's of the industry, including Warren Buffet's Berkshire Hathaway, Ace, a Bermudian insurer, and America's Paul. This adds up to a ringing endorsement of Lloyd's renewed viability, long-term profitability and competitiveness, none of which could have been taken for granted as recently as 1996. Then the market had racked up the world's biggest-ever commercial loss(8 billion $13 billion)in five years. It had mined at least 1,600 of its 34,000 members ("names") , all underwriting with unlimited liability; some committed suicide. Lloyd's seemed doomed.

单选题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.

单选题{{B}}Passage Two{{/B}} The Securities Exchange Act of 1936 established the Securities and Exchange {{U}}(61) {{/U}} (SEC) and gave it authority {{U}}(62) {{/U}} the securities markets. All brokers and dealers doing business in the organized markets must register {{U}}(63) {{/U}} the SEC. A broker assists the trading process by buying or selling securities in the market for a (n) {{U}}(64) {{/U}} . A dealer satisfies investors' trades by buying and selling securities from his own inventory. In addition, attempts to {{U}}(65) {{/U}} securities prices were declared illegal.

单选题A budget which, by recognizing different cost behaviour is designed to change as the volume of actual output changes is ______. (a)fixed Budget. (b)zero Budget. (c)flexible Budget. (d)rolling Budget.

单选题With mortgage loans, unless and until the occurrence of default or full repayment, ______.

单选题 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.{{B}}Passage One{{/B}}

单选题If retained earnings were understated and liabilities were overstated, which of the following errors could have been the cause? (a)Making the adjustment entry for depreciation expenses twice. (b)Failure to record interest accrued on a note payable. (c)Failure to make the adjusting entry to record revenue which had been earned but not yet billed to clients. (d)Failure to record the earned portion of fees received in advance.

单选题Chattels refer to fixed properties.

单选题When the collecting bank receives from the presenting bank the documents for collection,it_______________.

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单选题 Correspondent banking faces a problem of definition. Five years ago the business was preoccupied with electronic funds transfer. The spread of Swift's messaging network and the developing of the equally efficient clearing systems promised to elevate the medium through which banks communicate and fitted the traditional concept of correspondent banks talking to each other. By streamlining this function, however, the nature of the business changed and the importance of nurturing interbank relationships dwindled in the eyes of some correspondent bankers. Technology tends to lead to concentration, because the customer has gone to the bank that is bigger and faster, and can handle more volume, explains Ian Cormack, who heads Citicorp's financial institutions group in London and sits on the council of the clearing system in the UK. Moving or receiving money has always been at the heart of interbank activity. Lawrence Grand, international banking director at Barclays, makes the fundamental point that correspondent banking will always exist in a world where banks have to talk to other banks to conduct money transmissions. This view is shared at Manufacturers Hanover, where Joseph Long-aberdi, a banking vice president and senior representative, believes funds transfer business is still the major product over which correspondent banks wage battle. But while the need to balance interbank accounts remains a core function of the business, the complexion of the funds passing through the payments system has altered dramatically. The rise and rise of financial activity has displaced trade - related flows, particularly in the period after Big Bang, until today around 90 per cent of the business consists of financial transactions, estimates Mr. Cormack. Volumes continue to rise significantly in the major clearing centres, largely feeding off growth in securities processing and foreign exchange. The value of dollar - dominated transactions passing through New York's clearing house inter - bank payments system (Chips) increased by 23.7 percent last year to a daily average of $ 526 billion, equivalent to 126 840 transactions a day, and compared with $ 425 billion and 113 758 transactions in 1986. In London's sterling market the value of daily transactions passing through the clearing house automated payments system (Chaps) climbed by 28.5 percent in the year ending March 1988 to ￡45 billion, or 23 441 transactions a day, compared with ￡3 billion and 20 958 in the previous months. Keeping pace with growth has not been easy, particularly for the banks which for reasons of size, cost and strategy have been confined to a marginal role in the business. Commitment to the technological infrastructure is vital. Five years ago Manufacturers Hanover had 75 million invested in a worldwide telecommunications network. Anyone who baulked at such an investment five years ago would find it difficult to enter the market today.

单选题The interdependence between China's economy and the world economy ______ significantly.

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单选题All of the following statements are true except ______.

单选题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 an tile ANSWER SHEET with a single line through the center. {{B}}Passage One{{/B}}