期货理论与实务期末例题-英文

1.features of DCa mandatory contract and completely independent of the sales contract.be concerned only with documents and not the goods to which the documents refer.一个托管合同和完全独立的销售合同, 只关注文件而不是货物。

A.unsolicited documentary credit 主动提供的跟单信用证B.if a documentary credit is received directly from an issuing bank ，liability for payment nowrests with the issuing bank and not the buyer.the usual form is the ‘irrevocable’ credit, which means that it cannot be cancelled or amended without the agreement of the beneficiary(the exporter) and all other parties.a ‘confirmed irrevocable credit’ can enhance the security provided by an credit if other bank is requested by the issuing bank to add its ‘confirmation如果信用证是从开证行直接收到的。

付款的责任在于开证行而不是买方。

通常的方式是不可撤销的信用证，这意味着它没有出口商和其他贸易商的同意是不可能被取消或者修改。

一份确认的不可撤销信用证可能包含由信用证提供的安全保障如果其他银行被开证行要求添加确认2.Regulations for allied documents of DC跟单信用证文件A.Credits should state an expiry date for presentation of documents.B.Credits should also stipulate a specified period of time after the issuance of thebills during which the documents must be presented for payment.C.If no such period is stipulated in the credit, banks will refuse documents presented to them later than 21 days after the issuance of the bills of lading.A信用证应说明提交单据的到期日。

1、( A )fluctuate with market conditions of supply and demand.A. Tramp ratesB. Liner freight ratesC. Fixed costsD. Stowage factors2、Freight forwarders are mainly concerned with( C ).A. market pricesB. variable costsC. tramp ratesD. liner freight rates3、( C )refers to the average number of cubic meters required to stow one ton of a commodity.A. MaintenanceB. ScoresC. Stowage factorD. Commodity4、An additional sum added to the usual amount or cost is called( D ).A. expenseB. costC. rateD. surcharge5、(A)refers to general cargo listed in a number of Bill of Lading each consisting of different commodities.A. Break bulk cargoB. Containerized cargoC. BoomD. Recession6、A shipping note is issued by(C)to the carrier requesting allocation of shipping space.A. the carrierB. the agentC. the shipperD. the port authorities7、A sea waybill is the replacement of the traditional ocean ( B )A. letter of indemnityB. bill of ladingC. cargo manifestD. master's receipt8、Which of the following documents is a commitment made by the shipper to ship the goods and to serve as a basis for preparation of the bill of lading? ( D )A. A manifestB. A shipping noteC. A seaway billD. A cargo manifest9、Which of the following can be subsequently exchanged for the bill of lading?( D )A. Letter of indemnityB. Mate’s receiptC. Cargo manifestD. Master’s receipt10、Which document provides the information relating to the voyage such as name of vessel，port of shipment/trans-shipment/destination，and terms of contract?( A )A. Bill of ladingB. A stowage planC. A cargo manifestD. mate's receipt11、Even though the basic components are more or less the same,( A ) of the components varies from agreement to agreement.A. the allocationB. the distributionC. the combinationD. the levels12、Among the cost factors，which factor depends on the size of the business generally and the engagement in the individual vessel?(D)A. Capital costsB. Costs of insuranceC. Travel costsD. Administrative costs13、In a contract of carriage，who may direct a claim against the parties involved in the charier agreement?( D )A. The shipperB. The MasterC. Third partiesD. The owner14、If some components are not discussed or inserted into the written contract, the problem can be solved through ( A )A. the court or arbitratorB. the third partyC. the carrierD. the shipper15、According to the article，( D)is the key point which can settle the most disputes between the parties in the long term contactA. the good business modelB. good cooperationC. good market shareD. negotiation假如你是A货运代理有限企业海外拓展部业务员，通过FIATA得知美国旳A海运有限企业负责代理当地旳众多从中国福建启运旳FOB货，你司想成为A企业在福建旳合作伙伴，试写一封函电，表明你司旳合作意图，并简介你司旳状况阐明你司旳优势。

国际贸易实务英文版考试题及答案1. Multiple Choice Questions (MCQs)1.1. Which of the following is not a term of Incoterms 2020?a) EXWb) DAPc) FOBd) CNFAnswer: d) CNF1.2. What does the acronym "CIF" stand for in international trade?a) Cost, Insurance, Freightb) Cost, Insurance, and Freightc) Cost, Insurance, and Freightd) Cost, Insurance, FreightAnswer: a) Cost, Insurance, Freight2. True or False Questions2.1. The Incoterms are a set of international rules for the interpretation of the most commonly used trade terms in international trade.Answer: True2.2. Letters of credit are always issued by the buyer to the seller in international trade.Answer: False (Letters of credit are issued by a bank on behalf of the buyer.)3. Short Answer Questions3.1. Define the term "FOB" in international trade.Answer: FOB stands for "Free On Board," which meansthat the seller fulfills their obligation to deliver when the goods have passed over the ship's rail at the named port of shipment.3.2. What is the role of a freight forwarder ininternational trade?Answer: A freight forwarder is responsible for organizing the transportation of goods from the point oforigin to the point of destination. They handle the logistics, documentation, and coordination of the shipment.4. Case Study Questions4.1. A company in China exports goods to a buyer in the United States. The contract terms are CIF New York. What are the responsibilities of the seller and the buyer under these terms?Answer: Under CIF terms, the seller is responsible for paying the cost of the goods, insurance, and freight to the port of destination (New York). The buyer is responsible for paying for the goods upon arrival and for any additionalcosts incurred after the goods have been delivered to the carrier.4.2. A buyer in Germany has ordered goods from a supplierin India with the payment term being a documentary collection. What documents will the buyer receive and what are the risks involved for both parties?Answer: The buyer will receive the shipping documents against payment or acceptance. The risks for the sellerinclude non-payment if the buyer refuses to pay or accept the documents. The risks for the buyer include receiving goodsthat do not match the description or are damaged, as they do not have control over the goods until they pay or accept the documents.5. Essay Questions5.1. Discuss the importance of understanding Incoterms in international trade.Answer: Understanding Incoterms is crucial in international trade as they define the responsibilities ofthe seller and the buyer regarding the costs and risks associated with the delivery of goods. This clarity helps in avoiding disputes and ensures that both parties are aware of their obligations, which can lead to smoother transactionsand reduced legal complications.5.2. Explain the role of a letter of credit infacilitating international trade.Answer: A letter of credit is a financial instrument used in international trade to ensure that payment is made to the seller under specific conditions. It provides a guarantee from a bank that the seller will receive payment as long asthe terms of the letter of credit are met. This reduces therisk for both parties, as it ensures that the seller will receive payment and the buyer will receive the goods as agreed upon in the contract.。

《期货与期权：理论、实务、案例》习题解析及参考⽂献《期货与期权：理论、实务、案例》习题解析及参考⽂献⼀、单选题1. 投资者拟买⼊1⼿IF1505合约，以3453点申报买价，当时买⽅报价3449.2点，卖⽅报价3449.6点。

如果前⼀成交价为3449.4点，则该投资者的成交价是（）。

A、3449.2B、3453C、3449.4D、3449.6试题解析：主要考察限价指令定义。

限价指令是按照限定价格或更优价格成交的指令，在买进时必须以限价或限价以下价格成交；卖出时必须在限价或限价以上价格成交。

在该题中，投资者以3453点申报买价，这意味着对⼿⽅卖⽅报价在3453点或是低于3453点则该投资者将会以卖⽅报价实现成交。

题⽬中卖⽅报价为3449.6，为此投资者实现成交的价位为3449.6。

答案：D2. 某基⾦公司10⽉20⽇持有股票组合9亿元，该基⾦选择利⽤沪深300股指期货来规避系统性风险，10⽉21⽇，该基⾦在2450（沪深300指数为2425）点时，卖出1000张12⽉份股指期货合约，12⽉10⽇时，该股票组合下跌了10%，此时12⽉份合约结算价为2210点，基差-40，若该基⾦公司在此期间对该组合和股指期货没有调整，则到12⽉10⽇时，该基⾦此时的权益为（）。

A、8.10亿元B、8.28亿元C、8.82亿元D、8.85亿元试题解析：主要考察股指期货套保计算。

股票现货头⼨计算：股票组合下跌10%，因此有股票组合市值为：期货头⼨计算：从⽽得到该基⾦公司投资者组合价值为：8.1亿+7200万=8.82亿。

答案：C3. 当β系数⼤于1时，说明股票的波动或风险程度要（）指数衡量的整个市场。

A、⾼于B、低于C、等于D、不低于试题解析：主要考察β基础知识。

主要内容如下：β作为衡量证券相对风险的指标，在资产管理的应⽤中有⾮常重要的地位。

β⼤于1的证券意味着风险⼤于市场投资组合型的风险，收益也相对较⾼，被称为进攻型证券。

广东外语外贸大学国际经济贸易学院《国际贸易实务》2009-2010学年第二学期期末考试试卷（A卷）考核对象：金融081、082、083、084班保险081、082班考试时间：2小时班级：_______ 学号：________ 姓名：_________ 成绩：________Ⅰ. Put T for true or F for false in the corresponding blanks on your answer sheet. ( 20% )1.（）According to INCOTERMS 2000, under FOB contract, the buyerhas no obligation to contract for insurance and pay theinsurance premium.2.（）According to INCOTERMS 2000, under CIF contract, the sellermust procure marine insurance, while under CFR contract, it isa common practice that the buyer contracts for insurance andpays the insurance premium. So under the CIF contract, thegoods are seller’s risk during the internaitonal marine transport,while under the CFR contract, it is the buyer who should bearthe risk of loss of or damage to the goods during theinternaitonal marine transport.3.（）Under CIF contract, the seller would better ship the goods beforethe time of shipment stipulated in the contract for fear of theloss of late arrival of the goods to the buyer.4.（）When the risk of loss of or damage to the goods is transferredfrom the seller to the buyer, all the charges and obligations ofthis internaional transaction will be transferred from the seller tothe buyer immediately.5.（）According to INCOTERMS 2000, under EXW contract, the sellr’sobligation is minimum.6.（）International customs and practice is the international standardwhich is of some guiding significance to international business.So all the international business persons should abide by theinternational customs and practice.7.（）In order to avoid disputes, we should try our best to use muchmore kinds of methods to stipulate the quality of the goods inthe international contract.8.（）According to CISG, if the package of the goods is not inacordance with the terms and conditions of the contract, thebuyer could reject the goods and lodge claims.9.（T）If the goods are sold by weight, but there isn’t any stipulationsabout the method for calculating weight in the contract, then thepayment for goods should be calculated according to its netweight.10.（）Partial loss or damage is not recoverable with FPA.11.（）In ocean marine insurance, general average should be borne bythe carrier totally, who may, upon presentation of evidence ofthe loss, recover the loss from the insurance company.12.（）Demurrage is a fine imposed on the charterer for the delay in theloading and/or unloading of the goods.13.（）Order B/L can be transferred with endorsement.14.（）Unclean B/L will be accepted by the buyer or the issuing bank.15.（）A B/L, Rail Way Bill, or Air Way Bill could be negotiated ortransferred because all of them are documents of title to thegoods.16.（）According to INCOTERMS 2000, under CIF contract, the sellerhas no obligation to give the buyer prompt shipping advice afterthe goods are shipped on board the vessel, because the sellerhas insured the goods for the buyer before shipment.17.（）According to UCP 600, the issuing bank shall have a maximumof five banking days following the day of presentation todetermine if a presentation is complying. When the issuingbank decides to refuse to honour, it must give a single notice tothat effect to the presenter.18.（T）According to UCP 600, all the credits are irrevocable andthereby constitute a definite undertaking of the issuing bank tohonour a complying presentation.19.（）Under D/P, the remitting bank and the collecting bank offer theircollection service with discretion but they usually don’t promiseto get the sales proceeds for the seller.20.（）Under D/A, the collecting bank should be responsible for thegoods ( inculding take and store the goods, etc. ) if the buyerdoesn’t accept the seller’s draft(s) and documents.Ⅱ. Please choose the best answer from the following choices of each question and write them on your answer sheet. ( 15% )21. The term of FOB should be followed by ( ) in a international tradecontract.A. named place of originB. named port of shipmentC. named port of destinationD. named place of destination22. According to UCP 600, the confirming bank must negotiate and/orhonor ( )A. if the issuing bank agrees to negotiate and/or honorB. if the applicant agrees to negotiate and/or honorC. if it has received a complying presentation from the presenterD. if the beneficiary has shipped the stipulated goods on time23. Under documentary collection, the draft must be ( )A. sight draftB. time draftC. banker’s draftD. commercial draft24. According to CISG, the international business person can ( )before the offer reaches the offeree.A. withdraw his/her offerB. revoke his/her offerC. withdraw his/her contractD. revoke his/her contract25. According to UCP 600, under L/C, the payer of the draft is ( ) .A. the buyerB. the advising bankC. the negotiating bankD. the issuing bank26. If the CIF value in a international contract is USD 9 000 000, and thereisn’t any special terms and conditions about insurance, then according to INCOTERMS 2000, the seller could insure the goods for ( ) .A. USD 9 000 000 against FPAB. USD 10 000 000 against WPAC. USD 9 000 000 against WPAD. USD 9 900 000 against TPND27. According to CISG, the acceptance can be submitted ( )A. in written formB. orallyC. in written form or be sent orally28. In the following payment terms, ( ) is the safest term to the seller.A. Payment against documents, at 30 days after sightB. Payment by T/T, at 30 days after arrival of goodsC. Payment against documents, at 30 days from the date of B/LD. Payment by acceptance L/C, at 30 days after sight29. Under CFR contract, the goods are damaged during marine transportand the buyer suffers losses estimated at USD 1 000 due to natural calamity, USD 800 due to fortuitous accidents, and USD 2 000 due to extraneous risks. If the buyer has insured the goods for USD 1 000 000 against WPA before shiment, then the insurer should pay ( ) compensation to the buyer.A. USD 3800B. USD 1800C. USD 3000D. USD 280030. In the following statements about loading and discharging charges incharter party, ( ) is correct.A. F.I. means the shipper should unload the goods by himself.B. F.O. means the shipper should load the goods by himself.C. The time charter party shouldn’t stipulate terms about these charges.D. The ship-owner isn’t responsible for these charges in tramp shipping.31. Counter sample is made by ( ) which can help avoid disputes overthe quality of goods in the future transaction.A. the buyerB. the sellerC. the carrierD. the offerer32. The more or less clause is a clause that stipulates that ( ).A. the quantity delivered can be more or less within 5 percent.B. the quantity delivered can be more or less within 10 percentC. the quantity delivered can be more or less within 3 percentD. the quantity delivered can be more or less within certain extent33. Sales by description and illustration is applicable to ( ) most.A. wheatB. medical apparatusC. mineral oreD. ordinary stainless steel cup34. Neutral packing is adopted to ( ).A. prevent corrosion by acids or alkaliB. break tariff and non-tariff barriers of exporting countriesC. break tariff and non-tariff barriers of importing countriesD. A, B and C are all right35. Merchant vessels can be divided into liners and tramps, and to theowner of cargo, ( ) proved to be a more convenient means of international cargo distribution .A. linersB. trampsC. none of themⅢ. Calculation ( Please write your answers on your answer sheet, and the results should be rounded off to two decimals. 20% )36. A Company in Shenzhen quotes its exporting price, USD1000 PerMetric Ton FOB Shenzhen, to a Japanese company. But the Japanese company requires the exporter to offer CIF Yokohama price ( with the goods insured F.P.A.). If the freight from Shenzhen to Yokohama is USD 200 per Metric Ton, the insured amount is 110% of CIF value and the premium rate is 1% of F.P.A..(1) Please calculate how much this exporting company should offer CIFYokohama price per Metric Ton with the same profit. ( 8% )(2) If the Japanese company requires the exporter to offer CIFC5%Yokohama price ( with the goods insured F.P.A.). Please calculatehow much this exporting company should offer CIFC5% Yokohamaprice per Metric Ton with the same profit. ( 4% )(3) If the exporting quantity is 100 Metric Tons, the domestic purchasingprice of these goods is 6000 RMB per Metric Ton. The domestic totalcharges (including all kinds of domestic fees and taxes) are 13000RMB. And the export tax rebate is 3000 RMB totally. And theexchange rate is USD1:RMB6.8. Please calculate the rate of profitor loss of this export transaction. ( 8% )Ⅳ. Case Study ( Please write your answers on your answer sheet, 10%)37.On 15th May, 2010, a chinese company offered to a french company, “sell 10000 Qing Yan Brand bicycles, Article No. 171069, FOB Shanghai USD 100 per set, shipment during July, 2010. Subject reply here on or before 20th May, 2010. ...... ”.On 17th May, 2010, the french company replied by FAX, “we accept your offer dated 15th May, 2010, but at the price of FOB Shanghai USD 80 per set, shipment during October, 2010.”The chinese company hadn’t replied to the french company and sold their bicycles to another foreign company.However, on 19th May, 2010, the french company replied by FAX again, “we completely accept your offer dated 15th May, 2010.”The chinese company replied to the french company at once by FAX, “we have sold the bicycles to others. We will offer you in the future as possible as we can.”But the french company thought that the contract has been concluded and required the chinese company to ship the bicycles during July, 2010 at Shanghai port.According to CISG, do you think the above two companies have conculded a contract? Why?V. Write your answers on your answer sheet to the following question 38, which is based on the following L/C. ( 35% )--------------------------------------------------------------------------- RECEIVED MESSAGEStatus: MESSAGE DELIVEREDStation: 1 BEGINNING OF MESSAGEOwn Address : BOCOZOXXXXX: BANK OF CHINA: GUANGZHOUOutput Message Type : 700 ISSUE OF A DOCUMENTARY CREDITSent by : ACNZ2WXXX WESTPAC BANKCOPROPATION WELLINGTON: (FOR ALL NEW ZEALAND BRANCH)Output Date/Time : 061207/0928Priority : Normal27/ SEQUENCE OF TOTAL: 1/140A/ FORM OF DOCUMENTARY CREDIT: IRREVOCABLE20/ DOCUMENTARY CREDIT NUMBER: 0612/2048792331C/ DATE AND PLACE OF EXPIRY: 070121 P. R. O. C.50/ APPLICANT: NEW CHEM INC.AUCKLAND, NEW ZEALAND59/ BENEFICIARY: GUANGZHOU FOREIGN TRADE CORP.GUANGZHOU, P. R. OF CHINA32B/ CURRENCY CODE AMOUNT: USD 34870,0041D/ AVAILABLE WITH … BY … : ANY BANK BY NEGOTIATION42C/ DRAFTS AT …… : SIGHT FOR FULL INVOICE VALUE42A/ DRAWEE: WPACNZZWAKLWESTPAC BANKING CORPORATION, AUCKLAND43P/ PARTIAL SHIPMENTS: NOT ALLOWED43T/ TRANSSHIPMENT: ALLOWED44A/ ON BOARD/DISP/TAKING CHARGE: ANY P. R. C. PORT44B/ ROF TRANSPORTATION TO: AUCKLAND NEW ZEALAND44C/ LATEST DATE OF SHIPMENT: 06121345A/ DESCP OF GOODS AND/OR SERVICE: BLACK SILICON CARBIDE CIF AUCKLAND46A/ DOCUMENTS REQUIRED:+COMMERCIAL INVOICES+FULL SET CLEAN “ON BOARD”BILLS OF LADING MADE OUT TO ORDER BLANK ENDORSED MARKED “FREIGHT PREPAID” AND NOTIFY APPLICANT+INSURANCE POLICY OR CERTIFICATE COVERING OCEAN MARINE TRANSPORTATION ALL RISKS AND WAR RISKS.+PACKING LIST+CERTIFICATE OF ANALYSIS+BENEFICIARY CERTIFICATE STATING BATCH NUMBERS APPEAR ON ALL DOCUMENTS AND PACKAGES47A/ ADDITIONAL CONDITIONS:DRAFTS DRAWN HEREUNDER MUST BEAR DOCUMENTARY CREDIT NUMBER AND DATE.EACH PRESENTATION OF DISCREPANCIES DOCUMENTS UNDER THIS CREDIT,A FEE OF NZD70.00( OR ITS EQUIVALENT IN THE CURRENCY OF YOUR DRAWING) IS FORACCOUNT OF BENEFICIARY AND MUST BE DEDUCTED FROM YOUR REIMBURSEMENT CLAIM OR WILL BE DEDUCTED FROM THE PROCEEDS (IN THE EVENT CLAIM IS PAID BYOURSELVES). ALL DOCUMENTS IN DUPICATE UNLESS OTHERWISE STATED.71B/ CHARGES:ALL BANK CHARGES OUTSIDE COUNTRY OF ISSUING BANK ARE FOR ACCOUNT OF BENEFICIARY.48/ PERIOD FOR PRESENTATION:DOCUMENTS TO BE PRESENTED WITHIN 21 DAYS AFTER ISSUANCE OF BILL OF LADINGBUT WITHIN THE VALIDITY DATE OF THIS DOCUMENTARY CREDIT49/ CONFIRMATION INSTRUTIONS: WITHOUT78/ INSTRUCS TO PAY/ACCPT/NEGOT BANK:UPON RECEIPT OF COMPLIANT DOCUMENTS, WE UNDERTAKE TO REMIT PROCEEDS BYTELEGRAPHIC TRANSFER IN TERMS OF YOUR INSTRUCTONS, WITHIN TWO BUSINESSDAYS, LESS OUR REIMBURSEMENT CHAREGES AND COSTS OF NZD80.00, THEEQUIVALENT OF WHICH WILL BE DEDUCTED FROM YOUR CLAIM. DRAFT AND DOCUMENTSARE TO BE COURIERED IN ONE LOT TO WESTPAC BANKING CORPORATION, NEW ZEALAND. SAC: SWIFT Authentication Correct38.（1）本信用证的申请人和受益人？（4%）（2）本信用证的种类(至少写出两种)？（4%）（3）本信用证的到期日及到期地点？（4%）（4）本信用证是否允许转运，是否允许分批装运？（4%）（5）本信用证的最迟装运日？（2%）（6）本信用证对汇票有何要求？（6%）（7）本信用证对提单有何要求？（6%）（8）本信用证对保险单据有何要求？（5%）广东外语外贸大学国际经济贸易学院《国际贸易实务》2009-2010学年第二学期期末考试试卷（A卷）参考答案考核对象：金融081、082、083、084班保险081、082班考试时间：2小时班级：_______ 学号：________ 姓名：_________ 成绩：________Ⅰ. Put T for true or F for false in the corresponding blanks. ( 20% )1.T2.F3.F4.F5.T6.F7.F8.F9.T 10.F11.F 12.T 13.T 14.F 15.F 16.F 17.T 18.T 19.T 20.FⅡ. Please write the best answer in the corresponding blanks. ( 15% ) 21.B 22.C 23.D 24.A 25.D 26.B 27.C 28.D 29.B 30.C 31.B 32.D 33.B 34.C 35.AⅢ. Calculation ( The results should be rounded off to two decimals. 20% )36.（1）CIF= ( FOB+F) / (1 - premium rate×110％）＝(1000+200)/(1-1%×110％)=1200/(1-0.011)＝1200/0.989≈1213.35 USD per metric tonI.e. this exporting Company should offer CIF Yokohama USD1213.35 per Metric Ton to its customer with the same profit.( 2 )CIFC5%＝CIF/（1－5％）＝1213.35/0.95≈1277.21 USD per metric tonSo, the exporting Company should offer CIFC5% Yokohama USD 1277.21 per metric ton to its customer with the same profit.( 3 )The domestic purchasing price plus domestic total charges minus the export tax rebate is domestic cost of export.I.e. the total domestic cost = 6000×100 + 13000 －3000= 610000 RMBThe revenue in RMB = foreign exchange earning × exchange rate= FOB ×100×exchange rate=1000×100× exchange rate=100000 × 6.8= 680000 RMBSo, the rate of profit = (revenue－domestic cost) ÷ domestic cost × 100%= (680000－610000) ÷ 610000 × 100%≈11.48%Ⅳ. Case Study ( 10% )37. ( 1 )According to CISG, the two companies have not conculded a contract.( 2 ) CISG Article 19, “1）A reply to an offer which purports to be an acceptance but contains additions, limitations or other modificationsis a rejection of the offer and constitutes a counter-offer.2）However, a reply to an offer which purports to be an acceptance but contains additional or different terms which do notmaterially alter the terms of the offer constitutes an acceptance,unless the offeror, without undue delay, objects orally to thediscrepancy or dispatches a notice to that effect. If he does not soobject, the terms of the contract are the terms of the offer with themodifications contained in the acceptance.3) Additional or different terms relating, among other things, tothe price, payment, quality and quantity of the goods, place and timeof delivery, extent of one party's liability to the other or the settlementof disputes are considered to alter the terms of the offer materially. ”( 3 ) On 17th May, 2010, the french company replied by FAX, “ we accept your offer dated 15th May, 2010, but at the price of FOB ShanghaiUSD 80 per set, shipment during October, 2010.”That is to say, the french company altered the price and the time of shipment in the chinese company’s offer dated 15th May, 2010.So the reply made by the french company dated 17th May 2010 wasa counter-offer and a new offer.Then, the offer made by the chinese company dated 15th May 2010 became invalid.The chinese company hasn’t accepted the new offer made by the french company dated 17th May 2010.The reply made by the french company dated 19th May 2010 was a new offer too. And the chinese company hasn’t accepted thenew offer made by the french company dated 19th May 2010 too.So the two companies have not conculded a contract.V. Write your answers in the corresponding blanks. ( 35% )38.（1）Applicant: NEW CHEM INC.，AUCKLAND, NEW ZEALANDBeneficiary: GUANGZHOU FOREIGN TRADE CORP.GUANGZHOU, P. R. OF CHINA（2）Irrevocable，Sight, Negotiable, Unconfirmed,Non-transferable,Documentary（3）21th January,2007 in china（4）PARTIAL SHIPMENTS: NOT ALLOWEDTRANSSHIPMENT: ALLOWED（5）LATEST DATE OF SHIPMENT: 13th December,2006（6）DRAFTS AT SIGHT FOR FULL INVOICE VALUE,DRAWEE: WPACNZZWAKL,WESTPAC BANKING CORPORATION, AUCKLANDDRAFTS DRAWN HEREUNDER MUST BEAR DOCUMENTARY CREDIT NUMBER AND DATE.（7）FULL SET CLEAN “ON BOARD”BILLS OF LADING MADE OUT TO ORDER BLANK ENDORSED, MARKED “FREIGHT PREPAID” AND NOTIFY APPLICANT, IN DUPICATE（8）INSURANCE POLICY OR CERTIFICATE COVERING OCEAN MARINE TRANSPORTATION ALL RISKS AND WAR RISKS, IN DUPICATE广东外语外贸大学国际经济贸易学院《国际贸易实务》2009-2010学年第一学期期末考试试卷（A卷）考核对象：‘4+0’国贸084班‘4+0’国贸085班考试时间：2小时班级：_______ 学号：________ 姓名：_________ 成绩：________Ⅰ. Put T for true or F for false in the brackets at the end of each statement. ( 15% )1.（ F ）According to INCOTERMS 2000, if the seller exports ceramicsusing CIF term, he must insure the goods against All Risks plusRisk of Clash and Breakage.2.（ F ）According to INCOTERMS 2000, under CIF Liner TermsHamburg, the buyer must pay the discharging fees in the portof destination.3.（ F ）International customs and practice is the international standardwhich is of some guiding significance to international businessmen. So all the international business men should abide by theinternational customs and practice.4.（T ）When the charterer fails to load or unload the goods within thestipulated period of time, he has to pay demurrage to theship-owner.5.（ F ）In order to avoid complications, we should try our best to usemuch more kinds of methods to stipulate the quality of thegoods.6.（ F ）According to CISG, if the package of the goods is not in acordancewith the terms and conditions of the contract, the buyer couldlodge claims, but he couldn’t reject the goods.7.（ F ）According to CISG, if the seller delivers a quantity of goodsgreater than that provided for in the contract, the buyer maytake delivery or refuse to take delivery of all the quantity(including the excess quantity and the contracted quantity).8.（ F ）A chinese company exports 1500 bags of cement using CIF termin the contract and has insured the goods against F.P.A. beforeshipment. However five bags fall into water when loading in theport of shipment. Because the five bags have not been onboard yet, the insurance company is not responsible for theloss of the five bags.9.（T ）According to UCP 600, if there isn’t any other stipulation, thetransshipment is allowed.10.（ F ）The clause of “ CIF London, New York or Tokyo, at buyer’soption” is r easonable and we could agree when exportinggoods.11.（T ）According to UCP 600, the L/C is independent of the underlyingtransactions.12.（ F ）According to CISG, the offeror can withdraw his offer, but he cannot revoke it no matter what happened.13.（ F ）The colletcing bank should promise to get the money from thebuyer under Collection.14.（T ）According to UCP 600, the beneficiary should present full setclean on board B/Ls if the L/C requires B/Ls with no specialterms and conditions.15.（ F ）Under Collection, the payer of the draft should be the buyer’sbank.Ⅱ. Please choose the best answer from the following choices of each question. ( 20% )1. An exporter in Guangzhou has agreed to sell goods to a company inNew York. The exporter is responsible for arranging transport but not insurance. Which of the following shipping terms is correct? ( )A. CIF New YorkB. FOB New YorkC. CFR New YorkD. FOB Guangzhou2. According to UCP 600, if there is no special description about the form ofthe L/C in it, then this L/C is ( )A. irrecovable and non-transferableB. recovable and transferableC. irrecovable and transferableD. recovable and non-transferable3. Which term means the minimum cost coverage by the seller? ( )A. EXWB. FCAC. FASD.FOB4. According to CISG, when sale by sample and there are not any otherdetailed stipulations in contract, the goods delivered by the seller should be ( )A. About same as the sampleB. same as the sampleC. different a little from sampleD. A, B, C are all right.5. A B/L acts as ( )A. a receipt of goods by the carrierB. an evidence of the contract of carriageC. a document of title for the goodsD. A, B, C are all right.6. Under D/A, the draft must be ( )A. sight draftB. time draftC. banker’s draftD. clean draft7. According to CISG, the offer can be submitted ( )A. in written formB. orallyC. in written form or be sent orally8. The shipping Mark usually doesn’t contain ( )A. the code name of shipper or consigneeB. number of packagesC. name of destinationD. chemical characteristics9. In the following payment terms, ( ) is the safest term to the seller.A. sight payment L/CB. D/P at sightC. Payment at 30 days after delivery of goodsaD. Cash with order10. In the following statements about loading and discharging charges incharter party, ( ) is correct.A. F.I. means the shipper should unload the goods by himself.B. F.O. means the shipper should load the goods by himself.C. The time charter party shouldn’t stipulate terms about these charges.D. The ship-owner isn’t responsible for these charges in tramp shipping.Ⅲ. Calculation ( 25% )1. A Company in Guangzhou quotes its exporting price, USD950 Per MetricTon FOB Guangzhou, to a German company. But the German company requires the exporter to offer CIF Hamburg price ( with the goods insured W.P.A. plus War Risk). If the freight from Guangzhou to Hamburg is USD180 Per Metric Ton, the insured amount is 110% of CIF value and the premium rate is 1.3% of W.P.A. plus War Risk.(1) Please calculate how much this exporting company should offer CIFHamburg price per Metric Ton with the same profit. ( 10% )(2) If the German company requires the exporter to offer CIFC5%Hamburg price ( with the goods insured W.P.A. plus War Risk).Please calculate how much this exporting company should offerCIFC5% Hamburg price per Metric Ton with the same profit. ( 5% )2. A company in Shanghai exports some garments to a foreign company.the total exporting amount is USD 70000 FOB Shanghai. If the domestic purchasing price of these garments is 450000 RMB. The domestic total charges (including all kinds of domestic fees and taxes) are 40000 RMB.And the export tax rebate is 3000 RMB. And the exchange rate is USD1:RMB7. Please calculate the rate of profit or loss of this export transaction. ( 10% )Ⅳ. Case Study (40%)A Chinese exporter exported 5000 sets electrical household appliances to an importer on the basis of USD 600 per set CFR Los Angeles. Both parties agreed to stipulate the following in the contract:“…… 40% payment by T/T in advance and 60% payment by D/P 90 days after sight.The buyer should remit the 40% of total value on or before September 30th, 2008.Shipment from Chinese port to Los Angeles, not later than Oct. 21st, 2008.Packed in wooden box fumigated more over 12 hours with H2S gas.Partial shipment and transshipment are prohibited. ……”After received buyer’s remittance money September 28th, the exporter shipped 3000 sets in Shanghai Port on Oct. 4th, 2008, then sent shipping advice on time to the importer and got one set of clean on board B/Ls. Then the exporter shipped the other 2000 sets on board the same vessel in Guangzhou Port on Oct. 8th, 2008, sent shipping advice on tim89e to the importer and got other one set of clean on board B/Ls. And then the vessel began to sail to Los Angeles.1. Whether the seller has breached the contract provision of “Partialshipment and transshipment are prohibited” or not? Why? ( 5% )2. If during the transportation from Guangzhou to Los Angeles by sea, theship struck on a rock and got stranded. Therefore, the ship arrived atLos Angeles after a delay (latter about 20 days than usual time) andpart of goods have been damaged during transportation.According to INCOTERMS 2000, whether the importer has the right to make a claim against the seller because of transportationdelay? Why? ( 5% )3. If these appliances had been insured against W.P.A as per ChinaInsurance Clause before shipment. And if the Inspection Certificate states that: 1000 sets suffered losses at USD 30000 due to the above event; the other 4000 sets are in good conditions and quality. Whether the insurance company should compensate the damage or not? Why?( 6% )4. If the importer became bankrupt Nov. 2008, without paying money andtaking the collection documents, what should the collecting bank do?Was the collecting bank responsible for receiving and keeping goods?Why? What should the exporter do? Why? (10% )5. If the exporter entrust bank for D/P, but importer borrowed the full set ofdocuments from collecting bank with T/R before payment and later the importer became bankrupt, what should the exporter do? Why? (7% ) 6. If the payment term in the contract was changed to “40% payment byT/T in advance and 60% payment by L/C 90 days after sight” and the importer became bankrupt Nov. 2008, whether the exporter could receive payments on time provided that it had made complying presentation to issuing bank on time? Why? (7% )广东外语外贸大学国际经济贸易学院《国际贸易实务》2009-2010学年第一学期期末考试试卷（B卷）考核对象：‘4+0’国贸084班‘4+0’国贸085班考试时间：2小时班级：_______ 学号：________ 姓名：_________ 成绩：________Ⅰ. Put T for true or F for false in the brackets at the end of each statement. ( 15% )1.（T ）According to INCOTERMS 2000, if the seller is not requested topay for export clearing customs, the term should be EXW.2.（ F ）According to INCOTERMS 2000, we must stipulate the time ofshipment (or the time of delivery) in the contract of CIF. But wemust stipulate both the time of shipment (or the time of delivery)and the time of arrival in the contract of CIP.3.（ F ）International customs and practice is the international standardwhich is of some guiding significance to international businessmen. So all the international business men should abide by theinternational customs and practice.4.（ F ）Under the All Risks of C.I.C., the insurance company isresponsible for all kinds of losses.5.（T ）According to UCP 600, the confirming bank has the sameobligations of the issuing bank.6.（ F ）The shipping mark must be stipulated in international contract. Ifnot, the surface of transportation packages must be blank.7.（F ）To the seller, payment by T/T is much safer than by D/P.8.（ F ）According to UCP 600, after issuance of the letter of credit, theissuing bank may refuse payment if the applicant becomesbankrupt.9.（T ）For terms marked with “W/M”(standard of calculating basicfreight), the freight is to be calculated on the basis of eitherweight ton or measurement ton, subject to the high rate.10.（F ）According to INCOTERMS 2000, CIF is the term when thegoods are delivered with all the charges up to arrival at the portof destination paid by the seller.11.（T ）According to UCP 600, the payer of the draft under L/C should。

《国际贸易实务》期末考试试卷（英文版）（doc7页）《国际贸易实务》期末考试试卷(英文版)(doc 7页)广东外语外贸大学国际经济贸易学院《国际贸易实务》2009-2010学年第一学期期末考试试卷（A卷）考核对象：‘4+0’国贸084班‘4+0’国贸085班考试时间：2小时班级：_______ 学号：________ 姓名：_________ 成绩：________Ⅰ. Put T for true or F for false in the brackets at the end of each statement. ( 15% )1.（）According to INCOTERMS 2000, if the seller exportsceramics using CIF term, he must insure the goodsagainst All Risks plus Risk of Clash and Breakage.2.（）According to INCOTERMS 2000, under CIF Liner TermsHamburg, the buyer must pay the discharging fees inthe port of destination.3.（）International customs and practice is the internationalstandard which is of some guiding significance tointernational business men. So all the internationalbusiness men should abide by the internationalcustoms and practice.4.（）When the charterer fails to load or unload the goods withinthe stipulated period of time, he has to pay demurrageto the ship-owner.5.（）In order to avoid complications, we should try our best touse much more kinds of methods to stipulate thequality of the goods.6.（）According to CISG, if the package of the goods is not inacordance with the terms and conditions of the contract,the buyer could lo dge claims, but he couldn’t reject thegoods.7.（）According to CISG, if the seller delivers a quantity of goodsgreater than that provided for in the contract, the buyermay take delivery or refuse to take delivery of all thequantity (including the excess quantity and thecontracted quantity).8.（）A chinese company exports 1500 bags of cement using CIFterm in the contract and has insured the goods againstF.P.A. before shipment. However five bags fall intowater when loading in the port of shipment. Becausethe five bags have not been on board yet, the insurancecompany is not responsible for the loss of the five bags.9.（）According to UCP 600, if there isn’t any other stipulation,the transshipment is allowed.10.（）The cl ause of “ CIF London, New York or Tokyo, atbuyer’s option” is reasonable and we could agree whenexporting goods.11.（）According to UCP 600, the L/C is independent of theunderlying transactions.12.（）According to CISG, the offeror can withdraw his offer, buthe can not revoke it no matter what happened.13.（）The colletcing bank should promise to get the moneyfrom the buyer under Collection.14.（）According to UCP 600, the beneficiary should present fullset clean on board B/Ls if the L/C requires B/Ls with nospecial terms and conditions.15.（）Under Collection, the payer of the draft should be thebuyer’s bank.Ⅱ. Please choose the best answer from the following choices of each question. ( 20% )1. An exporter in Guangzhou has agreed to sell goods to acompany in New York. The exporter is responsible for arrangingtransport but not insurance. Which of the following shipping terms is correct? ( )A. CIF New YorkB. FOB New YorkC. CFR New YorkD. FOB Guangzhou2. According to UCP 600, if there is no special description aboutthe form of the L/C in it, then this L/C is ( )A. irrevocable and non-transferableB. revocable andtransferableC. irrevocable and transferableD. revocable and non-transferable3. Which term means the minimum cost coverage by the seller?( )A. EXWB. FCAC. FASD.FOB4. According to CISG, when sale by sample and there are not anyother detailed stipulations in contract, the goods delivered bythe seller should be ( )A. About same as the sampleB. same as the sampleC. different a little from sampleD. A, B, C are all right.5. A B/L acts as ( )A. a receipt of goods by the carrierB. an evidence of the contract of carriageC. a document of title for the goodsD. A, B, C are all right.6. Under D/A, the draft must be ( )A. sight draftB. time draftC. banker’s draftD. clean draft7. According to CISG, the offer can be submitted ( )A. in written formB. orallyC. in written form or be sent orally8. The shipping Mark usually doesn’t contain ( )A. the code name of shipper or consigneeB. number of packagesC. name of destinationD. chemical characteristics9. In the following payment terms, ( ) is the safest term to theseller.A. sight payment L/CB. D/P at sightC. Payment at 30 days after delivery of goodsD. Cash with order10. In the following statements about loading and dischargingcharges in charter party, ( ) is correct.A. F.I. means the shipper should unload the goods by himself.B. F.O. means the shipper should load the goods by himself.C. The time charter party shouldn’t stipulate terms about these charges.D. The ship-owner isn’t responsible for these charges in tramp shipping.Ⅲ. Calculation ( 25% )1. A Company in Guangzhou quotes its exporting price, USD950Per Metric Ton FOB Guangzhou, to a German company. But theGerman company requires the exporter to offer CIF Hamburg price ( with the goods insured W.P.A. plus War Risk). If thefreight from Guangzhou to Hamburg is USD180 Per Metric Ton,the insured amount is 110% of CIF value and the premium rateis 1.3% of W.P.A. plus War Risk.(1) Please calculate how much this exporting companyshould offer CIF Hamburg price per Metric Ton with thesame profit. ( 10% )(2) If the German company requires the exporter to offerCIFC5% Hamburg price ( with the goods insured W.P.A.plus War Risk). Please calculate how much this exportingcompany should offer CIFC5% Hamburg price per MetricTon with the same profit. ( 5% )2. A company in Shanghai exports some garments to a foreigncompany. the total exporting amount is USD 70000 FOBShanghai. If the domestic purchasing price of these garments is450000 RMB. The domestic total charges (including all kinds ofdomestic fees and taxes) are 40000 RMB. And the export tax rebate is 3000 RMB. And the exchange rate is USD1:RMB7.Please calculate the rate of profit or loss of this exporttransaction. ( 10% )Ⅳ. Fill in the contract form in English with the following particulars (40%)卖方：中国粮油食品公司买方：温哥华加拿大食品公司合同号码：88-SC-3商品名称：长城牌草莓酱 (strawberry jam)规格：340克听装in cans。

PartⅠ.Decide whether each of the following statements is true or false (10%)每题1分, 答错不扣分1.I.perfec.market.existed.resource.woul.b.mor.mobil.an.coul.therefor.b.transferre.t.thos.countrie.mor.willin.t.pa..hig.pric.fo.them.. .. .2.Th.forwar.contrac.ca.hedg.futur.receivable.o.payable.i.foreig.currencie.t.insulat.th.fir.agains.exchang.rat.risk ... . )3.Th.primar.objectiv.o.th.multinationa.corporatio.i.stil.th.sam.primar.objectiv.o.an.firm.i.e..t.maximiz.sharehol de.wealth.. .. )4..lo.inflatio.rat.tend.t.increas.import.an.decreas.exports.thereb.decreasin.th.curren.accoun.deficit.othe.thing.e qual......5..capita.accoun.defici.reflect..ne.sal.o.th.hom.currenc.i.exchang.fo.othe.currencies.Thi.place.upwar.pressur.o.tha.hom.currency’.value.. .. )parativ.advantag.implie.tha.countrie.shoul.specializ.i.production.thereb.relyin.o.othe.countrie .fo.som.products.. .. .7.Covere.interes.arbitrag.i.plausibl.whe.th.forwar.premiu.reflec.th.interes.rat.differentia.betwee.tw.countrie.sp ecifie.b.th.interes.rat.parit.formula. .. . )8.Th.tota.impac.o.transactio.exposur.i.o.th.overal.valu.o.th.firm.. .. .9. .pu.optio.i.a.optio.t.sell-b.th.buye.o.th.option-.state.numbe.o.unit.o.th.underlyin.instrumen.a..specifie.pric.pe.uni.durin..specifie.period... . )10.Future.mus.b.marked-to-market.Option.ar.not.....)PartⅡ:Cloze (20%)每题2分, 答错不扣分1.I.inflatio.i..foreig.countr.differ.fro.inflatio.i.th.hom.country.th.exchang.rat.wil.adjus.t.maintai.equal.. purchasin.powe... ）2.Speculator.wh.expec..currenc.t..appreciat..... .coul.purchas.currenc.future.contract.fo.tha.currency.3.Covere.interes.arbitrag.involve.th.short-ter.investmen.i..foreig.currenc.tha.i.covere.b.....forwar.contrac...... .t. sel.tha.currenc.whe.th.investmen.matures.4.. Appreciation.Revalu....）petitio.i.increased.5.....PP... .suggest..relationshi.betwee.th.inflatio.differentia.o.tw.countrie.an.th.percentag.chang.i.th.spo.exchang.ra t.ove.time.6.IF.i.base.o.nomina.interes.rat....differential....).whic.ar.influence.b.expecte.inflation.7.Transactio.exposur.i..subse.o.economi.exposure.Economi.exposur.include.an.for.b.whic.th.firm’... valu... .wil.b.affected.modit.a..state.pric.i..... pu..optio..i.exercised9.Ther.ar.thre.type.o.long-ter.internationa.bonds.The.ar.Globa.bond. .. eurobond.....an....foreig.bond...).10.An.goo.secondar.marke.fo.financ.instrument.mus.hav.a.efficien.clearin.system.Mos.Eurobond.ar.cleare.thr oug.eithe...Euroclea... ..o.Cedel.PartⅢ:Questions and Calculations (60%)过程正确结果计算错误扣2分rmation:A BankB BankBid price of Canadian dollar $0.802 $0.796Ask price of Canadian dollar $0.808 $0.800rmation.i.locationa.arbitrag.possible?put.t h.profi.fro.thi.arbitrag.i.yo.ha.$1,000,e.(5%)ANSWER:Yes! One could purchase New Zealand dollars at Y Bank for $.80 and sell them to X Bank for $.802. With $1 million available, 1.25 million New Zealand dollars could be purchased at Y Bank. These New Zealand dollars could then be sold to X Bank for $1,002,500, thereby generating a profit of $2,500.2.Assum.tha.th.spo.exchang.rat.o.th.Britis.poun.i.$1.90..Ho.wil.thi.spo.rat.adjus.i.tw.year.i.th.Unite.Kingdo.experience.a.inflatio.rat.o..percen.pe.yea.whil.th.Unite.State.experience.a.inflatio.rat.o..perc en. pe.year?(10%)ANSWER:According to PPP, forward rate/spot=indexdom/indexforth.exchang.rat.o.th.poun.wil.depreciat.b.4..percent.Therefore.th.spo.rat.woul.adjus.t.$1.9..[..(–.047)..$1.81073.Assum.tha.th.spo.exchang.rat.o.th.Singapor.dolla.i.$0.70..Th.one-yea.interes.rat.i.1.percen.i.th.Unite.State.a n..percen.i.Singapore..Wha.wil.th.spo.rat.b.i.on.yea.accordin.t.th.IFE?.(5%)ANSWER: according to the IFE,St+1/St=(1+Rh)/(1+Rf)$.70 × (1 + .04) = $0.7284.Assum.tha.XY.Co.ha.ne.receivable.o.100,00.Singapor.dollar.i.9.days..Th.spo.rat.o.th.S.i.$0.50.an.th.Singap or.interes.rat.i.2.ove.9.days..Sugges.ho.th.U.S.fir.coul.implemen..mone.marke.hedge..B.precis. .(10%)ANSWER: The firm could borrow the amount of Singapore dollars so that the 100,000 Singapore dollars to be received could be used to pay off the loan. This amounts to (100,000/1.02) = about S$98,039, which could be converted to about $49,020 and invested. The borrowing of Singapore dollars has offset the transaction exposure due to the future receivables in Singapore dollars.pan.ordere..Jagua.sedan.I..month..i.wil.pa.£30,00.fo.th.car.I.worrie.tha.poun.ster1in.migh.ris.sharpl.fro.th.curren.rate($1.90)pan.bough...mont.poun.cal.(suppose.contrac.siz..£35,000.wit..strik.pric.o.$1.9.fo..premiu.o.2..cents/£.(1)Is hedging in the options market better if the £ rose to $1.92 in 6 months?(2)what did the exchange rate have to be for the company to break even?（15%）Solution:(1)I.th..ros.t.$pan.woul. exercis.th.poun.cal.option.Th.su.o.th.strik.pric.an.premiu..i.$1.90 + $0.023 = $1.9230/£Thi.i.bigge.tha.$1.92.So hedging in the options market is not better.(2.whe.w.sa.th. compan.ca.brea.even.w.mea.tha.hedgin.o.no.hedgin.doesn’. matter.An.onl.whe.(strik.pric..premiu.).th.exchang.rat.,hedging or not doesn’t matter.So, the exchange rate =$1.923/£.6.Discus.th.advantage.an.disadvantage.o.fixe.exchang.rat.system.(15%)textbook page50 答案以教材第50 页为准PART Ⅳ: Diagram(10%)Th.strik.pric.fo..cal.i.$1.67/£.Th.premiu.quote.a.th.Exchang.i.$0.022.pe.Britis.pound.Diagram the profit and loss potential, and the break-even price for this call optionSolution:Following diagram shows the profit and loss potential, and the break-even price of this put option:PART Ⅴa) b) Calculate the expected value of the hedge.c) How could you replicate this hedge in the money market?Yo.ar.expectin.revenue.o.Y100,00.i.on.mont.tha.yo.wil.nee.t.cover.t.dollars.Yo.coul.hedg.thi.i.forwar.market.b.takin.lon.position.i.U.dollar.(shor.position.i.Japanes.Yen).B.lockin.i.you.pric.a.$..Y105.you.dolla.revenue.ar.guarantee.t.b.Y100,000/ 105 = $952You could replicate this hedge by using the following:a) Borrow in Japanb) Convert the Yen to dollarsc) Invest the dollars in the USd) Pay back the loan when you receive the Y100,000。