Ⅰ. Match the words and expressions on the left with the explanations on the right:(5%)
（　　　） 1. endowment A. done by one side or party only
（　　　） 2. unilaterally B. the person to whom a draft is drawn
（　　　） 3. drawee C. a natural gift or ability
（　　　） 4. beneficiary D. right to the possession of a position or property
（　　　） 5. title E. the company that can make use of L/C to get paid for its export
Ⅱ. Translate the following words and expressions:(10%)
(i) From English into Chinese:
6. trade credit accounts
7. escape clause
8. primary goods
9. up-to-date technology
10. certificate of origin
(ii) From Chinese into English:
11. 直接投资
12. 充分就业
13. 证券交易所
14. 全球化
15. 还盘
Ⅲ. Make brief explanations of the following and give the full term of the abbreviation in English:(20%)
16. Documents Against Payment
17. contract
18. Incoterms
19. buyback
20. FOB
Ⅳ. Fill in each of the following blanks with an appropriate word from the list（You can only choose 10 from the following 12 words in the box): (10%)
agent makes payment documents buyer seller
bank transaction protection money receiving issue
The most important and frequently used method of (21)_____________ in international trade today is the Letter of Credit. It is ideal for individual transactions or for a series, (22)_____________trade with unknown buyers easy, gives (23)_____________to both seller and buyer and overcomes the "credit gap"
(i.e. ,the time-payment loss between order and delivery).
A Letter of Credit starts with the (24)_____________. He instructs his bank to (25)_____________the L/C for the amount of the purchase and in favor of the seller. This is usually done by special printed form. The instruction, or form, contains full details of the (26)_____________as agreed between buyer and seller. The buyer's (27)_____________ sends these instructions to its agent ( a bank co-operating with it) in the seller's country. On (28)_____________these instructions, the agent bank confirms the credit to the seller, i.e., writes to advise the seller that the (29)_____________is available to him at this bank. The seller can now execute the buyer's order, knowing that when he has done so, the money will be paid by the (30)_____________bank.
Ⅴ. Translate the following into English :(25%)
31. 有形贸易指货物的进出口，而无形贸易指的是国家间的劳务交换。
32. 如果投保的险别不是造成损失的直接原因，保险公司将不予赔偿。
33. 尽管有很多好处，反向贸易可能是风险很大的事。
34. 第二次世界大战后召开的布雷顿森林（Bretton Woods）会议创立了国际货币基金组织。
35. 这些机构的共同目标是帮助发展中国家提高生活水平。
Ⅵ. Translate the following into Chinese:(15%)
36.
Having entered the international arena (舞台、领域), an MNC faces a hard task. It must worry not only about how to overcome the communication barriers (cultural differences, distance, and environment) but also how to deal with the different legal and tax structures in the various countries. An MNC also has to cope with foreign currency so that it can protect its foreign assets. Some other problems an MNC has to consider are: how to secure continued access to resources; how to increase market share in view of foreign competition; and how to deal with labor laws and antitrust legislation both at home and abroad.
The key to success is continued access to natural resources as well as human resources. Continuous innovation is also necessary for success. This helps to fight competition. Research and development is usually centralized at the parent company, although some occurs at the subsidiary level.

Ⅶ. Answer the following questions in English : (15%)
37. How would you define international trade? And why did international trade first begin?
38. Explain briefly the difference between a sight draft and a usance draft, and the difference between a clean draft and a documentary draft.