Questions 1-5
Reading passage has five sections, A-E.
Choose the correct heading for each section from the list of headings below.
Write the correct number, i-v, in boxes 1-4 on your answer sheet.
List of Headings
i What is a security transaction?
ii Terms and conditions under Article 9
iii Secured transactions in business
iv Types of loan transactions
v Explanations of some types of secured transactions
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1 Section A
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2 Section B
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3 Section C
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4 Section D
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5 Section E
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iv
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i
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v
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iii
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ii
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Match the underlined words 6-10 in the text with the correct meanings by writing the letters (A, B, C etc.) in the box below.
A
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an asset that a lender accepts as security for a loan
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B
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A deal in which a buyer or borrower (called a debtor) guarantees payment of an obligation by giving a security interest in property to the seller or lender
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C
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a failure in making payment
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D
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A loan sanctioned against an immovable asset like a house or a commercial property.
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E
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a legal right granted by a debtor to a creditor over the debtor's property which enables the creditor to have recourse to the property if the debtor defaults in making payment
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VOCABULARY AND GRAMMAR. (10 points)
Questions 11-15. Answer the questions by writing the letters A, B, or C in the box below.
Negotiable instrument
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a thing that is given as security for the fulfilment of a contract or the payment of a debt and is liable to forfeiture in the event of failure.
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Fair use
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the crime of using dishonest methods to take something valuable from another person
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lessee
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a person who rents land or property
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pledge
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a document guaranteeing the payment of a specific amount of money, either on demand, or at a set time, whose payer is usually named on the document.
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fraud
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a legal doctrine that promotes freedom of expression by permitting the unlicensed use of copyright-protected works in certain circumstances
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(11) D
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(12) E
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(13) C
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(14) A
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(15) B
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Questions 16-20. Complete these sentences by choosing the correct preposition in each case.
An unsecured creditor has a general claim against a debtor, which is not secured by any particular asset of the debtor.
A tax lien attaches to all taxable property on this date to secure payment of taxes imposed for the year.
When personal property, such as a car, has been put up as collateral or security for a loan, it may be taken through repossession.
An example of a priority creditor is the Internal Revenue Service, which has priority over all other creditors when the debtor becomes insolvent and files for bankruptcy.
A Bill of Sale is a document that shows that legal title of goods has passed from one party to another . It is often retained in security by the party with title but not having possession of the goods in question.
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