English for Special Purposes - International Business

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English for Special Purposes - International Business Compiled by Khang Béo TEST 1 1. This method of payment creates cash flow problems and increases risk for the buyer A. Documentary credit B. Open account C. Bill for collection D. Advance payment 2. Clients look for ………… from an arbitration service. A. speed and cost effectiveness B. reliability of the arbitrators and their decisions C. confidentiality D. all of the above (A, B and C) 3. The three main business areas which have traditionally been resolved by arbitration are ………… A. shipping, commodity and construction B. shipping, commerce and wine C. commodity, construction and share D. construction, shipping and convenience 4. The term used to describe attempts to restrict imports into the country A. tax B. quota C. protectionism D. tariff 5. You can ………… a house and ………… a car. A. hire/rent B. hire/hire C. rent/rent or hire 6. When the Bill of lading marked "freight collected”. Who pays for the freight? A. The Buyer B. The Seller C. The agent D. It depends on the agreement 7. The clause covers General Average. A. A B. B C. A,B,C 1 English for Special Purposes - International Business Compiled by Khang Béo 8. A document that shows details of goods being transported; it entitles the receiver to collect the goods on arrival. A. An invoice B. A bill of exchange C. A bill of lading D. A draft 9. Transferring money from Britain to another country is called sending money ………… A. overseas B. over-water C. over-waves 10. Earthquake, volcanic eruption and lighting are covered under the cargo clause ………… A. A B. B C. C D. A and B 11. ………… insurance originated in the fifteenth century. A. Boat B. Sea C. Navy D. Marine 12. If the price is quoted EXW, who pays for the freight? A. The exporter. B. The buyer. C. The forwarding agent. D. The advising bank. 13. Between which 2 parties is an insurance contract made? A. Between the insurer and the shipping company B. Between an insurance company and the shipping company C. Between the insurer and the party taking out insurance cover D. Between the assured party and the party taking out insurance cover. 14. Transfer of risk from the seller to the buyer (Incoterm 2000): FAS A. When the goods are ex-quay B. When the goods are handed to the first carrier C. When the goods across the ship’s rail D. When the goods are on board 2 English for Special Purposes - International Business Compiled by Khang Béo 15. In joint venture, two or more companies ………… on specific projects A. collaborate B. compete C. practice D. deal 16. Open cover is not a policy: the ………… will write a policy if required. A. Insurer B. Importer C. Exporter 17. The Japanese yen is trading for less than its usual value. You can talk about ………… A. a small yen B. a bad yen C. a weak yen 18. A merger with or the acquisition of one‟s marketing outlets is known as ………… A. horizontal merger B. forward merger C. vertical merger D. backward merger 19. In the past, a lot of small banks were ………… by larger ones. A. bought up B. eaten up C. chewed up 20. If the price is quoted FOB Singapore, then the seller is not obliged to pay insurance and freight. Right or wrong? A. Completely right. B. Wrong. C. Partly right, as the seller is obliged to pay only the freight and insurance necessary to put the goods on board of the designated vessel by the buyer. D. Completely wrong, because the buyer is obliged to pay for insurance and freight on his own account if term of trade is FOB 21. Normally, Risks are transferred at the point of ………… A. Delivery B. Payment C. Arrival 3 English for Special Purposes - International Business Compiled by Khang Béo 22. With this method of payment, banks play an active role. Banks are responsible for paying for the exporter in case the importer fails to do so A. Documentary credit B. Open account C. Bill for collection D. Advance payment 23. ………… is open-ended. A. tailor-made B. floating C. open cover 24. If the price is quoted CPT Vancouver, who pays for the freight? A. The exporter. B. The forwarding agent. C. The buyer. D. The confirming bank. 25. Cultural differences are one of the potential ………… of international mergers. A. threats B. pitfalls C. attraction D. benefits 26. Earthquake, volcanic eruption and lighting are not covered under the cargo clause ………… A. A B. B C. C D. B and C 27. Transfer of risk from the seller to the buyer (Incoterm 2000): FOB A. When the goods are At the seller’s premises B. When the goods are handed to the first carrier C. When the goods across the ship’s rail D. When the goods are on board 28. A document used for transporting goods in containers by road, rail and ship without being open is a ………… A. Bill of exchange B. invoice C. contract of carriage D. container bill of lading 4 English for Special Purposes - International Business Compiled by Khang Béo 29. The Mexican peso is trading for more than its usual value. You can talk about ………… A. a big peso B. a good peso C. a strong peso 30. She looked at the ………… to check where the goods were produced A. certificate of origin B. test certificate C. postmark D. trade mark 31. Transfer of risk from the seller to the buyer (Incoterm 2000): CFR A. When the goods are At the seller’s premises B. When the goods are handed to the first carrier C. When the goods across the ship’s rail D. When the goods are on board 32. ………… from a source country into a destination country for the purpose of exporting to a third country. A. Horizontal FDI B. Platform FDI C. Vertical FDI 33. ………… is the money paid for the right to use the property of another person. A. Compensation payment B. Royalty payment C. Property charges D. Royalty fees 34. The bill of lading issued by the carrier for combined transport is called ………… A. Combined bill of lading. B. Combined bill. C. Combined transportation bill of lading. D. Combined transport bill of lading. 35. One problem in international mergers is the difference in ………… and benefits for managers with similar positions. A. duties B. output C. activity D. compensation 5 English for Special Purposes - International Business Compiled by Khang Béo 36. A marine Bill of Lading becomes negotiable document and no restriction on ownership when it is ………… A. to order, blank endorsed B. surrendered, blank endorsement C. to order, endorsed 37. The risk of rough handling is covered under the cargo clause ………… A. A B. B C. C D. A and B 38. All risks covered is under ………… clause A. A B. B C. C 39. Joining with firms in other stages of the production or sale of a product. A. horizontal integration B. vertical integration C. backward integration D. forward integration 40. International trade develops because certain countries are able to produce some goods more efficiently than other countries. They exchange these goods in order to satisfied their needs and wants. A. Countries import the goods which they produce efficiently. B. Countries probably export the goods which are not efficiently produced. C. Countries probably exchange goods which they produce efficiently for goods which other countries produce efficiently. D. Efficient exchange results from international trade. 41. The exporter didn‟t receive payment for his goods because the buyer ………… A. defaulted B. deferred C. declines D. denied 42. Fixed exchange rates are achieved by the intervention of the ………… A. investment bank B. commercial bank C. central bank D. merchant bank 6 English for Special Purposes - International Business Compiled by Khang Béo 43. Many countries, such as the United Kingdom and New Zealand, are ………… dependent on international trade A. favorable B. heavily C. perfectly D. grossly 44. ………… is the situation when a ship in a storm might have to jettison certain cargo to protect the ship and the remaining cargo A. Average clause B. Particular average C. General average D. Average clause general 45. Collecting, analyzing and reporting data relevant to a specific market situation (such as a proposed new product) is ………… A. market analysis B. market segmentation C. marketing D. market research 46. A monetary system whereby the value of currencies could be converted into gold at a country‟s central bank A. gold system B. gold standard C. gold value D. gold convertible 47. When the Bill of lading marked "freight prepaid”. Who pays for the freight? A. The Buyer B. The Seller C. The agent D. It depends on the agreement 48. War risk is not included in ………… A. A clause B. B clause C. A,B,C clause 49. ………… original(s) Bill of lading constitute(s) a full set. A. 1 B. 2 C. 3 7 English for Special Purposes - International Business Compiled by Khang Béo 50. A bankrupt person's ………… can be taken and used to repay his/her debts. A. things B. items C. property 8 English for Special Purposes - International Business Compiled by Khang Béo TEST 2 1. Buying a company for less than the value of its assets, the selling these assets to make a profit is called ………… A. asset stripping B. An acquisition C. A takeover bid D. A raid 2. All mergers aim to create ………… for the two companies‟ shareholders. A. added value B. lower costs C. economies of scale D. tax benefits 3. Many countries, such as the United Kingdom and New Zealand, are ………… dependent on international trade A. favorable B. heavily C. perfectly D. grossly 4. In Britain, it's not usual to discuss your personal ………… A. money B. finances C. money arrangements 5. Why do sellers or buyers insure their cargoes? A. To protect themselves from loss or damage to their goods B. To protect themselves from loss only C. To protect themselves from damage only D. To protect the third party from loss or damage to their goods 6. Anything that acts as a security or guarantee for a loan A. Collateral B. Mortgage C. Warranty D. Guarantee 7. ………… original(s) Bill of lading constitute(s) a full set. A. 1 B. 2 C. 3 9 English for Special Purposes - International Business Compiled by Khang Béo 8. Earthquake, volcanic eruption and lighting are not covered under the cargo clause ………… A. A B. B C. C D. B and C 9. A force majeure is an ………… event such as strike, riot or natural disaster which prevents a contract from being ………… A. unforeseen / fulfilled B. unseen / fulfilled C. unforeseen / filled 10. The term used to describe attempts to restrict imports into the country: A. tax B. quota C. protectionism D. tariff 11. The exporter‟s bank then ………… the documents to the importer‟s bank. A. signs B. forwards C. remits D. defers 12. With the open account method of payment, payment is made A. before the goods are shipped. B. when there is no contract involved. C. after the goods have arrived. D. when the exporter doesn’t trust the buyer. 13. Undertaking to indemnify means ………… A. Disagree to pay compensation for loss or damage B. Agree to pay compensation for loss or damage C. Agree to pay for loss or damage without compensation D. Agree to pay compensation for the broker 14. Buying another company‟s shares on the stock exchange, hoping to persuade enough other shareholders to sell to take control of the company. A. A merger B. An acquisition C. An integration D. A raid  10  English for Special Purposes - International Business Compiled by Khang Béo 15. Joining with firms in other stages of the production or sale of a product. A. horizontal integration B. vertical integration C. backward integration D. forward integration 16. Two parties sign a contract. A. The contract is binding B. The contract is effective C. The contract is binding and effective 17. Employing more staff has reduced our ………… time in the port A. turning B. turn-round C. turn back D. turnover 18. A company which makes a profit can be described as profitable or ………… A. profit-getting B. profit-making C. profit-having 19. The agreed amount of money to give insurance cover is ………… A. Premium B. life insurance C. marine insurance D. compensation 20. Here's the fifty dollars I ………… A. owe you B. pay you back C. must return 21. If the price is quoted FOB Singapore, who pays for the insurance and freight? A. The exporter. B. The buyer C. The forwarding agent. D. The confirming bank. 22. Multinational companies usually have ………… in different countries. A. daughter companies B. subsidiaries C. factories D. colleagues  11  English for Special Purposes - International Business Compiled by Khang Béo 23. The government has imposed protective tariffs to stop the ………… of cheap imports which threatened to destroy domestic industries A. rain B. famine C. flood D. storm 24. What do we call the difference between a country‟s imports and exports? A. the balance of trade B. the balance of payments C. the surplus D. the deficit 25. Multinational companies can adapt their management method to the ………… in each country or continent. A. their culture B. local conditions C. local culture D. local people 26. Insurance companies can be considered as professional ………… Takers A. life B. risk C. chance D. misfortune 27. The payment method needs complete trust between the exporter and the importer. A. Bill for collection B. Letter of credit C. Advance payment D. Open account 28. After dispatching the goods, the exporter ………… the documents to his bank. A. demands B. collects C. issues D. presents 29. You can ………… a house and ………… a car. A. hire/rent B. hire/hire C. rent/rent or hire  12  English for Special Purposes - International Business Compiled by Khang Béo 30. A merger with or the acquisition of one‟s marketing outlets A. horizontal integration B. vertical integration C. backward integration D. forward integration 31. A person who receives an international payment is called the ………… A. getter B. beneficiary C. receiver 32. A public offer to buy a company‟s shareholders to buy their shares, at a particular price during a particular period, so as to acquire a company A. A merger B. An acquisition C. A takeover bid D. A raid 33. Among other things, a ………… contains details of the goods, their destination and the name of the ship carrying them. A. bill of lading B. way-bill C. bill of exchange D. receipt 34. This method of payment creates cash flow problems and increases risk for the buyer. A. Documentary credit B. Open account C. Bill for collection D. Advance payment 35. With this method of payment, banks play an active role. Banks are responsible for paying for the exporter in case the importer fails to do so. A. Documentary credit B. Open account C. Bill for collection D. Advance payment 36. The bill of lading issued by the carrier for sea transport is called ………… A. Seaway bill. B. Ocean bill. C. Sea waybill.  13  English for Special Purposes - International Business Compiled by Khang Béo 37. Currency bought or sold today with delivery two business days later A. Spot transaction B. Forward transaction C. business transaction D. Futures transaction 38. Who issues ocean bill of lading? A. Captain B. Exporter C. Shipping company D. Agent 39. Some manufacturers were accused of …………, in other words selling goods abroad at a lower price than they were sold domestically. A. dumping B. revaluing C. flooding D. devaluation 40. Transfer of risk from the seller to the buyer (Incoterm 2000): DES A. When the goods are ex-ship B. When the goods are handed to the first carrier C. When the goods across the ship’s rail D. When the goods are on board 41. My endowment policy will ………… when I‟m sixty-five A. ripen B. mature C. flourish D. break 42. The bill of lading issued by the carrier for rail transport is called ………… A. Railway bill. B. Rail waybill. C. Railway consignment note. D. Railway bill of lading. 43. Merging with or taking over other firms producing the same type of goods or services is known as ………… A. horizontal merger B. diversification C. vertical merger D. backward merger  14  English for Special Purposes - International Business Compiled by Khang Béo 44. Make sure all this equipment is insured ………… accidental damage A. over B. against C. with D. from 45. Transfer of risk from the seller to the buyer (Incoterm 2000): DAF A. When the goods are at frontier B. When the goods are handed to the first carrier C. When the goods across the ship’s rail D. When the goods are on board 46. All risks covered is under ………… clause A. A B. B C. C 47. Factors that can give a country an absolute or comparative advantage in goods and services over other countries are ………… A. factors of production, most importantly raw materials, but also labor pool B. climate, economies of scale. C. natural resources and location D. All of these above 48. If the price is quoted CPT Vancouver, who pays for the freight? A. The exporter. B. The forwarding agent. C. The buyer. D. The confirming bank. 49. The person who goes between the person who wants the insurance and the person who underwrites it is ………… A. a shipper B. a client C. a broker D. an insurer 50. Normally, Risks are transferred at the point of ………… A. Delivery B. Payment C. Arrival  15  English for Special Purposes - International Business Compiled by Khang Béo TEST 3 1. The person who goes between the person who wants the insurance and the person who underwrites it is ………… A. a shipper B. a client C. a broker D. an insurer 2. Transferring money from Britain to another country is called sending money ………… A. overseas B. over-water C. over-waves 3. The ………… form you fill in is the basis of your contract with the insurance company A. proposition B. application C. enrolment D. proposal 4. Factors that can give a country an absolute or comparative advantage in goods and services over other countries are ………… A. factors of production, most importantly raw materials, but also labor pool B. climate, economies of scale. C. natural resources and location D. All of these above 5. One problem in international mergers is the difference in ………… and benefits for managers with similar positions. A. duties B. output C. activity D. compensation 6. When the total value of a country‟s imports is greater than its exports, it is a trade ………… A. balance B. loss C. debit D. deficit  16  English for Special Purposes - International Business Compiled by Khang Béo 7. Some of the language in insurance ………… is incomprehensible to most ordinary people. A. premiums B. policies C. rates D. invoices 8. The bank notifying the exporter that the letter of credit has been opened is called ………… A. The issuing bank. B. The advising bank. C. The confirming bank. D. The opening bank. 9. If the price is quoted FOB Singapore, who pays for the insurance and freight? A. The exporter. B. The buyer C. The forwarding agent. D. The confirming bank. 10. In many cases, the insurance company doesn't take the financial ………… A. problem B. risk C. damage 11. An insolvent company often goes into liquidation. A private individual who cannot pay his/her debts may be declared ………… by a court. A. bankrupt B. indebted C. penniless 12. Undertaking to indemnify means ………… A. Disagree to pay compensation for loss or damage B. Agree to pay compensation for loss or damage C. Agree to pay for loss or damage without compensation D. Agree to pay compensation for the broker 13. The document which shows details of goods being transported and which entitles the receiver to collect the goods is called a ………… A. bill of exchange B. document of title C. bill of lading D. declaration  17  English for Special Purposes - International Business Compiled by Khang Béo 14. ………… takes place when a firm through FDI moves upstream or downstream in different value chains i.e., when firms perform value-adding activities stage by stage in a vertical fashion in a host country. A. Horizontal FDI B. Platform FDI C. Vertical FDI 15. A bank that issues a letter of credit (i.e. the importer‟s bank). A. Collecting bank B. Issuing bank C. Confirming bank D. Advising bank 16. Collecting, analyzing and reporting data relevant to a specific market situation (such as a proposed new product) is ………… A. market analysis B. market segmentation C. marketing D. market research 17. Clients look for ………… from an arbitration service. A. speed and cost effectiveness B. reliability of the arbitrators and their decisions C. confidentiality D. all of the above (A, B and C) 18. Which market is bigger? A. Super market is bigger than traditional market B. Street market is bigger than home market C. An open air market is bigger than a home market D. Product market is bigger than consumer market 19. A bill of exchange become payable upon ………… A. remittance B. acceptance C. dispatch D. maturity 20. Multinational companies usually have ………… in different countries. A. daughter companies B. subsidiaries C. factories D. colleagues  18  English for Special Purposes - International Business Compiled by Khang Béo 21. ………… are raw materials such as agricultural products and metals that are traded on special exchanges. A. Goods B. Raw materials C. Productivity D. Commodities 22. ………… is the situation when a ship in a storm might have to jettison certain cargo to protect the ship and the remaining cargo A. Average clause B. Particular average C. General average D. Average clause general 23. What is the most complete cover of insurance? A. No partial loss is payable B. Partial loss is payable C. It only covers total loss D. Against all risks 24. Insurance companies can be considered as professional ………… Takers A. life B. risk C. chance D. misfortune 25. An evidence that an insurance contract has been made is ………… A. An insurance certificate B. A certificate of origin C. A health certificate D. A compensation certificate 26. The point of delivery is much the same for all ………… terms and ………… terms – when the exporter hands the goods over to the carrier. A. C and F B. D and F C. C and D 27. She looked at the ………… to check where the goods were produced A. certificate of origin B. test certificate C. postmark D. trade mark  19  English for Special Purposes - International Business Compiled by Khang Béo 28. Transfer of risk from the seller to the buyer (Incoterm 2000): FAS A. When the goods are ex-quay B. When the goods are handed to the first carrier C. When the goods across the ship’s rail D. When the goods are on board 29. A life insurance policy pays out ………… your death or after a set period, whichever is first. A. in case of B. if C. in the event of 30. In the UK, mergers and acquisitions are not ………… by the government. A. controlled B. checked C. regulated 31. Transfer of risk from the seller to the buyer (Incoterm 2000): DES A. When the goods are ex-ship B. When the goods are handed to the first carrier C. When the goods across the ship’s rail D. When the goods are on board 32. When a company‟s top executives buy the company they work for is known as ………… A. a raid B. a takeover bid C. a merger D. an acquisition 33. Normally, Risks are transferred at the point of ………… A. Delivery B. Payment C. Arrival 34. Two parties sign a contract. A. The contract is binding B. The contract is effective C. The contract is binding and effective 35. A country with very low taxes is known as a ………… A. tax heaven B. tax haven C. tax paradise  20 
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