The seller may also lodge a claim against the buyer if the l..

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第1题

Dialogue : How to make payment？

Buyer: Apparently, it is practical to make our payment for the complete set by installment, because the order includes not only your equipment, but also your service of installation, trial run and staff training.

Seller: Sure．What is your opinion on the installment payment？

Buyer: We think it is fair that we make a down payment on the delivery of the equipment．And then we will pay off the rest in three payments according to the progress of the project.

Seller: We may agree with your proposal．So, the down payment actually is worth the equipment that you purchase.

Buyer: We would like to pay it by L/C.

Seller: Sure．But you must open the L/C at sight one month before the shipment is made.

Buyer: No problem.

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第2题

Prices determine how resources are to be used. They are also the means by which products a

If one were to ask a group of randomly selected individuals to define "price", many would reply that price is an amount of money paid by the buyer to the seller of a product or service or, in other words, that price is the money value of a product or service as agreed upon in a market transaction. This definition is, of course, valid as far as it goes. For a complete understanding of a price in any particular transaction, much more than the amount of money involved must be known. Both the buyer anti the seller should be familiar with not only the money amount, but with the amount and quality of the product or service to be exchanged, the time and place at which the exchange will take place and payment will be made, the form. of money to be used, the credit terms and discounts that apply to the transaction, guarantees on the product or service, delivery terms, return privileges, and other factors. In other words, both buyer and seller should be fully aware of all the factors that comprise the total "package" being exchanged for the asked-for amount of money in order that they may evaluate a given price.

What is the best title for the passage？

A．The Inherent Weaknesses of the Price System

B．The Complexities of the Price System

C．Credit Terms in Transactions

D．Resource Allocation and the Public Sector

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第3题

BrandsThe word brand is a comprehensive term that encompasses other narrower terms. A bran

Brands

The word brand is a comprehensive term that encompasses other narrower terms. A brand is a name, term, symbol, and/or special design that is intended to identify the goods or services of one seller or group of sellers. A brand differentiates one seller's products from those of competitors. A brand name consists of words, letters, and/or numbers that can be vocalized. A brand mark is the part of the brand that appears in the form. of a symbol, design, or distinctive coloring or lettering. It is recognized by sight but may not be expressed when a person, pronounces the brand name.

A trademark is a brand that is given legal protection because, under the law, it has been appropriated by one seller. Thus trademark is essentially a legal term. All trademarks are brands and thus include the words, letters, or numbers that can be pronounced. They may also include a pictorial design, Some people erroneously believe that the trademark is only the pictorial part of the brand.

One major method of classifying brands is on the basis of who owns them — producers or middlemen. Sunbeam, Florsheim, Spalding (athletic products), and Sara Lee are producers' brands, while Allstate, Shurfine, Sysco, Craftsman, and Penncrest are middlemen's brands.

The terms national and private have been used to describe producer and middleman brand ownership, respectively. However, marketing people prefer the producer-middleman terminology. To say that the brand of poultry feed marketed in three states by a small Birmingham, Alabama, manufacturer is a national brand, whereas the brands of Penney's or Sears are private brands, stretches the meaning of the terms national and private.

"Brand" is a general term which covers narrower terms such as "brand name", "brand mark", and "trademark."

A．Right

B．Wrong

C．Not mentioned

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第4题

Prices determine how resources are to be used. They are also the means by which products a

nd services that are in limited supply are rationed among buyers. The price system of the United States is a very complex network composed of the prices of all the products bought and sold in the economy as well as those of a myriad of services, including labor, professions, transportation, and public-utility services. The interrelationship of all these prices make the “system” of prices. The price of any particular product or service is linked to a broad. complicated system of prices in which everything seems to depend more or less upon everything else. If one were to ask a group of randomly selected individuals to define "price", many would reply that price is an amount of money paid by the buyer to the seller of a product or service, or in other words, that price is the money value of a product or service as agreed upon in market transaction. This definition is, of course, valid as far as it goes. For a complete understanding of a price in a particular transaction, much more than the money involved must be known. Both the buyer and seller should be familiar with not only the money amount, but with the a- mount and quality of the product or service to be exchanged, the time and place at which the exchange will take place and payment will be made, the form. of money to be used, the credit terms and discounts that apply to the transaction, guarantees on the product or service, delivery terms, return privilege, and other factors. In other words, both the buyer and seller should be fully aware of all the factors that compose the total "package" being exchanged for the asked--for amount of money in order that they may evaluate a given price.

The best title for the passage is ______.

A．The Inherent Weaknesses of the Price System

B．The Complexities of the Price System

C．Credit Terms in Transactions

D．Resource Allocation and the Public Sector

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第5题

Part ADirections: Read the following four texts. Answer the questions below each text by c

Part A

Directions: Read the following four texts. Answer the questions below each text by choosing A, B, C or D . Mark your answers on ANSWER SHEET 1.

Prices determine how resources are to be used. They are also the means by which products and services that are in limited supply are rationed among buyers. The price system of the United States is a very complex network composed of the prices of all the products bought and sold in the economy as well as those of a myriad of services, including labor, professional, transportation, and public-utility services. The interrelationships of all these prices make up the "system" of prices. The price of any particular product or service is linked to a broad, complicated system of prices in which everything seems to depend more or less upon everything else.

If one were to ask a group of randomly selected individuals to define "price", many would reply that price is an amount of money paid by the buyer to the seller of a product or service or, in other words, that price is the money value of a product or service as agreed upon in a market transaction. This definition is, of course, valid as far as it goes. For a complete understanding of a price in any particular transaction, much more than the amount of money involved must be known. Both the buyer and the seller should be familiar with not only the money amount, but with the amount and quality of the product or service to be exchanged, the time and place at which the exchange will take place and payment will be made, the form. of money to be used, the credit terms and discounts that apply to the transaction, guarantees on the product or service, delivery terms, return privilege, and other factors. In other words, both buyer and seller should be fully aware of all the factors that comprise the total "package" being exchanged for the asked-for amount of money in group that they may evaluate a given price.

What is the best title for the passage？

A．The Inherent Weaknesses of the Price System.

B．The Complexities of the Price System

C．Credit Terms in Transactions.

D．Resource Allocation and the Public Sector.

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第6题

Futures marketA futures market is basically an organized forum for the trading of futures contracts

Futures market

A futures market is basically an organized forum for the trading of futures contracts under highly standardized terms. The basic elements that form this market are discussed below :

Future Exchange[1]

Future exchanges have existed in many countries since the mid-nineteenth century. Today, many futures exchanges all over the world are active in trading futures contracts on vanous commodities and financial instruments, such as stock index futures, agricultural commodities futures, metal futures, energy futures. A futures exchange is usually a membership organization whose purpose is to facilitate the trading of futures contracts. It provides the physical facilities and organizational framework make possible the execution and processing of futures transactions.

Every futures exchange may have its own unique structure. But usually, there is a board of directors , elected by exchange members. The rules, regulations and policies set by the board are implemented by an executive committee, control committee, and new products committee, etc.

Each exchange has a fixed number of memberships. Once all the authorized memberships have been sold, prospective new members must purchase a membership from a current member. Only exchange members must enjoy the privileges: access to the trading area and reduce transaction costs. Non-membership must trade by entering orders through members.

The general responsibilities of a futures exchange include providing:

·An adequate physical location for the trading areas in which members execute transactions ;

·Communications capabilities between the exchange floor and the outside world;

·Procedures that ensure the swift and accurate processing of transactions that take place on the trading floor;

·Effective margining and clearing systems to requirements guarantee the financial integrity of the exchange's contracts ;

·Rules and regulations that meet the requirements of regulatory authorities and that ensure the fair treatment of all market participants;

·Viable futures contracts.

Broker

Broker is an agent as a person or a firm that deals with the futures buying and selling in the futures market for and on the behalf of the customers. The broker must be the member of the futures exchange, if not, he cannot enter the floor for such dealings. The non-membership enterprises or persons that have such dealing desires and needs cannot enter the floor for the transaction either, except that they authorize the qualified broker to enter into a futures contract for them. The broker's remuneration consists of a brokerage, usually calculated as a percentage of the sum involved in the contract but sometimes fixed by a tariff. Brokers are used because they have specialized knowledge of certain markets.

The Clearing House[2]

Clearing house is a centralized system for settling indebtedness between members. Every futures exchange has a clearing house, in which sales and purchases are registered with the clearing house for settlement at the end of the accounting period. The structure of a clearing house varies from exchange to exchange. A clearing house may be a distinct entity with its own staffs and boards that do not overlap with its related exchange. For instance, the London International Financial Futures and Options uses the London Clearing House. Some clearing houses are part of the exchanges. For example, the clearing entity is a department within Chicago Mercantile Exchange and New York Mercantile Exchange.

Membership in a clearing house is available only to members of the related exchange and only to those who can meet strict financial requirements. These stringent financial requirements are necessary because it is the collective strength of the clearing house members that ultimately guarantees the financial integrity of all the trades carried out on the affiliated exchange. A member of exchange may transact business on the floor of that exchange for himself and for others. However, if the exchange member is not a member of the clearing house, all transactions must be cleared through a clearing member by paying certain fee. That is to say, the non-clearing member maintains an account with the clearing member and all trades of non-clearing member are held in that account. The clearing member should be responsible for the performance of these trades. The clearing house interposes itself between the buyer and the seller: the buyer has a contract with the clearing house and not directly with the seller, and the seller now has a contract with the clearing house and not with the buyer. The clearing house is not only the buyer of all the contracts, but also the seller of all the contracts. In consequence, futures traders do not need to worry about the credit risk of the other party with whom they are dealing. This greatly simplifies the administration of futures contracts, as every contract is with the clearing house. It also has the major benefit of standardizing and reducing the default risk of a futures contract.

The function of the clearing house is realized only by the guarantee of the margin system. Futures margin is a faith deposit regulated by the clearing house. It is intended to protect the seller against the buyer's default if prices fall and the buyer against the seller's default if prices rise.

Two kinds of margin are commonly used by clearing houses:

·Original Margin or Initial Margin.[3] Original margin is the deposit that must be made when a futures position is initiated. It generally ranged from about 2o-/o to lOu/o of the value of the futures contract.

·Variation Margin or Call Margin.[4] To minimize the losses from any default, changes in the price of futures contracts are settled on a daily basis. This is called marking to the market. Each day, at the close of trading, the change in price of a futures contract during that day is calculated. If the price changes should be adverse to the trader's position, then his original margin will be reduced. A1l exchanges require that once a trader's original margin is reduced to a certain level, known as the maintenance margin, additional funds must be paid to the clearing house to keep his original margin at the normal level. This payment is called variation margin.

Participants

According to their location, participants can be divided into those who trade on the floor of the exchange and those who do not. Floor traders can be f'urther divided into those who trade on their own account and those who trade on behalf of others. In the United States, brokers are also called futures commission merchants or FCMs. Some brokers may also trade for their own accounts. According to their motive for futures trading, participants may be split into two kinds: those who use futures market to reduce his exposure to price changes and those who attempts to profit by correctly anticipating price movements and trading accordingly.

[1]期货交易所

[2]清算所

[3]初始保证金

[4]追加保证金

Questions for reading :

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第7题

______ is fixed where the seller fails to make timely ______, the buyer fails to open ______ or the

buyer fails to take ______ on time, and ______ is also included in the contract.

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第8题

Prices determine how resources are to be used. They are also the means by which products a

If one were to ask a group of randomly selected individuals to define "price", many would reply that price is an amount paid by the buyer to the seller of a product or service, or the money value of a product or service as agreed upon in market transaction. This definition is, of course, valid as for it goes. For a complete understanding of a price in any particular transaction, much more than the money involved must be known. Both the buyer and seller should be familiar with not only the money amount, but with the amount and quality of the product or service to be exchanged, the time and place at which the exchange will take place and payment will be made, the form. of money to be used, the credit terms and discounts that apply to the transaction, guarantees on the product or service, delivery terms, return privilege, and other factors. In other words both the buyers and sellers should be fully aware of all the factors that compose the total "package" being exchanged for the asker for amount of money in order that they may evaluate a given price.

What is the best title for the passage？

A．The Inherent Weaknesses of the Price System.

B．Credit Terms in Transactions.

C．Resource Allocation and the Public Sector.

D．The Complexities of the Price System.

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第9题

Section BDirections: There are 2 passages in this section. Each passage is followed by som

Section B

Directions: There are 2 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 decide on the best choice.

Prices determine how resources are to be used. They are also the means by which products and services that are in limited supply are rationed among buyers. The price system of the United States is a very complex network composed of the prices of all the products bought and sold in the economy as well as those of a myriad (无数的) of services, including labor, professional transportation, and public-utility services. The interrelationships of all these prices make up the "system" of prices. The price of any particular product of service is linked to a broad, complicated system of prices in which everything seems to depend more or less upon everything else.

If one were to ask a group of randomly selected individuals to define "price", many would reply that price is an amount of money paid by the buyer to the seller of a product or service or, in other words, that price is the money value of a product or service as agreed upon in a market transaction. This definition is, of course, valid as far as it goes. For a complete understanding of a price in any particular transaction, much more than the amount of money involved must be known. Both the buyer and the seller should be familiar with not only the money amount, but with the amount and quality of the product or service to be exchanged, the time and place at which the exchange will take place and payment will be made, the form. of money to be used, the credit terms and discounts that supply to the transaction, guarantees on the product or service, delivery terms return privileges, and other factors. In other words, both buyer and seller should be fully aware of all the factors that comprise the total "package" being exchanged for the asked-for amount of money in order that they may evaluate a given price.

According to the passage, the price system is related primarily to ______.

A．labor and education

B．transportation and insurance

C．utilities and repairs

D．products and services

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第10题

However, the seller also has to Procure insurance against the buyer’s risk of los

s or damage to the goods during the carriage．Consequently，the seller contracts for insurance and pays the insurance premium

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The seller may also lodge a claim against the buyer if the latter fails to perform the contract.