2001年FECT初级真题

2001年 FECT初级考试真题 Part1：Listening Section one(10%) Directions: In this section, you will hear 10 short statements. Each statement will be spoken only once. After each statement there will be a pause, During the pause, you must read the four suggested answers marked A, B, C and D, and decide which is the best answer, Then mark the corresponding letter on the ANSWER SHEET with a single line trough the center. Now you will hear the example: She went to the bank with Mr. Smith You will read: A. She went home B. She liked Mr. Smith C. She went to the bank. D. She went to Mr. Smith’s house Statement C, “She went to the bank” is the closest in meaning to the statement “she went to the bank with Mr. Smith”. Therefore, you should choose answer C, Now listen to the statements. 1. A. The next day B. The coming Friday C. Next Saturday D. The following Monday 2. A. The guarantee period will be over two years B. The guarantee period will be only two years. C. The seller will give us only a one-year guarantee period D. The seller will give us a three-year guarantee period 3. A. Mary does her work better than Alice. B. Mary is taller than her colleague Alice C. Alice works better in the bank than Mary. D. Mary walks faster than Alice. 4. A. Banking globalization is in danger at present. B. It’s too early to stage banking globalization C. Banking globalization is an urgent challenge D. An urgent problem is facing banks all over the world. 5.A. They usually hold savings accounts. B. They have current accounts C. They specialize in long-term savings accounts and mortgages D. They deal in short-term savings accounts 6. A. They want to close their accounts in the bank B. The bank might close their current accounts C. The customers’ overdrawn accounts must be closed. D. The bank closed their overdrawn accounts 7. A. Their operations must be brisk. B. They have a large profit for the year’s operations C. There has been a large deficit in the year. 金融英语证 书 关于书的成语关于读书的排比句社区图书漂流公约怎么写关于读书的小报汉书pdf （FECT）网络培训课程 1 D. They anticipate a great excess of debts over income for the year’s operations 8. A. Deflation results from the reduction in the money supply B. The money supply has been reduced. C. The demand for the money supply has gone up. D. Inflation shows an increase in the money supply 9. A. The merchant expects his goods to be sold quickly B. The dividend increase made the stockholders pleased. C. The workers are pleased with the wage increase D. The stockholders have no dividend this year 10. A. I don’t think there’s a mistake on my statement B. I don’t think there’s an error on the financial statement C. I think there’s a mistake on my monthly statement D. I think there’s a mistake on the auditing statement Section Two(10%) Directions: In this section, you will hear 10 short conversations. At the end of each conversation, a question will be asked about what was said, he conversations and questions will be spoken only once. During the pause, you must read the four suggested answers marked A, B, C and D and decide which is the best answer, Then mark the corresponding letter on the ANSWER SHEET with a single line through the center. Now you will hear: M: Does our bank have a direct correspondent relationship with the Bradlays’ Bank? W: No, we don’t .So we have to advise this L/C via another bank Q: Which of the following is right? Now you will read: A. We can advise this L/C to the Bradlays’ Bank B. The Bradlays’ Bank is our correspondent C. The L/C has to be advised by a third bank D. We should advise this L/C by ourselves. From the conversation we know that we have to advise this L/C via another bank, The best answer is C, Therefore you should choose answer C. 11. A.8% B. 16% C. 22% D. 32% 12. A. Restaurant B. Super market C. ticket office D. Hotel 13. A. A teller B. An assistant auditor C. An accountant D. A cashier 14.A Endorse the cheque B. Wait for a while C. Sign the collection receipt D. Show her identification 15. A. The man can’t get cash before the proceeds are collected. B. There is something wrong with the proceeds C. The woman will be paid directly by the paying bank D. The personal cheque can’t be encashed over the counter 16. A. Some yen notes B. Some yuan notes C. Some dollar notes D. Some pound notes 金融英语证书（FECT）网络培训课程 2 17. A. Of the house value B. Of the mortgage value C. Of the bank’s appraised value D. Of the depreciated value 18. A. The size of the box. B. The location of the box C. The value of the box D. Both A and B. 19. A. About the amount of RMB deposited with the bank B. About the rate of interest for RMB deposited with the bank C. About the terms of deposit with the bank D. About the conditions of deposit with the bank 20. A. He got a credit card of his friend and come to ask how to use it . B. He got a card and did not know whose card it is. C. He has lost his credit card and come to ask what to do D. He has found a credit card and come to ask what to do Section Three(10%) Directions: In this section, you will hear 3 short passages, At the end of each passage, you will hear some questions about what was said, The passages and questions will be spoken only once, During the pause, you must read the four suggested answers marked A, B, C and D and decide which is the best answer, Then mark the corresponding letter on the ANSWER SHEET with a single line through the center. Passage 1 21. A. Handling deposits B. Trading bills of exchange C. Issuing their own notes D. Selling traveler’s checks 22.A. in England B. in Venice, Italy C. in U.S D. in China 23. A. making articles of gold B. handling deposits and making loans C. Issuing and trading bills of exchange D. Issuing their own notes 24.A. in 1587 B. in 1694 C. in the middle of the 19th century D. in the middle of the 20th century Passage 2 25. A. Bank card business B. Bank card fraud C. Technologies used in bank D. International card fraud 26.A.$680 million B.$860 million C.$680 billion D.$860 billion 27. A. It’s the same over the 10-year period B. It’s getting worse over the 10-year period C. It’s getting better over the 10-year period D. There is no way to solve the problem Passage 3 28. A. On spot B. Over the counter C. Over computer screens D. Subject to collection 29. A. Just overnight B. More than 2 days. C. A few hours D. Between overnight and 2days 30. A. Savings accounts B. Checking accounts C. Loan accounts D. Above all 金融英语证书（FECT）网络培训课程 3 Part Two Reading Section one (10%) Directions: There are ten statements in this section. For each statement there are four choices marked A, B, C and D, you should choose the best answer and mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center. 31. When the collecting bank receives from the presenting bank the documents for collecting, it A. should examine all documents to ascertain whether or not they appear, or on their face, to be in compliance with them. B. may examine either the documents or the instructions to collect the proceeds C. will examine documents in order to obtain instructions D. will not examine documents in order to obtain instructions 32. A credit may be advised to a beneficiary through another ban (the advising bank) without engagement on the part of the advising bank, but that bank, if it elects to advise the credit. Shall A. inform the issuing bank of the credit which it advises without delay. B. endorse the amount negotiated on the reverse of the credit which it advises. C. add his confirmation to the credit which it advises. D. take reasonable care to check the apparent authenticity of the credit which it advises. 33. Applicants, at times ,request the issuing bank to issue the documentary credit containing excessive details for the beneficiary to comply with under the documentary credit. Banks should A. encourage this attempt B. discourage this attempt C. reject this attempt D. be compelled to do so 34. The purchaser of a draft drawn/documents presented under a straight documentary credit only has the right A. to protest the issuing bank B. to present the drafts/documents on behalf of the beneficiary C. to purchase the beneficiary’s drafts/documents D. to present the draft/documents by himself 35. Under D/P. all the documents, and usually title to the goods, are released to the buyer upon A. his acceptance of the draft for payment at a specified later date B. his payment of the amount specified under reserve C. his partial payment of the bill amount D. his payment of the amount specified 36. The minimum registered capital for the establishment of a commercial bank shall be RMB yuan. A.10 million B. 100 million C.1 billion D. 10 billion 金融英语证书（FECT）网络培训课程 4 37. The ratio of liquid assets to liquid liabilities of a commercial bank shall not fall short of percent. A. 25. B.8 C.75 D.10 38. If we have a quote of 1.4950/1.4960 for $/DM, A. the first rate is the buying rate for the dollar B. the first rate is the buying rate for the DM C. the second rate is the buying rate for the dollar D. the second rate is the selling rate for the DM. 39. The exportation of domestic currency is limited to per person per exit A. RMB5,000 yuan B. RMB6,000 yuan C. RMB4,000 yuan D. RMB10,000 yuan 40. A bank’s liquid assets include following items except A. notes ,coins and bullion B. current balances with central and other banks C. money at call and short notice D. bank’s premises Section Two(10%) Directions: There are 10 blanks in the following passages, For each blank there are four choices marked A, B, C and D. You should choose the best answer and mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center. Passage 1 The bank 41 borrowers enough interest to pay the expense of the bank and have something left over for 42 . The interest cannot be higher than the legal ate, which is established by state law and in most states is 6% per year, 43 big loans, the interest rate is much less, even as low as 2%, The fate depends on the money market, When there is plenty of money 44 to be borrowed, banks charge low rates of interest. A savings bank may pay its depositors 2% and lend the money at 3.5% or 4%. But when money is tight, interest rates go up, and a savings bank may try to 45 depositors by offering 4% or4.5% or even more ad lending the money at 5% or 6%. 41. A. receives B. gets C. charges D. pays 42.A. profit B. interest C. surplus D. income 43. A. In case of B. In the case of C. In consequence of D. In conjunction with 44. A. available B. costly C. adaptable D. receivable 45. A. absorb B. attract C. mobilize D. Channel Passage 2 If a paying ban requests a receiving bank to return or adjust a payment by means of 46 or by means of most types of electronic transmission, but does not issue the 47 in connection 48 its request or the request says “No indemnity”, the paying bank shall not be liable to the receiving bank for any loss and expense, 49 reasonable attorney’s fees ,incurred y the receiving bank as the result of its return or adjustment of the 50 . 46. A. telex B. letter C. telephone D. SWIFT 金融英语证书（FECT）网络培训课程 5 47. A. letter of credit B. indemnity C. guarantee D. bill of exchange 48. A. of B. with C. for D. to 49. A. beside B. except C. including D. excluding 50. A. credit B. payment C. proceeds D. expenses Section Three(10%) Directions: Read the following passages, and determine whether the sentences are “Right” or “Wrong”, If there is not enough information to answer “Right” or “Wrong”, choose “Doesn’t say”, Then mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center. Passage 1 One of the most important functions of the accounting process is to accumulate and report accounting information that shows an organization’s financial position and the results of its operations, Many businesses publish such financial statements at least annually, The subdivision of the accounting process that produces these general-purpose reports is referred to as financial accounting. Another major function of accounting is to provide management with the data needed for decision-making and for efficient operation of the firm. Although management people routinely receive the financial reports, they also require various other information, such as the unit cost of a product, estimates of the profit earned from a specific sales activity, cost comparisons of alternative courses of action and long-range budgets. The process of generating and analyzing such data is often referred to as managerial accounting. 51. The purpose of managerial accounting is to prepare financial statements every year. A. Right B. Wrong C. Doesn’t say 52. Financial statements include balance sheet ,income statement and cash flow statement. A. Right B. Wrong C. Doesn’t say 53. Financial statements are used only by the outsiders of a firm. A. Right B. Wrong C. Doesn’t say 54. The management of a firm needs to use the results of both financial accounting as well as managerial accounting. A. Right B. Wrong C. Doesn’t say Passage 2 Assets are the economic resources of the business that can be usefully expressed in monetary terms, Liabilities, or creditor’s equity, are the obligations, or debts, that the firm must pay in money or services at some time in the future. They therefore represent creditor’s claims on the assets of the firm. The owner’s interest is equal to the net assets of the business, which is defined as the difference between the assets and liabilities. Thus, owner’s equity is the residual claim-a claim to the assets 金融英语证书（FECT）网络培训课程 6 remaining after the debt to creditors has been discharged. 55. Assets and liabilities of a firm are both shown on the firm’s balance sheet. A. Right B. Wrong C. Doesn’t say 56. The equity amount of a balance sheet is the creditor’s, claims on the firm. A. Right B. Wrong C. Doesn’t say 57. Expenses of a firm should be shown on the firm’s income statement. A. Right B. Wrong C. Doesn’t say Passage 3 From the bank’s point of view, leverage ratios vary from conservative (highest calculated leverage) to liberal (lowest calculated leverage) The most conservative leverage rations show the most debt and least net worth, Therefore, the total liabilities/tangible net worth ratio will produce the highest leverage and thus be the most conservative because all liabilities are included. On the net worth side, equity has been reduced by the intangible assets on the balance sheet, Intangible assets do not necessarily yield cash, so it is more conservative to subtract these assets from net worth, Conversely, the senior liabilities/capital funds ratio would show less leverage because only senior liabilities are shown as debt, and net worth bas been augmented by the amounts of subordinated debt outstanding. 58. Financial leverage refers to how much money a firm uses for assets. A. Right B. Wrong C. Doesn’t say 59. Conservative leverage ratio means using the most debt and least net worth in calculating leverage. A. Right B. Wrong C. Doesn’t say 60. From the bank’s point of view, a liberal leverage calculation is better. A. Right B. Wrong C. Doesn’t say Section Four(20%) Directions: There are 4 passages in the 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, corresponding letter on the ANSWER SHEET by drawing a single line through the center. Passage 1 When a savings account is opened in a bank, the depositor must sign a deposit agreement, By signing the agreement, the depositor agrees to abide by the rules and regulations of the bank. These rules and regulations vary with different banks and may be altered and amended from time to time. At this time , a passbook may be given to the depositor, This is a small book in which the bank teller enters the date and amount of each deposit or withdrawal and initials the entry, The passbook is to be presented at the bank or mailed to the bank along with a deposit or withdrawal slip 金融英语证书（FECT）网络培训课程 7 each time money is deposited or withdrawn from the account. An alternative practice for depositing or withdrawing money from a savings account is to give the depositor a small register for recording deposits and withdrawals and a pad of deposit-withdrawal forms, This procedure eliminates the use of the passbook. Each time a deposit or withdrawal from savings is made, The appropriate part of one of the forms is filled in, signed, recorded in the register and presented or mailed to the bank with deposit items or other documents, The bank gives a machine-printed receipt to the depositor or returns it by mail. There should be a separate savings account in the ledger to record these activities. Traditionally, the principal differences between a savings account and a checking account are that interest is paid regularly by the bank on a savings account and withdrawals from a savings account may be made at the bank or by mail by the depositor or an authorized agent, Depositors use checking accounts primarily as a convenient means of making payments, while savings accounts are used primarily as a means of accumulating funds with interest . An increasingly common practice is for the bank to combine savings and checking accounts and get depositors’ permission to make automatic transfers of funds from the savings portion to the checking portion whenever the latter falls below a specified minimum balance, This amounts to giving the depositor an interest-earning checking account. 61. What is the primary purpose of a savings account? A. For interest B. For transfer of funds C. For accumulating funds with interest D. For making profits 62. What is the aim of a small register and a pad of deposit-withdrawal forms? A. to attract deposits B. to improve bank services C. to eliminate the use of the passbook D. to promote banking business 63. What is the purpose of signing a deposit agreement? A. to follow the bank’s rules and regulations B. To have the right to make full use of the bank’s facilities C. To open an account in the bank D. to protect the depositor’s interest 64. What does a depositor do with a passbook? A. He makes deposits with a bank. B. He withdraws money from a savings account C. He withdraws money from a checking account. D. Both A and B. 65. For what purpose does a bank try to combine a savings account and a checking account? A. For holding more funds B. For covering the checking account falling below the specified minimum balance C. For automatic transfer of funds D. Both B and C. Passage 2 A firm’ s cash flows can be divided into cash flow from(1) operating activities,(2)investment activities, and(3)financing activities, The operation activity cash flows are cash flows-inflows and outflows-directly related to origination and sale 金融英语证书（FECT）网络培训课程 8 of the financial firm’s assets and to operating costs such as general market activities , security trading activities, interest received and foreclosed collateral, Investment activity cash flows are cash flows and financial investments. Clearly, purchase transactions would result in cash outflows where as sales transactions would generate cash inflows, The financing activity cash flows result from debt and equity financing transactions. Borrowing and repaying either short-term debt or long-term debt would result in a corresponding cash inflow or outflow. Similarly , the sale of common or preferred stock would result in a cash inflow shereas the repurchase of stock or payment of cash dividends would result in a financing outflow. Summarizing the firm’s operating, in