The word "collateral" in the first paragraph probably means "______".

A．security

B．automobile

C．personal property

D．oil run

听力原文：Theoretically, the forward price for a currency can be identical with the spot price. However, it in practice is almost always either higher or lower than the spot price.

(6)

A．The forward price for a currency is always the same with the spot price.

B．The forward price for a currency is always different from the spot price.

C．Theoretically, the forward price is almost always either higher or lower than the spot price.

D．Theoretically, the forward price for a currency is always the same with the spot price.

On the balance sheet, assets and liabilities are classified as either (61) or long-term to indicate their relative liquidity. Liquidity is a (62) of how quickly an item may be converted to cash. Therefore, (63) is the most liquid asset. Accounts receivable are a (64) liquid asset because the business expects to collect the amount in cash in the near future. (65) are less liquid than accounts receivable, and furniture and buildings are even less so.

(46)

A．short-term

B．current

C．circulating

D．futures

What will the buyer do if his bank buys the draft for him?

A．He will open a letter of credit.

B．He will repay the bank a short-term loan.

C．He will buy back the draft.

D．He will return the money to the seller.