Passage 3 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. Before a bank issues a bond for the exporter, the issuer and the applicant should have some kind of agreement in ______ form.
A. verbal
B. written.
C. bond
D. L/C
MP3是目前最流行的数字音乐压缩编码格式之一,其命名中“MP”是指 (1) ,“3”是指 (2) 。
A. MPEG-3
B. version 3
C. part 3
D. layer3
Passage Two On the balance sheet, assets and liabilities are classified as either (61) or long-term to indicate their relative liquidity. Liquidity is a (62) of how quickly an item may be converted to cash. Therefore, (63) is the most liquid asset. Accounts receivable are a (64) liquid asset because the business expects to collect the amount in cash in the near future. (65) are less liquid than accounts receivable, and furniture and buildings are even less so.
A. short-term
B. current
C. circulating
D. futures
Section One Directions: There are three passages in this section. Each passage is followed by some questions or unfinished statements. For each of them, there are four choices marked A, B, C and D. You should make the best choice and mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center.Passage 1 The credit created for international settlement among banks not only provides a sense of security for the traders involved, but also a reliable source of finance for foreign trade where required. The credit created, in general, favors the exporter. In order to reduce the possible risk, the exporter usually insists on the buyer establishing a credit in his favor before shipment is unloaded. There are generally several types of credits. A "confirmed credit" guarantees payment to the beneficiary, provided that the credit terms and conditions are met and the standing of the advising bank in the beneficiary’s country is sound. A "revocable credit" may be cancelled at any time up to the moment the advising bank pays. This type of credit is the least favorable to the exporter. There is a risk that the goods may be shipped, and the credit revoked before documents are presented to the advising bank. An "irrevocable credit" may not be cancelled or even amended without the consent of all the parties involved. This type of credit guarantees that no single party will revoke the contract already signed. With the credit arrangement, the issuing bank agrees to pay the advising bank, and the advising bank pays the exporter according to the terms of the documents which appear to fulfill the conditions of the credit. Banks, however, are not bound by, and therefore, not concerned with the underlying sales contract on which the credit requirements are based. As long as the documents are in good order and there are no apparent problems with the process, the buyer is still responsible for payment to the issuing bank although the goods received may be of inferior quality to those ordered. Why does the exporter usually insist on the buyer establishing a credit in his favor before shipment is unloaded
A. To collect the proceeds.
B. To draw drafts.
C. To revoke the contract.
D. To reduce the possible risk.