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II. Multiple choice:

1. As agreed upon in our negotiations, payment ______ L/C. a. by b. is by c. will be d. will by

2. It is important that your client ______ the relative L/C not later than June 10, 2004. a. must open b. has to open c. open d. opens

3. _______ you fulfil the terms of the L/C, we will accept the drafts drawn under this credit. a. Provided b. To provide c. Supplied d. Furnished

4. Taking into consideration our long standing business relations with you, we accept ______ by D/P.

a. enquiries b. invitations c. instalment d. payment

5. The consignment will be dispatched as soon as possible, ______ to reach the final destination by mid-January. a. so b. as c. so as d. so that

6. As stipulated in the contract, the bank ______ issue an L/C before the end of February 2004.

a. will b. need c. shall d. ought

7. In order to promote business between us to our mutual advantage, we shall consider ______ payment by D/P at 60 days. a. accepting b. accept c. to accept d. acceptance

8. As regards our offer for Green Beans, we are anxious to know weather you ______ our request for D/A payment.

a. agree upon b. agreeable to c. are agreeable to d. are agreeable with

9. The relative L/C should be issued through a third country bank in Italy ______ the sellers.

a. available by b. available to c. acceptable by d. acceptable to

10. It needs ______ that the L/C should reach us 30 days before the month of shipment. a. being mentioned b. to be mentioned c. mentioned d. mention

11. The goods ______ if your L/C had arrived by the end of November last. a. would be shipped already b. must have shipped already c. had been shipped already d. would have been shipped already 12. We find that there is no stipulation of transhipment ______ in the relative L/C. a. which allowed b. being allowed c. allowing d. which allows

13. We invite your attention to the fact _____ the L/C covering your order No. 111 has not reached us in spite of our

repeated request.

a) what b) that c) where d) there

14. Emphasis has to be laid to the point _____ shipment must be made within the validity of the L/C.

a) what b) which c) that d) /

15. Considering the quality of the goods _____ we quoted, we do not feel that the prices are at all excessive.

a) which b) that c) for which d) for that

III. Fill in the following blanks with the given words in their proper forms: pay(-ment) charge decline 1. I¡®m afraid we cannot give you a further discount for prompt _____. 2. An overhead _____ is part of the cost of running the business. 3. The Insurance Company _____ insuring against inherent vice. 4. The company has to go bankrupt because it can not _____ its debts. 5. We could repack the goods but you have to pay the additional _____. 6. The customs figures show a steady _____ in British trade. 7. We¡®re sending you ten pounds in _____ of your bill. 8. We do not expect a further _____ in price. 9. When business is good it does _____ to advertise. 10. We¡®ve _____ your account with the amount of money. 11. For this reason, we cannot but _____ your proposal. 12. Please _____ the samples to our account.

IV. Put the following sentences into Chinese:

1. Your demand for payment by D/P is under our consideration. Owing to the small amount involved in this transaction,

we agree to make shipment in this way.

2. We wonder whether you can accept our proposal of payment by CAD on arrival of gods.

3. As the amount of our Order No.111 is below ¡ê1000, please agree to payment by D/P, because an L/C will cost us

much.

4. The banker¡®s transfer is a simple transference of money from the bank account of a buyer in his own country to the

bank account of the seller in the seller¡®s country.

5. The bill of exchange (draft) is an order in writing from a creditor to a debtor to pay on demand or on a named date

a certain sum of money to a person named on the bill, or to his order.

6. We propose to pay by bill of exchange at 30 days¡® documents against acceptance. Please confirm if this is acceptable

to you.

7. Our draft on you at 60 d/s in favor of Mason will be presented to you by the Great Oriental Bank, Shanghai, and we

would be grateful if you would kindly give it your protection.

8. Much to our surprise, our draft on you dated 11 May and due 1 July was returned dishonored yesterday by our bank. 9. We would suggest that for this particular order you let us have a D/D, on receipt of which we shall ship the goods on

the first available steamer.

10. In compliance with your request, we exceptionally accept delivery against D/P at sight, but this should not be taken

as a precedent.

11. Please note that we have domiciled the acceptance with you. Will you kindly honor them at due date and advise us

at time of payment?

12. Payment is to be made against sight draft drawn under a confirmed, irrevocable, divisible and transferable letter of

credit without recourse for the full amount.

V. Put the following sentences into English:

1. ¹ØÓÚÄã·½ÒªÇóÒÔ¸¶¿î½»µ¥·½Ê½Ö§¸¶Ò»Ê£¬ÎÒÃÇÕýÔÚ¿¼ÂÇ£¬²»¾Ã¿É¸æÖªÎÒÃǵľö¶¨¡£(payment by D/P) 2. °´ÕÕĿǰµÄÇé¿ö£¬Èç½»Òײ»³¬¹ýһǧӢ°÷£¬ÎÒÃÇ¿ÉÒÔ½ÓÊܸ¶¿î½»µ¥·½Ê½¡£(amount, to exceed) 3. Èç¹ûÄã·½ÄÜͬÒâ°´¼´ÆÚÐÅÓÃÖ¤¸¶¿î£¬ÎÒÃǼ´ÄÜ´ï³É½»Òס£(sight L/C)

4. ·Ç³£±§Ç¸£¬ÎÒÃDz»ÄܽÓÊܳжҽ»µ¥Ìõ¼þ£¬ÕâÊÇÖÚËùÖÜÖªµÄ¡£(payment by D/A) 5. ÎÒÃDZØÐë˵Ã÷£¬×°´¬Ç°µÄÒ»ÇзÑÓþùÓÉÂô·½¸ºµ£¡£(to be borne by) 6. ÏúÊÛÕâЩÉÌÆ·ÄãÃDz»»áÓÐÈκηçÏÕ£¬ÒòΪËüÃǶ¼Êdz©ÏúÉÌÆ·¡£(best seller) 7. ¼øÓÚÎÒÃÇË«·½³¤ÆÚÓѺùØÏµ£¬´Ë´ÎÎÒÃÇÀýÍâµØ½ÓÊÜD/P60Ì츶¿î¡£(exceptionally) 8. ÎÒÃǸе½ÓбØÒªÃ÷ȷһϣ¬½ñºóµÄ½»Ò×ÊÇÒÔ¼´ÆÚÐÅÓÃÖ¤¸¶¿î¡£(to make it clear)

9. ÈçÄã·½ÐÅÓÃÖ¤ÔÚÔµ×ǰµ½´ïÎÒ·½£¬ÎÒÃǽ«¾¡×î´óŬÁ¦ÔÚÏÂÔ³õ°²ÅÅ×°ÔË¡£(to arrange shipment)

10. Çë×¢ÒâµÚ122ºÅºÏÔ¼ÏîϵÄ1000̨·ìÈÒ»úÒѱ¸Í×´ýÔË¡£ÇëËÙ¿ªÐÅÓÃÖ¤£¬ÒÔ±ã×°´¬¡£(to be ready for shipment) 11. Çë×¢Òâ×öµ½ÐÅÓÃÖ¤¹æ¶¨ÓÚºÏͬÌõ¿îÑϸñÏàÒ»Ö¡£(to be in strict conformity with)

12. °´ÕÕÎÒ·½µÚ211ºÅÊÛ»õÈ·ÈÏÊ鹿¶¨£¬Ïà¹ØÐÅÓÃÖ¤²»ÄÜÍíÓÚ1ÔÂ15ÈÕµ½´ïÎÒ·½¡£(according to the stipulation)

VI. Supply the missing words in the blanks of the message:

The letter of credit is a method of p__1__. It is issued by a bank at the request of an I__2__. This method of payment is commonly adopted in our f__3__ trade today.

Several months ago a sales c__4__ was signed between the China National Foodstuffs Import and Export Corporation and the Pacific Trading Company, Singapore. Payment by an i__5__ letter of credit was agreed upon by both parties. Mr. Wang of the Foodstuffs Corporation attended to this t__6__.

As stipulated in the contract, the buyer should open a letter of credit in f__7__ of the seller 30 days before the month of s__8__. The L/C reached the corporation in time. Wang, an experienced salesman, knew that it was necessary to c__9__ up the L/C with the contract and see whether they were in agreement. Generally, the letter of credit specifies the beneficiary¡®s name, description of goods, quantity, unit price, total amount, ports of loading and destination, price terms, payment terms, shipping d__10__, shipment validity, n__11__ v__12__, etc. When he checked the L/C, Wang found that all its clauses were all right except the shipment validity. So, Wang advised the Pacific Trading Company by fax to make amendment accordingly. About a week later, the corporation received the a__13__ advice through the Bank of China. Then everything was right. After that Wang contacted the transportation department for shipping arrangements.

VII. Fill in the blanks with the following words and phrases: payments issued upon credit incomplete trade pay importer delivery order bills negotiate A major part of international ___1__ is made either by __2__of exchange or by documentary credit or a combination of the two. A documentary credit is a letter __3___ by a bank at the request of an importer of goods in which the bank promises to pay a beneficiary ___4__ presentation of documents relating to the dispatch of goods. A letter of credit is sometimes just called credit, or L/C for short. The commercial letter of credit is almost always a documentary __5___ in that it specifies the documents required such as bill of lading, an invoice and an insurance document plus one or two supplementary documents. If these documents are in___6__ and shipment has been made as specified in the credit, the bank will __7___ for the consignment in exchange for the documents or will accept a bill of exchange and, possibly, __8__ it. In international __9___, the importer and the exporter must arrange payment after having worked out an agreement. The __10___ will want possession of the merchandise before paying, and the exporter will want payment before making __11___. Since each party is far away from the other and often has an __12__ knowledge of its counterpart, there must be a certain caution to their dealings.