Passage 1Electronic Funds Transfer System (EFTS)The official banking term for computer money transferring is the electronic funds transfer system, or EFTS.There are basically three parts to an EFT system： teller machines. point-of- sale systems, and automated clearinghouses.Teller machines. Recent EFTS developments have involved teller machines. They are also called customer bank communication terminals or remote service units. They are located either on the bank's premises or in stores such as supermarkets or drugstores. Automated teiler machines receive deposits, dispense funds from checking or savings accounts. make cash advances on credit card accounts, and receive payment. The device is connected online to the bank’s computers.Point-of-Sale systems. Such systems allow the consumer transfer founds to merchants in order to make purchases. Online terminals are located at check-out in the mercharit's store. When the customer make a unchase. his or her card is inserted into the terminal, which reads the data. encoded on it. The computer at the customer's bank verifies that the card and identification code are valid and that there is enough money in the customer's account. The customer's account is instarntaneously debited, and the merchant’s account credited, for the amount of the purchase.Automated clearinghouses. Such clearinghouses are similar to ones in use in which checks are cleared between banks. The main difference is that the entries made are in the form of electronic signals一 there are no checks used. Thus, this is not a system for further automating the handling of paper checks. It is a replacement system. Such systems are especially useful for recurrent payments like payroll Social Security, or pension fund plans that are made every week or every month.Money Still ExistsWhat does an EFTS and. in particular, a point-of-sale system do to the money supply? The answer is "nothing". In a cashless, checkless society, you would still need a checking account balance (demand deposits) ON which to draw even though you did not physically write a check. You would have to deposit your paychecks into your account (or have it done by your employer) at the beginning of each month, just as you might do now. The basic advantage of a cashless, checkless society is that it is a means of reducing the costs associated with exchange. After all, it is estimated that the banking system spends over $7 billion annually just to process 32 billion checks.Will the cashless, checkless society make household budgeting more difficult? Not necessarily. Many expenses each month are fixed, such as car and house payments. Paying them automatically will not alter your spending behavior. Moreover, you would get a statement at the end of each month on your transaction, just as you do now. Since we are all faced with a budget constraint, using EFTS cannot alter the total amount of income that we are able to spend. The total money supply will not be affected by switching to EFTS, either. To say that in the future we will not use money is an incorrect view of any electronic funds transfer system. Money is here to stay. 回答问题Which of the following can we say about automated clearinghouses?

Passage 1Electronic Funds Transfer System (EFTS)The official banking term for computer money transferring is the electronic funds transfer system, or EFTS.There are basically three parts to an EFT system： teller machines. point-of- sale systems, and automated clearinghouses.Teller machines. Recent EFTS developments have involved teller machines. They are also called customer bank communication terminals or remote service units. They are located either on the bank's premises or in stores such as supermarkets or drugstores. Automated teiler machines receive deposits, dispense funds from checking or savings accounts. make cash advances on credit card accounts, and receive payment. The device is connected online to the bank’s computers.Point-of-Sale systems. Such systems allow the consumer transfer founds to merchants in order to make purchases. Online terminals are located at check-out in the mercharit's store. When the customer make a unchase. his or her card is inserted into the terminal, which reads the data. encoded on it. The computer at the customer's bank verifies that the card and identification code are valid and that there is enough money in the customer's account. The customer's account is instarntaneously debited, and the merchant’s account credited, for the amount of the purchase.Automated clearinghouses. Such clearinghouses are similar to ones in use in which checks are cleared between banks. The main difference is that the entries made are in the form of electronic signals一 there are no checks used. Thus, this is not a system for further automating the handling of paper checks. It is a replacement system. Such systems are especially useful for recurrent payments like payroll Social Security, or pension fund plans that are made every week or every month.Money Still ExistsWhat does an EFTS and. in particular, a point-of-sale system do to the money supply? The answer is "nothing". In a cashless, checkless society, you would still need a checking account balance (demand deposits) ON which to draw even though you did not physically write a check. You would have to deposit your paychecks into your account (or have it done by your employer) at the beginning of each month, just as you might do now. The basic advantage of a cashless, checkless society is that it is a means of reducing the costs associated with exchange. After all, it is estimated that the banking system spends over $7 billion annually just to process 32 billion checks.Will the cashless, checkless society make household budgeting more difficult? Not necessarily. Many expenses each month are fixed, such as car and house payments. Paying them automatically will not alter your spending behavior. Moreover, you would get a statement at the end of each month on your transaction, just as you do now. Since we are all faced with a budget constraint, using EFTS cannot alter the total amount of income that we are able to spend. The total money supply will not be affected by switching to EFTS, either. To say that in the future we will not use money is an incorrect view of any electronic funds transfer system. Money is here to stay. 回答问题The basic advantage of a cashless and checkless society is that ______.

Passage 1Electronic Funds Transfer System (EFTS)The official banking term for computer money transferring is the electronic funds transfer system, or EFTS.There are basically three parts to an EFT system： teller machines. point-of- sale systems, and automated clearinghouses.Teller machines. Recent EFTS developments have involved teller machines. They are also called customer bank communication terminals or remote service units. They are located either on the bank's premises or in stores such as supermarkets or drugstores. Automated teiler machines receive deposits, dispense funds from checking or savings accounts. make cash advances on credit card accounts, and receive payment. The device is connected online to the bank’s computers.Point-of-Sale systems. Such systems allow the consumer transfer founds to merchants in order to make purchases. Online terminals are located at check-out in the mercharit's store. When the customer make a unchase. his or her card is inserted into the terminal, which reads the data. encoded on it. The computer at the customer's bank verifies that the card and identification code are valid and that there is enough money in the customer's account. The customer's account is instarntaneously debited, and the merchant’s account credited, for the amount of the purchase.Automated clearinghouses. Such clearinghouses are similar to ones in use in which checks are cleared between banks. The main difference is that the entries made are in the form of electronic signals一 there are no checks used. Thus, this is not a system for further automating the handling of paper checks. It is a replacement system. Such systems are especially useful for recurrent payments like payroll Social Security, or pension fund plans that are made every week or every month.Money Still ExistsWhat does an EFTS and. in particular, a point-of-sale system do to the money supply? The answer is "nothing". In a cashless, checkless society, you would still need a checking account balance (demand deposits) ON which to draw even though you did not physically write a check. You would have to deposit your paychecks into your account (or have it done by your employer) at the beginning of each month, just as you might do now. The basic advantage of a cashless, checkless society is that it is a means of reducing the costs associated with exchange. After all, it is estimated that the banking system spends over $7 billion annually just to process 32 billion checks.Will the cashless, checkless society make household budgeting more difficult? Not necessarily. Many expenses each month are fixed, such as car and house payments. Paying them automatically will not alter your spending behavior. Moreover, you would get a statement at the end of each month on your transaction, just as you do now. Since we are all faced with a budget constraint, using EFTS cannot alter the total amount of income that we are able to spend. The total money supply will not be affected by switching to EFTS, either. To say that in the future we will not use money is an incorrect view of any electronic funds transfer system. Money is here to stay. 回答问题We can infer from the passage that ______.

Passage 2Famous AmosToday, most of us recognize Wally "Famous" Amos, the mar who gave his name the original gourmet cookie.The company founded by Amos has achieved nationwide distributiong of several flavors of its cookies in stores and has scattered retail stores world-wide, franchisesin Japan, Australia, and Canada, as well as the United States.In 1988, Wally Amos was just another talent agent trying to succeed in Hollywood. However, he soon developed another calling. Friends told him that the cookies he made were good that he should sell them, and eventually Amos took their advice. Some of these friends backed up their advice by investing $ 25,000 in his venture, the Famous Amos Chocolate Chip Cookie Company, and the world’s first gourmet cookie shop opended in1998.It was an instant success.News of Famous Amos spread by word of mouth, and in a classic exaple of great demand, consumers would walk into stores and ask the owners why they did not stock Famous Amos cookies. The company relied solely 00 this infermal sort of marketing for its first five years.When Amos started his company, he had made no plans for such growth.His first retail "hot bake" shop appeared to be earning a profit and, after all, in his words, "All I wanted to do was make a living. Consumer demand grew and requests began to pour in from other areas,but Amos did not have the funds to expand his cookie shop concept into a chain. He also wanted to avoid the risk of expanding through borrowing funds. Then the idea struck him just as it had McDonald's Ray Kroc 30 years earlier： franchising. The firm distributed its frozen dough directly to the franchised“hot bake” shops located in suburban shopping centers and downtown walk-in locations.Amos also used other distribution alternatives to set the cookies into supermarkets, convenience outlets, "mom-and-pop" stores, and gift shops that make up the Famous Amos market, by contracting with an independent wholesale distributor. This distribution channel saved the company the cost of starting its own network, while giving it access to an already established distribution system, without which the young company might have failed. Even though many store owners were unhappy about doing business with products offering such a low markup, consumer demand was so strong that retailer complaints soon fell to a trickle and distribution became more widespread.Famous Amos tailored its cookies to its markets. Frozen dough was shipped directly to the firm’s franchised "hot bake" shops. For supermarkets, it offered several different sizes of cookies, and set up racks for the packages in the fresh baked goods section, rather than on the cookie shelf, for convenience stores, one-and-two-ounce bags were created save and to encourage impulse sales. It now makes several flavors of cookies ( oatmeal-based cookies are the nation’s best sellers).Demand was created in part by the cookie's taste. The gourmet cookie shop concept was entirely novel, and to outlast the novelty. Famous Amos cookies had to be good. But while consumers like the taste of the cookies (a recent Consumer Report's test rated famous Amos's chocolate chip cookies one of the best-tasting brands available) , much of the success of Famous Amos is based on effective person marketing. Wally Amos’s winning grin gleams from each package of Famous Amos cookies, and his presence seems to give the cookies an identity that its competitors lack.John Rosica，a public relations executive with the company, called Wally a perpetual promotion". In recognition of his role in the company’s success，the Smithsonian’s collection of Advertising History includes his Panama hat and brightly patterned Indian gauze shirt.By the late 1990s, interest in the gourmet cookie had waned so that only a few locations could support bake shops devoted exclusively to cookies. Famous Amos decided to change its placement from gourmet cookie to high-quality family cookie. Package sizes were changed from 2 1 -,7- and 16- ounce packages to 12-ounce size for wholesale distribution to grocery store 2 outlets and a 30-ounce size for food-club stores. A 2-ounce package was also developed to be sold through vending machines. As of 2002, there were only a few bake shop franchises operating 15 stores, and Famous Amos was restricting itself to making finished cookies.Even though Amos sold his ownership interest in the firm in 1998, Famous Amos continued to rely solely on promotions that feature Wally. Among the most successful promotions have been its efforts at cause marketing. The company worked in conjunction with literacy councils in several American cities. having stores of profits to literacy programs. Such promotioms resulted in greatly increased sales, including a 38 percent sales jump in Philadelphia. 回答问题Wally Amos is______.

Passage 2Famous AmosToday, most of us recognize Wally "Famous" Amos, the mar who gave his name the original gourmet cookie.The company founded by Amos has achieved nationwide distributiong of several flavors of its cookies in stores and has scattered retail stores world-wide, franchisesin Japan, Australia, and Canada, as well as the United States.In 1988, Wally Amos was just another talent agent trying to succeed in Hollywood. However, he soon developed another calling. Friends told him that the cookies he made were good that he should sell them, and eventually Amos took their advice. Some of these friends backed up their advice by investing $ 25,000 in his venture, the Famous Amos Chocolate Chip Cookie Company, and the world’s first gourmet cookie shop opended in1998.It was an instant success.News of Famous Amos spread by word of mouth, and in a classic exaple of great demand, consumers would walk into stores and ask the owners why they did not stock Famous Amos cookies. The company relied solely 00 this infermal sort of marketing for its first five years.When Amos started his company, he had made no plans for such growth.His first retail "hot bake" shop appeared to be earning a profit and, after all, in his words, "All I wanted to do was make a living. Consumer demand grew and requests began to pour in from other areas,but Amos did not have the funds to expand his cookie shop concept into a chain. He also wanted to avoid the risk of expanding through borrowing funds. Then the idea struck him just as it had McDonald's Ray Kroc 30 years earlier： franchising. The firm distributed its frozen dough directly to the franchised“hot bake” shops located in suburban shopping centers and downtown walk-in locations.Amos also used other distribution alternatives to set the cookies into supermarkets, convenience outlets, "mom-and-pop" stores, and gift shops that make up the Famous Amos market, by contracting with an independent wholesale distributor. This distribution channel saved the company the cost of starting its own network, while giving it access to an already established distribution system, without which the young company might have failed. Even though many store owners were unhappy about doing business with products offering such a low markup, consumer demand was so strong that retailer complaints soon fell to a trickle and distribution became more widespread.Famous Amos tailored its cookies to its markets. Frozen dough was shipped directly to the firm’s franchised "hot bake" shops. For supermarkets, it offered several different sizes of cookies, and set up racks for the packages in the fresh baked goods section, rather than on the cookie shelf, for convenience stores, one-and-two-ounce bags were created save and to encourage impulse sales. It now makes several flavors of cookies ( oatmeal-based cookies are the nation’s best sellers).Demand was created in part by the cookie's taste. The gourmet cookie shop concept was entirely novel, and to outlast the novelty. Famous Amos cookies had to be good. But while consumers like the taste of the cookies (a recent Consumer Report's test rated famous Amos's chocolate chip cookies one of the best-tasting brands available) , much of the success of Famous Amos is based on effective person marketing. Wally Amos’s winning grin gleams from each package of Famous Amos cookies, and his presence seems to give the cookies an identity that its competitors lack.John Rosica，a public relations executive with the company, called Wally a perpetual promotion". In recognition of his role in the company’s success，the Smithsonian’s collection of Advertising History includes his Panama hat and brightly patterned Indian gauze shirt.By the late 1990s, interest in the gourmet cookie had waned so that only a few locations could support bake shops devoted exclusively to cookies. Famous Amos decided to change its placement from gourmet cookie to high-quality family cookie. Package sizes were changed from 2 1 -,7- and 16- ounce packages to 12-ounce size for wholesale distribution to grocery store 2 outlets and a 30-ounce size for food-club stores. A 2-ounce package was also developed to be sold through vending machines. As of 2002, there were only a few bake shop franchises operating 15 stores, and Famous Amos was restricting itself to making finished cookies.Even though Amos sold his ownership interest in the firm in 1998, Famous Amos continued to rely solely on promotions that feature Wally. Among the most successful promotions have been its efforts at cause marketing. The company worked in conjunction with literacy councils in several American cities. having stores of profits to literacy programs. Such promotioms resulted in greatly increased sales, including a 38 percent sales jump in Philadelphia. 回答问题Initially, Wally Amos started his business______.

Passage 2Famous AmosToday, most of us recognize Wally "Famous" Amos, the mar who gave his name the original gourmet cookie.The company founded by Amos has achieved nationwide distributiong of several flavors of its cookies in stores and has scattered retail stores world-wide, franchisesin Japan, Australia, and Canada, as well as the United States.In 1988, Wally Amos was just another talent agent trying to succeed in Hollywood. However, he soon developed another calling. Friends told him that the cookies he made were good that he should sell them, and eventually Amos took their advice. Some of these friends backed up their advice by investing $ 25,000 in his venture, the Famous Amos Chocolate Chip Cookie Company, and the world’s first gourmet cookie shop opended in1998.It was an instant success.News of Famous Amos spread by word of mouth, and in a classic exaple of great demand, consumers would walk into stores and ask the owners why they did not stock Famous Amos cookies. The company relied solely 00 this infermal sort of marketing for its first five years.When Amos started his company, he had made no plans for such growth.His first retail "hot bake" shop appeared to be earning a profit and, after all, in his words, "All I wanted to do was make a living. Consumer demand grew and requests began to pour in from other areas,but Amos did not have the funds to expand his cookie shop concept into a chain. He also wanted to avoid the risk of expanding through borrowing funds. Then the idea struck him just as it had McDonald's Ray Kroc 30 years earlier： franchising. The firm distributed its frozen dough directly to the franchised“hot bake” shops located in suburban shopping centers and downtown walk-in locations.Amos also used other distribution alternatives to set the cookies into supermarkets, convenience outlets, "mom-and-pop" stores, and gift shops that make up the Famous Amos market, by contracting with an independent wholesale distributor. This distribution channel saved the company the cost of starting its own network, while giving it access to an already established distribution system, without which the young company might have failed. Even though many store owners were unhappy about doing business with products offering such a low markup, consumer demand was so strong that retailer complaints soon fell to a trickle and distribution became more widespread.Famous Amos tailored its cookies to its markets. Frozen dough was shipped directly to the firm’s franchised "hot bake" shops. For supermarkets, it offered several different sizes of cookies, and set up racks for the packages in the fresh baked goods section, rather than on the cookie shelf, for convenience stores, one-and-two-ounce bags were created save and to encourage impulse sales. It now makes several flavors of cookies ( oatmeal-based cookies are the nation’s best sellers).Demand was created in part by the cookie's taste. The gourmet cookie shop concept was entirely novel, and to outlast the novelty. Famous Amos cookies had to be good. But while consumers like the taste of the cookies (a recent Consumer Report's test rated famous Amos's chocolate chip cookies one of the best-tasting brands available) , much of the success of Famous Amos is based on effective person marketing. Wally Amos’s winning grin gleams from each package of Famous Amos cookies, and his presence seems to give the cookies an identity that its competitors lack.John Rosica，a public relations executive with the company, called Wally a perpetual promotion". In recognition of his role in the company’s success，the Smithsonian’s collection of Advertising History includes his Panama hat and brightly patterned Indian gauze shirt.By the late 1990s, interest in the gourmet cookie had waned so that only a few locations could support bake shops devoted exclusively to cookies. Famous Amos decided to change its placement from gourmet cookie to high-quality family cookie. Package sizes were changed from 2 1 -,7- and 16- ounce packages to 12-ounce size for wholesale distribution to grocery store 2 outlets and a 30-ounce size for food-club stores. A 2-ounce package was also developed to be sold through vending machines. As of 2002, there were only a few bake shop franchises operating 15 stores, and Famous Amos was restricting itself to making finished cookies.Even though Amos sold his ownership interest in the firm in 1998, Famous Amos continued to rely solely on promotions that feature Wally. Among the most successful promotions have been its efforts at cause marketing. The company worked in conjunction with literacy councils in several American cities. having stores of profits to literacy programs. Such promotioms resulted in greatly increased sales, including a 38 percent sales jump in Philadelphia. 回答问题Which of the following is NOT one of the reasons why Wally Amos's company succeeds?