Task Thirteen: take out insurance
E, a manager of PICC is explaining to A the coverage of insurance, including the practice and exceptions. At last, A decides to take out insurance with PICC. The following expressions may be of help.
the insurance with the PICC against WPA and War Risk
insured amount is …% of the invoice value extra premium….for the buyer’s account
the coverage is limited to 60 days upon discharge of the goods from the vessel. lodge a claim with PICC’s agent within 60 days after the arrival of the goods the claim is supported by survey report
Task Fourteen: get to know customs entries and tariff
G is asking A something about customs entries and tariff, including when to submit the papers to the customs, whether he can submit the papers in advance, documents needed, bonded goods, drawback system and so on. A explains them one by one.
Task Fifteen: prepare and discuss documents for negotiation
A and F, a green hand in international business, are preparing documents for negotiation under L/C. A explains the types of documents required, and the role, limitation and likely problems of each document. At last, all documents are made out according to the L/C. The next thing to do is to send the documents to the negotiating bank tomorrow for negotiation. Task Sixteen: settle the dispute
After arrival of the goods, B finds that some of the goods are broken, and he thinks that the loss is due to improper packaging. B lodges a claim with A for the damage of the goods and proposes to be compensated by 3% of the total value plus inspection fee. A also has shipping documents to prove that the goods were received by the carrier in perfect condition. He has inspection certificate of packaging, too. But because the loss incurred being minor one, and in order to maintain good relationship, A agrees to compensate 1,000 US dollars to cover the inspection fee.
《外贸实务英语》测试题A
I. Translate the Following English Words into Chinese. (20’)
1 bill of exchange 2 sight draft 3 irrevocable L/C 4 penalty 5 money of payment 6 negotiating bank 7usance L/C 8 award 9 commercial invoice 10 packing list
II. Translate the Following Chinese Words into English. (15’)
1佣金 2单价 3承兑 4贴现 5受益人 6检验 7独立代理 8支票 9进口许可证 10保险单 11背书 12补偿贸易 13汇付 14索赔 15贸易术语
III. Write down the Full Name of the Following Abbreviations and the Translation.（10’） 1 D/P 2 M/T 3 D/D 4 CIF 5 B/L
IV. Decide whether the following statements are true or false by writing “T” for true and “F” for false in the bracket besides each statement. (10’)
1. Should cargo be damaged or lost during transit, the carrier bears no responsibility whether or not the damage
or loss is due to the carrier’s negligence.
2. When negotiating a sales contract, the exporter should choose the currency that is likely to become weaker. 3. The exporter should make sure that the shipping or air freight space is available before he agrees to a certain
delivery date.
4. Arbitration can be used to settle criminal cased as well as civil cases.
5. Precise and fully descriptions of the quality and quantity of goods help to avoid misunderstanding or
dispute.
6. For the trade form of distribution, the principal set the retail price, retain title and controls the goods. 7. In bidding, the price of goods or service is quoted by the seller.
8. Countertrade includes all of the different forms of the exchange of goods for goods.
9. In a draft, the drawer and payer is usually the seller and the drawee and payee is usually the buyer.
10. A transferable credit can be transferred by the original (first) beneficiary to several other (second)
beneficiaries for more than once.
V. Fill the blanks with the proper words or phrases learned. (20’)
1. H________________ is the currency that is reliable and stable and stable and more in demand.
2. C________ sales are between an exporter and an importer whereby the importer does not become outright
owner of the goods.
3. B_________ evidences that the goods have been received on board the carrier and that the shipper is under
the contract to carry out the transportation agreement.
4. C_________ bank (frequently, the advising bank) is requested to add its own commitment to he letter of
credit.
5. A d___________ is an unconditional written order addressed by one person to another and signed by the
person giving it, requiring the person to whom it is addressed to pay at sigh or at a fixed or determinable future time the sum of money clearly specified to, or to the order of, a specified person, or to bearer. 6. C____________ draft is the one to which no other documents are attached.
7. I __________ means the act of the drawer in filling up the draft with particular including the name of
drawee (or payer), the amount payable, the date and place of payment and the name of the payee, etc. 8. A _________is required for a usance draft. It means if a usance draft is presented, the drawee takes up his
responsibility by accepting the draft for payment at a fixed future date through putting the word “accepted”, his signature and the date of acceptance on the face of the draft.
9. If the holder of a usance draft wants to get money before payment, the draft can be d__________ through a
discounting bank at the prevailing discount rate.
10. C__________ is a special type of draft, it is a sight draft and the payer is a bank. That is an unconditional
order addressed by the drawer, requiring the bank to pay the sum of money to the payee.
11. M_________ refers to the transfer made between banks by mail, with the advantage of low charges and
disadvantage of slowness.
12. O_________ bank is the bank located in the importer’s country that opens the letter of credit on behalf of the
importer.
13. An advising bank is requested to add its own commitment to the letter of credit. In this case, it is called
c____________ bank
14. An u____________ L/C means that the L/C doesn’t have any payment guarantee by a bank in the exporter’s
country.
15. D________________ is a certain percent of price reduction, a special favor given by the exporter to the
importer.
16. The s____________ L/C means payment is immediately make to the beneficiary on presentation of the
stipulated documents and on condition that all terms of the credit have been complied with.
17. D__________ means documents can only be handed over the buyer when he has paid the amount on the
draft.
18. A b_________ is the party in whose favor the letter of credit is issued, and who is entitled to receive the
payment, that is, the exporter.
19. Documentary c___________ is a method by which the exporter authorizes the bank to collect money from
the importer.
20. P__________ means the holder of the draft presents the draft to the drawee (or payer) asking the latter either
to pay or to accept the bill.
VI. Fill in each of the following blanks with an appropriate word. (15’)
devalued stable valuable rise interest suffer traded performed standard decline
Money is a medium of exchange and is being _1______ for countless commodities. It is highly desirable that the value of money should remain____2____ over the years; otherwise its functions cannot be ___3____ properly. This is particularly true of its use as a __4_____ for deferred payments. For example, if money falls in value over the years, a person borrowing money is made better off because the money with which the debits repaid later is less___5____ than the money borrowed. The person from whom the money was borrowed receives back the ___6____ currency and has therefore lost on the transaction. To overcome this __7_____ in the value of money, interest rates ___8___ in such times, so that those who lend money receive in _9____ some of the capital losses they are inevitably going to ___10_____ when repayment time comes. VII. Answer the Following Questions. (10’)
1. What are the differences between agent and distribution?
2. What is the main advantage of a letter of credit for the seller and the buyer?
《外贸实务英语》测试题B
I. Translate the Following English Words into Chinese. (20’)
1 time draft 2 confirmed L/C 3 tariff 4 money of account 5 promissory note 6 commercial draft 7 advising bank 8 Force Majeure 9 certificate of origin 10 combined transport document II. Translate the Following Chinese Words into English. (15’)
1折扣 2背书 3跟单托收 4汇付 5经销 6单价 7索赔 8商业发票 9保险凭证 10汇率 11检验证书 12贴现 13承兑 14装箱单 15不可撤销信用证
III. Write down the Full Name of the Following Abbreviations and the Translation. (10’） 1 D/A T/T 3D/D 4 FOB 5 L/C
IV. Decide whether the following statements are true or false by writing “T” for true and “F” for false in the bracket besides each statement. (10’)
1. According to the standard international practice, if an L/C does not indicate whether it is revocable or
irrevocable, it should be deemed to be revocable.
2. When an L/C expressly indicates that it is a transferable one, it means that such an L/C must be transferred. 3. In international trade, the party that has failed to implement the contract may choose not to carry out his
contract obligations if he has paid the required penalty.
4. When the departure term (EXW) is used, the commodity is generally inspected at the factory or warehouse
where the delivery is made.
5. When negotiating a sales contract, the exporter should choose the currency that is likely to become weaker. 6. It is the importer’s responsibility to arrange shipment under FOB terms.
7. The exporter should make sure that the shipping or air freight space is available before he agrees to a certain
delivery date.
8. For the trade form of agent, the principal set the retail price, retain title and controls the goods.
9. The essence of consignment trading is that goods exported on the consignment remain the title to the
exporter.
10. Generally speaking, under FOB in Incoterms 2000, it is the seller’s responsibility to apply for the export
license and pay the export duty.
V. Fill the blanks with the proper words or phrases learned. (20’)
1. C________________ refers to the money received by an agent for his intermediary service.
2. S________________ is the currency that is not readily convertible to gold, or into other currencies which
are more in demand, and that is unstable in value.
3. B_________ is the party in whose favor the letter of credit is issued, and who is entitled to receive the
payment, that is, the exporter.
4. An a_________ is the party who applies for the opening of a letter of credit, that is, the importer. 5. A c_________ is the person or company to whom merchandise is to be delivered.
6. Under separate cover, we are airmailing you a copy of our catalogue with detailed s________.
7. Draft is a negotiable money instrument. If the draft is transferred for value rather than as a gift negotiation