金融专业英语复习1

TEST BANKThis part of the Instructor's Manual presents a test bank of true/false statements, multiple choice questions, and, where appropriate, additional problems. The problems are similarto those in the text and may be used for additional assignments or test questions.Chapter 1THE ROLE OF FINANCIAL MARKETSTRUE/FALSEF 1. The power to create money is given by the Constitution to the Federal Reserve.F 2. Since M-2 excludes time deposits, M-2 is a less comprehensive measure of the money supply than M-1.T 3. When individuals withdraw cash from checking accounts, the money supply is unaffected.F 4. The yield curve relates risk and interest rates.T 5. During most historical periods, the yield curve has been positively sloped.T 6. A negatively sloped yield curve is associated with the anticipation that interest rates will decline.F 7. Only paper can perform the function of money.T 8. Stocks and bonds are an alternative to money as astore of value.T 9. What serves for money in France may not be money in another country.F 10. The U.S. Treasury creates most of the nation's money supply.F 11. When individuals deposit cash in a demand deposit, the money supply is reduced.F 12. M-1 includes savings accounts in commercial banks.T 13. A positively-sloped yield curve forecasts the interest rates will rise.F 14. Since investors prefer short-term securities tolonger-term securities, the yield curve is always positively sloped.MULTIPLE CHOICEa 1. M-1 includes coins, currency, and .a. demand depositsb. savings accountsc. certificates of depositd. time depositsb 2. The power to create money is given by the Constitution toa. state governmentsb. Congressc. the Federal Reserved. commercial banksc 3. The term structure of interest rates relatesa. risk and yieldsb. yields and bond ratingsc. term and yieldsd. stock and bond yieldsb 4. The term structure of interest rates indicates thea. relationship between risk and yieldsb. relationship between the time and yieldsc. the difference between borrowing and lendingd. the difference between the yield (interest rate)on government and corporate debtc 5. Money serves asa. a substitute for equityb. a precaution against inflationc. a medium of exchanged. a risk-free liabilityc 6. An asset is liquid if it is easilya. converted into cashb. marketedc. converted into cash without lossd. soldd 7. M-2 includes1. demand deposits2. savings accounts3. small certificates of deposita. 1 and 2b. 2 and 3c. 1 and 3d. all three。

金融英语复习材料期末考试题型及分值分布：1：单项选择 20*1’=20’2：阅读理解两篇 10*2’=20’3：汉译英 5*3’=15’4：英译汉 6*5’=30’5：专业问答 15’Ⅰ Multiple choice.1. What function is money serving when you buy a ticket to a movie?A. store of valueB. a unit of accountC. transaction demandD. a medium of exchange2. Which of the following statements is not true of central banks?A. they pay the government’s salariesB. they are always the lender of last resortC. they always undertake the regulation of the banking systemD. none of the above3. What is the reserve requirement?A. The requirement for cash reservesB. The requirement for deposits in cashC. T he percentage of a bank’s deposits in the form of cash reservesD. The requirement of a bank to deposit a percentage of money4. Regulation of the money supply and financial markets is referred to asA. fiscal policyB. monetary policyC. income policyD. budgetary policy5. Financial markets serve to channel funds from .A. savers to investorsB. investors to consumersC. consumers to producersD. the government to contractors6. If the central bank wishes to increase the level of bank reserves temporarily, it should .A. purchase government securities outrightB. raise reserve requirementC. buy government securities under a repurchase agreementD. sell government securities under a reserve repurchase agreement7. A commercial bank wishing to increase its capital shouldA. issue new stockB. acquire new depositC. make more commercial loansD. acquire government securities8. The following are the three main instruments used by the central bank to implement its monetary policy exceptA. reserve requirement ratioB. credit quotaC. open market operationD. discount rate9. are the major target which the central bank buys and sells in the open market.A. financial institution bondsB. corporate bondsC. stocksD. government securities10. Financial intermediaries are institutionsA. that borrow funds from investors in productive facilitiesB. that act as middlemen in transferring funds from ultimate lenders to ultimate borrowersC. that lend funds to small saversD. all of the above11. Financial markets can be classified asA. debt and equity marketsB. primary and secondary marketC. money and capital marketsD. all of the above12. Commercial banks participate in the money market asA. lenders onlyB. borrowers onlyC. both lender and borrowersD. trustees only13. The major expense of commercial bank isA. wages and salariesB. dividend payments to stockholdersC. interest on depositsD. taxes14. Stocks are also referred to asA. securitiesB. equitiesC. sharesD. all of above15. Which of the following is not a type of bond?A. corporateB. treasuryC. EurodollarD. municipal16. Which of the following is a debt instrument found in the capital market?A.U.S. treasury billB. commercial paperC. residential mortgageD. demand deposit17. The foreign exchange market is organized asA. a physical marketB. a capital marketC. a speculative marketD. over-the-counter market18. Exchange control require the governmentA. to ensure that the foreign-exchange market is perfectly competitiveB. to stop buying foreign exchangeC. to sell more foreign exchange than it buysD. to balance inflows and outflows of foreign exchange at the current exchange rate19. The forward rate is calculated by adjusting the spot rate by aA. premiumB. discountC. marginD. difference20. When the U.S. real interest rate is low, owning U.S. assets is and so U.S. net foreign investment isA. more attractive…highB. more attractive…lowC. less attractive…highD. less attractive…low21.The main liability on a bank balance sheet is ______.A. depositsB. capital and reservesC. loans and overdraftsD. cash22. Why must the liabilities and assets of a bank be actively managed? ______.A. Because assets and liabilities are not evenly matched on the same time scaleB. Because assets and liabilities are evenly matchedC. Because the interbank market uses LIBORD. Because assets and liabilities can be underwritten23. Financial intermediaries by "borrowing short and lending long" find themselves in difficult financial situations becauseA. short-term rates are fallingB. long-term rates are risingC. deposits increase too rapidlyD. short-term rates rise relative to rates of their holdingsE. long-term rates rise more sharply than short-term rates24. Banks manage their assets considering ______.A. riskB. some optimum combination of the aboveC. earningsD. liquidity25. Indirect finance is also known as .A. financial intermediationB. intangible financeC. disintermediationD. the futures market26. Which of the following financial institutions have the most assets?A. life insurance companyB. private pension fundsC. commercial banksD. credit unions27. By purchasing government securities commercial banks are .A. borrowing from the governmentB. acquiring earning assetsC. making a “loan” to the governmentD. both B and C28. Which of the following financial intermediaries operate in primary securities markets?A. brokersB. dealersC. commercial banksD. investment banks29.Which of the following would be considered a disadvantage of allocating resources using a market system?A. Income will tend to be unevenly distributed.B. Significant unemployment may occur.C. The wastage of scarce economic resources cannot be prevented.D. A misallocation of resources may occur where there is a discrepancy between private and social costs.30. Which of the following is not a factor of production according to economists?A. LandB. LaborC. EntrepreneurshipD. Trademark31. Which of the following is not a function of money?A. To act as a medium of exchangeB. To act as a unit of accountC. To act as a store of valueD. To act as a means of paymentE. To provide a double coincidence of want.32. Legal tender includes .A. coins onlyB. notes onlyC. notes and coinsD. notes, coins and checks33. Commercial bank deposits with the central bank are part of the bank’sA. net worthB. demand depositsC. loan portfolioD. reserves34. The key factor limiting how much a commercial bank has immediately available to lend is the amount of itsA. demand depositsB. excess reservesC. vault cashD. savings deposits35. Which of the following central bank action would be appropriate to combat rapid inflation?A. A reduction in the discount rateB. A reduction in reserve requirementC. A cut in taxD. A sale of government securities36. A commercial bank wishing to increase its capital shouldA. issue new stockB. acquire new depositsC. make more commercial loansD. acquire government securities37. The price in the foreign market is calledA. the trade surplusB. the money priceC. the exchange rateD. the currency rate37. Monetary policy and policy are the two basic tools used by the government to influence the course of economic activity.A. accountingB. fiscalC. financialD.trade38. if the nominal rate of interest is 10 percent and the expected rate of inflation is 7 percent, the real rate of interest is .A.27 percentB. minus 3 percentC. plus 3 percentD. minus 27 plus39. A money market instrument usually used for import/export payment is known as .A. repurchase agreementB. EurodollarC. Certificate of depositD. Banker’s acceptance40. Bonds that can be changed to shares of common stock are said to be .A. callableB. general obligationC. convertibleD. zero-coupon41. Preferred stockholders receive .A. coupon paymentsB. fixed dividend paymentsC. variable dividend paymentsD. payment in the form of additional stock42. Bank manage their assets considering .A. riskB. liquidityC. earningsD. some optimum combination of the above43. Which of the following would be considered a loan secured by real estate?A. A credit card loanB. Subordinated debtC. Bank capitalD. A mortgage44. will be either the sole or the main source of a project loan repayment.A. capital fundsB. investment gainsC. the cash flow arising from the projectsD. all of the above45. In a syndicated loan, handles the negotiations with the borrower, prepares the relevant documentation and disburses the full amount of the loan to the borrower.A. the lead bankB. the accounting bankC. the participating bankD. the agent bank46. Repayment of a borrowing for working capital purposes usually comes from .A. profitsB. sale of fixed assetsC. cash flowD. capital introduced47. A loan agreement is normally prepared by and reviewed by .A. the lending bank’s legal counsel…the borrower’s attorneyB. the borrower’s attorney …the lending bank’s legal counselC. a third party other than the lending bank and the borrower… the lending bank’s legal counselD. none of the above48. For the most bank, are the largest and most obvious source of credit risk.A. guaranteesB. interbank transactionsC. loansD. equities49. A customer has deposited a gold watch with the bank for safe-keeping. This is an example ofA. lienB. pledgeC. bailmentD. mortgage50. A pledge provides a bank with .A. possession of the goodsB. rights over items held in safe custodyC. legal ownership of the goodsD. the ability to transfer interests in certain assets51. Which of the following is true of a mortgage?A. the mortgage retains possession of the mortgaged propertyB. the mortgagor retains possession of the mortgaged propertyC. the lender acquires the right to retain the mortgaged property until the mortgaged debt is repaidD. none of the above汉译英练习题：1.我们银行经办定期存款、活期存款和定活两便存款。

(1) The primary of corporate finance is to corporate value while managing the firm’s financial risks.(2)Financial mathematics is the study of financial data with the tools of ，mainly 。

(3)Capital, in the financial sense, is the that gives the business the power to buy goods to be used in the production of other goods or the of a service.(4)A cash budget is extremely important, especially for small business, because it allows a company to how much credit it can extend to customers before it begins to have problems.（5）A bank the activities of many borrowers and lenders. A bank deposits from lenders, on which it pays the interest.（6）Capital investment decisions are choices about which projects receive investment, whether to that investment with equity or debt, and when or whether to pay dividends to shareholders.（7）Jobs in banking can be exciting and offer excellent opportunities to learn business interact with people and build a clientele. Today’s commercial banks are more diverse than ever. You’ll find a tremendous range of opportunities in commercial banking, starting the branch level where you might start as a teller to a wide variety of other services such as leasing, credit card banking, international finance and trade credit.（8）Banking is going a period of tremendous consolidation with frequent mergers and layoffs.（9）Mergers abound such as those Citibank and Travelers into Citigroup or National Bank and Bank-America.（10）Because commercial banks remain profitable and are more involved than ever in the financial markets, they are with Wall Street for “high-tech finance jock”in foreign exchange derivatives and financial engineering.（11）Your job will be to make mortgage loans to homebuyers and business. This involves heavy contact real estate professionals, credit checks, and dealing with new buyers.（12）If you are internet savvy and familiar computers you will have an edge in banking.（13）One of the main differences the money market and the stock market is that most money market trade in awfully high denominations.（14）The money market is better known a place for large institutions government to manage their short-term cash needs.（15）There are several different instruments the money market, offering different returns different risks.（16）CDs are generally issued commercial banks but they can be bought through brokerages. They bear a specific maturity date (from 3 months to 5 years), a specified interest rate, and can be issued in denomination, very similar to bonds.（17）The biggest reason that T-bills are so popular is they are one of the few money market instruments are affordable to the individual investors.（18）A bankers’ acceptance is a short-term credit investment created a non-financial firm and guaranteed by a bank to make payment. Acceptances are traded discounts from face value in the secondary market.（19）A commercial bank offers a wide range of savings programs for customers. Along with standard savings accounts, the commercial bank may also interest bearing checking accounts, certificates of deposit, and other savings strategies that are to provide a small but consistent return in exchange for doing business with the bank.（20）Sometimes people might use an interest checking account instead of a savings account. If you really plan not to your money for a few months, it makes sense to use a savings account .（21）A fixed rate mortgage is a mortgage in which the does not change during the term of the loan.（22）A typical checking account is through careful posting of deposits and withdrawals. The account holder has a supply of official checks which all of the essential routing and mailing information.（23）In recent years there have been some unfortunate scams involving bank drafts that are pony. Since printers are now so capable of very realistic appearing checks, people have been into taking bank drafts that don’t truly have any value.（24）Credit card use often problematic when the holder more debt than a regular monthly payment can cover.（25）Trough open market operations, a central bank influences the money in an economy directly. Each time it buys securities, exchanging money for the security, it the money supply. Conversely, selling of securities lowers the money supply.（26）Central bank generally money by currency notes and “selling” them to the public for interest-bearing assets, such as government bonds.（27）Typically a central bank certain types of short-term interest rates. These the stock and bond market as well as mortgage and other interest rates.（28）All banks are required to a certain percentage of their assets as capital, a rate which may be by the central bank or the banking supervisor.（29）The mechanism to move the market towards a “target rate” is generally to money or borrow money in theoretically unlimited quantities, until the targeted market is sufficiently to the target.（30）Most countries control bank mergers and are wary of concentration in this industry the danger of groupthink and runaway lending bubbles a single point of failure, the credit culture of the few large banks.（31）The currency trader should also decide the time that he will be using to trade in order to determine which trend will be the most important.（32）The bid is the price at which dealers are willing to dollars (base currency) in terms of yen (quote currency) and users of our trading platform can dollars in terms of yen.（33）The order remains active until the end of the trading day(5:00 PM EST), unless it isor canceled by the trader.（34）A GTC order remains active until it is canceled by the currency trader or until the order is executed. It is the responsibilities to a GTC order.（35）The Foreign Exchange Market is where the majority of buying and selling of world takes place.（36）When placing a limit order, the trader also specifies the for which the order is to remain active while it is not executed.（37）Interest Rate Risk is the number one source of risk to fixed-income investors, because it’s the cause of price volatility in the bond market.（38）In the of bonds, interest rate risk translates market risk: The behavior of interest rate, in general, affects all bonds and cuts all sectors of the market-even the U.S Treasury market.（39）When market interest rates rise, bond prices fall, and vice versa. And as interest rates become more volatile, do bond prices.（40）This is a type of bond that makes no coupon payments but is issued at a considerable discount to par value. For example, let’s say a zero-coupon bond with a $1000 par value and 10 years to maturity is at $600; you’d be paying $600 for a bond that will be worth $1000 in 10 years.（41）Bonds have a of characteristics of which you need to be aware. All of these factors play a role in determining the value of a bond and the extent to it fits in your portfolio.（42）In general, fixed-income securities are classified the length of time before maturity. These are the three main categories.(1)金融管理是商业管理的重要方面之一，没有合适的金融计划，企业是不可能成功的。

名词解释：Credit refers to a behavior of borrowing and lending with the feature of repayment of the principals plus interests . Financial markets refer to the whole of the places and activities of the financing and transactions of financial instruments. Sale on commission（推销）: It refers to the case in which investment bankers sell securities on behalf of issuers and earn from what they have sold, but have no obligation to take up what’s left as medium of Money demand refers to the quantity of money that the whole economy needs exchange, means of payment and store of value under certain economic condition. Inflation is a continuous and obvious rise of the price level caused by great increase of money supply and it reduces the purchasing power of each unit of a currency. 二1 General equivalent 一般等价物2 Public credit 国家信用3 Default risk 违约风险4 Repurchase agreement（RP）回购协议5 Interest-rate future 利率期货6 Re-discount 再贴现7 Compound interest 复利8 Liquidity preference 流动偏好即货币需求9 Speculative motive 投机动机10 Adverse selection 逆向选择11 Require reserves 存款准备金12 Overdraft 透支13 Time lag 时滞14 velocity of money 货币流通速度15 money stock 货币存量16 derivative deposit 派生存款17 excess reserve 超额储备18 Money multiplier 货币乘数19 Endogenous 内生性判断题T F 1. When a central bank carries out expansionary monetary policy, bank reserves R will increase. T F 2. The monetary base consists of banking system reserves and the currency held by the non-bank public T F 3. The moral hazard arises before a financial transaction begins. T F 4. As is subject to time limit, the commercial credit can only be short-term one. T F 5. Sale on commission refers to the case in which investment bankers sell securities on behalf of issuers and earn from what they have sold, but have no obligation to take up what’s what’s left. left. T F 6. 6. If If If a a a central central central bank bank bank wants wants wants to to to cool cool cool an an an inflationary inflationary inflationary boom, boom, boom, it it it will will will raise raise raise the the the discount discount discount rate, rate, which which will will will lead lead lead to to to a a a general general general interest interest interest rates rates rates rise rise rise for for for loans, loans, loans, decreasing decreasing decreasing the the the demand demand demand for for borrowing. T F 7. 7. A A A central central central bank bank bank is is is the the the financial financial financial institution institution institution that that that can can can gain gain gain profit profit profit in in in its its its operation operation operation and and businesses, but it is not a profit-seeker. T F 8. When a central bank carries out tight monetary policy, interest rates fall. T F 9. The theory of “Quantity theory of money” means that an increase in prices of all goods and and services services services leads leads leads to to to an an an increase increase increase in in in the the the supply supply supply of of of money money money when when when everything everything everything remains remains unchanged. T F 1010. Banker’s credit is an indirect credit . Banker’s credit is an indirect credit英译汉英译汉1. On the one hand, although the central bank does not make loans to enterprises and can not derive derive deposits deposits deposits directly, directly, it it controls controls controls the the the sources sources sources of of of commercial commercial commercial banks` banks` banks` money money money creation creation —the creation creation and and and supply supply supply of of of the the the monetary monetary monetary base; base; base; and and and on on on the the the other other other hand hand hand commercial commercial commercial banks` banks` banks` money money creation creation through through through taking taking taking in in in deposits deposits deposits and and and granting granting granting loans loans loans is is is based based based on on on the the the central central central bank's bank's bank's monetary monetary base. 一方面，尽管中央银行并不直接为企业发放贷款，尽管中央银行并不直接为企业发放贷款，也不能产生派生存款，也不能产生派生存款，也不能产生派生存款，但是中央银行却控但是中央银行却控制着商业银行创造货币的源泉——基础货币的供给和创造。

金融英语复习本本一、简介金融英语是金融领域中不可或缺的一门语言。

随着全球经济一体化的加深，金融交流的频率越来越高，掌握金融英语已成为金融从业人员必备的能力之一。

本复习本旨在帮助读者复习和巩固金融英语的基础知识和词汇，提升金融英语水平。

二、重要概念以下是金融英语中的一些重要概念，读者需要熟悉并理解这些概念的含义：1. 货币政策货币政策是指中央银行通过改变货币供应量、利率等手段来影响经济活动和价格水平的政策。

在金融英语中，常用词汇有：货币供应量（money supply）、利率（interest rate）、量化宽松（quantitative easing）等。

2. 金融市场金融市场是指供求金融资产（如货币、股票、债券等）的场所。

金融市场分为股票市场、债券市场、外汇市场等。

在金融英语中，常用词汇有：交易所（exchange）、证券（security）、资产管理（asset management）等。

3. 风险管理风险管理是指金融机构或投资者为降低投资风险而采取的一系列措施。

主要包括风险评估和风险控制等。

在金融英语中，常用词汇有：风险管理政策（risk management policy）、风险模型（risk model）、风险敞口（risk exposure）等。

三、常用词汇以下是金融英语中常用的词汇，读者可以通过复习并记忆这些词汇来提升自己的金融英语水平。

•资本市场（capital market）•企业融资（corporate financing）•证券交易所（stock exchange）•股票（stock）•债券（bond）•证券投资（securities investment）•期货（futures）•期权（options）•金融衍生品（financial derivatives）•银行业务（banking business）•商业银行（commercial bank）•中央银行（central bank）•利率调整（interest rate adjustment）•外汇市场（foreign exchange market）•汇率（exchange rate）•国际支付（international payment）•金融风险（financial risk）•投资组合（investment portfolio）•保险业务（insurance business）•保险合同（insurance contract）四、实例分析为了帮助读者更好地理解金融英语的应用，下面将通过一个实例来进行分析。

金融专业英语1.The 3 main functions of commercial banks:the creation of money accomplished through lending and investing activitiesthe holding of depositsthe provision of a mechanism for payments and transfers of funds2.What are negotiable instruments?Negotiable Instruments are documents used in commerce to represent the ownership and secure the payment of money.3.Why do we need negotiable instruments when making payments?Paying large sums of money in cash is inconvenient and risky.Negotiable Instruments such as Bills of Exchange, Cheques and Promissory Notes are wildly used as instruments in the international settlement. They represent a right to payment. A right is a promise and not a tangible piece of property.4.What is a crossing?It is a direction to the paying bank that the money proceeds should be paid to the payee’s bank and not directly to the payee himself.General crossings: consisting of two transverse parallel lines across the face of the cheque.Special crossings: consisting of the name of a particular bank to which payment must be made, and the name itself is the crossing.5.What is the most important difference between bills of exchange and promissory notes?6.Why debit cards are named as “debit”cards?The amount of the purchase is immediately debited from the account and no credit is involved.7.fiduciary /fi‘dju:?i?ri/ a. 受托的n.受托人A company director owes a fiduciary duty to the company7.The three most-commonly used means of international settlement: remittancecollectiondocumentary creditThe other two means: standby L/C & bonds9.A documentary collection gives greater security than settlement on open account, because the importer cannot take possession of the goods without either making payment or accepting a bill of exchange. The banks concerned are under no obligation to pay.10.Can the exporter be sure at the time of dispatch of the goods that the buyer will actually pay the sum owed?No.So this form of settlement is therefore most appropriate in the following cases:if the exporter has no doubt about the buyer’s willingness and ability to pay;if the political, economic and legal environment in the importing country is considered to be stable;if the buyer’s cou ntry has placed no restrictions on imports (e.g. exchange controls) or has issued all the necessary authorizations.11Q: Why can the exporter retain control of the goods until payment or acceptance?Q: why under D/P condition, it is unnecessary to include abill of exchange?How to complete a instruction order? p25212.Clean Collection: a draft or cheque unsupported by documents Documentary Collectioin: documents with or without a draftQ: The disadvantages of clean collection13.The differences between them primarily lie in 4 aspects as follows:Whether there are banker’s credit involved in.Which party is the principal.When does the exporter ship goods.Which party is the drawee of the draft.Can you list any others?13.: What’s the contrast between negot iation and comfirmation?Negotiation advances are with recourse, so that if payment is not ultimately forthcoming from the issuing bank, the negotiating bank will be able to claim repayment from the beneficiary of the advance, plus interest. Confirmation advances are without recourse.14.Can the seller receive payment immediately after presenting the complying documents?In practice, this means that instead of receiving immediate payment on presentation of the documents (at sight), the seller’s draft is returned to him accepted on face by the nominated bank.15On what conditions can a transferable be used?When the supplier of goods sells them through a middleman and does not deal directly with the ultimate buyer.16.Why there is a need for a first beneficiary and a secondbeneficiary?The middleman may not wish to arrange a documentary L/C by himself, or his banker may not be willing to issue a credit on his behalf. Thus the middleman will approach the ultimate buyer and ask him to arrange a transferable credit in the middleman’s favor, which entitles the middleman as the first beneficiary. This transferable credit will allow the first beneficiary to request the bank authorized to pay, incur a deferred payment undertaking, accept or negotiate, or in the case of a freely negotiable credit, the bank specifically authorized as the transferring bank to make the credit available to one or more third parties known as “second beneficiaries”.17.What are the similarities and differences between transferable and back-to-back L/C?They are used in the same situations when the supplier of the goods and the ultimate buyer deal through a middleman, but the rights and obligations of the parties differ between them.17.When does the “back-to-back”aspect comes into play?The middleman applies to his bankers to issue one documentary credit on his behalf, but his bankers are not satisfied with his creditworthiness and insist that the middleman obtain a documentary credit in his favor from the ultimate buyer as security for one which the middleman has applied for in favor of the original seller.19. A revocable documentary credit gives the applicant maximum flexibility, since it can be amended, revoked or cancelled without the beneficiary’s consent and even without prior notice to the beneficiary up to the moment of payment by the bank at which the issuing bank has made the credit available.So the revocable documentary credit involves risks to the beneficiary. The seller may face the problem of obtaining payment directly from the buyer.In contrast, an irrevocable credit gives the beneficiary greater assurance of payment, for it cannot be cancelled or modified without express consent of the issuing bank, the confirming bank (if any) and the beneficiary.20Why can the beneficiary obtain a double assurance of payments under a confirmed credit?Because a confirmed credit represents the undertaking of both the issuing bank and the confirming bank.21..On what condition does the beneficiary require a confirmed credit?If the classification of the credit and the financial standing of the issuing bank are not satisfactory to the beneficiary, he may desire the credit confirmed by another bank.22.Q: Which kind of bonds gives maximum protection to the principal?。

一、名词解释1、Financial system金融体系: 指一个经济体中资金流动的基本框架，它是资金流动的工具（金融资产）、市场参与者（中介机构）和交易方式（市场）等各金融要素构成的综合体。

P42、Treasury bill国库券:a short-term obligation that is not interest-bearingP243、fiat money不可兑现货币：指由政府发行的不能兑换成黄金或白银的货币，其购买力完全来自政府的权威和信誉 money that the government declares tobe legal tender although it cannot be converted into standard specie.P23 4、Monetary policy货币政策： the process by which the government,central bank,or monetary authority of a country controls the supply of money,availability of money, and interest rate ,in order to keep growth and stability of the economy. P375、discount loan贴息贷款:A loan on which the interest and financing charges are deducted from the face amount when the loan is issued P376、Chinese Banking Regulatory Commission:the watchdog for banks in china,responsible for making the rules and regulations for the financial and banking institutions it supervises. P507、consolidation合并：the merger or acquisition of many smaller companies into much larger ones P508、P/B ratio市净率:a ratio used to compare a stock's market value to its book value. P669、H-shares:shares of companies in china's mainland that are listed on Hong Kong Stock Exchange. P6610、Risk management:the process of identification,analysis and either acceptance or mitigation of uncertainty in investment decision-making.11、trust fund:property,especially money and securities,held or settledin trust. P7812、Quota配额:in international trade,a government-imposed limit on the quantity of goods and services that may be exported over a specified periodof time.(不确定P90)13、Balance of payments:14、Eurodollar欧洲美元:the dollar-denominated deposit in foreign banks outside the United States banks. P10515、Time deposit定期存款:the fixed-maturity account that cannot be withdrawn without advance notice. P10516、Floating exchange rate浮动汇率:a type of exchange rate regime whereina currency's value is allowed to fluctuate according to the foreign exchange market. P11417、Draft汇票：a written order from one person (the payer)to another,signed by the person giving it,requiring the person to whom itis addressed to pay on demand or at some fixed future date ,a certain sum of money,to either the person identified as payee or to any person presenting the bill. P14018、Secondary market: a financial market in which securities that have been previously issued can be resold. P15219、Security证券，抵押品：an investment instrument issued by a corporation,government,or other organization which offers evidence of debt or equity. P15220、common stock普通股:a share of ownership in a corporation carrying voting rights that can be exercised in corporate decisions. P163 21、Futures期货:a standardized contract,traded on a futures exchange,to buy or sell a certain underlying instrument at a certain date in the future,at a specified price.22、Option期权:a privilege sold by one party to another that offers the buyer the right,but not the obligation,to buy or sell a security at an agreed-upon price during a certain period of time or on a specific date.二、课后翻译题：1、共同基金是向大众出售股票的机构，并用由此所得的收益选择购买各种类型的股票或者债券，或者投资组合，或者同时购买股票和债券的投资组合。

A Guide to Course Review and Exam of Financial English1.Key Sentences for Comprehension （句子理解）Chapter 1: 1, 3, 6, 71.The field of finance refers to the concepts of time，money and risk and how theyare interrelated.3. Finance is used by individuals (personal finance)，by governments (public finance)，by business (corporate finance)，as well as by a wide variety of organizations including schools and non-profit organizations.6. Cash Budget is an estimation of the cash inflows and outflows for a business orindividual for a specific period of time.Cash budgets are often used to assess whether the entity has sufficient cash to fulfill regular operations and/or whether too much cash is being left in unproductive capacities.7. Budget is an estimation of the revenue and expenses over a specified future period of time.Chapter 3: 1, 2, 6, 111.The money market specialized in debt securities that mature in less than one year.2.Money market securities are very liquid，and considered very safe. As a result，they offer a lower return than other securities.6. A certificate of deposit (CD) is a time deposit with a bank.11. BAs are used frequently in international trade and generally only available toindividuals through money market funds.Chapter 4: 1, 2, 3, 6mercial banks are banking institutions that are geared more toward thelending of money to customers，rather than focusing on generating or raising money.2. A loan is a financial transaction in which one party (the lender) agrees to giveanother party (the borrow) a certain amount of money with the expectation of totalrepayment.3. Most loan applications are handled by banks or other professional lendinginstitutions. They may use any number of criteria to determine if a potential borrower is eligible for a loan.6. A savings account typically refers to an account in which one places money to earna small amount of interest.Chapter 10: 1, 5, 7, 81. A bond is simply an “IOU”in which an investor agrees to loan money to a company or government in exchange for a predetermined interest rate.A bond is fixed income security.5. The issuer of a bond is a crucial factor to consider，as the issuer’s stability is your main assurance of getting paid back.7. Generally speaking，bonds are exposed to five major types of risks: interest rate risk，purchasing power risk，business/financial risk，liquidity risk，and call risk.8. Most bond transactions can be completed through a full service or discount brokerage.Chapter 11: 1, 3, 4, 6, 71. A mutual fund is a professionally managed type of collective investment scheme that poors money from many investors and invests it in stocks，bonds，short-term money market instruments，and/or other securities.3.The advantages of mutual funds are professional management diversification，economies of scale，simplicity，and liquidity.4.The disadvantages of mutual funds are high costs over-diversification possible taxconsequences，and the inability of management to guarantee a superior return.6.Mutual funds have lots of costs.7. Costs can be broken down into ongoing fees (represented by the expense ratio) and transaction fees (loans).Chapter 13: 1, 2, 4, 7, 81.Futures are contractual agreements made between two parties through a regulatedfutures exchange. The parties agree to buy or sell an asset livestock，a foreign currency，or some other item —at a certain time in the future at a mutually agreed upon price.2. A futures contract is a binding agreement between a seller and a buyer to make(seller) and to take (buyer) deliver of the underlying commodity (or financial instrument) at a specified future date with agreed upon payment terms.4. It is possible to calculate a theoretical fair value for a futures contract. The fair value of a futures contract should approximately equal the current value of the underlying shares or index plus an amount referred to as the “cost of carry”.7.The key to any hedge is that a futures position is taken opposite to the position inthe cash market. That is，the nature of cash market position determines the hedge in the futures market.8. Participants in the futures market have been classified as either hedgers orspeculators.Chapter 14: 1, 3, 4, 6, 7, 81.An option is a contract giving the buyer the right but not the obligation to buy orsell an underlying asset at a specific price on or before a certain date.3. A call gives the holder the right to buy an asset at a certain price within a specificperiod of time.4. A put gives the holder the right to sell an asset at a certain price within a specificperiod of time.6.Buyers are often referred to as holders and sellers are also referred to as writers.7.The price at which an underlying stock can be purchased or sold is called thestrike price.8.The total cost of an option is called the premium，which is determined by factorsincluding the stock price，strike price and time remaining until expiration.2.Special Terms （术语互译）Chapter 1: Finance1.Hedge funds 对冲基金2.Financial risk management 金融风险管理3.Personal finance 个人财务4.Working capital 流动资本5.Capital budget 资本预算6.Cash budget 现金预算7.Savings account 储蓄账户Chapter 3: Money Market1.bankers’ acceptance (BA)银行承兑mercial paper 商业票据3.repurchase agreement (repos) 回购协议4.fixed-income security有固定收益保证的证券5.face (par) value 面值6.maturity date 到期日Chapter 4: Commercial Banks and Services1.telegraphic transfer (TT,T/T) 电汇2.term deposit 定期存款3.off balance sheet exposure 资产负债表外的风险4.principal 本金5.lines of credit (LOC) 信贷额度6.savings account 储蓄账户7.credit rating 信用等级8.money order 汇票Chapter 10: Bond Basicsernment Bonds 政府债券2.Municipal Bonds 市政债券3.Corporate Bonds 公司债券4.Zero-Coupon Bonds 零息债券5.Exposure to Risk 债券风险6.Treasury bond 长期国债（国库券）7.Treasury notes 中期国债8.Treasury bill 短期国库券9.Callable bonds 可赎回债券Chapter 11: Mutual Funds1.no-load fund 免佣基金2.aggressive growth funds 进取型增长基金3.capital gain 资本盈利4.economics of scale 规模经济5.professional management 专业管理6.equity funds 股票基金7.balanced funds 均衡基金8.specialty funds 专向基金9.index funds 指数基金 asset value (NA V) 资产净值Chapter 13: Futures Market1.futures market 期货市场2.financial futures 金融期货modity futures 商品期货4.initial margins 初始保证金5.futures transaction 期货交易6.futures position 期货头寸7.open outcry 公开叫价8.settlement price 结算价格9.date of delivery 交割期10.market order 市价订单Chapter 14: Options1.financial derivatives 金融衍生品2.hedging 套期保值3.premium 期权总成本4.strike price 敲定价格5.long position 多头；超买6.short position 空头；超卖7.intrinsic value 隐含价值8.employee stock option 员工认股权9.calls 看涨期权10.puts 看跌期权3.Key sentences for translation （单句翻译）Chapter 1: 5Chapter 3: 4Chapter 4: 6uChapter 10: 5Chapter 11: 2Chapter 13: 5Chapter 14: 2参考翻译（句子顺序为任意排列，复习时需要确保英汉对应）1.Business are classified into nonfinancial and financial business. These entities borrow funds in the debt market and raise funds in the eduity market.商业企业可分为非金融和金融两大类。