2012年金融英语考试模拟试题及答案(3)
2012年金融英语考试模拟试题及答案(3)SECTION ONE (Compulsory)：Answer all ten questions in this section. Each question carries 1 mark.1. Multiple-choice questions: from the following four options, select a correct and fill in its labeling the brackets. (A total of 10 points)1. A production function for a firm describes: ()A. What should be produced to maximize profit.B. What is technologically feasible when the firm produces efficiently.C. What revenue is earned from producing efficiently.D. What the firm produces with given inputs.2. Which of the following is not a characteristic of a competitive industry? ()A. There are many firms.B. All firms produce homogeneous products, which are substitutable for each other.C. There is a fierce price war among rivals.D. Firms can enter and exit the industry freely.3. The Central Bank in the open market buying and selling of securities is designed to: ()A. regulation bond pricesB. achieve profit maximizationC. regulate money supplyD. adjust prices level4. What unemployment is formed because of the economic recession? ()A. friction unemploymentB. structural unemploymentC. cyclical unemploymentD. natural unemployment5. After a long race on a hot day, a runner enjoys her first drink a lot, the second she enjoys less and she declines a third drink. This illustrates the principle of: ()A. Increasing marginal utility.B. Decreasing marginal utility.C. Increasing marginal cost.D. Decreasing marginal cost.6. On a hot day, the price and the quantity sold of ice creams both increase. This can reflect a: ()A. Shift in the demand curve to the right.B. Move along the demand curve.C. Shift in the demand curve to the left.D. Shift in the supply curve to the right.7. When a country’s currency appreciates, the country’s goods abroad become ______ and foreign goods in that country become ______.A. cheaper... more expensiveB. more expensive... cheaperC. cheaper...cheaperD. more expensive... more expensive8. A US company is bidding for a contract in China. Its Chinese customer asks for a performance bond. What is the most likely course of action? ()A. It asks its bank to issue a tender bond which can be converted into a performance bondB. It gives up its bidC. It consults its bank about issuing a standby letter of creditD. It asks its bank to issue a performance bond9. There is a deficit in the federal budget when: ()A. Federal government spending is greater than federal tax revenues.B. U.S. imports are greater than U.S. exports.C. The total demand for money is greater than the total supply of money.D. U.S. imports are smaller than U.S. exports.10. Mrs. Jones purchased a 20-year Treasury bond bearing a 12% coupon rate. She purchased the bond at par ($1000). If rates fall to 9% what will be the new price of the bond? ()A. $1333B. $1500C. $750D. $900E. There will be no change in the price of the bond.SECTION TWO(Compulsory)：Answer the questions in this section.Reading Comprehension: (10 points)James Sigmund, CFA, is the Head of International Equity for Pell Global Advisors (PGA). Sigmund is considering investing in the country of Zuflak as part of an emerging market portfolio. Sigmund is aware of the risks in investing in emerging markets and is preparing a valuation report regarding this investment. He estimates that Zuflak government debt would be rated BB, and has gathered the following market information for use in analyzing Zuflak.Local Government Bond Yield = 11.50%U.S. 10 year Treasury Bond Yield = 4.50%U.S. BB rated Corporate Bond Yield = 7.75%Local Inflation Rate = 6.50%U.S. Inflation Rate = 3.00%To assist in his analysis of Zuflak, Sigmund has asked Stefano Testorf, CFA, to estimate a value for Kiani Corporation (Kiani), Oleg Industries (Oleg), and Malik Incorporated (Malik) - the three primary companies domiciled in Zuflak that Sigmund has determined to have adequate liquidity for inclusion in PGA’s client portfolios. Testorf gives Sigmund a rough draft of his report and tells Sigmund that in order to account for country specific emerging market risks; he used a probability-weighted scenario analysis to adjust cash flows. Sigmund asks him, “Why didn’t you simply adjust the discount rate?”Testorf replies with three reasons: Reason 1: The country risk attributable to Zuflak can be diversified away according to modern finance theory, and should not be included in the cost of capital.Reason 2: Companies in emerging markets tend to exhibit wild price swings both up and down, therefore adjusting cash flows is the best way to account for these symmetrical country risks.Reason 3: Although Kiani, Oleg, and Malik are all domiciled in Zuflak, each of these companies will tend to respond differently to country risks. This makes it virtually impossible toadjust the discount rate for country specific risk and come up with an accurate valuation estimate.After careful analysis by Sigmund and his team, Sigmund decides that he wants to have exposure to Zuflak in his international portfolios. He is still unsure however, what the best way would be to establish the exposure. Sigmund discusses his concerns with Steve Solak, another portfolio manager with PGA. Solak suggests that Sigmund consider using a closed-end country fund to invest in Zuflak. Solak hands Sigmund a copy of a note that he had provided to a client listing facts about country-specific closed end funds. The note contained the following statements:Closed-end country funds provide an excellent means to access local foreign markets. Even nations that have restrictions on foreign investment are sometimes accessible using closed-end country funds.Closed-end country funds issue a fixed number of shares and are a great way to diversify a U.S.-dollar stock portfolio because of their low correlation with the U.S. stock market.Sigmund thanks Solak for the information and heads back to his office. As he is leaving, Solak asks him if he would have time later that afternoon to discuss the use of American Depository Receipts (ADRs).Part 1)What is the best estimate of the country risk premium for Zuflak? ()A. 0.25%.B. 1.50%.C. 2.75%.D. 6.00%.Part 2)To determine a valuation estimate for Oleg, Testorf assumes that local investors require a 5 percent real rate of return on companies with similar risk to Oleg. What is Oleg’s price-to-earnings (P/E) ratio, if the company has an inflation flow-through rate of 65 percent? ()A. 13.75.B. 5.33.C. 3.00.D. 21.25Part 3)In regard to Testorf’s reasons for incorporating emerging market risk into the valuation of Zuflak by adjusting cash flows rather than adjusting the discount rate, which of the following is TRUE?()A. Reasons 1 and 3 support Testorf’s cash flow adjustment, but reason 2 does not.B. All three of the reasons given support Testorf’s cash flow adjustment.C. Reasons 2 and 3 support Testorf’s cash flow adjustment, but reason 1 does not.D. Reason 1 supports Testorf’s cash flow adjustment, but reasons 2 and 3 do not.Part 4)Due to the high inflation rate of the local country, Testorf calculates the return on invested capital (ROIC) for Kiani by revaluing the company’s fixed assets. In comparing the performance of Zuflak to other local companies, the ROIC calculation should: ()A. Exclude goodwill.B. Exclude depreciation.C. Not revalue fixed assets.D. Exclude net operating profit adjusted for taxes.Part 5)With regard to Solak’s note concerning closed end-country funds: ()A. Statement 1 is correct, statement 2 is correct.B. Statement 1 is incorrect, statement 2 is incorrect.C. Statement 1 is correct, statement 2 is incorrect.D. Statement 1 is incorrect, statement 2 is correct.Explanations of terms：(10 points)1. Real interest rate2. Window instruction3. Special drawing rights4. Money market mutual funds5. Putable bondsQuestion3: Please list some Capital Market Instruments.Question4: What kind of Economic Policy in an Open EconomyQuestion5: What is the Modern Quantity Theory of Money Demand?Question6: If you are a policy maker, what are your Ultimate Targets of Monetary Policy? 1. B C C C B ，A B A A DReading Comprehension: (10 points)Part 1)Your answer: The correct answer was A!Because a U.S. denominated local government bond does not exist, the following formula must be used to calculate the country risk premium:Local government bond yield (non–US dollar denominated)- U.S. 10 year T-bond yield- Inflation differential between local country and U.S.- Yield spread between comparably rated U.S. corporate and U.S. T-bond yields= Country Risk PremiumCountry Risk Premium = 11.50 – 4.50 –(6.50-3.00) –(7.75-4.50)= 11.50 – 4.50 – 3.50 –3.25= 0.25Note that if a U.S. denominated local government bond did exist, we would use that bond in our calculation and would not include the inflation differential.Part 2)Your answer: The correct answer was A!P0/E1 = 1 / [real required return + (1 –inflation flow-through rate) ×inflation rate]= 1 / [0.05 + (1-.65) ×0.065]= 1 / [0.05 + 0.02275]= 1 / 0.07275 = 13.75Part 3)Your answer: The correct answer was A!Although emerging market risk can be incorporated into the valuation process either by adjusting the discount rate (required return), or by adjusting cash flows in a scenario analysis,evidence suggests that country risks can be best captured through cash flow adjustment. The four arguments that support adjustments to cash flow rather than adjusting the discount rate are: Country risks are diversifiable. Modern finance theory states that country risks can be diversified away, and therefore should not be included in the cost of capital. Testorf’s first reason is correct.Companies respond differently to country risk. A general discount rate cannot be applied uniformly to every company valuation in the country because it would not capture the different operating characteristics of the company that could be captured by adjusting the cash flows. Testorf’s third reason is correct.Country risk is one-sided. Emerging markets have a tendency for companies to exhibit one-sided (down only) risk profiles. Therefore, the risks are asymmetrical and adjusting the cash flows best captures these asymmetrical risks. Testorf’s second reason is incorrect.Identifying cash flow effects aids risk management. Managers tend to identify specific factors affecting cash flow and plan to mitigate their risks by adjusting cash flows rather than adjusting the discount rate.Part 4)Your answer: The correct answer was A!When calculating ROIC, excluding goodwill is useful for comparing different local companies and evaluating trends. Goodwill can distort the comparison when firms have differing levels of goodwill. ROIC that includes goodwill measures returns generated by the firm’s acquisitions based on the use of its investors’capital, and is used for determining whether or not the company earned an acceptable rate of return over its cost of capital. Note that revaluation is also important here. ROIC including revaluation of fixed assets measures the company’s operating performance, and is also useful for comparing different companies and evaluating trends.Part 5)Your answer: The correct answer was C!Closed-end country funds provide a simple way to access local foreign markets while achieving international diversification. One of the advantages of closed-end country funds is that investors often have greater access to emerging markets, even those from countries that tend to restrict foreign investment. This is due to the fact that redemptions are less of a concern to the emerging market government because the number of shares of the fund is fixed, and redemptions do not result in capital outflows. Statement 1 on Solak’s note is correct.One of the disadvantages of closed-end country funds is that they may trade at a significant discount premium or discount to their NA V. Although the actual performance of the stock within the closed end fund may have a low correlation with the U.S. market, the NA V of the fund may be highly correlated with the U.S. market, thus reducing the benefit of international diversification. Statement 2 on Solak’s note is incorrect.Explanations of terms：(10 points)1. Real interest rate: Real interest rate is the nominal rate you earn corrected for the change in the purchasing power of money or for the expected inflation. Roughly speaking, the real interest rate is the difference between the nominal interest rate and the inflation rate, or the nominal interest rate minus the inflation rate.2. Window instruction: It refers to the case in which a central bank sets the amount of loansto increase or decrease for each season for commercial banks and requires banks to obey the instruction. The measure is not formulated by the law, but it is only an instruction given by the central bank of a country.3. Special drawing rights: An international type of monetary reserve currency, created by the International Monetary Fund (IMF) in 1969, which operates as a supplement to the existing reserves of member countries.4. Money market mutual funds: Funds that issue shares to savers backed by holdings of high-quality short-term assets.5. Putable bonds: A putable bond grants the bondholder the right to sell the issue back to the issuer at par value on designated dates. The advantage to the bondholder is that if interest rates rise after the issue date, thereby reducing the market value of the bond, the bondholder can sell the bond back to the issuer at par.Question3：Answer:The capital market is extremely important because it raises the funds needed by net borrowers to carry out their spending and investment plans. A smoothly functioning capital market influences how fast the economy grows.(1)BondsBonds are long-term debt obligations issued by corporations and government units. Proceeds from a bond issue are used to raise funds to support long-term operations of the issuer (e.g., for capital expenditure projects). In return for the investor’s funds bond issuers promise to pay a specified amount in the future on the maturity of the bond (the face value) plus coupon interest on the borrowed funds (the coupon rate times the face value of the bond). If the terms of the repayment are not met by the bond issuer, the bond holder (investor) has a claim on the assets of the bond issuer. Bond markets are markets in which bonds are issued and traded. They are used to assist in the transfer of funds from individuals, corporations, and government units with excess funds to corporations and government units in need of long-term debt funding.(2) StocksStocks are equity claims representing ownership of the net income and assets of a corporation. The income that stockholders receive for their ownership is called dividends. There are two types of stocks, common and preferred. A share of common stock in a firm represents an ownership interest in that firm. Preferred stock is a form of equity from a legal and tax standpoint. Preferred stock pays a fixed dividend, and in the event of bankruptcy of the corporation, the owners of preferred stock are entitled to be paid first before the corporation’s other creditors. Common stock pays a variable dividend, depending on the profits that are left over after preferred stockholders have been paid and retained earnings set aside.(3) FundsIn a narrow sense, fund is a reserve of money set aside for some purpose. In general, fund means a financial institution that sells shares to individuals and invests in securities issued by other companies. As you probably know, mutual funds have become extremely popular over the last 20 years. What was once just another obscure financial instrument is now a part of our daily lives. More than 80 million people, or half of the households in America, invest in mutual funds. That means that, in the United States alone, trillions of dollars are invested in mutual funds. In fact, to many people, investing means buying mutual funds. After all, it’s common knowledge thatinvesting in mutual funds is (or at least should be) better than simply letting your cash waste away in a savings account, but, for most people, that’s where the understanding of funds ends. It doesn’t help that mutual fund salespeople speak a strange language that is interspersed with jargon that many investors don’t understand. Originally, mutual funds were heralded as a way for the little guy to get a piece of the market. Instead of spending all your free time buried in the financial pages of the Wall Street Journal, all you had to do was buy a mutual fund and you’d be set on your way to financial freedom. As you might have guessed, it’s not that easy. Mutual funds are an excellent idea in theory, but, in reality, they haven’t always delivered. Not all mutual funds are created equal, and investing in mutuals isn’t as easy as throwing your money at the first salesperson who solicits your business.Question4：Answer:International economic policy refers to activities of national governments that affect the movement of trade and factor inputs among nations. Included are not only the obvious measures such as import tariffs and quotas, but also domestic measures such as monetary policy and fiscal policy. Policies that are undertaken to improve the conditions of one sector in a nation tend to have repercussions that spill over into other sectors. Since an economy’s internal (domestic) sector, one cannot designate economic policies as purely domestic or purely foreign. Rather, the effects of economic policy should be viewed as being located on a continuum between two poles—an internal-effects pole and an external-effects pole. Although the Primary impact of an import restriction is on a nation’s trade balance, for example, there are secondary effects on national output, employment, and income. Most economic polices are located between the external and internal poles rather than falling directly on either one.Question5：Answer:(1) The modern quantity theory of money refers to the monetary theory developed by the Chicago School. From the late 1940s through the 1990s, a group of economists, associated in varying degrees with Chicago School, build upon the traditions of classical economics with the benefit of modern theoretical and statistical techniques. Represented by Milton Friedman, originally labeled the Chicago School, but currently referred to either as monetarists or new classical macroeconomists, this informal group has produced a set of ideas with important implications for the role of money in the economy. In 1956, Friedman published his paper " The Quantity Theory of Money Demand—A Restatement", which marked the emergence of the modern quantity theory of money. On one hand, Friedman accepted the Cambridge School and Keynes’s thought that money is an asset and the demand for money is people’s behavior of choosing assets; on the other hand, Friedman basically adopted the conclusion of the traditional quantity theory of money, i. e., the change of the quantity of money is the cause of the movement of price level.(2) In his design of the function of demand for money, Friedman took into consideration the two factors; first, the total wealth expressed with permanent income which is in a reverse ratio to the demand for money; second, the difference between expected rates of return of holding money and other assets. The higher the rate of return of other assets, the weaker people’s desire to hold money. Friedman did not analyze people’s motives of holding money like Keynes, but continued to study the causes of holding money and thought that there are many different factors affectingthe demand for money. Friedman used a function to express the demand for money: Md / P =f (Yp, Rm, Rb, Rf, P, W, U )Md / P: the demand for real money balances,Yp; The real GDP, the index used to count wealth, called permanent income,Rm; The expected rate of return for money,Rb: The expected rate of return for bonds,Re: The expected rate of return for stocks (common stocks),P; The expected rate of return of goods or expected rate of inflation,W; The ratio of non-human wealth to human wealth,U; Other random variables, including preference, custom, technology, system, etc.(3) In Friedman’s view, the wealth affecting the money demand is permanent and the money demand will not fluctuate with ups and downs of business cycles because the permanent income fluctuates a little in shortrun. Generally speaking, the demand for an asset has a positive interrelation with the wealth people hold. Since money is an asset, the demand for money has a positive interrelation with wealth (Yp). Friedman held that factors affecting money demand are the expected rate of return of the assets that can substitute money. Besides holding wealth in the form of money, people can hold their wealth in other forms, say, bonds, stocks (common stocks) and goods. The opportunity cost of holding money is expressed by the expected rate of return of other assets compared with money. When the expected rates of return of bonds (Rb) and stocks (Re) rise the opportunity cost of holding money will increase which will result in less demand for money. The higher the expected rate of return of other assets, the less the demand for money. P is the expected rate of return of holding wealth in the form of goods compared with money. When the prices of goods rise, the rate of return of goods equals the rate of inflation rate. When the expected rate of return of goods is higher compared with that of holding money, people will do well to "beat the higher prices" by purchasing goods sooner than usual (this is the "expectations effect"). This will reduce the demand for money. W is the ratio of non-human wealth to human wealth. Non-human wealth refers to bonds, stocks and other real assets, while human wealth refers to individuals’ability to make money. This ratio constrains people’s income, e. g.; human wealth can not be obtained when labor force is in a state of unemployment, which naturally reduces the demand for money. Given certain level of wealth, the larger the W, the smaller the money demand. U which refers to other random variables is in a negative correlation with the money demand.Monetarists adhere to virtually all the tenets of classical economists. However, they made some modifications. Some of them have used the quantity theory as a framework for describing the relationship between M and PY rather than just M and P and view the invisible hand as pushing the economy toward the full employment level of production. A second modification of classical thought occurred in Milton Friedman’s revival of the quantity theory is that Friedman replaced the idea of the stability of velocity with the less militant notion that it is predictable. Or, money demand may not be a fixed fraction of total spending; it is related to PY in a close and predictable way.Perhaps the most important classical tradition upheld by modern monetarists is the inherent stability of the economy at full employment. This explains the monetarist rejection of governmental attempts to fine-tune economic activity. A higher level of economic activity requires more capital and labor or technological improvements; more money only leads to inflation. The answer to cyclical downturns is to wait for the natural upturn. Government intervention isunnecessary and potentially damaging.Question6：Answer:The Four Ultimate Targets of Monetary PolicyThe four targets of monetary policy include:(1) Economic growth,(2) Price stability,(3) Full employment, and(4) Balance of payments equilibrium.(1) Economic growthEconomic growth refers to the growth of a nation’s GDP which is the total value of goods and services domestically produced. People’s living standard has increased dramatically over history as result of the growth of the economy and its productivity. But growth means more than merely increasing total output. It requires that output increase faster than the population so that the average output per person expands. Economic growth in every country is the first target of monetary policy. Without certain growth rate, national economy will be in a state of stop or shrinkage and it will be impossible to enhance a nation’s economic strength and raise people’s living standard.(2) Price stabilityPrice stability means the stability of currency value and control of inflation without great change of price level within certain period. The price stability reflects the general trend of price change or average level. In modern economic society, the general price level shows a rising trend in fact. Price stability is to limit the increase rate of the price level of a certain period within certain scope. As for the certain scope within which the increase rate of price level should be kept, there are different views among economists. Generally speaking, if the rising rate of price level is within 2%—3%, it can be called price stability. Consistently stable prices help create an environment in which the other economic targets are more easily reached.(3) Full employmentFull employment means the people who have ability to work and are willing to work can find suitable jobs at present wage level. Full employment is measured with the unemployment rate of labor force. The unemployment rate is the ratio of the number of the unemployed and the labor force willing to work. The unemployment rate represents the extent of full employment in a society. Unemployment means a loss of potential output and imposes costs on the entire economy.For many reasons, a high employment level is one of the paramount goals of monetary policy. Unemployment deprives families of their chief source of income, triggers a host of social problems such as increased incidence of crime and mental illness, and impacts most heavily on the disadvantaged and those at the lower end of the income scale. Collectively, increased unemployment reduces the nation’s level of output and income as well as tax revenues at all levels of government, thereby impairing such public services as roads, public security, and education.Monetary policy affects the unemployment rate by influencing aggregate expenditures on goods and services and the level of the nation’s gross domestic product (GDP). As monetary policy becomes more stimulative, aggregate expenditures and GDP increase and the unemployment rate falls, sometimes below the natural rate. The natural unemployment rate isdefined as the lowest level at which the nation’s unemployment rate can be maintained without triggering an increase in the existing inflation rate. If monetary policy becomes too stimulative and the nation’s unemployment rate falls below the natural rate, inflation accelerates. Hence, a goal of central bank policy is to keep the nation’s unemployment rate as close as possible to the natural unemployment rate without going below it. Unfortunately, the natural unemployment rate changes over time and is uncertain at any point in time. Most economists believe it is currently somewhere in the 5 to 6 percent range.(4) Balance of payments equilibriumBalance of payments is the total record of a country’s (or region’s) economic transactions, including money receipts from and payments to abroad, the difference between receipts and payments forms the surplus or deficit. It also includes some economic transactions even if they will never give rise to monetary settlements. Balance of payments during certain period reflects the state of economic development of a country and the country’s external economy. To maintain balance of payments equilibrium and reasonable quantity of foreign exchange are important conditions of a country’s stable development of economy and international intercourse. So to maintain balance of payment equilibrium should be another important target of monetary policy.。
金融英语模拟试题及答案
金融英语模拟试题及答案Reading Comprehension: (10 points)Joseph Glass, CFA, is a consultant who provides advisory services to large manufacturing companies. Glass has been retained by ABCO, a leading manufacturer of widgets for automobiles in the United States. ABCO has hired Glass to evaluate the possibility of e*panding their current base of operations by building an additional facility in South America. Management of ABCO has identified an increase in demand for widgets in South America over the past decade, and any new manufacturing facility would produce goods to satisfy that void and would be distributed and sold across South America.Glass is not familiar with the current economic climate in South America, but is aware that several governments have attempted to encourage economic development in their countries through the enactment of pro-business legislation. Two of these countries, Venezuela and Peru, both have the reputations of being “friendly” to foreign economic investment withintheir borders. The two countries share some similarities: both, until the past twenty years, were primarily agricultural economies with little industrial development. Also, both countries can offer a relatively low-cost labor force, although their workers in general, are not highly skilled.The government of Peru has declared that protecting the country’s environment is of utmost importance, and has established a regulatory body that oversees any environmental concerns that may arise as the country becomes more industrialized. Fairly stringent regulations have already been put into place in order to ensure that going forward, the operating practices of manufacturers within their country’s borders will be in balance with the government’s concern for their county’s natural resources. Regulations cover areas of concern such as air emissions, water conservation and the use of sustainable resources. Glass advised ABCO that a cost-benefit analysis must be performed to accurately determine both the direct and indirect costs of compliance with the regulations.The Venezuelan government has taken steps to ensurethat it can carefully manage the development of its country’s emerging economy, and to ensure that a competitive market is maintained. A regulatory agency was established five years ago to provide guidance for any new manufacturing concern seeking to operate in Venezuela. The head of the agency is Juan Santos, the former CEO of one of the first modernized manufacturing facilities in the country. During his tenure as head of the agency, he has demonstrated his ability to render decisions that attempt to simultaneously satisfy legislators, industry participants, and consumers. Glass is impressed by Santos’ work so far, but realizes that over the past five years, Venezuela has e*perienced a period of relatively slow economic development. Glass believes that Santos’ skills will truly be put to the test in the upcoming years of the anticipated economic e*pansion.Glass acknowledges the need for governmental regulation of industry, but recognizes that there always are offsetting costs, both short-term and long-term of such controls. Based upon his knowledge of events that have occurred in the United States over thepast thirty years, Glass recommends that ABCO continue to carefully monitor economic developments in both countries even after a site for a new manufacturing facility is selected.Part 1)Should ABCO build a new facility in either of the two countries, it is almost a certainty that they would be the low-cost producer of widgets, with the capacity to satisfy nearly all demand in the region. A natural monopolist operating in an unregulated industry will produce at the point where:A. Marginal costs equal marginal revenue.B. Average costs equal marginal revenue.C. Average costs equal average revenue.D. The marginal cost curve intersects the demand schedule.Part 2)The social regulation policies enacted by the government of Peru would least likely to cause which of the following outcomes? ()A. Higher costs of production.B. A disproportionately higher compliance e*pensefor larger firms rather than smaller firms.C. Higher prices for the end consumer.D. Attempts by industry participants to avoid compliance through creative response.Part 3)If ABCO were to build its new facility in Peru, compliance with the country’s regulatory policies will increase the price of their product by appro*imately ten percent. Some consumers may respond by not replacing the widgets in their automobiles as frequently as before, which will cause decreased fuel efficiency. This unintended effect of regulation is an e*ample of: ()A. The capture hypothesis.B. A creative response.C. A feedback effect.D. The share-the-gains, share-the-pains theory.Part 4)The appointment of Santos, an industry “insider”, to head the regulatory agency in Venezuela has the potential to cause a reaction predicted by which of the following theories of regulatory behavior? ()A. Rate-of-return regulation.B. Share-the-gains, share-the-pains theory.C. The capture hypothesis.D. Cost-of-service regulation.Part 5)Santos, as the head of the main regulatory body in Venezuela, must decide how to manage the effects of an unanticipated sharp increase in the cost of electricity. Santos proposed regulation that will allow manufacturers to pass on the increased costs at scheduled intervals over a five year period. This approach is an e*ample of: ()A. Rate of return regulation.B. Cost-of-service regulation.C. Share-the-gains, share-the-pains theory.D. Social regulation.E*planations of terms：(10 points)1. Liquidity2. Cost-push inflation3. Surveillance4. E*ternal debt5. Foreign reserveQuestion3: How many factors to e*plain the reserveholdings?Question4: What is The Monetary Policy Instruments of the Central Bank?Question5: What is Concept of Trust Market？And what the composition of it is?Question6: What is the Money Laundering?。
2012年金融专业英语证书考试FECT模拟试题及答案-10
2012年金融专业英语证书考试FECT模拟试题及答案-10SECTION ONE (Compulsory)：Answer all ten questions in this section. Each question carries 1 mark.1. Multiple-choice questions: from the following four options, select a correct and fill in its labeling the brackets. (A total of 10 points)1. Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. Which of the following is least likely to be classified as a financial statement element? ()A. AssetB. RevenueC. LiabilityD. Net income2. Amy, a CFA candidate, recently joined A&F Asset Management, and reports directly to Tammy. Shortly after joining the firm, Amy learned that A&F Asset Management does not have a copy of the Code and Standards. Which of the following statements best complies with AIMR Standards of Professional Conduct? ()A. Amy must deliver a copy of the Code and Standards to Tammy.B. Amy must notify Tammy, in writing, of her obligation to comply with the Code and Standards.C. Statement A and B.D. None of the above.3. Compared with an otherwise identical amortizing security, a zero-coupon bond will most likely have: ()A. Less interest rate risk and more reinvestment risk.B. Less reinvestment risk and more interest rate risk.C. The same reinvestment risk and less interest rate risk.D. The same interest rate risk and more reinvestment risk.4. A futures trader goes long one futures contract at $450. The settlement price 1 day before expiration is $500. On expiration day, the future is trading at $505. The least likely way the futures trader will lock in her profits on expiration is: ()A. Take delivery of the underlying asset and pay $500 to the short.B. Close out the futures position by selling the futures contract at $505.C. Take delivery of the underlying asset and pay the expiration settlement price to the short.D. Cash settle the futures and receive the difference between $500 and the expiration settlement price.5. Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. Bishop Ltd. received an advanced payment of $10,000 on December 1, for rent on a property for December and January. On receipt they correctly recorded it as cash and unearned revenue. If at December 31, their year-end, they failed to make an adjusting entry related to this payment, ignoring taxes, what would the effect on the financial statements for the year be? ()A. Assets are overstated by $5,000 and Liabilities are overstated by $5,000.B. Liabilities are overstated by $5,000 and Net income is overstated by $5,000.C. Assets are overstated by $5,000 and Owner’s equity is overstated by $5,000.D. Liabilities are overstated by $5,000 and Owners’ equity is understated by $5,000.6. A market participant has a view regarding the potential movement of a stock. He sells a customized over-the-counter put option on the stock when the stock is trading at $38. The put has an exercise price of $36 and the put seller receives $2.25 in premium. The price of the stock is $35 at expiration. The profit or loss for the put seller at expiration is: ()A. $1.25.B. $1.00.C. $1.25.D. $2.25.7. As part of an AIMR investigation into the conduct of Helen, CFA, AIMR requests records from Helen about her investment accounts. Helen writes AIMR a letter stating that under Standard IV (B.5), Preservation of Confidentiality that she is unable to comply with their request. Which of the following statement is TRUE? ()A. Is correct in her interpretation of Standard IV (B.5).B. Should not turn over the information because it will violate federal material nonpublic information statutes and AIMR’s Standard V (A) Prohibit against Use of Material Nonpublic information.C. Will no be in violation of Standard IV (B.5) by turning over the requested information because under the Professional Conduct Program, the Disciplinary Review Subcommittee is considered an extension of Helen.D. All of the above.8. Which of the following is the least accurate statement about the short sale of stocks? ()A. The short seller must pay any dividends due to the lender of shares.B. A stop buy order would enable a short seller to minimize potential losses.C. Short sales involve time limits for returning the shares borrowed to the lender.D. A short sale can be made only on an uptick or a zero uptick trade if the previous trade was an uptick trade.9. The appropriate measures of free cash flow and discount rate to use when estimating the total value of a firm, respectively, are: ()A. Answer A.B. Answer B.C. Answer C.D. Answer D.10. Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. An analyst gathered the following information from a company’s accounting records:The analyst’s estimate of net income for 2007 would be closest to: ()A. $650,000.B. $850,000.C. $1,050,000.D. $1,850,000.SECTION TWO(Compulsory)：Answer the questions in this section.Reading Comprehension: (10 points)Kammel Capital Management is an institutional money manager that oversees over $12 billion in client assets. Most of its assets under management are invested in the Kammel Funds, a family of 12 mutual funds encompassing 9 growth and value equity funds, and 3 fixed income funds.Linda Karazim is an analyst for the Kammel Strategic Income Fund, a flexible fixed-income fund benchmarked to the Lehman Brothers Aggregate Index. The fund owns a substantial portion of subordinated debentures that were issued by Gernot Incorporated to finance the acquisition of a major competitor in 2002. Karazim has been assigned by the Strategic Income Senior Portfolio Manager, Mark Davidson, to analyze the subordinated debt of Gernot, Inc.Karazim decides that the best way to assess the credit quality of the Gernot’s bonds is to analyze the firm’s financial statements and calculate ratios that will identify trends in the firm’s operations and financing decisions. Karazim searches online and pulls up Gernot’s financial statements for the last three years. The statements Karazim uses for her analysis are shown below:As Karazim is working on her project, Jacob Cannon, an analyst for Kammel’s Large Cap Growth Fund, stops by Karazim’s office to chat. When Karazim tells him that she is working on a ratio analysis project to assess Gernot Inc.’s subordinated debt, Cannon tells her that Kammel’s growth equity team is potentially looking to purchase Gernot’s stock for their fund. Karazim tells Cannon that the r eturn on assets ratio that she has calculated for evaluating Gernot’s debt rating would also be considered one of the most effective ratios for use in valuing Gernot’s stock. Cannon replies that he has been doing his own ratio analysis to assess Gernot’s systematic risk and one of the most useful ratios for identifying relationships between accounting variables and beta is the current ratio, which would also be useful in forecasting the possibility of Gernot, Inc. going bankrupt.After Karazim completes her analysis, she has a meeting with Davidson to discuss her findings. At the meeting, Karazim tells Davidson that Gernot’s Inc.’s sustainable growth rate based on 2004 data is 9 percent, and that a growing company has a much lower chance of defaulting on its debt. Davidson, always critical of the work of the analysts that work for him, concludes the meeting by telling Karazim that she did good work, but one of the major limitations of the cross-sectional analysis she has performed is that comparisons are made difficult due to different accounting treatments.Part 1)What are Gernot’s total asset turnover for 2004 and the change in the ratio from 2002 to 2004? ()2004 Ratio Change in RatioA 2. 08 decline of 0.18B 1 .52 decline of 0.56C 2.08 increase of 0.18D 1.52 increase of 0.56Part 2) What is the change in Gernot Inc.’s cash conversion cycle from 2003 to 2004? The cash conversion cycle has: ()A Increased by 17 days.B Increased by 33 days.C Increased by 25 days.D Decreased by 13 days.Part 3)Karazim has noted in her analysis that Gernot Inc.’s return on equity has fallen significantly from 2002 to 2004. Using the extended DuPont system, which of the following components had the most impact on Gernot’s ROE decline? ()A Financial leverage multiplier.B Operating profit margin.C Interest coverage ratio.D Tax retention rate.Part 4)Regarding Karazim’s conversation with Cannon regarding the most useful ratios for various tasks: ()A Karaz im’s statement is incorrect; Cannon’s statement is incorrect.B Karazim’s statement is incorrect; Cannon’s statement is correct.C Karazim’s statement is correct; Cannon’s statement is correct.D Karazim’s statement is correct; Cannon’s statement is incorrect.Part 5) Karazim decides to enhance her analysis by creating common size statements for Gernot, Inc. Which of the following statements is CORRECT? A common size balance sheet expresses all balance sheet accounts as a percent of: ()A Total assets and a common size income statement expressall items as a percentage of net income.B Sales and a common size income statement expressall items as a percentage of net income.C Sales and a common size income statement expressall items as a percentage of total assets.D Total assets and a common size income statement expressall items as a percentage of sales.Explanations of terms：(10 points)1. Legal tender2. Double-entry bookkeeping3. Arbitrage pricing theory4. Soft law5. Gold marketsQuestion3: What is the Theory of Money Supply by the Monetarist School?Question4: Explain the Open Market Operations.Question5:(1) State the difference between a documentary credit and a documentary collection.(2) Why is a documentary credit arrangement important to an exporter?(3) What is the difference between a revocable credit and an irrevocable credit?Question6: What are the Countering Financial Abuse and Crime? What Others Are Doing?参考答案1. D C B C B ，C C C D CReading Comprehension: (10 points)Part 1)Your answer: B was correct!The total asset turnover ratio = sales/assets. In 2002, the ratio was (10,424/5,012) = 2.08. In 2004, the ratio was (11,606/7,636) = 1.52. From 2002 to 2004 the ratio declined by (2.08 – 1.52) = 0.56.Part 2)Your answer: The correct answer was C！The cash conversion cycle = (average receivables collection period) + (average inventory processing period) – (payables payment period).For 2003: Receivables turnover = (sales/average receivables) = 11,718/((625+798)/2) = 11,718/712 = 16.46 Average receivables collection period = (365/receivables turnover) = 365/16.46 = 22.17 days Inventory turnover = (COGS/average inventory) = 7183/((1342+937)/2) = 7183/1140 = 6.3 Average inventory processing period = (365/inventory turnover) = 365/6.3 = 57.94 days. Payables turnover = (COGS/average payables) = 7183/((620 + 544)/2) = 7183/582 = 12.34 Payables payment period = (365/12.34) = 29.58 days 2003 cash conversion cycle = 22.17 + 57.94 –29.58 = 50.53 days. For 2004: Receivables turnover = (sales/average receivables) = 11,606/((1294+798)/2) = 11,606/1046 = 11.10 Average receivables collection period = (365/receivables turnover) = 365/11.10 = 32.88 days Inventory turnover = (COGS/average inventory) = 7150/((1342+1552)/2) = 7150/1447 = 4.94 Average inventory processing period = (365/inventory turnover) = 365/4.94 = 73.89 days. Payables turnover = (COGS/average payables) = 7150/((620 + 597)/2) = 7150/609 = 11.74 Payables payment period = (365/11.74) = 31.09 days 2004 cash conversion cycle = 32.88 + 73.89 – 31.09 = 75.68 days. From 2003 to 2004, the cash conversion cycle increased by (75.68-50.53) = 25.15 days.Part 3)Your answer: The correct answer was D！From 2002 to 2004, ROE declined from (328/1575) = 20.8% to (304/2292) = 13.3%.The extended DuPont formula states that ROE = [(operating profit margin)(total asset turnover) – (interest expense rate)](financial leverage multiplier)(tax retention rate)For 2002:Operating profit margin = (EBIT/sales) = (513 + 147)/10,424 = 0.0633 = 6.33%.Total Asset Turnover = (sales/assets) = 10424/5012 = 2.08xInterest Expense rate = (interest expense/assets) = 147/5012 = 2.93%Financial leverage multiplier = (assets/equity) = 5012/1575 = 3.18Tax retention rate = (1-tax rate) = 1 – (185/513) = 1 – 0.36 = 64%.For 2004:Operating profit margin = (EBIT/sales) = (516 + 340)/11,606 = 0.0738 = 7.38%.Total Asset Turnover = (sales/assets) = 11,606/7,636 = 1.52xInterest Expense rate = (interest expense/assets) = 340/7,636 = 4.45%Financial leverage multiplier = (assets/equity) = 7,636/2,292 = 3.33Tax retention rate = (1-tax rate) = 1 – (212/516) = 1 – 0.41 = 59%.Since the operating profit margin and the financial leverage multiplier both increased, these did not have an adverse impact on the ROE. The interest coverage ratio is not part of the DuPont formula. The only viable answer is the tax retention rate, which, in fact did decline significantly.Part 4)Your answer: The correct answer was B！Although return on assets is one of the ratios that bond agencies rely on heavily for deriving their debtratings, it is not one of the ratios that is deemed most useful for s tock valuation, therefore Karazim’s statement is incorrect. Return on equity, (not ROA), is a ratio that is deemed to be very effective for both stock valuation and determining credit ratings.Cannon’s statement is correct – the current ratio is considered to be one of the most effective ratios for both determining systematic risk (beta) based on accounting variables and for forecasting bankruptcy.Part 5)Your answer: The correct answer was D！Common size statements normalize balance sheet items by expressing each item as a percentage of total assets, and normalize income statements by expressing each item as a percentage of sales. Using common size statements allows the analyst to make easier comparisons of different sized firms.Explanations of terms：(10 points)1. Legal tender：The status of legal tender simply means that coins and paper currency cannot lawfully be refused in payment for goods and services and in discharge of debts.2. Double-entry bookkeeping：Bookkeeper debits the transaction to one account and credits it to another bill of exchange: A non-interest-bearing written order used primarily in international trade that binds one party to pay a fixed sum of money to another party at a predetermined future date.3. Arbitrage pricing theory：An equilibrium model of asset pricing that states that the expected return on a security is a linear function of the security’s sensitivity to various common factors.4. Soft law：Quasi-legal instruments which do not have any legally binding force, or whose binding force is somewhat "weaker" than the binding force of traditional law, often contrasted to soft law by being referred to as "hard law".5. Gold markets：According to its nature and the influence on the entire world gold transaction, gold market may be divided into leading market and regional market. According to the difference of transaction type and the transaction way, gold market may be divided into spot transaction and future transaction.Following international experiences, gold market participants include; gold enterprises, banks, hedge funds, organizations and personal investors, broker companies and the exchanges.Factors that Affect Gold Market are the quantity change of structure of supply and demand, economic factors and political situation and unexpected significant events.There are many different ways to invest in gold, such as gold futures, gold exploration companies, blue-chip gold mining stocks, gold mutual funds, gold bars, gold bullion and gold coins.Question3：Answer:Friedman held that money demand is relatively stable and money supply must be guaranteed stable, too, if there should be equilibrium between money demand and money supply. So Friedman opposed the management of the aggregate demand raised by Keynes and focused on the importance of money supply.According to the Monetarist School, the core of economic policies is placed on monetary policy, which should be the only important wander-working among all economic policies. Without monetary policy, other economic policies can’t achieve their anticipated effect.Friedman assumed that the best choice in controlling money supply was the "single rule" of monetary policy, i. e. , making it known to the public to adapt a fixed increasing rate of money supply, excluded other factors, such as interest rates, credit flow, excess reserves on a voluntary basis, and so on. So monetary policy should just take a certain money stock as the only decisive factor. In order to carry out the "single rule”, three problems should be solved; the first is how to define the scope of the aggregate money supply; the second is how to decide the increasing rate of money supply and the third is whether or not fluctuation of the increasing rate of money supply is allowed during a certain period, a year or a season. The solution to the above problems is as follows; firstly, M2 should be the scope of the aggregate money supply; secondly, the increasing rate ofmoney supply should be suited to economic growth rate and th irdly, it couldn’t be changed at will when the increasing rate of money supply had been decided. If there is need for change of the increasing rate of money supply, it should be announced and the band of fluctuation should be as small as possible.Question4：Answer:The most widely used instrument of monetary policy is open market operations. Open market operations involve the purchase of securities by a central bank to put additional reserves at the disposal of the banking system or the sale of securities to reduce reserves so that money supply can be altered. Open market operations are the bread-and-butter instrument of Federal Reserve policy in U. S.Because the central bank earns interest income from its securities portfolio, the total revenues earned by the central bank vary in direct proportion to the magnitude of its portfolio. However, this consideration plays no role in the central bank’s decision to acquire or sell securities. Indeed, if it did, the central bank could not perform the chief function of a central bank—conducting monetary policy in a way that contributes to the stability of aggregate expenditures and economic activity.Suppose the U. S. economy is encountering excessive aggregate demand and escalating inflation. The central bank is therefore intent on implementing a policy of monetary restraint. In that event, the central bank would sell securities on the open market. Assume that the central bank sells $225 million in U. S. Treasury bills to a government securities dealer, receiving payment via a check written against the dealer’s bank checking account. When the central bank receives the check, it "collects" by debiting the reserve account of (making a bookkeeping entry against) the dealer’s commercial bank and returns the check to that bank. Upon receipt of the check, the commercial bank debits the dealer’s demand deposit account. The relevant balance sheets exhibit the following changes.Question5：Answer:(1) A documentary credit is a written undertaking by a banker who is the agent fro the importer or the buyer. The function of a documentary collection is to provide both importer (buyer) and exporter (seller) with a compromise to settle their trade transactions between payment in advance and on open account terms.The parties involved in a documentary credit arrangement include issuing banker, advising banker, the applicant and the beneficiary. Parties involved in a documentary collection include the drawer (exporter or seller), the remitting bank, the collecting bank and the drawee (importer or buyer). .Their processes are different.(2) In accordance with the instructions of the importer, the bank undertakes to pay the exporter, up to a limit, within a designated time period and against any stipulated terms and documents.The credit created for international settlement among banks not only provides a sense of security for the traders involved , but also a reliable source of finance for foreign trade where required .(3) A "revocable credit" may be cancelled at any time up to the moment the advising bank pays. This type of credit is the least favorable to the exporter.An irrevocable credit may not be amended or even cancelled without the consent of all the parties involved. This type of credit guarantees payment to the beneficiary, provided that the credit terms and conditions are met.Question6：Answer:(1) Since the late 1980s, the growing concerns about drug trafficking and the uses made of globalization facilitated by the advancements in communication technology have led to direct and indirect approaches by different international institutions and the international community to combat financial crime and money laundering.(2) The FATF and affiliated regional organizations lead the international efforts in directly combatingmoney laundering. Members of the FATF engage in annual self-assessments and in periodic mutual evaluations of members’ anti-money laundering efforts. In June 2000, the FATF identified 15 non-member jurisdictions that it considers as "non-cooperative with international efforts against money laundering". Since the FATF is a voluntary task force and not a treaty organization, its recommendations do not constitute a binding international convention.Fund staff has participated, as observers, in most FATF plenaries since 1980. At the request of the FATF, Fund staff made a statement at the Junel996 FATF Plenary on the macroeconomic impact of money laundering, and the Managing Director made a statement at the February 1998 FATF plenary. The FATF has recently agreed to share results from their exercises with Fund staff conducting financial assessments, in the context of FSAP and OFC assessments. At a recent IMF Executive Board meeting, the possibility was raised that the FATF could be invited to prepare ROSC modules on Fund members’ observance of the FATFs Forty Recommendations. Some members of the FATF have asked that the Fund’s Article IV"? Surveillance and program conditionally include anti-money laundering considerations. The FATF President, in a letter to Fund management, suggested that the FATF Forty Recommendations be adopted as the anti-money laundering standard.(3) Other direct efforts to counter financial crime are undertaken mainly by the International Criminal Police Organization (Interpol) and national financial intelligence units (FIUs). The United Nations takes part in the direct efforts through the United Nation’s Office for Drug Control and Crime Prevention Global Program against Money Laundering (UNDCCP), which monitors weaknesses in global financial systems and assists countries in criminal investigations.Recently, the international community’s awareness of financial system abuse has been heightened by the work of the FSF. In May 2000, the FSF classified 42 OFCs into three groupings, and called on the Fund to take the lead in assessing OFCs adherence to internationally accepted standards and codes.(4) Indirect efforts to counter financial system abuse focus on the preconditions for the proper functioning of financial systems and the formulation and enforcement of relevant laws. These efforts encompass general standards for the supervision and regulation of banks, securities markets, and insurance, as incorporated in the standards developed by the Basel Committee, the IOSCO, and the IAIS. The substance of relevant FATF recommendations is incorporated in the principles of supervision of the Basel Committee and other international supervisory standard-setters.(5) Banking, insurance, and securities markets supervisors are involved in both indirect and direct efforts to combat financial system abuse. Supervisors in different countries exchange information (often based on a network of memoranda of understandings) about individual banks, insurance companies, or agents in the securities markets, with a view to uncover unsound and illegal activities such as securities fraud, insider trading, or misreporting. Supervision is also exercised over the internal mechanisms to control risks, particularly operational risks, which also contributes to countering fraud and other forms of financial crime.(6) Out of concern over the potential impact of tax-induced distortions in capital and financial flows on welfare and on individual countries tax bases, the OECD initiated coordinated action for the elimination of harmful tax practices. In May 1998, the OECD issued a report on Harmful Tax Competition including a series of 19 recommendations for combating harmful tax practices, established a Forum on Harmful Tax Practices, and proposed Guidelines for Dealing with Harmful Preferential Regimes in Member Countries (Annex II). In June 2000, OECD issued a list of countries it considers as engaged in harmful tax practices.。
2012年考研英语全真模拟题及答案解析汇总3
2012年考研英语全真模拟题及答案解析汇总3Part CDirections:Read the following text carefully and then translate the underlined segments into Chinese. Your translation should be written clearly on ANSWER SHEET 2. (10 points) Our daily ex istence is divided into two phases, as distinct as day and night. We call them work and play. We work many hours a day and we allow the necessary minimum for such activities as eating and shopping. 46) The rest we spend in various activities which are known as recreations, an elegant word which disguises the fact that we usually do not even play in our hours of leisure, but spend them in various forms of passiveenjoyment or entertainment.We need to make, therefore, a hard-and-fast distinction not only between work and play but, equally, between active play and passive entertainment. 47) It is, I suppose,the decline of active pl /kcnet1480//kcnet1480/ay — of amateur sport — and the enormous growth ofpurely receptive entertainment which have given rise to a sociological interest in the problem. If the greater part of the population, instead of indulging in sport, spend their hours of leisure “viewing” television programs, there will inevitably be a decline in health and physique. In addition, we have yet to trace the mental and moral consequences of prolonged diet of sentimental or sensational spectacles on the screen. 48) There is, if we are optimistic, the possibility that the diet is too thin and unnourishing to have much permanent effect on anybody. Nine films out of ten seem to leave absolutely noimpression on the mind or imagination of those who have seen them.49) It is only when entertainment is active, participated in, practiced, that it can properly be called play, and as such it is a natural use of leisure. In that sense play stands in contrast to work, and is usually regarded as an activity that alternates with work.Work itself is not a single concept. We say quite generally that we work in order to make a living. Some of us work physically, tilling the land, minding the machines, digging the coal; others work mentally, keep ing accounts, inventing machines, teaching and preaching, managing and governing. 50) There does not seem to be any factor common to all these diverse occupations, except that they consume our time, and leave us little leisure.(356 words)Section ⅢWritingPart A51. Directions:Read the following Chinese text and write an abstract of it in 80—100 English words on ANSWER SHEET 2. (10 points)帮助孩子重新振作孩子得不到帮助，后果可能很严重。
北京市2012年高考英语模拟试卷三及答案
北京市2012年高考英语模拟试卷三第Ⅰ卷（选择题共85分）第一部分:英语知识运用（共两节，满分45分）第一节单项填空（共15小题；每小题1分，满分15分）从Ａ、B、C、D 四个选项中，选出可以填入空白处的最佳选项。
1. —The garden has four gates in different directions, so you may enter it and relax through any of them in the daytime.—_______.A. Very goodB. Very convenientC. That‟s goodD. I like it2. —I ran into _______ back of _______ truck yesterday and damaged my car badly.—I suppose you were driving too fast.A. the; theB. a; aC. the; aD. a; the3. Visitors can stand on the top of Oriental Pearl Television Tower, from where they can have a better ______ of the city of Shanghai.A. sightB. sceneryC. sceneD. view4. Medicine should not be kept _______ it is accessible to children.A. whichB. whereC. howD. that5. The village which they lived in for many years _______ by Typhoon Morakot and now there is nothing to be seen.A. was destroyedB. has been destroyedC. destroyedD. had destroyed6. Many of them turned a deaf ear to his advice, even though they knew it to be _______.A. valuableB. reliableC. flexibleD. acceptable7. Hillary Clinton arrived in Pyongyang on August 4, 2009, ______ the start of the short visit to Korea.A. markedB. having markedC. markingD. to mark8. The color of the shirt does not _______ that of the tie.A. fitB. matchC. suitD. reach9. But for your help, we _______ the game.A. can loseB. will loseC. had lostD. would have lost10. She was very fond of speaking French, _______ indeed she spoke well.A. whichB. thatC. of whichD. how11. _______, they make mistakes as part of their everyday behavior.A. Not only humans make mistakesB. Not only do humans make mistakesC. Only humans make mistakesD. Only do humans make mistakes12. One cause of this attitude students have can be represented by the fact _____ young teachersdon‟t know how to impose their respect among their students.A. whichB. thatC. whyD. /13. I don't want to _______ the topic, but why on earth did you get home that late last night?A. take upB. make upC. break upD. bring up14. 一Did you tell him that we‟ve put off the meeting？一No. He rushed out before I could say ________.A. somethingB. nothingC. anythingD. everything15. I won't have anyone _______ in here. Whoever breaks the regulation will get punished.A. to smokeB. smokeC. smokedD. smoking第二节完形填空(共20小题，每题1.5分，共30分)阅读下面短文，撑握其大意，然后从16—35各题所给的四个选项（A、B、C和D）中，选出最佳选项。
金融英语模拟题(三)T3P1-Listening
TEST-3Part One ListeningSection One (10%)Directions: In this section you will hear l0 short statements. Each statement will be spoken only once. After each statement there will be a pause. During the pause, you must read the four suggested answers marked a, b, c and d, and decide which is the best answer.Now you will hear the example:She went to the bank with Mr. Smith.You will read:A. She went home. C.She went to the bank.B. She liked Mr. smith. D.She went to Mr. Smith's house.Statement C. "She went to the bank" is the closest in meaning to the statement "She went to the bank with Mr. Smith." Therefore, you should choose answer C. Now listen to the statements.1.A. The company is worth of financing.B. This company is highly rated in credit status.C. This company is rated lower in credit standing.D. This company runs a greater risk to make loans.2.A. Visa Card, Access, American Express and Diner's Card areall credits.B. Credit cards are the same thing as charge cards.C. Another name for credit card is charge card.D. American Express is not credit card in the real sense.3.A. Two separate spot transactionsB. One spot and the other forward transactionC. a " one month swap"D. the call option4.A. USD 3657897.05B. USD 3576987.06C. USD 3567897.05D. USD 3657879.065.A. Surplus increaseB. deficit increaseC. no effectD. all of the above6.A. They want to close their accounts in the bank.B. The bank might close their current accounts.C. The customers' overdrawn accounts must be closed.D. The bank closed their overdrawn accounts.7.A. Their operations must be brisk.B. They have a large profit for the year's operations.C. There has been a large deficit in the year.D. They anticipate a great excess of debts over incomefor the year's operations.8.A. CHAPSB. SWIFTC. CHIPSD. CHATS9.A. The check is out of date.B. The check is post-dated.C. The check is in too large amount.D. The check is a crossed one.10.A. If a remitting bank cannot take proper care in collection, the exporter will do it himself.B. If a remitting bank cannot fulfill its obligation in collection, the exporter will claim indemnity on it.C. If a remitting bank cannot take proper care in collection,it will lose acustomer.D. If a remitting bank cannot fulfill its obligation in collection,It will cause loss to the exporter.Section Two (10%)Directions: In this section, you will hear l0 short conversations. At the end of each conversation a question will be asked about what was said. The conversations and questions will be spoken only once. During the Pause, you must read the four suggested answers marked a, b, c, and d, and decide which is the best answer.Now you will hear :M: Does our bank have a direct correspondent relationship with the Bradalys' Bank?W:No, we don't. So we have to advise this L/C via another bank.Q: Which of the following is right?Now you will read:A. We can advise this L/C to the Bradlays' Bank.B. The Bradlays' Bank is our correspondent.C. The L/C has to be advised by a third bank.D. We should advise this L/C by ourselves.From the conversation we know that we have to advise this L/C via another bank. The best answer is C. Therefore you should choose answer C.11.A. 9 a.m.B. 12 noonC. 3 p.m.D. 6 p.m.12A. January 1, 1999B. July 1, 1999C. January 1,2002D. July 1,200213.A. to change pounds to yuanB. to send money to LondonC. to get a permitD. to know the rate of exchange14.A. people who has steady incomeB. People who has a good work record.C. People who has much moneyD. Both a and b15.A. of the house value.B. of the mortgage value.C. of the bank's appraised value.D. of the depreciated value.16.A. A librarianB. A professorC. An accountantD. A reporter17.A. 8875689B. 8758679C. 8756879D. 857678918.A. student and teacherB. employee and bossC. customer and brokerD. two bank clerks19.A. About the amount of RMB deposited with the bank.B. About the rate of interest for RMB deposited with the bank.C. About the terms of deposit with the bank.D. About the conditions of deposit with the bank.20.A. He got a credit card of his friend and come to ask how to use it.B. He got a card and did not know whose card it is.C. He has lost his credit card and come to ask what to do.D. He has found a credit card and come to ask what to doSection Three (10%)Directions: In this section, you will hear 3 short passages. At the end of each passage you will some questions about what was said. The passages and questions will be spoken only once. During the pause, you must read the four suggested answers marked a, b, c, and d, and decide which is the best answer.Questions 21--23 are based on passage 121A. JCB cardB. Diner's ClubC. Visa cardD. Federal-Master22.A. $590 millionB. $16 billionC. $590 billionD. $16 million23.A. from fees collected from its customers who pay for theircharges in monthly installments.B. from fees collected from the stores that accept credit cardC. by charging its customer yearly feesD. by charging its customer for overdue paymentQuestions 24-26 are based on passage 224.A. Bank card business.B. Bank card fraud.C. Technologies used in bank.D. International card fraud.25.A. 680 million dollarsB. 860 million dollarsC. 680 billion dollarsD. 860 billion dollars26.A. It's the same over the 10-year period.B. It's getting worse over the 10-year period.C. It's getting better over the 10-year period.D. There is no way to solve the problem.Questions 27-30 are based on Passage 327.A. a contractual agreement between the banker and the client.B. The creditor-debtor relationship.C. The principal-agent relationship.D. all of above28.A. Those who borrow funds from the bank.B. Those who deposit money with the bank.C. Those who have business dealing with the bank.D. Those who are the customers of the bank.29.A. It acts as an agent to do whatever the customer requires.B. It acts as an agent to provide all kinds of services.C. It acts as an agent to offer many kinds of bankingand financial services.D. It acts as an agent to sell the customer's products.30.A. Payroll management.B. Factoring service.C. Financial management.D. Investment advices.。
2012年金融英语考试模拟试题及答案(4)
2012年金融英语考试模拟试题及答案(4)SECTION ONE (Compulsory)：Answer all ten questions in this section. Each question carries 1 mark.1. Multiple-choice questions: from the following four options, select a correct and fill in its labeling the brackets. (A total of 10 points)1. The law of diminishing returns: ()A. Assumes that there are changes taking place in production techniques.B. Will always result in a positive figure.C. Results in average product equaling marginal product when the average product is at its maximum.D. Shows that the average product rises more rapidly than the marginal product.2. Income elasticity of demand for a particular product: ()A. Will always have a positive measurement.B. Will be of value to the Government in setting the coming year’s direct tax rates.C. Will be unrelated to the possibility of changes in design of the product.D. Could be affected by changes in levels of discretionary spending power.3. For a profit-maximizing firm, the price level equals its marginal revenue (MR) when: ()A. In an oligopolistic market.B. In a monopolistic situation.C. In a perfectly competitive market.D. Sales rise with the increase in price level.4. When one country’s potential GDP is higher than its real GDP, this means: ()A. Its exports are higher than its imports.B. Inflation is getting worse.C. There exists some unemployment.D. None of the above.5. Cutting taxes can lower investment through its impact on interest rates. This is an example of the: ()A. Income effect.B. Accelerator effect.C. Crowding out effect.D. Multiplier effect.6. The price of petrol increases and sales of tyres decrease. This reflectsA. Petrol and tyres are substitutes, and there is a strong income effect.B. The demand for tyres is inelastic.C. Tyres are inferior goods.D. Petrol and tyres are complements, and there is also an income effect.7. The FDIC presently insures deposits up to what amount? ()A. $25,000 per accountB. $50,000 per accountC. $100,000 per accountD. $1,000,000 per accountE. Unlimited8. Firms which specialize in helping companies raise capital by selling securities are called ()A. commercial banksB. investment banksC. savings banksD. credit unionsE. all of the above9. The most liquid of all assets is ()A. The stock of commercial banksB. M1C. IntelligenceD. The debt of major corporations10. Company A and Company B are identical in every way except their capital structure.Each firm can borrow at 10% and each is taxed at 40%.Company A Company BAssets 1000 1000Equity 600 1000Debt 400 100EBIT 100 100Which firm had the higher Net Income? Which firm had the higher ROE? ()A. Company B had a higher net income but the ROEs were identical.B. Company A had a higher net income; company A had a higher ROE.C. Company B had a higher net income; company B had a higher ROE.D. Company A had a higher net income; company B had a higher ROE.E. Company B had a higher net income; company A had a higher ROE.SECTION TWO(Compulsory)：Answer the questions in this section.Reading Comprehension: (10 points)Renaud Blanc is an analyst in the risk management department of De Luca Corporation, a U.S. company that processes fruit and vegetables bought on the world market. Production and sales of packaged fruit juices and condiments occur in the United States, South America, and Europe. Blanc is responsible for making assessments of the relative strength of the U.S. dollar against other relevant currencies. Blanc knows that relative rates of inflation will influence the dollar value of a currency, so he forecasts inflation for the United States and its trading partners.De Luca buys fruit from Brazil. For the coming year Blanc forecasts annual U.S. inflation of 2% and annual Brazilian inflation of 10%. The current exchange rate is BRL3/USD (BRL = Brazilian real, USD = U.S. dollar). The one-year risk-free interest rates in the United States and Brazil are 2.25% and 18%, respectively.One of Blanc’s colleagues, Paula Smith, makes the following statements:1. "The theory of uncovered interest rate parity allows me to calculate E(S1)/S0 as being equal to the ratio of "one plus the one-year Brazilian interest rate”to "one plus the one-year U.S. interest rate,”when the expected ending exchange rate, E(S1), and the beginning of period exchange rate, S0, are quoted as BRL/USD.”2. "Exchange rate risk reduces to inflation uncertainty if all parity relationships hold perfectly.”Smith questions Blanc about whether forward markets for the Brazilian real give anyindication about the expected exchange rate in one year. Blanc responds:"If the forward rate equals the expected spot rate, then using forward currency contracts to hedge exchange risk would be costless (aside from commissions) in terms of the expected dollar price that De Luca would pay for fruit in Brazil.”De Luca also purchases fruit and packaging materials in Europe. Blanc is considering various ways to hedge against the cost of future material purchases in Europe. For the coming year, he forecasts annual inflation of 4% inflation for Europe and 2% for the United States. He believes that uncovered and covered interest parity hold for the United States and Europe.Part 1)If the international Fisher effect holds, based on Blanc’s forecasts, the current one-year risk-free interest rate in Europe should be closest to: ()A. 0.25%.B. 2.25%.C. 4.25%.D. 6.25%.Part 2)Based on Exhibit 1, funded status of Duban’s pension plan under U.S. GAAP for 2007 ($ millions) would be closest to: ()A. 1,256 liability.B. 681 liability.C. 681 asset.D. 1,256 asset.Part 3)Based on Exhibit 1, the pension expense ($ millions) that would be reported on Duban’s 2007 income statement under U.S. GAAP would be closest to: ()A. 187.B. 225.C. 230.D. 317.Part 4)Based on Exhibit 1, the underlying economic pension expense ($ millions) for Duban for 2007 would be closest to: ()A. 187.B. 192.C. 233.D. 274.Part 5)Based on Exhibit 2, under U.S. GAAP Duban’s 2007 translation gain on Kerwin’s identifiable assets resulting from exchange rate changes ($ millions) was closest to: ()A. 133.B. 165.C. 197.D. 216.Explanations of terms：(10 points)1. Liquidity preference2. Moral suasion3. J-curve effect4. Capital asset pricing model (CAPM)5. Interest rate riskQuestion3: What is The Targets of China’s Monetary Policy?Question4: List the Basic Features of a Corporate Bond IssueQuestion5: How does the inflation affect Wealth and Redistribution of Income?Question6: What is The Purpose of Holding Foreign Reserve?1. C D C C B ， 6.D C E B CReading Comprehension: (10 points)Part 1)Your answer: C was correct!Discuss the international Fisher relation and calculate and interpret 1) interest rates exactly and by linear approximation, given expected inflation rates and the assumption that the international Fisher relation holds, 2) the real interest rate, given interest rates and inflation rates and the assumption that the international Fisher relation holds, and 3) the international Fisher relation, and its linear approximation, between interest rates and expected inflation rates. If the international Fisher relation holds, then the real rate in Europe is equal to the real rate in the United States. Given rUS = 2.25 and IUS = 2, we calculate the real U.S. rate, ρ , to be equal to 2.25 - 2.00 = 0.25 (where IUS is the expected rate of inflation in the U.S.). We now know that the European real rate is ρ = 0.25%. Based on IEurope = 4%, we have rEurope = ρ + expected IEurope = 0.25 + 4.0 = 4.25%.Part 2)Your answer: A was correct! Calculate the underlying economic liability (or asset) of a company based upon pension and other post-employment benefit disclosures. The pension liability is calculated as follows:Part 3)Your answer: B was correct!Describe the components of a company’s defined-benefit pension expense and explain the impact of plan assumptions on that pension expense. The pension expense is calculated as follows:Part 4)Your answer: D was correct!Calculate the underlying economic pension and other post-employment expense (income) based upon disclosures after removing the effect of amortized items and smoothing mechanisms.The economic pension expense is calculated as follows:Part 5)Your answer: The correct answer was C!Analyze and evaluate the effects of the all-current and temporal methods on the parent company’s balance sheet and income statement; calculate the translation effects of the all-current and temporal methods of foreign currency translation.To ascertain how much of the change in identifiable assets resulted from exchange rate changes rather than an actual asset increase in krona, the year-end rate is used to translate assets into krona.Explanations of terms：(10 points)1. Liquidity preferenceIt refers to the desire that people like to keep money instead of illiquid assets. It’s this desire that forms people’s demand for money.2. Moral suasionIt refers to that a central bank affects the amount and direction of loans of the commercial banks through suasion to the commercial banks and other financial institutions with its specific position and prestige in the financial system so that credit can be regulated and controlled.3. J-curve effectA theory stating that a country’s trade deficit will worsen initially after the depreciation of its currency because higher prices on foreign imports will be greater than the reduced volume of imports.4. Capital asset pricing model (CAPM)An equilibrium model of asset pricing that states that the expected return on a security is a positivelinear function of the security’s sensitivity to charges in the market portfolio’s return.5. Interest rate riskThe risks that the value of financial assets and liabilities will fluctuate in response to changes in market interest rates.Question3：Answer:As for the targets of monetary policy in China, there are doctrines of multiple targets and double targets. The former sets price stability, economic growth, full employment and balance of payments equilibrium as the targets of monetary policy in order to bring about all the targets while the latter sets only price stability and economic growth as the targets of monetary policy. The Law of the People’s Republic of China on the People’s Bank of China passed in March 1995 stipulates "the targets of monetary policy are to stabilize currency in order to promote economic growth". The Law makes it clear that the target of monetary policy of the PBC is to keep the value of RMB stable.The price stability is chosen as the primary target of monetary policy is based on the following considerations; first, price stability is the precondition and basis of normal operation of economy. The primary target of monetary policy is to maintain a moderate money supply and create a sound financial environment of national economic development so that sustained, fast and sound growth of economy will be attained; second, the choice to be made must conform to the reality in China. China is a developing country and has a great demand for funds. It is proved by experience that economic growth or full employment is often brought about at cost of the stability of currency, which leads to serious inflation; Third, according to the reality that monetary disequilibrium often occurs in China, to stabilize currency and maintain the normalization of money circulation is the standpoint of all work to be done by the PBC as well as the key point of carrying out monetary policy.Question4：Answer:The essential features of a corporate bond are relatively simple. The corporate issuer promises to pay a specified percentage of par values (known as the coupon payments) on designated dates, and to repay par or principal value of the bond at maturity. Failure to pay either principal or interest when due constitutes legal default, and court proceedings can be instituted to enforce the contract. Bondholders, as creditors, have a prior legal claim over common and preferred stockholders as to both income and assets of the corporation for the principal and interest.The promises of corporate bond issuers and the rights of investors who buy them are set forth in great detail in contracts called bond indentures. If bondholders were handed the complete indenture, they would have trouble in understanding its language, and even greater difficulty in determining at a particular time whether or not the corporate issuer were keeping all its promises. These problems are solved for the most part by bringing in a corporate trustee as a third part to the contract. The indenture is made out to the corporate trustee as a representative of the interests of bondholders; that is, the trustee acts in a fiduciary capacity for investors who own the bond issue. A corporate trustee is a bond or trust company with a corporate trust department and officers who are experts in performing the functions of a trustee.A bond’s indenture clearly outlines three important aspects; its maturity, itssecurity, and its provisions for retirement.Question5：Answer:The impact of inflation on wealth and income seems more obvious than that on output because of the uncertainty of inflation to large extent. Among different parties some people gain and some lose as shown in the following analysis：(1) CreditorsCreditors are stripped of part of their wealth which is transferred to debtors during inflation period or to put in another way creditors lose part of their purchasing power. It’s the same when people deposit their money at banks or invest in securities if returns or earnings are fixed under the condition of inflation. Inflation does erode people’s income. For example, you deposit $100 at a bank with yearly interest rate of 10%. If price level rises by 15% one year later, you will lose purchasing power by about 5 % though you get $ 110 after one year.(2) DebtorsDebtors can benefit from inflation while creditors with fixed income lost. Governments are inclined to issue too much money, in some economists’ view, because of the effect of wealth redistribution. Usually governments are the largest debtors and issue a huge amount of public debts. Their burden of repaying principal and interest will become lighter when price level rises. So is the case with banks and their customers.(3) TaxpayersInflation reduces people’s real income. For example, the return rate of an investment before tax is 20%, if income tax rate is 30%, the nominal return rate before tax is 14% and the real income is only 3% if inflation is 11%. Under progressive income tax system, the growth of nominal income raises taxpayers’ marginal tax rate. The increase of tax payable exceeds the rise of nominal income, so the real income will decrease, from which national governments can benefit a lot.(4) Money-holdersCash and checking account deposits without interest won’t bring the holders any earnings and the purchasing power of them will decrease with the rise of inflation rates. So economists call this distorted effect of "inflation tax".Question6：Answer:(1) In a non-fixed exchange rate system, reserves allow a central bank to purchase the issued currency, exchanging its assets to reduce its liability. The purpose of reserves is to allow central banks an additional means to stabilize the issued currency from excessive volatility, and protect the monetary system from shock, such as from currency traders engaged in flipping. Large reserves are often seen as strength, as it indicates the backing a currency has. Low or falling reserves may be indicative of an imminent bank run on the currency or default, such as in a currency crisis. Central banks sometimes claim that holding large reserves is a security measure. This is true to the extent that a central bank can prop up its own currency by spending reserves. (This practice is essentially large-scalemanipulation of the global currency market. Central banks have sometimes attempted this in the years since the 1971 collapse of the Bretton Woods system. A few times, multiple central banks have cooperated to attempt to manipulate exchange rates. It is unclear just how effective the practice is. ) But often, very large reserves are not a hedge against inflation but rather a direct consequence of the opposite policy; the bank has purchased large amounts of foreign currency in order to keep its own currency relatively cheap.(2) A country’s foreign exchange reserves consist of the financial assets under the control of the monetary authority that are readily available for balance of payments financing. While the definition of reserves is straightforward, measuring them is more complicated because of the need to account for future claims on reserves, for example, from derivative contracts.(3) The ideal solution would be to net out those claims on reserves that might result in immediate drains on reserves and other elements that might overstate gross reserves, yielding a concept of "usable reserves". To help implement this concept, the IMF developed in 1999 a template for reporting reserves, which is now being used by about 50 countries, including 30 emerging market countries. However, data on usable reserves are only available for a very limited period, so this essay focuses on gross foreign reserve assets net of gold. The main reason why countries hold foreign exchange reserves is to smooth unpredictable and temporary imbalances in international payments. Thus, the basic idea in the theory of the demand for reserves is that a country chooses a level of reserves to balance the macroeconomic adjustment costs incurred if reserves are exhausted (the precautionary motive) with the opportunity cost of holding reserves. Building on this theory, empirical work has identified a relatively stable long-run demand for reserves that is based on a limited set of explanatory variables.。
2012年中国银行招聘笔试预测试卷三+答案
2012年中国银行招聘笔试预测试卷三+答案第一部分：英语能力测试一、单项选择1. As a theory, balance of power predicts the rapid changes in international power and status. For this reason, it helps to maintain the ______ of relations between states.A. reliabilityB. credibilityC. stabilityD. variability答案：C2. In the USA, both the federal and state governments have laws _____ to guard consumers against deceptive advertisementsA. to be designedB. designedC. to designD. designing答案：B3. _______ to be much chance of our catching him up in the near future.A. You don’t seemB. There doesn’t seemC. That doesn’t seemD. It doesn’t seem答案：B4. There had been another prison breakout (越狱). Five men got away and are still ______.A. at randomB. at lengthC. at largeD. at stake答案：C5. The state government gave a very __________ explanation of its plans for the development of electronic industry.A. comprehensiveB. comprehensibleC. comprehensionD. comprehend 答案：A6. I hope you can ______ your term papers before the deadline.A. permitB. commitC. admitD. submit答案：D7. Like most foreigners, I ask a lot of questions, some of which are insultingly silly. But everyone I __________ has answered those questions with patience and honesty.A. come acrossB. come byC. come overD. come into答案：A8.It is _____honor for Mrs. Black to be invited to act as an hostess at the party.A. anB. aC./D. the答案：A9. The sale usually takes place outside the house, with the audience ___on benches, chairsor boxes.A. having seatedB. seatingC. having been seatedD. seated答案：D10. From observers' estimates of the brightness of the fireball, he _____ that the body in the space was between 40 feet and 260 feet in diameter.A. deducedB. reducedC. inducedD. produced答案：A11. His wife's blood transfusion failed because her blood type was not ______ with that of the donor (供血者) .A. friendlyB. adaptableC. consistentD. compatible答案：D12. After leaving college in 1980, he was ______ a lawyer, a clerk in a bookshop, and a merchant.A. infinitelyB. continuouslyC. eternallyD. successively答案：D13. Terry doesn’t like the idea of his wife _____ i n that affair.A. being involvedB. involvingC. involvedD. to be involved答案：A14. These winners from that key school are wise and diligent, actually there are______students in that school.A. many suchB. such manyC. so manyD. so much答案：A15. Jack got a good mark although he had done _____ the others.A. half as much asB. as much as halfC. as half asD. as much half as答案：A16. Don’t forget the appointment with the principal at t he registry office, _____you?A. don’tB. doC. willD.shall答案：C17.We have no interest in the actress’s scandal (丑闻), _____has been the focus of thenewspaper’s attention for months.A. whichB. whatC. whoD. that答案：A18. Today the progress of science is so rapid that textbooks become out-of-date unless they are revised ______ of two or three years. A. for the moment B. at times C. on schedule D. at the intervals答案：D19. ---Why can’t you smoke?---At no time _______ in the meeting room.A. does smoking permitB. smoking be permittedC. is smoking permittedD. permits smoking答案：C20. But asking middle-class voters to abandon some of their benefits seems to be ______.A. beyond questionB. out of questionC. out of the questionD. without question答案：C二、完型填空Norah had a cottage on a cliff above a big bay. In winter it could be very unpleasant because of strong winds and sea spray. __1__ in summer Norah enjoyed her cottage very much. At weekends she could sit out-of-doors in the sun, __2__ at the beautiful view.Now, Norah and her husband had plenty of friends and relations. These people always came to visit them in summer and in the end it really became quite __3__. When they were at home, they found friends and relations arriving, expecting to be given __4__ drinks and meals, and to sit in the sun for hours, talking as if Norah and her husband had __5__ else to do but entertain and listen to them.This went on for several years. Then one day Norah was __6__ about this to her hairdresser while she was doing her hair."You're disturbed by too many uninvited guests, __7__ you?" said thehairdresser. "Why don't you try my way of __8__? Well, when the bell rings, I __9__ my coat and take my shopping bag. If it's someone I don't want to see, I say innocently, "I'm sorry, but I've got to go out." But if it's someone I want to see, I say, " How __10__! I've just come in."1. A. And B. But C. Thus D. Then2. B. look B. looks C. to look D. looking3. A. enjoyable B. pleasurable C. annoying D. pleasing4. A. few B. little C. limited D. unlimited5. A. something B. anything C. nothing D. things6. A. discussing B. talking C. mentioning D. complaining7. A. isn't B. aren't C. hasn't D. haven't8. A. escaping B. accepting C. welcoming D. removing9. A. take on B. take off C. put on D. put off10. A. troublesome B. unexpected C. unfortunate D. lucky答案： B D C D C D B A C D三、阅读理解Passage 1The Chinese have used a method called acupuncture( 针灸) to perform operations for about 4,000 years without putting the patient to sleep. This involves placing flexible needles into certain parts of the body. The needles are available in a number of stores in China and anyone may buy them.To learn how to use the needles takes about one month of training. But to be skillful requires greater time. The person who performs the acupuncture knows how to put in the needles so the needles themselves are not painful. This person also knows where to place the needles so the patient feels no pain in the area where the operation is to be performed. A particular operation might require 25 or more needles placed in various parts of the body. But now this operation requires only 3 or 4 needles.Today, the Chinese doctors are trying to learn more about acupuncture. They are trying to develop convincing theory to explain how the needles work, in preventing pain, or why a needle in the wrist, for example would prevent the pain in the area of the mouth.A patient who needs an operation is given a choice between havingacupuncture or having one of the chemicals used for putting him to sleep. It has been estimated that over half of the patients choose acupuncture because there is no sickness after the operation but the chemical may make the patient sick for a few hours or a day.1. Acupuncture is_________.A. a medical operationB. a medical needleC. a medical techniqueD. a medical machine答案: A2. Which statement is NOT true of the performer of acupuncture?A. He knows where to place the needles without pain.B. He knows where the operation is to be performed.C. He knows how to perform the operation to cure the patient.D. He knows how to use the needles in an operation.答案: C3. To learn how to use the needles, it takes a person________________.A. several monthsB. a couple of weeksC. a little timeD. almost one month答案: D4. It can be learned from the passage that______________.A. the person performing the acupuncture knows a lot about the making of needlesB. an operation now needs fewer needles than in the pastC. acupuncture has existed in China for as long as 2,000 yearsD. few patients prefer acupuncture to chemicals答案: B5. Which is implied but not stated in the passage' sA. The Chinese mainly use acupuncture to cure strange disease.B. The Chinese are learning to be more skillful and efficient in acupuncture.C. The Chinese have spread acupuncture all over the world.D. Most Chinese patients prefer acupuncture to chemicals in curing diseases.答案: BPassage 2Mobile homes, pulled by specially designed trucks have been increasing in numbers all over the United States. Often, driving along, you can see some mobile homes high on a hill. Some stand undertrees along a river or a lake. They're wonderfully built homes. Sometimes they're as much as 40 feet long, with two to five rooms, and you can find many things you need in them. When you park your mobile home, water, electricity power and telephones are connected, and you can enjoy yourself there.The fact that these homes can be moved doesn't mean that they do move all the time. Sometimes their owners stay for years in one place, plant gardens, build walls and so on. These homes are often quite expensive. Some even cost $ 20,000.Why does a family choose to live in such a home? Well, it's comfortable, easy to keep clean, easy to keep warm, no need to paint. What's more, the fast increase of mobile homes in numbers has something to do with the job uncertainty (不稳定性). Nobody knows what will happen tomorrow. If a factory closes down, you may be trapped with the house you can't sell. However, if you have a mobile home, you can move on easily.The greatest selling attraction of these mobile homes is that they can be improved every year. If you're doing well, you may change a new model just as you do with a car. There is a ready market for used ones, so the price of the mobile homes is higher than that of automobiles (汽车).6. From the passage, we know that mobile homes _______.A. can be built better than our homesB. need to move all the timeC. can provide something people needD. must stand only high on a hill答案: C7. _______ is one of the reasons for people to choose mobile homes.A. The job uncertaintyB. The strange designC. The low priceD. The high speed答案: A8. Which of the following may NOT attract people to buy mobile homes?A. The new model appears every year.B. Walls can be easily built around them.C. They don't need to be painted.D. They can be moved here and there.答案: B9. We can infer that the increase of the mobile homes shows _______.A. great changes in people's living style (方式)B. great interest in developing new thingsC. some problems in people's lifeD. people's hope for new jobs答案: A10. Which of the following is the best title for the passage?A. How to Choose a Mobile HomeB. The Developing Mobile HomesC. The Uses of Mobile HomesD. Mobile Homes Are Popular in the US答案: DPassage 3Questions 21 to 25 are based on the following passage .One day, the principal came into our room and, after talking to the teacher, for some reason said: “I wish all of the white scholars to stand for a moment.” I rose with the others. The teacher looked at me and, calling my name, said: “You sit down for the present, and rise with the others.” I did not quite understand her. She repeated: “You sit down now, and rise with the others.”I sat down puzzled and dumb. I saw and heard nothing. When the other were asked to rise, I did not know it. When school was dismissed, I went out unconsciously. A few of the white boys laughed at me, saying: “Oh, you’re a nigger, too.”I hurried on as fast as I could to where my looking–glass hung on the wall in my own little room. For an instant I was afraid to look, but when I did, I looked long and earnestly. I was accustomed to hearing remarks about my beauty; but now, for the first time, I became conscious of it and recognized it. I noticed the ivory (象牙) whiteness of my skin, the beauty of my mouth, the size and liquid darkness of my eyes. I ran downstairs and rushed to where my mother was sitting. I buried my head in her lap and cried out: “Mother, tell me, am I a nigger?” I could not see her face, but I felt her hands on my head. I looked up into her face. There were tears in her eyes and I could see that she was suffering for me. And then it was that I looked at her critically for the first time. I had thought of her in a childish way only as the most beautiful woman in the world; now I looked at her searching for defects. I could see that her skin was almost brown, and that she did differ in some way from the other ladies who came to the house; yet, even so I could see that she was more beautiful than any of them. She must have felt that I was examining her, for she hid her face in my hair and said with difficulty: “No, my darling, you are not a nigger.” She went on: “If anyone calls you a nigger, don’t notice them.” But the more she talked, the less was I reassured, and I stopped her by asking: “Well, mother, am I white? Are you white?”She answered tremblingly: “No, I am not white, but your father is one of the greatest men in the country. The best blood of the South is in you.” This suddenly opened up in my heart a fresh fear, and I almost fiercely demanded: “Who is my father? Where is he?” She stroked my hair and said: “I’ll tell you about him some day.” I sobbed: “I want to knownow.” She answered: “No, not now.”11. We can infer from the passage that “a nigger ”means________.A. a white personB. a black personC. anyone that is not whiteD. anyone that is not black12. When the teacher asked him to sit down and rise with the others, the author was confused because_________.A. he never considered himself a non-white personB. he thought the teacher didn’t recognize himC. he thought he should be consideredD.he thought it rude for the teacher to call his name13. It was on that day that he began to realize that _________.A. he was a niggerB. he was different from others because of his beautyC. his color was like that of his motherD.he differed from other white people even with his beauty14. From the passage we can learn that _________.A. the boy’s father left them for some reasonsB. the boy’s mother didn’t want to mention his father at allC. the boy never met his father beforeD.the boy’s mother hated his father15.This passage generally tells us a story of ________.A. a boy who suddenly realized that he was a colored personB. a boy who had been looked down upon because he had no fatherC. the miserable life of colored peopleD. the life of a one-parent family答案：B A D C APassage 4Parents can have a great impact on the development of their childrens creativity in art. But first, they have to know how. They may find the following advice interesting and instructive.Encourage free drawing rather than coloring books. Coloring books stop the possibility of selfexpression. A child may just enjoy colorful pictures and never learn how to express himself. As an art teacher says, “Children have a very powerful instinct to draw freely and roughly. Such practice makes them learn language easily.” In fact, a child expresses himself in rough drawing. This is the beginning of literacy and creativity. Also, parents should not teach their kids“how” to draw and they should not make their kids dra w realistic pictures to entertain themselves. Experience tells us that such teaching from the parents will discourage children, making them think they cant do it the “right”way. Competition and rewards should also be avoided in the process of artistic creation.A childs natural instinct to create will disappear if he or she thinks about prize while drawing.Parents should be role models for their kids. They should not say things like,“I cant draw a straight line.”Instead, they should learn to say,“I love to create.”This teaches children that the process of creation is more important than the product. If children see their parents drawing, cooking or building creatively, they will do the same.Buy a notebook for your child to use every day. This can be a journal for making up stories, writing ideas and drawing pictures. Even the youngest child can use it to draw freely and roughly, expressing himself.Take your child to places that promote ideas and creativity. Art museums, science centers, libraries and childrens museums all are great places to see other peoples creativity. That will inspire children to make their own creations and inventions.Give children choices and free time. Some of the best ideas come from daydreaming and imagining. In short, parents should allow their kids to have the freedom to invent for themselves. That means not always teaching and commanding.16. To develop their artistic creativity, children should be encouraged to______.(A). draw freely and roughly(B). learn to draw realistic pictures(C). know how to draw before they start(D). learn to draw good pictures to get prizes答案：A17. Parents are encouraged to be role models for their kids because .(A). parents love to create(B). parents can draw straight lines(C). children tend to follow their parents examples(D). children like the product of their parents creativity答案：C18. It can be inferred from the passage that in artistic creation .(A). product is more important than process(B). process is more important than product(C). process and product are equally important(D). both process and product are unimportant答案：B19. To be inspired by other peoples creativity,children should .(A). write ideas(B). make up stories(C). buy good notebooks(D). visit museums, libraries, and science centers答案：D20. The main idea of this passage is that .(A). children should be encouraged to draw freely(B). children should follow their parents examples(C). parents should know how to cultivate their kids creativity(D). most parents teach their kids confidently and instructively 答案：C第二部分：行政能力测试第1部分言语理解与表达1、下列选项中，没有语病的一项是（）。
2012年金融专业英语证书考试FECT模拟试题-7 (1)
2012年金融专业英语证书考试FECT模拟试题-7(总分：100.00，做题时间：90分钟)一、SECTION ONE (Compulsory)：Answer all ten questions in this section. Each question carries 1 mark. (总题数：10，分数：20.00)1.Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. Which of the following is least likely to be classified as a financial statement element? () （分数：2.00）A.AssetB.RevenueC.Liability income √解析：2. Amy, a CFA candidate, recently joined A&F Asset Management, and reports directly to Tammy. Shortly after joining the firm, Amy learned that A&F Asset Management does not have a copy of the Code and Standards. Which of the following statements best complies with AIMR Standards of Professional Conduct? ()（分数：2.00）A.Amy must deliver a copy of the Code and Standards to Tammy.B.Amy must notify Tammy, in writing, of her obligation to comply with the Code and Standards.C.Statement A and B. √D.None of the above.解析：pared with an otherwise identical amortizing security, a zero-coupon bond will most likely have: ()（分数：2.00）A.Less interest rate risk and more reinvestment risk.B.Less reinvestment risk and more interest rate risk. √C.The same reinvestment risk and less interest rate risk.D.The same interest rate risk and more reinvestment risk.解析：4.A futures trader goes long one futures contract at $450. The settlement price 1 day before expiration is $500. On expiration day, the future is trading at $505. The least likely way the futures trader will lock in her profits on expiration is: ()（分数：2.00）A.Take delivery of the underlying asset and pay $500 to the short.B.Close out the futures position by selling the futures contract at $505.C.Take delivery of the underlying asset and pay the expiration settlement price to the short. √D.Cash settle the futures and receive the difference between $500 and the expiration settlement price.解析：5.Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. Bishop Ltd. received an advanced payment of $10,000 on December 1, for rent on a property for December and January. On receipt they correctly recorded it as cash and unearned revenue. If at December 31, their year-end, they failed to make an adjusting entry related to this payment, ignoring taxes, what would the effect on the financial statements for the year be? ()（分数：2.00）A.Assets are overstated by $5,000 and Liabilities are overstated by $5,000.B.Liabilities are overstated by $5,000 and Net income is overstated by $5,000. √C.Assets are overstated by $5,000 and Owner’s equity is overstated by $5,000.D.Liabilities are overstated by $5,000 and Owners’ equity is understated by $5,000.解析：6.A market participant has a view regarding the potential movement of a stock. He sells a customized over-the-counter put option on the stock when the stock is trading at $38. The put has an exercise price of $36 and the put seller receives $2.25 in premium. The price of the stock is $35 at expiration. The profit or loss for the put seller at expiration is: ()（分数：2.00）A.$1.25.B.$1.00.C.$1.25 √D.$2.25.解析：7.As part of an AIMR investigation into the conduct of Helen, CFA, AIMR requests records from Helen about her investment accounts. Helen writes AIMR a letter stating that under Standard IV (B.5), Preservation of Confidentiality that she is unable to comply with their request. Which of the following statement is TRUE? ()（分数：2.00）A.Is correct in her interpretation of Standard IV (B.5).B.Should not turn over the information because it will violate federal material nonpublic information statutes and AIMR’s Standard V (A) Prohibit against Use of Material Nonpublic information.C.Will no be in violation of Standard IV (B.5) by turning over the requested information because under the Professional Conduct Program, the Disciplinary Review Subcommittee is considered an extension of Helen. √D.All of the above.解析：8.Which of the following is the least accurate statement about the short sale of stocks? () （分数：2.00）A.The short seller must pay any dividends due to the lender of shares.B.A stop buy order would enable a short seller to minimize potential losses.C.Short sales involve time limits for returning the shares borrowed to the lender. √D.A short sale can be made only on an uptick or a zero uptick trade if the previous trade was an uptick trade.解析：9.The appropriate measures of free cash flow and discount rate to use when estimating the total（分数：2.00）A.Answer A.B.Answer B.C.Answer C.D.Answer D. √解析：10. Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. An analyst gathered the following information from a company’s accounting records: Theanalyst’s estimate of net income for 2007 would be closest to: ()（分数：2.00）A.$650,000.B.$850,000.C.$1,050,000. √D.$1,850,000.解析：二、SECTION TWO(Compulsory)：Answer the questions in this section. (总题数：1，分数：10.00)Kammel Capital Management is an institutional money manager that oversees over $12 billion in client assets. Most of its assets under management are invested in the Kammel Funds, a family of 12 mutual funds encompassing 9 growth and value equity funds, and 3 fixed income funds. Linda Karazim is an analyst for the Kammel Strategic Income Fund, a flexible fixed-income fund benchmarked to the Lehman Brothers Aggregate Index. The fund owns a substantial portion of subordinated debentures that were issued by Gernot Incorporated to finance the acquisition of a major competitor in 2002. Karazim has been assigned by the Strategic Income Senior Portfolio Manager, Mark Davidson, to analyze the subordinated debt of Gernot, Inc. Karazim decides that the best way to assess the credit quality of the Gernot’s bonds is to analyze the firm’s financial statements and calculate ratios that will identify trends in the firm’s operations and financing decisions. Karazim searches online and pulls up Gernot’s financial statements for the last threeyears. The statements Karazim uses for her analysis are shown below: As Karazim is working on her project, Jacob Cannon, an analyst for Kammel’s Large Cap Growth F und, stops by Karazim’s office to chat. When Karazim tells him that she is working on a ratio analysis project to assess Gernot Inc.’s subordinated debt, Cannon tells her that Kammel’s growth equity team is potentially looking to purchase Gernot’s stock fo r their fund. Karazim tells Cannon that the return on assets ratio that she has calculated for evaluating Gernot’s debt rating would also be considered one of the most effective ratios for use in valuing Gernot’s stock. Cannon replies that he has been doin g his own ratio analysis to assess Gernot’s systematic risk and one of the most useful ratios for identifying relationships between accounting variables and beta is the current ratio, which would also be useful in forecasting the possibility of Gernot, Inc. going bankrupt. After Karazim completes her analysis, she has a meeting with Davidson to discuss her findings. At the meeting, Karazim tells Davidson that Gernot’s Inc.’s sustainable growth rate based on 2004 data is 9 percent, and that a growing company has a much lower chance of defaulting on its debt. Davidson, always critical of the work of the analysts that work for him, concludes the meeting by telling Karazim that she did good work, but one of the major limitations of the cross-sectional analysis she has performed is that comparisons are made difficult due to different accounting treatments. （分数：10.00）(1).What are Gernot’s total asset turnover for 2004 and the change in the ratio from 2002 to 2004? () 2004 Ratio Change in Ratio （分数：2.00）A.2. 08 decline of 0.18B.1 .52 decline of 0.56 √C.2.08 increase of 0.18D.1.52 increase of 0.56解析：The total asset turnover ratio = sales/assets. In 2002, the ratio was (10,424/5,012) = 2.08. In 2004, the ratio was (11,606/7,636) = 1.52. From 2002 to 2004 the ratio declined by (2.08 –1.52) = 0.56.(2).What is the change in Gernot Inc.’s cash conversion cycle from 2003 to 2004? The cash conversion cycle has: () （分数：2.00）A.Increased by 17 days.B.Increased by 33 days.C.Increased by 25 days. √D.Decreased by 13 days.解析：The cash conversion cycle = (average receivables collection period) + (average inventory processing period) –(payables payment period). For 2003: Receivables turnover = (sales/average receivables) = 11,718/((625+798)/2) = 11,718/712 = 16.46 Average receivables collection period = (365/receivables turnover) = 365/16.46 = 22.17 days Inventory turnover = (COGS/average inventory) = 7183/((1342+937)/2) = 7183/1140 = 6.3 Average inventory processing period = (365/inventory turnover) = 365/6.3 = 57.94 days. Payables turnover = (COGS/average payables) = 7183/((620 + 544)/2) = 7183/582 = 12.34 Payables payment period = (365/12.34) = 29.58 days 2003 cash conversion cycle = 22.17 + 57.94 –29.58 = 50.53 days. For 2004: Receivables turnover = (sales/average receivables) = 11,606/((1294+798)/2) = 11,606/1046 = 11.10 Average receivables collection period =(365/receivables turnover) = 365/11.10 = 32.88 days Inventory turnover = (COGS/average inventory) = 7150/((1342+1552)/2) = 7150/1447 = 4.94 Average inventory processing period = (365/inventory turnover) = 365/4.94 = 73.89 days. Payables turnover = (COGS/average payables) = 7150/((620 + 597)/2) = 7150/609 = 11.74 Payables payment period = (365/11.74) = 31.09 days 2004 cash conversion cycle = 32.88 + 73.89 –31.09 = 75.68 days. From 2003 to 2004, the cash conversion cycle increased by (75.68-50.53) = 25.15 days.(3). Karazim has noted in her analysis that Gernot Inc.’s return on equity has fallen significantly from 2002 to 2004. Using the extended DuPont system, which of the following components had the most impact on Gernot’s ROE decline? () （分数：2.00）A.Financial leverage multiplier.B.Operating profit margin.C.Interest coverage ratio.D.Tax retention rate. √解析：From 2002 to 2004, ROE declined from (328/1575) = 20.8% to (304/2292) = 13.3%. The extended DuPont formula states that ROE = [(operating profit margin)(total asset turnover) – (interest expense rate)](financial leverage multiplier)(tax retention rate) For 2002: Operating profit margin = (EBIT/sales) = (513 + 147)/10,424 = 0.0633 = 6.33%. Total Asset Turnover = (sales/assets) = 10424/5012 = 2.08x Interest Expense rate = (interest expense/assets) = 147/5012 = 2.93% Financial leverage multiplier = (assets/equity) = 5012/1575 = 3.18 Tax retention rate = (1-tax rate) = 1 – (185/513) = 1 – 0.36 = 64%. For 2004: Operating profit margin = (EBIT/sales) = (516 + 340)/11,606 = 0.0738 = 7.38%. Total Asset Turnover = (sales/assets) = 11,606/7,636 = 1.52x Interest Expense rate = (interest expense/assets) = 340/7,636 = 4.45% Financial leverage multiplier = (assets/equity) = 7,636/2,292 = 3.33 Tax retention rate = (1-tax rate) = 1 – (212/516) = 1 – 0.41 = 59%. Since the operating profit margin and the financial leverage multiplier both increased, these did not have an adverse impact on the ROE. The interest coverage ratio is not part of the DuPont formula. The only viable answer is the tax retention rate, which, in fact did decline significantly.(4).Regarding Karazim’s conver sation with Cannon regarding the most useful ratios for various tasks: () （分数：2.00）A.Karazim’s statement is incorrect; Cannon’s statement is incorrect.B.Karazim’s statement is incorrect; Cannon’s statement is correct.√C.Karazim’s statement is correct; Cannon’s statement is correct.D.Karazim’s statement is correct; Cannon’s statement is incorrect.解析：Although return on assets is one of the ratios that bond agencies rely on heavily for deriving their debt ratings, it is not one of the ratios that is deemed most useful for stock valuation, therefore Karazim’s statement is incorrect. Return on equity, (not ROA), is a ratio that is deemedto be very effective for both stock valuation and determining credit ratings. Cannon’s statement is correct – the current ratio is considered to be one of the most effective ratios for both determining systematic risk (beta) based on accounting variables and for forecasting bankruptcy.(5).Karazim decides to enhance her analysis by creating common size statements for Gernot, Inc. Which of the following statements is CORRECT? A common size balance sheet expresses all balance sheet accounts as a percent of: () （分数：2.00）A.Total assets and a common size income statement expressall items as a percentage of net income.B.Sales and a common size income statement expressall items as a percentage of net income.C.Sales and a common size income statement expressall items as a percentage of total assets.D.Total assets and a common size income statement expressall items as a percentage of sales. √解析：Common size statements normalize balance sheet items by expressing each item as a percentage of total assets, and normalize income statements by expressing each item as a percentage of sales. Using common size statements allows the analyst to make easier comparisons of different sized firms. Explanations of terms：(10 points) 1. Legal tender：The status of legal tender simply means that coins and paper currency cannot lawfully be refused in payment for goods and services and in discharge of debts. 2. Double-entry bookkeeping：Bookkeeper debits the transaction to one account and credits it to another bill of exchange: A non-interest-bearing written order used primarily in international trade that binds one party to pay a fixed sum of money to another party at a predetermined future date. 3. Arbitrage pricing theory：An equilibrium model of asset pricing that states that the expected return on a security is a linear function of the security’s sensit ivity to various common factors. 4. Soft law：Quasi-legal instruments which do not have any legally binding force, or whose binding force is somewhat "weaker" than the binding force of traditional law, often contrasted to soft law by being referred to as "hard law". 5. Gold markets：According to its nature and the influence on the entire world gold transaction, gold market may be divided into leading market and regional market. According to the difference of transaction type and the transaction way, gold market may be divided into spot transaction and future transaction. Following international experiences, gold market participants include; gold enterprises, banks, hedge funds, organizations and personal investors, broker companies and the exchanges. Factors that Affect Gold Market are the quantity change of structure of supply and demand, economic factors and political situation and unexpected significant events. There are many different ways to invest in gold, such as gold futures, gold exploration companies, blue-chip gold mining stocks, gold mutual funds, gold bars, gold bullion and gold coins.三、Explanations of terms：(总题数：5，分数：30.00)11.Legal tender（分数：6.00）__________________________________________________________________________________________正确答案：()解析：12.Double-entry bookkeeping（分数：6.00）__________________________________________________________________________________________正确答案：()解析：13.Arbitrage pricing theory（分数：6.00）__________________________________________________________________________________________正确答案：()解析：14.Soft law（分数：6.00）__________________________________________________________________________________________ 正确答案：()解析：15.Gold markets（分数：6.00）__________________________________________________________________________________________ 正确答案：()解析：四、Question and Answer(总题数：4，分数：40.00)16. What is the Theory of Money Supply by the Monetarist School?（分数：10.00）__________________________________________________________________________________________ 正确答案：(Friedman held that money demand is relatively stable and money supply must be guaranteed stable, too, if there should be equilibrium between money demand and money supply. So Friedman opposed the management of the aggregate demand raised by Keynes and focused on the importance of money supply. According to the Monetarist School, the core of economic policies is placed on monetary policy, which should be the only important wander-working among all economic policies. Without monetary policy, other eco nomic policies can’t achieve their anticipated effect. Friedman assumed that the best choice in controlling money supply was the "single rule" of monetary policy, i. e. , making it known to the public to adapt a fixed increasing rate of money supply, excluded other factors, such as interest rates, credit flow, excess reserves on a voluntary basis, and so on. So monetary policy should just take a certain money stock as the only decisive factor. In order to carry out the "single rule”, three problems should be solved; the first is how to define the scope of the aggregate money supply; the second is how to decide the increasing rate of money supply and the third is whether or not fluctuation of the increasing rate of money supply is allowed during a certain period, a year or a season. The solution to the above problems is as follows; firstly, M2 should be the scope of the aggregate money supply; secondly, the increasing rate of money supply should be suited to economic growth rate and thirdly, it couldn’t be c hanged at will when the increasing rate of money supply had been decided. If there is need for change of the increasing rate of money supply, it should be announced and the band of fluctuation should be as small as possible. )解析：17.Explain the Open Market Operations.（分数：10.00）__________________________________________________________________________________________ 正确答案：(The most widely used instrument of monetary policy is open market operations. Open market operations involve the purchase of securities by a central bank to put additional reserves at the disposal of the banking system or the sale of securities to reduce reserves so that money supply can be altered. Open market operations are the bread-and-butter instrument of Federal Reserve policy in U. S. Because the central bank earns interest income from its securities portfolio, the total revenues earned by the central bank vary in direct proportion to the magnitude of its portfolio. However, this consideration plays no role in the central bank’s decision to acquire or sell securities. Indeed, if it did, the central bank could not perform the chief function of a central bank—conducting monetary policy in a way that contributes to the stability of aggregate expenditures and economic activity. Suppose the U. S. economy is encountering excessive aggregate demand and escalating inflation. The central bank is therefore intent on implementing a policy of monetary restraint. In that event, the central bank would sell securities on the openmarket. Assume that the central bank sells $225 million in U. S. Treasury bills to a government securities dealer, receiving payment via a check written against the dealer’s bank checking account. When the central bank receives the check, it "collects" by debiting the reserve account of (making a bookkeeping entry against) the dealer’s commercial bank and returns the check to that bank. Upon receipt of the check, the commercial bank debits the dealer’s demand deposit account. The relevant balance sheets exhibit the following changes. )解析：18.(1) State the difference between a documentary credit and a documentary collection. (2) Why is a documentary credit arrangement important to an exporter? (3) What is the difference between a revocable credit and an irrevocable credit?（分数：10.00）__________________________________________________________________________________________正确答案：((1) A documentary credit is a written undertaking by a banker who is the agent fro the importer or the buyer. The function of a documentary collection is to provide both importer (buyer) and exporter (seller) with a compromise to settle their trade transactions between payment in advance and on open account terms. The parties involved in a documentary credit arrangement include issuing banker, advising banker, the applicant and the beneficiary. Parties involved in a documentary collection include the drawer (exporter or seller), the remitting bank, the collecting bank and the drawee (importer or buyer). . Their processes are different. (2) In accordance with the instructions of the importer, the bank undertakes to pay the exporter, up to a limit, within a designated time period and against any stipulated terms and documents. The credit created for international settlement among banks not only provides a sense of security for the traders involved , but also a reliable source of finance for foreign trade where required .(3) A "revocable credit" may be cancelled at any time up to the moment the advising bank pays. This type of credit is the least favorable to the exporter. An irrevocable credit may not be amended or even cancelled without the consent of all the parties involved. This type of credit guarantees payment to the beneficiary, provided that the credit terms and conditions are met. ) 解析：19.What are the Countering Financial Abuse and Crime? What Others Are Doing?（分数：10.00）__________________________________________________________________________________________正确答案：((1) Since the late 1980s, the growing concerns about drug trafficking and the uses made of globalization facilitated by the advancements in communication technology have led to direct and indirect approaches by different international institutions and the international community to combat financial crime and money laundering. (2) The FATF and affiliated regional organizations lead the international efforts in directly combating money laundering. Members of the FATF engage in annual self-assessments and in periodic mutual evaluations of members’ anti-money laundering efforts. In June 2000, the FATF identified 15 non-member jurisdictions that it considers as "non-cooperative with international efforts against money laundering". Since the FATF is a voluntary task force and not a treaty organization, its recommendations do not constitute a binding international convention. Fund staff has participated, as observers, in most FATF plenaries since 1980. At the request of the FATF, Fund staff made a statement at the Junel996 FATF Plenary on the macroeconomic impact of money laundering, and the Managing Director made a statement at the February 1998 FATF plenary. The FATF has recently agreed to share results from their exercises with Fund staff conducting financial assessments, in the context of FSAP and OFC assessments. At a recent IMF Executive Board meeting, the possibility was raised that the FATF could be invited to prepare ROSC modules on Fund members’ observance of the FATFs Forty Recommendations. Some members of the FATF have asked that the Fund’s Article IV"? Surveill ance and program conditionally include anti-money laundering considerations. The FATF President, ina letter to Fund management, suggested that the FATF Forty Recommendations be adopted as the anti-money laundering standard. (3) Other direct efforts to counter financial crime are undertaken mainly by the International Criminal Police Organization (Interpol) and national financial intelligence units (FIUs). The United Nations takes part in the direct efforts through the United Nation’s Office for Drug Cont rol and Crime Prevention Global Program against Money Laundering (UNDCCP), which monitors weaknesses in global financial systems and assists countries in criminal investigations. Recently, the international community’s awareness of financial system abuse has been heightened by the work of the FSF. In May 2000, the FSF classified 42 OFCs into three groupings, and called on the Fund to take the lead in assessing OFCs adherence to internationally accepted standards and codes. (4) Indirect efforts to counter financial system abuse focus on the preconditions for the proper functioning of financial systems and the formulation and enforcement of relevant laws. These efforts encompass general standards for the supervision and regulation of banks, securities markets, and insurance, as incorporated in the standards developed by the Basel Committee, the IOSCO, and the IAIS. The substance of relevant FATF recommendations is incorporated in the principles of supervision of the Basel Committee and other international supervisory standard-setters. (5) Banking, insurance, and securities markets supervisors are involved in both indirect and direct efforts to combat financial system abuse. Supervisors in different countries exchange information (often based on a network of memoranda of understandings) about individual banks, insurance companies, or agents in the securities markets, with a view to uncover unsound and illegal activities such as securities fraud, insider trading, or misreporting. Supervision is also exercised over the internal mechanisms to control risks, particularly operational risks, which also contributes to countering fraud and other forms of financial crime. (6) Out of concern over the potential impact of tax-induced distortions in capital and financial flows on welfare and on individual countries tax bases, the OECD initiated coordinated action for the elimination of harmful tax practices. In May 1998, the OECD issued a report on Harmful Tax Competition including a series of 19 recommendations for combating harmful tax practices, established a Forum on Harmful Tax Practices, and proposed Guidelines for Dealing with Harmful Preferential Regimes in Member Countries (Annex II). In June 2000, OECD issued a list of countries it considers as engaged in harmful tax practices. )解析：。
金融英语业务知识练习试卷3(题后含答案及解析)
金融英语业务知识练习试卷3(题后含答案及解析) 题型有： 2. 单项选择题单项选择题1．The “law of demand” implies that as prices______.A．fall, demand increasesB．rise, demand decreasesC．fall, quantity demanded increasesD．rise, quantity demanded increases正确答案：C解析：答案为C项。
the law of demand“需求定律”，指在其他条件不变的情况下，消费者的需求量与商品价格之间呈反方向变动。
故本题选C项。
知识模块：金融英语业务知识2．Market efficiency refers to______.A．the correct pricing of assets relative to their risks and rate of returnB．the equality of assets and liabilities within a firmC．producing more assets with less effortD．the largest firm having the lowest stock prices正确答案：A解析：答案为A项。
market efficiency“市场效率”，指资产的价格与其风险和收益的匹配。
故本题选A项。
知识模块：金融英语业务知识3．If a good is a luxury, its income elasticity of demand is______.A．positive and less than 1B．negative but greater than —1C．positive and greater than 1D．zero正确答案：C解析：答案为C项。
income elasticity of demand“需求的收入弹性”，指百分之一的收入变化引起的需求的变化率。
2012考研英语(二)模拟考试卷三答案
2012年考研英语（二）模拟题（三）答案Section I Use of English1.［C］本题考查名词的词义辨析。
空格处填入的名词与growth搭配，由上下文语义可知，此处表达的含义是"铁路业没有令人振奋的发展前景"，Prospect"景色，前景，期望"指的是possibility of advancement or success。
所以［C］项正确。
perspective做可数名词时多指viewpoint（态度，观点），如You have the wrong perspective on this situation（对于那个情势的未来发展，你的看法是错的）。
outlook用作"前景"讲时用单数形式，如the outlook for economic growth（经济发展的前景）。
spectacle"景象，奇观，场面，眼镜"，如 A quarrel between drunken women is an unpleasant spectacle（喝醉酒的女人吵架是个丑恶的场面）。
2.［A］本题考查通过上下文选择适当的副词的能力。
空格处的副词修饰的动作是use real-estate assets in and around train stations（利用车站内部及周围的房地产）。
由上下文可知，该举动是有创造性的，所以才会引起人们的关注，因此［A］项creatively"创造性地"正确。
originally"最初，原先，新颖地",如The apartmentwas decorated quite originally（这套公寓装饰的十分别致）；authentically"确实地，真正地，逼真地"，其形容词形式为authentic，如DiMaggio was an authentic folk hero（迪马乔是一位真正的民间英雄）；initially"最初，开头"，如His response was initially adamant（他的反应开始很强硬）。