FECT金融英语各年备考资料大全(含真题_教材_词汇_听力_模拟等等)
(原)金融专业英语(FECT)中级会计模拟试卷1(题后含答案及解析)
（原）金融专业英语（FECT）中级会计模拟试卷1(题后含答案及解析)题型有：1. SECTION ONE 2. SECTION TWOSECTION ONE Answer all questions in this section.Question 11．For purpose of recording accounting information, each company is considered to be separate from its owners and all other companies. This concerns the entity concept.A．正确B．错误正确答案：A2．In an inflation economy, the inventory ending balance recorded by FIFO method is lower than that recorded by LIFO method.A．正确B．错误正确答案：B解析：In an inflation economy, the inventory ending balance recorded by FIFO method is higher than that recorded by LIFO method.3．If the purchaser has been given a purchase allowance, the amount of allowance should be debited to purchase return account.A．正确B．错误正确答案：B解析：If the purchaser has been given a purchase allowance, the amount of allowance should be credited to purchase return account.4．In long-term construction contracts, revenue is recognized at the point of the cash collected.A．正确B．错误正确答案：B解析：In long-term construction contracts, revenue is recognized in proportion tothe contract work performed each year.5．In business charges depreciation in accounts, the accounting concept to be considered is the materiality concept.A．正确B．错误正确答案：B解析：In business charges depreciation in accounts, the accounting concept to be considered is the going concern concept.6．Cumulative preference shares have the right to accumulate dividends in a given year if they are in arrears.A．正确B．错误正确答案：AQuestion 27．If retained earnings were understated and liabilities were overstated, which of the following errors could have been the cause?A．Making the adjustment entry for depreciation expenses twice.B．Failure to record interest accrued on a note payable.C．Failure to make the adjusting entry to record revenue which had been earned but not yet billed to clients.D．Failure to record the earned portion of fees received in advance.正确答案：D8．The selected data pertain to a company at 31 December 2003 as the following:Quick Assets ＄208,000Quick ratio 2.6 to 1Current ratio 3.5 to 1Net sales for 2003 ＄1,800,000Cost of good sold for 2003 ＄990,000Average total assets for 2003 ＄1,200,000The company’s inventory balance at 31 December 2003 is ______.A．＄72,000.B．＄186,990.C．＄231,111.D．＄68,000.正确答案：A9．An accrued expense can best be described as an amount ______.A．paid and currently matched with earnings.B．paid and not currently matched with earnings.C．not paid but currently matched with earnings.D．None of the above.正确答案：C10．Mr. Wong paid ＄3,000 in advance for insurance on 1 December 2001 and debited it to Insurance Expense. No entries were made subsequently in 2001 or in 200The accounting period ends on December 3As a result of this error ______.A．2001 income was understated ＄2,000.B．2002 income was understated ＄2,000.C．2001 income was understated ＄3,000.D．2002 income was understated ＄3,000.正确答案：A11．Mr. Ting’s net cash inflow from operating activities for the year ending 30 June is＄123,000. The following adjustments were included in the supplementary schedule reconciling cash flow from operating activities with net income:Depreciation ＄38,000Increase in net accounts receivable 31,000Decrease inventory 27,000Increase in accounts payable 48,000Increase in interest payable 12,000Net income is ______.A．＄29,000.B．＄41,000.C．＄79,000.D．＄217,000.正确答案：A12．Which of the following is not a characteristic of the accounting for non-trading organizations?A．They normally provide Receipts and Payments Accounts.B．They have Accumulated Fund, which is more or less the same as capital.C．It is more common to keep all records on a single entry basis.D．They must keep books on a double-entry system.正确答案：D13．Mr. Wong is a small company. And it failed to record every transaction. Now you are provided with the following information: capital at 1 January 2003 is ＄30,000, capital at 31 December 2003 is ＄31,000. During 2003, drawings are ＄2,000. Then the net profit for the year 2003 is ______.A．＄3,000.B．＄-1,000.C．＄1,000.D．＄-3,000.正确答案：A14．At the beginning of a given period, Mr. Ting’s inventory was all finished goods. The volume is 600. At file end of this period, 2,000 are completed units and 600 are partly completed. The partly completed units were deemed to be 50% complete. The manufacturing cost is ＄30,000. Then cost per unit is ______.A．＄17.64B．＄13.04C．＄10.34D．＄15正确答案：A15．Basic accounting assumptions include the following except ______.A．going concern.B．monetary unit.C．consistency.D．business entity.正确答案：C16．At 1 January 2003, the balance of Billy Company’s Provision for Bad Debts is ＄5,000. At 31 December 2003, the balance of trade debtors is ＄45,000. Billy Company’s provision for bad debts equals to 10% of trade debtors. During the year 2003, the bad debt written off is＄2,000. Then Bad Debt expenses of Billy Company this year must be ______.A．＄2,500.B．＄1,500.C．＄-1,500.D．＄-2,500.正确答案：BQuestion 317．As at 31 December Year 8, Sam Ltd’s cash book showed a debit balance of ＄1,055, although he had an overdraft of ＄3,511. The discrepancy is due to the following:—Bank interest of ＄10 had been included in the bank statement, but was not recorded in the cash book.—A cheque for ＄2,300 was banked on 28 December and correctly entered in the cash book. Unfortunately the customer had forgotten to sign the cheque and it was subsequently dishonored and returned by the bank on 31 December. The book-keeper recorded the return in the cash book on 3 January Year 9.—The bank had incorrectly deducted ＄907 from Sam’s account for a cheque drawn by May.—A refund of ＄85 received from a supplier and banked on 2 October had been recorded in the cash book as a receipt of ＄58.—A cheque for ＄450 issued on 29 December as a refund to a customer had been recorded as a receipt in the cash book. It has not been presented for payment by 31 December.—The book-keeper had intended to desposit ＄2,750 in the bank on 31 December and therefore recorded it as a receipt in the cash book on that date. Due to a delay, the amount was not banked until 3 January Year 9.—An amount of ＄350 paid directly into the bank by a customer had not been recorded in the cash book.—The cash book receipts had been undercast by ＄800.Required:(a)Calculate the corrected cash book balance on 31 December Year 8.(b)Prepare a bank reconciliation statement for Sam showing the bank overdraft which appeared on his bank statement on that date.正确答案：(a)Corrected Cash Book Balance:＄＄Original balance 1,055Add: Refund wrongly entered 27Direct banking 350Undercasting 800 1,1772,232Less: Bank interest 10Dishonored cheque 2,300Entered on wrong side 950Not deposited 2,750 6,0103,778 O/D(b)Bank Reconciliation Statement as at 31 December Year 8:＄＄Balance per bank statement 3,511 O/DLess: Unpresented chequesNovember 190December 450 6402,871 O/DAdd: Error by bank 9073,778 O/DQuestion 418．1. Ming’s Company produces CD appliances. The following is the cost information for the year ended 31 December 2003.1. Material put into production was valued at ＄360,000 and ＄80,000 of which was used as supplies.2. The payroll records showed that total labor cost was ＄350,000, ＄68,000 of which was the costs of foremen and storekeeping men.3. Factory power and utilities were at a total cost of ＄90,000.4. Selling and administration expenses totaled ＄100,000.5. There was no opening and closing work-in-progress. The production records indicated that 20,000 units were completed in the year.Required:Calculate the following:(a)Prime cost(b)Conversion cost(c)Cost of goods manufactured(d)Unit production cost正确答案：(a)Prime cost =＄(360,000-80,000)+＄(350,000-68,000) =＄562,000(b)Conversion cost =＄(350,000-68,000)+＄80,000+＄68,000+＄90,000=＄520,000(c)Cost of goods manufactured =＄(360,000-80,000)+＄520,000 =＄800,000(d)Unit production cost = Cost of goods manufactured / completed units= ＄800,000 / 20,000 = ＄40 per unitQuestion 519．Mr. Wong is a small manufacturer of bicycles in Hong Kong. His business incurred the following costs for the year ended 31 December 2003.＄Materials (100% variable) 300,000Labor (25% variable) 200,000Selling & distribution cost (20% variable) 50,000Other costs (fixed) 170,000 720,000Normally, the business sells3,000 units at ＄300 each:Required:(a)Calculate the breakeven point in units and dollar sales.(b)Calculate the contribution to sales ratio.(c)Calculate the margin of safety in percentage.正确答案：(a) Total variable costs:＄Materials 300,000Labor (＄200,000×25%) 50,000Selling & distribution cost (＄50,000×20% ) 10,000360,000Variable cost per unit =＄360,000 / 3,000 =＄120Contribution per unit =Selling price - Variable cost =＄300 -＄120 =＄180Breakeven point (in units) = Fixed cost / Contribution per unit= (＄200,000×75% +＄50,000×80% +＄170,000)/＄180= ＄360,000/＄180= 2,000 unitsBreakeven point (dollars sales) = Breakeven units ×Selling price per unit= 2,000×＄300= ＄600,000(b) the contribution to sales ratio = ＄180 / ＄300×100% = 60%(c) the margin of safety = (Current sales - breakeven sales) / Current sales×100%= (3,000×＄300-＄600,000)/＄900,000×100%= 33.3%Question 620．If a company had 120,000, 4% preference shares of ＄1 each and 250,000 ordinary shares of ＄1 each, then the dividends would be payable as follows:Year 1 Year 2 Year 3 Year 4 Year 5＄＄＄＄＄Total Profits appropriated for dividends 7,000 3,000 20,000 4,000 5,000Required:(a)If the preference shares are cumulative, non-participating, calculate the preference dividends and ordinary dividends in each year.(b)If the preference shares are cumulative, participating, calculate the preference dividends and ordinary dividends in each year.正确答案：(a)If the preference shares are cumulative, non-participatingYear 1 Year 2 Year 3 Year 4 Year 5＄＄＄＄＄Preference Dividends (4%) 4,800 3,000 6,600 4,000 5,000Ordinary Dividends 2,200 —13,400 ——(b)If the preference shares is cumulative, participatingYear 1 Year 2 Year 3 Year 4 Year 5＄＄＄＄＄Preference Dividends (4%) 4,800 3,000 1,800 4,000 200(4%) (2.5%) (in arrears) (3.33%) (in arrears)4,800 4,800(4%) (4%)1,103 —(0.92%) 5,0005,903Ordinary Dividends 2,200 —10,000 ——(0.88%) (4%)2,297(0.92%)12,297SECTION TWO Answer any two questions in this section.Question 721．After the first year of trading, Mr. Wong provided you the following list of ledger balances as at 31 December 2003:＄Stock, 1 January 2003 3,300Stock, 31 December 2003 25,200Sales 160,000Purchases 100,000Premises 142,600Fixtures & Fittings 45,200Motor Vehicles 42,500Returns Inwards 1,500Returns Outwards 2,600Carriage Inwards 1,000Carriage Outwards 250Debtors 30,500Creditors 41,500Wages 17,495Rent and Rates 3,900Lighting & Heating 18,455Insurance 10,600Motor Vehicle Expenses 2,400Cash at Bank 4,700Bank Loan 29,000LoanInterest 2,300Drawing 6,400You are further given the following information:1.Wages owing are ＄550.2.Prepaid rent is ＄600.3.Depreciation of Fixtures & Fittings is 10% per annum on cost.4.Depreciation of Premises is based on a 10-year lease.5.Depreciation of Motor Vehicles is 50% life using the reducing balance method.6.Stock taken for Mr. Wong’s own use is ＄1,100. Such a transaction has not yet been recorded.7.It is estimated that one-third of the driving time is for private purposes.8.5% of the outstanding accounts at the year end is thought to be uncollectible.9.There was no error made in the recording of business transactions for the year.Required:(a)Prepare a Trading and Profit and Loss Account for the year ended 31 December 2003.(b)Prepare a Balance Sheet as at 31 December 2003.(c)Explain the meaning and the significance of Working Capital.正确答案：(a) Mr. Wong’s BusinessTrading and Profit and Loss Account for the year ended 31 December 2003＄＄＄Sales 160,000Less: Returns inwards 1,500Net sales 158,500Less: Cost of goods soldOpening stock 3,300Purchases 100,000Carriage inwards 1,000101,000Less: Returns outwards 2,60098,400Less: Stock drawing 1,100 97,300100,600Less: Closing stock 25,200 75,400Gross Profit 83,100Less: ExpensesWages (17,495 + 550) 18,045Rent and Rates (3,900-600) 3,300Lighting & Heating 18,455Insurance 10,600Motor Vehicle Expenses (2,400×2/3) 1,600Loan Interest 2,300Carriage Outwards 250Bad debts 1,525Depreciation:—Premises (142,600×1/10) 14,260—Fixtures & Fittings (45,200×10%) 4,520—Motor Vehicle (42,500×50%) 21,250 96,105(13,005)(b) Mr. Wong’s BusinessBalance Sheet as at 31 December 2003＄＄＄Cost Dep NBVFixed AssetsPremises 142,600 14,260 128,340Fixtures & Fittings 45,200 4,520 40,680Motor vehicles 42,500 21,250 21,250230,300 40,030 190,270Current AssetsStock 25,200Debtors 30,500Less: Provision for bad debts 1,525 28,975Prepaid rent 600Cash at bank 4,70059,475Less: Current LiabilitiesCreditors 41,500Accrued wages 550 42,050Net Current Assets 17,425Total Net Assets 207,695Represented ByCapital (Workings 1) 200,000Less: Net Loss 13,005186,995Less: Drawings (6,400+1,100+1/3×2,400) 8,300178,695Bank loan 29,000207,695Workings 1: The initial capital contributed by Mr. Wong is determined by drawing up the following trial balance:Dr Cr＄＄Stock 3,300Sales 160,000Purchases 100,000Premises 142,600Fixtures & Fittings 45,200Motor Vehicles 42,500Returns Inwards 1,500Returns Outwards 2,600Carriage Inwards 1,000Carriage Outwards 250Debtors 30,500Creditors 41,500Wages 17,495Rent and Rates 3,900Lighting & Heating 18,455Insurance 10,600Motor Vehicle Expenses 2,400Cash at Bank 4,700Bank Loan 29,000Loan Interest 2,300Drawings 6,400Capital (Balance Figure) _____ 200,000433,100 433,100(c) Working capital is defined as the excess of current assets over current liabilities. It is one of the important financial indicators of the liquidity position of a business entity. A positive working capital position means that a business is able to manage its affairs to such a state that current assets are sufficiently ready to meet the requirement of settling the debts which are to be due within one year. In other words, a business is to be solvent in the short term if there is a positive working capital. This indicates that the liquidity position of a business is financially sound.However, a positive working capital does not necessarily indicate that the business is solvent in the long term or in a forced liquidation.Question 822．The following are the summarized financial statements of Mr. Wong’s business for the years ended 31 December 2002 and 2003 respectively.Balance Sheets as at 31 December2002 2003＄＄Fixed Assets (net book value) 22,500 18,000Current Assets:Stock 10,500 27,000Debtors 18,000 54,000Bank 1,500 —Current liabilities:Creditors (9,000) (22,500)Bank overdraft —(15,000) 43,500 61,500Capital at 1 January 18,000 43,500Net Profit for the year 45,000 52,500Drawings (19,500) (34,500) 43,500 61,500Profit and Loss AccountSales 180,000 300,000Cost of sales 120,000 225,000Gross profit 60,000 75,000Operating expenses 15,000 22,500Net profit 45,000 52,500Additional information is given as follows:1. All sales were on credit basis.2. There were no purchase or disposals of fixed assets during the year.3. The stock value and debtor balance as at 31 December 2001 were ＄15,000 and ＄30,000 respectively.Required:(a)Calculate the following financial ratios for years both 2002 and 2003:(i)Gross profit margin(ii)Net profit margin(iii)Return on capital employed(iv)Current ratio(v)Acid test ratio(vi)Stock turnover period (days)(vii)Debtors collection period (days)(viii)Gearing ratio(b)Why is the gearing ratio important to a banker in making a lending decision?(c)Based on the financial ratios in (a), comment on the profitability, liquidity and management efficiency of Mr. Wong’s business.正确答案：(a) (i) Gross profit margin = Gross profit / Sales×100%year 2002: = 60,000/180,000×100% = 33.3%year 2003: = 75,000/300,000×100% = 25%(ii) Net profit margin = Net profit/Sales×100%year 2002: = 45,000/180,000×100% = 25%year 2003: = 52,500/300,000×100% = 17.5%(iii) Return on capital employed = Net profit / Capital employed×100%year 2002: = 45,000/43,500×100% = 103.4%year 2003: = 52,500/61,500×100% = 85.4%(iv) Current ratio = Current assets / Current liabilitiesyear 2002: = 30,000/9,000 = 3.33 to 1year 2003: = 81,000/37,500 = 2.16 to 1(v) Acid test ratio = (Current assets- Stocks) / Current liabilitiesyear 2002: = 19,500/9,000 = 2.17 to 1year 2003: = 54,000/37,500 = 1.44 to 1(vi) Stock turnover period (days) = 365×Average Stock / Cost of salesyear 2002: = 365×0.5×(15,000+10,500)/120,000 = 39 daysyear 2003: = 365×0.5×(10,500+27,000)/225,000 = 30 days(vii) Debtors collection period (days) = 365×Average debtors/Salesyear 2002: = 365×0.5×(30,000+18,000)/180,000 = 49 daysyear 2003: = 365×0.5×(18,000+54,000)/300,000 = 44 days(viii) Gearing ratio = Long-term loan/(Long-term loan + Shareholders’ fund)×100%year 2002: = 0year 2003: = 0(b) Gearing ratio is an expression of the way companies are financed and the proportion of capital provided by risk taking shareholders and by lenders to the company.This ratio assists the bankers in their loan lending decisions. Basically, gearing ratio is an indication of the risk to be undertaken by the ordinary shareholders because of the interest obligation of the long-term financial position, particularly thecash flows. A company’s borrowing power will be correspondingly lower when there is an increase in the geared ratio.(c) The following points should be noted:Profitability —Decrease in gross profit margin, net profit margin and return on capital employed.—Although turnover is improved, profit margins am decreased. This may be due to inefficient control on operating expenses and/or less effective marketing strategy.Liquidity—Both current ratio and acid test ratio indicate that the liquidity position is worsening.—It may be due to piling up of inventory and substantial outstanding debtors amounts.Management Efficiency—The credit control policy has been tightened up as the debtors’ collection period has been reduced by 5 days.—The stock control has also been improved as the stock turnover becomes faster.Question 923．The following ledger balances are extracted from the books of White Trading Company as at 31 December 2003:＄Bad debts 750Bank overdraft 1,650Capital 100,000Carriage inwards 3,500Carriage outwards 1,400Creditors 18,500Debenture interest 900Debtors 12,500Discounts allowed 1,300Discounts received 1,500Drawings 24,900Equipment (at cost) 150,000Insurance 1,000Lighting 5,000Motor Van 40,000Provision for bad debts 1,100Provision for depreciation—Equipment 90,000—Motor Van 18,000Purchases 1,000,000Rent & rates 110,000Salaries and wages 210,000Sales 1,400,000Stock 1 January 2003 90,000Returns inwards 13,000Returns outwards 13,5009% 1998-2008 10-year Debenture 20,000Additional information relevant to the year ended 31 December 2003 is as follows:1. Closing stock at 31 December 2003 ＄115,0002. Accrued wages ＄20,0003. Prepaid insurance ＄2004. Outstanding telephone bill ＄2005. Outstanding rent ＄10,0006. Removal expenses of ＄950 are still outstanding because of dispute and they have not yet been entered into the accounting records.7. The depreciation policy is:(a)Equipment reducing balance method at 5% p.a(b)Motor Van: 25% p.a on cost8. It is a policy to make a provision for bad debts at 4% of outstanding debtors on the balance sheet date.Required:Prepare the Trading and Profit and Loss Account for the year ended 31 December 2003.正确答案：White Trading CompanyTrading and Profit and Loss Account for the year ended 31 December 2003＄＄＄Sales 1,400,000Less: Returns inwards 13,000 1,387,000Less: Cost of goods soldOpening stock 90,000Purchases 1,000,000Add: Carriage inwards 3,500Less: Returns outwards (13,500) 990,0001,080,000Less: Closing stock 115,000 965,000Gross Profit 422,000Other revenues:Discounts received 1,500Bad debts recovery 950424,450Less: ExpensesSalaries and wages 230,000(210,000 + 20,000)Rent & rates 120,000(110,000 + 10,000)Lighting 5,000Insurance (1,000 - 200) 800Removal expenses 950Bank services charges 160Telephone 200Discount allowed 1,300Carriage outwards 1,400Bad debts (750 + 25,000 ×650- 1,100)Debenture interest 2,700(900 + 20,000 ×9%)Depreciation-equipment 3,000 366,160(150,000 - 90,000)×5%Net Profit 58,290。
(原)金融专业英语(FECT)中级银行业务模拟试卷3(题后含答案及解析)
（原）金融专业英语（FECT）中级银行业务模拟试卷3(题后含答案及解析)题型有：1. SECTION ONE 2. SECTION TWO 3. SECTION THREE 4. SECTION ROUR 5. SECTION FIVESECTION ONE (Compulsory) Now listen to a short conversation and a passage on the tape. This will be played once on the recorder. You may make notes while you are listening, but you should not answer any questions until the reading is over.Qustion 1听力原文：Personal loanA: Good afternoon, Sir, at your service.B: Oh, thank you. My name is Robert and I’d like to make some enquiries concerning mortgage loan facilities offered by your bank. Am I in the right place?A: Yes, definitely Sir, please take a seat and let me get hold of a mortgage loan application form. Might I know some details about the property you intend to buy?B: I decided to purchase an apartment in Sapphire Court on Stanford Road, south of our town. I have already made my down payment last week and now I am trying to get a mortgage loan to finance the purchase.A: Oh, I see. Is Sapphire Court a new development and what is your purchase price?B: No, it’s a second hand property and as far as I know, it has been 5 years since the building was built. The owner is demanding for ＄1 million.A: You mentioned that you have paid a down payment. If you don’t mind, please tell me how much you have already paid mid the amount of loan you want from the bank?B: I have paid ＄40,000 to the landlord through the real estate agent and I will just need ＄700,000 from the bank. What interest rates shall I pay if I’m approved to get the loan?A: According to practice, we offer our customer mortgage loans on the basis of prime rate plus 1.5 %. At the moment, prime rate is 8 % so your mortgage loan, if allowed, will approximate to 9.5 %. But we might be able to offer you better terms depending on your profession. Let me first try to fill out this application form for you. Can I have your ID card please?B: But I might not want a loan from your bank if the terms are not suitable to me. Should I not fill in any form at this stage?A: Sir, the form is just to record the appropriate details and in any case, we will have to conduct an evaluation of the property before we can approve a loan. In addition, we also need your signature when we come to the very end of the form. There is absolutely no commitment at this stage and you can rest assured that the bank will not force you to take up our loan facilities if you don’t want to.B: I understand. Here is my ID card. You can take a photocopy if you need.A: Thank you Sir. Now I want the actual address and the size of the property. Do you want the repayment to spread across a 10-year schedule?B: Yes, let’s work on a 10-year repayment schedule, It’s Apartment 8A, Sapphire Court, Stanford Road South, so it’s on the 8th floor. The size is about750 square feet as the landlord said. There are 2 bed rooms, a sitting mom, a bath mom and a kitchen. The main window faces the south.A: That sounds rather attractive. We will conduct an evaluation to find out the size and other related facilities. That will give us an idea on how much we can lend. Normally we only lend to a maximum of 70% for second hand properties but if you are looking for ＄700,000, which is only about 66% of your purchase price, I believe there is high chance for the loan to be approved as the property is quite new.B: Just now you mentioned possible better terms. What exactly are they?A: Well, would you mind telling me your profession, your source of income and whether you intend to live in the apartment you purchase?B: I’m an engineer in Arrow & Moral Electronics Inc. and my annual income is 260,000 dollars. I also receive additional income for the articles I write for the magazines, amounting to ＄3,000 a month. I do plan to live in Sapphire Court myself.A: Good. Have you brought with you your salary or income tax statement?B: I’m sorry. I didn’t know you need them. But I can send them to you tomorrow.A: Yes, please. We were talking about better terms just now. For certain profession, we offer special rates and if the property is to be used by the applicant, there will also be special consideration.B: Is there any penalty if I make early repayment?A: Only for the first year. There is no penalty if you make early repayment from the 2nd year onward.B: I see. So all I need to do now is to sign the application form and wait for the bank’s advice on how much I can borrow.A: That’s correct. Now if you don’t mind you may perhaps sign here and I will contact you within the next few days. This is my business card. Meanwhile, if you have other questions, please feel free to call me.B: Thank you. Goodbye.A: Goodbye. Personal loan Banks offer personal loans to their customers either in the form of installment loans or overdrafts. Installment loans are loans granted by the bank to the customer over a fixed period of time. Depending on the needs and nature of the loans, they can be extended for a period of a few days to several years. The repayment schedule is usually fixed in amount and time. The bank usually does net have the right to demand early repayment unless the customer fails to meet the agreed repayment schedule. The most popular repayment schedule would be monthly or semi-monthly and the repayment amount would be spread in equal installments over the whole term of the loan, or as otherwise agreed by both parties. Depending on the needs of the personal customer, the purpose of the loan varies: to finance a vacation or to make tax payment. Installment loans can be secured or unsecured. A bank may, up to a certain limit, advance a loan to a customer without security. An unsecured loan usually carries a risk, thus the borrower is required to pay a higher rate of interest on the amount borrowed. However, a customer with good credit standing can negotiate a loan at a lower interest rate even though no security is given. Usually, unsecured loans are for a shorter period of time and for smaller value, loans of this type are usually offered to those who have stable incomes and are in higher income brackets. Most borrowers are in the professional classes, e.g. engineers, lecturers/ teachers, accountants, etc. A secured loan is based on security provided by the customer which is attached to the loan agreement. The security could be provided in the form of specified assets or personal guarantees.A secured loan usually carries a lower interest payment. If the borrower defaults onthe conditions of the loan, the bank could dispose of the assets given as security, keep what the customer owed or return the remainder to the customer. The most popular secured loans are those for financing the purchase of durable items. These loans usually have a period of at least a few years. An example of a longer loan with high security value is the home mortgage loan, which usually has a term for more than ten years. In a mortgage loan agreement, the asset itself is purchased by the loan and provides the security for the banker. The most popular mortgage loan is the real estate mortgage. Other mortgage loans are, for example, granted to purchase a car. This is called a chattel mortgage. When a customer is in the process of selling an asset, such as, a house and buying another one, this person needs a bridging loan, which is a loan agreement under which finance is required in connection with the sale of one asset and the purchase of another. The finance is required because the customer may be lacking money for buying a new asset before the money comes in for the asset being sold. Because the purchase occurs before the sale, the customer needs to “bridge” the gap.1．What’s the name of the man who is seeking the mortgage loan?正确答案：Robert.2．When did he pay the down payment?正确答案：Last week.3．What is the purchase price of the apartment?正确答案：＄1 million.4．Through whom did he pay to the landlord?正确答案：Through the real estate agent.5．What interest rate does he pay if he gets the loan?正确答案：9.5%.6．How many years repayment schedule do they work on?正确答案：10-year repayment schedule.7．Is there any penalty if he makes early repayment, and how early?正确答案：Yes. Only for the first year.8．Can Robert get unsecured loans if he applies for a short period of time andfor smaller value?正确答案：Yes.9．People in what kinds of professions are mentioned in the passage that are offered unsecured loans?正确答案：Engineers, lecturers, teachers, accountants.10．If a loan is granted to purchase a car, what do we call this kind of loan?正确答案：A chattel mortgage.SECTION TWO (Compulsory) Answer all questions below. Read the following statements and decide whether they are True (T) or False (F). If it is a false statement, try to re-write a correct version.Question 211．The Land Fund is now managed by the HKMA under the direction of the Financial Secretary as a combined portfolio with the Exchange Fund.A．正确B．错误正确答案：B解析：Correction: The Land Fund is now managed by the HKMA under the direction of the Financial Secretary as a separate portfolio from the Exchange Fund.12．After July 997, mainland Chinese banks applying to operate in Hongkong are still placed under the category of foreign banks.A．正确B．错误正确答案：A13．Money is a commodity itself.A．正确B．错误正确答案：A14．Credit instruments are issues by which investors supply permanent financing to firms or other borrowers including governments.A．正确正确答案：B解析：Correction: Equity instruments are issues by which investors supply permanent financing to firms or other borrowers including governments.15．Debit instructions arise when the party to whom payment is to be made demands the funds from the bank holding the debtor’s money.A．正确B．错误正确答案：B解析：Correction: Credit instructions arise when the party to whom payment is to be made demands the funds from the bank holding the debtor’s money.16．Compared with call deposits, time deposits generally have a shorter deposit time restriction, which ranges from 24 hours to one week.A．正确B．错误正确答案：B解析：Correction: Compared with time deposits, call deposits generally have a shorter deposit time restriction which ranges from 24 hours to one week.17．Under conditional lease, the company or the bank holds the title, takes the investment credits and depreciation expenses, and sells or releases the facilities when the lease expires.A．正确B．错误正确答案：B解析：Correction: Under true lease, the company or the bank holds the title, takes the investment credits and depreciation expenses, and sells or releases the facilities when the lease expires.18．A breaker’s cheque is a negotiable instrument.A．正确B．错误正确答案：B解析：Correction: A banker’s cheque may or may not be a negotiable instrument.19．Depending on the need of clients, SWIFT is the most convenient and the safest method.B．错误正确答案：A20．There is no circumstance where the “non-disclosure” rule can be broken without the consent of the customer.A．正确B．错误正确答案：B解析：Correction: There are circumstances where the “non-disclosure” rule can be broken without the consent of the customer.21．Index deposit combines the benefit of a time deposit and an investment.A．正确B．错误正确答案：A22．A negotiable instrument is a conditional Order or promise to pay a certain amount of money.A．正确B．错误正确答案：B解析：Correction: A negotiable instrument is an unconditional order or promise to pay a certain amount of money.SECTION THREE (Compulsory) Write short notes on all questions below. Note form answers me acceptable.Question 323．What are the agents required in the process of money creation through the open-market operations?正确答案： a. central bank b. banks or depository institutions c. brokers/citizens24．List any 4 most general types of bank loans and advances that banks provide to all economic sectors.正确答案： a. working capital loans b. start-up loans c. syndicatedloans d. project financing e. foreign trade financing25．What global electronic banking services can business customers obtain from banks?正确答案： a. cash management services b. trade services c. Electronic Data Interchange (EDI) Services26．List any 3 reasons for having funds moved from one country to another.正确答案： a. the settlement of debts as a result of international trade b. The transfer of funds paid out by foreign firms in file forms of dividends, profits and capital gain incomes. c. remittances to friends and relatives d. government’s aid to foreign countries e. capital flight27．Name any 3 conditions that a company, a person or group of persons need to meet in order to get a bank license in HK.正确答案： a. Minimum paid-up share capital of not less than a legally specified amount (HK ＄150 million for Licensed Banks, HK ＄100 million for Restricted Licence Banks and HK ＄25 million for Deposit-taking Companies).b. For overseas applicant, the incorporation must be in countries where the supervisory authorities have the capabilities to meet the minimum supervision standards as recommended by the Basle Committee.c. For local applicant, it has been an authorized institution for at least 10 years.d. There is also an asset requirement for Licensed Banks( US ＄16 billion for overseas and HK ＄4 billion for local applicants as at end 1997), which is revised annually.e. For local applicant, there is an additional minimum requirement for public deposit of HK＄3 million as at end 1997.28．What does the Federal Reserve Payment Services include?正确答案： a. the processing and collection of checks through Federal Reserve Banks. b. the wire transfer of funds and securities against payment. c. automated clearing house services in which Federal Reserve Banks process electronically originated credit and debit transfer. d. the large-dollar payments system called Fedwire.SECTION ROUR Answer one question only.Question 429．What is merchant banking? Why does it grow rapidly in Hong Kong?正确答案：Merchant banking: —providing financial advice and a wide range of special services for companies in the area of finance and management. —main functions in merchant banking: -act as both brokers and dealers in wide variety of securities; -provide research services and give consultancy services on all varieties of management problems; -money market instruments are traded; -underwrite the debt issue of government and manage the sale of corporate debt and stock; -serve as agents to handle the payment of dividends to shareholders; -handle mergers, acquisitions, interest rate Swaps, leveraged buyouts, and other fee-earning activities; -arrange or participate in syndicated lending/project financing; -provide advisory/underwriting services in IPO/placement. The reasons for the rapid growth of merchant banking in Hong Kong: —Institutionalization -Growing importance of institutional investors in the market place has provided a chance for the expansion of merchant banks. -Since 1990s, the main players of the stock market has shifted from individuals to the institutions. —Deregulation -Competition across borders becomes available as the relaxation of regulations in the US and some European states and the development of Euro-market. -Because of the capital limitation, individuals must seek for help from the merchant banks which have considerable scale in global operations. —Securitization and disintermediation -The change of the source of corporate financing from bank loans to merchant banks’ services has increased the development of merchant banking business. Many corporations like to seek financial arrangement through merchant banks. —Advanced technology -Since the communication ability has been intensified by the advanced technology, the information exchange among merchant bankers and other financial institutions becomes more vigorous. —Industrial organization restructuring -The environment for file growth of merchant banking has been created with the rapid restructuring of industrial organization, such as the breaking-down of conglomerates, introduction of leverage-buy-out, favorable acceptance of “junk”bond. —Globalization -From 1990s onwards, a global market has been laid down by the creation of the Euro-market and the increasing use of commercial papers and other financial instruments and the impetus for the growth of merchant banking business has been provided by this favorable conditions.Question 530．Describe money markets and capital markets.正确答案：Money markets: Concept: —Money markets are exchange systems where short-term, usually less than one year, highly liquid and readily marketable credit instruments are traded. Instruments traded in Hongkong money markets: —Negotiable certificates of deposits: -a financial instrument issued by a bank or a deposit-taking company as evidence of indebtedness; -repayable either on demand or at a determined future time; -carries either a fixed or floating interest rate. —Inter-bank lending and borrowing: -in Hongkong, it is anintangible market participated by licensed banks and deposit-taking companies; -borrowing is on unsecured and short-term basis, ranging from overnight call up to 6 to 12 months; -HIBOR is used to determine the offer price. —Floating rate notes: -a negotiable instrument bearing a floating interest rate and issued by a company; -the quality of the note will be reflected by the reception of the notes in file market; -a highly-rated company will offer notes with a better rate. —Commercial papers/ bills: -a form of negotiable instrument issued by companies; -a promissory note, unsecured and with a maturity date; -comparatively high yield. —The Exchange Fund Bills: -similar to the treasury bills issued in other countries; -investors earn no interest but receive a return based on the discount from their face value at maturity; -important investors are: licensed banks, deposit-taking companies, insurance companies, other financial companies and institutions; -advantages: highly liquid; strong credit standing; a large and expanding market. —The Government Bond Instruments traded in the international money markets: —Treasury bills. —Eurodollars. —Eurodollar certificates of deposits. Through local brokers and dealers who bring buyers and sellers together for a commission, one can easily get access to international money market instruments in Hongkong.Capital markets:Concept: —it is a market where long-term financial instruments with maturities of upwards of one year are traded.General characteristics of the instruments: —greater risk; —less liquidity; —higher degree of default rate. Types of instruments: —Credit instruments -they are issues by which a lender advances funds to a borrower in return for the borrower’s IOU. —Equity instruments -they are issues by which investors supply permanent financing to firms or other borrowers including governments.SECTION FIVE Answer one question only.Question 631．Analyzing the “security”—the factor that banks employ to consider the loan granting.正确答案：(1) Concept of the security Security can be viewed as a “comfort”which provides the lending banker with the assurance that if things go wrong with the loan, there is another source of recovery available to minimize credit losses.(2)The classification of the security A. Direct security and collateral Direct security: refers to the borrower’s assets obtained by the bank by way of a mortgage, charge or lien. Collateral: refers to any security deposited by a third party to secure the indebtedness of the borrower. B. Tangible and intangible Tangible: include land, buildings, fixed deposits, shares and stocks. Intangible: guarantees and indemnities. (3)The types of security and their features Land and other property Most popular type of security. It can be classified as “legal” or “equitable”mortgage. Life policy It is an adequate form of security,especially against loans made to a sole proprietorship. Stocks and shares It is common type of security. To avoid the risk involved, loans should not be made against “unquoted”shares. Guarantees It is a written undertaking to be responsible for the debt of another party. There are three parties involved: creditor, debtor and guarantor. Debentures It is a written acknowledgement of indebtedness by a company, usually given under its seal and setting out the terms of interest and repayment. Deposits It is a safe and highly liquid form of security. Its value is readily available and realization is relatively easy. (4)The factors influencing the judgment of the security Value: the price at the time it is necessary to sell the asset so as to recover the loan. Type: Acceptability: acceptable to the bank as security, and be readily available to be transferred to the bank. Realizability: the last step that the bank takes to recover the loan.(5)The criteria for good or suitable security Easy to value. Easy to transfer tide. Easy to realize. Stable and increasing in value. (6)The advantage of using security It provides banks with some form of insurance to safeguard the bank against any loss if the loan turns out to be irrecoverable. (7)The limitation of using security Security is a protection rather than a source of repayment. It should be the last item to be considered in loan approval.Question 732．(a)Write short notes on the following: (i)BACS (ii)CHAPS (iii)CHIPS (iv)FedWire (b)What are the significance and limitations of the balance sheet?正确答案：(a)(i)BACS: Formerly known as Bankers’Automated Clearing Services. BACS handles direct debits and credits as well as standing orders in the UK. The clearing process is normally completed on the third day of the operation cycle. (ii)CHAPS It refers to the Clearing House Automated Payments System. It is available nationwide in Britain. It is operated by a number of settlement banks who communicate directly through computers. Payments sent through the system are guaranteed and unconditional, and cleared on a same-day basis. (iii)CHIPS It refers to Clearing House Inter-bank Payments System. It is a computerized network in the United States for transfer of international payments. It links up a number of international banks and other financial institutions which have offices or subsidiaries in New York City. Members are classified as “settling” and “non-settling”member banks. Each non-settling member bank maintains an account with a settling member which effects settlement on its behalf. (iv)FedWire It is a fund-transfer system operated in the USA by the Federal Reserve System (file Fed, the Central Bank of the US). This fund-transfer network handles transfers from one financial institution to another with an account balance held with the Fed. The transfer of reserve account balances is used for the buying and selling of Fed funds, and credit transfers on behalf of bank customers.(b)A balance sheet is basically a financial statement that gives an accounting pictureof assets owned by a business operation and of claims outstanding on a specific date. The balance sheet acts as a snapshot of the company’s position at a point in time. The balance sheet provides us with some idea of a company’s real worth and the trends of performance. It is static and historical in that it shows the assets and liabilities at a past point in time. Some of the assets are estimations only and as valued on the date stated.Question 833．Wang wants to transfer his money from China to the US. Could you explain the different money transfer methods provided by banks to him?正确答案：There are three methods of money transfer provided by banks: Draft: —A draft is an order in writing, made out to a person other than the maker, instructing him to pay a certain sum of money to a named person called the payee. It is also called a “bank draft” or “banker’s cheque”. —A draft can be sent by mail or handed over directly to the payee by the customer. —the process of a draft handling: -A request from a customer to a banker to issue a draft to a recipient overseas; -The draft drawn by the drawer bank on the drawee bank for the transaction of the draft; -The drawer advises the drawee of the issue of the draft and informs the drawee bank to pay the payee when the draft is presented for payment. —The features: -A draft sent by the customer is the least expensive, but is the slowest form of transmission. -The customer bears the risks of theft, destruction or loss in the mail system when the draft is sent by the customer himself. Mail transfer: Mail transfer is an instruction given by one hank to another, based on the request of the customer. —The way to transfer : -a written draft; -internal communication system. —The banks involved: -the remitting bank: the hank which instructs another bank to make payment to the nominated recipient; -the advising bank: the bank which receives the instruction from the remitting bank. —The process of mail transfer: -The request from a customer to the remitting hank to transfer the money; -The remitting bank will send a statement to the advising bank and tell it the exact amount being transferred, the name of the payee and his address; -The advising bank will inform the nominated recipient and check the recipient’s identity and then release the funds. —The features of the mail transfer: -It is a little safer. -The speed is low. -It could also be delayed, destroyed or even stolen. -Such delay involves additional interest payment. Telegraphic transfer: —It is an authenticated order given by the remitting hank to the advising bank to which it is addressed to make available specified funds to a named recipient. —The way to transfer: cable or telex. —The process of the telegraphic transfer: -The request from a customer to the remitting bank; -The remitting bank will send a statement to the advising bank through cable or telex which contains a “test-key”; -The advising bank receives the transmission and uses the test-key to verify the genuineness of the telex or cable instruction. And then advises the recipient to collect the funds. —The features ofthe telegraphic transfer: -It is the most expensive way of money transfer; -Fast in speed; -One of the reliable forms of money transfer.。
(金融保险)年FECT金融英语考试国民经济词汇辅导
（金融保险）年FECT金融英语考试国民经济词汇辅导matured bonds 到期债券matured liability unpaid 到期未付债务Maturity 到期maturity structure of debt 债务到期期限结构maturity value 到期值Mean 平均数，方法，手段mean price 平均价mean-square value 均方值Measure 测量，计量，措施administrative measure 行政措施economy measure 经济手段Mediation 调解Mediator 中间人，调解人，经济人Medium 中等的，媒介medium term funds 中期债券medium term capital 中期资本medium term debt 中期债务medium term loan 中期贷款medium-sized enterprise 中型企业Memo 备忘录，便笺Memorandum 备忘录，记要Merchandise 商品，货物merchandise export 商品出口merchandise inventory 商品库存Merger 兼并，合并merger and acquisition 兼并与收购Message 信息massage exchange 信息交换Method 方法method of calculating depreciation 折旧计算法method of comparative analysis 对比分析法method of first-in，first-out 先进先出法method of last-in，first-out 后进先出法method of least square 最小平方法method of weighting 加权方法Microeconomic 微观经济的microeconomic analysis 微观经济分析microeconomic model 微观经济模型microeconomic phenomenon 微观经济现象Mill 工厂Mine 矿山，矿Mining 采矿Ministry 政府的部Minority 少数minority equity 少数股东权益minority share 少数股份Moderately 适度的moderately tight monetary policy 适度从紧的货币政策moderately tight credit policy 适度从紧的信贷政策Modern 现代的modern economic management 现代经济管理modern enterprise system 现代企业制度Modernization 现代化Monetary 货币，金融monetary capital 金融资本monetary crisis 金融危机monetary institution 金融机构monetary market 金融市场monetary policy tools 货币政策工具monetary reform 币制改革monetary system 货币制度Money 货币money supply 货币供应Monopolistic competition 垄断性竟争Monopoly 垄断，专利monopoly capital 垄断资本monopoly capitalism 垄断资本主义monopoly enterprise 垄断企业monopoly position 垄断地位monopoly price 垄断价格monopoly right 专利权，专卖权natural monopoly 自然垄断international monopoly 国际垄断pure monopoly 纯垄断Monthly 月monthly plan 月计划monthly pay 月工资monthly report 月报monthly salary 月薪monthly statement 月结Moody‘s Industrial Manual 穆迪工业手册Mortgage 抵押mortgage bank 抵押银行mortgage bond 抵押债券mortgage credit 抵押信贷mortgage debt 抵押负债mortgage debtor 抵押债务人mortgage interest 抵押利息mortgage liability 抵押负债mortgage loan 抵押贷款Most-favored nation treatment 最惠国待遇Mrrrill Lynch 美林公司（美国）Multicurrency loan 多种货币贷款gain or loss 损益Galloping inflation 恶性通货膨胀Gamble 投机，赌博gamble in stock 股票投机Gambler 投机商，赌徒Gap 间隙，间隔gap of wealth 贫富差距narrowing the gap between the rich and poor 缩小贫富差距General 总的，普通的General accepted accounting principles （GAAP）公认会计原则General Agreement on T ariffs and Trade（GATT）关税贸易总协定general contractor 总承包商general expense 日常开支，一般费用general fund 普通基金general index 总指数general journal 普通日记帐general ledger 总帐，普通分类帐general obligation bond 一般义务债款Generalized preferential system （贸易）普遍优惠制Generation 一代人generation gap 代沟generation-skipping transfer 隔代资产转移Geographical 区域的，地理的geographical specialization 地区专业化Gift 礼品，赠与gift coupons 礼品卷gift tax 赠与税Gilt-edged bond 金边债券Glamor stock 热门股票Global 全球的，全面的，总的global economy 全球经济global society 国际社会Globalization 全球化economic globalization 经济全球化GNP 国民生产总值GNP at constant prices 按固定价格计算的国民生产总值GNP at market prices 按市场价格计算的国民生产总值Go public 股票上市Gold 黄金gold and foreign exchange reserves 黄金外汇储备gold bonds 黄金债券gold bullion market 黄金市场gold crisis 黄金危机Good title 有效所有权Goodwill 信誉Government 政府government agency 政府机构government bond 公债，政府债券government control 政府控制government directed 国家指导的government employee 政府雇员government enterprise 政府企业government intervention 政府干预government loan 政府贷款government official 政府官员government operated business 国营企业government property 政府财产government supervision 国家监督government transfer payment 政府转移支付Grace period 债务宽限期Graft 受贿，贪污Grant 专用拨款，赠款grant-in-aid for agriculture 农业财政拨款grant-in-aid fund 财政补贴基金Gross 毛重，总重，总额gross assets 总资产Gross Domestic Product（GDP）国内生产总值Gross National Product（GNP）国民生产总值Norminal GNP 名义GNPReal GNP 实际GNPgross margin 毛利gross profit 毛利润gross profit margin 毛利润率gross retail sales 零售总额Group 集团，团体，组group company 集团公司group of enterprises 企业集团Group of Seven （G-7）七国集团Grouped by 按……划分grouped by ownership 按所有制划分grouped by sector 按行业划分Growth 增长growth funds 增长基金growth potential 增长潜力growth rate of earnings 收益增长率Guarantee 担保，保证Guaranteed 有保证的，有担保的guarenteed bond 有信用担保的债券guaranteed investment contract 担保投资合同guaranteed mortgage 担保抵押guaranteed security 担保证券Guaranty 保证金，保证Guide price 指导价Guidline 指导原则Hard 硬的hard currency area 硬通货地区hard money 硬通货，硬币Hardware 硬件hardware store 五金商店Head office 总行，总公司Headquarters 总部Health 健康health care 医疗health insurance 医疗保险Heavy 沉重的heavy debts 沉重的债务heavy industry 重工业heavy social burdens 沉重的社会负担Hidden 隐蔽的，隐藏的hidden assets 帐外资产，隐匿资产hidden inflation 隐性的通货膨胀hidden tax 隐蔽税High 高high added-value 高附加值high technology 高技术High yield bond funds 高收益债券基金high-efficiency 高效的high-quality 高质量的high-tech stock 高技术股票high-yield 高产的Higher bid 竟卖较高价格Highlight 重点Hire 雇，租Holder of stock 股票持有人Holding 持有，占有的holding bank 控股银行holding company 控股公司，母公司holding corporation 控股公司Horizontal 水平的，横向的horizontal acquisition 横向收购horizontal combination 横向合并，同行业合并horizontal integration 横向联合horizontal merger 横向兼并Hospital benefits 医疗福利费Housing 住房，住房建设housing add 住房补贴housing allowance 住房津贴housing distribution 住房分配housing reform 住房改革public housing funding system 住房公基金制度Human 人human capital 人力资本human relation 人际关系human resource 人力资源human rights 人权Hypothecary 抵押的hypothecary credit 抵押信贷hypothecary debt 抵押债务Hypothecated assets 抵押财产Idle 闲置的idle capacity 闲置生产能力idle facility 闲置设备inland industry 内陆工业inland provice 内陆省Innovation 革新Input 输入，投入input-output analysis 投入产出分析input-output model 投入产出模型input-output ratio 投入产出比率Inspection 检查，检验Installation expenses 安装费Instalment 分期付款Institute 研究所，学院，协会Institution 学会，协会，机构Institutional reform 体制改革，制度改革Insurance 保险credit insurance 信用保险insurance company 保险公司insurance coverage 保险范围insurance fund 保险基金insurance industry 保险业Intangible 无形的intangible assets 无形资产intangible capital 无形资本intangible property 无形财产Integration 企业合并，一体化integration of world economy 世界经济一体化Intellectual property rights 知识产权Intensive 集约的，精细的labour intensive industry 劳动密集型产业knowledge intensive industry 知识密集型产业Interest 利息，股利interest free deposit 无息存款interest free loan 无息贷款interest income 利息收益interest on principal 本息interest rate on deposits 存款利率interest rate risk 利率风险interest-rate cuts 利率下调interest-rate reductions 利率下调Intermediary 中间的intermediary agency 中介机构，中间机构intermediary bank 中介银行intermediary commerce 中介贸易intermediary market 中介市场Intermediate 中间的，半成品intermediate body 中介机构intermediate debt 中期负债ntermediate term credit 中期信贷Internal 内部的internal audit 内部审计internal transfer price 内部转让价格internal-oriented economy 内向型经济internal rate of return（IRR）内部收益率International 国际的international accounting standard 国际会计标准international balance of payment 国际收支差额international bidding 国际招标international bond market 国际债券市场international capital market 国际资本市场international competitive ability 国际竟争能力international corporation 跨国公司international credit 国际信贷international economic integration 国际经济一体化international economic order 国际经济秩序international finance center 国际金融中心international financial market 国际金融市场international loans 国际贷款International Monetary Fund（IMF）国际货币基金组织international monotary crisis 国际货币外危机international multilateral loans 国际多边贷款Internationalization 国际化internationalization of capital 资本国际化production internationalization 生产国际化Intervention 干预intervention by government 政府干预market intervention 市场干预state intervention 国家干预Introduction 介绍，引进introduction of foreign capital 引进外资introduction of foreign technology 引进外国技术Inventory 库存inventory account 库存帐inventory cost 库存成本inventory loss 盘亏，库存损失inventory shortage and overage 盘亏与盘盈inventory ahortage and apoilage 盘亏与毁损inventory turnover 存货周转just in time inventory 即时库存Investment 投资investment abroad 国外投资investment and trust company 投资信托公司investment enviroment 投资环境investment fund 投资基金investment in capital construction 基本建设投资investment in enterprise 对企业投资investment in outside unit 对外单位投资investment in stock 投资股票investment intention 投资意向investment pool 联合投资组织investment portfolio 投资证券组合investment strategy 投资战略investment target selection criteria 投资目标选择标准Invisible 无形的，帐外的，未列帐的invisible assets 帐外资产invisible capital 无形资本invisible loss 无形损失Invitation 招标，招待，邀请invitation for bid 招标Invoice 发票Issue 发行，签发issue a loan 发放贷款issue at par 按票面发行issue at the market price 按市价发行issue of government bonds 发行公债Job 职业工作job opportunity 就业机会job security 工作保障job shop 加工车间Jobless 失业jobless rate 失业率Joint 共同的，联合的joint administration 联合管理joint creditor 连带债权人joint debtor 连带债务人joint enterprise 合办企业joint liability 共同债务，连带责任joint property 共同财产joint stock 合资，合股joint stock company 股份公司joint stock system 股份制joint tanancy 合伙租赁joint venture 合资企业Journal 日记帐，杂志cash receipts journal 现金收入帐journal entries 分类帐ledger type journal 分类日记帐Lawful 合法的lawful money 法定货币lawful share 合法股份Lawsuit 法律诉讼Lawyer 律师Layoff 解雇Lay-offs 下岗人员Leader price 大户价，领导价Leading 领先的leading indicators 领先指标leading industr 领先行业leading share 主要股份Lease 租赁capital lease 资本租赁lease financing 租赁融资operating lease 经营融资Leased 租借的，租赁的leased assets 租赁资产leased equipment 租赁设备Leasehold 租赁营业leasehold mortgage 租借抵押leasehold property 租赁财产Leasing 租赁leasing assets 出租资产leasing company 租赁公司leasing industry 租赁业leasing trade 租赁贸易Least 最少，最小least developed counrty 最不发达国家least developed developing counrty 最不发达的发展中国家least square regression method 最小平方回归法Ledger 分类帐，总帐ledger account 分类帐户general ledger 总分类帐Legal 合法的，法定的legal act 法律行为production line 生产线Linear 线性的linear depreciation 线性折旧linear programming（LP）线性规划linear regression 线性回归Liquid 流动的，流体的liquid assets 流动资产liquid ratio 流动比率Liquidate 清算liquidated account 清算帐户liquidated obligation 已偿清的债务Liquidation 清算，偿还liquidation of debts 清偿债务liquidation value 清算价值Liquidity 流动性，流动资金liquidity ratio 流动比率，偿债能力比Listed 上市的，登录的listed bond 上市债券listed company 上市公司listed security 上市证券listed stock 上市股票Litigation 诉讼Living 生活的living cost 生活费living standard 生活标准Loan 贷款，借贷，借款loan bank 贷款银行loan capital 借贷资本loan financing 贷款筹措loan fund 贷款基金loan guarantee 贷款担保loan interest 贷款利息loan receivable 应收贷款loan-deposit ratio 贷款存款比率Local 地方的，本地的local authority 地方当局local court 地方法院local government 地方政府local government at various levels 各级地方政府local tax 地方税Long-lived assets 长期资产Long-term 长期的long-term assets 长期资产long-term contract 长期合同long-term debts 长期债务long-term investment 长期投资long-term liability 长期负债long-term stability 长期稳定Loosening tight monetary policy 放松紧缩的货币政策Loss 损失，亏损consolidated loss 合并亏损loss and gain 损益loss money 亏本loss of assets 资产损失loss-making 亏损Lowest bid 最低报价Machine 机械，机器Machinery 机械，机器Macro 宏观，巨大的macro approach 宏观方法macro analysis 宏观分析macro forecast 宏观预测Macroeconomic 宏观经济的macroeconomic analysis 宏观经济分析macroeconomic decision 宏观经济决策macroeconomic model 宏观经济模型macroecnomic phenomenon 宏观经济现象macroeconomic policy 宏观经济政策Maintain 保持maintain a balance between receipts and payments 保持收支平衡maintain monetary stability 保持货币稳定Maintenance 维修，保养maintenance and repair 维护和修理maintenance cost 维修成本maintenance funds 维修基金maintenance of value 保值Major 重点的，主要的major industries 主要行业major project 重点工程major repair depreciation expenses 大修折旧费major repair fund 大修基金Majority 大多数majority required 规定多数majority shareholding 占有多数股权majority statutory 法定多数majority of votes 表决多数，投票过半数Make 制造，定价，使成为make a deal 成交make money 赚钱make profit 获利Man 人man day 人天man hour 人时man month 人月man year 人年Manage 管理，经营Managrd 管理的，经营的Management 管理central management 集中管理enterprise‘s management 企业管理management accounting 管理会计management by objectives （MBO）目标管理management decision 管理决策management function 管理职能management quality 管理质量management information system 管理信息系统personnel management 人事管理Manager 经理，管理人员，经营者accounting manager 会计主管assistant general manager 助理，副总经理general manager 总经理Managerial 管理的managerial decision-making process 管理决策程序managerial economics 管理经济学managerial know-how 管理专门知识Manpower 劳动力manpower market 劳动力市场manpower resource 人力资源Manufacture 制造，制品Manufactured 已加工好的，已制成的manufactured inventory 产成品库存Manufacturing 生产的，制造的manufacturing cost 生产成本manufacturing expenses 制造费用manufacturing industry 制造业manufacturing right 生产权Margin 毛利，边际，定金margin account 保证金帐户margin of profit 边际利润margins desired 期望的毛利Marginal 边际的marginal revenue 边际收益marginal utility 边际效用Market 市场bear market 股票市场的熊市bond market 证券市场bull market 股票市场的牛市capital market 资本市场idle fixed assets 闲置固定资产idle fund 闲置资金idle production equipments 闲置生产设备Illegal 不合法的illegal dealings 非法交易illegal dividend 非法分红illegal income 不合法收入Illicit 非法的，禁止的illicit bankruptcy 违法的破产Image advertising 形象广告Impairment 亏损Imperfect 不完全的imperfect competition 不完全竟争imperfect market 不完全市场Import 进口，输入import of capital 资本输入import tax 进口税In line with 与……相一致in line with international practices 与国际贯例接轨Income 收入，收益gross income 收入总额income account 收益帐户income approach to fair market value 求得市场公平价格的收益法income before tax 税前收入income from investments 投资收益income gap 收入差距income property 收益财产income statement 收益表income tax law 所得税法income tax return 所得税申报表income to net worth ratio 净值收益率Inconvertible 不可转换的Incorporation 公司articles of incorporation 公司章程Increment tax 增值税Incumbrance 财产抵押权Index 指数，索引cost-of living index 生活费用指数index number of consumer price 消费品价格指数index number of stock price 股票价格指数index of social peogress 社会进步指数physical quality of life index 物质生活质量指数Indicator 指标Indirect 间接的indirect charge 间接费用indirect cost 间接成本Individual 单个的，个体的，单独的individual economy 个体经济individual enterprise 私人企业individual labour 个体劳动者individual operation 个体经营individual ownership 个体所有individual retirement account 个人退休金帐户Industrial policy 产业政策Industrial 工业的industrial revolution 产业革命Industrialization 工业化Industry 产业，行业aircraft industry 航空业automobile industry 汽车业banking industry 银行业basic industry 基础工业coal and mining industry 煤炭开采业construction industry 建筑业information industry 信息产业high-technology industry 高技术产业materials industry 材料业primary industry 第一产业secondary industry 第二产业service industry 服务业steel industry 钢铁业tertiary industry 第三产业transportation industry 交通运输业Inefficient operation 低效运营Inflation 通货膨胀inflation factor 通货膨胀因素inflation indexed security 通货膨胀指数债券inflation of credit 信用膨胀inflation rate 通货膨胀率Inflationary pressure 通货膨胀压力Information 信息information highway 信息高速公路information disclosure 信息披露information sources 信息资源infotmation system 信息系统Initial 初始的，最初的initial credit balance 初期贷方余额initial inventory 期初存货initial investment 期初投资initial public offering 股票首次公开上市initial stage 初级阶段Inland 内陆，国内，内地inland country 内陆国家Multi-polarization of world economy 世界经济多极化Multilateral 多边的multilateral aid 多边援助multilateral agreement 多边协议multilateral loans 多边贷款multilateral tariff negotiation 多边关税谈判multilateral trade 多边贸易Multinational 跨国的，多国的multinational corporation 跨国公司multinational market group 跨国市场集团Multiple 多样的，多种的multiple budget 复式预算multiple of book value per share 每股帐面资产比multiple of cash flow per share 每股现金流比multiple of sales per share 每股销售比（asset value per share）每股资产值multiple operation 多种经营multiple regression analysis 多重回归分析multiple tariff 多重关税Municipal 市的municipal bonds 市政债券municipal budget 市政预算municipal enterprises 市属企业municipal government 市政府municipal loan 市政公债municipal monopoly 地方垄断municipal tax 市政税，地方税Mutual 相互的mutual advantage 互利，互惠mutual fund 共同基金，互助基金mutual investment company 共同投资公司mutual obligation 相互债务责任mutual savings bank 互助储蓄银行mutual stock holding 相互控股National 国家的，国民的national accounting firm 全国性会计公司national assets 国家资产national balance sheet 国家资产负债表national bank 国家银行national bond 国家债券national brand 国家名牌national capital 国家资本national debt management 国债管理national economic budget 国民经济预算national economic plan 国民经济计划national finance 国家财政national income 国民收入national insurance 国家保险national monopoly 国家垄断national policy 国家政策national treatment 国民待遇Nationalization 国有化nationalization of enterprise 企业国有化nationalization of communication 通信国有化nationalization of railroad 铁路国有化Nationalize 收归国有Nationalized 国有化的nationalized bank 国有银行nationalized monopoly 国有化垄断Natural 自然的，天然的natural calamities 自然灾害natural capital 自然资本natural economy 自然经济natural resources 自然资源Negative 负的，相反的negative assets 负资产negative capital 负资本negative credit 负信用negative factor 负因素negative growth rate 负增长率negative vote 反对票Negotiate 商谈，谈判negotiated 商谈的Negotiating 买卖谈判negotiating terms 买卖谈判小组Negotiation 谈判Net 净的net amount of operating loss 营业损失净额net assets 净资产net assets value per share 每股资产净值net balance 净差额net book value of fixed assets 固定资产帐面净值net capital gain 资本净收益net capital to debt ratio 净资产与债务比率net cash flow 净现金流量net current assets 净流动资产net earning 净收益net income after tax 税后净收入net income before tax 税前净收入net income from operation 营业净收入net liability 净负债net loss 净损失net margin 净利net national debt 国债净额Net Natinal Product（NNP）国民生产净值net present value 净现值net profit after tax 税后净利润net profit or loss 净损益Network 网络information network 信息网络Ninth Five-Year Plan 九五计划Nominal 名义上的nominal assets 名义资产nominal capital 名义资本Non 非……，不……non-accepted bill 不认付票据non-bank financial institution 非银行金融机构non-business property 非营业资产non-cash assets 非现金资产non-cash settlement 非现金结算non-financial business 非金融企业non-governmental entity 非政府机构non-ledger assets 帐外资产non-linear relation 非线性关系non-market factor 非市场因素non-nationalization 非国有化non-operating profit 非营业利润non-profit firm 非营利公司non-registered bond 不记名债券non-registered stock 不记名股票non-state economic sectors 非国有经济部门Noncurrent 非流动的noncurrent asset（NCA）非流动资产noncurrent liability（NCL）非流动负债Normal 正常的normal distribution curve 正态分布曲线normal year 正常年度Normed 定额的normed current fund 定额流动资金normed deposit account 限额存款帐户Note 票据，纸币note issuance 货币发行note receivable 应收票据Notice 布告，通知bankruptcy notice 破产公告notice of claim 索赔通知notice of invitation for bids 招标公告Object 目标，对象，物体object cost 目标成本Objective 目标的，客观的objective factor 客观因素objective laws 客观规律objective value 客观价值Objectivity rule 客观原则Obligation 责任，义务obligation of contract 契约义务Obsolete 过时的，陈旧的，不使用的obsolete equipment 陈旧设备Occupation 占有，职业Occupied 占有的，有职业的occupied rate of current capital 流动资金占有率Occupy 占有Offer 提供，报价，发盘blind offer 盲目要价offer price 要价Office 办公室，办事处，事务所Official 官方的，正式的，官员official approval 官方批准official capital 官方资本official exchange rate 官方汇率，法定汇率official holiday 法定假日official list 官方牌价official seal 官方印章officials at various government levels 各级政府官员On job training 在职训练Open 打开，开放open an account 开设帐户open bid 公开招标open coastal cities 沿海开放城市open competition 公开竟争open door policy 开放政策open domestic market 开放国内市场operation and management 经营和管理operation of capital 资金的运用Operational 经营的operational losses 经营性亏损operational mechanism 经营机制operational research 运筹学Opinion 意见，看法opinion polls 民意测验Opportunity 机会Optimize 优化optimize capital structure 优化资本结构Optimum 最佳的optimum portfolio 最佳投资组合Option 期权，选择权Black-Scholes Option Pricing Model Black-Scholes 期权定价模型call option 买方期权put options 卖方期权in the money 沽盈价out of the money 沽亏价Order 定货，定单，秩序new international economic order 国际经济新秩序Ordinary 普通的，平常的ordinary share 普通股Organization 机构，组织Organizational 组织的，编制中的organizational chats 组织结构图organizational goals 组织目标organizational structures 组织结构Organized 有组织的Organizer 组织者Organizing 组织organizing ability 组织能力Original 初始的，原本的，正本original capital 原始资本original cost 原始成本original evidences 原始凭证original investment 原始投资original invoice 原帐单，原发票Other 其它的other assets 其它资产other income 其它收入other liability 其它负债Out 在……之外wages owedto employees 应付职工工资Own 自有，拥有Owner 所有人，物主owner equity 业主权益owner of patent 专利所有人owner‘s capital 自有资本Ownership 所有制，所有权collective ownership 集体所有制ownership by the entire people 全民所有制ownership certificate 所有权证书ownership of trade mark 商标所有权ownership system 所有制Package 一揽子，包，包装package agreement 一揽子按排，一揽子方案package deal 一揽子交易package mortgage 一揽子抵押贷款package program 一揽子计划Packaged 体揽子的，包装好的package investment 一揽子投资packaged transfer 成套转让Paid 付清的paid cash book 现金支出帐paid check 已付支票paid debt 已还清的债务paid off 付清Paid-in 已缴的，已收到的paid-in capital 实收资本paid-in surplus 缴入公积Paid-up 已缴纳的，已付清的paid-up capital 已缴清的资本paid-up loan 已还清的贷款Paper 纸，纸币，票据，论文paper gold 特别提款权，纸黄金paper money 纸币，票据paper profit 帐面利润paper title 所有权证书Par 与票面价值相等的par issue 平价发行par rate of exchange 平价汇率par value 票面价值，平价Parallel departmentation 平行式的部门划分Parameter 参数Parent 母体，父母parent company 母公司，总公司parent firm 母公司，总公司parent-subsidiary 母公司——子公司Parity 等价，平价，比价parity price 平价parity rate of commodity 商品比价Participating preferred stock 参加分红的优先股Participative management 参与管理Partner 合伙人partner‘s equity 合伙人权益Partnership 合伙关系，合伙制general partnership 一般合伙limited partnership 有限责任合伙partnership agreement 合伙契约，合伙协议partnership assets 合伙资产partnership capital 合伙资本partnership enterprise 合伙企业partnership property 合伙财产Patent 专利，专利权patent agent 专利代理人patent application 专利申请patent fee 专利费patent licensing 专利许可patent rights 专利权Patentee 专利权所有人Pay 付钱，付款，偿还，工资pay back period 还本期pay bill 工资单pay check 付工资的支票pay cut 工资削减pay duty 纳税pay freeze 工资冻结pay in 缴款pay in cash 现金支付pay off 清偿pay out 支出pay up 付清Payable 应付的payable account 应付帐目，应付帐款Payback period of investment 投资回收期Payment 付款，支付payment abroad 境外付款payment after delivery 货到付款payment in advance 预付payment in cash 现金支付payment in stock 用股票支付Payroll 工资单P/E ratio 市盈率Penalty 罚款administrative penalty 行政罚款Penny stock 低价股票Pension 退休金，养老金pension fund 养老基金，退休基金Per capita 人均per capita annual income in cities and towns 城镇人均年收入per capita annual net income in rural areas 农村人均年收入per capita assets 人均资产per capita gross domestic product 人均国内生产总值per capita growth 人均增长per capita income of rural residents 农村人均收入per capita income of urban residents 城镇人均收入Per share 每股asset value per share 每股资产值multiple of book value per share 每股帐面资产比multiple of cash flow per share 每股现金流比multiple of sales per share 每股销售比Percentage 百分比percentage depletion method 百分比折耗法percentage of utilization of fixed asset 固定资产利用率Perfect 完全，完美perfect competition market 完全竟争市场perfect monoply 完全垄断Perform 履行perform a contract 履行会同Performance 执行，履行，完成，性能，业绩performance appraisal 效绩评价performance audit 业绩审计performance evaluation 业绩评价performance rating 业绩评级performance report 业绩报告performance record 业绩记录Period 周期period cost 期间成本period of depreciation 折旧期数period of production 生产周期Periodical 周期的，定期的periodical deposit 定期存款periodical inspection 定期检查Permanent 永久的permanent assts 永久性资产permanent income 长期收入Personal 个人的personal account 个人帐户personal capital 个人资本Penny stock 低价股票Pension 退休金，养老金pension fund 养老基金，退休基金Per capita 人均per capita annual income in cities and towns 城镇人均年收入per capita annual net income in rural areas 农村人均年收入per capita assets 人均资产per capita gross domestic product 人均国内生产总值per capita growth 人均增长per capita income of rural residents 农村人均收入per capita income of urban residents 城镇人均收入Per share 每股asset value per share 每股资产值multiple of book value per share 每股帐面资产比multiple of cash flow per share 每股现金流比multiple of sales per share 每股销售比Percentage 百分比percentage depletion method 百分比折耗法percentage of utilization of fixed asset 固定资产利用率Perfect 完全，完美perfect competition market 完全竟争市场perfect monoply 完全垄断Perform 履行perform a contract 履行会同Performance 执行，履行，完成，性能，业绩performance appraisal 效绩评价performance audit 业绩审计performance evaluation 业绩评价performance rating 业绩评级performance report 业绩报告performance record 业绩记录Period 周期period cost 期间成本period of depreciation 折旧期数period of production 生产周期Periodical 周期的，定期的periodical deposit 定期存款periodical inspection 定期检查Permanent 永久的permanent assts 永久性资产permanent income 长期收入Personal 个人的personal account 个人帐户personal capital 个人资本Pollution 污染pollution control regulation 环境保护规定Pool 合伙经营，联合Pooling 联营，汇集，合并pooling of interest 利益共享，共同经营Poor 贫穷的，粗糙的poor management 管理不善Population 人口population base 人口基数population distribution 人口分布Portfolio 投资组合（投资证券时购买多种不同股票，债券以减少风险）portfolio investment 证券投资portfolio management 证券投资管理portfolio strategy 投资组合战略portfolio theory 投资搭配理论Position 状况，立场，位置，职位capital position 资金状况Positive 正的，积极的positive capital 正资本positive cash flow 正向现金流positive growth 正增长Possession 所有，拥有，所有权actual possession 实际所有权unlawful possession 非法所有，不合法所有Possessory 所有的possessory right 所有权Potential 潜力，潜在的potential competition 潜在竟争potencial demand 潜在需求potencial market 潜在市场potencial value 潜在价值Poverty 贫困absolute poverty 绝对贫困eliminate poverty 消除贫困shake off poverty 摆脱贫困Power 权，能力，力量power of appointment 任命权power of interpretation 解释权power of sale 销售权Practice 实践，惯例international practices 国际惯例Predatory 掠夺性的predatory dumping 掠夺性倾销predatory price cutting 掠夺性竟争削价Prediction 预测economy prediction 经济预测Preference 优先，优惠preference bond 优先债券preference share 优先股Preferential 优先的，优惠的preferential interest rate 优惠利率preferential loan 优惠贷款preferential right 优先权preferential transfer 优先转让Preferred 优先的preferred creditor 优先债权人preferred dividend 优先股息preferred ordinary stock 优先普通股票preferred share 优先股preferred stock premium 优先股溢价preferred stockholder equity 优先股股东权益Preliminary 初步的，预备的preliminary expenses 开办费preliminary prospectus 初步募股书preliminary planning 初步规划Premium 溢价premium bond 溢价债券premium pay 加班费Prepaid 已预付的，先付的prepaid assets 递延资产prepaid deposit 预付定金prepaid expenses 预付费用prepaid interest 预付利息Present 现在的，目前的present capital value 资本现值present value 现值present value approach 现值法Pretax 税前的pretax earnings 税前利润pretax income 税前收入pretax rate of return 税前回报率Prevent 防止Price 价格buying price 买价catalog price 目录价格closing price 收盘价格。
金融英语(fect)综合考试的一些重点
A chart on which only the closing price for each period is tracked.
连线图
只记录每一时期收盘价的图表。
Point and Figure Chart
A chart which records price changes in columns using x’s for upward moves and o’s for downward moves in a given period.
非累积优先股
如果公司没有分配红利，那么这些红利不会累积到下一次。
Voting Rights
The right of common shareholders to vote for the election of officers of a corporation as well as on other issues regarding its operations.
Company Leader
A top employee of a company who has a vision for the future and can communicate effectively inspiring others to work toward that vision.
The level beyond which a stock price cannot rise due to selling pressure in the market.
阻力线
股价由于市场抛售压力停止上涨的一条线。
Volume
Total number of shares of a security traded in a certain period.
年金融英语(FECT)考试模拟试题(英语学习).doc
2010年金融英语（FECT）考试模拟试题（英语学习）1. Usually the low interest rate currency trades at a ______ to the high interest rate currency in the forward market.A. premiumB. parC. discountD. bar2. Which of the following statements about standby letters of credit is true？______.A. They can serve as a guarantee to a buyer against a seller defaultingB. They are contrary to the general rule that letters of credit may only be used for the actual movement of goodsC. They are unlike a tender （or other）bond in their legal standing and method of operationD. They are unlike a tender bond with its fixed expiry date3. The most liquid of all assets is ______.A. the stock of commercial banksB. M 1C. intelligenceD. the debt of major corporations4. Beta and standard deviation differ as risk measures in that beta measures ______.A. only unsystematic risk，while standard deviation measures total riskB. only systematic risk，while standard deviation measures total riskC. both systematic and unsystematic risk，while standard deviation measures only unsystematic riskD. both systematic and unsystematic risk，while standard deviation measures only systematic risk5. What information would you find in a statement of cash flows that you would not be able to get from the other two primary financial statements？______.A. Cash provided by or used in financing activitiesB. Cash balance at the end of the periodC. Total liabilities due to creditors at the end of the periodD. Net income6. An analyst estimates that a stock has the following probabilities of return depending on the state of the economy：State of economyProbabilityReturnGood0.115%Normal0.613%Poor0.37%The expected return of the stock is ______.A. 7.8%B. 11.4%C. 11.7%D. 13.0%7. According to the rules of debit and credit for balance sheet accounts ______.A. increases in asset，liability，and owner‘s equity accounts are recorded by debitsB. decreases in asset and liability accounts are recorded by creditsC. increases in asset and owner’s equity accounts are recorded by debitsD. decreases in liability and owner‘s equity accounts are recorded by debits8. Inpiduals will accept the medium of exchange in return for goods and services only if they are confident that ______.A. the inflation rate is zeroB. it possesses intrinsic valueC. they can pass it on to othersD. they can exchange it for gold9. When a country’s currency appreciates，the country‘s goods abroad become ______ and foreign goods in that country become ______.A. cheaper.。
金融英语FECT词汇
大盘股big macs , big/large-cap stock, mega-issue上市offering, list证交所bourse龙头企业corporate champion上海证交所Shanghai Exchange养老基金pension fund共同基金mutual fund对冲式共同基金hedge mutual fund股票share股价valuation保险商underwriter政府债券government bond储蓄帐户saving account股市equity market股东shareholder摘牌delist亏损企业mongey-loser存货inventory上市公司traded company,trading enterprise利益相关者stakeholder透明度transparency微软全国广播公司Msnbc: Microsoft national broadcast 市场经济基本规则market fundamentalist安全顾问damage-contral machinery有效市场efficient market知识产权intellectual property投机行为opportunistic practice世通公司WorldCom行贿bribery企业家entrepreneur做假帐cook the book监管体系regulatory system审计audit会计事务所accounting firm收购公司acquiring company呆帐bad loan现金流量表chart of cash flow产权清晰clearly-established ownership债转股debt to equity股权多元化diversity of equities规模经济economy of scale新兴经济emerging economies汇率机制exchange-rate regime筹资融资fund and financing全球金融体系global financial architecture全球一体化，全球化global integration, globality上市go public（经济的）急剧增长growth spurt百万富翁have one's "two commas"套期保值hedge against住房按揭housing mortgage控股，所持股份holdings控股公司holding company原始股initial offerings首次公募initial public offerings创新企业innovative business智力资本intellectual capital拆借inter-bank lending网上客户internet customer投资回收期investment payoff period参股joint-stock爱逛商店的年轻人mall rat生产要素means of production大病医疗费用社会统筹(the)medical cost social pool for major diseases并购mergers and acquisitions移动电话银行业mobile-phone bankingC财务公司finance companies财政赤字fiscal deficit财政挤银行fiscal pressure on the central bank（over monetary policy）财政政策与货币政策的配合coordination of fiscal and monetary policies采取循序渐进的方法in a phased and sequenced manner操作弹性operational flexibility操纵汇率to manipulate exchange rate产品构成product composition;product mix产品积压stock pile;excessive inventory产销率current period inventory;（即期库存，不含前期库存）sales/output ratio 产销衔接marketability产业政策industrial policy长期国债treasury bonds敞口头寸open position炒股to speculate in the stock market承购包销underwrite（securities）成套机电产品complete sets of equipment;complete plant（s）城市信用社urban credit cooperatives（UCCs）城市合作银行urban cooperative banks;municipal united banks城市商业银行municipal commercial banks城乡居民收入增长超过物价涨幅real growth in household income持续升温persistent overheating重复布点duplicate projects重置成本replacement cost重组计划restructuring plan筹资渠道funding sources;financing channels初见成效initial success出口统一管理、归口经营canalization of exports出口退税export tax rebate储蓄存款household deposits（不完全等同于西方的savingsdeposits，前者包括活期存款，后者不包括。
金融专业英语证书考试FECT单选练习100题-2
金融专业英语证书考试FECT单选练习100题-21. Usually the low interest rate currency trades at a ______ to the high interest rate currency in the forward market.A. premiumB. parC. discountD. bar2. Which of the following statements about standby letters of credit is true ______.A. They can serve as a guarantee to a buyer against a seller defaultingB. They are contrary to the general rule that letters of credit may only be used for the actual movement of goodsC. They are unlike a tender (or other) bond in their legal standing and method of operationD. They are unlike a tender bond with its fixed expiry date3. The most liquid of all assets is ______.A. the stock of commercial banksB. M 1C. intelligenceD. the debt of major corporations4. Beta and standard deviation differ as risk measures in that beta measures ______.A. only unsystematic risk, while standard deviation measures total riskB. only systematic risk, while standard deviation measures total riskC. both systematic and unsystematic risk, while standard deviation measures only unsystematic riskD. both systematic and unsystematic risk, while standard deviation measures only systematic risk5. What information would you find in a statement of cash flows that you would not be able to get from the other two primary financial statements ______.A. Cash provided by or used in financing activitiesB. Cash balance at the end of the periodC. Total liabilities due to creditors at the end of the periodD. Net income6. An analyst estimates that a stock has the following probabilities of return depending on the state of the economy:The expected return of the stock is ______.A.7.8% C. %D. %B. %7. According to the rules of debit and credit for balance sheet accounts ______.A. increases in asset, liability, and owner's equity accounts are recorded by debitsB. decreases in asset and liability accounts are recorded by creditsC. increases in asset and owner's equity accounts are recorded by debitsD. decreases in liability and owner's equity accounts are recorded by debits 2658. Individuals will accept the medium of exchange in return for goods and services only if they are confident that ______.A. the inflation rate is zeroB. it possesses intrinsic valueC. they can pass it on to othersD. they can exchange it for gold9. 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 expensive10. A US company is bidding for a contract in China. Its Chinese customer asks foraperformance 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 bond11. ABC Co. Ltd. has a $3 500 account receivable from XYZ Store. On March 20, XYZ makes a partial payment of $2 100 to ABC. The journal entry made on Mdrch 20 by ABC to record this transaction includes ______.A. a debit to the cash received account of $2 100B. a credit to the Accounts Receivable account of $2 100C. a debit to the Cash account of $1 400D. a debit to the Accounts Receivable account of $1 40012. Intervention in the foreign exchange market means the government ______.A. restricts individuals from buying and selling foreign exchangeB. restricts the importation of certain goodsC. or central bank buys or sells foreign exchangeD. devalues the currency in the foreign-exchange market13. Which of the following is not a form of countertrade ______.A. CounterpurchaseB. Buy-backC. OffsetD. Balance trade14. A credit to a revenue account ______.A. decreases revenuesB. increases equityC. decreases equityD. increases assets15. If the government guaranteed that anyone wishing a job would be provided one, the likely result would be ______.A. massive layoffsB. an increase in the money supplyC. an increase in inflationary expectationsD. the development of a barter system16. Given $100 000 to invest, what is the expected risk premium in dollars of investing in equities versus risk-free T-bills. Treasury bills) based on theA. $20000B. $18000C. $15000D. $1300017. Economists assume that most people take risks ______.A. because doing so is excitingB. only when they have no riskless alternativeC. very infrequentlyD. if they are compensated for taking the risks18. The Phillips Curve shows the relationship between ______.A. aggregate demand and aggregate supplyB. interest rates and inflationC. recessions and boomsD. inflation and the unemployment rate19. In a fixed exchange rate system, speculative selling of a currency is based on anticipation of .A. appreciationB. devaluationC. a foreign trade surplusD. interest rate increase20. A collecting bank is employed by ______.A. the principalB. the remitting bankC. the drawerD. the drawee, who is its customer21. The following statements describing net income are all correct except that ______.A. net income is computed in the income statement, appears in the statement of owner's equity, and increases owner's equity in the balance sheetB. net income is equal to revenues minus expensesC. net income is computed in the income statement, appears in the statement of owner's equity, and increases the amount of cash shown in the balance sheetD. net income can be determined using the account balances appearing in an adjusted trial balance22. A strong dollar encourages ______.A. travel to the United States by foreignersB. purchase of American goods by foreignersC. Americans to travel abroadD. Americans to save dollars23. In what circumstances would the beneficiary of a confirmed documentary credit not receive payment ______.A. Failure of the applicantB. Failure of the issuing bankC. Failure to fulfil the credit termsD. Failure to fulfil the commercial contract24. The balance in the owner's capital account of ABC Co. Ltd. at the beginning of the year was $65 000. During the year, the company earned revenue of $430 000 and incurred expenses of $360 000, the owner withdrew $50 000 in assets, and the balance of the Cash account increased by $10 000. At year-end, the company's net income and the year-end balance in the owner's capital account were, respectively .A. $20 000 and $95 000B. $70 000 and $95 000C. $70 000 and $85 000D. $60 000 and $75 00025. Assume the inflation rate is expected to be 5 percent and the unemployment rate is 8 percent. If workers wish to get a 2 percent real wage increase, they should bargain for a money wage increase of______.A. 3 percentB. 5 percentC. 7 percentD. 13 percent26. Which statement about portfolio diversification is correct .A. Proper diversification can reduce or eliminate systematic riskB. As more securities are added to a portfolio, total risk typically would be expected to fall at a decreasing rateC. The risk-reducing benefits of diversification do not occur meaningfully until at least 30 individual securities are included in the portfolioD. Diversification reduces the portfolio's expected return because it reduces a portfolio's total risk27. Your customer is the applicant for a documentary credit. Which of the following points would appear to be illogical if they appeared on the application form ______.A. Invoice price shown as FOB, bills of lading to be marked freight paidB. Last date for shipment one week before expiry dateC. Invoice price shown as C&F, but no insurance document requestedD. No mention of the latest date of shipment28. Portfolio theory as described by Markowitz is most concerned with ______.A. the effect of diversification on portfolio riskB. B. the elimination of systematic riskC. active portfolio management to enhance returnD. the identification of unsystematic risk29. Commercial bank deposits with the central bank are part of the bank's______.A. net worthB. demand depositsC. loan portfolioD. reserves30. Foreign trade can be conducted on the following terms except for ______.A. open accountB. documentary collectionC. documentary creditsD. public bonds31。
金融英语FECT考试简介、大纲、分类
金融专业英语证书考试（FECT）金融专业英语证书考试制度是1994年经中国人民银行和国家教委联合发文（银发「1994」107号）批准建立的我国第一个国家级行业性外语证书考试制度。
中国人民银行银发「1996」229号文批准正式实施。
其考试目标是为国家培养既精通现代国际金融业务，又能运用英语进行银行业务操作及管理的中高级复合型人才，提高金融系统职工队伍的整体素质，并促进金融系统职工培训工作逐步与国际专业培训接轨。
考试分为初级（现改称“银行综合类”）、中级、高级（目前尚未开考）三种程度，分别针对不同层次，提出不同要求。
为实施此制度，在人民银行领导下，专门成立了金融专业英语证书考试委员会。
考委会由人民银行主管副行长任主任，各主要金融机构人事教育部门负责同志任委员。
考试办公室设在中国人民银行北京培训学院，负责考试的组织实施。
考试1995年11月试点，1996年正式推行。
其中银行综合类（原初级）考试由考委会专家组自主设计实施；中级证书与香港银行学会合作，教材由香港银行学会引进，双方共同命题。
中级考试设立奖学金，资助优秀考生赴港攻读硕士学位。
整个考试坚持严格要求，严密组织，严肃纪律的原则，树立了考试的权威与信誉，为金融系统培养了大批既懂现代金融业务，又精通外语的中高层复合型人才。
从1995年开始试考至2004年，全国报考金融专业英语证书考试的共有181098人（次），其中122006人（次）报考初级（银行综合类）考试，23043人取得合格证书；59092人（次）报考银行类中级考试，8845人（次）取得单科合格证书，近700人取得中级合格证书。
2000年初中国人民银行已与国家外国专家局签署合作备忘录，在取得FECT证书后加试BFT的英语口语考试合格后即可获BFT 证书，中级四科考试成绩亦得到香港银行业务证书考试的相应科目的认可。
我们相信金融专业英语证书考试能够更好地起到发现人才和促进人才培养的作用，为金融事业的改革和发展和金融职工队伍整体素质的提高做出自己的贡献。
金融英语(FECT)考试模拟练习题大汇总
1. Which of the following is not a function of money? ______.A. To act as a medium of exchangeB. To act as a unit of accountC. To act as a store of valueD. To provide a double coincidence of wantsE. To act as a means of payment2. The price in the foreign exchange market is called ______.A. the trade surplusB. the exchange rateC. the money priceD. the currency rate3. Market risk refers to the risk of______.A. financial prices fluctuationsB. defaultD. deferred payments4. Which of the following is not among the generally accepted accounting principles? ______.A. Cash basisB. PrudenceC. ConsistencyD. Going concernE. Money measurement.5. What is a documentary letter of credit? ______.A. A conditional bank undertaking to pay an exporter on production of stipulated documentationB. A method of lending against documentary securityC. An international trade settlement system biased in favour of importersD. All of the above6. Holding a group of assets reduces risk as long as the assets ______.A. are perfectly correlatedB. are completely independentC. do not have precisely the same pattern of returnsD. have a correlation coefficient greater than one7. An amount, payable in money goods, or service, owed by a business to a creditor, is known as a/an .A. liabilityB. debtC. equityD. asset8. What function is money serving when you buy a ticket to a movie? ______.A. store of valueB. a medium of exchangeC. transaction demandD. a unit of account9. If foreigners expect that the future price of sterling will be lower, the ______.A. supply of sterling will increase, demand for sterling will fall, and theexchange rate will fallB. supply of sterling will increase, demand for sterling will rise, and theexchange rate may or may not increaseC. supply of sterling will fall, demand for sterling will increase, and the exchange rate will riseD. supply of sterling will fall, demand for sterling will fall, and the exchange rate may or may not fall10. The documentary collection provides the seller with a greater degree of protection than shipping on ______.A. open accountB. bank's letter of guaranteeC. banker's draftD. documentary credit11. Which of the following statements is not true of central banks? ______.A. They pay the government's salariesB. They always undertake the regulation of the banking systemC. They are always the lender of last resortD. None of the above12. When GBP/USD rate goes from 1.6150 to 1.8500, we say the dollar ______.A. appreciates by 12.70%B. depreciates by 14.55%C. depreciates by 12.70%D. appreciates by 14.55%13. According to diversification principle in investment, suppose you invest Stock X and Stock Y with equal funds, which of the following is not true? ______.A. If X and Y are totally independent with each other, the risk of the portfolio is reducedB. If X and Y are perfectly negatively correlated, the risk of the portfolio is perfectly offsetC. If X and Y are perfectly positively correlated, the risk of the portfolio is neither reduced nor increasedD. If X and Y are perfectly negatively correlated, the risk of the portfolio is neither reduced nor increased14. These are four main methods of securing payment in international trade:(1) payment under documentary credit(2) open account(3) collection, that is document against payment or acceptance of a bill of exchange(4) payment in advanceFrom an exporter's point of view, the order of preference is ______.A. (4) , (2) , (3) , (1)B. (4) , (1) , (3) , (2)C. (4) , (3) , (1) , (2)D. (2) , (4) , (1) , (3)15. The main liability on a bank balance sheet is ______.A. depositsB. capital and reservesC. loans and overdraftsD. cash16. ______ shows that net income for a specified period of time and how it was calculated.A. The income statementB. The capital statementC. The accounting statementD. The statement of financial condition17. Why must the liabilities and assets of a bank be actively managed? ______.A. Because assets and liabilities are not evenly matched on the same time scaleB. Because assets and liabilities are evenly matchedC. Because the interbank market uses LIBORD. Because assets and liabilities can be underwritten18. If the expected returns of two risky assets have a perfect negative correlation, then risk .A. is increasedB. falls to zeroC. is unaffectedD. is reduced by one-half19. A possible disadvantage of freely fluctuating exchange rates with no official intervention is that .A. some nations would experience continual deficitsB. the exchange rates may experience wide and frequent fluctuationsC. nations would no longer be able to undertake domestic policies designed to achieve and maintain full employmentD. nations would need a larger supply of international reserves than otherwise20. What are your GBP/USD position and the average rate if you sell ￡4m at 1.6350 buy ￡5m at 1.6340 and sell $5m at 1.6348?A. Short ￡2 058 478.10 long $3 370 000 at 1.6371B. Long ￡5 941 521.90 short $9710 000 at 1.6342C. Short ￡5 941 521.90 long $9 710 000 at 1.6342D. Long ￡4 058 478.10 short $6 630 000 at 1.633621. A correlation coefficient of +1.0 means two stocks are ______.A. perfectly negatively correlatedB. opposite the market betaC. equal to the market betaD. perfectly positively correlated22. The percentage analysis of increases and decreases in corresponding items in comparative financial statements is called ______.A. external analysisB. horizontal analysisC. vertical analysisD. comparative analysis23. What is the name of the document which can make a buyer feel confident that goods are of a certain standard? ______.A. Inspection certificateB. Commercial invoiceC. Insurance policyD. Certificate of origin24. Sometimes financial intermediaries by "borrowing short and lending long" find themselves in difficult financial situations because .A. short-term rates are fallingB. long-term rates are risingC. deposits increase too rapidlyD. short-term rates rise relative to rates of their holdingsE. long-term rates rise more sharply than short-term rates25. Incoterms were written ______.A. by the International Chamber of CommerceB. under the United Nations Convention for the International Sale of Goods (Vienna Convention )C. under the Kyoto Protocols as adopted in 2000D. under "fast track" authority granted by the U.S. Congress26. The purpose of keeping account is to .A. determine whether the business has made a profit or a lossB. find out why the business has lost moneyC. see how much has been spentD. find out why the business cannot fulfil its commitments27. If reserves are 20 percent, then the multiplier effect will be ______ times, so the original deposit of RMB40 000 can create up to ______ of new deposits.A. 5……RMB200000B. 4……RMB120000C. 3……RMB80000D. 6……RMB2000028. ABC Company is the beneficiary of a confirmed irrevocable letter of credit. ______ bank ( s ) will assure the company that it will be paid.A. OneB. NoneC. ThreeD. Two29. Legal tender includes .A. notes and coinsB. notes onlyC. coins onlyD. notes, coins and checks30. The following are the basic functions of a bill of lading except to act as ______.A. a receipt for the goods from the shipping company to the exporterB. a document of title for goods being shipped overseasC. a certificate of origin, which certifies that the goods were produced in a particular countryD. evidence of the carriage contract between the exporter and the carrier31. Persistent foreign trade deficits under a flexible exchange rate system usually lead to ______.A. inflation in the domestic economyB. speculation of future devaluationC. falling interest ratesD. rising imports32. The additional amount paid in buying or selling a currency at a given future date is called .A. premiumB. commissionC.tariffD. dividend33. Banks manage their assets considering ______.A. riskB. some optimum combination of the aboveC. earningsD. liquidity34. What is the function of the book-keeping system in bank accounting? ______.A. To prove that all the day's transactions have gone through for the right amountB. To prove that all the day's transactions have all been posted to the right accountC. To prove that the fresh balance of those accounts is correct after recording the transactionsD. All of the above35. The risk that is specific to individual stocks is called ______.A. systematic riskB. country riskC. unsystematic riskD. market risk36. The main objective of the Exchange Equalization Account is to ______.A. prevent undue fluctuation in the exchange value of one country's own currency against other currenciesB. control the rate of inflationC. ensure that notes and coins continue to be acceptable as a medium of exchangeD. permit the exchange of payments between banks37. How can you prove that no transactions are missing or wrong at the end of the day? ______.A. There is no other way than have these transactions reposted to the proper entriesB. We can examine all the transactions carefully and find the wrong recordsC. We can balance the total debits and the total credits by calculating them againD. We can do that by checking the total debits and the total credits to see whether they are in state of balance38. Money _____.A. serves as the critical function of a medium of exchangeB. facilitates trade in goods and servicesC. overcomes the inefficiencies of barterD. all of the above39. If dealers buy currency forward but do not sell forward at the same time, their position is known as .A. shortB. forerunnerC. speculationD. long40. Incoterms apply ______.A. only if clearly incorporated into the contract of saleB. to International shipments beyond a certain tonnageC. to international shipments under the Uniform Commercial CodeD. to all international shipments of goods41. Under which one of the following circumstances would it be wise for your customer to arrange a forward foreign exchange contract? ______.A. Import of goods priced in a foreign currencyB. Import of goods priced in RMBC. Export of goods priced in RMBD. Export of goods priced in a foreign currency where the rate of exchange has been agreed in the sales contract42. Incoterms address ______.A. the risks of loss between the partiesB. breaches of contractC. ownership rightsD. type of ship used43. Which of the following is or was an example of representative full-bodied money? ______.A. Debt moneyB. ATS accountC. Gold certificateD. Demand deposit44. Risks associated with investing in foreign countries are the following except ______.A. voting riskB. exchange rate riskC. country riskD. political risk45. An exporter sells goods to a customer abroad on FOB and on CIF term. Who is responsible for the freight charges in each? ______.A. Exporter; ExporterB. Exporter; ImporterC. Importer; ImporterD. Importer; Exporter46. Default risk refers to the possibility that a borrower may ______.A. be unable to repay the principal on his loanB. be unable to make the interest payments on his loanC. go bankruptD. all of the above47. What is the reserve requirement? ______.A. The requirement of a bank to deposit a percentage of moneyB. The requirement for deposits in cashC. The percentage of a bank's deposits in the form of cash reservesD. The requirement for cash reserves48. A draft is like a check that can be endorsed but it isn't a title to goods, like ______.A. a bill of ladingB. an inspection certificateC. a certificate of originD. an insurance certificate49. Arbitrage ______.A. is a general economic term for buying something where it is cheap and selling it where it is dearB. keeps exchange rates consistent across marketsC. has been outlawed by the International Monetary FundD. cannot occur where there is a forward exchange marketE. both A and B50. What is the purpose of comparing the ledger entries with the documents? ______.A. To prove that all the transactions have made for the right amountsB. To prove that all the accounts have been posted correctlyC. To check the number of all the debits and creditsD. To post the right accounts51. What is Dollar Cost Averaging? ______.A. A brokerage account that gives investors cheap tradesB. The idea that prices tend to rise over the long termC. Buying stocks that are below average in valueD. A flat quarterly mutual fund fee averaged throughout the yearE. A strategy of investing money on a regular basis to take advantage of market fluctuations52. From a Chinese bank's point of view, the currency account which it maintains abroad is known as______, while a RMB account operated in China for a foreign bank is termed ______.A. a vostro account…… a nostro accountB. a vostro account…a mirror accountC. a mirror account…a nostro accountD. a nostro account…… a vostro account53. Under FOB terms the bill of lading would state goods ______.A. loaded on board, freight payable at destinationB. loaded on board, freight paidC. received for shipment, freight paidD. received for shipment, freight payable at destination54. The liabilities of the bank as shown in its balance sheet represent the ______ which it uses in its business.A. sources of the fundsB. share capitalC. investmentsD. advances to customers55. International payments and other messages are often sent through an international computer network called ______.A. CHAPSB. BACSC. SWIFTD. EIMT56. Low levels of uncertainty (risk) are associated with .A. stocksB. stock optionsC. higher potential returnsD. lower potential returns57. Government securities would appear on a commercial bank's balance sheet as ______.A. an assetB. reservesC. part of net worthD. a liability58. A major problem with a fixed exchange rate system is that when countries run foreign trade deficits, ______.A. there is no self-correcting mechanismB. currency values become unstableC. the value of the reserve currency declinesD. world inflation increases59. In a particular economy banks are required to keep 25 percent of all deposits in the form of reserves; this gives a credit-creation multiplier of ______.A. fourB. threeC. twoD. five60. Regulation of the money supply and financial markets is referred to as ______.A. fiscal policyB. income policyC. monetary policyD. budgetary policy61. When a country runs a foreign trade deficit under a flexible foreign exchange rate system, its .A. imports automatically increaseB. currency automatically depreciatesC. exports automatically declineD. currency automatically appreciates62. Which of the following statements is not true of accounting?______.A. Accounting is language of businessB. The user of accounting includes business, government, nonprofit organizations and individuals.C. Accounting is useful for decision makingD. Accounting is an end rather than a means to an end63. The term foreign exchange is best defined by the following statement: it is ______.A. the rate of exchange between two currenciesB. synonymous with currency exchangeC. the place in which foreign currencies are exchangedD. an instrument such as paper currency, note, and check used to make payments between countries64. What is Asset Allocation? ______.A. Buying assets of different types, risks, and potential returnsB. Buying assets with more than one brokerage accountC. The ability to buy mutual fundsD. Buying stocks for the long term65. External users of financial accounting information include all of the following except .A. suppliersB. line managersC. general publicD. creditors66. CAPM is short for .A. Capital Asset Pricing ModelB. Cash Added Price MatrixC. Capital Asset Pricing MatrixD. Cost and Price Model67. Liquidity measures the ______.A. value of an assetB. ease with which an asset can be exchangedC. usefulness of an assetD. economic and monetary reliability of an asset compared with other assets68. In a letter of credit transaction, the bank pays the seller against ______ which agree(s) with______.A. documents…… the creditB. merchandise…… the contractC. documents…… the contractD. merchandise……the buyer ordered69. A barter economy is one that does not possess _______.A. any wealthB. printed currencyC. a medium of exchangeD. gold70. Which of the following is not true of airway bill? ______.A. When goods are delivered to the airline, the airway bill is signed by them or their agents as a receipt of the goodsB. Airway bill is a document of title to the goodsC. Airway bill may also provide evidence of despatch of the goods where it has been stamped indicating details of the relevant flightD. None of the above71. The value of money varies _____.A. directly with the unemployment rateB. directly with the price levelC. inversely with the unemploymentD. inversely with the price level72. The economics news on the television reports that the dollar has strengthened relative to the Japanese yen. This means that ______.A. the dollar has depreciated relative to the yenB. the dollar can now purchase more yenC. the yen can now purchase more dollarsD. the US trade balance with the Japanese economy has improved73. The theory of international exchange that holds that exchange rates are set so that the price of similar goods in different countries is the same is the ______.A. price feedback theoryB. trade feedback theoryC. purchasing power parity theoryD. J-curve theory74. According to the optimal portfolio theory, where should portfolios lie? ______.A. On the efficient frontierB. Above the efficient frontierC. Under the efficient frontierD. Anywhere, as long as the portfolio is diversified75. Which of the following is not a user of management accounting information? ______.A. Store managerB. CreditorC. CEOD. CFO76. Based on the scenarios below, what is the expected return for a portfolio with the following return profile? ______.Market ConditionA. 4%B. 10%C. 20%D. 25%Use the following expectations on Stocks X and Y to answer questions77. Financial markets serve to channel funds from ______.A. the government to contractorsB. investors to consumersC. consumers to producersD. savers to investors78. The agreements that were reached at the Bretton Woods conference in 1944 established a system .A. of essentially fixed exchange rates under which each country agreed to intervene in the foreign exchange market when necessary to maintain the agreed-upon value of its currencyB. of floating exchange rates determined by the supply and demand of one nation's currency relative to the currency of other nationsC. that prohibited governments from intervening in the foreign exchange marketsD. in which the values of currencies were fixed in terms of a specific number of ounces of gold, which in turn determined their values in international trading79. Which of the following statements is not consistent with generally accepted accounting principles relating to asset valuation? .A. Assets are originally recorded in accounting records at their cost to the business entityB. Accountants prefer to base the valuation of assets upon objective, verifiable evidence rather than upon appraisals or personal opinionC. Accountants assume that assets such as office supplies, land and buildings will be used in business operations rather than sold at current market pricesD. Subtracting total liabilities from total assets indicates what the owner's equity in the business is worth under current market conditions80. A fiscal expansion in the UK ______ the pound sterling.A. tends to appreciateB. tends to depreciateC. does not affect the price ofD. has no predictable effect on the price of81. What are the expected returns for Stocks X and Y respectively? ______.A. 20% and 10%B. 18% and 12%C. 20% and 11%D. 18% and 5%82. Which of the following payment terms eliminates the exchange risk, assuming the exporter invoices in foreign currency? ______.A. Confirmed irrevocable documentary creditB. Open accountC. Documentary collection D/AD. None of the above83. ABC Co. Ltd. purchased a car for $ 12 000, making a down payment of $5 000 cash and signing a $7 000 note payable due in 60 days. Which of the following is not correct? ______.A. From the viewpoint of a short-term creditor, this transaction makes the business less solventB. Total liabilities increased by $7 000C. Total assets increased by $12 000D. This transaction had no immediate effect on the owner's equity in the business84. Which of the following terms of payment will entirely eliminate country risk? ______.A. Revocable documentary creditsB. Confirmed Irrevocable documentary creditsC. Documentary collection D/PD. Documentary collection D/A85. The expiry date of a documentary credit is Sunday, 24 February, and documents have to be A presented to you. Which of the following is an acceptable presentation? (Assume there is no latest stated date for shipment stipulated.) ______.A. Presentation to you on Monday 25 February with the bill of lading dated 25 FebruaryB. Presentation on Monday 25 February with the bill of lading dated Sunday 24 FebruaryC. Presentation on Tuesday 26 February with the bill of lading dated Sunday 24 FebruaryD. Presentation on Friday 22 February with the bill of lading dated Sunday 29 January86. What are the standard deviations of returns on Stocks X and Y respectively? ______.A. 15% and 26%B. 24% and 13%C. 20% and 4%D. 28% and 8%87. Who makes the first presentation of documents under a transferable credit? ______.A. ApplicantB. First beneficiaryC. Second beneficiaryD. None of the above88. A transaction caused a $10 000 decrease in both total assets and total liabilities. This transaction could have been ______.A. repayment of a $ 10 000 bank loanB. an asset with a cost of $10000 was destroyed by fireC. purchase of a delivery truck for $10 000 cashD. collection of a $10 000 account receivable89. Money ceases to serve as an effective store of value when ______.A. the government runs large deficitsB. the unemployment rate is very highC. productivity in the economy declinesD. rapid inflation occurs90. An indication that the money supply is greater than the desirable amount would be .A. insufficient spending and excessive savingB. deflationC. inadequate spending and rising unemploymentD. rising wages and prices81. What are the expected returns for Stocks X and Y respectively? ______.A. 20% and 10%B. 18% and 12%C. 20% and 11%D. 18% and 5%82. Which of the following payment terms eliminates the exchange risk, assuming the exporter invoices in foreign currency? ______.A. Confirmed irrevocable documentary creditB. Open accountC. Documentary collection D/AD. None of the above83. ABC Co. Ltd. purchased a car for $ 12 000, making a down payment of $5 000 cash and signing a $7 000 note payable due in 60 days. Which of the following is not correct? ______.A. From the viewpoint of a short-term creditor, this transaction makes the business less solventB. Total liabilities increased by $7 000C. Total assets increased by $12 000D. This transaction had no immediate effect on the owner's equity in the business84. Which of the following terms of payment will entirely eliminate country risk? ______.A. Revocable documentary creditsB. Confirmed Irrevocable documentary creditsC. Documentary collection D/PD. Documentary collection D/A85. The expiry date of a documentary credit is Sunday, 24 February, and documents have to be A presented to you. Which of the following is an acceptable presentation? (Assume there is no latest stated date for shipment stipulated.) ______.A. Presentation to you on Monday 25 February with the bill of lading dated 25 FebruaryB. Presentation on Monday 25 February with the bill of lading dated Sunday 24 FebruaryC. Presentation on Tuesday 26 February with the bill of lading dated Sunday 24 FebruaryD. Presentation on Friday 22 February with the bill of lading dated Sunday 29 January86. What are the standard deviations of returns on Stocks X and Y respectively? ______.A. 15% and 26%B. 24% and 13%C. 20% and 4%D. 28% and 8%87. Who makes the first presentation of documents under a transferable credit? ______.A. ApplicantB. First beneficiaryC. Second beneficiaryD. None of the above88. A transaction caused a $10 000 decrease in both total assets and total liabilities. This transaction could have been ______.A. repayment of a $ 10 000 bank loanB. an asset with a cost of $10000 was destroyed by fireC. purchase of a delivery truck for $10 000 cashD. collection of a $10 000 account receivable89. Money ceases to serve as an effective store of value when ______.A. the government runs large deficitsB. the unemployment rate is very highC. productivity in the economy declinesD. rapid inflation occurs90. An indication that the money supply is greater than the desirable amount would be .A. insufficient spending and excessive savingB. deflationC. inadequate spending and rising unemploymentD. rising wages and prices91. If a nation's interest rates are relatively low compared to those of other countries, then the exchange value of its currency will tend to ______ under a system of exchange rates.A. appreciate…… floatingB. depreciate……floatingC. appreciate…… fixedD. depreciate…… fixed92. Which of the following is true of a company's balance sheet? ______.A. It displays sources and uses of cash for the periodB. It is unnecessary if both an income statement and a statement of cash flows are availableC. It is a separate representation of the company's revenue and expense transactions for the yearD. It is an expansion of the basic accounting equation ofAssets=Liabilities+Owner's Equity93. When Americans or foreigners expect the return on dollar deposits to be high relative to the return on foreign deposits, there is a ______ demand for dollar deposits and a correspondingly ______ demand for foreign deposits.A. higher…… higherB. lower…… higherC. higher…… lowerD. lower……lower94. Velocity is the ______.A. inverse of GNPB. speed at which checking accounts are converted into cashC. relationship between the price level and the money supplyD. rate at which money turns over95. Assume that of your $10 000 portfolio, you invest $9 000 in Stock X and $1 000 in Stock Y. What is the expected return on your portfolio? ______.A. 18%B. 20%C. 19%D. 3%96. Which of the following would you expect to find in a correctly prepared income statement? .A. Cash balance at the end of the periodB. Expenses incurred during the period to earn revenuesC. Contributions by the owner during the periodD. The reported company's financial position at a specific date。
金融英语证书考试FECT模拟试题及答案-5
2012年金融英语证书考试FECT模拟试题及答案-5SECTION ONE (Compulsory) ：Single-choice questionsfrom the following four options, select a correct and fill in its labeling the brackets. (A total of 10 points)1. Which belongs to the Tightening of fiscal policy tools? ( )A. Reduce government spending and increase tax revenueB. Reduce government spending and reduce taxesC. Increasing government spending and reducing taxesD. Increase in government expenditure and increase tax revenue2. What market is the Most in need of the advertising? ( )A. Fully competitive marketB. Monopolize marketC. Competitive monopoly marketD. Oligopoly market3. The value of national output: ( )A. Is the same of the output of all businesses.B. Is the aggregate of output of employed persons.C. Is synonymous with aggregate manufacturing output.D. Utilizes the "added value" concept.4. With C = 10 + 0.7Y and the level of income changing from $70 billion to $80 billion, the increase in consumption and the revised average propensity to consume (ape) respectively would be: ( )A. $9 billion and 0.78.B. $6 billion and 0.8.C. $7 billion and 0.79.D. $7 billion and 0.825.5. Which of the following goods is likely to have the most elastic demand? ( )A. A particular brand of breakfast cereal.B. Breakfast cereals in general.C. A very cheap good on which not much is spent (e.g. matches newspaper) .D. An essential good.6. School students paying a lower fare than adults on the MTR trains, or cheaper tickets to the theatre, is an example of: ()A. The suppliers making less profit because some customers pay a lower price.B. Consumers obtaining more consumer surplus.C. Price discrimination allowing the suppliers to make more profit from charging a higher price tocustomers whose demand is more elastic.D. Price discrimination allowing the suppliers to make more profit from charging a lower price to customers whose demand is more elastic.7. 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 herprofits 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.8. In the context of break-even analysis, the Margin of Safety for a firm is: ( )A. The difference between the sales revenue achieved and the break-even revenue.B. The difference between planned (or actual) output and the break-even quantity in a particular time period.C. The percentage difference between planned (or actual) output and the break-even quantity.D. The difference between planned (or actual) output and the break-even quantity.9. There is 5-year annuity of $3,000 per year. However, the first payment will not pay until year 3. Assuming the interest rate is 10%, calculate the present value of this annuity. ( )A. $8397.B. $9,399.C. $10,258.D. None of the above.10. Hub Global, Inc. has issued two classes of debt securities to finance its operations, a first mortgage bond and debenture bonds. All else equal, will the default and recovery rates of the debenture likely be higher than the first mortgage bond? ( )A. Answer A.B. Answer B.C. Answer C.D. Answer D.SECTION TWO(Compulsory)：Reading Comprehension (10 points)Gary Zeller, an independent portfolio manager who manages money for high-net-worth individuals, is a proponent of the efficient market hypothesis. He uses the Treynor-Black model to determine asset allocations for his portfolios. At the moment, he is considering several investments for new portfolios. Here are their characteristics.The risk-free rate is 5.7%. The expected return of the S&P 500 Index is 10%, and the index's standard deviation is 14%.Zeller plans to create a portfolio using a mix of the S&P 500 Index, the risk-free asset, and the four stocks discussed above. He uses the data above to select the appropriate asset allocations to maximize returns.Recent market activity has Zeller concerned. For several weeks he has seen stocks with weak fundamentals stage a strong rally, while solid, steady-growth stocks have lagged. After extensive research into technical trends and an analysis of the market's fundamentals, Zeller has come to believe the recent trend in the market is likely to continue, with speculative stocks continuing to rally.Despite the gains in speculative stocks, Zeller sees continued weakness in larger, solid stocks causing a decline in the S&P 500 Index. To compensate for this risk, he purchases put options on the 50 largest stocks in the capitalization-weighted index instead of buying the index itself for the new portfolios.Later that day, Zeller receives an e-mail from Florence Whitaker, a client whose portfolio has performed poorly in recent months. She is not happy with the results and questions Zeller's allocation strategy.In a response e-mail, Zeller defends the Treynor-Black model and makes the following points:The strategy is designed to beat the market, but not necessarily to generate gains when the market is down.In your portfolio, I overweight the stocks with the highest potential return to boost performance.A mix of individual stocks and index funds gives the portfolio better potential returns than the index, while offering less risk than the individual stocks.All of the stocks in your portfolio have betas below 1.After sending the e-mail, Zeller opens up a spreadsheet to crunch some numbers. Several of his portfolios have underperformed over the last year, and he resolves to consider whether he should relax his assumptions about the accuracy of forecasts.1) From highest allocation to lowest, how should Zeller allocate the four stocks in his portfolio? ()A. Hearthstone, Minster Mask and Costume, Kustom Auto, Imperial Shipyards.B. Minster Mask and Costume, Kustom Auto, Imperial Shipyards, Hearthstone.C. Kustom Auto, Imperial Shipyards, Minster Mask and Costume, Hearthstone.D. Minster Mask and Costume, Hearthstone, Kustom Auto, Imperial Shipyards.2) Which of Zeller's actions is least compatible with the use of the Treynor-Black model? His: ()A. Purchase of put options.B. Use of index funds.C. Willingness to actively manage portfolios.D. Support of the efficient market hypothesis.3) In light of his observations about market movements, Zeller should: ()A. Increase his cash allocation.B. Increase his index-fund allocation.C. Take no action, the model will account for any changes.D. Increase his allocation of actively managed stocks.4) If Zeller stops assuming forecasts are accurate, he will most likely: ()A. Increase the number of stocks in the portfolio.B. Shift subtly toward CAPM.C. Reduce both risk and potential return of the portfolio.D. Need to rebalance the portfolio more often.5) Assuming Zeller intends to take positions in all four of the stocks discussed above, how many should he sell short? ()A. 1.B. 0.C. 2.D. 3.SECTION THREE(Compulsory)：Explanations of terms(25 points)1. Margin requirement2. Interest ceiling3. Bank for International Settlements (BIS)4. Bancassurance5. Secondary marketSECTION FOUR(Compulsory)：Answer Questiones (32 points)1: Explain the Mechanism of Money Supply.2: What is the Function of stock exchanges?3: List the Counter-measures of Deflation as more as possible.4: What is Financial Liberalization? And what is The Nature of Financial Liberalization?SECTION FIVE(Compulsory)：Caculation (13 points)Let's take an example. Suppose that a share of Haier in the Hong Kong Stock Market had a closing price yesterday of HK $ 10, but new information was announced after the market closed that caused a revision in the forecast of price next year to go to HK $15. If the annual equilibrium return on Haier is 20%, what does efficient markets theory indicate the price will go to today when the market opens? (Assume that Haier pays no dividends.)SECTION SIX(Compulsory)：Explanations of Model (10 points)Please illustrate the macroeconomic-based risk factor models:参考答案SECTION 11. B C D D C ，D C B B ASECTION 2Reading Comprehension: (10 points)1) B was correct!The Treynor-Black model calls for greater weights to stocks with high forecast alpha relative to unsystematic risk. The Sharpe ratio reflects that relationship. To calculate the Sharpe ratio, we subtract the risk free rate from the expected stock returns, and then divide by the stock's standard deviation. Beta is not a measure of unsystematic risk, so it should not be used. Sharpe ratios for the four stocks are as follows: Hearthstone = 27.35%.Imperial = 27.5%.Minster = 46.14%.Kustom Auto = 37.86%.The higher the Sharpe ratio, the higher the level of alpha relative to unsystematic risk. As such, the highest weighting should go to Minster Mask and Costume, the second-highest to Kustom Auto, the third-highest to Hearthstone, and the fourth-highest to Imperial Shipyards.2) A was correct!Index funds appeal to efficient market theorists in part because they offer a low-cost way of investing in the market without trying to exploit infrequent mispricing. While active management of any sort may seem incongruous against the efficient market backdrop, it is active management, or the search for alpha, that clears up mispricings and theoretically leads to market equilibrium. The Treynor-Black model is an optimization framework that assumes markets are nearly efficient but does allow for some active management. The Treynor-Black model assumes a portfolio consisting of index funds, stocks, and the risk-free return. Put options have no place in that model.3) D was correct!As markets become more efficient, alphas shrink, and portfolio managers using the Treynor-Black model will reduce their allocation of actively managed stocks. However, Zeller expects mispricings to increase in the coming months, so he should step up the active management of his portfolios to take advantage of the higher alphas.4) C was correct!The Treynor-Black model assumes forecasts are accurate. Relaxing that assumption requires analysts to place less weight on forecasts. If we discount the value of forecasted alpha, the weighting of the actively managed portion of the portfolio will decrease relative to the index. A higher index weighting is likely to reduce both risk and potential return. The less trust we have in forecasts, the more forecasted alpha is required to justify making a bet on an individual stock. Stocks with marginal alpha will become less appealing, so the number of stocks suitable for investment will decline. The number of stocks in the portfolio is more likely to decline thanto increase. CAPM is very different from the Treynor-Black model, and accounting for inaccurate forecasts does not change that. Portfolio rebalancing is not relevant here.5) B was correct!While one of the stocks is expected to underperform, the index and two of the stocks have lower Sharpe ratios than the index; all have a positive expected alpha. As such, none should be shorted.SECTION 3Explanations of terms：(10 points)1. Margin requirement：Margin requirement refers to that a central bank sets the percentage of loans in the volume of securities transactions for various loans involving securities transactions, such as setting the amount of payment according to the ratio of margin when people purchase securities on credit.2. Interest ceiling：Interest ceiling is the maximum of the interest rate paid by commercial banks on time deposits and savings deposits, the purpose of which is to prevent banks from over competing for deposits by raising interest rates and to avoid credit risk.3. Bank for International Settlements (BIS)：An international organization fosters the cooperation of central banks and international monetary policy makers. Established in 1930, it is the oldest international financial organization, and was created to administer the transaction of monies according to the Treaty of Versailles. Among others, its main goals are to promote information sharing and to be a key center for economic research.4. Bancassurance：The term used to describe the sale of insurance products in a bank. The word is a combination of "banque or bank" and "assurance" signifying that both banking and insurance are provided by the same corporate entity.5. Secondary market：A market in which an investor purchases a security from another investor rather than the issuer, subsequent to the original issuance in the primary market, also called aftermarket.SECTION4Question1：Answer:The mechanism of money supply involves such things as where money comes from, through what channel money comes into circulation or how money is supplied in .an economy, thus forms the movement of money.Money in modern economy is created by the banking system. As we mentioned in Section 1 , the process of money creation involves the central bank, commercial banks, depositors and borrowers, but among them the most important are the central bank and commercial banks. The former has the privilege to provide monetary base and regulate money supply while the latter creates money.Question2：Answer:Stock exchanges are formal organizations. They are made up of members who use the exchange facilities and systems to exchange or trade listed stocks. These exchanges are physical locations where members assemble to trade. Stocks that are traded on an exchange are said to be listed stocks. That is, these stocks are individually approved for trading on the exchange by the exchange. To be listed, a company must apply and satisfy requirements established by the exchange for minimum capitalization, shareholder equity, averageclosing share price, and othercriteria. Even after being listed, exchanges may delist a company's stock if it no longer meets the exchange requirements.To have the right to trade securities or make markets on an exchange floor, firms or individuals must become a member of the exchange, which is accomplished by buying a seat on the exchange. The number of seals is fixed by the exchange and the cost of a seat is determined by supply and demand of those who want to sell or buy seats. In early 2001, there was 1, 366 seats on the NYSE, and the cost of a seat were $2 million.Stock exchanges perform important roles in national economies. Most important, they encourage investment by providing places for buyers and sellers to trade securities. This investment, in turn, enables corporations to obtain funds to expand their businesses.Question3：Answer:As deflation is caused by varied factors, the ways to deal with deflation should be diversified. Generally speaking, deflation is handled with the following measures;(1) Expansionary macroeconomic policiesIn order to enhance the aggregate demand and prevent an economy from sliding into recession when there is a deflation, expansionary monetary and fiscal policies should be applied. On one hand, expansionary monetary policy is used to stimulate effective demand; on the other hand, expansionary, fiscal policy increases government spending to make up insufficient investment in the private sector. During deflation expansionary, fiscal policy is more effective in stimulating the aggregate demand, while monetary policy in short run is slow to show effects which also depends on enterprise and household demand. From 1998 to 2002, the Chinese government raised RMB 6, 600 billion by issuing national debts and the funds have been used in infrastructure construction and played a very important part in increasing the aggregate demand and in gaining an average growth rate of 7. 5%，under the influence of many unfavorable economic variables.(2) Adjustment of production structureThe direct cause of deflation is insufficient effective demand. Insufficient effective demand and excess supply are two sides of a coin. Not only demand should be stimulated, but also excess supply or excess production capacity should be tackled in solving the problem of insufficient demand. As the structural defects of supply causes excess supply, adjustment of production structure is needed in order to weed out excess supply or excess productive capacity. As for adjustment of industrial structure, it is important to escalate industrial structure and find new source of economic growth and form new consumption demand. Meanwhile, foreign markets should be developed and export should be promoted. Usually when there exists excess production capacity, there will be malignant competition in the market. In order to seize market share, there will be continuous price competition so the profit of the whole industry will decline. During the process of fierce competition, some enterprises will be forced to exit the market and there will be more mergers and acquisitions. After that, the malignant market competition will be controlled and price fall caused by the malignant market competition can be possibly avoided.(3) Other counter-measures of deflationBesides the measures mentioned above, the policy of wage and price control is one of countermeasures against deflation. During deflation, a plan to raise wage and prevent prices from declining can be carried out, which has the opposite effect of wage-price guideline during inflation. A government can also intervene stock market with certain policy to push up stock price, which will lead to people's optimistic expectation of future and appreciation of book value of financial assets, hence the effect of wealth increase. In this case, the propensity of consumption of households will be enhanced.So far, some achievements on the study of deflation have been made, but more efforts are needed to look deeply into this economic phenomenon.Question4：Answer:Financial liberalization refers to measures directed at diluting or dismantling regulator，controlling over the institutional structures, instruments and activities of agents in different segments of the financial sector.These measures can relate to internal or external regulations (Chandrasekhar, 2004). Internal financial liberalization typically includes some or all of the following measures, in varying degrees;●The reduction or removal of controls on th e interest rates or rates of return charged by financial agents. Of course, the central bank continues to influence or administer that rate structure through adjustments of its discount rate and through its own open market operations. But deregulation typically removes interest rate ceilings and encourages competition between similarly placed financial firms aimed at attracting depositors on the one hand and enticing potential borrowers to take on debt on the other. As a result, price competition squeezes spreads and forces financial firms (including banks) to depend on volumes to ensure returns.●The withdrawal of the state from the activity of financial intermediation with the conversion of the " development banks" into regular banks and the privatization of the publicly owned banking system, on the grounds that their presence is not conducive to the dominance of market signals in theallocation of capital. This is usually accompanied by the decline of directed credit and the removal of requirements for special credit allocations to priority sectors, whether they are government, small-scale producers, agriculture or other sectors seen as priorities for strategic or developmental reasons.The easing of conditions for the participation of both firms and investors in the stock market by diluting or doing away with listing conditions, by providing freedom in pricing of new issues, by permitting greater freedoms to intermediaries, such as brokers, and by relaxing conditions with regard to borrowing against shares and investing borrowed funds in the market.●The reduction in controls over the investments that can be undertaken by financial agents and, specifically, the breaking down the "Chinese wall" between banking and non-banking activities. Most regulated financial systems sought to keep separate the different segments of the financial sector such as banking, merchant banking, the mutual fund business and insurance. Agents in one segment were not permitted to invest in another for fear of conflicts of interest that could affect business practices adversely. The removal of the regulatory walls separating these sectors leads to the emergence of "universal banks" or financial supermarkets. This increases the inter-linkages between pyramiding financial structures.●The expansion of the sources from and instruments through which firms or financial agents can accessfunds. This leads to the proliferation of instruments such as commercial paper and certificates of deposit issued in the domestic market and allows for offshore secondary market products such as ADRs (American Depository Receipts—the floating of primary issues in the United States market by firms not based in the United States) or GDRs (Global Depository Receipts).The liberalization of the rules governing the kinds of financial instruments that can be issued and acquired in the system. This transforms the traditional role of the banking system's being the principal intermediary bearing risks in the system. Conventionally, banks accepted relatively small individual liabilities of short maturities that were highly liquid and involved lower income and capital risk and made large, relatively illiquid and risky investments of longer maturities. The protection afforded to the banking system and the strong regulatory constraints thereon were meant to protect its viability given the role it played. With liberalization, the focus shifts to that of generating financial assets that transfer risks to the portfolio of institutions willing to hold them.External financial liberalization typically involves changes in the exchange control regime. Typically, full convertibility for current account transactions accompanying trade liberalization have been either prior or simultaneous reforms, which are then complemented with varying degrees of convertibility on the capital account. Capital-account liberalization measures broadlycover the following, in increasing degree of intensity, but with a wide variety of patterns of implementation: SECTION 5CaculationANSWERS:We, based on the above conditions given, get the following equation:SECTION 6Explanationdenotes: the return on a value-weighted index of NYSE-listed stocksdenotes the monthly growth rate in US, industrial productiondenotes the change in inflation, measured by the Us, consumer price index denotes the difference between actual and expected levels of inflationdenotes the unanticipated change in the bond credit spread (Baa yield-RFR) denotes the unanticipated term structure shift (long-term RFR less short-term RFR) The explanation:。
金融专业英语证书考试FECT模拟试题-7
金融专业英语证书考试FECT模拟试题-7(总分100, 考试时间90分钟)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.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 income该题您未回答:х该问题分值: 2答案:D2.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.该题您未回答:х该问题分值: 2答案:C3.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.该题您未回答:х该问题分值: 2答案:B4.A futures trader goes long one futures contract at $450. Thesettlement price 1 day before expiration is $500. On expiration day, the future is trading at $505. The least likely way the futurestrader 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 contractat $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 $500and the expiration settlement price.该题您未回答:х该问题分值: 2答案:C5.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 L iabilities are overstated by $5,000 and Owners’ equity isunderstated by $5,000.该题您未回答:х该问题分值: 2答案:B6.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 $1.25D $2.25.该题您未回答:х该问题分值: 2答案:C7.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 violatefederal 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 overthe requested information because under the Professional Conduct Program, the Disciplinary Review Subcommittee is considered an extension of Helen.D All of the above.该题您未回答:х该问题分值: 2答案:C8.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 sharesborrowed to the lender.D A short sale can be made only on an uptick or a zero upticktrade if the previous trade was an uptick trade.该题您未回答:х该问题分值: 2答案:C9.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.该题您未回答:х该问题分值: 2答案:D10.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.该题您未回答:х该问题分值: 2答案:CSECTION TWO(Compulsory)：Answer the questions in this section.Reading ComprehensionKammel 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 BrothersAggregate 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 analysisproject 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 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 doing his ow n 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.11.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 0.56该题您未回答:х该问题分值: 2答案:BThe 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) = 0.56.12.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.该题您未回答:х该问题分值: 2答案:CThe 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 = 22.17days 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.13.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.该题您未回答:х该问题分值: 2答案:DFrom 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.14.Regarding Karazim’s conversation with Cannon regarding the most useful ratios for various tasks: ()A Karazim’s statement is incorrect; Cannon’s statement is incorrect.B Karazim’s statement is incorrect; Cannon’s statement iscorrect.C Karazim’s statement is correct; Cannon’s statement is correct.D Karazim’s statement is correct; Cannon’s statement isincorrect.该题您未回答:х该问题分值: 2答案:BAlthough return on assets is one of the ratios that bond agenciesrely 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 incor rect. 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.15.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 expressallitems 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 expressallitems as a percentage of sales.该题您未回答:х该问题分值: 2答案:DCommon 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 ata predetermined future date.3. Arbitrage pricing theory：An equilibrium model of assetpricing that states that the expected return on a security is alinear function of the security’s sensitivity to various common factors.4. Soft law：Quasi-legal instruments which do not have anylegally 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. Explanations of terms：16.Legal tender该题您未回答:х该问题分值: 617.Double-entry bookkeeping该题您未回答:х该问题分值: 618.Arbitrage pricing theory该题您未回答:х该问题分值: 619.Soft law该题您未回答:х该问题分值: 620.Gold markets该题您未回答:х该问题分值: 6Question and Answer21.What is the Theory of Money Supply by the Monetarist School?该题您未回答:х该问题分值: 10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 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 of money supply should be suited to economic growth rate and thirdly, 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.22.Explain the Open Market Operations.该题您未回答:х该问题分值: 10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 itssecurities 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.23.(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?该题您未回答:х该问题分值: 10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 tradetransactions 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 alsoa 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 cancelledwithout 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.24.What are the Countering Financial Abuse and Crime? What Others Are Doing?该题您未回答:х该问题分值: 10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 approachesby 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 statementat the Junel996 FATF Plenary on the macroeconomic impact of money laundering, and the Managing Director made a statement at theFebruary 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 modu les 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 aForum 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.。
金融英语(FECT)考试模拟练习题大汇总
1. Which of the following is not a function of money? ______.A. To act as a medium of exchangeB. To act as a unit of accountC. To act as a store of valueD. To provide a double coincidence of wantsE. To act as a means of payment2. The price in the foreign exchange market is called ______.A. the trade surplusB. the exchange rateC. the money priceD. the currency rate3. Market risk refers to the risk of______.A. financial prices fluctuationsB. defaultD. deferred payments4. Which of the following is not among the generally accepted accounting principles? ______.A. Cash basisB. PrudenceC. ConsistencyD. Going concernE. Money measurement.5. What is a documentary letter of credit? ______.A. A conditional bank undertaking to pay an exporter on production of stipulated documentationB. A method of lending against documentary securityC. An international trade settlement system biased in favour of importersD. All of the above6. Holding a group of assets reduces risk as long as the assets ______.A. are perfectly correlatedB. are completely independentC. do not have precisely the same pattern of returnsD. have a correlation coefficient greater than one7. An amount, payable in money goods, or service, owed by a business to a creditor, is known as a/an .A. liabilityB. debtC. equityD. asset8. What function is money serving when you buy a ticket to a movie? ______.A. store of valueB. a medium of exchangeC. transaction demandD. a unit of account9. If foreigners expect that the future price of sterling will be lower, the ______.A. supply of sterling will increase, demand for sterling will fall, and theexchange rate will fallB. supply of sterling will increase, demand for sterling will rise, and theexchange rate may or may not increaseC. supply of sterling will fall, demand for sterling will increase, and the exchange rate will riseD. supply of sterling will fall, demand for sterling will fall, and the exchange rate may or may not fall10. The documentary collection provides the seller with a greater degree of protection than shipping on ______.A. open accountB. bank's letter of guaranteeC. banker's draftD. documentary credit11. Which of the following statements is not true of central banks? ______.A. They pay the government's salariesB. They always undertake the regulation of the banking systemC. They are always the lender of last resortD. None of the above12. When GBP/USD rate goes from 1.6150 to 1.8500, we say the dollar ______.A. appreciates by 12.70%B. depreciates by 14.55%C. depreciates by 12.70%D. appreciates by 14.55%13. According to diversification principle in investment, suppose you invest Stock X and Stock Y with equal funds, which of the following is not true? ______.A. If X and Y are totally independent with each other, the risk of the portfolio is reducedB. If X and Y are perfectly negatively correlated, the risk of the portfolio is perfectly offsetC. If X and Y are perfectly positively correlated, the risk of the portfolio is neither reduced nor increasedD. If X and Y are perfectly negatively correlated, the risk of the portfolio is neither reduced nor increased14. These are four main methods of securing payment in international trade:(1) payment under documentary credit(2) open account(3) collection, that is document against payment or acceptance of a bill of exchange(4) payment in advanceFrom an exporter's point of view, the order of preference is ______.A. (4) , (2) , (3) , (1)B. (4) , (1) , (3) , (2)C. (4) , (3) , (1) , (2)D. (2) , (4) , (1) , (3)15. The main liability on a bank balance sheet is ______.A. depositsB. capital and reservesC. loans and overdraftsD. cash16. ______ shows that net income for a specified period of time and how it was calculated.A. The income statementB. The capital statementC. The accounting statementD. The statement of financial condition17. Why must the liabilities and assets of a bank be actively managed? ______.A. Because assets and liabilities are not evenly matched on the same time scaleB. Because assets and liabilities are evenly matchedC. Because the interbank market uses LIBORD. Because assets and liabilities can be underwritten18. If the expected returns of two risky assets have a perfect negative correlation, then risk .A. is increasedB. falls to zeroC. is unaffectedD. is reduced by one-half19. A possible disadvantage of freely fluctuating exchange rates with no official intervention is that .A. some nations would experience continual deficitsB. the exchange rates may experience wide and frequent fluctuationsC. nations would no longer be able to undertake domestic policies designed to achieve and maintain full employmentD. nations would need a larger supply of international reserves than otherwise20. What are your GBP/USD position and the average rate if you sell ￡4m at 1.6350 buy ￡5m at 1.6340 and sell $5m at 1.6348?A. Short ￡2 058 478.10 long $3 370 000 at 1.6371B. Long ￡5 941 521.90 short $9710 000 at 1.6342C. Short ￡5 941 521.90 long $9 710 000 at 1.6342D. Long ￡4 058 478.10 short $6 630 000 at 1.633621. A correlation coefficient of +1.0 means two stocks are ______.A. perfectly negatively correlatedB. opposite the market betaC. equal to the market betaD. perfectly positively correlated22. The percentage analysis of increases and decreases in corresponding items in comparative financial statements is called ______.A. external analysisB. horizontal analysisC. vertical analysisD. comparative analysis23. What is the name of the document which can make a buyer feel confident that goods are of a certain standard? ______.A. Inspection certificateB. Commercial invoiceC. Insurance policyD. Certificate of origin24. Sometimes financial intermediaries by "borrowing short and lending long" find themselves in difficult financial situations because .A. short-term rates are fallingB. long-term rates are risingC. deposits increase too rapidlyD. short-term rates rise relative to rates of their holdingsE. long-term rates rise more sharply than short-term rates25. Incoterms were written ______.A. by the International Chamber of CommerceB. under the United Nations Convention for the International Sale of Goods (Vienna Convention )C. under the Kyoto Protocols as adopted in 2000D. under "fast track" authority granted by the U.S. Congress26. The purpose of keeping account is to .A. determine whether the business has made a profit or a lossB. find out why the business has lost moneyC. see how much has been spentD. find out why the business cannot fulfil its commitments27. If reserves are 20 percent, then the multiplier effect will be ______ times, so the original deposit of RMB40 000 can create up to ______ of new deposits.A. 5……RMB200000B. 4……RMB120000C. 3……RMB80000D. 6……RMB2000028. ABC Company is the beneficiary of a confirmed irrevocable letter of credit. ______ bank ( s ) will assure the company that it will be paid.A. OneB. NoneC. ThreeD. Two29. Legal tender includes .A. notes and coinsB. notes onlyC. coins onlyD. notes, coins and checks30. The following are the basic functions of a bill of lading except to act as ______.A. a receipt for the goods from the shipping company to the exporterB. a document of title for goods being shipped overseasC. a certificate of origin, which certifies that the goods were produced in a particular countryD. evidence of the carriage contract between the exporter and the carrier31. Persistent foreign trade deficits under a flexible exchange rate system usually lead to ______.A. inflation in the domestic economyB. speculation of future devaluationC. falling interest ratesD. rising imports32. The additional amount paid in buying or selling a currency at a given future date is called .A. premiumB. commissionC.tariffD. dividend33. Banks manage their assets considering ______.A. riskB. some optimum combination of the aboveC. earningsD. liquidity34. What is the function of the book-keeping system in bank accounting? ______.A. To prove that all the day's transactions have gone through for the right amountB. To prove that all the day's transactions have all been posted to the right accountC. To prove that the fresh balance of those accounts is correct after recording the transactionsD. All of the above35. The risk that is specific to individual stocks is called ______.A. systematic riskB. country riskC. unsystematic riskD. market risk36. The main objective of the Exchange Equalization Account is to ______.A. prevent undue fluctuation in the exchange value of one country's own currency against other currenciesB. control the rate of inflationC. ensure that notes and coins continue to be acceptable as a medium of exchangeD. permit the exchange of payments between banks37. How can you prove that no transactions are missing or wrong at the end of the day? ______.A. There is no other way than have these transactions reposted to the proper entriesB. We can examine all the transactions carefully and find the wrong recordsC. We can balance the total debits and the total credits by calculating them againD. We can do that by checking the total debits and the total credits to see whether they are in state of balance38. Money _____.A. serves as the critical function of a medium of exchangeB. facilitates trade in goods and servicesC. overcomes the inefficiencies of barterD. all of the above39. If dealers buy currency forward but do not sell forward at the same time, their position is known as .A. shortB. forerunnerC. speculationD. long40. Incoterms apply ______.A. only if clearly incorporated into the contract of saleB. to International shipments beyond a certain tonnageC. to international shipments under the Uniform Commercial CodeD. to all international shipments of goods41. Under which one of the following circumstances would it be wise for your customer to arrange a forward foreign exchange contract? ______.A. Import of goods priced in a foreign currencyB. Import of goods priced in RMBC. Export of goods priced in RMBD. Export of goods priced in a foreign currency where the rate of exchange has been agreed in the sales contract42. Incoterms address ______.A. the risks of loss between the partiesB. breaches of contractC. ownership rightsD. type of ship used43. Which of the following is or was an example of representative full-bodied money? ______.A. Debt moneyB. ATS accountC. Gold certificateD. Demand deposit44. Risks associated with investing in foreign countries are the following except ______.A. voting riskB. exchange rate riskC. country riskD. political risk45. An exporter sells goods to a customer abroad on FOB and on CIF term. Who is responsible for the freight charges in each? ______.A. Exporter; ExporterB. Exporter; ImporterC. Importer; ImporterD. Importer; Exporter46. Default risk refers to the possibility that a borrower may ______.A. be unable to repay the principal on his loanB. be unable to make the interest payments on his loanC. go bankruptD. all of the above47. What is the reserve requirement? ______.A. The requirement of a bank to deposit a percentage of moneyB. The requirement for deposits in cashC. The percentage of a bank's deposits in the form of cash reservesD. The requirement for cash reserves48. A draft is like a check that can be endorsed but it isn't a title to goods, like ______.A. a bill of ladingB. an inspection certificateC. a certificate of originD. an insurance certificate49. Arbitrage ______.A. is a general economic term for buying something where it is cheap and selling it where it is dearB. keeps exchange rates consistent across marketsC. has been outlawed by the International Monetary FundD. cannot occur where there is a forward exchange marketE. both A and B50. What is the purpose of comparing the ledger entries with the documents? ______.A. To prove that all the transactions have made for the right amountsB. To prove that all the accounts have been posted correctlyC. To check the number of all the debits and creditsD. To post the right accounts51. What is Dollar Cost Averaging? ______.A. A brokerage account that gives investors cheap tradesB. The idea that prices tend to rise over the long termC. Buying stocks that are below average in valueD. A flat quarterly mutual fund fee averaged throughout the yearE. A strategy of investing money on a regular basis to take advantage of market fluctuations52. From a Chinese bank's point of view, the currency account which it maintains abroad is known as______, while a RMB account operated in China for a foreign bank is termed ______.A. a vostro account…… a nostro accountB. a vostro account…a mirror accountC. a mirror account…a nostro accountD. a nostro account…… a vostro account53. Under FOB terms the bill of lading would state goods ______.A. loaded on board, freight payable at destinationB. loaded on board, freight paidC. received for shipment, freight paidD. received for shipment, freight payable at destination54. The liabilities of the bank as shown in its balance sheet represent the ______ which it uses in its business.A. sources of the fundsB. share capitalC. investmentsD. advances to customers55. International payments and other messages are often sent through an international computer network called ______.A. CHAPSB. BACSC. SWIFTD. EIMT56. Low levels of uncertainty (risk) are associated with .A. stocksB. stock optionsC. higher potential returnsD. lower potential returns57. Government securities would appear on a commercial bank's balance sheet as ______.A. an assetB. reservesC. part of net worthD. a liability58. A major problem with a fixed exchange rate system is that when countries run foreign trade deficits, ______.A. there is no self-correcting mechanismB. currency values become unstableC. the value of the reserve currency declinesD. world inflation increases59. In a particular economy banks are required to keep 25 percent of all deposits in the form of reserves; this gives a credit-creation multiplier of ______.A. fourB. threeC. twoD. five60. Regulation of the money supply and financial markets is referred to as ______.A. fiscal policyB. income policyC. monetary policyD. budgetary policy61. When a country runs a foreign trade deficit under a flexible foreign exchange rate system, its .A. imports automatically increaseB. currency automatically depreciatesC. exports automatically declineD. currency automatically appreciates62. Which of the following statements is not true of accounting?______.A. Accounting is language of businessB. The user of accounting includes business, government, nonprofit organizations and individuals.C. Accounting is useful for decision makingD. Accounting is an end rather than a means to an end63. The term foreign exchange is best defined by the following statement: it is ______.A. the rate of exchange between two currenciesB. synonymous with currency exchangeC. the place in which foreign currencies are exchangedD. an instrument such as paper currency, note, and check used to make payments between countries64. What is Asset Allocation? ______.A. Buying assets of different types, risks, and potential returnsB. Buying assets with more than one brokerage accountC. The ability to buy mutual fundsD. Buying stocks for the long term65. External users of financial accounting information include all of the following except .A. suppliersB. line managersC. general publicD. creditors66. CAPM is short for .A. Capital Asset Pricing ModelB. Cash Added Price MatrixC. Capital Asset Pricing MatrixD. Cost and Price Model67. Liquidity measures the ______.A. value of an assetB. ease with which an asset can be exchangedC. usefulness of an assetD. economic and monetary reliability of an asset compared with other assets68. In a letter of credit transaction, the bank pays the seller against ______ which agree(s) with______.A. documents…… the creditB. merchandise…… the contractC. documents…… the contractD. merchandise……the buyer ordered69. A barter economy is one that does not possess _______.A. any wealthB. printed currencyC. a medium of exchangeD. gold70. Which of the following is not true of airway bill? ______.A. When goods are delivered to the airline, the airway bill is signed by them or their agents as a receipt of the goodsB. Airway bill is a document of title to the goodsC. Airway bill may also provide evidence of despatch of the goods where it has been stamped indicating details of the relevant flightD. None of the above71. The value of money varies _____.A. directly with the unemployment rateB. directly with the price levelC. inversely with the unemploymentD. inversely with the price level72. The economics news on the television reports that the dollar has strengthened relative to the Japanese yen. This means that ______.A. the dollar has depreciated relative to the yenB. the dollar can now purchase more yenC. the yen can now purchase more dollarsD. the US trade balance with the Japanese economy has improved73. The theory of international exchange that holds that exchange rates are set so that the price of similar goods in different countries is the same is the ______.A. price feedback theoryB. trade feedback theoryC. purchasing power parity theoryD. J-curve theory74. According to the optimal portfolio theory, where should portfolios lie? ______.A. On the efficient frontierB. Above the efficient frontierC. Under the efficient frontierD. Anywhere, as long as the portfolio is diversified75. Which of the following is not a user of management accounting information? ______.A. Store managerB. CreditorC. CEOD. CFO76. Based on the scenarios below, what is the expected return for a portfolio with the following return profile? ______.Market ConditionA. 4%B. 10%C. 20%D. 25%Use the following expectations on Stocks X and Y to answer questions77. Financial markets serve to channel funds from ______.A. the government to contractorsB. investors to consumersC. consumers to producersD. savers to investors78. The agreements that were reached at the Bretton Woods conference in 1944 established a system .A. of essentially fixed exchange rates under which each country agreed to intervene in the foreign exchange market when necessary to maintain the agreed-upon value of its currencyB. of floating exchange rates determined by the supply and demand of one nation's currency relative to the currency of other nationsC. that prohibited governments from intervening in the foreign exchange marketsD. in which the values of currencies were fixed in terms of a specific number of ounces of gold, which in turn determined their values in international trading79. Which of the following statements is not consistent with generally accepted accounting principles relating to asset valuation? .A. Assets are originally recorded in accounting records at their cost to the business entityB. Accountants prefer to base the valuation of assets upon objective, verifiable evidence rather than upon appraisals or personal opinionC. Accountants assume that assets such as office supplies, land and buildings will be used in business operations rather than sold at current market pricesD. Subtracting total liabilities from total assets indicates what the owner's equity in the business is worth under current market conditions80. A fiscal expansion in the UK ______ the pound sterling.A. tends to appreciateB. tends to depreciateC. does not affect the price ofD. has no predictable effect on the price of81. What are the expected returns for Stocks X and Y respectively? ______.A. 20% and 10%B. 18% and 12%C. 20% and 11%D. 18% and 5%82. Which of the following payment terms eliminates the exchange risk, assuming the exporter invoices in foreign currency? ______.A. Confirmed irrevocable documentary creditB. Open accountC. Documentary collection D/AD. None of the above83. ABC Co. Ltd. purchased a car for $ 12 000, making a down payment of $5 000 cash and signing a $7 000 note payable due in 60 days. Which of the following is not correct? ______.A. From the viewpoint of a short-term creditor, this transaction makes the business less solventB. Total liabilities increased by $7 000C. Total assets increased by $12 000D. This transaction had no immediate effect on the owner's equity in the business84. Which of the following terms of payment will entirely eliminate country risk? ______.A. Revocable documentary creditsB. Confirmed Irrevocable documentary creditsC. Documentary collection D/PD. Documentary collection D/A85. The expiry date of a documentary credit is Sunday, 24 February, and documents have to be A presented to you. Which of the following is an acceptable presentation? (Assume there is no latest stated date for shipment stipulated.) ______.A. Presentation to you on Monday 25 February with the bill of lading dated 25 FebruaryB. Presentation on Monday 25 February with the bill of lading dated Sunday 24 FebruaryC. Presentation on Tuesday 26 February with the bill of lading dated Sunday 24 FebruaryD. Presentation on Friday 22 February with the bill of lading dated Sunday 29 January86. What are the standard deviations of returns on Stocks X and Y respectively? ______.A. 15% and 26%B. 24% and 13%C. 20% and 4%D. 28% and 8%87. Who makes the first presentation of documents under a transferable credit? ______.A. ApplicantB. First beneficiaryC. Second beneficiaryD. None of the above88. A transaction caused a $10 000 decrease in both total assets and total liabilities. This transaction could have been ______.A. repayment of a $ 10 000 bank loanB. an asset with a cost of $10000 was destroyed by fireC. purchase of a delivery truck for $10 000 cashD. collection of a $10 000 account receivable89. Money ceases to serve as an effective store of value when ______.A. the government runs large deficitsB. the unemployment rate is very highC. productivity in the economy declinesD. rapid inflation occurs90. An indication that the money supply is greater than the desirable amount would be .A. insufficient spending and excessive savingB. deflationC. inadequate spending and rising unemploymentD. rising wages and prices81. What are the expected returns for Stocks X and Y respectively? ______.A. 20% and 10%B. 18% and 12%C. 20% and 11%D. 18% and 5%82. Which of the following payment terms eliminates the exchange risk, assuming the exporter invoices in foreign currency? ______.A. Confirmed irrevocable documentary creditB. Open accountC. Documentary collection D/AD. None of the above83. ABC Co. Ltd. purchased a car for $ 12 000, making a down payment of $5 000 cash and signing a $7 000 note payable due in 60 days. Which of the following is not correct? ______.A. From the viewpoint of a short-term creditor, this transaction makes the business less solventB. Total liabilities increased by $7 000C. Total assets increased by $12 000D. This transaction had no immediate effect on the owner's equity in the business84. Which of the following terms of payment will entirely eliminate country risk? ______.A. Revocable documentary creditsB. Confirmed Irrevocable documentary creditsC. Documentary collection D/PD. Documentary collection D/A85. The expiry date of a documentary credit is Sunday, 24 February, and documents have to be A presented to you. Which of the following is an acceptable presentation? (Assume there is no latest stated date for shipment stipulated.) ______.A. Presentation to you on Monday 25 February with the bill of lading dated 25 FebruaryB. Presentation on Monday 25 February with the bill of lading dated Sunday 24 FebruaryC. Presentation on Tuesday 26 February with the bill of lading dated Sunday 24 FebruaryD. Presentation on Friday 22 February with the bill of lading dated Sunday 29 January86. What are the standard deviations of returns on Stocks X and Y respectively? ______.A. 15% and 26%B. 24% and 13%C. 20% and 4%D. 28% and 8%87. Who makes the first presentation of documents under a transferable credit? ______.A. ApplicantB. First beneficiaryC. Second beneficiaryD. None of the above88. A transaction caused a $10 000 decrease in both total assets and total liabilities. This transaction could have been ______.A. repayment of a $ 10 000 bank loanB. an asset with a cost of $10000 was destroyed by fireC. purchase of a delivery truck for $10 000 cashD. collection of a $10 000 account receivable89. Money ceases to serve as an effective store of value when ______.A. the government runs large deficitsB. the unemployment rate is very highC. productivity in the economy declinesD. rapid inflation occurs90. An indication that the money supply is greater than the desirable amount would be .A. insufficient spending and excessive savingB. deflationC. inadequate spending and rising unemploymentD. rising wages and prices91. If a nation's interest rates are relatively low compared to those of other countries, then the exchange value of its currency will tend to ______ under a system of exchange rates.A. appreciate…… floatingB. depreciate……floatingC. appreciate…… fixedD. depreciate…… fixed92. Which of the following is true of a company's balance sheet? ______.A. It displays sources and uses of cash for the periodB. It is unnecessary if both an income statement and a statement of cash flows are availableC. It is a separate representation of the company's revenue and expense transactions for the yearD. It is an expansion of the basic accounting equation ofAssets=Liabilities+Owner's Equity93. When Americans or foreigners expect the return on dollar deposits to be high relative to the return on foreign deposits, there is a ______ demand for dollar deposits and a correspondingly ______ demand for foreign deposits.A. higher…… higherB. lower…… higherC. higher…… lowerD. lower……lower94. Velocity is the ______.A. inverse of GNPB. speed at which checking accounts are converted into cashC. relationship between the price level and the money supplyD. rate at which money turns over95. Assume that of your $10 000 portfolio, you invest $9 000 in Stock X and $1 000 in Stock Y. What is the expected return on your portfolio? ______.A. 18%B. 20%C. 19%D. 3%96. Which of the following would you expect to find in a correctly prepared income statement? .A. Cash balance at the end of the periodB. Expenses incurred during the period to earn revenuesC. Contributions by the owner during the periodD. The reported company's financial position at a specific date。
金融英语词汇 FECT金融证书英语考试词汇
1. a flat percentage rate of income 统一比率的所得税税率2. a long position 多头部位，利多形势3. a long position 多头寸；买进的期货合同4. a put option on a debt security 债务证券的卖出期权5. a sales slip 签购单据，售货清单6. a short position 空头部位，短缺头寸7. a short position 空头；卖出的期货合同8. a tax return 税务申报表9.abnormal depreciation 特别折旧10.abnormal spoilage 非正常损坏11.aboriginal cost 原始成本12.acceptance bank 票据承兑行13.acceptance method 承兑方式14.acceptance risks 承兑风险15.accepting bank 承兑银行16.accessory risks 附加保险，附加险17.accident insurance 意外保险（不包括海上，火灾和人寿险）18.accommodation of funds 资金融通19.accompany vt. 附带，伴随，陪同20.account charges 账户费用21.account current (A/C,a/c) 往来帐户22.account number (A/N) 帐号23.account statement 帐户清单24.accounting exposure 会计风险25.accounting risks 会计风险26.accounting value 帐面价值27.accounts of assured 保险帐户28.accrued bond interest 应计债券利息29.accrued depreciation 应计折旧30.accrued dividend 应计股利31.acknowledgement of declaration (under op预约保险申报确认书32.active securities 热头股票，活跃的证券33.actual cash value （保险用语）实际现金价值34.actual rate 实际汇率35.adaptive expectations 适应性预期36.additional insurance 加保，附加保险37.additional reserve 追加准备金38.adjustable policy 可调整的保险单39.adjustable premium 可调整的保险费40.adjusted debit balance 已调整的借方余额41.advance payment of premium 预缴保险费42.advance-decline theory 涨跌理论43.adverse exchange 逆汇、逆汇兑44.advice of drawing 提款通知书45.advising bank 通知银行46.affiliated bank 联行47.affiliated person 关联人48.aftermarket 次级市场49.agent for collection 托收代理银行50.Agricultural Bank of China 中国农业银行51.agricultural loans 农业贷款52.agricultural（animal husbandry）tax 农（牧）业税53.allowance for doubtful debt 备抵呆帐款项54.alternative (either/or) order 选择指令55.American Express card 运通卡56.American terms 美国标价法57.amount in figures 小写金额58.amount in words 大写金额59.annual membership dues 年费60.application form for a banking account 银行开户申请书61.appointed bank 外汇指定银行62.appreciation of exchange rate 汇率升值63.arbitrage 套利64.arbitrage 套购，套利，套汇65.arbitrage of exchange 套汇66.arbitrage of exchange or stock 套汇或套股67.arbitrage opportunity 套价机会68.arbitrage risks 套汇风险69.as agent 做代理70.as principal 做自营n Development Fund (ADB) 亚洲开发银行72.ask price = asking price = offer price 出售价，报价，开价，出价73.ask-bid system 竞价系统74.assessment of loss 估损75.assets insurance 资产保险76.assignment of policy 保单转让77.assumption of risk 承担风险78.asymmetry 不对称79.at owner's risk 风险由货主负担80.at-the-close order 收盘指令81.at-the-market 按市价82.at-the-money 平值期权83.at-the-opening (opening only) order 开盘指令84.auction marketplace 拍卖市场85.automated teller machines (24 hours a day) 自动取款机（24小时服务）86.automatic transfers between accounts 自动转帐87.average 平均数88.baby bond 小额债券89.back spreads 反套利90.back wardation 现货溢价91.balance n. 结余，差额，平衡92.bank balance 存款余额93.bank balance over required reserves 超出法定（必备）储备的银行存款余额94.bank deposit 银行存款95.Bank of China 中国银行96.Bank of Communications 交通银行97.bank of deposit 存款银行98.bank of the government 政府的银行99.banker's association 银行协会100.banker's bank 中央银行101.banker's guarantee 银行担保102.bank's buying rate 银行买入价103.bank's selling rate 银行卖出价104.banks with business dealing with the center中央银行的往来银行105.Barclay card 巴克莱银行信用卡106.base rate 基本汇价107.basis order 基差订单108.basis risk 基差风险109.bear market 熊市110.bear operation 卖空行为111.bear raiders 大量抛空者112.beneficial owner 受益所有人113.beneficiary of insurance 保险金受益人114.best-efforts offering 尽力推销（代销）发行115.bid and ask prices 买入和卖出价116.bid and ask spread 买卖差价117.bid price = buying price 买价118.bid-ask spread 递盘虚盘差价119.big board 大行情牌120.big slump 大衰退（暴跌）121.bill-paying services 代付帐款122.black market 黑市123.black market financing 黑市筹资124.black money 黑钱125.blanket mortgage 总括抵押126.block positioner 大宗头寸商127.blowout 畅销128.blue-chip stocks 蓝筹股129.board of arbitration 仲裁委员会130.board of governors 理事会131.bond fund 债券基金132.borrowing from affiliates 向联营公司借款133.borrowing power of securities 证券贷款能力134.borrowing risks 借款风险135.bought deal 包销136.bread and butter business 基本业务137.breadth index 宽度指数138.break-even 不亏不盈，收支相抵139.breakout 突破140.bridging finance 过渡性融资141.broker 经纪人，掮客142.brokerage 经纪人佣金143.brokerage 经纪业；付给经纪人的佣金144.brokerage firm 经纪商（号）145.broker's loan 经纪人贷款146.broking house 经纪人事务所147.building agreement 具有约束力的协定148.building tax （tax on construction）建筑税149.bullish 行情看涨150.business insurance 企业保险151.business risk 营业风险152.business savings 企业储蓄153.business tax 营业税154.business term loan 企业长期贷款155.bust-up risks 破产风险156.buyer's risks 买方风险157.call (option) 买方期权，看涨期权158.call and put options 买入期权和卖出期权159.call for funds 控股、集资160.call loan transaction 短期拆放往来161.call market 活期存款市场162.call money 拆放款163.call options on an equity 权益（证券）的买入期权164.call-options 认购期权165.cancellation 取消166.cancellation money 解约金167.cap 带利率上限的期权168.capital assets 资本资产169.capital lease 资本租赁170.capital market 信贷市场、资本市场171.capital resources 资本来源172.capital surplus 资本盈余173.capital transfer 资本转移174.capital turnover rate 资本周转率175.card issuing institution 发卡单位176.carefully selected applicant 经仔细选定的申请人177.cargo insurance 货物保险178.cash 现金，现款v.兑现，付现款179.cash a cheque 支票兑现180.cash account 现金帐户181.cash advance 差旅预支款182.cash against bill of lading 凭提单付现183.cash against documents（C.A.D.）凭单付现，凭单据付现金=document against cash184.cash and carry 付现自运；现金交易和运输自理；现购自运商店185.cash and carry wholesale 付现自运批发186.cash assets 现金资产187.cash audit 现金审核188.cash audit 现金审核，现金审计189.cash balance 现金余额，现款结存190.cash basis 现金制191.cash basis 现金制，现金基础192.cash basis accounting 现金收付会计制193.cash before delivery（C.B.D.）空货前付款，付款后交货，付现款交货194.cash bonus 现金红利195.cash book 现金簿；现金帐；现金出纳帐196.cash boy 送款员197.cash budget 现金预算198.cash card1 （银行）自动提款卡199.cash card2 现金卡200.cash claim 现金索赔201.cash collection basis 收现法，收现制202.cash credit 活期信用放款，现金付出203.cash credit slip 现金支出传票204.cash currency 现金通货205.cash cycle 现金循环，现金周期206.cash day 付款日207.cash debit slip 现金收入传票208.cash department （商业机构中的）出纳部=counting-house 209.cash deposit 现金存款；保证金210.cash deposit as collateral 保证金，押金211.cash desk （商店、饭馆的）付款处212.cash disbursements 现金支出213.cash discount (c.d.) 现金折扣，付现折扣=settlement discount 214.cash dispenser （美）自动提款机=cashomat 215.cash dividend 现金股利216.cash down 即付，付现217.cash equivalent value 现金等值，现金相等价值218.cash flow 资金流动219.cash flow 现金流动220.cash flow stream 现金流（量）221.cash holdings 库存现金222.cash holdings 库存现金223.cash in advance (c.i.a.) 预付现金224.cash in bank 存银行现金，银行存款225.cash in hand （商行的）手头现金，库存现金=cash on hand 226.cash in transit 在途现金，在运现金227.cash in transit policy 现金运送保险单228.cash in treasury 库存现金229.cash invoice 现购发票230.cash items 现金帐项，现金科目231.cash journal 现金日记簿232.cash liquidity 现金流动（情况）；现金周转233.cash loan 现金贷款234.cash management services 现金管理业务235.cash market 现金交易市场，现货市场，付现市场236.cash nexus 现金交易关系237.cash on arrival 货到付现，货到付款238.cash on bank 银行存款；银行付款；现金支票付款239.cash on deliver (C.O.D) （英）交货付款，现款交货＝collect on delivery240.cash on delivery (COD) 交割付款241.cash order（C/O）现金订货242.cash paid book 现金支出簿243.cash payment 现金支付244.cash payment 现金付款，现付245.cash payments journal 现金支出日记帐246.cash position 头寸247.cash position 现金状况，现金头寸248.cash price 现金售价，现金付款价格249.cash purchase 现购，现金购买250.cash railway （商店中的）货款传送线251.cash ratio 现金比率252.cash receipts (CR) 现金收入253.cash receipts journal 现金收入日记帐254.cash records 现金记录255.cash register 现金登记机，现金收入记录机，收银机256.cash remittance 汇款单；解款单257.cash remittance note 现金解款单，解款单258.cash requirement 现金需要量259.cash reserve 现金储备（金）260.cash resources 现金资源，现金来源261.cash resources (reserves) 现金准备262.cash sale 现售，现金销售=sale by real cash 263.cash sale invoice 现销发票，现售发票264.cash settlement 现金结算，现汇结算265.cash short and over 现金尾差，清点现金余差；现金短溢266.cash slip 现金传票267.cash statement 现金报表，（现金）库存表268.cash ticket 现销票，门市发票269.cash transaction 现金交易270.cash verification 现金核实，现金核查271.cash voucher 现金凭单；现金收据272.cash with order （c.w.o., C.W.O.订货时付款，订货付现，落单付现273.cash without discount 付现无折扣274.cash yield discount 现金获利率，现金收益率275.cash-and-carry arbitrage 现货持有套利276.cashier 出纳员，收支员277.cashier's cheque (C.C.) 银行本票=cashier's order 278.central rate 中心汇率（一国货币对美元的汇率，并据此计算对其他货币的汇率）279.certificate of balance 存款凭单280.Certificate of Deposits (CDs) 大额定期存款单281.certificated security 实物证券282.certificates of deposit (CDs) 大面额存款单283.certifying bank 付款保证银行284.change hands 交换，换手285.chartered bank 特许银行286.chattel 动产287.chattel mortgage 动产抵押288.chattel mortgage 动产抵押289.chattel mortgage bond （美）动产抵押（公司）债券290.chattel personal （私人）动产291.chattel real 准不动产（土地权等）292.check certificate 检验证明书293.check deposit 支票存款294.check list （核对用的）清单295.check sheet 对帐单296.checking account 支票帐户297.checking deposits 支票存款，活期存款298.checking reserve 支票现金储备299.checkstand （超级市场的）点货收款台300.cheque (payable) to bearer 来人支票，不记名支票301.cheque book 支票簿302.cheque book stub 支票簿存根303.cheque card 支票卡304.cheque collection 支票兑取305.cheque collector 支票兑取人306.cheque crossed 划线支票307.cheque crossed generally 普通划线支票308.cheque crossed specially 特别划线支票309.cheque deposit 支票存款310.cheque drawer 支票出票人311.cheque holder 支票执票人312.cheque only for account 转帐支票313.cheque payable at sight 见票即付支票314.cheque protector 支票银码机315.cheque rate 票据汇兑汇率，票汇价格=sight rate ,short rate 316.cheque register 支票登记簿317.cheque returned 退票，退回的支票318.cheque signer 支票签名机319.cheque stub 支票存根320.cheque to order 记名支票，指定人支票321.China Investment Bank 中国投资银行322.circulation risks 流通风险323.circulation tax （turnover tax）流转税324.city bank 城市银行325.claim a refound 索赔326.clean collections 光票托收327.clearing bank 清算银行328.clearing house 清算所329.clearinghouse 清算公司，票据交换所330.close out 平仓，结清（账）331.closed and mortgage 闭口抵押332.closing order 收市价订单333.closing rate 收盘价334.closing transaction 平仓交易335.collar 带利率上下限的期权336.collateral loan 抵押借款337.collecting bank 托收银行338.collecting bank 托收银行339.collecting bank 代收行340.collection instructions 委托（托收的）单据341.collection items 托收业务，托收项目342.collection of trade charges 托收货款343.collection on clean bill 光票托收344.collection on documents 跟单托收345.collection order 托收委托书346.collection risk 托收风险347.collection risks 托收风险348.collection service 托收服务349.collective-owned enterprise bonus tax 集体企业奖金税350.collective-owned enterprise income tax 集体企业所得税mercial and industrial loans 工商贷款mercial deposit 商业存款mercial paper 商业票据mercial paper house 经营商业票据的商号mercial risk 商业风险mercial terms 商业条件mission 佣金modity futures 商品期货modity insurance 商品保险mon collateral 共同担保mon fund 共同基金mon stock 普通股mon trust fund 共同信托基金pensatory financing 补偿性融资petitive risks 竞争风险posite depreciation 综合折旧pound interest 复利pound rate 复利率pound rate deposit 复利存款prehensive insurance 综合保险371.condominium 公寓私有共有方式372.confirming bank 保兑银行373.congestion area 震荡区374.congestion tape 统一自动行情显示375.conservatism and liquidity 稳健性与流动性376.consortium bank 银团银行377.constructure risk 建设风险378.consumer financing 消费融资379.contingent risks 或有风险380.contract money 合同保证金381.contract size 合约容量382.contracts of difference 差异合约383.contractual value 合同价格384.controlled rates 控制的汇率385.converge 集聚，（为共同利益而）结合一起386.conversion 汇兑、兑换387.convertible currency 可兑换的货币388.cooling-off period 等待期389.cooperative financing 合作金融390.cornering the market 操纵市场391.corners 垄断392.corporate deposits 法人存款393.correspondent 代理行394.cost of maintenance 维修费395.counter-inflation policy 反通货膨胀对策396.cover 弥补，补进（卖完的商品等）397.cover 弥补（损失等）；负担（开支）；补进（商品或股票等）；保险398.coverage 承保险别；保险总额；范围保险399.coverage ratio 偿债能力比率400.cover-note 暂保单；投保通知单401.credit 信用，信贷402.credit account (C.A., C/A) 赊帐=open account2 403.credit agreement 信贷协定404.credit amount 信贷金额；赊帐金额；信用证金额405.credit analysis 信用分析406.credit balance 贷方余额，结欠，贷余407.credit bank 信贷银行408.credit beneficiary 信用证受益人409.credit business 赊售，信用买卖410.credit buying 赊购411.credit capital 信贷资本412.credit cards 信用卡413.credit control 信用控制414.credit control instrument 信用调节手段415.credit expansion 信用扩张416.credit extending policy 融资方针417.credit facility 信用透支418.credit limit 信用额度419.credit restriction 信用限额420.credit risk 信用风险421.credit union 信用合作社422.creditor bank 债权银行423.crop up (out) 出现，呈现424.cross hedge 交叉套做425.cross hedging 交叉保值426.cum dividend 附息427.cum rights 含权428.cumulative preferred stock 累积优先股429.currency futures 外币期货430.currency futures contract 货币期货合约431.current fund 流动基金432.current futures price 现时的期货价格433.current ratio 流动比率434.customize 按顾客的具体要求制作435.customs duty（tariffs）关税436.D/D (Banker's Demand Draft) 票汇437.daily interest 日息438.daily limit 每日涨（跌）停板439.date of delivery 交割期440.dealers 批发商441.death and gift tax 遗产和赠与税442.debt of honour 信用借款443.debtor bank 借方银行444.decision-making under risk 风险下的决策445.deed 契约446.deed tax 契税447.deferred savings 定期存款448.deficit covering 弥补赤字449.deficit-covering finance 赤字财政450.deflation 通货紧缩451.delivery date 交割日452.demand pull inflation 需求拉动通货膨胀453.demand-deposit or checking-accounts 活期存款或支票帐户454.deposit account (D/A) 存款帐户455.deposit at call 通知存款456.deposit bank 存款银行457.deposit money 存款货币458.deposit rate 存款利率459.deposit turnover 存款周转率460.depreciation risks 贬值风险461.derivative deposit 派生存款462.derived deposit 派生存款463.designated currency 指定货币464.deutsche marks (=DM) 西德马克465.devaluation of dollar 美元贬值466.developer 发展商467.Development Bank 开发银行468.development financing 发展融资469.devise 遗赠470.die intestate 死时没有遗嘱471.Diners card 大莱信用卡472.direct exchange 直接汇兑473.direct financing 直接融资474.direct hedging 直接套做475.direct leases 直接租赁476.direct taxation 直接税477.discount credit 贴现融资478.discount market 贴现市场479.discount on bills 票据贴现480.discount paid 已付贴现额481.discounted cash flow 净现金量482.discounting bank 贴现银行483.dishonour risks 拒付风险484.disintermediation 脱媒485.distant futures 远期期货486.diversification 分散投资487.dividends 红利488.document of title 物权单据489.documentary collection 跟单托收490.Documents against Acceptance,D/A 承兑交单491.Documents against Payment,D/P 付款交单492.domestic correspondent 国内通汇银行493.domestic deposit 国内存款494.domestic exchange 国内汇兑495.double leasing 双重租赁496.double mortgage 双重抵押497.double option 双向期权498.Dow Jones average 道·琼斯平均数499.down payment 首期500.downgrade 降级501.downside 下降趋势502.downtick 跌点交易503.Dragon card 龙卡504.draw 提款505.draw cheque 签发票据506.drawee bank 付款银行507.drawing account 提款帐户508.dual exchange market 双重外汇市场509.dual trading 双重交易510.due from other funds 应收其他基金款511.due to other funds 应付其他基金款512.dumping 抛售513.early warning system 预警系统514.easy credit 放松信贷515.economic exposure 经济风险516.efficient portfolio 有效证券组合517.electronic accounting machine 电子记帐机518.electronic cash 电子现金519.electronic cash register 电子收款机520.electronic debts 电子借贷521.electronic funds transfer 电子资金转帐522.electronic transfer 电子转帐523.emergency tariff 非常关税524.encumbrance 债权（在不动产上设定的债权）525.endorsement for collection 托收背书526.engage in arbitrage (to) 套汇527.entity n. 单位，整体，个体528.entrance fee 申请费529.equalization fund （外汇）平衡基金530.equipment leasing services 设备租赁业务531.equity portfolio 股票资产532.establishing bank 开证银行533.ethics risks 道德风险534.Euro-bank 欧洲银行535.Eurocard 欧洲系统卡536.European terms 欧洲标价法537.evaluation of property 房产估价538.evasion of foreign currency 逃汇539.exception clause 免责条款540.excess insurance 超额保险541.exchange adjustment 汇率调整542.exchange alteration 更改汇率543.exchange arbitrage 外汇套利544.exchange bank 外汇银行545.exchange broker 外汇经纪人546.exchange brokerage 外汇经纪人佣金547.exchange business 外汇业务548.exchange clearing agreement 外汇结算协定549.exchange clearing system 汇结算制550.exchange competition 外汇竞争551.exchange contract 外汇成交单552.exchange control 外汇管制553.exchange convertibility 外汇兑换554.exchange customs 交易所惯例555.exchange depreciation 外汇下降556.exchange dumping 汇率倾销557.exchange fluctuations 汇价变动558.exchange for forward delivery 远期外汇业务559.exchange for spot delivery 即期外汇业务560.exchange freedom 外汇自由兑换561.exchange loss 汇率损失562.exchange parity 外汇平价563.exchange position 外汇头寸564.exchange position 外汇头寸；外汇动态565.exchange premium 外汇升水566.exchange profit 外汇利润567.exchange proviso clause 外汇保值条款568.exchange quota system 外汇配额制569.exchange rate 汇价570.exchange rate fluctuations 外汇汇价的波动571.exchange rate parity 外汇兑换的固定汇率572.exchange rate risks 外汇汇率风险573.exchange reserves 外汇储备574.exchange restrictions 外汇限制575.exchange risk 外汇风险576.exchange risk 兑换风险577.exchange settlement 结汇578.exchange speculation 外汇投机579.exchange stability 汇率稳定580.exchange surrender certificate 外汇移转证581.exchange transactions 外汇交易582.exchange value 外汇价值583.exchange war 外汇战584.excise 货物税，消费税585.exercise date 执行日586.exercise price, striking price 履约价格，认购价格587.expenditure tax 支出税588.expenditure tax regime 支出税税制589.expenses incurred in the purchase 购买物业开支590.expiration date 到期日591.export and import bank 进出口银行592.export gold point 黄金输出点593.exposure 风险594.external account 对外帐户595.extraneous risks 附加险596.extrinsic value 外在价值597.face value 面值598.facultative insurance 临时保险599.fair and reasonable 公平合理600.far future risks 长远期风险601.farm subsidies 农产品补贴602.farmland occupancy tax 耕地占用税603.favourable exchange 顺汇604.fax base 税基605.feast tax 筵席税606.feathered assets 掺水资产607.fee 不动产608.fee interest 不动产产权609.fictions payee 虚构抬头人610.fictitious assets 虚拟资产611.fictitious capital 虚拟资本612.fiduciary a. 信托的，信用的，受信托的（人）613.fiduciary field 信用领域，信托领域614.finance broker 金融经纪人615.financial advising services 金融咨询服务616.financial arrangement 筹资安排617.financial crisis 金融危机618.financial forward contract 金融远期合约619.financial futures 金融期货620.financial futures contract 金融期货合约621.financial insolvency 无力支付622.financial institutions' deposit 同业存款623.financial lease 金融租赁624.financial risk 金融风险625.financial statement analysis 财务报表分析626.financial system 金融体系627.financial transaction 金融业务628.financial unrest 金融动荡629.financial world 金融界630.first mortgage 第一抵押权631.fiscal and monetary policy 财政金融政策632.fixed assets 固定资产633.fixed assets ratio 固定资产比率634.fixed assets turnover ratio 固定资产周转率635.fixed capital 固定资本636.fixed costs 固定成本637.fixed deposit (=time deposit) 定期存款638.fixed deposit by installment 零存整取639.fixed exchange rate 固定汇率640.fixed par of exchange 法定汇兑平价641.fixed savings withdrawal 定期储蓄提款642.fixed-rate leases 固定利率租赁643.flexibility and mobility 灵活性与机动性644.flexibility of exchange rates 汇率伸缩性645.flexible exchange rate 浮动汇率646.floating exchange rate 浮动汇率647.floating policy 流动保险单648.floating-rate leases 浮动利率租赁649.floor 带利率下限的期权650.floor broker 场内经纪人651.fluctuations in prices 汇率波动652.foregift 权利金653.foreign banks 外国银行654.foreign correspondent 国外代理银行655.foreign currency futures 外汇期货656.foreign enterprises income tax 外国企业所得税657.foreign exchange certificate 外汇兑换券658.foreign exchange crisis 外汇危机659.foreign exchange cushion 外汇缓冲660.foreign exchange dumping 外汇倾销661.foreign exchange earnings 外汇收入662.foreign exchange liabilities 外汇负债663.foreign exchange loans 外汇贷款664.foreign exchange parity 外汇平价665.foreign exchange quotations 外汇行情666.foreign exchange regulations 外汇条例667.foreign exchange reserves 外汇储备668.foreign exchange restrictions 外汇限制669.foreign exchange retaining system 外汇留存制670.foreign exchange risk 外汇风险671.foreign exchange services 外汇业务672.foreign exchange transaction centre 外汇交易中心673.forward exchange 期货外汇674.forward exchange intervention 期货外汇干预675.forward exchange sold 卖出期货外汇676.forward foreign exchange 远期外汇汇率677.forward operation 远期（经营）业务678.forward swap 远期掉期679.fraternal insurance 互助保险680.free depreciation 自由折旧681.free foreign exchange 自由外汇682.freight tax 运费税683.fringe bank 边缘银行684.full insurance 定额保险685.full payout leases 充分偿付租赁686.full progressive income tax 全额累进所得税687.fund 资金、基金688.fund account 基金帐户689.fund allocation 基金分配690.fund appropriation 基金拨款691.fund balance 基金结存款692.fund demand 资金需求693.fund for relief 救济基金694.fund for special use 专用基金695.fund in trust 信托基金696.fund liability 基金负债697.fund obligation 基金负担698.fund raising 基金筹措699.fundamental insurance 基本险700.funds statement 资金表701.futures commission merchants 期货经纪公司702.futures contract 期货合约703.futures delivery 期货交割704.futures margin 期货保证金705.futures market 期货市场706.futures price 期货价格707.futures transaction 期货交易708.FX futures contract 外汇期货合约709.galloping inflation 恶性通货膨胀710.gap 跳空711.general endorsement 不记名背书712.general fund 普通基金713.general mortgage 一般抵押714.Giro bank 汇划银行715.given rate 已知汇率716.go long 买进，多头717.go short 短缺；卖空，空头718.going away 分批买进719.going rate 现行汇率720.Gold Ear Credit Card 金穗卡ernment revenue 政府收入722.graduated reserve requirement 分级法定准备金723.Great Wall card 长城卡724.gross cash flow 现金总流量725.guarantee of payment 付款保证726.guaranteed fund 保证准备金727.hammering the market 打压市场728.handling charge 手续费729.harmony of fiscal and monetary policies 财政政策和金融政策的协调730.hedge 套头交易731.hedge against inflation 为防通货膨胀而套购732.hedge buying 买进保值期货733.hedge fund 套利基金734.hedging mechanism 规避机制735.hedging risk 套期保值风险736.hire purchase 租购737.hit the bid 拍板成交738.hoarded money 储存的货币739.holding the market 托盘740.horizontal price movement 横盘741.hot issue 抢手证券742.hot money deposits 游资存款743.hot stock 抢手股票744.house property tax 房产税745.hypothecation 抵押746.idle capital 闲置资本747.idle cash (money) 闲散现金，游资748.idle demand deposits 闲置的活期存款749.immobilized capital 固定化的资产750.immovable property 不动产751.import regulation tax 进口调节税752.imposition 征税；税；税款753.imprest bank account 定额银行存款专户754.in force （法律上）有效的755.in the tank 跳水756.inactive market 不活跃市场757.income in kind 实物所得758.income tax liabilities 所得税责任，所得税债务759.income taxes 所得税760.indemnity 赔偿，补偿761.indirect arbitrage 间接套汇762.indirect finance 间接金融763.indirect hedging 间接套做764.indirect leases 间接租赁（即：杠杆租赁）765.indirect rate 间接汇率766.indirect taxation 间接税767.individual income regulation tax 个人调节税768.individual income tax 个人所得税769.individual savings 私人储蓄770.Industrial and Commercial Bank of China 中国工商银行771.industrial financing 工业融资772.industrial-commercial consolidated tax 工商统一税773.industrial-commercial income tax 工商所得税774.industrial-commercial tax 工商税775.inflation 通货膨胀776.inflation rate 通货膨胀率777.inflationary spiral 螺旋式上升的通货膨胀778.inflationary trends 通货膨胀趋势779.infrastructure bank 基本建设投资银行780.initial margin 初始保证金781.initial margin 期初保证权782.initial margins 初始保证金783.initial reserve 初期准备金784.insider 内幕人785.installment savings 零存整取储蓄786.institution 机构投资者787.insurance appraiser 保险损失评价人788.insurance broker 保险经纪人789.insurance contract 保险契约，保险合同790.insurance saleman 保险外勤791.insurance services 保险业务792.insure against fire 保火险793.insured 被保险人794.interbank market 银行同业市场795.inter-business credit 同行放帐796.interest on deposit 存款利息797.interest per annum 年息798.interest per month 月息799.interest rate futures contract 利率期货合约800.interest rate policy 利率政策801.interest rate position 利率头寸802.interest rate risk 利率风险803.interest restriction 利息限制804.interest subsidy 利息补贴805.interest-rate risk 利息率风险806.interim finance 中间金融807.intermediary bank 中间银行808.intermediate account 中间帐户809.internal reserves 内部准备金810.international banking services 国际银行业务811.International Investment Bank (IIB) 国际投资银行812.international leasing 国际租赁813.in-the-money 有内在价值的期权814.intraday 日内815.intrinsic utility 内在效用816.intrinsic value 实际价值，内部价值817.inward documentary bill for collection 进口跟单汇票，进口押汇（汇票）818.isolation of risk 风险隔离819.issue bank 发行银行820.JCB card JCB卡821.joint financing 共同贷款822.key risk 关键风险823.kill a bet 终止赌博nd use tax 土地使用税rge deposit 大额存款rge leases 大型租赁tent inflation 潜在的通货膨胀tent inflation 潜在的通货膨胀829.lease agreement 租约830.lease and release 租借和停租831.lease broker 租赁经纪人832.lease financing 租赁筹租833.lease immovable 租借的不动产834.lease in perpetuity 永租权835.lease insurance 租赁保险836.lease interest insurance 租赁权益保险837.lease land 租赁土地838.lease mortgage 租借抵押839.lease out 租出840.lease property 租赁财产841.lease purchase 租借购买842.lease rental 租赁费843.lease territory 租借地844.leaseback 回租845.leasebroker 租赁经纪人846.leased immovable 租借的不动产847.leasehold 租赁土地848.leasehold 租借期，租赁营业，租赁权849.leasehold property 租赁财产850.leaseholder 租赁人851.leaseholder 承租人，租借人852.leases agent 租赁代理853.leases arrangement 租赁安排854.leases company 租赁公司855.leases structure 租赁结构856.leasing 出租857.leasing agreement 租赁协议858.leasing amount 租赁金额859.leasing asset 出租财产，租赁财产860.leasing clauses 租赁条款861.leasing consultant 租赁顾问862.leasing contract 租赁合同863.leasing cost 租赁成本864.leasing country 承租国865.leasing division 租赁部866.leasing equipment 租赁设备867.leasing industry 租赁业868.leasing industry (trade) 租赁业869.leasing money 租赁资金870.leasing period 租赁期871.leasing regulations 租赁条例872.legal interest 法定利息873.legal tender 法定货币874.legal tender 本位货币，法定货币875.lessee 承租人，租户876.lessor 出租人877.letter of confirmation 确认书878.letter transfer 信汇879.leveraged leases 杠杆租赁880.lien 扣押权，抵押权881.life insurance 人寿保险882.life of assets 资产寿命883.limit order 限价指令884.limited floating rate 有限浮动汇率885.line of business 行业，营业范围，经营种类886.liquidation 清仓887.liquidity 流动性888.liquidity of bank 银行资产流动性889.listed stock 上市股票890.livestock transaction tax 牲畜交易税891.loan account 贷款帐户892.loan amount 贷款额893.loan at call 拆放894.loan bank 放款银行895.loan volume 贷款额896.loan-deposit ratio 存放款比率897.loans to financial institutions 金融机构贷款898.loans to government 政府贷款899.local bank 地方银行900.local income tax (local surtax) 地方所得税901.local surtax 地方附加税902.local tax 地方税903.long arbitrage 多头套利904.long position 多头头寸905.long position 多头寸；买进的期货合同906.long-term certificate of deposit 长期存款单907.long-term credit bank 长期信用银行908.long-term finance 长期资金融通909.loss leader 特价商品，亏损大项910.loss of profits insurance 收益损失保险911.loss on exchange 汇兑损失912.low-currency dumping 低汇倾销913.low-currency dumping 低汇倾销914.M/T (= Mail Transfer) 信汇915.main bank 主要银行916.maintenance margin 最低保证金，维持保证金917.major market index 主要市场指数918.management risk 管理风险919.managing bank of a syndicate 财团的经理银行920.manipulation 操纵921.margin 保证金922.margin call 保证金通知923.margin call 追加保证金的通知924.margin money 预收保证金，开设信用证保证金925.margin rate 保证金率926.markdown 跌价927.market discount rate 市场贴现率928.market expectations 市场预期929.market makers 造市者930.market order 市价订单931.market risk 市场风险932.marketability 流动性933.market-clearing 市场结算934.Master card 万事达卡935.matching 搭配936.mature liquid contracts 到期合约937.maximum limit of overdraft 透支额度938.measures for monetary ease 金融缓和措施939.medium rate 中间汇率940.medium-term finance 中期金融941.member bank 会员银行lion card 百万卡943.minimum cash requirements 最低现金持有量（需求）944.minimum reserve ratio 法定最低准备比率945.mint parity 法定平价946.monetary action 金融措施947.monetary aggregates 货币流通额948.monetary and credit control 货币信用管理949.monetary and financial crisis 货币金融危机950.monetary area 货币区951.monetary assets 货币性资产952.monetary base 货币基础953.monetary circulation 货币流通954.monetary device 金融调节手段955.monetary ease 银根松动956.monetary market 金融市场957.monetary market 金融市场958.monetary risk 货币风险959.monetary stringency 银根奇紧960.monetary unit 货币单位961.money capital 货币资本962.money collector 收款人963.money credit 货币信用964.money down 付现款965.money equivalent 货币等价966.money paid on account 定金967.money-flow analysis 货币流量分析968.money-over-money leases 货币加成租赁969.moral hazard 道德风险970.mortgage bank 抵押银行971.motor vehicle and highway user tax 机动车和公路使用税972.movables all risks insurance 动产综合保险973.movables insurance 动产保险974.multinational bank 跨国银行975.multiunit 公寓楼976.mutual insurance company 相互保险公司977.national bank 国家银行978.nationalized bank 国有化银行979.near money 准货币。
(业务管理)FECT金融英语考试高级银行业务与管理中英对照阅读辅导大全
（业务管理）FECT金融英语考试高级银行业务与管理中英对照阅读辅导大全大家论坛2012年FECT考试必备资料：FECT指定教材：震撼推出：FECT指定教材《现代金融业务》第二版电子书下载（经济科学出版社）!震撼推出：FECT教材电子版免费下载《现代金融业务清晰版》-中国金融出版社FECT教材配套必备手册：FECT《现代金融业务学习手册》电子版，震撼下载！FECT教材配套必备习题：FECT《金融专业英语证书考试全真模拟试题集》初级（第二版）震撼下载：2012 FECT最新官方内部模拟题5套FECT历年真题：FECT历年真题（Word版）FECT综合七套真题（99年至07年）PDF下载版本FECT推荐词典：FECT金融英语词典FECT听力：震撼推出：2012 FECT金融专业英语证书考试听力初级MP3附PDF文本（银行综合类）FECT金融英语全真模拟听力.MP3下载超给力5集金融专业英语听力MP3下载，附文档！！！FECT词汇：金融英语综合：财务英语词汇大全！金融词汇WORD可打印版，吐血推荐！金融英语专业词汇全解财务英语基础词汇表其他经济金融类英语资料推荐：《The Economist》《经济学人》100篇（中英版）EnglishDigest 英语文摘2012年2月刊（免费下载！）[经典下载]《实用会计英语》高平阳（PDF完全版）[下载]CPA会计英语教学课件（1-10全集）[会计考试丛书]《会计英语导航》PDF网络完美版金融英语-高级-银行业务与管理-银行基础知识英语通知储蓄存款Notice deposit is defined as one that does not have definite term when making deposits and the types are chosen in advance (now there are two types: one day notice deposit and seven days notice deposit), and you must inform the bank before the withdrawal of the date and amount of withdrawal. Usually the minimum amount of notice deposit is 50,000 RMB yuan in a lump sum with the minimum withdrawal sum not less than 50,000 RMB yuan each time. You can deposit money in a lump sum and withdraw money in a lump sum or by several times.通知储蓄存款是一种存款人在存入款项时不约定存期，预先确定品种（目前分一天通知储蓄存款、七天通知储蓄存款两个品种），支取时需提前通知银行，约定支取日期及金额的储蓄存款方式。
XXX年FECT金融英语考试国民经济词汇辅导
XXX年FECT金融英语考试国民经济词汇辅导gain or loss 损益Galloping inflation 恶性通货膨胀Gamble 投机，赌博gamble in stock 股票投机Gambler 投机商，赌徒Gap 间隙，间隔gap of wealth 贫富差距narrowing the gap between the rich and poor 缩小贫富差距General 总的，一般的General accepted accounting principles 〔GAAP〕公认会计原那么General Agreement on Tariffs and Trade〔GATT〕关税贸易总协定general contractor 总承包商general expense 日常开支，一样费用general fund 一般基金general index 总指数general journal 一般日记帐general ledger 总帐，一般分类帐general obligation bond 一样义务债款Generalized preferential system 〔贸易〕普遍优待制Generation 一代人generation gap 代沟generation-skipping transfer 隔代资产转移Geographical 区域的，地理的geographical specialization 地区专业化Gift 礼品，赠与gift coupons 礼品卷gift tax 赠与税Gilt-edged bond 金边债券Glamor stock 热门股票Global 全球的，全面的，总的global economy 全球经济global society 国际社会Globalization 全球化economic globalization 经济全球化GNP 国民生产总值GNP at constant prices 按固定价格运算的国民生产总值GNP at market prices 按市场价格运算的国民生产总值Go public 股票上市Gold 黄金gold and foreign exchange reserves 黄金外汇储备gold bonds 黄金债券gold bullion market 黄金市场gold crisis 黄金危机Good title 有效所有权Goodwill 信誉Government 政府government agency 政府机构government bond 公债，政府债券government control 政府操纵government directed 国家指导的government employee 政府雇员government enterprise 政府企业government intervention 政府干预government loan 政府贷款government official 政府官员government operated business 国营企业government property 政府财产government supervision 国家监督government transfer payment 政府转移支付Grace period 债务宽限期Graft 受贿，贪污Grant 专用拨款，赠款grant-in-aid for agriculture 农业财政拨款grant-in-aid fund 财政补贴基金Gross 毛重，总重，总额gross assets 总资产Gross Domestic Product〔GDP〕国内生产总值Gross National Product〔GNP〕国民生产总值Norminal GNP 名义GNPReal GNP 实际GNPgross margin 毛利gross profit 毛利润gross profit margin 毛利润率gross retail sales 零售总额Group 集团，团体，组group company 集团公司group of enterprises 企业集团Group of Seven 〔G-7〕七国集团Grouped by 按……划分grouped by ownership 按所有制划分grouped by sector 按行业划分Growth 增长growth funds 增长基金growth potential 增长潜力growth rate of earnings 收益增长率Guarantee 担保，保证Guaranteed 有保证的，有担保的guarenteed bond 有信用担保的债券guaranteed investment contract 担保投资合同guaranteed mortgage 担保抵押guaranteed security 担保证券Guaranty 保证金，保证Guide price 指导价Guidline 指导原那么Hard 硬的hard currency area 硬通货地区hard money 硬通货，硬币Hardware 硬件hardware store 五金商店Head office 总行，总公司Headquarters 总部Health 健康health care 医疗health insurance 医疗保险Heavy 繁重的heavy debts 繁重的债务heavy industry 重工业heavy social burdens 繁重的社会负担Hidden 隐藏的，隐藏的hidden assets 帐外资产，隐匿资产hidden inflation 隐性的通货膨胀hidden tax 隐藏税High 高high added-value 高附加值high technology 高技术High yield bond funds 高收益债券基金high-efficiency 高效的high-quality 高质量的high-tech stock 高技术股票high-yield 高产的Higher bid 竟卖较高价格Highlight 重点Hire 雇，租Holder of stock 股票持有人Holding 持有，占有的holding bank 控股银行holding company 控股公司，母公司holding corporation 控股公司Horizontal 水平的，横向的horizontal acquisition 横向收购horizontal combination 横向合并，同行业合并horizontal integration 横向联合horizontal merger 横向兼并Hospital benefits 医疗福利费Housing 住房，住房建设housing add 住房补贴housing allowance 住房津贴housing distribution 住房分配housing reform 住房改革public housing funding system 住房公基金制度Human 人human capital 人力资本human relation 人际关系human resource 人力资源human rights 人权Hypothecary 抵押的hypothecary credit 抵押信贷hypothecary debt 抵押债务Hypothecated assets 抵押财产Idle 闲置的idle capacity 闲置生产能力idle facility 闲置设备inland industry 内陆工业inland provice 内陆省Innovation 革新Input 输入，投入input-output analysis 投入产出分析input-output model 投入产出模型input-output ratio 投入产出比率Inspection 检查，检验Installation expenses 安装费Instalment 分期付款Institute 研究所，学院，协会Institution 学会，协会，机构Institutional reform 体制改革，制度改革Insurance 保险credit insurance 信用保险insurance company 保险公司insurance coverage 保险范畴insurance fund 保险基金insurance industry 保险业Intangible 无形的intangible assets 无形资产intangible capital 无形资本intangible property 无形财产Integration 企业合并，一体化integration of world economy 世界经济一体化Intellectual property rights 知识产权Intensive 集约的，精细的labour intensive industry 劳动密集型产业knowledge intensive industry 知识密集型产业Interest 利息，股利interest free deposit 无息存款interest free loan 无息贷款interest income 利息收益interest on principal 本息interest rate on deposits 存款利率interest rate risk 利率风险interest-rate cuts 利率下调interest-rate reductions 利率下调Intermediary 中间的intermediary agency 中介机构，中间机构intermediary bank 中介银行intermediary commerce 中介贸易intermediary market 中介市场Intermediate 中间的，半成品intermediate body 中介机构intermediate debt 中期负债ntermediate term credit 中期信贷Internal 内部的internal audit 内部审计internal transfer price 内部转让价格internal-oriented economy 内向型经济internal rate of return〔IRR〕内部收益率International 国际的international accounting standard 国际会计标准international balance of payment 国际收支差额international bidding 国际招标international bond market 国际债券市场international capital market 国际资本市场international competitive ability 国际竟争能力international corporation 跨国公司international credit 国际信贷international economic integration 国际经济一体化international economic order 国际经济秩序international finance center 国际金融中心international financial market 国际金融市场international loans 国际贷款International Monetary Fund〔IMF〕国际货币基金组织international monotary crisis 国际货币外危机international multilateral loans 国际多边贷款Internationalization 国际化internationalization of capital 资本国际化production internationalization 生产国际化Intervention 干预intervention by government 政府干预market intervention 市场干预state intervention 国家干预Introduction 介绍，引进introduction of foreign capital 引进外资introduction of foreign technology 引进外国技术Inventory 库存inventory account 库存帐inventory cost 库存成本inventory loss 盘亏，库存缺失inventory shortage and overage 盘亏与盘盈inventory ahortage and apoilage 盘亏与毁损inventory turnover 存货周转just in time inventory 即时库存Investment 投资investment abroad 国外投资investment and trust company 投资信托公司investment enviroment 投资环境investment fund 投资基金investment in capital construction 差不多建设投资investment in enterprise 对企业投资investment in outside unit 对外单位投资investment in stock 投资股票investment intention 投资意向investment pool 联合投资组织investment portfolio 投资证券组合investment strategy 投资战略investment target selection criteria 投资目标选择标准Invisible 无形的，帐外的，未列帐的invisible assets 帐外资产invisible capital 无形资本invisible loss 无形缺失Invitation 招标，招待，邀请invitation for bid 招标Invoice 发票Issue 发行，签发issue a loan 发放贷款issue at par 按票面发行issue at the market price 按市价发行issue of government bonds 发行公债Job 职业工作job opportunity 就业机会job security 工作保证job shop 加工车间Jobless 失业jobless rate 失业率Joint 共同的，联合的joint administration 联合治理joint creditor 连带债权人joint debtor 连带债务人joint enterprise 合办企业joint liability 共同债务，连带责任joint property 共同财产joint stock 合资，合股joint stock company 股份公司joint stock system 股份制joint tanancy 合伙租赁joint venture 合资企业Journal 日记帐，杂志cash receipts journal 现金收入帐journal entries 分类帐ledger type journal 分类日记帐Lawful 合法的lawful money 法定货币lawful share 合法股份Lawsuit 法律诉讼Lawyer 律师Layoff 解雇Lay-offs 下岗人员Leader price 大户价，领导价Leading 领先的leading indicators 领先指标leading industr 领先行业leading share 要紧股份Lease 租赁capital lease 资本租赁lease financing 租赁融资operating lease 经营融资Leased 租借的，租赁的leased assets 租赁资产leased equipment 租赁设备Leasehold 租赁营业leasehold mortgage 租借抵押leasehold property 租赁财产Leasing 租赁leasing assets 出租资产leasing company 租赁公司leasing industry 租赁业leasing trade 租赁贸易Least 最少，最小least developed counrty 最不发达国家least developed developing counrty 最不发达的进展中国家least square regression method 最小平方回来法Ledger 分类帐，总帐ledger account 分类帐户general ledger 总分类帐Legal 合法的，法定的legal act 法律行为production line 生产线Linear 线性的linear depreciation 线性折旧linear programming〔LP〕线性规划linear regression 线性回来Liquid 流淌的，流体的liquid assets 流淌资产liquid ratio 流淌比率Liquidate 清算liquidated account 清算帐户liquidated obligation 已偿清的债务Liquidation 清算，偿还liquidation of debts 清偿债务liquidation value 清算价值Liquidity 流淌性，流淌资金liquidity ratio 流淌比率，偿债能力比Listed 上市的，登录的listed bond 上市债券listed company 上市公司listed security 上市证券listed stock 上市股票Litigation 诉讼Living 生活的living cost 生活费living standard 生活标准Loan 贷款，借贷，借款loan bank 贷款银行loan capital 借贷资本loan financing 贷款筹措loan fund 贷款基金loan guarantee 贷款担保loan interest 贷款利息loan receivable 应收贷款loan-deposit ratio 贷款存款比率Local 地点的，本地的local authority 地点当局local court 地点法院local government 地点政府local government at various levels 各级地点政府local tax 地点税Long-lived assets 长期资产Long-term 长期的long-term assets 长期资产long-term contract 长期合同long-term debts 长期债务long-term investment 长期投资long-term liability 长期负债long-term stability 长期稳固Loosening tight monetary policy 放松紧缩的货币政策Loss 缺失，亏损consolidated loss 合并亏损loss and gain 损益loss money 亏本loss of assets 资产缺失loss-making 亏损Lowest bid 最低报价Machine 机械，机器Machinery 机械，机器Macro 宏观，庞大的macro approach 宏观方法macro analysis 宏观分析macro forecast 宏观推测Macroeconomic 宏观经济的macroeconomic analysis 宏观经济分析macroeconomic decision 宏观经济决策macroeconomic model 宏观经济模型macroecnomic phenomenon 宏观经济现象macroeconomic policy 宏观经济政策Maintain 保持maintain a balance between receipts and payments 保持收支平稳maintain monetary stability 保持货币稳固Maintenance 修理，保养maintenance and repair 爱护和修理maintenance cost 修理成本maintenance funds 修理基金maintenance of value 保值Major 重点的，要紧的major industries 要紧行业major project 重点工程major repair depreciation expenses 大修折旧费major repair fund 大修基金Majority 大多数majority required 规定多数majority shareholding 占有多数股权majority statutory 法定多数majority of votes 表决多数，投票过半数Make 制造，定价，使成为make a deal 成交make money 赚钱make profit 获利Man 人man day 人天man hour 人时man month 人月man year 人年Manage 治理，经营Managrd 治理的，经营的Management 治理central management 集中治理enterprise‘s management 企业治理management accounting 治理会计management by objectives 〔MBO〕目标治理management decision 治理决策management function 治理职能management quality 治理质量management information system 治理信息系统personnel management 人事治理Manager 经理，治理人员，经营者accounting manager 会计主管assistant general manager 助理，副总经理general manager 总经理Managerial 治理的managerial decision-making process 治理决策程序managerial economics 治理经济学managerial know-how 治理专门知识Manpower 劳动力manpower market 劳动力市场manpower resource 人力资源Manufacture 制造，制品Manufactured 已加工好的，已制成的manufactured inventory 产成品库存Manufacturing 生产的，制造的manufacturing cost 生产成本manufacturing expenses 制造费用manufacturing industry 制造业manufacturing right 生产权Margin 毛利，边际，定金margin account 保证金帐户margin of profit 边际利润margins desired 期望的毛利Marginal 边际的marginal revenue 边际收益marginal utility 边际效用Market 市场bear market 股票市场的熊市bond market 证券市场bull market 股票市场的牛市capital market 资本市场idle fixed assets 闲置固定资产idle fund 闲置资金idle production equipments 闲置生产设备Illegal 不合法的illegal dealings 非法交易illegal dividend 非法分红illegal income 不合法收入Illicit 非法的，禁止的illicit bankruptcy 违法的破产Image advertising 形象广告Impairment 亏损Imperfect 不完全的imperfect competition 不完全竟争imperfect market 不完全市场Import 进口，输入import of capital 资本输入import tax 进口税In line with 与……相一致in line with international practices 与国际贯例接轨Income 收入，收益gross income 收入总额income account 收益帐户income approach to fair market value 求得市场公平价格的收益法income before tax 税前收入income from investments 投资收益income gap 收入差距income property 收益财产income statement 收益表income tax law 所得税法income tax return 所得税申报表income to net worth ratio 净值收益率Inconvertible 不可转换的Incorporation 公司articles of incorporation 公司章程Increment tax 增值税Incumbrance 财产抵押权Index 指数，索引cost-of living index 生活费用指数index number of consumer price 消费品价格指数index number of stock price 股票价格指数index of social peogress 社会进步指数physical quality of life index 物质生活质量指数Indicator 指标Indirect 间接的indirect charge 间接费用indirect cost 间接成本Individual 单个的，个体的，单独的individual economy 个体经济individual enterprise 私人企业individual labour 个体劳动者individual operation 个体经营individual ownership 个体所有individual retirement account 个人退休金帐户Industrial policy 产业政策Industrial 工业的industrial revolution 产业革命Industrialization 工业化Industry 产业，行业aircraft industry 航空业automobile industry 汽车业banking industry 银行业basic industry 基础工业coal and mining industry 煤炭开采业construction industry 建筑业information industry 信息产业high-technology industry 高技术产业materials industry 材料业primary industry 第一产业secondary industry 第二产业service industry 服务业steel industry 钢铁业tertiary industry 第三产业transportation industry 交通运输业Inefficient operation 低效运营Inflation 通货膨胀inflation factor 通货膨胀因素inflation indexed security 通货膨胀指数债券inflation of credit 信用膨胀inflation rate 通货膨胀率Inflationary pressure 通货膨胀压力Information 信息information highway 信息高速公路information disclosure 信息披露information sources 信息资源infotmation system 信息系统Initial 初始的，最初的initial credit balance 初期贷方余额initial inventory 期初存货initial investment 期初投资initial public offering 股票首次公布上市initial stage 初级时期Inland 内陆，国内，内地inland country 内陆国家Multi-polarization of world economy 世界经济多极化Multilateral 多边的multilateral aid 多边援助multilateral agreement 多边协议multilateral loans 多边贷款multilateral tariff negotiation 多边关税谈判multilateral trade 多边贸易Multinational 跨国的，多国的multinational corporation 跨国公司multinational market group 跨国市场集团Multiple 多样的，多种的multiple budget 复式预算multiple of book value per share 每股帐面资产比multiple of cash flow per share 每股现金流比multiple of sales per share 每股销售比〔asset value per share〕每股资产值multiple operation 多种经营multiple regression analysis 多重回来分析multiple tariff 多重关税Municipal 市的municipal bonds 市政债券municipal budget 市政预算municipal enterprises 市属企业municipal government 市政府municipal loan 市政公债municipal monopoly 地点垄断municipal tax 市政税，地点税Mutual 相互的mutual advantage 互利，互惠mutual fund 共同基金，互助基金mutual investment company 共同投资公司mutual obligation 相互债务责任mutual savings bank 互助储蓄银行mutual stock holding 相互控股National 国家的，国民的national accounting firm 全国性会计公司national assets 国家资产national balance sheet 国家资产负债表national bank 国家银行national bond 国家债券national brand 国家名牌national capital 国家资本national debt management 国债治理national economic budget 国民经济预算national economic plan 国民经济打算national finance 国家财政national income 国民收入national insurance 国家保险national monopoly 国家垄断national policy 国家政策national treatment 国民待遇Nationalization 国有化nationalization of enterprise 企业国有化nationalization of communication 通信国有化nationalization of railroad 铁路国有化Nationalize 收归国有Nationalized 国有化的nationalized bank 国有银行nationalized monopoly 国有化垄断Natural 自然的，天然的natural calamities 自然灾难natural capital 自然资本natural economy 自然经济natural resources 自然资源Negative 负的，相反的negative assets 负资产negative capital 负资本negative credit 负信用negative factor 负因素negative growth rate 负增长率negative vote 反对票Negotiate 商谈，谈判negotiated 商谈的Negotiating 买卖谈判negotiating terms 买卖谈判小组Negotiation 谈判Net 净的net amount of operating loss 营业缺失净额net assets 净资产net assets value per share 每股资产净值net balance 净差额net book value of fixed assets 固定资产帐面净值net capital gain 资本净收益net capital to debt ratio 净资产与债务比率net cash flow 净现金流量net current assets 净流淌资产net earning 净收益net income after tax 税后净收入net income before tax 税前净收入net income from operation 营业净收入net liability 净负债net loss 净缺失net margin 净利net national debt 国债净额Net Natinal Product〔NNP〕国民生产净值net present value 净现值net profit after tax 税后净利润net profit or loss 净损益Network 网络information network 信息网络Ninth Five-Year Plan 九五打算Nominal 名义上的nominal assets 名义资产nominal capital 名义资本Non 非……，不……non-accepted bill 不认付票据non-bank financial institution 非银行金融机构non-business property 非营业资产non-cash assets 非现金资产non-cash settlement 非现金结算non-financial business 非金融企业non-governmental entity 非政府机构non-ledger assets 帐外资产non-linear relation 非线性关系non-market factor 非市场因素non-nationalization 非国有化non-operating profit 非营业利润non-profit firm 非营利公司non-registered bond 不记名债券non-registered stock 不记名股票non-state economic sectors 非国有经济部门Noncurrent 非流淌的noncurrent asset〔NCA〕非流淌资产noncurrent liability〔NCL〕非流淌负债Normal 正常的normal distribution curve 正态分布曲线normal year 正常年度Normed 定额的normed current fund 定额流淌资金normed deposit account 限额存款帐户Note 票据，纸币note issuance 货币发行note receivable 应收票据Notice 布告，通知bankruptcy notice 破产公告notice of claim 索赔通知notice of invitation for bids 招标公告Object 目标，对象，物体object cost 目标成本Objective 目标的，客观的objective factor 客观因素objective laws 客观规律objective value 客观价值Objectivity rule 客观原那么Obligation 责任，义务obligation of contract 契约义务Obsolete 过时的，陈旧的，不使用的obsolete equipment 陈旧设备Occupation 占有，职业Occupied 占有的，有职业的occupied rate of current capital 流淌资金占有率Occupy 占有Offer 提供，报价，发盘blind offer 盲目要价offer price 要价Office 办公室，办事处，事务所Official 官方的，正式的，官员official approval 官方批准official capital 官方资本official exchange rate 官方汇率，法定汇率official holiday 法定假日official list 官方牌价official seal 官方印章officials at various government levels 各级政府官员On job training 在职训练Open 打开，开放open an account 开设帐户open bid 公布招标open coastal cities 沿海开放都市open competition 公布竟争open door policy 开放政策open domestic market 开放国内市场operation and management 经营和治理operation of capital 资金的运用Operational 经营的operational losses 经营性亏损operational mechanism 经营机制operational research 运筹学Opinion 意见，看法opinion polls 民意测验Opportunity 机会Optimize 优化optimize capital structure 优化资本结构Optimum 最正确的optimum portfolio 最正确投资组合Option 期权，选择权Black-Scholes Option Pricing Model Black-Scholes 期权定价模型call option 买方期权put options 卖方期权in the money 沽盈价out of the money 沽亏价Order 定货，定单，秩序new international economic order 国际经济新秩序Ordinary 一般的，平常的ordinary share 一般股Organization 机构，组织Organizational 组织的，编制中的organizational chats 组织结构图organizational goals 组织目标organizational structures 组织结构Organized 有组织的Organizer 组织者Organizing 组织organizing ability 组织能力Original 初始的，原本的，正本original capital 原始资本original cost 原始成本original evidences 原始凭证original investment 原始投资original invoice 原帐单，原发票Other 其它的other assets 其它资产other income 其它收入other liability 其它负债Out 在……之外wages owedto employees 应对职工工资Own 自有，拥有Owner 所有人，物主owner equity 业主权益owner of patent 专利所有人owner‘s capital 自有资本Ownership 所有制，所有权collective ownership 集体所有制ownership by the entire people 全民所有制ownership certificate 所有权证书ownership of trade mark 商标所有权ownership system 所有制Package 一揽子，包，包装package agreement 一揽子按排，一揽子方案package deal 一揽子交易package mortgage 一揽子抵押贷款package program 一揽子打算Packaged 体揽子的，包装好的package investment 一揽子投资packaged transfer 成套转让Paid 付清的paid cash book 现金支出帐paid check 已付支票paid debt 已还清的债务paid off 付清Paid-in 已缴的，已收到的paid-in capital 实收资本paid-in surplus 缴入公积Paid-up 已缴纳的，已付清的paid-up capital 已缴清的资本paid-up loan 已还清的贷款Paper 纸，纸币，票据，论文paper gold 专门提款权，纸黄金paper money 纸币，票据paper profit 帐面利润paper title 所有权证书Par 与票面价值相等的par issue 平价发行par rate of exchange 平价汇率par value 票面价值，平价Parallel departmentation 平行式的部门划分Parameter 参数Parent 母体，父母parent company 母公司，总公司parent firm 母公司，总公司parent-subsidiary 母公司——子公司Parity 等价，平价，比价parity price 平价parity rate of commodity 商品比价Participating preferred stock 参加分红的优先股Participative management 参与治理Partner 合伙人partner‘s equity 合伙人权益Partnership 合伙关系，合伙制general partnership 一样合伙limited partnership 有限责任合伙partnership agreement 合伙契约，合伙协议partnership assets 合伙资产partnership capital 合伙资本partnership enterprise 合伙企业partnership property 合伙财产Patent 专利，专利权patent agent 专利代理人patent application 专利申请patent fee 专利费patent licensing 专利许可patent rights 专利权Patentee 专利权所有人Pay 付钱，付款，偿还，工资pay back period 还本期pay bill 工资单pay check 付工资的支票pay cut 工资削减pay duty 纳税pay freeze 工资冻结pay in 缴款pay in cash 现金支付pay off 清偿pay out 支出pay up 付清Payable 应对的payable account 应对帐目，应对帐款Payback period of investment 投资回收期Payment 付款，支付payment abroad 境外付款payment after delivery 货到付款payment in advance 预付payment in cash 现金支付payment in stock 用股票支付Payroll 工资单P/E ratio 市盈率Penalty 罚款administrative penalty 行政罚款Penny stock 低价股票Pension 退休金，养老金pension fund 养老基金，退休基金Per capita 人均per capita annual income in cities and towns 城镇人均年收入per capita annual net income in rural areas 农村人均年收入per capita assets 人均资产per capita gross domestic product 人均国内生产总值per capita growth 人均增长per capita income of rural residents 农村人均收入per capita income of urban residents 城镇人均收入Per share 每股asset value per share 每股资产值multiple of book value per share 每股帐面资产比multiple of cash flow per share 每股现金流比multiple of sales per share 每股销售比Percentage 百分比percentage depletion method 百分比折耗法percentage of utilization of fixed asset 固定资产利用率Perfect 完全，完美perfect monoply 完全垄断Perform 履行perform a contract 履行会同Performance 执行，履行，完成，性能，业绩performance appraisal 效绩评判performance audit 业绩审计performance evaluation 业绩评判performance rating 业绩评级performance report 业绩报告performance record 业绩记录Period 周期period cost 期间成本period of depreciation 折旧期数period of production 生产周期Periodical 周期的，定期的periodical deposit 定期存款periodical inspection 定期检查Permanent 永久的permanent assts 永久性资产permanent income 长期收入Personal 个人的personal account 个人帐户personal capital 个人资本Penny stock 低价股票Pension 退休金，养老金pension fund 养老基金，退休基金Per capita 人均per capita annual income in cities and towns 城镇人均年收入per capita annual net income in rural areas 农村人均年收入per capita assets 人均资产per capita gross domestic product 人均国内生产总值per capita growth 人均增长per capita income of rural residents 农村人均收入per capita income of urban residents 城镇人均收入Per share 每股asset value per share 每股资产值multiple of book value per share 每股帐面资产比multiple of cash flow per share 每股现金流比multiple of sales per share 每股销售比Percentage 百分比percentage depletion method 百分比折耗法percentage of utilization of fixed asset 固定资产利用率Perfect 完全，完美perfect monoply 完全垄断Perform 履行perform a contract 履行会同Performance 执行，履行，完成，性能，业绩performance appraisal 效绩评判performance audit 业绩审计performance evaluation 业绩评判performance rating 业绩评级performance report 业绩报告performance record 业绩记录Period 周期period cost 期间成本period of depreciation 折旧期数period of production 生产周期Periodical 周期的，定期的periodical deposit 定期存款periodical inspection 定期检查Permanent 永久的permanent assts 永久性资产permanent income 长期收入Personal 个人的personal account 个人帐户personal capital 个人资本Pollution 污染pollution control regulation 环境爱护规定Pool 合伙经营，联合Pooling 联营，聚拢，合并pooling of interest 利益共享，共同经营Poor 贫穷的，粗糙的poor management 治理不善Population 人口population base 人口基数population distribution 人口分布Portfolio 投资组合〔投资证券时购买多种不同股票，债券以减少风险〕portfolio investment 证券投资portfolio management 证券投资治理portfolio strategy 投资组合战略portfolio theory 投资搭配理论Position 状况，立场，位置，职位capital position 资金状况Positive 正的，积极的positive capital 正资本positive cash flow 正向现金流positive growth 正增长Possession 所有，拥有，所有权actual possession 实际所有权unlawful possession 非法所有，不合法所有Possessory 所有的possessory right 所有权Potential 潜力，潜在的potential competition 潜在竟争potencial demand 潜在需求potencial market 潜在市场potencial value 潜在价值Poverty 贫困absolute poverty 绝对贫困eliminate poverty 排除贫困shake off poverty 摆脱贫困Power 权，能力，力量power of appointment 任命权power of interpretation 说明权power of sale 销售权Practice 实践，惯例international practices 国际惯例Predatory 掠夺性的predatory dumping 掠夺性倾销predatory price cutting 掠夺性竟争削价Prediction 推测economy prediction 经济推测Preference 优先，优待preference bond 优先债券preference share 优先股Preferential 优先的，优待的preferential interest rate 优待利率preferential loan 优待贷款preferential right 优先权preferential transfer 优先转让Preferred 优先的preferred creditor 优先债权人preferred dividend 优先股息preferred ordinary stock 优先一般股票preferred share 优先股preferred stock premium 优先股溢价preferred stockholder equity 优先股股东权益Preliminary 初步的，预备的preliminary expenses 开办费preliminary prospectus 初步募股书preliminary planning 初步规划Premium 溢价premium bond 溢价债券premium pay 加班费Prepaid 已预付的，先付的prepaid assets 递延资产prepaid deposit 预付定金prepaid expenses 预付费用prepaid interest 预付利息Present 现在的，目前的present capital value 资本现值present value 现值present value approach 现值法Pretax 税前的pretax earnings 税前利润pretax income 税前收入pretax rate of return 税前回报率Prevent 防止Price 价格buying price 买价catalog price 名目价格closing price 收盘价格comparable price 可比价格competitive price 竟争价格cost price 成本价格duty-paid price 完税价格futures price 期货价格issue price 发行价格opening price 开盘价格price adjustment 价格调整price analysis 价格分析price elasticity 价格弹性price index 价格指数price indexation 价格指数化price level 价格水平price limit 价格限制price stabilization policy 稳固价格政策price support 价格补贴price system 价格体系price war 价格战price-eanings〔P/E〕ratio 收益率Pricing 定价capital asset pricing model 资本资产定价模式pricing strategy 定价策略Primary 初级的，最初的primary business 主营业务primary data 原始数据primary goods 初级产品primary market 初级市场primary products 初级产品Prime 差不多的，首要的，最初的prime assets 要紧资产prime contractor 总承包商prime cost 要紧成本，直截了当成本prime paper 最正确股票prime rate 优待利率Principal 本金，本金的principal and interest 本金和利息principal stockholder 要紧股东Principle 原那么，原理principle of accounting 会计原理，会计原那么principle of equality and mutual benifit 平等互利的原那么principle of openness and fairness 公布和公平的原那么principle of profit maximization 利润最大化原那么Priority 优先级Private 私人的，私营的，私有的private capital 私人资本private company 私营公司private corporation 私营公司private enterprise 私营企业private limited partnership 私人private loan 私人贷款private ownership 私人所有制，私有制Privatization 私有化，私营化Privilege 优待，特权Privileged 特许的，有特权的Probability 概率，机率probability density function 概率密度分布函数probability distribution 概率分布probability mass function 概率群分布函数probability theory 概率论Procedure in bankruptcy 破产程序Proceedings in bankruptcy 破产诉讼Processing 处理，加工processing industry 加工工业processing on order 来料加工processing trade 加工贸易Produce 生产Producer 生产者，厂家。
关于金融英语证书考试参考书目汇总
关于金融英语证书考试参考书目汇总一、金融专业英语证书综合考试教材--现代金融业务FINANCIAL ENGLISH CERTIFICATE TEST 金融专业英语证书考试委员会编写二、《现代金融业务》教学光盘 MODERN FINANCIAL PRACTICES 中国人民银行北京培训学院和中国工商银行杭州金融研修学院合作开发、并经金融专业英语证书考试委员专家组审定一、《现代金融理论与实务》MODERN FINANCIAL THEORIES AND PRACTICESFECT高级考试－《现代金融理论与实务》教材介绍FECT考试委员会第九次工作会议决定于XX年开始推出FECT高级考试。
为配合FECT的调整，更好地为广大考生效劳，FECT考试委员会组织FECT专家组成员依据FECT高级考试－现代金融理论与实务考试大纲编写了《现代金融理论与实务》教材，教材内容包括已被普遍同意的金融理论和国际金融市场的新业务和新工具。
教材编写以提高已经成为和预备成为金融业从业人员的专业英语水平和全世界化视野为宗旨，注重理论联系实际，具有新颖性、适用性和前瞻性的特点，也可供金融业从业人员、大专院校财经专业学生及其他有志于投身金融业的同志参考利用。
金融英语证书考试相关教材及教学辅导材料介绍金融英语证书综合考试参考教材为中国金融出版社XX 年出版的《现代金融业务》。
该教材由金融英语证书考试委员会组织行业内及相关大专院校一流专家编写，全面介绍了金融的基础知识和基础实务，内容切近金融业务进展现状，要紧目的是培育和提高考生的金融业务知识技术和金融英语水准。
该教材内容新颖、务实、全面、准确、科学，也可供金融业从业人员、大专院校财经专业学生及其他有志于投身金融业的同志参考利用。
为解答学员学习《现代金融业务》进程中的难点，提高学员学习效率，金融英语证书考试委员会和中国工商银行杭州金融研修学院合作开发了《现代金融业务》教学光盘，该光盘经金融英语证书考试委员专家组审定，要紧内容包括各章的背景知识、辞汇难句、知识点及考点的说明和解答等。
FECT的详细考试须知
通过培训的学员达到较高的英语水平，在实际工作中能熟练运用所学金融知识，能够迅速适应国际金融业务的工作需要。
通过培训的学员达到较高的英语水平在实际工作中能熟练运用所学金融知识能够迅速适应国际金融业务Βιβλιοθήκη 工作需要FECT的详细考试须知
FECT的详细考试须知
一、考试层次
大专毕业及以上英语水平的学员均可报名参加金融英语培训。
二、考试对象
银行、证券、保险等金融专业的专业人才以及有志于进入金融专业的在校大学生均可报名参加培训。
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FECT指定教材：
震撼推出：FECT指定教材《现代金融业务》第二版电子书下载（经济科学出版社）!
震撼推出：FECT教材电子版免费下载《现代金融业务清晰版》-中国金融出版社
2012FECT金融英语高级考试教材《银行业务与管理》电子版
2012FECT金融英语高级考试教材《现代金融理论与实务》电子版
FECT教材配套必备手册：
FECT《现代金融业务学习手册》电子版，震撼下载！
FECT教材配套必备习题：
FECT《金融专业英语证书考试全真模拟试题集》初级（第二版）
震撼下载：2012 FECT最新官方内部模拟题5套
FECT历年真题：
FECT历年真题（Word版）
FECT综合七套真题（99年至07年）PDF下载版本
FECT推荐词典：
FECT金融英语词典
FECT听力：
震撼推出：2012 FECT金融专业英语证书考试听力初级MP3附PDF文本（银行综合类）FECT金融英语全真模拟听力.MP3下载超给力5集金融专业英语听力MP3下载，附文档！！！超给力5集金融专业英语听力MP3下载，附文档！！！
FECT词汇：
金融英语综合：财务英语词汇大全！
金融词汇WORD可打印版，吐血推荐！
金融英语专业词汇全解
财务英语基础词汇表
其他经济金融类英语资料推荐：
《The Economist》《经济学人》100篇（中英版）
EnglishDigest 英语文摘2012年2月刊（免费下载！）
[经典下载]《实用会计英语》高平阳（PDF完全版）
[下载]CPA会计英语教学课件（1-10全集）
[会计考试丛书]《会计英语导航》PDF网络完美版
更早的往年资料:
关于金融英语证书考试FECT:
金融英语应该如何备考才能考好
金融英语证书考试FECT词汇资料：
2012金融英语考试复习资料：金融风险投资的术语
金融英语专业词汇全解
金融英语：法律英语导读.doc下载
金融英语：保险英语汇总下载
金融英语阅读汇总【加翻译】
2012年金融英语考试国民经济词汇.doc下载
金融英语综合：财务英语词汇大全！
2012金融英语学习专业词汇（word.doc格式下载）
金融英语专业术语特点全解析
金融英语考试专业术语翻译方法
#口译大全#：金融英语词汇“译”网打尽！（中英对照，剑指9.18）（转自新东方）金融英语词汇
CFA不能不用的金融英语
经济金融英语词汇大全
金融英语词组大全
金融英语辅导：会计与银行业务用语汇总(2)
金融英语辅导：会计与银行业务用语汇总(1)
金融英语词汇辅导：会计准则中英对照
金融英语词汇辅导：与工作、薪酬有关的词汇
金融英语词汇表（二）
金融英语口语
金融英语阅读、翻译、语句资料：
【下载】金融英语阅读辅导分类精华篇.doc
金融英语翻译资料
2012年金融英语考试阅读.doc下载！金融英语：保险英语常用句型
金融英语阅读汇总【加翻译】
2011年金融英语考试金融理论与实务：中国经济步入快车道
2011年金融英语考试金融理论与实务：中国的经济
2011年金融英语考试金融理论与实务：中国经济概述
新东方金融英语教材
金融英语阅读：国务院决定停止国有股减持
2009年金融英语：金融世界24篇汇总及文本下载
金融英语听力资料：
金融英语1-5集mp3下载
金融英语证书考试-FECT 视频专辑现代金融业务第十章（圣才教育试听，重点梳理！）金融英语证书考试-FECT 视频专辑现代金融业务第九章（圣才教育，试听，重点梳理！！金融英语证书考试-FECT 视频专辑现代金融业务第八章（圣才教育试听，重点梳理！！）金融英语证书考试-FECT 视频专辑现代金融业务第七章国际结算（圣才教育）
金融英语证书考试-FECT 视频专辑现代金融业务第六章（圣才教育，欧阳红兵）
金融英语证书考试-FECT 视频专辑现代金融业务第五章（朱振荣，试听，圣才教育）
金融英语证书考试-FECT 视频专辑现代金融业务第四章（圣才教育）
2012年金融英语证书综合考试相关教材及教学辅导材料介绍
金融英语证书考试-FECT 视频专辑现代金融业务第三章（圣才教育）
金融英语证书考试-FECT 视频专辑现代金融业务第二章（圣才教育）
金融英语证书考试-FECT 视频专辑现代金融业务第一章试听（圣才教育）
2011年金融英语听力：金融世界第十三讲
2011金融英语听力：金融世界第十二讲
2011金融英语听力：金融世界第十一讲
2011金融英语听力：金融世界第十讲
2011年金融英语听力：金融世界第九讲
2011年金融英语听力：金融世界第八讲
2011年金融英语听力：金融世界第七讲
2011金融英语听力：金融世界第六讲
2011年金融英语听力：金融世界第五讲
2011年金融英语听力：金融英语第四讲
2011年金融英语听力：金融英语第三讲
2011年金融英语听力：金融英语第二讲
2011年金融英语听力：金融英语第一讲（附文本）
金融英语考试辅导：金融世界第二讲
金融英语考试辅导：金融世界第一讲(含音频)
金融英语教材资料：
国际财务金融英语教程
我整理的若干金融英语资料
史上最全金融英语经典汇总贴
新东方金融英语教材
2008年金融英语证书综合考试教材--现代金融业务课件
FECT《现代金融业务学习手册》电子版，震撼下载！震撼推出：2012 FECT金融专业英语证书考试听力初级MP3附PDF文本（银行综合类）
[原创]金融英语初级教材电子版
[商务英语BEC]finance/ABC.金融英语－[mp3+文本]
考经:
励志类：
FECT励志的那些事儿：用心的努力总有收获——FECT考经FECT励志的那些事儿：FECT，My lovely friend——FECT考经FECT励志的那些事儿：携手相伴——FECT考经[转]
FECT励志的那些事儿：感悟与期盼——FECT考经[转] FECT励志的那些事儿：乘着理想的翅膀——FECT考经[转]
技巧类：
2012FECT金融英语考试辅导：初级金融英语学习三步曲FECT初级考试经验
【转】不同专业和教育背景的人如何备考FECT
FECT金融英语考试百日冲刺三妙招为考生解忧
FECT金融英语应该如何备考才能考好
FECT金融英语考试经验分享
FECT金融英语学习方法和应试技巧
牛人FECT考试的经验之谈
金融英语初级与BEC2哪个更有用。