金融英语阅读理解

阅读理解

Directions:Thereare10blanksinthefollowingpassages,Foreachblanktherearefourchoices

markedA,B,CandD.Youshouldchoosethebestanswerandmarkthecorrespondingletteron

theANSWERSHEETbydrawingasinglelinethroughthecenter.

Passage1

Thebank41borrowersenoughinteresttopaytheexpenseofthebankandhave

somethingleftoverfor42.Theinterestcannotbehigherthanthelegalate,whichis

establishedbystatelawandinmoststatesis6%peryear,43bigloans,theinterest

rateismuchless,evenaslowas2%,Thefatedependsonthemoneymarket,Whenthereisplenty

ofmoney44tobeborrowed,bankschargelowratesofinterest.Asavingsbankmay

payitsdepositors2%andlendthemoneyat3.5%or4%.Butwhenmoneyistight,interestrates

goup,andasavingsbankmaytryto45depositorsbyoffering4%or4.5%oreven

moreadlendingthemoneyat5%or6%.

41.A.receivesB.getsC.chargesD.pays

42.A.profitB.interestC.surplusD.income

43.A.IncaseofB.InthecaseofC.InconsequenceofD.Inconjunctionwith

44.A.availableB.costlyC.adaptableD.receivable

45.A.absorbB.attractC.mobilizeD.Channel

Passage2

Ifapayingbanrequestsareceivingbanktoreturnoradjustapaymentbymeansof

46orbymeansofmosttypesofelectronictransmission,butdoesnotissuethe

47inconnection48itsrequestortherequestsays“Noindemnity”,the

payingbankshallnotbeliabletothereceivingbankforanylossandexpense,49

reasonableattorney'sfees.incurredythereceivingbankastheresultofitsreturnoradjustmentof

the50.

46.A.telexB.letterC.telephoneD.SWIFT

47.A.letterofcreditB.indemnityC.guaranteeD.billofexchange

48.A.ofB.withC.forD.to

49.A.besideB.exceptC.includingD.excluding

50.A.creditB.paymentC.proceedsD.expenses

Directions:Readthefollowingpassages,anddeterminewhetherthesentencesare“Right"or

“Wrong"，Ifthereisnotenoughinformationtoanswer“Righl"or"Wrong”,choose“Doesn'tsay",

ThenmarkthecorrespondingletterontheANSWERSHEETbydrawingasinglelinethroughthe

center.

Passage1

Oneofthemostimportantfunctionsoftheaccountingprocessistoaccumulateandreport

accountinginformationthatshowsanorganization\financialpositionandtheresultsofits

operations,Manybusinessespublishsuchfinancialstatementsatleastannually,Thesubdivision

oftheaccountingprocessthatproducesthesegeneral-purposereportsisreferredtoasfinancial

accounting.Anothermajorfunctionofaccountingistoprovidemanagementwiththedataneeded

fordecision-makingandforefficientoperationofthefirm.

Althoughmanagementpeopleroutinelyreceivethefinancialreports,theyalsorequireother

variousinformation,suchastheunitcostofaproductandsoon,estimatesoftheprofitearned

fromaspecificsalesactivity,costcomparisonsofalternativecoursesofactionandlong-range

budgets.Theprocessofgeneratingandanalyzingsuchdataisoftenreferredtoasmanagerial

accounting.

1.Thepurposeofmanagerialaccountingistopreparefinancialstatementseveryyear.

A.RightB.WrongC.Doesn'tsay

2.Financialstatementsincludebalancesheet,incomestatementandcashflowstatement.

A.RightB.WrongC.Doesn'tsay

3.Financialstatementsareusedonlybytheoutsidersofafirm.

A.RightB.WrongC.Doesn'tsay

4.Themanagementofafirmneedstousetheresultsofbothfinancialaccountingaswellas

managerialaccounting.

A.RightB.WrongC.Doesn'tsay

Passage2

Assetsaretheeconomicresourcesofthebusinessthatcanbeusefullyexpressedinmonetary

terms,Liabilities,orcreditor'sequity,aretheobligations,ordebts,thatthefirmmustpayin

moneyorservicesatsometimeinthefuture.Theythereforerepresentcreditor'sclaimsonthe

assetsofthefirm.Theowner'sinterestisequaltothenetassetsofthebusiness,whichisdefined

asthedifferencebetweentheassetsandliabilities.Thus,owner'sequityistheresidualclaim-a

claimtotheassetsremainingafterthedebttocreditorshasbeendischarged.

5.Assetsandliabilitiesofafirmarebothshownonthefirm'sbalancesheet.

A.RightB.WrongC.Doesn'tsay

6.Theequityamountofabalancesheetisthecreditor's,claimsonthefirm.

A.RightB.WrongC.Doesn'tsay

7.Expensesofafirmshouldbeshownonthefirm'sincomestatement.

A.RightB.WrongC.Doesn'tsay

Passage3

Fromthebank'spointofview,leverageratiosvaryfromconservative(highestcalculated

leverage)toliberal(lowestcalculatedleverage)Themostconservativeleveragerationsshowthe

mostdebtandleastnetworth,Therefore,thetotalliabilities/tangiblenetworthratiowillproduce

thehighestleverageandthusbethemostconservativebecauseallliabilitiesareincluded.Onthe

networthside,equityhasbeenreducedbytheintangibleassetsonthebalancesheet,Intangible

assetsdonotnecessarilyyieldcash,soitismoreconservativetosubtracttheseassetsfromnet

worth,Conversely,theseniorliabilities/capitalfundsratiowouldshowlessleveragebecauseonly

seniorliabilitiesareshownasdebt,andnetworthbasbeenaugmentedbytheamountsof

subordinateddebtoutstanding.

8.Financialleveragereferstohowmuchmoneyafirmusesforassets.

A.RightB.WrongC.Doesn'tsay

9.Conservativeleverageratiomeansusingthemostdebtandleastnetworthincalculating

leverage.

A.RightB.WrongC.Doesn'tsay

10.Fromthebank'spointofview,aliberalleveragecalculationisbetter.

A.RightB.WrongC.Doesn'tsay

1—5BCBAA;6—10BCBAC;

Passage4

Liquidityisameasureofhowquicklyanitemmaybeconvertedtocash.Therefore,cashis

themostliquidasset.Accountreceivableisarelativelyliquidassetbecausethebusinessexpects

tocollecttheamountincashinthenearfuture.Suppliesarelessliquidthanaccountsreceivable.

Usersoffinancialstatementsareinterestedinliquiditybecausebusinessdifficultiesoftenarise

owingtoshortageofcash.Howquicklycanthebusinessconvertanassettocashandpayadebt?

Howsoonmustaliabilitybepaid?Thesearequestionsofliquidity.

1.Long-termassetsareallassetsotherthancurrentassets.

A.rightB.wrongC.Doesn'tsay

2.Suppliesarelessliquidthanaccountsreceivable,andfurnitureandbuildingsareevenlessso.

A.RightB.WrongC.Doesn't

3.Peopleareinterestedinliabilitiesonthebalancesheetbecauseitisrelativelyliquid.

A.RightB.wrongC.Doesn'tsay

Passage5

Whereasthemoneymarketsprovideveryshort-termloans,thecapitalmarkettakesaccount

ofmediumandlong-termloans.Itservestheneedsofindustryandcommerce,governmentand

localauthorities.Privatesectorfirmsborrowtheirworkingcapital(currentassetsminuscurrent

liabilities)fromthemoneymarket,whichusedtobemainlyviacommercialbanks;theroleof

banksasmiddlemenhasnowdiminished,evenfortheworkingcapitalrequirements.Private

sectorfirmsraisetheirfixedcapitalbytheissueofsharesorcommercialpaperbonds.

Governmentandlocalauthoritiesborrowmediumandlong-termcapitalbyissuinggilt-edged

stocksandbands.Themainmarketplaceforlendingandborrowingmediumandlong-term

capitalintheUKistheStockExchangeinLondon.

4.Anindustrialcorporatecanmeetitsfinancialneedsbyseekingfundsfromthecapitalmarkets.

A.RightB.WrongC.Doesn'tsay

5.Nowadaysaprivatebusinessusuallyobtainsitsworkingcapitalthroughacommercialbank.

A.RightB.WrongC.Doesn'tsay

6.IntheUKcommercialbanksoftenraisefundsbyissuingbandsandstocks.

A.RightB.WrongC.Doesn'tsay

Passage6

Acommercialbankshallformulateitsbusinessrules,establishandimproveitsbusiness

management,thesystemofcashcontrolanditssecuritysysteminaccordancewiththestipulations

ofthePeople'sBankofChina.

Acommercialbankshallestablishandimproveitssystemsofexaminingandchecking

deposits,loanssettlementsandbadanddoubtfulaccounts.ThePBCcanexerciseexaminationofa

commercialbankatanytimeinaccordancewiththerelevantprovisions.Thepersonnelincharge

oftheexaminationandsupervisionshouldproducetheirlegitimateatthetimeofconducting

examinationandsupervision.

Acommercialbankshallprovidefinancialfinancialaccountinginformation,business

contractsandotherinformationaboutitsbusinessandmanagementattherequestofthePeople's

BankofChina.

Acommercialbankissubjecttotheauditcontrolbytheauditingauthoritiesinaccordance

withtheauditlawandregulations.

7.ThePBCcanexerciseexaminationofacommercialbankatanytime.

A.RightB.WrongC.Doesn'tsay

8.Acommercialbankshallestablishandimproveitssystemofinternalcontrolaccordingtolaw.

A.RightB.WrongC.Doesn'tsay

9.AmemberstaffofthePBCshouldpresenthislegitimatecertificateforon-siteexamination.

A.RightB.WrongC.Doesn'tsay

10.Theauditingauthoritiescannotexercisetheauditcontroloveracommercialbank.

A.RightB.WrongC.Doesn'tsay

1-5CABAB6-10CAAAB

Passage7

Themostbasictooloftheaccountantistheaccountingequation.Thisequationpresentsthe

assetsofthebusinessandtheclaimstothoseassets.Assetsareeconomicresourcesofabusiness

thatareexpectedtobeofbenefitinthefuture.Cash,officesuppliesmerchandise,furniture,land

andbuildingsareexamples.Claimstothoseassetscomefromtwosources.Liabilitiesare

"outsiderclaims',whichareeconomicobligations,debtspayabletooutsiders.Theseoutside

partiesarecalledcreditors.Forexampleacreditorwhohasloanedmoneytoabusinesshasa

claim—alegalright—toapartoftheassetsuntilthebusinesspaysthedebt."Insiderclaims**are

calledowners*equityorcapitol.Thesearetheclaimsheldbytheownersofthebusiness.An

ownerhasaclaimtotheentity*sassetsbecauseheorshehasinvestedinthebusiness.Owners'

equityismeasuresbysubtractingliabilitiesfromassets.

1.Assetscanbeclassifiedintocurrentassetsandfixedassets

A.RightB.WrongC.Doesn'tsay

2.Theownersofabusinessarethosewhohaveinvestedtheirmoneyinthebusiness.

Therefore,theyaretheonlypeoplewhohavetherightofclaimstotheassetsofthebusiness.

A.RightB.WrongC.Doesn'tsay

3.Theamountofliabilitiesofabusinesstellsushowmuchthebusinessowetooutsiders

A.RightB.WrongC.Doesn'tsay

Passage8

Thenormalincomestatementwhichconstitutesoneofthefinancialstatementsofacompany

isfinancialincomestatement.Sofunctionalincomestatementisanincomestatementthat

segregatesallcostsbyuse;itshowsrevenueslesscostofgoodssold(grossmargin)lessselling

andadministrativeexpenses.Thisapproachisusefulforfinancialreportingpurpose;itprovides

outsiderreaderswithinformationaboutcompany'sprogressandaboutwhichfunctionalareasare

beingemphasized.Formanagement'suseinthedecision-makingprocess,however,anincome

statementthatfollowsacostbehaviorapproach,oftenreferredtoasaContributionMargin

IncomeStatement,ismorevaluable.

4.Whenthemanagementofabusinessmakessomedecisions,itoftenreferstothenormalincome

statementbecausethenormalincomestatementismoreusefulinthat.

A.RightB.WrongC.Doesn'tsay

5.Fromthefunctionalincomestatementwecanseeclearlythetotalrevenue,totalcostandthe

grossprofitetc.

A.RightB.WrongC.Doesn'tsay

6.Thecompany'sprepaymenttoitssupplierisregardedasaliabilityitem

A.RightB.WrongC.Doesn'tsay

Passage9

Therearetwogeneralwaysinwinchtheterm"market"isusedineconomics.First,amarket

isthoughtofasaformalorinformalorganizationofbuyersandsellerswhoconducttradesin

particularcommoditiesorservices.Themarketmaybelocatedatageographicalmeetingplace,

suchasyourfriendlyneighborhoodbookstoreorshoppingcenter(aretailmarket).Amarketmay

beorganizedoverwideareasconnectedthroughphonesorcomputerterminals.Althoughthe

tradingroomoftheNewYorkStockExchangeislocatedinNewYorkCity,buyersandsellers

whoactivelyparticipateinthismarketmayconducttheirtradesfromdistantlocations.This

descriptionistheinstitutionalwayoflookingatamarket.

Thesecondmeaningoftheword"market"isusedinformaleconomicmodels.Herethe

equationsthatexplainthedemandandsupplyofacommoditysuchasmoneyaresometimes

groupedtogether.Thereasonsforsupplyingandholdingmoneyarethoughttobespecificenough

towarrantseparateequations.Thisisanabstractwaytothinkofthemoneymarket.

Newfinancialassetsaretradedinprimarymarkets.Financialassetsthatareresoldaretraded

insecondarymarkets.Firmsthatspecializeintradingeitherneworreissuedfinancialassetsare

calledprimarysecondarydealers,respectively.

7.Afinancialmarketmaybethoughtofasordinarymarketinwhichtradersmaybuyorsell

particularfinancialcommodities.

A.RightB.WrongC.Doesn'tsay

8.Amarketmayalsobevirtual,whichisconnectedbyphonesoninternet

A.RightB.WrongC.Doesn*tsay

9.Wecanlearnfromthesecondparagraphofthepassagethattherearesomeequationsofmarket

whichcanexplainthedemandandsupplyofthecurrencyofacountry.

A.RightB.WrongC.Doesn't'say

10.IfaconsumerwantstosellhisCDsbeforethematuritydate,hewoulddoitintheprimary

markets.

A.RightB.WrongC.Doesn't*say

Directions:Thereare4passagesinthesection,Eachpassageisfollowedbysomequestionsor

unfinishedstatements,ForeachofthemtherearefourchoicesmarkedA,B,CandD,

correspondingletterontheANSWERSHEETbydrawingasinglelinethroughthecenter.

PassageOne

Thecreditcreatedforinternationalsettlementamongbanksnotonlyprovidesasenseof

securityforthetradersinvolved,butalsoareliablesourceoffinanceforforeigntradewhere

required.Thecreditcreated,ingeneral,favorstheexporter.Inordertoreducefilepossiblerisk,

theexporterusuallyinsistsonthebuyerestablishingacreditinhisfavorbeforeshipmentis

unloaded.

Therearegenerallyseveraltypesofcredits.A''confirmedcredit“guaranteespaymenttothe

beneficiary,providedthatthecredittermsandconditionsaremetandthestandingoftheadvising

bankinthebeneficiary'scountryissound.A"revocablecredit"maybecancelledatanytimeupto

themomenttheadvisingbankpays.Thistypeofcreditistheleastfavorabletotheexporter.There

isariskthatthegoodsmaybeshippedandthecreditrevokedbeforedocumentsarepresentedto

theadvisingbank.An"irrevocablecredit“maynotbecancelledorevenamendedwithoutthe

consentofallthepartiesinvolved.Thistypeofcreditguaranteesthatnosinglepartywillrevoke

thecontractalreadysigned.

Withthecreditarrangement,theissuingbankagreestopaytheadvisingbank,andthe

advisingbankpaystheexporteraccordingtothetermsofthedocumentswhichappeartofulfill

theconditionsofthecredit.Banks,however,arenotboundby,andtherefore,notconcernedwith

theunderlyingsalescontractonwhichthecreditrequirementsarebased.Aslongasthe

documentsareingoodorderandtherearenoapparentproblemswiththeprocess,thebuyerisstill

responsibleforpaymenttotheissuingbankalthoughthegoodsreceivedmaybeofinferiorquality

tothoseordered.

1.Theword"credit“inthefirstlineofthepassagerefersto.

A.loanB.trustC.B/LD.L/C

2.Accordingtothepassage,whichofthefollowingstatementsiscorrect?

A.A"revocablecredit“maybecancelledatanytime.

B.Thecreditsareusuallyinfavoroftheexporter.

C.An"irrevocablecredit'1maynotbeamended.

D.Thecreditsareusuallyinfavoroftheimporter.

3.Whydoestheexporterusuallyinsistonthebuyerestablishingacreditinhisfavorbefore

shipmentisunloaded?

A.lbcollecttheproceeds.B.Todrawdrafts.

C.Torevokethecontract.D.Toreducethepossiblerisk.

4.Whichofthefollowingcreditisnotmentionedinthepassage?

A.irrevocableB.revocableC.standbyD.confirmed

5.WhoisnotresponsibleforpaymentofL/C?

A.advisingbankB.confirmingbankC.buyerD.issuingbank

DBDCB

PassageTwo

Thebeautyoftelephonebankingisthateverymajorbankingservicecanbedeliveredviait

apartfromcashwithdrawal.Eventhislastservicecanbeincludedinarealsenseinstoredvalue

card(SVC)schemeswhichpermitthe“loading"ofcardsoverthetelephone.

Thetypicalrangeofservicesavailableviathetelephonearebalanceenquiry,statement

ordering,chequebookrequestfacility,fundtransfer,generalaccountqueriesandadvice,ordering

travelers,chequesfrombanks,etc.

Althoughitformsalargerangeofservices,generallyspeaking,telephonebankingservice

maybeclassifiedintothreeprincipaltypes.

Thefirstmakesuseofautomatedvoiceresponsetechnology,Thisinvolvesthecustomer

usinghistone-phonetosendwaitareineffectdigitizeddatamessagestothesysteminorderto

activateaparticularservice.

Thesecondtypeofservicemakesuseofhumanoperatorsentirelyandnoautomatedvoice

responseisused.Aswecansee,evensystemswhichdouseautomatedvoiceresponsewilluse

humanoperatorsforotherthanroutinetransactions.

Finally,sometelephonebankingservicesarePC-based:thatis,theyuseapersonalcomputer

whichinterfaceswiththesystemviaadatacommunicationprocessdeliveredbythetelephone.

SomePC-basedservicesusethecustomer'sstandarddesktopPC,whileothersmakeuseofa

specialdedicatedterminalwhichistypicallyeithersuppliedgratistothecustomerorreleasedto

thecustomerbythebankforanominalcharge.

6.Whatcanwesayabouttherangeoftelephonebankingsystem?

A.EasilyaccessibleB.Surprisinglybroad

C.VeryspecificD.Unexpectedlypopular

7.Generally,themessageswhichareputintothetelephonearenootherthan

A.bankingtransactionsB.automaticvoiceresponse

C.particularordersD.digitizeddatamessages

8.Wearetoldthatsecondtype.

A.automatedvoiceresponseisseldomused

B.humanoperatorsarefullyused

C.humanoperatorsaresometimesusedforroutinetransactions

D.automatedvoiceresponsesystemisinfulluse

9.Theword“gratis“inthelastparagraphmostprobablymeans.

A.fullyloadedB.readilyavailableC.freeorchangeD.sometimes

10.Theheadlineofthispassagewouldbe.

A.thetypesofbankingservicesviatelephone

B.thebeautyoftelephonebanking

C.bankingonthetelephone

D.typesoftelephonebankingsystem

6-10BDBCD

PassageThree

Whenasavingsaccountisopenedinabank,thedepositormustsignadepositagreement,By

signingtheagreement,thedepositoragreestoabidebytherulesandregulationsofthebank.

Theserulesandregulationsvarywithdifferentbanksandmaybealteredandamendedfromtime

totime.Atthistime,apassbookmaybegiventothedepositor,Thisisasmallbookinwhichthe

banktellerentersthedateandamountofeachdepositorwithdrawalandinitialstheentry,The

passbookistobepresentedatthebankormailedtothebankalongwithadepositorwithdrawal

slipeachtimemoneyisdepositedorwithdrawnfromtheaccount.Analternativepracticefor

depositingorwithdrawingmoneyfromasavingsaccountistogivethedepositorasmallregister

forrecordingdepositsandwithdrawalsandapadofdeposit-withdrawalforms,Thisprocedure

eliminatestheuseofthepassbook.Eachtimeadepositorwithdrawalfromsavingsismade,The

appropriatepartofoneoftheformsisfilledin,signed,recordedintheregisterandpresentedor

mailedtothebankwithdeposititemsorotherdocuments,Thebankgivesamachine-printed

receipttothedepositororreturnsitbymail.Thereshouldbeaseparatesavingsaccountinthe

ledgertorecordtheseactivities.

Traditionally,theprincipaldifferencesbetweenasavingsaccountandacheckingaccountare

thatinterestispaidregularlybythebankonasavingsaccountandwithdrawalsfromasavings

accountmaybemadeatthebankorbymailbythedepositororanauthorizedagent,Depositors

usecheckingaccountsprimarilyasaconvenientmeansofmakingpayments,whilesavings

accountsareusedprimarilyasameansofaccumulatingfundswithinterest.Anincreasingly

commonpracticeisforthebanktocombinesavingsandcheckingaccountsandgetdepositors?

permissiontomakeautomatictransfersoffundsfromthesavingsportiontothecheckingportion

wheneverthelatterfallsbelowaspecifiedminimumbalance,Thisamountstogivingthedepositor

aninterest-earningcheckingaccount.

11.Whatistheprimarypurposeofasavingsaccount?

A.ForinterestB.Fortransferoffunds

C.ForaccumulatingfundswithinterestD.Formakingprofits

12.Whatistheaimofasmallregisterandapadofdeposit-withdrawalforms?

A.toattractdepositsB.toimprovebankservices

C.toeliminatetheuseofthepassbookD.topromotebankingbusiness

13.Whatisthepurposeofsigningadepositagreement?

A.tofollowthebank'srulesandregulations

B.Tohavetherighttomakefulluseofthebank'sfacilities

C.Toopenanaccountinthebank

D.toprotectthedepositor'sinterest

14.Whatdoesadepositordowithapassbook?

A.Hemakesdepositswithabank.

B.Hewithdrawsmoneyfromasavingsaccount

C.Hewithdrawsmoneyfromacheckingaccount.

D.BothAandB.

15.Forwhatpurposedoesabanktrytocombineasavingsaccountandacheckingaccount?

A.Forholdingmorefunds

B.Forcoveringthecheckingaccountfallingbelowthespecifiedminimumbalance

C.Forautomatictransferoffunds

D.BothBandC.

11-15CCADD

PassageFour

Abondisissuedbyaguarantor,usuallyabankoraninsurancecompany,onbehalfofan

exporter.Itisaguaranteetothebuyerthattheexporterwillfulfillhiscontractualobligations.If

theseobligationsarenotfulfilled,theguarantorundertakestopayasumofmoneytothebuyerin

compensation.Thissumofmoneycanbeanythingfrom1%to100%ofthecontractvalue.

Ifthebondisissuedbyabank,thenexporterisaskedtosignacounterindemnitywhich

authorizesthebanktodebithisaccountwithanymoneypaidoutunderthebond.

Bondsareusuallyrequiredinconnectionwithoverseascontracts,orwiththesupplyof

capitalgoodsandservices,Whenthereisabuyer'smarket,theprovisionofabondcanbemade

anessentialconditionforthegrantingofthecontract.MiddleEasterncountriescommonlyrequire

bonds,butnowadaysmanyothercountriesalsorequirebonds,butnowadaysmanyother

countriesalsorequitethem.Mostinternationalaidagencies,suchastheWorldBankorthe

EuropeanDevelopmentFund,andmostgovernmentpurchasingorganizationsinthedeveloping

world,nowrequirebondsfromsellers.

6.Beforeabankissuesabondfortheexporter,theissuerandtheapplicantshouldhavesomekind

ofagreementinform.

A.verbalB.writerC.bondD.L/C.

7.Whenthesupplyforacertainserviceislessthanthedemandonthemarket,therequirementby

theimportertogetabondismuch.

A.easierB.moredifficultC.morehappierD.thesame

8.Underthebondtermsininternationalbusiness,iftheexporterfailstofulfillitsobligations,the

compensationshouldbepaidby.

A.theimporter'sbankB.theexporter'sbank

C.thecollectingbankD.thenegotiatingbank

9.BondsarecommonlyusedintheMiddleEastarea.So.

A.theMiddleEastbanksoftenissuebonds

B.theMiddleEastexportersoftendemandbonds

C.theMiddleEastinsurancecompaniesoftenissuebonds

D.noneoftheabovethreeiscorrect

10.Underthebondtermsininternationalbusiness,afterthebankhaspaidthenecessary

compensation,itwillmakeanentrytohiscustomer'saccountontheside.

A.debitB.creditC.assetsD.liabilities

6-10BBBDA

PassageFive

QualifiedEndorsement:whenthewords"withoutrecourse^^orwordswithsimilarmeaning

areusedpartoftheendorsement,suchendorsementisreferredtoasqualifiedendorsement.The

purposeofthistypeofendorsementistolimittheendorser'sliability.Thequalifiedendorsee,

however,maylooktoallotherpartiespriortothequalifiedendorser.UndertheUCP,theterm

“signature“alsoincludesmarksandthumbprintsandprinted,typed,orstampedsignaturesare

acceptableinadditiontowrittenones.Thisrulealsoappliestoendorsements.IntheUnitedStates,

theendorsementonaninstrumentneednotnecessarilybeappliedbythepreviousholder.Banks

frequentlyprovidethisbyplacingarubber-stampedendorsementondepositedcheck,typically

usingwordsas''creditedtotheaccountofwithinnamedpayee"andguaranteeingtheabsenceof

thepayee'spersona;signatureandendorsement.

11.Qualifiedendorsementistheone.

A.onlywith“withoutrecourse^^onit,wordswithsimilarmeaningarenotconsideredas

qualifiedendorsement

B.wheretheholdermerelywriteshissignatureonthebankoftheinstrumentandthereafterit

becomespayabletothebearer

C.with“withoutrecourse^^orwordswithsimilarmeaningaspartoftheendorsement

D.wh