ПКВЯз. Англ. Бизнес курс

Choose two possible answers: In the… of the comprehensive client service, the Bank, together with issuing loans to employees, also transferred their salaries to their deposit accounts

• scope
• artwork
• framework
• homework

Choose three possible answers: The buyer’s bank writes to its agent in the seller’s country, giving instructions about the amount of the credit, the beneficiary, the currency, the documents required, and other ___________ instructions. The seller hands in the documents against payment. (The bank will not issue the credit unless the shipping documents are presented.)

• specific
• general
• special
• particular

Correspond the left and right parts

• More and more companies now issue their own bonds rather than borrow from banks, because this is often cheaper: the
• or borrow, usually by issuing bonds
• Obviously, the higher the rating, the lower the interest rate at which
• a company can borrow
• Companies finance most of their activities by way of internally generated cash flows. If they need more money they can either sell shares
• market may be a better judge of the firm’s creditworthiness than a bank, i.e. it may lend money at a lower interest rate

Correspond the left and right parts

• Bond-issuing companies are rated by private ratings companies
• the money supply, they sell these bills to commercial banks, and withdraw the cash received from circulation; to increase the money supply they buy them back, paying with newly created money, which is put into circulation in this way
• Thus, companies have a debt-equity ratio that is determined by balancing tax savings against the risk of being declared bankrupt by creditors. Governments, of course, unlike companies, do not have the option of issuing equities. Consequently, they issue bonds
• when public spending exceeds receipts from income tax, VAT, and so on. Long-term government bonds are known as gilt-edged securities, or simply gilts, in Britain, and Treasury Bonds in the US
• The British and American central banks also sell and buy short-term (three month) Treasury Bills as a way of regulating the money supply. To reduce
• such as Moody’s and Standard & Poors, and given an ‘investment grade’ according to their financial situation and performance, Aaa being the best, and C the worst, i.e. nearly bankrupt

Typically this will be through the payee’s bank. For example, with ___________ systems the payee’s bank will send a debit message to the payer’s bank

• based-non-paper
• paper-non-based
• non-based-paper
• non-paper-based

Which of the two assertions are true and which are false? A) If money is advanced by the bank to the exporter before his Bill of Exchange is due for payment, he must send the shipping documents to the bank and write a letter of hypothecation giving the bank the right to sell the goods if the Bill of Exchange is dishonoured B) If the Bill of Exchange stays with the drawer’s bank until it is due for payment by the paying bank, it is ‘domiciled’ with the drawer’s bank

• А- false, В- true
• А- false, В- false
• А-true, В-false
• А- true, В- true

Correspond the left and right parts

• The buyer (or importer) asks his bank to ‘issue’ or ‘open’ a Letter of Credit. He has ordered goods, the seller (or exporter) has sent an invoice to show
• 1944 and 1971, many currencies were pegged against the US dollar, i.e. their parities with the US dollar were fixed
• With Barclays Bank U.S. Dollar and Sterling Travellers Cheques you can carry money safely and conveniently, wherever and whenever you travel. You can use them throughout the world, just as you would cash, to pay for meals in restaurants, hotel accommodation, duty-free goods, airline and rail tickets,
• and entertainment in night clubs and casinos — in fact for almost all travel expenses other than minor incidentals, such as taxi fares
• The Bretton Woods Agreement of 1944 established fixed exchange rates, defined in terms of gold and the US dollar. Between
• details of the cost, and the buyer instructs his bank to issue the Letter of Credit, in favour of the seller for the amount of the purchase. There is usually a special application form, which the seller fills in and sends to his bank

Choose the right preposition: Right, let’s come back ___________ that

Choose two possible answers: The failure of some jurisdictions to extend comity to others has given added ___________ to initiatives for international measures to govern cross-border insolvency

• stimulus
• crisis
• thesis
• impetus

Correspond the left and right parts

• For example, the prices of foodstuffs, such as wheat,
• and sell commodities, currencies, and various financial assets, at a future date (e.g. three, six or nine months ahead), but with the price fixed at the time of the deal
• Futures, options and other derivatives exist in order that companies and
• individuals may attempt to diminish the effects of, or profit from, future changes in commodity and asset prices, exchange rates, interest rates, and so on
• Every weekday, enormous amounts of commodities, currencies and financial securities are traded for immediate delivery at their current price on spot markets. Yet, there are also futures markets on which contracts can be made to buy
• maize, cocoa, coffee, tea and orange juice are frequently affected by droughts, floods and other extreme weather conditions

Choose two possible answers: These days, multifunctional banks hold the public’s money in other forms as well in ___________ collective investment schemes, funds, and insurance products

• different
• various
• diverse
• versatile

Choose three possible answers: Depending upon the nature of the loan and the degree of risk involved, bank loans may be unsecured or secured, the latter requiring the borrower to deposit with the bank collateral security (e. g title deeds to a house) to cover against default on the loan. The lender may ___________ this security in the event of the default

• lose
• get
• retain
• keep

Choose two possible answers: In many senses these are functionally ___________ to bank accounts, and may be economically more advantageous for customers

• benevalent
• permanent
• equivalent
• similar

Put the verb in brackets in the right form: . If the Borrower fails to pay when due, any amount hereunder Borrower shall pay upon demand with supported invoices further amounts as shall be sufficient to cover the reason, costs, and expenses, including reasonable legal fees, incurred the Lender in (to enforce) any of its rights hereunder (“Enforcement Expenses”)

Correspond the left and right parts

• Outside of very narrowly defined communities, where it is generally accepted that everyone’s time has equal value (retirement homes, for example, where Time Dollars are very popular), systems enforcing a certain exchange rate for everyone’s time
• for use today. The most appropriate one for any given transaction will depend on the needs and objectives of those taking part in the exchange
• Each country has a Central bank, which regulates the nation’s money supply. Central Banks may be privately-owned, government-owned, or of mixed private
• and public ownership. Global co-ordination occurs primarily through the Bank for International Settlements for the top 10 +1 Central Banks; and through the IMF for the system as a whole
• A growing number of currency and payment system, each oriented toward different social and material incentives, are available
• will chase away those people, who are exceptionally talented, thorough, efficient and/or hardworking, by not providing reasonable value for their service

Correspond the left and right parts

• From 1973 to 1987 share prices rose steadily, although there were falls from time to time. It was a ‘bull market’. However, in the week beginning
• divided into two groups — stockbrokers, who bought and sold shares for their clients and charged fixed rates of commission for this service, and stockjobbers who bought and sold shares on their own account
• Brokers bought shares from jobbers, who made money from the difference between their selling price and their buying price. Jobbers
• had ‘pitches’, rather like market stalls, on the trading floor of the Stock Exchange, where brokers would go to buy or sell according to their clients’ instructions
• The way of doing business on the Stock Exchange changed over the years, but by the end of the nineteenth century members were
• 19 October 1987 there were sudden and dramatic falls in share prices on all the world stock markets

Correspond the left and right parts

• Thirdly, firms outside the Stock Exchange, such as British and foreign banks were allowed to become members of the Stock Exchange, and fourthly, a new computerised dealing system — Stock Exchange
• security remains below the option’s exercise price or strike price, no-one will take up the option, and you earn the premium
• A market in shares developed in the coffee houses of the City of London. At first
• it was an unregulated market and in 1720 many people lost their money in the ‘South Sea Bubble,’ when the South Sea Company collapsed
• Alternatively, you could write a call option giving someone else the right to buy the share at 100: if the market price of the underlying
• Automated Quotations — was introduced

Correspond the left and right parts

• In the late 1970s and early 1980s, the American, British and other governments deregulated their financial systems, and abolished all exchange controls. Residents in these countries are now able to exchange any amount
• interest rate movements, are also active in currency futures markets, such as the London International Financial Futures Exchange (LIFFE, pronounced ‘life’)
• Enormous amounts of money move round the world, chasing high interest rates or capital gains, as investors — including rich individuals, companies and pension funds — seek to maximize the value of their assets. In London alone, over $300 billion worth of currency is traded on an average day — the equivalent of about 30% of the value
• of the goods Britain produces each year. Banks make a profit from the spread between a currency’s buying and selling prices
• Many businesses, therefore, want to buy or sell currencies at a guaranteed future price. Speculators, anticipating currency appreciations or depreciations, or
• of their currency for any other convertible currency. This has led to the current situation, in which 95% of the world’s currency transactions are unrelated to transactions in goods, but are purely speculative

Correspond the left and right parts

• Many manufacturers are in favour of fixed exchange rates, or a single currency. Although it is possible to some extent to hedge against
• that speculators have too much power. Supporters of flexible rates include monetarists, who want countries to follow strict monetary rules, as well as Keynesians, who want to be free to devalue in the attempt to reduce unemployment
• Since exchange controls were abolished, currencies including the US$ and the Ј sterling have in turn appreciated by up to 100% and then depreciated
• by more than 50% against the currencies of major trading partners
• Other supporters of fixed exchange rates or a single currency include extreme conservatives, who want to return to something like the gold standard, as well as people on the left, who believe
• currency fluctuations by way of futures contracts, forward planning is difficult, when the price of raw materials bought from abroad, or the price of your products in export markets, can rise or fall by 50% in only a few months

Which of the two assertions are true and which are false? A) There are two main types of bank account in the UK: current accounts and past accounts B) A current account allows you to use a cheque book and a past account allows you to save money living backwards

• А- false, В- true
• А-true, В-false
• А- true, В- true
• А- false, В- false

Which of the two assertions are true and which are false? A) The traditional distinction between commercial and investment banks is now clearer then ever B) Domestic interest rates are fixed by central banks

• А- true, В- true
• А- false, В- true
• А- false, В- false
• А-true, В-false

Which of the two assertions are true and which are false? A) A deposit account earns interest, but it doesn’t allow you to use a cheque book B) The rate of interest fluctuates (in one year it dropped from 91 % to 3 %, for example)

• А- false, В- false
• А- true, В- true
• А-true, В-false
• А- false, В- true

Which of the two assertions are true and which are false? A) The oldest method of payment in International Trade is vendetta. It always really pays off. B) The Bill of Exchange is used when the seller (or exporter) needs to allow some time for the buyer (or importer) to arrange payment

• А- true, В- true
• А- false, В- false
• А- false, В- true
• А-true, В-false

Correspond the left and right parts

• loan
• notice account
• Current account
• checking account
• Deposit account
• advance

Payment through the banking system can be broadly categorized as ‘…’, domestic, correspondent, and complex.

• in-house
• in-flat
• in-room
• in-bed

Correspond the left and right parts

• Also, a few private advisory services provide commodity market information. They analyze available information from government
• of the latest electronic equipment with which they can deal in Tokyo and New York, as well as in London
• Because of the new computerised dealing system the trading floor of the Stock Exchange is much less busy, since dealers buy and sell ‘off-screen’ in their offices, instead
• of face to face on the trading floor
• Many firms have moved into new offices with huge dealing rooms full
• and other sources, and make their own market and price forecasts

Choose two possible answers: Thus, from the nineteenth century the United States developed special rules for the ___________ of banks

• liquidation
• petrification
• invalidation
• mummification

The most basic bank account is the __________ account

• money
• bills
• savings
• receipts

Correspond the left and right parts

• Options are merely one type of derivative instrument, based on another underlying price. Many companies nowadays also arrange currency
• Automated Quotations — was introduced
• For example, a French company that can borrow francs
• at a preferential rate, but which also needs yen, can arrange a swap with a Japanese company in the opposite position
• Thirdly, firms outside the Stock Exchange, such as British and foreign banks were allowed to become members of the Stock Exchange, and fourthly, a new computerised dealing system — Stock Exchange
• swaps and interest rate swaps with other companies or financial institutions

However, there is a price to be ___________ for these changes. Thousands of jobs have been lost in the banking sector, and more are likely to go

• paid
• paying
• pay
• pays

However, recently some foreign banks have begun to lend money to companies in Britain, and a few have started to offer banking services to the general public, ___________ on a limited scale, since they do not have a branch network

• since
• although
• however
• nevertheless

Choose the right preposition: Well, we’ve considered that. We could raise Ј50,000 by cutting back ___________ management bonuses and one or two investment projects

Choose two possible answers: There is a special ___________ for bank insolvencies

• regulation
• treatment
• regime
• therapy

Cultural differences and ill-considered strategies have since shown that there is more to the process than simply ___________ a logo on a letterhead

• puts
• putting
• put
• puted

Put the verb in brackets in the right form: The disbursement shall be made on the fifth business day after, not (to include), the Lender’s receipt of Drawdown Notice

Which of the two assertions are true and which are false? A) The most common method of arranging payment by a Bill of Exchange is to attach the shipping documents (i.e. the Bill of Lading, the Commercial Invoice, and the Certificate of Insurance) to the Bill of Exchange and present them to the bank for payment B) This is called a ‘Cartoon Bill of Exchange’

• А-true, В-false
• А- false, В- false
• А- true, В- true
• А- false, В- true

Choose two possible answers: By reassuring depositors, the special rules were supposed to ___________ systemic risk. In more recent times, the rationale for special laws for bank insolvency has been to minimize calls on the deposit insurance fund

• lessen
• belittle
• reduce
• change

Which of the two assertions are true and which are false? A) The Letter of Credit (its abbreviation is L/C) is essential when you want to tell your mom that you love and trust her B) It is a reliable and safe method of expressing your adoration to someone you care for

• А-true, В-false
• А- false, В- false
• А- true, В- true
• А- false, В- true

Choose two possible answers: The ___________ was the special character of banks, in particular, the problem of systemic risk

• excuse
• loophole
• justification
• pretext

Which of the two assertions are true and which are false? A) Most companies begin as private limited companies B) The owners of such companies have to put up the capital themselves, or borrow from friends or a bank, perhaps a bank specializing in venture capital

• А- false, В- true
• А- false, В- false
• А-true, В-false
• А- true, В- true

Give the right term to this definition: contracts to buy or sell fixed quantities of a commodity, currency, or financial asset at a future date, at a price fixed at the time of making the contract

Correspond the left and right parts

• Gold convertibility was replaced by a system of floating exchange rates. (Today, the US dollar — the unofficial world currency — is merely
• Barclays travellers cheques are your passport to trouble-free travel. This unparalleled network ensures that the Barclays service is second to none
• A freely (or clean) floating exchange rate is determined purely by supply and demand. Theoretically, in the
• absence of speculation, exchange rates should reflect purchasing power parity — the cost of a given selection of goods and services in different countries
• Barclays the international bank for international travellers. The Barclays Group of Banks has the world’s largest international branch network. One reason why
• a piece of paper on which is written ‘In God We Trust.’ God, not gold!)

Which of the two assertions are true and which are false? A) The drawer can have the Bill discounted at the rate of discount he makes B) Suppose the Bill of Exchange is for Ј1,000, payable 90 d/s and dated 31st February. If the Bill is discounted at 5 % on the 2nd February, the drawer can receive Ј1,000 less the discount

• А- true, В- true
• А-true, В-false
• А- false, В- false
• А- false, В- true

Which of the two assertions are true and which are false? A) Travellers cheques are acceptable as payment in restaurants, hotels, airlines, shops and so on B) The overseas bank is usually a correspondent or agent bank, although sometimes banks have a branch in the overseas country

• А- false, В- false
• А- false, В- true
• А-true, В-false
• А- true, В- true

Correspond the left and right parts

• draft
• cash dispencer
• time account
• notice account
• Cashpoint machine
• bill of exchange

Choose three possible answers: If the seller ___________ a Bill of Exchange, he will do so against acceptance (that is he will surrender the documents, only if the bank accepts responsibility for the payment of the amount and credit on the Bill of Exchange)

• surrenders
• turns in
• turns out
• submits

Government securities, or gilts are long-term fixed interest loans, repayable by the government at a fixed date up ___________ twenty years in the future. It also raises money for the government by the sale of government securities and treasury bills

• on
• from
• to
• down

Choose two possible answers: Funds are often said to be ‘pushed’ to the payee, but the language is apt to .. when all that payment entails is at most messages, movements on accounts, and ultimately, settlement between different banks

• clarify
• confuse
• enlight
• mislead

Which of the two assertions are true and which are false? A) Banks never have branches abroad that do Eurocurrency business, making loans in other European currencies B) Commercial banks receive deposits, lend money, and provide other services, including renting rooms for sleeping

• А-true, В-false
• А- false, В- false
• А- false, В- true
• А- true, В- true

Which of the two assertions are true and which are false? A) When you change travellers cheques for cash in another country, you sign again in the presence of the cashier (you ‘ ‘cash’ or ‘encash’ them). Then you should take the cash and run away, the cheque still safely in your hand B) The cashier should inspect the travellers cheque to see if the signature and countersignature correspond

• А- true, В- true
• А-true, В-false
• А- false, В- false
• А- false, В- true