Americans spend a lot of money in their daily lives. Working people spend money on transportation to and from work and on various expenses throughout the day. Americans en- joy shopping and buy many things that they need and want. They spend a lot of money on entertainment. They buy sports equipment, to do sporting events and do many things that cost money. However, many Americans don’t pay cash or write checks for these things. More and more, they pay for things with credit cards(信用卡).
Credit cards are small, rectangular plastic cards. Banks give these cards to their customers. When the customer buys something at a store, he shows his card at the store. This authorizes(委托) the store to charge(记入) the bank account for the customer’s purchase. The bank collects all the charges for each customer. Then once a month the bank requires the customer to pay all the charges for that month. The bank does not force the customer to pay the full amount. It asks the customer to pay for the charges in several payments over a period of time. However, the bank requires the customer to pay interest on the unpaid of the charges.
In this way the bank allows customers to buy things they cannot afford at one time. People can use the card to buy what they want and pay for it over a period of time. They also do not need to carry a lot of money.

A:either pay cash or write checks B:are allowed to use credit cards C:pay cash, write checks or use credit cards D:neither pay cash nor use credit cards

A credit card is a (36) of identification (37) which the owner may obtain consumer credit for the (38) of goods or services (39) than pay cash. At the time of sale he (40) his card to his seller, (41) records the purchaser’s name and account number (42) with the price of the purchase. Records are sent to a (43) billing office that calculates the total price of purchase (44) by the card owner during the business month and sends him a (45) .The purchaser returns his personal check, (46) all or part of the total, to the central office, which allocates the money to the (47) entitled to it.
The credit card, an American innovation, first gained national (48) in 1938 (49) oil companies selling gasoline to (50) set up a national pool to honor each other’s cards. Rapid growth, (51) , was not possible (52) the mid-1950’s,when the development of electronic computers (53) fast, accurate billing and accounting. Department stores, airlines, banks, and other enterprises then entered the (54) and now offer credit to (55) 140 million card owners.

A:production B:possession C:purchase D:pursuit

A credit card is a (36) of identification (37) which the owner may obtain consumer credit for the (38) of goods or services (39) than pay cash. At the time of sale he (40) his card to his seller, (41) records the purchaser’s name and account number (42) with the price of the purchase. Records are sent to a (43) billing office that calculates the total price of purchase (44) by the card owner during the business month and sends him a (45) .The purchaser returns his personal check, (46) all or part of the total, to the central office, which allocates the money to the (47) entitled to it.
The credit card, an American innovation, first gained national (48) in 1938 (49) oil companies selling gasoline to (50) set up a national pool to honor each other’s cards. Rapid growth, (51) , was not possible (52) the mid-1950’s,when the development of electronic computers (53) fast, accurate billing and accounting. Department stores, airlines, banks, and other enterprises then entered the (54) and now offer credit to (55) 140 million card owners.

A:production B:possession C:purchase D:pursuit

Directions: There are five reading passages in this part. Each passage is followed by five questions. For each question there are four suggested answers marked A, B, C and D. Choose one best answer and blacken the corresponding letter on the Answer Sheet.
Passage One

A:either pay cash or write checks B:are allowed to use credit cards C:pay cash, write checks or use credit cards D:neither pay cash nor use credit cards

Documentary credits are separate transactions from the sales contract with which they are related and Letter of Credit can be divided into many kinds depending on the circumstance. A documentary credit may be available by payment, by negotiation or by acceptance. (1) means that the nominated bank will pay the beneficiary the full amount due once he submits the contract documents required under the credit. Under a (2) , the beneficiary is given double assurance of payment since the confirming bank has added its own undertaking to that of the opening bank. If a credit can be transferred by the original beneficiary to one or more parties, it is a (3) . If a credit stipulated that its amount can be renewed without specific amendment to the credit being made, it is then a (4) . (5) are those that cannot be amended or revoked without the consent of all the parties concerned.

A:Confirmed credit B:Payment credit C:Negotiation credit D:Acceptance credit

Documentary credits are separate transactions from the sales contract with which they are related and Letter of Credit can be divided into many kinds depending on the circumstance. A documentary credit may be available by payment, by negotiation or by acceptance. (1) means that the nominated bank will pay the beneficiary the full amount due once he submits the contract documents required under the credit. Under a (2) , the beneficiary is given double assurance of payment since the confirming bank has added its own undertaking to that of the opening bank. If a credit can be transferred by the original beneficiary to one or more parties, it is a (3) . If a credit stipulated that its amount can be renewed without specific amendment to the credit being made, it is then a (4) . (5) are those that cannot be amended or revoked without the consent of all the parties concerned.

A:confirmed credit B:payment credit C:negotiation credit D:acceptance credit

Documentary credits are separate transactions from the sales contract with which they are related and Letter of Credit can be divided into many kinds depending on the circumstance. A documentary credit may be available by payment, by negotiation or by acceptance. (1) means that the nominated bank will pay the beneficiary the full amount due once he submits the contract documents required under the credit. Under a (2) , the beneficiary is given double assurance of payment since the confirming bank has added its own undertaking to that of the opening bank. If a credit can be transferred by the original beneficiary to one or more parties, it is a (3) . If a credit stipulated that its amount can be renewed without specific amendment to the credit being made, it is then a (4) . (5) are those that cannot be amended or revoked without the consent of all the parties concerned.

A:sight credit B:transferable credit C:revolving credit D:back-to-back credit

Documentary credits are separate transactions from the sales contract with which they are related and Letter of Credit can be divided into many kinds depending on the circumstance. A documentary credit may be available by payment, by negotiation or by acceptance. (1) means that the nominated bank will pay the beneficiary the full amount due once he submits the contract documents required under the credit. Under a (2) , the beneficiary is given double assurance of payment since the confirming bank has added its own undertaking to that of the opening bank. If a credit can be transferred by the original beneficiary to one or more parties, it is a (3) . If a credit stipulated that its amount can be renewed without specific amendment to the credit being made, it is then a (4) . (5) are those that cannot be amended or revoked without the consent of all the parties concerned.

A:sight credit B:transferable credit C:revolving credit D:back-to-back credit