问答题Often referred to as "the heart of a factoring organization," the credit department is responsible for granting credit to clients" customers and for collecting the accounts receivable purchased through the factor. 11 When factored clients submit customer orders for credit approval, the credit department analyzes the financial condition and credit worthiness of the customer, then makes a decision to approve or decline the order. The department must then monitor the condition of approved customers and collect all due receivables. Careful credit checking and effective collection procedures in this department can greatly reduce the risks inherent in factoring. As the head of the credit department, the credit manager is responsible for seeing that the department operates effectively. 12 He must develop the factor"s credit policies in consultation with senior factoring associates, and he is in overall command of everything from credit and collections to bankruptcy and liquidations. If only the factor is a commercial bank division, the credit manager is a bank vice president, and credit policy must also be approved through top management of the bank. 13 Assisting the credit manager may be several supervisors who have credit responsibilities of their own and who also oversee the analysis and approval of customer orders through the credit specialists. Credit supervisors typically spend about eighty percent of their time handling large customer orders. If only a customer order exceeds a supervisor"s credit authority, he is responsible for making recommendations to the credit manager. A supervisor also reviews a subordinate"s credit decision if only the subordinate is unsure of the extent of the credit risk or if only a client questions a particular credit decision. In extremely large credit exposures, supervisor"s bear the responsibility for analyzing the credit position of the customers and deciding on credit limits. To do this, they must regularly obtain current data from various credit information sources. They must also have extensive contact with each customer to determine operational performance and progress. Frequently, supervisors are called upon to give advice on what should be done to improve a company"s financial condition. 14 Meeting all these responsibilities requires that each supervisor continuously observe and study the industries with which he is concerned, so that he is capable of anticipating market changes which may affect his accounts. 15 A supervisor"s major challenge is to maintain a free balance between the demands of clients that all their customer orders be approved and the questionable financial position of some of the customers. In reviewing any credit decision, a supervisor must be capable of weighing a variety of elements, including the possibility of losing the client, the customer"s credit position, and the extent of any possible loss.

问答题Directions: Write an essay of 160--200 words based on the following drawing. In your essay, you should 1) describe the drawing briefly, 2) explain its intended meaning, and then 3) give your comments. You should write neatly on ANSWER SHEET 2.

问答题Directions: The Student Union of your university is going lo host a New Year party. On behalf of the Student Union, write Professor George King a letter inviting him to the party, and expressing your thanks for the help he offered. Write your letter with no less than 100 words. Write it neatly on ANSWER SHEET 2. Do not sign your own name at the end of the letter; use "Li Ming" instead. You do not need to write the address. ( 10 points)

问答题{{B}}Directions:{{/B}}A.Studythefollowinggraphcarefullyandwriteanessayin160-200wordsB.Youressayshouldcoverthesetwopoints:1)describethegraph,2)possiblereasonsoftheincreaseoftheIntellectualPropertyCases.YoushouldwriteneatlyonANSWERSHEET2.{{B}}ACertainUpsurgeinIntellectualPropertyCases{{/B}}

问答题Directions: You are doing your UCLA application for graduate admission, and you need two reference letters. Please email your former foreign teacher and ask him to write one for you. You should write about 100 words on ANSWER SHEET 2. Do not sign your own name at the end of the letter. Use "Li Ming" instead. Do not write the address.

问答题Directions：Writeanessayof160-200wordsbasedonthefollowingdrawing．Inyouressay,youshould1)describethedrawingbriefly,2)interpretthesocialphenomenonreflectedbythem,andthen3)giveyourpointsofview．YoushouldwriteneatlyonANSWERSHEET2．

问答题 Directions: You want to pursue a Master's Degree in Western Culture. Write a letter to Professor Wang, asking for admission to his program for your graduate study. You should write about 100 words on the ANSWER SHEET. Do not sign your name at the end of the letter. Use 'Li Ming' instead. Do not write the address.

问答题Directions: You had a party at your home recently, but you unintentionally neglect to invite a close friend of yours, Victoria. Write a letter to 1) make an apology, and 2) explain how the mistake came about. Write your letter with no less than 100 words. Do not sign your name at the end of the letter. Use "Li Ming" instead. Do not write the address.

问答题Directions:A.Studythefollowingpicturecarefullyandwriteanessayinnolessthan160--200words.B.YouressaymustbewrittenclearlyonANSWERSHEET2.C.Youressayshouldmeettherequirementsbelow:1)describethepictureandinterpretitsmeaning,2)andgiveyourcomments.

问答题The value which society places on work has traditionally been closely associated with the value of individualism and as a result it has had negative effects on the development of social security. (46) It has meant that in the first place the amount of benefits must be small lest people's willingness to work and support themselves suffers. Even today with flat rate and earnings-related benefits, the total amount of the benefit must always be smaller than the person's wages for fear of malingering, "The purpose of social security," said Huntford referring to Sweden's comparatively generous benefits, "is to dispel need without crossing the threshold of prosperity." (47) Second, social security benefits are granted under conditions designed to reduce the likelihood of even the boldest of spirits attempting to live on the State rather than work. Many of the rules surrounding the payment of unemployment or supplementary benefit are for this purpose. Third, the value placed on work is manifested in a more positive way as in the case of disability. People suffering from accidents incurred at work or from occupational diseases receive preferential treatment by the social security service compared with those suffering from civil accidents and ordinary illnesses. Yet, the stranglehold which work has bad on the social security service has been increasingly loosened over the years. The provision of family allowances, family income supplements, the slight liberalization of the wages stop are some of the manifestations of this trend. (48) Similarly, the preferential treatment given to occupational disability by the social security service has been increasingly questioned with the demands for the upgrading of benefits for the other types of disability. It is felt that in contemporary industrial societies the distinction between occupational and non-occupational disability is artificial for many non-occupational forms of disability have an industrial origin even if they do not occur directly in the workplace. (49) There is also the additional reason which we mentioned in the argument for one benefit for all one-parent families, that a modern social security service must concentrate on meeting needs irrespective of the causes behind such needs. The relationship between social security and work is not all a one-way affair. (50)It is true that until very recently the general view was that social security "represented a type of luxury and was essentially anti economic". It was seen as merely government expenditure for the needy. As we saw, however, redundancy payments and earnings-related unemployment benefits have been used with some success by employers and the government to reduce workers' opposition towards loss of their jobs.

问答题Directions:A.Studythefollowingpicturecarefullyandwriteanessayinnolessthan160-200words.B.YouressaymustbewrittenclearlyonANSWERSHEET2.C.Youressayshouldmeettherequirementsbelow:1)Describethepicture,2)interpretitsmeaning,and3)giveyourcomments.

问答题{{B}}Directions:{{/B}} Write an essay of 160-200 words based on the following drawing. In your essay, you should: 1) describe the drawing briefly, 2) explain its intended meaning, and then 3) offer your suggestion (s). You should write neatly on ANSWER SHEET 2.

问答题 Directions: You will graduate from Peking University this year and have made a decision to study abroad. Write a letter to a U.S. university you want to go to apply for furthering your study for a master's degree. You should 1) introduce your self, and 2) state the reasons for admission. You should write about 100 words on the ANSWER SHEET. Do not sign your own name at the end of the letter. Use 'Li Ming' instead. Do not write the address.

问答题Directions Write a summary based on the follox4ing passage. You should write about 100 words. Remember to write clearly and use your own words as far as possible. It's very easy to acquire bad habits, such as eating too many sweets or too much food, or drinking too much fluid of any kind, or smoking. The more we do a thing, the more we tend to like doing it; and, if we do not continue to do it, we feel unhappy. This is called the Force of Habit, and the force of habit should be fought against. Things, which may be very good when only done from time to time, tend to become very harmful when done too often and too much. This applies even to such good things as work or rest. Some people form a bad habit of working too much, and others idling too much. The wise man always remembers that this is true about himself, and checks any bad habit. He says to himself, "I'm now becoming idle," or "I like too many sweets," or "I smoke too much," and then adds, "I will get myself out of this bad habit at once." One of the most widely spread bad habits is the use of tobacco. Tobacco is now smoked or chewed by men, often by women, and even by children, almost all over the world. It was brought into Europe from America by Walter Raleign four centuries ago, and has hence spread everywhere. I very much doubt whether there is any good in the habit, even when tobacco is not used to excess, and it is extremely difficult to get rid of the habit once it has been formed. Alcohol is taken in almost all cool and cold climates, and to a very much less extent in hot one. Thus, it is taken by people who live in the Himalaya Mountains, but not nearly so much by those who live in plains of India. Alcohol is not necessary in any way to anybody. Millions of people are beginning to do without it entirely; and once the United States of America has passed laws which forbid its manufacture or sale throughout the length and the breadth of their vast country. In hot countries it is not required by the people at all, and should be avoided by them altogether. The regular use of alcohol, even in small quantities, tends to cause mischief in many ways to various organs of the body. It affects the liver, weakens the mental powers, and lessens the general energy of the body.

问答题{{B}}Directions:{{/B}}Read the following text carefully and then translate the underlined segments into Chinese. Your translation should be written neatly on ANSWER SHEET 2. In these times when market forces appear increasingly complicated and more volatile, it is all the more important to understand the professional jargon and terminology in the market place in order to be able to better make our investment and business decisions. Understanding key economic indicators will assist in the decision making process, providing a snapshot of the current situation and an insight into the future. (46) {{U}}Each economic indicator tells us something about the economy or inflation. Gross Domestic Product (GDP) is probably the most important report as it is the whole framework where other economic indicators fall under{{/U}}. There are also indicators that are broader tell us about the economy itself rather than the components, e. g. employment figures, leading indicators, money supply figures (M3). Inflation figures, Produce Price Index (PPI) and the Consumer Price Index (CPI) will, in short, inform us of the changes in wholesale prices, cost of consumer (retail) goods and services respectively. An indicator that is useful must be accurate, timely and reliable. It depends entirely on the integrity of the national statistical system responsible. It is vital to know the accurate components of an indicator. We have to be mindful of the limitation of these statistical figures too. Some indicators can be historic or extremely volatile, and therefore their values are reduced. It is better to compare the most recent data with earlier months, or take a moving average for the past 3, 6 or 12 months to smooth the data. It will tell us if there has been a significant change in trend and whether a new direction is under way. Timeliness of an indicator is also significant. (47) {{U}}Although the reported figures are important, it is crucial to recognize that markets react more to the variance to the consensus forecast than to the absolute change in the indicator{{/U}}. (48) {{U}}Markets do not like surprises and can be frustrated with volatility upon subsequent revisions to the numbers published, even though significance of the absolute number diminishes with each passing month{{/U}}. The Index of Leading Economic Indicators (L. E. I) in the US acts as an early warning system, telling us when the economy is about to change direction. (49) {{U}}This composite index of 11 leading indicators has a good record of providing accurate forecasts. The total index performs better as a prediction tool than any of its parts{{/U}}. This monthly figure is available on the last business day of the month and has low volatility. (50) {{U}}As a general rule, turning points in the economy are signaled by three consecutive months of L. E. I changes in the same direction. This leading indicator is like a lighthouse, giving the rest of the world economies a glimpse of the direction of the' world's largest economy{{/U}}.