单选题Under FOB terms the bill of lading would state goods ______.

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The primary source of funds of fire and casualty insurance companies includes ______.

单选题Under D/A, documents are ______.

单选题The auditing authorities can not exercise the audit control over a commercial bank.

单选题{{B}}Section One{{/B}} Directions: In this section, you will hear 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The unemployment due to economic recession should be considered as ______. (a)frictional unemployment. (b)structural unemployment. (c)cyclical unemployment. (d)seasonal unemployment.

单选题A bond is issued by a guarantor, usually a bank or an insurance company, on behalf of exporter. It is a guarantee to the buyer that the exporter will fulfill his contractual obligations. If these obligations are not fulfilled, the guarantor undertakes to pay a sum of money to the buyer in compensation. This sum of money can be anything from 1% to 100% of the contract value. If the bond is issued by a bank, then the exporter is asked to sign a counter indemnity which authorizes the bank to debit his account with any money paid out under the bond. Bonds are usually serried in connection with overseas contracts, or with the supply of capital goods and services. When there is a buyer's market, the provision of a bond can be made an essential condition for the granting of the contract. Middle Eastern countries commonly require bonds, but nowadays many other countries also require them. Most international aid agencies, such as the World Bank or the European Development Fund, and most government purchasing organizations in the developing world, now require bonds from sellers.

单选题International payments and other messages are often sent through an international computer network called ______.

单选题If both nominal GDP and the level of prices are falling, it is evident that ______. (a)real CDP is constant. (b)real GDP is falling but not as rapidly as prices. (c)real GDP is rising. (d)No conclusion can be drawn concerning the real GDP of the economy on the basis of this information.

单选题With China"s entry into time World Trade Organization, China has decided to implement a phased reform of the wholly state - owned commercial banks. The first phase of restructuring aims at making them profit - driven entities with sound internal controls, internationally compatible prudential accounting rules, well- designed incentive structures and appropriate disclosure standards. In the second phase, they will be transformed into joint - equity commercial banks on a case- by - case basis provided they meet certain conditions. The third phase envisages publicly listing them depending on their qualifications. The joint - equity banks are an emerging force among the commercial hanks. They operate entirely on a commercial basis and mainly serve the local economic development in large and medium- sized cities. The development of these banks contributes to competition, efficiency in financial intermediation and thereby soundness of the banking system. The reform of time financial system and particularly the diversification of banking institutions have increased competition in the banking sector and improved financial services in China. Apart from the traditional deposit taking and lending business, commercial banks now offer a broad range of intermediary services such as international settlement, bankcards, private banking, and financial consulting.

单选题Another name for junk bonds is ______. A. high- yield securities B. non- investment grade securities C. speculative investment securities D. any of the above

单选题Under negotiation credit, the credit ______.

单选题Which of the following belongs to semi - variable costs?

单选题In extending loans, one of the principles that a commercial bank persists in is ______. A. free from interference of local government B. against collateral C. based on sole responsibility to its profits and losses D. in pursuance of the law of the People's Bank of China

单选题Capital is at the top of any bank supervisor's list. The most basic form of capital is equity capital, which is the shareholder's financial interest or net worth. Equity capital serves several purposes: it provides a permanent source of revenue for the shareholders and funding for the bank; it is available to bear risk and absorb losses; it provides a base for further growth; and it gives the shareholders reason to ensure that the bank is managed in a safe and sound manner. Minimum capital adequacy ratios are necessary to reduce the risk of loss to depositors, creditors and other stakeholders of the bank and to help supervisors pursue the overall stability of the banking industry. Basle Committee's "core principles for effective banking supervision" require that supervisions set prudent and appropriate minimum capital adequacy requirements and encourage banks to operate with capital in excess of the minimum. When it appears appropriate due to the particular risk profile, uncertainties regarding the asset quality, risk concentrations or other adverse characteristics of a bank's financial condition, considerations of requiring higher than minimum capital ratios are encouraged. If a bank's ratio falls below the minimum, banking supervisions will act to ensure that it has realistic plans to restore the minimum in a timely fashion, or may consider putting additional restrictions on the bank's operations.

单选题Repurchase agreements are short - term ______ loans used by securities dealers and other market participants.

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单选题Types of risks So far we have used the term "risk" rather loosely. One type of risk is default risk, that is, the risk that the borrower will simply not repay the loan, due to either dishonesty or plain inability to do so. Another type of risk, called purchasing - power risk, is the risk that, due to an unexpectedly high inflation rate, the future interest payments, and the principal of the loan when finally repaid, will have less purchasing power than the lender anticipated at the time the loan was made. A similar risk is faced by borrowers. A borrower may cheerfully agree to pay, say, 15 percent interest, expecting that a 12 percent inflation rate will reduce the real value of the loan. But inflation may be only 4 percent. A third type of risk is called "interest - rate risk" or "market risk", that is, the risk that the market value of a security will fall because interest rates will rise. We will discuss this further later; here we just present the intuitive idea. Suppose that five years ago you bought a ten-year 1 000 bond carrying a 6 percent interest rate, and tile interest rate now obtainable on similar bonds also have five years to go until they mature is 8 percent. Would anyone pay 1 000 for your bond? Surely not, because they could earn 80 per year by buying a new bond, and only 60 per year by buying your bond. Hence, to sell your bond you would have to reduce its price. But suppose the bond, instead of having five years to maturity, would mature in, say, ninety days, what would its price be then? It would still be less than 1 000 since the buyer would get 6 percent instead of 8 percent interest for ninety days; but since getting a lower interest sell for only ninety days does not involve much of a loss, the bond would sell for something close to 1 000. Hence, while holding any security with a fixed interest rate involves some interest - rate risk, the closer to maturity a security is, the lower is this risk. On the other hand, if interest rates fall you gain because your bond is worth more; and the longer the time until the bond matures, the greater is your gain. But the fact that you may gain as well as lose does not mean that you are taking no risk. Diversification All three types of risks are relevant for deciding what assets to include in a portfolio, and what debts to have outstanding. (The term portfolio means the collection of assets one owns.) Anyone holding more than one type of asset has to consider not the risk of each asset taken by itself, but the totality of the risk on various assets and debts jointly. Suppose someone holds stock in a company that is likely to gain from inflation. The riskiness of a portfolio that combines both of these stocks may be less than the riskiness of each stock taken separately. A port- folio consisting of assets that are affected in opposite directions by given future events is less risky than are the assets that compose it when taken individually. Hence a low-risk portfolio need not contain only assets that individually have little risk; sometimes one reduces the riskiness of a portfolio by adding some high - risk assets that offset the risks of other assets in it.