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FECT 初级 2000 年考题及答案
Reading Part Two
Section One (10%)
Direction：There are ten statements in this section. For each statement there are four choic
es marked A, B, C, and D. You should choose the best answer and mark the corresponding lette
r on the ANSWER SHEET by drawing a single line through the center.
31. Since April 1994, the RMB exchange rate has been determined by__________.
A. the China foreign Exchange Trading System B. the People’s Bank of China
C. supply and demand as well as trading situations in the China Foreign Exchange Swap Market
D. supply and demand as well as trading situations in the unified interbank foreign exchange
market
32. If near money is to be used directly to purchase goods or services,it must be________.
A. permitted by the business company B. endorsed by the holder
C. drawn from a bank first D. converted into cash or sight deposit
33. Which of the following is not one of the function of money?
A. Medium of exchange B. Store of value
C. Financial assets D. Standard for deferred payment
34. Unless otherwise stated in the letter of credit, banks will not accept_________ presente
d by the beneficiary.
A. the open cover B. the cover note
C. the insurance certificate D. the insurance policy
35. Factoring provides the following services except _____________.
A. maintenance of the sales ledger B. collection of accounts receivable
C. 100% non-recourse finance to the seller despite commercial disputes between the seller
and the buyer
D. credit risk protection on the buyer
36. When the exported goods are insured under an open cover agreement, _______is the most
appropriate document as evidence of insurance.
A. an open policy B. an insurance certificate
C. an insurance policy D. an inspection certificate
37. Advances to the importer can be given in the following ways except__________ .
A. limits for issuing letters of credit
B. inward bills receivable C. packing loans
D. delivery against the bank guarantee
38. As far as the beneficiary is concerned the letter of credit which is available by ______
___ is the least favourable.
A. negotiation B. acceptance C. sight payment D. deferred payment
39. Deposits, taken within the territory of the People’s republic of China by a foreign fin
ancial institution shall not exceed _______ percent of its total assets.
A. 20 B. 30 C. 40 D. 60
40. “Pay Chen RMB10,000 on the date of his marriage.” This is __________.
A. a bill of exchange B. a cheque C. a promissory note D. an order 到大家论坛下载更多FECT金融英语资料/forum-111-1.html
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Section Two (10%)
Directions：there are 10 blanks in the following passages. For each blank there are four cho
ices marked A, B, C and D. You should choose the best answer and mark the corresponding lett
er on the ANSWER SHEET by drawing a single line through the center.
Passage One
Commercial banks are business firms; like all firms, they strive to earn a profit. The objec
t of commercial bank management is therefore to ___41___ profits while maintaining a very lo
w risk of becoming ___42____. To remain solvent, a commercial bank must take precautions to
ensure that the value of its assets ___43____ the value of its liabilities at all times. If
at any time losses from securities,
___44___loans, or other investments force the value of the bank’s assets ____45___ the valu
e of its liabilities, the bank becomes insolvent.
41. A. minimize B. maximize C. control D. manage
42. A insolvent B. solvent C. default D. liquidation
43. A equals B contracts C exceeds D lags
44. A fault B defaulted C liquid D speculated
45. A above B under C beyond D below
Passage Two
In the foreign exchange market, which is made up of banks’ traders and brokers, prices ____
46_____ every minute ___47____ to supply and demand. For safety’s sake, a branch will get a
rate from their traders for a big transaction. This process would be too cumbersome, however,
for every small transaction. Therefore the traders give their branches lists of exchange ra
tes _____48_____ they may buy and sell notes and payments in the main currencies.
Whenever a bank in Britain makes a payment in foreign currency, or makes a payment in sterli
ng to a non-resident, the payment has first to ___49__ under British exchange control regula
tions. The bank itself can usually authorize the payment after seeing a document such as an
invoice to show that the payment is due; but cases ___50___ borrowing and lending have to be
referred to the Bank of England.
46. A alter B vary C turn D convert
47. A in response B respondent C responding D answering
48. A of which B on which C in which D at which
49. A authorizing B authorize C be authorized D have been authorized
50. A involving B involve C will involve D being involved
Section Three (10%)
Directions：Read the following passages, and determine whether the sentences are “Right” o
r “Wrong”. If there is not enough information to answer “Right” or “Wrong”, choose “D
oesn’t say”. Then mark the corresponding letter on the ANSWER SHEET by drawing a single li
ne through the center.
Passage 1
Liquidity is a measure of how quickly an item may be converted to cash. Therefore, cash is t
he most liquid asset. Account receivable is a relatively liquid asset because the business e
xpects to collect the amount in cash in the near future. Supplies are less liquid than accou
