CKQreview

Finance & Marketing University

Department of Commerce & Tourism

Academic years 2010 – 11.

TÀI LIỆU ÔN TẬP

THI TỐT NGHIỆP

MÔN CƠ SỞ

AVTM 08CKQ

April 2011

Instructor: Nguyen Thanh Nghiem (Mr.)

1. sole agent / agency Person or organization that is the only one allowed to sell the products of a manufacturer in a particular country or area. [10]

2. sole trader Person who owns and runs a business on their own. [1]3. specimen signature Example of a customer's signature, used by a bank to identify documents as

being valid. [9]4. standard shipping note Document completed by the exporter that gives information about a

consignment. It is used as a delivery note or receipt. [11]5. standby letter of credit Bank guarantee to the seller that they will be paid. [9] 6. standing order Order to a bank to pay someone a specified amount on a regular date, e.g. on the first

of every month. [9] 7. statement of account List of amounts paid and owed sent by a supplier to a customer. [6] 8. stock exchange Market where stocks and shares are bought and sold. [10] 9. stop (a cheque) To instruct a bank not to honour a cheque. [9]

10. subject title Phrase indicating what a piece of correspondence is about, e.g. CDs damaged in post. In a letter it is placed directly after the salutation; in a fax or email it forms part of the header information. [1]

11. subrogation Insurer's right to claim damaged goods for which they have paid compensation. [12]12. subsidiary Company of which at least half the share capital is owned by a larger company, but which

may trade under its own name. [3]13. syndicate Group of people or companies who work together to make money. 14. shipped bill of lading Bill of lading signed when goods are already on board a ship. [11]15. shipped clean on board Phrase indicating that the bill of lading was clean, i.e. the goods were taken

on board in good condition. [12]16. Shipping Conference International organization of shipowners that sets prices for transporting goods

or passengers on scheduled routes. [11]17. shipping documents The documents used for shipping goods, and usually including -depending on

the type of transport - Bill of Lading (or Airway Bill), commercial invoice, insurance certificate and any other customs documents that may be required in the shipment, e.g. Health Certificate (for food), EUR1 to get preferential tariffs, Certificate of Origin, etc.

18. underwriter Person or organization that examines a risk and calculates the insurance premium to be charged.

19. unvalued policy Type of insurance policy in which the value of the goods to be insured is not agreed in advance but assessed if loss should occur. [12]

20. usance Bill of exchange that is paid after a period of time.21. valued policy Type of insurance policy in which the value of the goods to be insured is agreed in

advance.

PART 1: Match a term with its meaning by writing the number and the corresponding letter A-J.A giro B merchant bank C multimodal D mortgage E limited liability F non-exclusive agent G indent H del credere agent I forwarding agent J force majeure

1. Term used in insurance policies meaning an outstanding or unusual event, e.g. a violent storm, an earthquake.2. Person or organization that conveys goods to their destination. Forwarding agents are involved in the logistics of

transportation, finding the most effective and economical route.3. System for transferring money from one bank to another.4. Order from another country.5. Agent who guarantees customers'debts.6. Company in which the shareholders are only responsible for the capital they have contributed if the company

goes bankrupt.7. Type of bank that specializes in international trade and finance, and deals mainly with large organizations. 8. A loan for which property is the security. 9. Used to describe units for transportation, e.g. containers, that can be transferred between different systems, e.g.

truck, train, and ship.10. Person or organization that sells the products of a manufacturer alongside other agents in a particular country or

area.PART 1:

1. J 2. I 3. A4. G5. H6. E7. B

8. D 9. C10. F

B/E No. 1671 1 March 2010 ACCEPTED PAYABLE AT MAINLAND BANK, LONDON30 days after sight pay to the order of B.HAAS

Panton Manufacturing Ltd LondonThree thousand eight hundred and sixty pounds only (sterling)

value received payable at the current rate of exchange for Banker's sight drafts on London.

To B. Haas B.V. Heldringstraat l80Amsterdam 1007 Signed: Donald Ponton,

Managing Director

PART 1: Match a term with its meaning below by writing the number and the corresponding letter A-J.A open account facilities B sight draft C default D open cover policy E indemnify F premium G dealer H receipt I quantity discount J on approval

1. Term used for goods sent to possible customers to look at or use before buying them.2. Account in which a customer is given an agreed period of time, e.g. three months, to pay for goods. 3. Type of marine insurance policy that provides cover for all shipments made by the policyholder over an

agreed period, e.g. six months.4. Payment made to an insurance company in return for cover.5. Amount taken off the usual selling price of goods because the buyer is purchasing a large quantity.6. A document showing that goods have been paid for.7. fail to do something required by law, e.g. repay money owed, keep to the terms of a contract.8. Person who buys and sells shares, goods, or services to make a profit.9. promise to protect someone against money lost or goods damaged.10. Bill of exchange that must be paid immediately it is presented.

PART 1: 1. J.2. A. 3. D.4. F .5. I.6. H.7. C.8. G.9. E .10. B.

In the following sentences, the word in italics is not very appropriate for formal correspondence. Choose a more suitable alternative from the list.

1) Thank you for forwarding the documents so quickly. promptly

2) We feel that enough time has passed for you to pay. Sufficient … elapsed…settle3) I am writing to ask for open account facilities. request 4) We remind you that this information is highly secret. confidential 5) Your quarterly settlement is three weeks late. overdue6) We are pleased to tell you that the credit facilities you asked for are fine. acceptable7) Our prices are very low. Competitive

READING COMPREHENSIONSubject: Order No.8815Official order 8851 Dear Mr MillarWe are placing the attached order for 12 (twelve) C3001 computers, your Catalogue No. 548. We have instructed our bank, New Zealand Bank, Takapuna St, Wellington, to open an irrevocable letter of credit for £22,000.00 (twenty two thousand pounds sterling) to cover the consignment, shipment (CIF Wellington), and bank charges. The credit is valid until 10 June 20—.You will receive confirmation from our bank's agents, Eastland Bank Ltd, 401 Aldgate, London, EC1 2DN, and you can draw on them at 60 (sixty) days for the full amount of the invoice. When submitting your draft, please enclose the following documents.Bill of Lading (3 copies)Invoice CIF Wellington (2 copies)AR Insurance Policy for £24,000.00 (twenty four thousand pounds sterling)Please fax or email us as soon as you have arranged shipment.

Michael TannerExport Manager

1 How does Mr Tanner specify which computers he requires?2 What sort of shipment is this?3 When does the letter of credit expire?4 What should Delta Computers do to get their money?5 What is the name of the confirming bank?6 What is attached to the email?7 Why do you think the insurance amount is greater than the invoice amount?

1 By quoting the number of the model and the number in Delta's catalogue.2 Cost, Insurance, and Freight (CIF).3 10 June 20—.4 They should draw for the amount of the invoice on the agent bank and supply the shipping documents listed in the email.5 Eastland Bank.6 Official order 8851.7 The value of the goods might go up.

Notification of documentary credit

BARCLAYS BANK PLCBARCLAYS BANK PLC

DOCUMENTARY CREDITS DEPARTMENT

LONDON TRADE SERVICES CENTREPO BOX 36495, GROUND FLOOR

ST SWTTHIN'S HOUSE11/12 ST SWITHIN'S LANE

LONDON EC4N 8YB UK PHONE: 020 7200 3200 FAX NO: 0870 607 3601ANSWERBK: BARCGB G TELEX: 418319

SPECIMENdate 20 July 2002

IRREVOCABLE CREDIT No: - ENDC 70844To be quoted on all drafts and correspondence

BENEFICIARY ADVISED THROUGH

SPIERS AND WADLEY LIMITED ADDERLEY ROAD HACKNEY LONDON E.8.

APPLICANT

WOLDAL INCORPORATED PO BOX 666, BROADWAY HONG KONG

IN ACCORDANCE WITH INSTRUCTIONS RECEIVED FROM THE DOWNTOWN BANR & TRUST CO. WE HEREBY ISSUE IN YOUR FAVOUR A DOCUMENTARY CREDIT FOR GBP4106 (FOUR THOUSAND ONE

HUNDRED AND SIX POUNDS STERLING! AVAILABLE BY YOUR DRAFTSAT SIGHTFOR 100% CIF INVOICE VALUE ACCOMPANIED BY THE FOLLOWING DOCUMENTS: 1) SIGNED INVOICE IN TRIPLICATE

2) FULL SET OF CLEAN ON BOARD SHIPPING COMPANY'S BILLS OF LADING MADE OUT TO ORDER AND BLANK ENDORSED. MARKED "FREIGHT PAID" AND "NOTIFY WOLDAL INC.. PO BOX 666. BROADWAY. HONG KONG"3| INSURANCE POLICY OR CERTIFICATE IN DUPLICATE, COVERING MARINE AND WAR RISKS UP TO BUYER'S WAREHOUSE, FOR INVOICE VALUE OF THE GOODS PLUS 10%COVERING THE FOLLOWING GOODS: 400 ELECTRIC POWER DRILLS

To BE SHIPPED FROM LONDON TO HONG KONG CIF

NOT LATER THAN 10TH AUGUST 2002PARTSHIPMENT NOT PERMITTED TRANSHIPMENT NOT PERMITTED

THIS CREDIT IS AVAILABLE FOR PRESENTATION TO US UNTIL 31ST AUGUST 2002DOCUMENTS TO BE PRESENTED WITHIN 21 DAYS OF SHIPMENT BUT WITHIN CREDIT VALIDITY.DRAFTS DRAWN HEREUNDER MUST BE MARKED "DRAWN UNDER BARCLAYS BANK PLC LONDON T.S.C. CREDIT NUMBER ENDC70844WE UNDERTAKE THAT DRAFTS AND DOCUMENTS DRAWN UNDER AND IN STRICT CONFORMITY WITH THE TERMS OF THIS CREDIT WILL BE HONOURED.UNLESS OTHERWISE STIPULATED ALL DOCUMENTS SHOULD BE ISSUED IN THE ENGLISH LANGUAGE OTHERWISE THEY MAY BE DISREGARDED.THIS CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS (1993 REVISION), ICC PUBLICATION NUMBER 500

1 Who will receive the money? 1 Speirs and Wadley Limited.

2 Which documents are involved besides the letter of credit?3 What special clause is mentioned in the insurance policy?4 Can the goods be moved from one ship to another?5 What is the value of the credit?6 When is the letter of credit valid until?7 Who is the issuing bank?8 Who opened the letter of credit?9 Can the exporters ship the consignment in different lots?10 What does the consignment consist of?

2 Signed invoice in triplicate; full set of clean on board shipping bills of lading; insurance policy or certificate in duplicate.3 Covering marine and war risks up to buyer's warehouse, for invoice value of the goods plus 10%.4 No. Transshipment is not permitted.5 £4,106.00.6 10 August 2002.7 Barclay's Bank.8 The Downtown Bank & Trust Co.9 No. Partshipment is not permitted. 10 400 electric power drills.

From J. LeeTo Andy Valour, International Boats Ltd, LondonFax +44(0)20 88344431Subject Your order No. 90103Date 6 May 20—No of pages 2

Dear Mr Valour Order No. 90103We are pleased to inform you that the above order has been loaded on to the MV Orient, which sails tomorrow and is due in Tilbury on 3 June. The dinghies and their equipment have been packed in polystyrene boxes in ten separate wooden crates marked 1-10, and bearing our brand A.The shipping documents (see list attached) have been handed to Cooper & Deal, Hong Kong, with our draft for £10,300 at 60 D/S. This covers all charges and discounting. Cooper & Deal will forward the documents to Northern City Bank, who will advise you within the next few weeks.We have supplied the certificate of origin that you asked for. However, we wondered if this was for re-exporting purposes? We should point out that your customers would only be covered by the guarantee if the boats are not modified in any way, as this would be outside the guarantee's terms.Please confirm delivery when you receive the consignment.

Thank you for your order, and we hope you will contact us again in the future.Yours sincerelyJohn Lee Director

1 When is the consignment likely to arrive in London?2 How have the dinghies been packed?3 What does 6OD/S mean?4 Who are Cooper & Deal, and what role do they play in the transaction?5 What will the Northern City Bank advise

1 On 3 June.2 In polystyrene boxes in ten crates marked 1-10.3 Sixty days after sight (i.e. days after presentation of the draft).4 Cooper and Deal are the importer's

International Boats?6 What shipping document (apart from the bill of lading, commercial invoice, and insurance certificate) do International Boats require? 7 What restrictions do Lee Boat Builders put on their guarantee?8 Which words in the fax have a similar meaning to the following? a) small open boat b) provided warranty c) altered

(International Boats) agent bank in Hong Kong.5 When to collect the documents.6 A certificate of origin.7 The boats must not be altered in any way.8 a dinghies b supplied c guarantee d modified

Dear SirsMr Mohamed Al Wazi, of the Saudi Arabian Trade Commission in London, informed us that you may be interested in acting as our agent in your country.As you will see from the enclosed catalogue, we are manufacturers of high-quality glassware. We produce a wide selection of products from moderately priced tableware in toughened smoked glass to ornate Scandinavian and Japanese designed light coverings.We already export to North and South America and the Far East, and would now like to expand into the Middle Eastern market, where we know there is an increasing demand for our products.The type of agency we are looking for will be able to cover the whole of Saudi Arabia. We are offering a 10% commission on net list prices, plus advertising support. There would be an additional 2.5% del credere commission if the agent is willing to guarantee the customer's accounts, and he may offer generous credit terms once we have approved the account.This is a unique opportunity for someone to start in an expanding market and grow with it. Therefore, if you believe you have the resources to handle a sole agency covering the area mentioned, and feel that you can develop this market, please write to us as soon as possible.Yours faithfullyNlckcUsJayNicholas Jay Managing DirectorEnc. Catalogue

1 Who recommended the agency to British Crystal?2 Where does British Crystal export to at present?3 What commissions could the prospective agent earn?4 Are British Crystal offering the prospective agent any additional help?5 What must happen before the agent can offer good credit terms to customers?6 What do you think Mr Jay means by 'resources to handle a sole agency'?7 Which words in the letter have a similar meaning to the following?a to get bigger b range c special

1 Mr Mohamed Al Wazi, of the Saudi Arabian Trade Commission in London.2 North and South America, and the Far East.3 A10% commission on net list prices, and an additional 2.5% del credere commission if the agent is willing to guarantee the customer's accounts.4 Yes, advertising support.5 British Crystal must approve the account.6 Sufficient capital, contacts, and facilities.7 a expand b selection c unique

Agent’s Reply, asking for more details

To.. Nicholas JayCc...Subject: Agency offer

Dear Mr Jay

Thank you for your letter of 4 May in which you offered us a sole agency for your products in Saudi Arabia.First, let me say that we can handle an agency of the type you describe, and we agree the demand for good quality chinaware is increasing here. However, before we can take your offer further we need the following information:1. Payment of accounts. Would customers pay you direct in the UK, or would they pay us, and we in turn settle with you after deducting our commission? How would payment be arranged? Bill of exchange, letter of credit, or bank draft?2. Delivery. Would we hold stock or would you supply customers direct? If you supply direct, how long would it take for an order to be made up and shipped once it had been received?3. Advertising. You mentioned that you would help with advertising. Could you give us more details?4. Disputes. If a disagreement arises over the terms of the contract, who would be referred to in arbitration?5. Length of contract. How long would the initial contract run? In our view, three years would allow us to estimate the size of the market.If you can send us this information, and possibly enclose a draft contract, we could give you our answer within the next few weeks.Mohamed Kassim DirectorS.A. Importers Ltd Riyadh

1 What sort of agency is British Crystal offering?2 Is Mr Kassim confident about selling British Crystal's products in his country?3 Does he suggest a method of payment?4 How long does he want the agency to run?5 What is a draft contract'!6 Which words in the email have a similar meaning to the following? a subtracting b argument c first

1 A sole agency.2 Yes.3 He suggests three: bill of exchange, letter of credit, or bank draft.4 Three years.5 An unsigned version which can be discussed and altered.6 a deducting b dispute / disagreement c initial

17 October 20—Sr F. IglasisIglasis Leather Manufacturing SA Enrique Granados 109 Barcelona Spain

Dear Sr Iglasis

We are interested in the offer you made to us in your letter of 8 October to act as sole agents for your leather goods in this country.While we agree that there is a steady demand for high-quality leather cases and bags here, in our

opinion the annual turnover you suggest is too optimistic. We estimate that half the figure you quoted would be more realistic. In view of this, the 6% commission you offer is rather low, and we would expect a minimum of 10% on net invoice totals.With regard to payments, we feel it would be preferable for customers to settle with us direct, and we would remit quarterly account sales deducting our commission. However, we are prepared to leave this matter open for discussion.Finally, we would be willing to hold the stock you suggest, but if there is a rush of orders, as there may be now we are nearing Christmas, you would need to shorten the delivery date you quoted from six weeks to three weeks from receipt of order.If these conditions are acceptable, then we would be pleased to take on an initial one-year contract to act as your sole agents.I look forward to hearing from you.

Yours sincerely

M. Allison (Mr) Director

1 What sort of agency is Sr Iglasis offering?2 Why does Mr Allison think a six per cent commission is rather low?3 Which matter is he prepared to negotiate?4 Why might delivery dates be a problem?5 How long would the initial contract run?6 If you were Sr Iglasis, what concessions do you think you could make to meet Mr Allison's terms?7 Which words in the letter have a similar meaning to the following?a. the least amount b send money c reduce

1 A sole agency.2 Because he doesn't think sales would be as high as Sr Iglasis expects.3 The way in which payments are settled.4 Six weeks is too long for seasonal demands, e.g. the Christmas rush.5 For one year.6 (For discussion.)7 a minimum b remit c shorten

Use the correct form of the word in brackets.Example: Lack of capital will_______ the project. (danger)Lack of capital will endanger the project.1 The exporter opens a letter of credit by completing an application form. (complete)2 The cheque should be made payable to International Crafts Ltd. (pay)3 The shipping documents include bill of lading insurance and invoice. (insure)4 I am pleased to inform you that your overdraft has now been extended to £4,000. (overdraw)5 I am writing to acknowledge receipt of your letter, dated 5 April. (receive)6 You will receive confirmation of the agreement from our bank. (confirm)7 With reference to our telephone conversation yesterday, I am writing to confirm our agreement. (refer) 8 Loans can be extended only by arrangement with the branch manager. (arrange)9 Your signature should appear twice on the document. (sign)

10 We need a loan to secure the expansion of our company. (expand)

Replace the incorrect preposition in each of the following sentences with the correctone.Example: I am not very interested for new technology.I am not very interested in new technology.1. The Sales Manager was very disappointed from the poor sales figures.2. The workforce at the factory are very worried on the prospect of being made redundant.3. In our department it is the sub-manager who is responsible of checking the accounts.4. The Director's Personal Assistant accompanied him to the Frankfurt Book Fair because she was good in German.5. He changed job because he was fed up from doing the same things every day.6. The agency put in extra work because they were afraid for losing the account.7. We are very sorry of the delay, which was caused by a dock strike in Rotterdam.

1 The Sales Manager was very disappointed with (by) the poor sales figures.2 The workforce at the factory are very worried (at) by the prospect of being made redundant.3 In our department it is the sub-manager who is responsible for checking theaccounts.4 The Director's Personal Assistant accompanied him to the Frankfurt Book Fairbecause she was good at German.5 He changed job because he was fed up with (of) doing the same things every day.6 The agency put in extra work because they were afraid of losing the account.7 We are very sorry for the delay, which was caused by a dock strike in Rotterdam.

Complete the following sentences.1. A stockbroker is someone who buys and sells shares for a client on the Stock Exchange.2. Confirming houses receive goods from abroad and often make all the import arrangements before selling the goods on to a client.3. A sole agent only sells products from his principal and does not sell competing products. 4. An agent who sells products on a commission basis makes a certain amount of money for each item sold.5 A principal is someone who supplies products to an agent.6 In non-recourse factoring, a firm buys up outstanding invoices and claims the debts.7 Commission may be worked out on c.i.f. invoice values, or net invoice values.8. The commodity markets are where items like coffee, cocoa, and rubber are traded on behalf of clients.

9. Agents who take the risk of being liable for customers' debts may receive a del credere commission. 10. An agent who sells products on his own account can set his own prices and profit margins. 11. A prospective agent may need to be convinced that there is a market for the principal's products.12. Consignment is the basis on which an agent sells your products but does not own them himself, and makes a profit from commission only.

Read the letter below from a company asking to act as a buying agency. Choose the correct words from the list below. The Kobelt Agency

Brauneggerstr. 618D-4400 Minister

The Buying ManagerPortuguese Industrial ImportersRua dos Santos, 1791200 LisboaPortugal24 June 2008Dear Mrs Neves,We are writing to you on the recommendation of the Portuguese Chamber of Commerce who informed us that you were looking for a buying agent for precision tools in this country.We have been in this trade for over twenty years and have close contacts with the major manufacturers both here and overseas.If we may, we would like to give you a brief outline of the terms we work on. Generally, we place orders for our principals with our suppliers, and our customers settle direct with the manufacturer. In addition we arrange all costs, insurance and freight facilities for the client handling consignments from the factory to the port/airport of the importer's country.As we have dealt with these agencies for a number of years, we can offer you their most competitive rates for shipment. In addition we would take care of all documentation, including customs formalities.As a rule we operate on a 4.5 per cent commission on c.i.f. values, but if credit is involved, we could offer del credere services for an additional 2.5 per cent commission, pending the usual inquiries.If you are interested in this offer we can assure you of first class, efficient service. Meanwhile, do not hesitate to contact us for any more information. Please find enclosed our brochure giving you full details of our company.We look forward to hearing from you in due course.Yours sincerely,M. KobeltManaging DirectorEnc.

10.g Write a reply to Mr Kobelt from Cristina Neves. In your letter include the following information:• Thank Mr Kobelt for his letter.• Say that you are interested in his proposals because there is an increasing demand for precision tools in Portugal; suggest that you could accept either 3 per cent commission on c.i.f. values, or the 2.5 per cent del credere commission.• You would like to know if they can act as clearing and forwarding agents, offering a door-to-door facility.• Check that they will send references from other companies they act for.• Suggest that, if this is possible, one of the directors could meet them to discuss a contract.• Close the letter as appropriate.Sender: Portuguese Industrial Importers, Rua dos Santos 179,1200 Lisboa

Date;3July19—Receiver: The Managing Director, The Kobelt Agency, Braunegger Str. 618, D-4400 MunsterDear Mr KobeltThank you for your letter of 24 June in which you expressed an interest in being a buying agent for us in Germany.We are interested in your proposals owing to an increasing demand for precision tools in Portugal. However, we would need further details of your terms before we make a final decision.We would be prepared to accept a 3% commission on c.i.f. values, or the del credere commission you offered of 2.5%. We would also like to know whether you can act as clearing or forwarding agents, with a door-to-door facility.It is our policy to ask for references from two other companies that you act for, so please send us details of the people that we can approach.If possible, we should like to arrange a meeting in the near future with one of your directors, in order to discuss a contract, and clarify any outstanding matters.I look forward to hearing from you at your earliest convenience.

Yours sincerely

Cristina NevesBuying Manager

Read the following letter to an insurance broker enquiring about marine insurancepolicies, and fill in the blanks with the correct prepositions.

UK Engineering PLCBrunei HouseBrunei StreetLiverpool L2 2ER

Sugden and Able 1 May 19—Insurance Brokers63 Grover Street

Manchester M5 6LDDear Sir/Madam,We are a large engineering company exporting machine parts worldwide, and we have set up contracts (1)________ Middle Eastern customers (2)________ the next two years.As these parts are similar (3)________ nature and are going (4)________ the same destination over this period, we thought it might be less expensive if we insured them, (5)________ an all risk basis, (6)________ a time policy.We would appreciate it if you could give us any information (7)________ this type (8)________ cover and how it operates.Yours faithfully,Jack TurnerShipping Manager1 with 3 in 5 on 7 on2 for 4 to 6 under 8 of

12.g Mr A. Able, the Director of Sugden and Able, has left the following message for his secretary. Read what he says and write out the letter for Mr Able to sign.Tell him that underwriters offer 2 types of insurance for his requirements:1. Floating policy - will cover all shipments with a maximum amount, and can be renewed when necessary.2 Open cover - the shipper informs the underwriter when the shipment is made and renews the policy after shipment.

Sender: Sugden and Able, Insurance Brokers, 63 Grover Street, Manchester M5 6LDDate: 4 May 19—Receiver: UK Engineering PLC, Brunei House, Brunei Street, Liverpool L2 2ER

Dear Mr TurnerThank you for your letter of May 1, in which you enquired about insurance cover for your shipments of machine parts.You are correct to assume that it is expensive to insure individual shipments, and that there are policies available which cover all shipments during a period of time.Insurance underwriters offer two types of policy which would be suitable for your requirements.1 A floating policy, which will cover all shipments with a maximum amount, and which can be renewed when necessary.2 An open cover policy, in which the shipper informs the underwriter when the shipment is made, and renews the policy after shipment.I enclose a proposal form, and would be grateful if you could complete it and return it to me with details of your shipments and destinations, so that we can contact the underwriters for a premium quotation, which, I assure you, will be very competitive.Please contact us if you require any further information.

Yours sincerely

p.p. A. Able

DirectorEnc.

Read the passage below about how to prepare for a job interview.• Underline the errors;• write the correct word in the space provided.

Before you go for a job interview, make sure that you do your homework. Find out as much as you could about the company, about its history, about what it doing, how many people it employ, and so on. During the interview, try to keep to the point. Give complete answers, but do no talk for longer then necessary. Finally, remember that you can ask the interviewer question. This will show that you are really interested in the opportunity.1. can 2. does/ not doing . 3. employs. 4. not. 5. than.6. questions

Management guru Peter Drucker once wrote that people do not buy a 7mm drill bit or because they want a 7mm drill bit. They buy the drill bit because they can need a 7mm hole. What exactly did Drucker want to say? He meant that so all great business ideas are essentially about one thing: meeting a need. In many ways, it is true that once will you have discovered a need that has not yet been very met, you are halfway to a good business for idea. So if you are looking for a great idea, start with yourself, think of your own needs.Think of something you need or want it which is not readily available on the market.

1. V2. or3. ……….4. ……….5. ……….6. ……….7. ……….8. ……….9. ……….10. …….

Management guru Peter Drucker once wrote that people do not buy a 7mm drill bit or because they want a 7mm drill bit. They buy the drill bit because they need a 7mm hole. What exactly did Drucker want to say? He meant that all great business ideas are essentially about one thing: meeting a need. In many ways, it is true that once you have discovered a need that has not yet been met, you are halfway to a good

business idea. So if you are looking for a great idea, start with yourself, think of your own needs.Think of something you need or want which is not readily available on the market.

Editing: Read this text about word-of-mouth advertising. • In most of the lines 1-13 there is one extra word which does not fit. Some lines, however, are correct.• If a line is correct, put a tick (V) on the appropriate line.• If there is an extra word in the line, write that word in the space provided.When your friends tell you about the wonderful vacuum cleaner they have just bought it, or about this absolutely delirious new brand of fruit juice, that is the word-of-mouth advertising. Marketers have only been recently discovered that word-of-mouth for often has an enormous influence on sales. Word-of-mouth information spreads more quickly than any other form of advertising, especially among them teenagers.When people plan to buy a product, they ask their friends and relatives about their experiences with that particular type product. Many people trust this kind of an information because it is given by someone independent of the company. In addition, a lot of people also buy our things on the advice of friends or relatives, even if they were not planning to buy that anything.

1 V2 it3 ……….4 ……….5 ……….6 ……….7 ……….8 ……….9 ……….10 ……….11 ……….

When your friends tell you about the wonderful vacuum cleaner they have just bought it, or about this absolutely delirious new brand of fruit juice, that is word-of-mouth advertising. Marketers have only recently discovered that word-of-mouth often has an enormous influence on sales. Word-of-mouth information spreads more quickly than any other form of advertising, especially among teenagers.When people plan to buy a product, they ask their friends and relatives about their experiences with that particular product. Many people trust this kind of information because it is given by someone independent of the company. In addition, a lot of people also buy things on the advice of friends or relatives, even if they were not planning to buy anything.

Now complete the Recommendations section of the report with words from the box.basis- available delay regard retail sure withdrawn

On the basis 1 of the above findings, I would like to make the following recommendations.

I recommend that the deodorant spray should be temporarily..........2 and submitted to laboratory tests

without...............3. Our laboratory should also develop a new flavour for the toothpaste.

With ...............4 to price, we should look carefully at our competitors'

policy and make ..............5 that our price is correct.Finally, I suggest that we should advertise more on TV and possibly on the Internet, and make sure

that the Spring Balm collection is.............6 not only from a wider range of supermarkets, but also

from more specialized ..............7 outlets.On the basis of the above findings, I would like to make the following recommendations.

I recommend that the deodorant spray should be temporarily WITHDRAWN and submitted to laboratory tests without DELAY. Our laboratory should also develop a new flavour for the toothpaste.With REGARD to price, we should look carefully at our competitors' policy and make SURE that our price is correct.Finally, I suggest that we should advertise more on TV and possibly on the Internet, and make sure that the Spring Balm collection is AVAILABLE not only from a wider range of supermarkets, but

also from more specialized RETAIL outlets.

Reports C Put the following sentences from a report in the right order (1-7). The words in bold will help you.4/ a) About one fifth of the consumers who have tried our new products said they were dissatisfied with the taste of the Spring Balm toothpaste.Also, 47 people complained of skin irritation after using our deodorant. 3/ b) I shall begin with my findings about the products themselves, 2/ c) It is based on interviews with more than 500 consumers. 7/ d) On the other hand, many of those who have heard about the Spring Balm collection complain that they cannot find our products anywhere. 5/ e) Secondly, as regards the price, almost 90% remarked that our products are overpriced in comparison with well-established brands. 1/ f) The aim of this report is to determine the reasons for the failure of the launch of our new range of Spring Balm toiletries. 6/ g) Thirdly, with regard to promotion and place, it is clear that the name Spring Balm still means nothing to most consumers.

Complete the text with verbs from the box. Use either the present simple or present continuous tense. co-ordinate attend go have know prepare speak think travelSofia Grammatopoulos is Marketing Manager at Kayavis Food & Wine S.A., an expanding medium-

sized business in Thessaloniki. She co-ordinate 1 the work of a team of three people.

Kayavis ................2 distributors in eleven countries in Europe and America, so Sofia

often ................3 abroad. Next week, she................4 to Canada to visit their new retail outlet.

She ................5 Greek, English, and Danish. At the moment she................6 an intensive German

course because the owner of Kayavis................7 of opening a shop and a large restaurant in Munich.

Sofia ...............8 that she will have to work in Germany for six months, so she .................9 herself for her new assignment as best as she can.

Sofia Grammatopoulos is Marketing Manager at Kayavis Food & Wine S.A., an expanding medium-sized business in Thessaloniki. She coordinates the work of a team of three people. Kayavis has distributors in eleven countries in Europe and America, so Sofia often travels or goes abroad. Next week, she is going or is traveling to Canada to visit their new retail outlet. She speaks or knows Greek, English, and Danish. At the moment she is attending an intensive German course because the

owner of Kayavis is thinking of opening a shop and a large restaurant in Munich. Sofia knows that she will have to work in Germany for six months, so she is preparing herself for her new assignment as best as she can.

Choose from the four alternatives (A, B, C or D).1. A current account enables you to _____.

A) withdraw money by giving seven days' notice. B) earn interest.C) pay your bills by check. D) send International Money Orders.

2. An International Money Order can be sent overseas to _____.A) pay for large import orders. B) pay monthly bills to customers you know very well.C) give small cash gifts to relatives and friends. D) make payments worth more than $1,000.3. Travellers checks _____.A) can be used for paying taxi fares overseas. B) are safe and convenient.C) must be countersigned before you leave your own country. D) can be used to pay for imports.4. The Eurocheque system _____.

A) provides services for tourists with travelers checks.B) provides banking services overseas for all tourists.C) provides banking services overseas for holders of credit cards.D) provides banking services for holders of check books and check guarantee cards.

5. A Banker's Order _____.A) can be used for paying invoices.B) is a method of regular payment, direct from a bank account.C) is a letter from a bank ordering you to pay a bill.D) must be paid by check.

6. A payment, or a debit entry, on a bank statement, is _____.A) an amount you have paid to another person or institution by cheque, or withdrawn in cash from your account.B) an amount of money which another person or institution has paid into your account.C) the charge a bank makes for its services.D) the interest you get from having money in a bank.7. A receipt, or credit entry, on a bank statement, is _____.A) the charge a bank makes for its services.B) an amount of money paid into your account by another person, company, or institution.C) the charge a bank makes for deposit accounts.D) a bank's commission charge.8. The balance on a bank statement shows _____.

A) the amount of money you must pay a bank for its services.B) the final differences between your payments and your receipts.C) the amount of money you owe your creditors.D) the amount of money your creditors owe you.

9. A bank statement shows _____.A) the names of the payees on your checks, your receipts, and the dates of each payment.B) your payments, your receipts, and the balance.C) the numbers of each check, your payee's name on each check, and the balance.D) the account number, your receipts, and your balance.10. The beneficiary in an International Money Order is _____.

A) the bank in the overseas country.

B) the person or institution which sends the International Money Order.C) the bank in the drawer's country. D) the person or institution whose name is printed on the International Money Order.

1. A Letter of Credit is sent __________.A) from one bank to another B) from an importer to a bankC) from an importer to an exporter D) from an exporter to an importer

2. The most convenient method of sending small amounts of money overseas is _______.A) in cash B) by Letter of Credit. C) by traveler’s check. D) by International Money Order. 3. Irrevocable credit is necessary because ________.

A) the exporter might not be able to pay.B) the exporter may lose money if the importer cancels the credit. C) the bank may want to get the money for an order.D) the importer may want to be sure that he will receive his order on time

4. A Documentary Letter of Credit asks for which of the following, before the credit is issued?

A) The Bill of Exchange, the invoice, and the Bill of Lading.B) The shipping note, the invoice, and the Certificate of Insurance. C) The Bill of Lading, the invoice, and the Certificate of Insurance. D) The Bill of Lading, the Certificate of Insurance, and the Bill of Exchange.

5. The Commercial or Export Invoice, includes details of _____.A) prices, quantities, discounts, marks, and numbers.B) prices, quantities, freight, weight and customs duty.C) prices, quantities, discounts, freight and insurance.D) prices, descriptions, freight, discounts and weight.

6. A Bill of Lading is essential because __________.A) it is a legal document which proves who owns the goods described on it.B) it is signed by the captain of the ship.C) it gives full details of the type and weight of the cargo.D) it is used to calculate customs duty.

7. A Bill of Exchange is used __________.A) to transfer ownership of goods from one person to anotherB) to allow an importer some time to pay for an import order.C) to give a bank an opportunity to check an importer's credit.D) to give an importer credit for a short period and to allow an exporter to change it for cash if he wants to.

8. Bills of Lading and Bills of Exchange are negotiable documents. This means that _____.

A) exporters and importers can argue about their price.B) they can be exchanged for cash.C) you can transfer ownership of the goods or money by giving it to another person, and signing on the back.D) you can discount them at a bank for cash if necessary.

9. The best method of payment for large orders from suppliers you know well, and do regular business with, is _______.

A) by Bill of Exchange. B) by Letter of Credit.C) by Banker's Transfer. D) by check.

10. Credit is confirmed when _______.A) the exporter receives a check or cash for an order.

B) the exporter receives a Letter of Credit from an importer.C) a bank in the importer's country accepts responsibility for payment.D) a bank in the exporter's country accepts responsibility for payment.

Insert the correct words in the appropriate spaces in the passage below:accept airmail consignee discharge endorsingin blank shipped transfer unclean law negotiablepresent receipt title responsibility packingThe Bill of Lading is important in international finance, insurance, and …………..(1). It is the legal ……………..(2) to ownership of the goods described on the Bill of Lading. The ……………..(3) cannot accept delivery of his consignment unless he possesses a copy. You can describe a Bill of Lading in one way by saying that it is a ……………..(4) signed by the captain of the ship, stating that he has received the goods on board his ship. A Bill of Lading signed by the captain after he receives and inspects the goods on board ship is called a ……………..(5) Bill of Lading. If the goods are damaged before they reach the ship the captain or the shipowners issue an ……………..(6) Lading (sometimes called 'dirty' or 'foul'). If the captain receives the goods on board in good condition, the full title of the document he signs is a 'clean, shipped on board Bill of Lading'. Banks usually demand shipped Bills of Lading before they accept ……………..(7) for the credit. The holder of a Bill of Lading can ……………..(8) possession of the goods to another person or company by ……………..(9) or signing on the back of it. In other words, the Bill of Lading, unlike the Air Waybill, is a ……………..(10) docurnent. If a buyer or a bank asks the seller not to restrict the negotiability of the Bill of Lading, they demand that it should be endorsed …………….(11).The details printed on the Bill of Lading must include the port of loading and the port of ……………(12). The type of packing must also be stated. Examples of this are cases, crates, and boxes. When the Bill of Lading is completed, copies are sent by ………………(13) on separate days, so that if one is lost, the other may reach the importer. The importer , or consignee as he is described on the Bill of Lading, can then ………… (14) the Bill of Lading to the shipping company and ………….. (15) delivery of his goods.

Insert these words in the passage below.assurances confirmed defaults document against acceptance(D.A.) document against payment(D.P.) draft drawn expiry guaranteed irrevocable telegraphic transfer remittancesThe normal procedure for making payments in international trade to regular and trusted customers is by Banker’s Transfer, usually a ..............(1) often known by its abbreviation T.T. Agents of a company are normally allowed to pay in this way, provided the company trusts them. They may also send ................(2) by mail. You only allow a customer or agent to pay by T.T. or mail if he is well-known to you because if you ship goods in this way you have no ........................(3) that you will be paid.With a Letter of Credit the payment is .....................(4). To be more accurate we should say with an ................(5) .................(6) Letter of Credit, which means that a bank in the exporter's country guarantees payment, that the credit cannot be cancelled. The confirming bank guarantees payment in case the customer ..................(7). The credit cannot be cancelled before the .................(8) date. You can draw a ..................(9) (or Bill of Exchange) on the importer (or buyer) and present it through a bank. You don't need a Letter of Credit to do this, but there is not much protection with this method. It is only when drafts are ...............(10) against a Letter of Credit, and presented with the shipping documents- the Bill of Lading, the Commercial Invoice, and the Certificate of

Insurance, that payment is guaranteed by a bank. The banks charge for guaranteeing Letters of Credit, and this is one reason why banks don't insist on Letters of Credit when they ask agents and trusted customers to pay. There are two types of drafts: sight drafts and term drafts. Banks normally ask for the shipping documents before they pay the amount written on the sight draft. Banks often use the term .....................(11) (D.P. for short) for sight drafts, and ...................(12) (D.A. for short) for term (30. 60, 90 days) drafts.1. The main advantages of Telegraphic Transfers are :

A) They cannot be cancelled and are quickly sent abroad.B) They can be used conveniently with trusted customers, with small bank charges.C) You can receive payment before you ship goods and you have guarantees.D) An agent will not default on payment.

2. A Letter of Credit is used ______.A) for payment of regular orders from an old and regular customer.B) when the importer wishes to have some time to pay his bills.C) because the exporter wishes to have a guarantee from a bank that he will receive credit which cannot be cancelled.D) when a bank wishes to be sure that its client will be paid.

3. A draft ______.A) must be accompanied by a Letter of Credit. B) gives the drawer protection.C) is better presented against a Letter of Credit. D) gives a legal title to ownership of goods.4. Which is the best description of modern payments in International Trade?A) Telegraphic Transfers for trusted customers, Letters of Credit for guaranteed payments, and drafts to allow time for importers to buy.B) Letters of Credit for economy, Telegraphic Transfers for guaranteed payment, and drafts for cash payment.C) Telegraphic Transfers for new customers, Letters of Credit for old and trusted customers, and drafts for quick payment. D) Drafts for guaranteed payment, Letters of Credit for new customers, and Telegraphic Transfers for old and trusted customers.

101. The director announced a ______ of measures to increase sales.(A) collection (B) number (C) selection (D) assortment102. The general meeting-------on June 7, 2005 in the Oak Room at the historic Charlton Mansion.(A) was held (B) to be held (C) has been held (D) hold103. I think the accounting department and the financial services department should be combined,-------you agree?(A) aren't (B) are (C) don't (D) did104. If payment is not received-------three days of delivery, a 1% late fee per day is charged.(A) until (B) by (C) within (D) during105. Our new computer system is ______. I don't know how to use it yet.(A) complexity (B) complex (C) complexion (D) complimentary106. I work by myself-------of the time, but sometimes I work with a team.(A) almost (B) mostly (C) sometimes (D) most107. Vista International Airport will be closed -------stormy conditions.(A) therefore (B) because (C) due to (D) since108. Our company offers seminars on management training at-------prices.

(A) competitive (B) competition (C) competing (D) to compete109. Any businessperson-------thrilled to acquire the new XT Super Organizer for an efficient lifestyle.(A) could be (B) would be (C) might be (D) can be110. -------in the shopping and business districts, the Grand Hotel offers easy access to the city's sights.(A) Situation (B) To situate (C) Situated (D) Situating111. The Computer Department is-------the fifth floor, next to the Furniture Department.(A) at (B) on (C) by (D) to112. Please-------all of your previous jobs on this application form.(A) discuss (B) statement (C) enlist (D) list113. I-------I can take a month's leave of absence this year.(A) want (B) wish (C) hope (D) desire114. I'd-------start work at 6:00 a.m. than spend time in traffic.(A) prefer (B) rather (C) want (D) like115. Last year's holiday sales strategy-------to be such a success that we have decided to repeat it this year.(A) proved (B) was (C) was proven (D) became116. There isn't-------information yet for us to make a final decision.(A) much (B) enough (C) many (D) a lot of117. The flight was only three hours, but it------- longer because we were uncomfortable.(A) seems (B) was feeling (C) was (D) seemed118. Recent developments in laser technology -------many medical procedures.(A) changing (B) was changed (C) changed (D) have changed119. I'm going to Jamaica on business next month, and I'm getting very-------about it.(A) exciting (B) excited (C) anticipating (D) happy120. A large-------of money is missing from the safe.(A) number (B) a lot (C) sum (D) much121. Last week, there-------plenty of copy paper. What happened to it?(A) were (B) was (C) had been (D) weren't122. Fax me _______ the shipment arrives.(A) when (B) until (C) while (D) to123. -------I began to work here, six people have quit.(A) During (B) From (C) Awhile (D) Since124. Let me show you a way to print out that report.(A) more better (B) best (C) better (D) the best125. I thought the conference was very-------.(A) information (B) informative (C) formative (D) formation126. Check with the director. It-------be possible to change the meeting to next month.(A) might (B) is (C) can(D) would127. You should always get approval-------the purchasing manager before buying any new supplies.(A) to (B) with (C) at (D) from128. Don't hesitate. Please notify the front desk -------the problem reoccurs.(A) while (B) as (C) as much as (D) as soon as129. -------the plane was landing, one of its tires went flat.(A) Like (B) As (C) During (D) Meanwhile

130. Over the past six months, we-------a new, computerized billing system.(A) have developed (B) are developing (C) development (D) had developed131. Special events scheduled at the resort -------guests with entertainment.(A) give (B) prepare (C) provide (D) provision132. When you-------of the building, turn left.(A) come in (B) come up (C) come across (D) come out133. Why don't you buy a camera through the Internet? The prices are-------than in a camera shop.(A) fewer (B) lower (C) lowest (D) less134. The new brochures were designed to------our new corporate image.(A) refract (B) retort (C) reflect (D) register135. He-------the company president for over thirty years by the time he retired.(A) will have been (B) had been (C) has been (D) will be136. It is-------that you do not reveal your password to anyone. (A) essential (B) essence (C) expert (D) exact 137. The police are-------investigating allegations of insider trading.(A) current (B) recent (C) currently (D) present138. I want you to put the mail-------top of my desk every morning, not in the tray by the door.(A) at (B) on (C) next to (D) by139. You really-------make more of an effort to get to work on time.(A) have (B) must (C) must not (D) can140. -------interest rates may please those with savings, but they will be a burden to anyone saddled with a large mortgage. (A) Bigger (B) More (C) Extra (D) Higher

Credit Department Holledge Auto Parts Supply

87 Huntley Passage June 30, 2006

REF: # 1332-78 Dear Mr. Iovino, Re: Overdue PaymentI am writing in reference to an overdue invoice on account # 1332-78. Your account balance of March 31, 2006 is now four months overdue. This is the last letter that I will be writing to you regarding this matter.As you know, payment was due on April 29, 2006. Our invoice clearly requests full payment within 30 days of delivery. We have not even received partial payment. In fact, we have received no communication from you at all, including no response to my letters of May 5,h and June 5th. If we do not receive payment in full by July 5, 2006, we will be forced to take appropriate action.We look forward to your prompt response.Sincerely, Tom King

The Repair Place #2 West Gate Estate

Brentwood July 1st

Credit Department Holledge Auto Parts Supply 87 Huntley Passage

Dear Mr. King, Re: Letter Kef: # 1552-78Thank you for your letter of June 30th. This was the first contact that I have had from Holledge Auto Parts Supply since placing my order in March. In fact, if you check your records, you will find that the order was canceled the same day that it was placed. Despite the cancellation, the parts were delivered to our West Gate Estate branch, but were then returned immediately, unopened.I am not sure how this kind of mix up has occurred, but I can assure you that there is no money owed by The Repair Place #2.1 would appreciate it if you could adjust your records accordingly to reflect this fact.Sincerely, Louis Iovino

186. According to Tom King's letter, when was the delivery made?(A) March 31"(B) July5,h (C) July3o,h (D) 3o days from now187. According to this fax, what must Louis Iovino do?(A) Write a letter acknowledging receipt of the fax(B) Call Holledge Auto Parts as soon as possible(C) Pay the full amount before July 5th

(D) Pay half the amount whenever he feels like it188. What should Mr. Iovino have done to avoid this fax?(A) He should have changed his fax number.(B) He should have paid the full amount by April 29th.(C) He should have paid 5% two months before.(D) He should have declared the shipment faulty.189. How many times has Tom King contacted Louis Iovino regarding this matter?(A) 1 (B) 2 (C) 3 (D) 4190. According to Louis Iovino, why has nothing been paid to Holledge Auto Parts?(A) Because the order was cancelled (B) Because the goods were faulty(C) Because the delivery never arrived (D) Because his company has gone bankrupt

101. If I had known about the job opening, I _____(A) would apply (B) have applied (C) would have applied (D) will apply102. -------, I had never used that computer program before joining this firm.(A) Exactly (B) Actually (C) Therefore (D) Almost103. I-------him to finish editing the manuscript by Friday.(A) told (B) said (C) told to (D) tell104. He already-------his visa.(A) received (B) granted (C) achieved (D) make105. He will-------his mind when he sees how much money it will save the firm.(A) changed (B) change to (C) be changed (D) change106. I-------afraid to speak in front of a large crowd.(A) did not (B) don't (C) am not (D) will not107. She would like to meet-------who havedone business in South Africa.(A) another people (B) other people (C) another person (D) other person

108. The receptionist-------time to type up the notes from the meeting.(A) has not (B) have not (C) don't have (D) doesn't have109. He said he didn't need------ help moving the files into the basement.(A) some (B) to (C) any (D) many110. We ran the ad __________ one week.(A) for (B) during (C) as (D) since111. A telephone _________ in his office.(A) need not (B) isn't necessary (C) unnecessary (D) is needed not112. Before we come to a final-------, we would like to review the survey results.(A) destination (B) delineation (C) decisions (D) decision113. The new secretary ________ too many mistakes.(A) takes (B) does (C) makes (D) has114. He described it as a new paradigm for business-------the 21st century.(A) by (B) at (C) while (D) in115. The director said that-------the merchandise displayed at the conference was of high quality.(A) almost (B) about (C) most of (D) almost of116. To do this job, you should be-------to lift 50 pounds.(A) able (B) have (C) strong (D) enough117. The next scheduled price increase has been postponed-------the beginning of next month.(A) for (B) until (C) since (D) at118. There were no ________ of financial trouble.(A) designs (B) signs (C) signatures (D) signal119. You are not-------to attend the monthly meeting.(A) requested (B) have (C) recommended (D) required120. They ordered the waiter _________ red wine.(A) drink (B) brought (C) to bring (D) to121. She doesn't have _________ experience as he does.(A) as much (B) as many (C) many (D) too many122. If they offered a-------price, we would consider buying their equipment.(A) more reasonable (B) most reasonable (C) best available (D) more cheaper123. I'd never-------studying for an MBA, but my boss just offered to help cover the cost of tuition if I do.(A) been (B) thought (C) considered (D) contemplating124. He's going to take the new job, but his -------is going to be much lower.(A) sales (B) health (C) holiday (D) salary125. If you finish the report _________, we can go to dinner early.(A) fast (B) quick (C) quickly (D) faster126. He said he definitely _______ not be late for work today.(A) would (B) should (C) may (D) might127. The company _________ to the terms of the contract.(A) announced(B) published (C) agreed (D) accepted128. The flight departed two hours-------.(A) lately (B) late (C) behind (D) after then129. What the new employees-------in experience, they make up for in enthusiasm.(A) have (B) lack (C) deficient (D) insufficient130. Communication-------may adversely affect one's ability to network effectively.

(A) variety (B) distinguish (C) disagreement (D) difficulties131. -------anyone approves of the new policies.(A) However (B) In fact (C) Hardly (D) Not132. The company has _______ its first profit in three years.(A) recognize (B) reconciled (C) recorded (D) rebounded133. The dollar.......against other currencies last week.(A) gained (B) moving (C) will rise (D) fallen134. The collapse of the Merchant Bank last week is having a domino-------on other banks.(A) effect (B) affect (C) result (D) cause135. It has been said that Marcus de Medici was the-------salesman this company has ever seen.(A) persuasive (B) more persuasive (C) persuader (D) most persuasive136. Please call me-------you get this message. My number is 1-800-555-9595.(A) as (B) as soon as (C) by (D) if only137. I would-------her to just quit her job like that and leave without a word.(A) always have expected (B) never expect (C) never have expected (D) haven't expected138. Polls-------that consumer confidence is at an all-time low.(A) predict (B) enrol (C) entertain (D) show139. The-------balance on this invoice must be paid in full by December 23"1.(A) incredible (B) outlawed (C) overturning (D) outstanding140. The new manager needs to give a sample of-------signature to the printer so that a stamp of it can be made.(A) she (B) she's (C) her (D) hers

To: Kevin LennoxYou are cordially invited to attend the official retirement of Mr. George Spencer, CEO of Walters and Raleigh Soft Toys. Mr. Spencer is retiring after 45 years in the business. As one of Walters and Raleigh's most respected clients, we would be delighted if you could join us in saying goodbye to Mr. Spencer, who as the founder of our company, an award-winning businessman, and a regular on the factory floor, will be greatly missed.Pate: Saturday September 5th Time: 6:30 for 7:00Place: Plaza Hotel, Peony Suite, 4th Floor Press: EJIack tieThere will be speeches and a presentation of retirement gifts for Mr. Spencer. Should you wish to say a few words, or send a gift, please let us know in advance. All speeches will be subject to approval.Please RSVP by returning the enclosed reply card to Marion Winters by August 25th. We hope to have the pleasure of your company.RSVP

From: Kevin LennoxI will/will not be able to attend the party for Mr. Spencer on Saturday, September 5th.CommentsMarion,Thank you so much for the invitation. I'd love to go, but I'm afraid I won't be able to make it. Lennox Brothers is opening their first overseas branch the Friday before, and so I'll be in Singapore to oversee things. I won't be getting back to Seattle until the 7th, and then I'll have to fly straight to the head office in New York to report on the proceedings. I would have liked to say a few words at

the party, but I suppose I'll just have to send him a card. I'm sure that George will have plenty of interesting stories to tell and many hilarious anecdotes to share. Too bad I'll miss it all. Hope you get a good crowd to send him off.Thanks again for the invitation.Kevin Lennox

196. What kind of event is Kevin Lennox being invited to?(A) The launch of a new range of products (B) An awards ceremony(C) A speech by a businessman (D) A retirement party197. Why was Kevin Lennox sent an invitation?(A) Because the secretary made a mistake(B) Because he works for George Spencer(C) Because he does a lot of business with George Spencer's company(D) Because he asked for one198. Where are Lennox Brothers opening a new store?(A) Seattle (B) New York (C) Singapore (D) Raleigh199. On what day of the week will Kevin Lennox arrive in Seattle?(A) Monday (B) Tuesday (C) Wednesday (D) Thursday200. Which of the following statements is NOT true?(A) Kevin Lennox wanted to make a speech.(B) George Spencer's company produces soft toys.(C) Lennox Brothers has several branches in foreign countries.(D) Kevin Lennox will not be in New York on September 5th.

101. The most recent polls-------that the use of broadband Internet connections is on the rise.(A) shows (B) did showed (C) shown (D) show102. Please use the stairs in the------of a fire.(A) cases (B) happening (C) event (D) time103. The engineers __________ new plans for the building.(A) drafted (B) built (C) shafted (D) grafted104. It is hard to make a living _________ freelance writer.(A) to be (B) in a (C) into (D) as a105. Until-------notice, the cafeteria is closed.(A) further (B) furthermore (C) farther (D) recent106. Only twice in the last thirty years------- the company seen such low sales figures.(A) has (B) does (C) since (D) have107. No one-------to the public relations event.(A) stayed (B) enjoy (C) came (D) been108. Designers predict that silk will be a popular -------in the fall and spring.(A) clothes (B) fabric (C) item (D) wear109. My computer-------to be upgraded.(A) need (B) needs (C) needing (D) is needing110. Pursuant to company policy, on-the-job training is-------for all new employees.(A) requirement (B) requiring (C) requires (D) required111. Providing value for money is one of the -------ways to foster customer loyalty.(A) greater (B) best (C) more better (D) good

112. Prior to the new laws, there ________ no penalty for polluting.(A) had been (B) has been (C) have been (D) is being113. In the future, you really _______ plan your finances better. (A) should (B) need (C) has to (D) have better114. -------Stanley has a background in accounting, he'll be asked to look over this year's tax reports.(A) Since (B) So (C) Just (D) Only115. -------he has worked here for over ten years, he has never been asked to give a presentation.(A) Despite (B) However (C) Even (D) Although116. With practice, I can assure you, you'll make -------mistakes.(A) much (B) any (C) lesser (D) fewer117. I had to remind him that we were interested only in-------candidates who fulfilled all the criteria.(A) a (B) those (C) them (D) there118. You still have-------the end of the week to change your flight arrangements.(A) for (B) at (C) since (D) until119. We've been meeting with them daily since the end of the month, and we-------haven't signed an agreement.(A) besides (B) still (C) further (D) even120. She agreed to speak to us-------the condition that we not use her name anywhere in the report.(A) in (B) on (C) of (D) before121. Improved graphics on cell phones have opened up a-------of opportunities for game manufacturers.(A) wealth (B) vast (C) quantity (D) richness122. The benchmark Nikkei index-------1122 points for the first time in over twelve months.(A) exceeded (B) over (C) more than (D) excelled123. We-------that trade tariffs will be dropped this year.(A) hoped (B) have hoped (C) will hope (D) are hoping124. If the other countries continue to uphold sanctions against us, we will suffer-------losses.(A) excessive (B) immeasurable (C) abundant (D) abounding125. The director is-------investigating the latest complaints regarding the quality of their products.(A) yet (B) ever (C) still (D) all126. I think we are going to need a more-------evaluation of the situation.(A) objective (B) subjective (C) independent (D) dependent127. According to the-------polls, consumer spending has reached a record high.(A) late (B) lately (C) latest (D) lost128. The company president was indicted on charges-------insider trading.(A) by (B) to (C) of (D) from129. While we do expect to have some vacancies, we are not yet looking to-------them.(A) fulfil (B) replace (C) reduce (D) fill130. His resignation happened at the------- possible time.(A) most (B) worst (C) worse (D) terrible131. If you-------make double-sided copies, you'll need to press this green button.(A) want (B) want to (C) have wanted (D) wants to132. Petty theft costs the company-------of dollars every year.(A) hundred (B) a hundred (C) hundreds (D) many133. He was given the job because of his reputation in the field, but he has failed to live-------the hype.

(A) on to (B) into (C) up to (D) off to134. The memo from the manager asked for a room with appropriate-------for the meeting.(A) facilities (B) facility (C) equipped (D) machinery135. The marketing techniques of the company reflect the-------of their clientele.(A) differing (B) diversity (C) diverse (D) various136. His vague answer-------me the impression that he is hiding something from us.(A) give (B) given (C) gives (D) will give137. Mr. Jacobs was ecstatic when he learned that he-------to the board of directors.(A) has appointed (B) was appointing (C) had appointed (D) had been appointed138. The company hopes that the personnel-------will be of varied backgrounds and possess outstanding research skills.(A) choose (B) choice (C) chose (D) chosen139. Sharing clean-up duties, as suggested in the proposal,-------a positive impact on office morale.(A) could have (B) had to have (C) would (D) must have140. The hotel's management does not agree with the critic's assessment that the-------of service has declined.(A) quality (B) quantity (C) quantitative (D) qualitative

INCOTERM ABBRE

VIATIO

N

EXPLANATION

Croup CCost and Freight

Cost, Insurance, & FreightCarriage Paid To

Carriage and Insurance Paid

CFR

CIF

CPT

CIP

The seller pays all delivery costs to a named destination, except for insurance.The same as cFR , except the seller also pays the cost of insurance.The seller pays all delivery costs to a named destination. The buyer pays any additional costs after the goods have been delivered to a nominated carrier.The seller pays transport and insurance costs to a named destination, but not import duty.

Croup DDelivered at Frontier

Delivered Ex-Ship

Delivered Ex-Quay

Delivered Duty Paid

Delivered Duty Unpaid

DAF

DES

D E Q

DDP

DDU

The seller pays all delivery costs to the buyer's frontier, but not import duty.The seller pays all delivery costs on board ship, but does not clear the goods for import at the named port of destination.The seller pays all delivery costs to a port named by the buyer, but does not clear the goods for import at the named port.The seller pays all delivery costs, including import duty, to a named destination in the importing country.The same as DDP, except that the seller does not pay import duty.

Group EEX-Works EXW The buyer pays all delivery costs once the goods have left the

seller's factory or warehouse.

Group FFree Alongside Ship

Free Carrier

Free On Board

FAS

FCA

FOB

The seller pays all delivery costs to the buyer's carrier, and clears the goods for export.The seller pays all delivery costs to the port. The buyer pays for loading the goods on to the ship and all other costs.The seller pays all delivery costs to when the goods are on board ship at a named port. The buyer pays all other costs.