[单项选择]Passage 3 Most commercial letters of credit are documentary, meaning that certain documents must be included with any drafts drawn under the terms of the credit. Documents required usually include an order bill of lading, a commercial invoice, and any of the following: consular invoice, insurance certificate or policy, certificate of origin, weight list, packing list. Letters of credit without the requirement for presentation of shipping documents or commercial documents are called clean credits, and are similar to, although not legally identical with unconditional first demand guarantees. These credits are extremely flexible and may be used in an almost unlimited variety of situations, from construction bond to the finance of margin requirements on future markets. Two kinds of clean letters of credit which are relative of the documentary letters of credit are of interest. The first is the standby letter of credit, in which the issuing bank undertakes to pay if the applicant does no
A. evidence of the underlying transaction should be field first
B. the applicant may be exempted from any liabilities
C. the issuing bank has to pay the beneficiary
D. the issuing bank should pay when the applicant fails to fulfill his obligations

[单项选择]Passage 3 Most commercial letters of credit are documentary, meaning that certain documents must be included with any drafts drawn under the terms of the credit. Documents required usually include an order bill of lading, a commercial invoice, and any of the following: consular invoice, insurance certificate or policy, certificate of origin, weight list, packing list. Letters of credit without the requirement for presentation of shipping documents or commercial documents are called clean credits, and are similar to, although not legally identical with unconditional first demand guarantees. These credits are extremely flexible and may be used in an almost unlimited variety of situations, from construction bond to the finance of margin requirements on future markets. Two kinds of clean letters of credit which are relative of the documentary letters of credit are of interest. The first is the standby letter of credit, in which the issuing bank undertakes to pay if the applicant does no
A. includes any drafts
B. includes drafts accompanied by invoices, bills of lading and other documents
C. is accompanied by invoices, bills of lading and other documents
D. is accompanied by drafts as well as the insurance policy and commercial invoices

[判断题]UCP 600 applies to all letters of credit no matter weather it is expressly mentioned or not in the text of the L/C ( ).

[判断题]All Letters of Credit are irrevocable even if no“irrevocable”is indicated in the credit．( )

[单项选择]Passage 3 A commercial bank shall formulate its business rules, establish and improve its business management, the system of cash control and its security system in accordance with the stipulations of the People’s Bank of China. A commercial bank shall establish and improve its systems of examining and checking deposits, loans settlements and bad and doubtful accounts. The PBC can exercise examination of a commercial bank at any time in accordance with the relevant provisions. The personnel in charge of the examination and supervision should produce their legitimate at the time of conducting examination and supervision. A commercial bank shall provide financial financial accounting information, business contracts and other information about its business and management at the request of the People’s Bank of China. A commercial bank is subject to the audit control by the auditing authorities in accordance with the audit law and regulations.The PBC can exercise examination of a commer
A. Right
B. Wrong
C. Doesn’t say

[单项选择]
About one commercial bank out of every four has a trust department that provides specialized fiduciary services for its customers. To engage in the trust business, a bank must obtain from its chartering agency trust powers that enable it to offer these specialized financial services. The following sections provide an introduction to the trust function.
With roughly 75 percent of banking-industry participants not engaged in trust operations, trust services obviously play a somewhat limited role in the industry. Since 1981 the percentage contribution of these revenues to total operating income and total assets has been increasing after declining since 1975. As of year-end 1983, trust income was $ 4.2 billion and amounted to 1.74 percent of total operating income and 0. 185 percent of total bank assets. Over the eight-year period 1975 to 1983, trust income grew at a compound annual rate of 12.78 percent compared to 17.42 perce
A. TRUE
B. FALSE
C. NOT GIVEN

[单项选择]{{B}}Passage Two{{/B}}

A. borrower
B. mortgagees
C. mortgagors
D. applicants