Passage 1
   Commercial bank deposits, including demand deposits, are subject to immediate withdrawal during regular banking hours at the request of the depositor with the exception of certain time deposits, discussed in this section. Demand deposits may be withdrawn in the form of currency or coin, or they may be transferred to another account at any commercial bank. Demand deposits at commercial banks can be transferred by bank check and are sometimes called checking accounts. No money interest is paid on demand deposits. Checkable NOW accounts, or share drafts at credit unions, which are available to consumers but not business depositors, pay interest. Technically, they are savings accounts that are accessible by a negotiable order of withdrawal.
   Savings deposits at commercial banks and thrifts can usually be withdrawn as currency or coin, or as a cashier's check of the bank (a check drawn against the issuing bank) ; they may be trans-fenced into the depositor's demand deposit account at the same bank, although technically the bank may refuse to withdraw or transfer a savings account for 30 days.
   Time deposit accounts with specified maturities are exceptions to the convention that commercial bank deposits should be convertible to cash on demand. Prior to the date of maturity, the bank may refuse to exchange such a time deposit claim or may impose a penalty fee. The time deposit pays interest, giving it one of the characteristics of other private bonds.
   Consumer or personal time deposits include CDs in denominations of less than $100,000. They are non-negotiable; that is, they cannot be sold and must be returned to the issuing bank by the original purchaser. Until 1976, there were effective ceilings on interest payments. In 1973, consumer CDs were first authorized with ceiling interest yields closer to market interest rates. They were called money market certificates.

Passage 2
   The balance of payments is a statistical record of all the economic transaction between residents of the reporting country and residents of the rest of the world during a given time period. The usual reporting period for all the statistics included in the accounts is a year. A good or bad set of figures can have an influential effect on the exchange rate and can lead policy makers to change the content of their economic policies. Deficits may lead to the government raising interest rate or reducing public expenditure to reduce imports. Alternatively, deficits may lead to calls for protection against foreign imports or capital controls to defend the exchange rate.
   A key definition that needs to be resolved at the outset is that of a domestic and foreign resident. It is important to note that citizenship and residency are not necessarily the same thing from the viewpoint of the balance of payments statistics. The term residents comprises individuals, households, firms and the public authorities. There are some problems that arise with respect to the definition of a resident. Multinational corporations are by definition resident in more than one country. For the purposes of balance-of-payments reporting, the subsidiaries of a multinational are treated as being a resident in the country in which they are located even if their shares are actually owned by domestic residents. Another problem concerns the treatment of international organizations such as the International Monetary Fund, the World Bank and the United Nations. These institutions are treated as being foreign residents even though they may actually be located in the reporting country. For example although the International Monetary Fund is located in Washington, contributions by the US government to the Fund are included in the US balance-of-payments statistics because they are regarded as transactions with a foreign resident. Tourists are regarded as being foreign residents if they stay in the reporting country for less than one year.
   The criterion for a transaction to be included in the balance of payments is that it must involve a transaction between a resident of the reporting country and a resident from the rest of the world. Purchases and sales between residents from the same country are excluded.

Money market securities are ______.
   A. essentially issued by governments, financial institutions, and large corporations
   B. very liquid and earns high return
   C. denominated in small sums so that individual investors can deal in them
   D. purchased by individual investors directly

You are requested to send us ______ to authenticate the cable L/C issued by your bank in the future.
   A. your specimen signatures book            B. your telegraphic test key
   C. your tariffs                               D. your terms and conditions

Cost accounting analyzes a business's cost to help managers ______.
   A. expend money                             B. control expenses
   C. pay the debts                          D. make budget

The owner's equity in a business comes from two sources: ______.
   (1) Investment by the owner
   (2) Notes receivable
   (3) Earnings from profitable operation of business
   (4) Accounts receivable
   A. (2) and (4)   B. (1) and (3)   C. (1) and (2)    D. (3) and (4)

The price in the foreign exchange market is called ______.
   A. the trade surplus                          B. the exchange rate
   C. the money price                         D. the currency rate

A profit and loss statement indicates the company's ______.
   A. assets and liabilities at a particular point in time
   B. revenues and expenses for a specific period of time
   C. financial resources at a particular point in time
   D. performance at a particular point in time

Government securities would appear on a commercial bank's balance sheet as ______.
   A. an asset           B. reserves          C. part of net worth    D. a liability

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

FLOOR BROKERS, when a commission broker has  (56)   that he cannot execute personally because of their number or because of the activity of the market, he engages the services of a floor broker. These floor brokers were once referred to as $ 2 brokers, because at one time they charged a fee of $2 per  (57)  ; today this fee is  (58)   higher. Commissions are shared on these orders. It is easy to see that smaller commission brokers are especially prone to  (59)   by an influx of orders. The floor broker, as a freelance operator, provides a  (60)   function in ensuring that the exchange's business is conducted rapidly and efficiently.

39. 
A. commands         B. instructions        C. arrangements        D. orders

40. 
A. business           B. deal               C. transaction          D. trade

41. 
A. much              B. considerably      C. incredulously       D. incredibly

42. 
A. being swamped     B. swamp            C. be swamped        D. have been swamped

43. 
A. outstanding        B. important         C. significant          D. vital

Liabilities are usually classified as either current or noncurrent liabilities. Current liabilities are those obligations whose  (61)   is reasonably expected to require the use of existing resources properly classified as current  (62)  , or the creation of other current liabilities. This definition of current liabilities emphasizes a short-term creditor's claim to working capital rather than to the due date for  (63)   purposes. Accounts payable, dividends payable, salaries payable, and taxes payable are examples of current liabilities. Liabilities which are not current liabilities are  (64)   as noncurrent or long-term liabilities. Bonds payable and mortgages payable are examples of  (65)   liabilities.

44. 
A. calculation         B. liquidation        C. counting            D. account

45. 
A. assets             B. capital            C. property            D. equity

46. 
A. economic          B. definition         C. legal               D. classification

47. 
A. referred to        B. distributed       C. divided            D. seen

48. 
A. short-term         B. current           C. long-term           D. equitable

The market for large business certificates of deposit or negotiable certificates of deposit (CDs) in denominations of $100,000 or more has been active since 1961. It is a money market specializing in the sale of Marketable, interest-yielding deposit certificates with specified maturity dates, issued by four types of financial intermediaries. Domestic CDs are issued by US banks. Dollar-de- nominated CDs issued by banks outside the United States are called Euro CDs. The CDs issued by US branches of foreign banks are called Yankee CDs. Thrift CDs are the name used to designates CDs issued by domestic thrifts.
   The holder of a CD who wishes to exchange it for money before its maturity date will ask a money market participant (often a commercial bank) to arrange a sale through a specialized dealer. There is an active secondary market in CDs centered in New York.  There are approximately 25 dealers in CDs.
   The CD is an instrument that allows the depository intermediaries to raise funds at competitive market rates. It is called one of their managed liabilities. Since they loan out funds at their lending rates, they would normally keep their advertised prime rate above the CD rate. As noted previously, the prime rate formula that had been used by Citibank set the prime one-and-a-half percentage points above the previous three-week average of 90-day (3-month) CDs sold in the secondary market.
   The yield on 3-month CDs is usually higher than 3-month Treasury bills. Treasury bills have a lower default risk and exempt from state and local tax. This may explain the extent of the spread.

The primary justification tot banking supervision is to limit the risk of loss to depositors, and by so doing to maintain public confidence in banks. And while supervision naturally focuses on the individual bank, supervisors must also be alert to the possibility that problems in one institution may have wider, systemic repercussions on others, or on the integrity of the payments system.

To finance the national debt, the government issues a variety of debt securities.  The most widely held liquid security is the Treasury bill, which is commonly issued by the ministry of finance. However, some Treasury bills, like the Treasury bill of the U.S. government, do not actually pay interest. Instead they are issued at a discount from par ( their value at maturity) . The investor's yield comes from the increase in the value of the security between the time it was purchased and the time it matures.
   Treasury bills are attractive to investors because they are backed by the government and therefore are virtually free of default risk.  Because even if the government ran out of money, it could simply print more to pay them off when they mature. The risk of unexpected changes in inflation is also low because of the short term to maturity. The markets for Treasury bills in most developed countries are deep and liquid. A deep market is one with many different buyers and sellers. A liquid market is one in which securities can he bought and sold quickly and with low transaction costs. Investors in markets that are deep and liquid have little risk that they will not be able to sell their securities when they want to.

The main task of a bank's foreign exchange department is to enable its commercial or financial customers to convert assets held in one currency into funds of another currency.

The advent of Web based commerce has added new layers of complexity and unpredictability to the worlds of commercial and retail banking, investment banking, back-end processors and front-end financial software providers.

Normally a financial market consists of foreign exchange market, money market, bond market and equity market. The last two markets usually fall into the category of securities market or capital market.

The securities and futures markets are vital to the growth and strength of market economies as they support corporate initiatives, finance the exploitation of new ideas and facilitate the management of financial risk.

要求：伦敦的A银行拒付了你所在银行在信用证项下提交的一套单据，请按以下理由发电予以反驳。
   (1) 面函上银行已注明交易所在信用证有效期内提交，因此“信用证失效”的观点不成立；
   (2) 提单的标题确实是联运提单，但内容符合《跟单信用证统一惯例》对“港至港”提单的规定；
   (3) 提单没有在字处注明承运人名称，而在别处注明是可以接受的。