金融英语证书考试
fect考试资料(考纲)
fect考试资料(考纲)2022年5月FECT考试――《银行业务与管理》考试大纲一、考试目的本考试为金融英语证书高级水平考试,旨在测试考生应用英语学习、理解和使用现代商业银行业务与管理专业知识和技能的综合能力。
二、考试对象本考试对象为全国金融系统具备一定金融专业知识和英语水平的金融从业人员、大专院校相关专业学生及其他有志于在金融业发展的人员。
三、考试范围1、商业银行概览1.1银行与银行监管1.1.1商业银行的定义1.1.2商业银行的功能1.1.3银行监管的目标1.1.4有效银行监管1.2中国银行业概况1.3世界其他主要国家银行业概况1.4银行经营绩效评估1.4.1商业银行财务报表1.4.2资本回报率模型1.4.3银行市场价值最大化2、银行负债业务2.1银行负债结构2.2银行存款与存款保险2.2.1银行存款种类2.2.2核心存款与不稳定借款2.2.3存款定价2.2.4存款保险3、银行贷款3.1贷款类型和贷款政策3.2银行贷款流程3.2.1业务拓展与信用分析3.2.2贷款审批与发放3.2.3贷后检查3.3企业贷款3.3.1企业贷款种类3.3.2企业贷款特征3.3.3企业贷款评估3.3.4企业贷款定价3.4个人贷款3.4.1个人贷款种类3.4.2个人贷款特征3.4.3个人贷款信用分析3.5小企业贷款的评估4、银行中间业务4.1银行中间业务发展趋势4.2支付与现金管理服务4.2.1基本支付工具4.2.2基本支付方法4.2.3现金管理服务4.3银行卡业务4.3.1贷记卡与借记卡4.3.2银行卡交易主体4.3.3银行卡业务的收益与成本4.4投资银行业务4.4.1公司理财顾问服务4.4.2兼并与重组顾问服务4.5证券交易业务4.5.1银行证券投资的会计分类4.5.2消极投资战略与积极投资战略4.5.3银行交易业务的盈利来源4.6其他中间业务4.6.1代理业务4.6.2保管业务4.6.3财富管理业务5、银行国际业务5.1银行国际化扩张5.2贸易融资5.2.1打包贷款5.2.2押汇5.2.3出口信用5.2.4保理业务5.2.5福费廷业务5.3国际贷款5.3.1.国际贷款风险5.3.2银团贷款5.3.3项目融资5.4国际借款5.4.1国际货币市场5.4.2国际资本市场5.5国际结算5.5.1汇出汇款业务5.3.2汇入汇款业务5.3.3光票托收业务5.3.4跟单托收业务5.3.5信用证业务5.3.5保函业务6、银行资本6.1会计资本6.2监管资本6.2.1银行资本的功能6.2.2资本充足率与巴塞尔协议I6.2.2新资本协议6.3经济资本6.3.1经济资本的计算6.3.2经济资本的应用7、银行风险管理与内部控制7.1银行风险管理的发展与挑战7.2银行全面风险管理7.3银行内部控制8、信用风险、市场风险和操作风险管理8.1信用风险管理8.1.1信用风险与损失8.1.2信用风险类型8.1.3风险评级体系8.1.4违约风险统计数据8.2市场风险管理8.2.1市场风险管理的传统方法8.2.2市场风险管理的新方法8.3操作风险管理8.3.1操作风险的定义、影响因素与特殊性8.3.2操作风险度量8.3.3操作风险管理体系的建立9、银行创新管理9.1银行创新的定义与作用9.2银行创新类型9.2.1产品和服务创新9.2.2流程创新9.2.3组织形式创新9.3金融衍生工具9.3.1金融衍生工具的作用9.3.2金融衍生工具的功能9.3.3利率衍生工具9.3.4信用衍生工具9.4证券化9.4.1资金池和转移9.4.2证券化产品发行9.4.3信用增级与分层9.4.4还本付息服务9.4.5还款结构10、银行营销管理10.1银行营销框架10.2对公营销管理10.2.1组织购买行为10.2.2组织购买决策的影响因素10.2.3组织购买过程10.2.4政府市场10.2.5忠诚客户的培育与管理10.3对私营销管理10.3.1个人购买决策的影响因素10.3.2个人购买决策的过程10.3.3个人购买决策的阶段四、考试方式及题型本考试为笔试(不含听力),使用英语答卷,总分100分。
电大金融学学位英语考试模拟题
22. No matter what you say, I don‘t think he would be ______ refuse to help us.
A. as selfish as to B. selfish enough
C. so selfish as to
D. enough selfish 23. She died of heart failure ______ her life‘s work remaining unfinished.
A. while
B. with
C.
but
D. before
24. At no time and under no circumstances ______ the experiment.
A. will I stop
B. will stop I
C. may I stop
D. I will ___ again.
How do you like your job
16. It was only when I reread these poems recently ______ I began to appreciate their beauty.
A. that
B. then
C. until
D. after
17. There is no ______ in going to school if you're not willing to learn.
A. while
B. unless
C. if
D.
though
21. The reporter said that the UFO ______ east to west when he saw it.
2022金融英语证书考试报名
2022金融英语证书考试报名金融英语证书考试制度(FinancialEnglihCertificateTet)是1994年经中国人民银行和原国家教委联合发文(银发[1994]107号)批准建立的我国第一个国家级行业性专业外语水平证书考试制度。
旨在通过统一的标准化考试程序和测试标准,为中国金融业提供金融英语水平行业参考标准,测试并认定应试人员的金融英语语言水平及应用能力,促进金融从业人员及相关社会人员不断提高。
2022金融英语证书考试工作还没展开,相关的公告还没公布,敬请期待相关资讯内容的持续更新。
2022年度金融英语证书考试工作的通知金融英语证书考试委员会各委员单位,各省(自治区、直辖市)考试领导小组,深圳、大连、青岛考区:2022年度金融英语证书考试将于2022年10月23日在全国举行。
为确保考试顺利进行,请考委会各委员单位、各考试领导小组及各考区加强领导,周密部署,创新工作思路,认真做好考试组织、宣传、服务工作,现将2022年度金融英语证书考试工作有关事项通知如下:一、考试时间及方式2022年度金融英语证书考试时间定于2022年10月23日上午9:00至11:30。
金融英语证书考试采用机考方式。
二、报名时间2022年度金融英语证书考试报名时间为2022年5月16日0:00-9月30日23:00。
三、报名及缴费方式四、考试地点2022年度金融英语证书考试在全国各省、自治区、直辖市等34个考区的44个省会城市、地级市和具备条件的县市设立预约机考考点(详见附件1),具体考点根据各考区报名情况进行配置(考区、考点设置及约考相关说明详见附件1)。
五、考试内容及相关教材2、考试内容以金融英语证书考试委员会2022年颁布的《金融英语证书考试大纲》为准。
3、考试涉及的金融理论与业务的内容参阅《金融英语证书考试要点汇总》(随考试教材赠阅)。
六、其他事项2、请考委会各委员单位、各考试领导小组及各考区认真学习《2022年金融英语证书考试公告》做好考试咨询服务工作。
佛科院10级金融英语考试资料(名词解释)
1.adverse selection: The problem created by asymmetric information before a transactionoccurs : the people who are the most undesirable from the other party’s point of view are the ones who are most likely to want to engage in the financial transaction.逆向交易:在交易发生之前与信息不对称引起的问题:从交易对手的视角看最不受欢迎的人是最有可能积极参与金融交易的人。
2.asymmetric information : The inequality of knowledge that each party to a transaction has about the other party.信息不对称:交易各方对彼此情况的掌握程度存在不对等的现象。
3.behavioral finance : The field of study that applies concept from other social sciences,such as anthropology, sociology, and particularly psychology, to understand the behavior of securities prices.行为金融学:该项研究借用其他社会科学的概念,如人类学,社会学,特别是心理学的概念来解释证券价格的表现。
4.credit-rating agencies: Investment advisory firms that rate the quality of corporate and municipal bonds in terms of the probability of default.信用评级机构:一种根据违约概率来划分公司和市政债券质量等级的投资咨询公司。
《金融英语》试卷(I卷)
常熟理工学院2012〜2013学年第二学期20XX 级后续课《金融英语》考查试卷(I 卷)试题总分:Part I Listening Comprehension©' 25=50')Section A Short ConversationsListe n carefully and choose the best an swer to the questi on after each conv ersatio n.1. Which of the following is NOT among the four major commercial banks of China?A. Ba nk of China.B. China Co nstruction Ba nk.C. I ndustrial and Commercial Ba nk of Chi na.D. The People's Bank of Chi na.2. Which of the following is NOT mentioned in the dialog?A. China Mercha nts Ban k.B. I ndustrial Ba nk Co., Ltd.C. China Citic Bank.D. Chi na Min she ng Banking Corp. Ltd. 3. What is the man accord ing to the dialog?A. A bank man ager.B. A clerk of a foreig n bank.C. A uni versity stude nt.D. A teacher from a college.4. Which of the followi ng has the right to decide the preside nt of BOC?A. The shareholders.B. The shareholders' meet ing.C. The Board of Directors.D. The Preside nt Office.5. A. The man lost his checkbooks.B. The man lost his passport.C. The man lost his password.D. The man lost his passbook. 6. A. Hous ing loa n.B. Foreig n curre ncy loa n.C. Dollar loa n.D. Credit loa n. 7. A. Jan uary 24. B. February 31. C. Jan uary 25. D. February 26.8. A. Payme nt by dema nd drafts. B. Payme nt by collectio n.C. Payme nt by letters of credit.D. Payme nt by remitta nee. 9. A. To avoid problems aris ing from in flatio n.B. To preve nt possible fraud.C. To avoid problems aris ing from fluctuati ons of excha nge rate.D. To preve nt overdraw ing. 10. A. In spect ion certificate. B. Certificate of origi n. C. In sura nee policy. D. Bill of ladi ng.Section B Long ConversationListe n to the conv ersati on carefully and choose the best an swer to each of the questio ns below.11. Which of the following statements was mentioned in the magazine The Banker?A. BOC ranked the 9th amo ng the world's top 1,000 banks in 2007.B. BOC is one of the four big commercial banks of China.C. The developme nt of BOC is un believable.D. The top man ageme nt of BOC is young and effective. 12. What are the main sect ions un der the top man ageme nt of BOC?A. Corporate banking sect ion and retail banking sect ion.B. Security sect ion and supervisory sect ion.C. Operati onal sect ion and supervisory sect ion.D. Audit ing sect ion and in spect ion secti on. 13. Which do you think is NOT the duty of the supervisory section?A. Audit ing the ban k's acco un ts.B. Han dli ng gen eral affairs.C. Being resp on sible for the security of the ban k..D. Oversee ing the banking operati on. 14. What is the bus in ess scope of the operati onal secti on?A. Banking bus in ess.B. Gen eral bus in ess.C. Support ing bus in ess.D. All items men ti oned above.15. Which of the followi ng is NOT men ti oned among the bus in esses offered by BOC?A. Retail banking.B. Docume ntary letter of credit.C. On li ne banking or e-ba nking.D. Finan cial advisory service. Section C PassagesDirecti ons: In this sect ion, you will hear three short passages. At the end of each passage, you will hear some questi ons. The passages and the questions will be spoken only once. After you hear a question, you must choose the best answer from the four choices marked A, B, C and D. The n mark the corresp onding letter on the ANSWER SHEET with a si ngle line through the cen ter.Passage One16. A. 1992 B. 1993 C. 1994 D. 199517. A. The People's Bank of China. B. China Foreig n Excha nge Tradi ng Cen ter.C. I nter-ba nk Foreig n Excha nge Market.D. The State Admi nistratio n of Foreig n Excha nge.18. A. 1%0.3% C. 0.5% Passage Two19. A. High risk. B. A type of credit product. 20. A. Collateral loan. B. Educati on loa n.21. A.1952 B.1958 D. 0.4% C. High in terest. D . A ki nd of revolvi ng loa n C. Mortgage loa n. D . Commercial loa n. C.1962 D . 1968C. Public con fide nce in the in surers rema ined low.D. A rise in Tokyo stock helped improve the bala nce sheets of life in surers.Part II. Reading Comprehension (30 ')Section A (1 '*10=10 ')Directions: Each of the following sentences is provided with four choices. Choose the one that best completes the sentence.26. Although the compa ny showed a profit, the bala nce sheet looks in creas in gly .A. brightB. dimC. shallowD. fragile 27. _ money refers to curre ncy issued on the basis of ban k's credit in stead of gold reserve. A. Fair B. Fiduciary C. FixedD. Deposit 28. In creased flows of world capital inten sify finan cial competiti on among n ati ons. This trend places pressures on n ati onal gover nment to their domestic markets and liberalize intern ati onal capital moveme nts.A. removeB. settleC. deregulateD. con trol 29. Many finan cial tran sacti ons are _ sheet items such as in terest rate swaps and are not clearly ide ntified through the usual report ingcha nn els.A. zeroB. capitalC. off-bala nceD. major30. The ban kers _ the steel compa ny's new shares, which means the share issue will be sold to the ban kers in stead of the public directly. A. un derwrite B. un dercharge C. un dertakeD. un derestimate 31. With no in terest rate _ on deposits or restrict ions on maturities, banks can offer any deposit product customers dema nd. A. cutB. ceili ngsC. dema ndD. con tract 32. From ban k's perspective, liabilities have become more in terest elastic, so that small rate cha nges can produce large fluctuati ons in bala nces.A. outsta ndingB. outreach ingC. rema iningD. dema nding33. Checks are attractive because they are readily accepted and provide formal _______________ of payment. A. credit B. verificati onC. clarityD. collectio n 34. Normally, ____ capital loans are secured by accounts receivable or by pledges of inventory and carry a floating interest rate on theamounts actually borrowed aga inst the approved credit line.A. curre ntB. stockC. work ingD. Ion g-term35. Dealers in gover nment and private securities n eed short-term financing to purchase new securities and carry their exist ing portfolios ofsecurities un til those securities are sold to customers or reach ________ .A. bus in essB. marketsC. maturityD. objectiveSection B (2*10=20 * Directi ons: Read the passages and choose the right an swer for each questio n.Passage 1Text ?36. How many types of banks or banking in stitutio ns are men ti oned in the lecture?A. 5.B. 4.C. 52.D. 183.37. Which of the follow ing is NOT a join t-equity commercial bank? A. China Min she ng Ba nki ng Corp. Ltd. B. Bank of East Asia.C. China Citic Bank.D. Bank of Commun icati ons.38. How many bran ches and sub-bra nches have foreig n banks set up in China accord ing to the speaker?A. 264.B. 177.C. 183.D. 235. 39. Which of the follow ing was once ran ked amon gst the top three stron gest banks in Chin a's mainland?A. Chi na In dustrial Ba nk.B. Ba nk of East Asia.C. China Mercha nts Ba nk.D. Sha nghai Pudo ng Developme nt Ban k.40. Which of the following is a wholly foreign-owned bank?A. Chi na Min she ng Ba nki ng Corp., Ltd.B. Chi na Citic Bank.C. Hong Kong & Shan ghai Banking Corporati on Limited.D. China Export & Import Bank.Passage 2Liabilities are "outsider claims ” , whiche economic obligations, debts payable to outsiders. These outside parties are called creditors.Financial statement users such as creditors are interested in the due dates of an entity's liabilities. The sooner a liability must be paid, the more curre nt it is. Liabilities that must be paid on the earliest future date create the greatest stra in on cash. Therefore, the bala nce sheet lists liabilities in the order in which they are due. Knowing how many of a bus in ess's liabilities are curre nt and how many are Ion g-term helps creditors assess the likelihood of collecting from the entity. Balance sheets usually have at least two liability classifications: current liabilities and Iong-term liabilities.Current liabilities are debts that are due to be paid with in one year or with the en tity's operati ng cycle. Notes payable due with in one year, salary 22. A. It is a ki nd of short-term loa n.C. It is supposed to pay back at one time.Passage Three23. A. A rise in Tokyo stock.B. It is also called bridge loa n. D. Its maturity exceeds five years.C. Negative spread.24. A. Rise. B. Fall. 25. A. The value of outsta nding policies went dow n. B. Japa n's life in sura nee firms. D. Japa nese life in surers' difficult situati on.C. Rema in un cha nged.D. Not sure. B. Life in surers' n egative spreads ten ded to grow small.payable, unearned reve nue, and in terest payable owed on no tes payable are curre nt liabilities.Long-term liabilities are those liabilities other than current ones.41. The liabilities are classified as current or Iong-term liabilities according to _ .A. the liquidity of the liabilityB. the future date when the liability must be paidC. the operati ng cycleD. one year42. Liabilities are __ .A. money borrowed from banksB. money received from creditorsC. "outsider claims ” which are economic obligations, debts payable to outsidersD. notes receivable43. Which of the followi ng is current liability?A. cashB. inventoryC. salary payableD. money from the bank44. Which of the following is Iong-term liability?A. debt payable due with 10 yearsB. inven toryC. unearned revenueD. note payable due withi n 6 mon ths45. For a note payable to be paid in in stallme nts with in 5 years, which of the follow ing stateme nts is correct?A. The first installment due within one year is a current liability.B. The first installment due within one year is a Iong-term liability.C. All the in stallme nts due are Ion g-term liabilities.D. All the in stallme nts due are curre nt liabilities.Part ill. Translation (2‘ *=10')Part IV. Writing (10 ')Directions: You are asked to write a report on Bank of China with 120 words to make the brief introduction of BOC s orga ni zati ons and developme nt.。
学术信息平台之考级考证
目录前言 (2)金融篇 (3)电商篇 (6)国经篇 (7)经济学篇 (9)通用篇 (11)反馈卡 (15)前言“学术信息平台”是由经济与金融学院学生会学习部主编的信息共享册,旨在为同学们提供相关学习、咨询信息,服务同学。
该平台一系列共分为四部分“考级考证”、“考研”、“出国留学”、“公务员考试”。
《学术信息平台之考级考证》一册为了给同学们提供更好更多更详细的考级考证建议,其主要涉及本院金融学、国际经济与贸易、电子商务、经济学四个专业共计二十四个证书,按专业列出。
其中英语等级及计算机、会计证等为通用证件,故单列出来。
本册大致列出考级考证需要的一些相关信息供同学们参考。
其中“报考建议”多为网友建议,不代表编辑意见。
另,因条件限制提供的资料有限并可能出错,欢迎大家建议指正。
感谢为本册编辑提供建议的老师和学长学姐。
编辑小组: 王昭杰赵浩杰陈龄童胡旸反馈邮箱:1072911198@2014年3月金融篇一、银行业从业资格1.证书介绍:中国银行业从业人员资格认证制度,由四个基本的环节组成,即资格标准、考试制度、资格审核和继续教育。
我国银行到2012年,将基本完成现有从业人员资格认证考试工作;公共基础证书成为行业上岗标准;逐步实施专业证书分级管理。
2.发证机关:中国银行业从业人员资格认证办公室3.报名时间:一般为每年三月下半月、八月下半月4.考试时间:一般为每年五月底、十月底5.报名条件:⑴年满18周岁;⑵具有完全民事行为能力;⑶高中以上文化程度。
6.报名费用:考试费用:100元/科。
7.参考书目:《中国银行业从业人员资格认证考试辅导教材–公共基础》《中国银行业从业人员资格认证考试辅导教材–个人理财》《中国银行业从业人员资格认证考试辅导教材–风险管理》《中国银行业从业人员资格认证考试辅导教材–公司信贷》《中国银行业从业人员资格认证考试辅导教材–个人贷款》8.报考建议:(网友感言)⑴复习要紧扣考试大纲,要根据大纲所列的知识点复习、掌握。
金融专业英语证书考试FECT模拟试题-4
金融专业英语证书考试FECT模拟试题-4(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, selecta correct and fill in its labeling the brackets.1.Suppose the demand for tea is very price-elastic. To increase revenue, the tea supplier should ___ the price level.A IncreaseB DecreaseC Not changeD Uncertain该题您未回答:х该问题分值: 2答案:B2.Which of the following would NOT cause a shift upward of the consumption schedule? ()A An increase in household wealth.B An expectation of rising incomes in the future.C A reduction in income taxes.D An increase in household disposable income.该题您未回答:х该问题分值: 2答案:D3.An increase of $1,000 in bank deposits will: ()A Result in a higher level of inflation.B Mean proportionately increased bank profits.C Facilitate the credit creation process.D Bring about government intervention in the working of the bankingsystem.该题您未回答:х该问题分值: 2答案:C4.A rising foreign exchange rate for country X will: ()A Result in a rise in X’s RPI.B Be likely to raise the employment level in X.C Favor those holidaying in X from abroad.D Ease inflationary pressures with X.该题您未回答:х该问题分值: 2答案:D5.Cutting taxes can lower investment through its impact on interest rates. This is an example of the: ()A Income effect.B Accelerator effect.C Crowding out effect.D Multiplier effect.该题您未回答:х该问题分值: 2答案:B6.Which one of the following is the most widely used measure of inflation? ()A The Consumer Price Index.B The Index of Leading Economic Indicators.C The prime rate.D The Federal Funds rate.该题您未回答:х该问题分值: 2答案:A7.You have just won the lottery (congratulations!) and are given the option of receiving $2,000,000 now or an annuity of 200,000 at the end of each year for thirty years. Which of the following is correct? () (assume you are making the decision based on present values)A You cannot choose between the two without first computing future values.B You will always choose the lump sum regardless of interest rates.C Comparing the future value of each will lead to the same decision as comparing present values.D You will always choose the annuity.E You will choose the lump sum if interest rates are 7%.该题您未回答:х该问题分值: 2答案:C8.A company buys 10 items at a price of £200 each, all on 14 days free credit. It then sells on the next day 5 units for £350 each. One item was sold for cash, the remainder on 21 days free credit. What effect do these transactions have on the firm’s cash fl ow on the day of the sale? ()A Gains £750B Gains £1,750C Loses £2,000D Gains £350.该题您未回答:х该问题分值: 2答案:D9.A firm has fixed costs of £100,000 per month and variable costs of £25 for item. It sells them for £50 each. If it sells 5,000 units each month, what is the firm’s Margin of Safety? ()A 1,000 units per monthB £50,000C 1,000 unitsD 25%.该题您未回答:х该问题分值: 2答案:A10.Fred Perry, CFA, purchased $100,000 of a newly issued Treasury inflation protection security based on the following characteristics and information.The coupon payment at the end of one year is closest to: ()A $2,000.B $2,100.C $5,000.D $7,000该题您未回答:х该问题分值: 2答案:BSECTION TWO(Compulsory):Answer the questions in this section.Reading Comprehension:Arnold Barker is an analyst at BAYCON Investments. He has been asked to revise BAYCON’s credit analysis process for corporate fixe d-income securities. This credit analysis process is the basis for the selection of individual bonds for BAYCON’s fixed-income portfolios. Hank Su, Barker’s supervisor, comments that one limitation of the current credit analysis process at BAYCON is that it only provides an estimate of a bond’s default risk. He asks Barker to expand the credit analysis processto provide an estimate of a bond’s credit spread risk. Su defines credit spread risk as follows:"Credit spread risk is the risk that the issuer will fail to satisfy the terms of the bond with respect to payments.”In addition, Su believes that the current credit analysis process focuses too much on character, collateral, and covenants, and not enough on capacity. In response to Su’s observations, Barker develops a quantitative debt-capacity model to assess the capacity of an issuer to meet its obligations. His debt-capacity model is based on the issuer’s profitability, debt coverage, and cash flow analysis. Barker decides to use the model to evaluate Haynes Industries, a recent investment-grade bond issuer. To calculate the inputs to the debt-capacity model, Barker gathered selected financial data, displayed in Exhibit 1, on Haynes Industries.Exhibit 1Selected Financial Data for Haynes Industries(In millions)Barker also decides to look at several key ratios used by Standard & Poor’s and other credit analysts, including coverage ratios, solvency ratios, and "funds from operations / total debt."Ed Dawson, a fixed-income research manager at BAYCON, has reviewed Barker’s debt-capacity model and makes the following statements about the model’s applicability to high-yield bonds, asset-backed securities, and municipal bonds:1. For the model to be useful for high-yield issues, it must consider the entire debt structure of the issuer. For example, high-yield issuers rely to a greater extent on bank debt than investment-grade issuers.2. While the model has limited applicability in the assessment of the credit of asset-backed securities, it can be used to evaluate the quality of the service. However, it cannot be used to assess the underlying collateral’s ability to generate cash flows.3. The credit analysis of municipal tax-backed bonds should involve assessing the issuer’s:debt structure,ability and political discipline to maintain sound budgetary policy, local tax base and intergovernmental revenues available, andflow of funds structure.11.Su’s definition of credit spread risk is: ()A Correct.B Incorrect, be cause credit spread risk is the risk that a bond’sprice will fall when the bond’s risk premium increases while the yield on a similar maturity Treasury bond falls.C Incorrect, because credit spread risk is the risk t hat a bond’sprice will fall when the bond’s risk premium decreases while the yield on a similar maturity Treasury bond rises.D Incorrect, because credit spread risk is the risk that a bond’sprice will fall when the bond’s risk premium remains constant while the yield on a similar maturity Treasury bond rises.该题您未回答:х该问题分值: 2答案:ADistinguish among default risk, credit spread risk, and downgrade risk.Credit spread risk is the risk an issuer’s debt obligation will relatively decline due to an increase in the credit spread. In this case the credit spread is increasing and the bond’s price will fall.12.The "funds from operations / total debt" ratio for Haynes Industries for 2004 was closest to: ()A 50.5%.B 52.1%.C 52.1%.D 63.5%.该题您未回答:х该问题分值: 2答案:CCalculate, critique, and interpret the key financial ratios used by credit analysts.Funds from operations / total debt = 7,672 / 14,147 = 54.23%. Funds from operations is defined as (Net Income + Depreciation & Amortization + Other non-cash charges) = (5,186 + 1,703 + 783) = 7,672. Total debt is defined as (Current Maturity of LTD + Long-Term Debt + Lease Debt Equivalent) = (2,172 + 11,475 + 500) = 14,147.13.For 2004, compared with 2003, did Haynes Industries have an increase or decrease in: ()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:BCalculate, critique, and interpret the key financial ratios used by credit analysts.The interest coverage ratio [(EBIT (EBITDA)) / interest expense] increased from 8.97 (9.89) in 2003 to 10.40 (11.38) in 2004, and short-term solvency decreased from 1.358 in 2003 to 1.128 in 2004 where:*Current Liabilities = Current Assets - Working Capital 2004: Current Liabilities = 8,668 - 984 = 7,6842003: Current Liabilities = 8,232 - 2,168 = 6,06414.Given the debt structure described in Dawson’s first statement, the factor that is least likely to affect the creditworthiness of the high-yield issuer is the: ()A Ability to refinance.B Impact of sale of assets.C Presence of senior bonds in the debt structure.D Impact of changes in short-term interest rates.该题您未回答:х该问题分值: 2答案:CIdentify, explain, and interpret the typical elements of the corporate structure and debt structure of a high-yield issuer and the impact of these elements on the risk position of the lender. Bank loans have a priority over other debt issues; therefore the presence of senior bonds in the debtstructure will have little impact on the credit analysis of high-yield issuers.15.Regarding Dawson’s second stat ement that refers to asset-backed securities is he correct or incorrect in describing the model’s ability to: ()A Answer A.B Answer BC Answer CD Answer D该题您未回答:х该问题分值: 2答案:CDiscuss the factors considered by rating agencies in rating asset-backed securities.In the case of an asset-backed security, the quality of the service is evaluated using factors such as servicing history, underwriting standards for loan origination, servicing capabilities, business environment, and financial condition. The model will only address financial condition. Dawson is correct in stating that the model cannot be used to determine the ability of the underlying collateral to generate cash flows.Explanations of terms16.Liquidity trap该题您未回答:х该问题分值: 6答案:As the money supply increases the supply-of-money curve intersects the demand-for-money curve at flat part of the latter where an increase in the money supply no longer reduce the interest rate. This flat portion of the demand-for-money is called liquidity trap, which illustrates that the interest rate is insensitive to the increase of the money supply andpeople’s demand for money becomes infinitely large at the flat portion of the demand-for-money.17.Recognition lag该题您未回答:х该问题分值: 6答案:The recognition lag is the period that elapses between the time at which economic situation changes and the time at which the policymaking officials become aware of the need for action. This time lag could be negative if the disturbance can be predicted and appropriate policy actions considered before it even occurs.18.Group of Seven (G-7)该题您未回答:х该问题分值: 6答案:Seven of the world’s leading countries that meet periodically to achieve a cooperative effort on international economic and monetary issues。
ifa报考条件-概述说明以及解释
ifa报考条件-概述说明以及解释1.引言1.1 概述在IFA(国际财务分析师)行业中,报考资格是成为一名认证专业人士的第一步。
IFA认证是全球范围内广泛认可的金融与会计领域的认证,具有较高的专业和社会价值。
因此,了解IFA报考条件对于有意踏入这一行业的人来说至关重要。
IFA报考条件主要包括学历要求、工作经验要求以及其他附加要求。
首先,对于学历要求,通常要求报考者具备本科及以上学位,专业没有严格限制,但金融、会计、经济学等相关专业的学生更容易满足这一条件。
其次,IFA对于工作经验也有一定要求。
一般来说,有2年及以上相关领域的工作经验是被认可的,这样可以确保报考者具备一定的实际操作经验和行业认知。
除了学历和工作经验要求外,IFA还会要求报考者具备一些附加条件。
例如,报考者需要具备一定的英语水平,通常需要通过英语考试,如托福或雅思。
另外,报考者还需要参加IFA组织的培训课程并通过相关考试。
总而言之,IFA报考条件对于有志于在金融与会计领域发展的人来说是非常重要的。
具备适当的学历背景、工作经验和英语水平可以为他们进入IFA行业打下良好的基础。
因此,有意报考IFA认证的人士应该提前了解和满足这些报考条件,为自己的职业发展做好准备。
1.2 文章结构文章结构是指文章整体的组织架构和逻辑关系。
一个良好的文章结构可以帮助读者更好地理解文章的内容,同时也便于作者清晰地表达自己的观点和论证过程。
在本文中,我们将按照以下结构来组织文章:1. 引言:在引言部分,我们将对IFA报考条件的重要性进行概述,并介绍本文的结构。
2. 正文:正文是本文的主体部分,将详细介绍IFA报考条件。
具体来说,我们将围绕以下要点展开讨论:2.1 第一个要点:在本要点中,我们将阐述IFA报考条件的基本概念和相关要求。
包括被认可的学历背景、语言要求、相关工作经验等。
2.2 第二个要点:本要点将重点介绍IFA报考条件的具体细则。
我们将详细解释报考IFA需要满足的具体条件,如学历要求的具体等级、语言成绩的具体要求等。
金融英语试题及答案
金融英语试题及答案一、选择题(每题2分,共20分)1. Which of the following is not a type of financial instrument?A. StockB. BondC. DerivativeD. Commodity2. The term "leverage" in finance refers to:A. The use of borrowed funds to increase the potential return of an investment.B. The amount of money invested in a project.C. The process of buying and selling securities.D. The risk associated with a particular investment.3. What does the acronym "IPO" stand for?A. International Public OfferingB. Initial Public OfferingC. Internal Private OfferingD. International Private Offering4. The primary market is where:A. Securities are issued for the first time to the public.B. Securities are traded after they have been issued.C. Companies buy back their own securities.D. Investors sell their securities to other investors.5. A bear market is characterized by:A. A prolonged period of falling prices.B. A period of economic growth.C. A period of high inflation.D. A period of low unemployment.6. The term "risk management" in finance involves:A. Predicting future market trends.B. Identifying potential risks and taking steps tomitigate them.C. Maximizing returns on investments.D. Managing the day-to-day operations of a financial institution.7. A "blue chip" stock refers to:A. A stock that is considered to be of high quality and carries a lower risk.B. A stock that is traded on a blue-colored chip.C. A stock that is considered to be very risky.D. A stock that is traded on a major stock exchange.8. The process of "short selling" involves:A. Borrowing securities and selling them in the hope of buying them back at a lower price.B. Selling securities that the investor does not own.C. Buying securities with the expectation that their price will increase.D. Holding securities for a long period of time.9. What is the role of a "broker" in finance?A. To provide financial advice to clients.B. To facilitate the buying and selling of securities between investors.C. To manage a company's financial transactions.D. To underwrite securities for companies.10. The "efficient market hypothesis" suggests that:A. Stock prices fully reflect all available information.B. It is possible to consistently beat the market by picking individual stocks.C. Investors are irrational and make poor decisions.D. The market is always undervalued.二、填空题(每题1分,共10分)11. The _______ is the process by which a company raisescapital by issuing shares to the public for the first time. 12. A _______ is a financial contract that obligates thebuyer to purchase an asset or the seller to sell an asset ata predetermined future date and price.13. The _______ is the market where existing securities are bought and sold.14. The _______ is a measure of the risk of an investment compared to the return it is expected to generate.15. When the stock market is experiencing a significant and sustained increase in prices, it is known as a _______ market.16. A _______ is a financial institution that acceptsdeposits and provides various types of loans to customers. 17. The _______ is a measure of the ability of a company to pay its current debts with its current assets.18. A _______ is a financial statement that shows a company's financial performance over a period of time.19. The _______ is a type of investment strategy that focuseson long-term growth potential.20. An _______ is a financial instrument that derives its value from an underlying asset.三、简答题(每题5分,共30分)21. Explain the difference between a "mutual fund" and a "hedge fund".22. Describe the concept of "diversification" in investment.23. What is "inflation" and how does it affect the value of money?24. Discuss the role of "central banks" in the economy.四、论述题(每题20分,共20分)25. Discuss the impact of globalization on the financial markets and provide examples to support your argument.五、案例分析题(每题20分,共20分)26. Analyze a recent financial crisis and discuss the factors that contributed to it, the impact it had on the global economy, and the lessons that can be learned from it.答案:一、选择题1-5 D A B A A6-10 B A A B A二、填空题11. Initial Public Offering (IPO)。
金融英语证书综合考试备考策略
5金融英语证书综合考试正受到越来越多人的关注,其难度也让部分考生望而却步。
本文从金融术语、知识体系、听力、阅读理解、翻译写作等几方面梳理了金融英语证书综合考试的备考策略。
金融英语证书综合考试;备考策略金融英语证书制度的由来金融专业英语证书考试制度是1994年经中国人民银行和原国家教委联合发文批准建立的我国第一个国家级行业性外语证书考试制度。
为进一步完善金融专业英语证书考试制度,金融专业英语证书考试委员会经讨论决定,自2009年开始,金融专业英语证书考试结构进行适当调整。
调整后,原“金融专业英语证书考试”更名为“金融英语证书考试”。
金融英语证书考试共设两级,分别为金融英语证书综合考试和金融英语证书高级考试。
考试每年举办一次,考试成绩可用作金融系统员工录用、职称评定、职务晋升及出国培训人员或外派人员专业英语水平的参考证明(2013)。
金融英语证书考试制度自推行以来,吸引了越来越多的金融从业者和有志于从事金融业的学子。
报名考试的人数呈逐年递增的态势,金融英语证书业已成为颇受金融业界认可的行业英语等级证书。
在此,我们对金融英语证书综合考试的备考策略进行梳理。
金融英语证书综合考试题型及分值分布金融英语证书综合考试满分100分。
试卷分为三个部分。
第一部分听力30分;第二部分阅读45分,其中包括四项内容,传统的四选一的阅读理解文章,三篇15分;单项选择题10道题,10分;完型填空两篇10分;判断正误的阅读理解文章两篇或三篇,10分。
最后是写作25分,涉及三项内容,填写流程图,5分;翻译英语句子,分;作文,分。
■王立莉/文金融英语证书综合考试备考策略21010金融英语证书综合考试的特点金融英语证书综合考试的特点是内容涉及广泛,知识比较庞杂。
其内容涉及银行中间业务、外汇、金融监管、银行信贷、证券、期货、会计、国际结算、保险以及金融函电写作。
眼花缭乱的内容常常让报考者望而生畏,因为即使是金融从业人员在日常工作中也不可能涉及如此广泛的领域。
金融英语考试试题及答案
金融英语考试试题及答案金融英语是金融领域中不可或缺的一部分,对于从事金融行业的人士来说,掌握金融英语的知识非常重要。
为了帮助大家更好地备考金融英语考试,本文将为大家提供一些常见的金融英语考试试题及答案。
一、选择题1. What is the meaning of IPO?a) Initial Public Offeringb) International Purchase Orderc) Investment Portfolio Optimizationd) International Partnership Organization答案:a) Initial Public Offering2. What does the term "capital market" refer to?a) The market for physical capitalb) The market for financial assets with a maturity of less than a yearc) The market for financial assets with a maturity of more than a yeard) The market for real estate properties答案:c) The market for financial assets with a maturity of more than a year3. Which of the following is an example of a derivative?a) Stockb) Bondc) Optiond) Certificate of Deposit答案:c) Option4. What is the opposite of a deficit?a) Surplusb) Debtc) Liabilityd) Equity答案:a) Surplus5. What is the term for a loan that is secured by collateral?a) Unsecured loanb) Subordinated loanc) Secured loand) Revolving loan答案:c) Secured loan二、填空题1. The study of how individuals and institutions make financial decisions and how these decisions affect the allocation of resources is known as__________.答案:finance2. When a company issues shares for the first time and offers them to the public, it is called an ____________.答案:IPO (Initial Public Offering)3. The interest rate that a commercial bank charges its most creditworthy customers is known as the _________.答案:prime rate4. A financial instrument that represents ownership in a corporation is called a ___________.答案:stock5. The basic economic problem of having seemingly unlimited human wants in a world of limited resources is known as ________.答案:scarcity三、解答题1. Explain the concept of time value of money.答案:The time value of money refers to the idea that a dollar today is worth more than a dollar in the future. This is because money can be invested and earn interest over time. Therefore, receiving a dollar today ismore desirable than receiving the same amount in the future. The time value of money is an important concept in finance and is used to calculate the present value of future cash flows.2. What are the main functions of a central bank?答案:The main functions of a central bank include:- Monetary policy: Central banks are responsible for formulating and implementing monetary policy to control the money supply and interest rates in an economy. This is done to achieve specific macroeconomic objectives, such as price stability and economic growth.- Banker to the government: Central banks act as the government's bank and provide services such as managing the government's accounts, issuing government securities, and acting as a lender of last resort.- Banker to commercial banks: Central banks also provide banking services to commercial banks, including maintaining accounts, providing short-term loans, and overseeing the stability of the banking system.- Currency issuance: Central banks are responsible for issuing and circulating the national currency.- Financial stability: Central banks play a crucial role in maintaining financial stability and monitoring risks in the banking system.总结:本文为大家提供了一些常见的金融英语考试试题及答案。
金融英语证书考试
金融英语证书考试
金融英语证书考试是一种测试和评估个人金融英语能力
的考试。
通过参加这个考试,能够证明个人在金融领域的英语能力,并增加个人就业竞争力。
这个考试主要覆盖金融英语的各个方面,包括金融市场、金融产品、金融机构、金融法律和金融理论等。
考试内容涵盖金融业务的基本概念、专业术语和操作流程。
参加考试的人员需要具备一定的金融知识和英语能力。
金融英语证书考试通常分为多个级别,从基础级到高级。
每个级别的考试内容和难度都有所不同。
参加考试的人员可以根据自己的实际情况选择适合自己的级别进行考试。
考试形式通常是笔试,包括选择题、填空题和简答题。
考试时间一般为几个小时,这样可以充分测试个人的知识水平和应用能力。
除了考试外,还有一些培训机构提供金融英语证书的培
训课程。
这些课程可以帮助参加考试的人员提高金融英语能力,并加强对金融知识的理解和应用。
通过金融英语证书考试,个人可以证明自己具备在金融
领域工作所需的英语能力。
这对于从事金融相关工作的人员来说,是非常有帮助的。
总结来说,金融英语证书考试是一个评估个人金融英语
能力的重要标准,可以提供给雇主一个明确的参考,帮助个人提高就业竞争力。
参加考试的人员可以通过培训提高自己的金融英语能力,并选择适合自己的级别进行考试。
cfab报考条件
cfab报考条件全文共四篇示例,供读者参考第一篇示例:CFAB报考条件是指考生在申请参加CFAB(Chartered Financial Analyst)国际金融分析师认证考试时需要符合的一系列条件。
CFAB认证是全球金融领域最具权威的认证之一,对于想要在金融领域进一步发展的专业人士来说,具有非常重要的意义。
下面将详细介绍CFAB的报考条件。
CFAB是由国际著名的金融分析师协会(CFA Institute)颁发的资格认证,因此参加CFAB考试需要先注册成为CFA Institute的会员。
要成为CFA Institute会员,需要拥有学士学位或同等学历,并且至少有4年的金融领域相关工作经验。
如果考生是在校学生,也可以报考CFAB,但需要在毕业后完成相应的工作经验积累才能申请成为CFA Institute会员。
CFAB报考条件涉及到考试费用和时间安排。
CFAB考试每年分为6月和12月两次,考试具体时间由CFA Institute官方发布。
注册CFAB考试需要支付相应的报名费用,报名费用的金额随着报名日期不同而有所变化。
通常来说,提前报名可以享受到更低的报名费用。
考生在报名CFAB考试时,需要提供个人信息和相关学历、工作经历等证明材料,并且需要在考试前通过CFA Institute的道德自律考试。
CFAB报考条件还要求考生具备良好的英语水平。
CFAB考试的教材和考试全程都是用英文进行,因此参加CFAB考试的考生需要具备良好的英语听说读写能力。
对于非英语为母语的考生,还需要提供相关的英语水平证明,如托福、雅思成绩。
在考试过程中,如果发现考生的英语水平不符合要求,可能会影响考试的顺利进行。
CFAB报考条件还要求考生具备一定的财务知识和技能。
CFAB考试涵盖了众多金融领域的知识,包括财务报表分析、投资组合管理、伦理与职业标准等。
考生需要具备一定的财务知识基础和相关工作经验,才能更好地应对CFAB考试。
虽然CFAB考试没有硬性的财务知识要求,但是具备相关背景知识会对考试有所帮助。
金融英语方面的考试
金融英语方面的考试
金融英语方面的考试主要有以下几种:
1. 金融英语证书考试:这是由金融英语证书考试委员会组织的一项考试,旨在测试考生在金融英语方面的应用能力。
该考试分为初级、中级和高级三个级别,考试内容包括听力、阅读、写作和口语等方面。
2. 银行职业资格考试:这是由中国银行业协会组织的一项考试,旨在测试考生在银行业务方面的专业知识和技能。
该考试包括多个科目,如风险管理、个人理财、公司信贷等。
3. 特许金融分析师考试:这是由特许金融分析师协会组织的一项全球性考试,旨在测试考生在投资领域的知识和技能。
该考试分为三个级别,内容涵盖了投资分析、财务规划、风险控制等方面。
4. 注册会计师考试:这是由中国注册会计师协会组织的一项考试,旨在测试考生在会计、审计和税法等方面的专业知识和技能。
该考试分为多个科目,包括会计、审计、税法、财务管理等。
这些考试都是金融行业比较权威的考试,对于提高考生的金融英语水平、专业知识和技能都有很大的帮助。
金融英语证书考试FECT模拟试题-2
金融英语证书考试FECT模拟试题-2(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.Multiple-choice questions: from the following four options, select a correct and fill in its labeling the brackets.1.A production function for a firm describes: ()A What should be produced to maximize profit.B What is technologically feasible when the firm produces efficiently.C What revenue is earned from producing efficiently.D What the firm produces with given inputs.该题您未回答:х该问题分值: 2答案:B2.Which of the following is not a characteristic of a competitive industry? ()A There are many firms.B All firms produce homogeneous products, which are substitutable for each other.C There is a fierce price war among rivals.D Firms can enter and exit the industry freely.该题您未回答:х该问题分值: 2答案:C3.The Central Bank in the open market buying and selling of securities is designed to: ()A regulation bond pricesB achieve profit maximizationC regulate money supplyD adjust prices level该题您未回答:х该问题分值: 2答案:C4.What unemployment is formed because of the economic recession? ()A friction unemploymentB structural unemploymentC cyclical unemploymentD natural unemployment该题您未回答:х该问题分值: 2答案:C5.After a long race on a hot day, a runner enjoys her first drink a lot, the second she enjoys less and she declines a third drink. This illustrates the principle of: ()A Increasing marginal utility.B Decreasing marginal utility.C Increasing marginal cost.D Decreasing marginal cost.该题您未回答:х该问题分值: 2答案:B6.On a hot day, the price and the quantity sold of ice creams both increase. This can reflect a: ()A Shift in the demand curve to the right.B Move along the demand curve.C Shift in the demand curve to the left.D Shift in the supply curve to the right.该题您未回答:х该问题分值: 2答案:A7.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 expensive该题您未回答:х该问题分值: 2答案:B8.A US company is bidding for a contract in China. Its Chinese customer asks for a performance bond. What is the most likely course of action? ()A It asks its bank to issue a tender bond which can be converted into a performance bondB It gives up its bidC It consults its bank about issuing a standby letter of creditD It asks its bank to issue a performance bond该题您未回答:х该问题分值: 2答案:A9.There is a deficit in the federal budget when: ()A Federal government spending is greater than federal tax revenues.B U.S. imports are greater than U.S. exports.C The total demand for money is greater than the total supply of money.D U.S. imports are smaller than U.S. exports.该题您未回答:х该问题分值: 2答案:A10.Mrs. Jones purchased a 20-year Treasury bond bearing a 12% coupon rate. She purchased the bond at par ($1000). If rates fall to 9% what will be the new price of the bond? ()A $1333B $1500C $750D $900E There will be no change in the price of the bond.该题您未回答:х该问题分值: 2答案:DSECTION TWO(Compulsory):Answer the questions in this section.Reading Comprehension: (10 points)James Sigmund, CFA, is the Head of International Equity for Pell Global Advisors (PGA). Sigmund is considering investing in the country of Zuflak as part of an emerging market portfolio. Sigmund is aware of the risks in investing in emerging markets and is preparing a valuation report regarding this investment. He estimates that Zuflak government debt would be rated BB, and has gathered the following market information for use in analyzing Zuflak.Local Government Bond Yield = 11.50%U.S. 10 year Treasury Bond Yield = 4.50%U.S. BB rated Corporate Bond Yield = 7.75%Local Inflation Rate = 6.50%U.S. Inflation Rate = 3.00%To assist in his analysis of Zuflak, Sigmund has asked Stefano Testorf, CFA, to estimate a value for Kiani Corporation (Kiani), Oleg Industries (Oleg), and Malik Incorporated (Malik) - the three primary companies domiciled in Zuflak that Sigmund has determined to have adequate liquidity for inclusion in PGA’s client portfolios. Testorf gives Sigmund a rough draft of his report and tells Sigmund that in order to account for country specific emerging market risks; he used a probability-weighted scenarioanalysis to adjust cash flows. Sigmund asks him, “Why didn’t you s imply adjust the discount rate?” Testorf replies with three reasons: Reason 1: The country risk attributable to Zuflak can be diversified away according to modern finance theory, and should not be included in the cost of capital.Reason 2: Companies in emerging markets tend to exhibit wild price swings both up and down, therefore adjusting cash flows is the best way to account for these symmetrical country risks.Reason 3: Although Kiani, Oleg, and Malik are all domiciled in Zuflak, each of these companies will tend to respond differently to country risks. This makes it virtually impossible to adjust the discount rate for country specific risk and come up with an accurate valuation estimate.After careful analysis by Sigmund and his team, Sigmund decides that he wants to have exposure to Zuflak in his international portfolios. He is still unsure however, what the best way would be to establish the exposure. Sigmund discusses his concerns with Steve Solak, another portfolio manager with PGA. Solak suggests that Sigmund consider using a closed-end country fund to invest in Zuflak. Solak hands Sigmund a copy of a note that he had provided to a client listing facts about country-specific closed end funds. The note contained the following statements:Closed-end country funds provide an excellent means to access local foreign markets. Even nations that have restrictions on foreign investment are sometimes accessible using closed-end country funds.Closed-end country funds issue a fixed number of shares and are a great way to diversify a U.S.-dollar stock portfolio because of their low correlation with the U.S. stock market.Sigmund thanks Solak for the information and heads back to his office. As he is leaving, Solak asks him if he would have time later that afternoon to discuss the use of American Depository Receipts (ADRs).11.What is the best estimate of the country risk premium for Zuflak? ()A 0.25%.B 1.50%.C 2.75%.D 6.00%.该题您未回答:х该问题分值: 2答案:ABecause a U.S. denominated local government bond does not exist, the following formula must be used to calculate the country risk premium: Local government bond yield (non–US dollar denominated)- U.S. 10 year T-bond yield- Inflation differential between local country and U.S.- Yield spread between comparably rated U.S. corporate and U.S. T-bond yields= Country Risk PremiumCountry Risk Premium = 11.50 – 4.50 – (6.50-3.00) – (7.75-4.50) = 11.50 – 4.50 – 3.50 – 3.25= 0.25Note that if a U.S. denominated local government bond did exist, we would use that bond in our calculation and would not include the inflation differential.12.To determine a valuation estimate for Oleg, Testorf assumes that local investors require a 5 percent real rate of return on companies with similar risk to Oleg. What is Oleg’s price-to-earnings (P/E) ratio, if the company has an inflation flow-through rate of 65 percent? ()A 13.75.B 5.33.C 3.00.D 21.25该题您未回答:х该问题分值: 2答案:AP0/E1 = 1 / [real required return + (1 – inflation flow-through rate) × inflation rate]= 1 / [0.05 + (1-.65) × 0.065]= 1 / [0.05 + 0.02275]= 1 / 0.07275 = 13.7513.In regard to Testorf’s reasons for incorporating emerging market risk into the valuation of Zuflak by adjusting cash flows rather than adjusting the discount rate, which of the following is TRUE?()A Reasons 1 and 3 support Testorf’s cash flow adjustment, but reason2 does not.B All three of the reasons given support Testorf’s cash flowadjustment.C Reasons 2 and 3 su pport Testorf’s cash flow adjustment, but reason1 does not.D Reason 1 supports Testorf’s cash flow adjustment, but reasons 2and 3 do not.该题您未回答:х该问题分值: 2答案:AAlthough emerging market risk can be incorporated into the valuation process either by adjusting the discount rate (required return), or by adjusting cash flows in a scenario analysis, evidence suggests that country risks can be best captured through cash flow adjustment. The four arguments that support adjustments to cash flow rather than adjusting the discount rate are:Country risks are diversifiable. Modern finance theory states that country risks can be diversified away, and therefore should not be included in the cost of capital. Testorf’s first reason is correct.Companies respond differently to country risk. A general discount rate cannot be applied uniformly to every company valuation in the country because it would not capture the different operating characteristics of the company that could be captured by adjusting the cash flows. Testorf’s third reason is correct.Country risk is one-sided. Emerging markets have a tendency for companies to exhibit one-sided (down only) risk profiles. Therefore, the risks are asymmetrical and adjusting the cash flows best captures these asymmetrical risks. Testorf’s second reason is incorrect.Identifying cash flow effects aids risk management. Managers tend to identify specific factors affecting cash flow and plan to mitigate their risks by adjusting cash flows rather than adjusting the discount rate.14.Due to the high inflation rate of the local country, Testorf calculates the return on invested capital (ROIC) for Kiani by revaluing the company’s fixed assets. In comparing the performance of Z uflak to other local companies, the ROIC calculation should: ()A Exclude goodwill.B Exclude depreciation.C Not revalue fixed assets.D Exclude net operating profit adjusted for taxes.该题您未回答:х该问题分值: 2答案:AWhen calculating ROIC, excluding goodwill is useful for comparing different local companies and evaluating trends. Goodwill can distort the comparison when firms have differing levels of goodwill. ROIC that includes goodwill measures returns generated by the firm’s acquisitions based on the use of its investors’ capital, and is used for determining whether or not the company earned an acceptable rate of return over its cost of capital. Note that revaluation is also important here. ROIC including revaluation of fixed assets measures the company’s operating performance, and is also useful for comparing different companies and evaluating trends.15.With regard to Solak’s note concerning closed end-country funds: ()A Statement 1 is correct, statement 2 is correct.B Statement 1 is incorrect, statement 2 is incorrect.C Statement 1 is correct, statement 2 is incorrect.D Statement 1 is incorrect, statement 2 is correct.该题您未回答:х该问题分值: 2答案:CClosed-end country funds provide a simple way to access local foreign markets while achieving international diversification. One of the advantages of closed-end country funds is that investors often have greater access to emerging markets, even those from countries that tend to restrict foreign investment. This is due to the fact that redemptions are less of a concern to the emerging market government because the number of shares of the fund is fixed, and redemptions do not result in capital outflows. Statement 1 on Solak’s note is correct.One of the disadvantages of closed-end country funds is that they may trade at a significant discount premium or discount to their NAV. Although the actual performance of the stock within the closed end fund may have a low correlation with the U.S. market, the NAV of the fund may be highly correlated with the U.S. market, thus reducing the benefit of international diversification. Statement 2 on Solak’s note is incorrect. Explanations of terms16.Real interest rate该题您未回答:х该问题分值: 6答案:Real interest rate is the nominal rate you earn corrected for the change in the purchasing power of money or for the expected inflation. Roughly speaking, the real interest rate is the difference between the nominal interest rate and the inflation rate, or the nominal interest rate minus the inflation rate.17.Window instruction该题您未回答:х该问题分值: 6答案:It refers to the case in which a central bank sets the amount of loans to increase or decrease for each season for commercial banks and requires banks to obey the instruction. The measure is not formulated by the law, but it is only an instruction given by the central bank of a country.18.Special drawing rights该题您未回答:х该问题分值: 6答案:An international type of monetary reserve currency, created by the International Monetary Fund (IMF) in 1969, which operates as a supplement to the existing reserves of member countries.19.Money market mutual funds该题您未回答:х该问题分值: 6答案:Funds that issue shares to savers backed by holdings of high-quality short-term assets.20.Putable bonds该题您未回答:х该问题分值: 6答案:A putable bond grants the bondholder the right to sell the issue back to the issuer at par value on designated dates. The advantage to the bondholder is that if interest rates rise after the issue date, thereby reducing the market value of the bond, the bondholder can sell the bond back to the issuer at par.21.Please list some Capital Market Instruments.该题您未回答:х该问题分值: 10答案:The capital market is extremely important because it raises the funds needed by net borrowers to carry out their spending and investment plans.A smoothly functioning capital market influences how fast the economy grows.(1)BondsBonds are long-term debt obligations issued by corporations and government units. Proceeds from a bond issue are used to raise funds to support long-term operations of the issuer (e.g., for capital expenditure projects). In return for the investor’s funds bond issuers promise to pay a specified amount in the future on the maturity of the bond (the face value) plus coupon interest on the borrowed funds (the coupon rate times the face value of the bond). If the terms of the repayment are not met by the bond issuer, the bond holder (investor) has a claim on the assets of the bond issuer. Bond markets are markets in which bonds are issued and traded. They are used to assist in the transfer of funds from individuals, corporations, and government units with excess funds to corporations and government units in need of long-term debt funding.(2) StocksStocks are equity claims representing ownership of the net income and assets of a corporation. The income that stockholders receive for their ownership is called dividends. There are two types of stocks, common and preferred. A share of common stock in a firm represents an ownership interest in that firm. Preferred stock is a form of equity from a legal and tax standpoint. Preferred stock pays a fixed dividend, and in the event of bankruptcy of the corporation, the owners of preferred stock are entitled to be paid first before the corporation’s other creditors. Common stock pays a variable dividend, depending on the profits that are left over after preferred stockholders have been paid and retained earnings set aside.(3) FundsIn a narrow sense, fund is a reserve of money set aside for some purpose. In general, fund means a financial institution that sells shares to individuals and invests in securities issued by other companies. As you probably know, mutual funds have become extremely popular over the last20 years. What was once just another obscure financial instrument is nowa part of our daily lives. More than 80 million people, or half of the households in America, invest in mutual funds. That means that, in the United States alone, trillions of dollars are invested in mutual funds. In fact, to many people, investing means buying mutual funds. After all, it’s common knowledge that investing in mut ual funds is (or at least should be) better than simply letting your cash waste away in a savings account, but, for most people, that’s where the understanding of funds ends. It doesn’t help that mutual fund salespeople speak a strange language that is int erspersed with jargon that many investors don’t understand. Originally, mutual funds were heralded as a way for the little guy to get a piece of the market. Instead of spending all your free time buried in the financial pages of the Wall Street Journal, all you had to do was buy a mutual fund and you’d be set on your way to financial freedom. As you might have guessed, it’s not that easy. Mutual funds are an excellent idea in theory, but, in reality, they haven’t always delivered. Not all mutual funds are c reated equal, and investing in mutuals isn’t as easy as throwing your money at the first salesperson who solicits your business.22.What kind of Economic Policy in an Open Economy该题您未回答:х该问题分值: 10答案:International economic policy refers to activities of national governments that affect the movement of trade and factor inputs among nations. Included are not only the obvious measures such as import tariffs and quotas, but also domestic measures such as monetary policy and fiscal policy. Policies that are undertaken to improve the conditions of one sector in a nation tend to have repercussions that spill over into other sectors. Since an economy’s internal (domestic) sector, one cannot designate economic policies as purely domestic or purely foreign. Rather, the effects of economic policy should be viewed as being located on a continuum between two poles—an internal-effects pole and anexternal-effects pole. Although the Primary impact of an import restriction is on a nation’s trade balance, for example, there are secondary effects on national output, employment, and income. Most economic polices are located between the external and internal poles rather than falling directly on either one.23.What is the Modern Quantity Theory of Money Demand?该题您未回答:х该问题分值: 10答案:(1) The modern quantity theory of money refers to the monetary theory developed by the Chicago School. From the late 1940s through the 1990s, a group of economists, associated in varying degrees with Chicago School, build upon the traditions of classical economics with the benefit of modern theoretical and statistical techniques. Represented by Milton Friedman, originally labeled the Chicago School, but currently referred to either as monetarists or new classical macroeconomists, this informal group has produced a set of ideas with important implications for the role of money in the economy. In 1956, Friedman published his paper " The Quantity Theory of Money Demand—A Restatement", which marked the emergence of the modern quantity theory of money. On one hand, Friedman accepted the Cambridge School and Keynes’s thought that money is an asset and the demand for money is people’s behavior of choosing assets; on the other hand, Friedman basically adopted the conclusion of the traditional quantity theory of money, i. e., the change of the quantity of money is the cause of the movement of price level.(2) In his design of the function of demand for money, Friedman took into consideration the two factors; first, the total wealth expressed with permanent income which is in a reverse ratio to the demand for money; second, the difference between expected rates of return of holding money and other assets. The higher the rate of return of other assets, the weaker people’s desire to hold money. Friedman did not analyze people’s motives of holding money like Keynes, but continued to study the causes of holding money and thought that there are many different factors affecting the demand for money. Friedman used a function to express the demand for money: Md / P =f (Yp, Rm, Rb, Rf, P, W, U )Md / P: the demand for real money balances,Yp; The real GDP, the index used to count wealth, called permanent income,Rm; The expected rate of return for money,Rb: The expected rate of return for bonds,Re: The expected rate of return for stocks (common stocks),P; The expected rate of return of goods or expected rate of inflation, W; The ratio of non-human wealth to human wealth,U; Other random variables, including preference, custom, technology, system, etc.(3) In Friedman’s view, the wealth affecting the money demand is permanent and the money demand will not fluctuate with ups and downs of business cycles because the permanent income fluctuates a little in shortrun. Generally speaking, the demand for an asset has a positive interrelation with the wealth people hold. Since money is an asset, the demand for money has a positive interrelation with wealth (Yp). Friedman held that factors affecting money demand are the expected rate of return of the assets that can substitute money. Besides holding wealth in the form of money, people can hold their wealth in other forms, say, bonds, stocks (common stocks) and goods. The opportunity cost of holding money is expressed by the expected rate of return of other assets compared with money. When the expected rates of return of bonds (Rb) and stocks (Re) rise the opportunity cost of holding money will increase which will result in less demand for money. The higher the expected rate of return of other assets, the less the demand for money. P is the expected rate of return of holding wealth in the form of goods compared with money. When the prices of goods rise, the rate of return of goods equals the rate of inflation rate. When the expected rate of return of goods is higher compared with that of holding money, people will do well to "beat the higher prices" by purchasing goods sooner than usual (this is the "expectations effect"). This will reduce the demand for money. W is the ratio of non-human wealth to human wealth. Non-human wealth refers to bonds, stocks and other real assets, while human wealth refers to individuals’ ability to make money. This ratio constrains people’s income, e. g.; human wealth can not beobtained when labor force is in a state of unemployment, which naturally reduces the demand for money. Given certain level of wealth, the larger the W, the smaller the money demand. U which refers to other random variables is in a negative correlation with the money demand.Monetarists adhere to virtually all the tenets of classical economists. However, they made some modifications. Some of them have used the quantity theory as a framework for describing the relationship between M and PY rather than just M and P and view the invisible hand as pushing the economy toward the full employment level of production. A second modification of classical thought occurred in Milton Friedman’s revival of the quantity theory is that Friedman replaced the idea of the stability of velocity with the less militant notion that it is predictable. Or, money demand may not be a fixed fraction of total spending; it is related to PY in a close and predictable way.Perhaps the most important classical tradition upheld by modern monetarists is the inherent stability of the economy at full employment. This explains the monetarist rejection of governmental attempts to fine-tune economic activity. A higher level of economic activity requires more capital and labor or technological improvements; more money only leads to inflation. The answer to cyclical downturns is to wait for the natural upturn. Government intervention is unnecessary and potentially damaging.24.If you are a policy maker, what are your Ultimate Targets of Monetary Policy?该题您未回答:х该问题分值: 10答案:The Four Ultimate Targets of Monetary PolicyThe four targets of monetary policy include:(1) Economic growth,(2) Price stability,(3) Full employment, and(4) Balance of payments equilibrium.(1) Economic growthEconomic growth refers to the growth of a nation’s GDP which is the total value of goods and services domestically produced. People’s living standard has increased dramatically over history as result of the growth of the economy and its productivity. But growth means more than merelyincreasing total output. It requires that output increase faster than the population so that the average output per person expands. Economic growth in every country is the first target of monetary policy. Without certain growth rate, national economy will be in a state of stop or shrinkage and it will be impossible to enhance a nation’s economic strength and raise people’s living standard.(2) Price stabilityPrice stability means the stability of currency value and control of inflation without great change of price level within certain period. The price stability reflects the general trend of price change or average level. In modern economic society, the general price level shows a rising trend in fact. Price stability is to limit the increase rate of the price level of a certain period within certain scope. As for the certain scope within which the increase rate of price level should be kept, there are different views among economists. Generally speaking, if the rising rate of price level is within 2%—3%, it can be called price stability. Consistently stable prices help create an environment in which the other economic targets are more easily reached.(3) Full employmentFull employment means the people who have ability to work and are willing to work can find suitable jobs at present wage level. Full employment is measured with the unemployment rate of labor force. The unemployment rate is the ratio of the number of the unemployed and the labor force willing to work. The unemployment rate represents the extent of full employment in a society. Unemployment means a loss of potential output and imposes costs on the entire economy.For many reasons, a high employment level is one of the paramount goals of monetary policy. Unemployment deprives families of their chief source of income, triggers a host of social problems such as increased incidence of crime and mental illness, and impacts most heavily on the disadvantaged and those at the lower end of the income scale. Collectively, increased unemployment reduces the nation’s level of output and income as well as tax revenues at all levels of government, thereby impairing such public services as roads, public security, and education.Monetary policy affects the unemployment rate by influencing aggregate expenditures on goods and services and the level of the nation’s gross domestic product (GDP). As monetary policy becomes more stimulative, aggregate expenditures and GDP increase and the unemployment rate falls, sometimes below the natural rate. The natural unemployment rate is defined as the lowest level at which the nation’s unemployment rate can be maintained without triggering an increase in the existing inflation rate. If monetary policy becomes too stimulative and the nation’s unemployment rate falls below the natural rate, inflation accelerates. Hence, a goal of central bank policy is to keep the nation’sunemployment rate as close as possible to the natural unemployment rate without going below it. Unfortunately, the natural unemployment rate changes over time and is uncertain at any point in time. Most economists believe it is currently somewhere in the 5 to 6 percent range.(4) Balance of payments equilibriumBalance of payments is the total record of a country’s (or region’s) economic transactions, including money receipts from and payments to abroad, the difference between receipts and payments forms the surplus or deficit. It also includes some economic transactions even if they will never give rise to monetary settlements. Balance of payments during certain period reflects the state of economic development of a country and the country’s external economy. To maintain balance of payments equilibrium and reasonable quantity of foreign exchange are important conditions of a country’s stable development of economy and international intercourse. So to maintain balance of payment equilibrium should be another important target of monetary policy.。
金融专业英语证书考试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.。
FECT考试问与答
FECT考试问与答1.问:调整后的FECT考试结构是怎样的?答:金融英语证书考试(FECT)由综合考试和高级考试两个级别组成。
2.问:为什么要对FECT进行调整?答:FECT正式推广12年以来,为国家培养了一大批既懂现代金融业务,又能熟练使用英语从事金融业务及管理工作的复合型人才。
目前经济一体化和金融全球化快速发展,对金融人才的需求提出了更高的需求。
为适应形势发展的新需要,FECT考试委员会决定自2009年开始对金融专业英语证书考试制度的考试结构将进行重大调整,结构调整后的金融专业英语证书制度更名为金融英语证书考试制度(简称仍为FECT)。
3.问:FECT综合考试如何进行?答:FECT综合考试由一门笔试科目(含听力)组成,指定考试教材为《现代金融业务》,考试成绩合格者获得FECT金融综合考试合格证书。
2009年的FECT综合考试教材、考试题型等与往年相同。
4.问:FECT高级考试如何进行?答:FECT高级考试由笔试和口语考试两部分组成,笔试必考科目为“金融理论与实务”,指定考试教材为《现代金融理论与实务》;笔试选考科目为“银行业务与管理”以及“证券和保险业务”,考生可根据自身情况选择报考两科中任何一科,高级考试的必考科目、选考科目及口语考试可同时报考,每科合格者获得相应的单科证书。
考生凭FECT综合考试证书及有效的FECT高级单科证书换取FECT高级考试证书。
2009年仅推出高级考试中的必考科目-“金融理论与实务”,其他科目将在2009年后陆续推出。
5.问:FECT综合考试和高级考试能否同时报考?答:在考试科目无冲突的情况下,考生可同时报考FECT综合考试和高级考试。
但是考生必须凭FECT综合考试证书及有效的FECT高级单科证书换取FECT高级考试证书6.问:原FECT中级考试与FECT高级考试如何对接?答:根据FECT考试委员会2008年11月发布的公告,已参加金融专业英语证书中级考试并获得相应全科和单科证书的考生考试成绩仍然有效,在加考相应的科目并合格后,可取得FECT 高级证书,具体办法如下:原FECT中级考试4科通过者需加试“FECT口语考试”。
中国人民银行关于实施《金融专业英语证书考试制度》的通知-银发[1996]229号
中国人民银行关于实施《金融专业英语证书考试制度》的通知正文:----------------------------------------------------------------------------------------------------------------------------------------------------中国人民银行关于实施《金融专业英语证书考试制度》的通知(1996年5月30日银发[1996]229号)中国人民银行各省、自治区、直辖市分行,政策性银行,国有独资商业银行,其他商业银行,全国性金融机构:为适应金融业改革发展和扩大对外开放的需要,加快我国金融业与国际接轨的步伐,同时面向未来,为国家和各金融机构培养既精通现代金融知识、又能运用英语从事金融业务及管理工作的跨世纪的中、高层复合型人才,促进金融职工队伍素质的全面提高,中国人民银行与国家教委1994年4月联合发出《关于建立<金融专业英语证书考试制度>的通知》(银发[1994]107号),在全国试行金融专业英语证书考试制度。
根据金融专业英语证书考试委员会第一次全体会议决定,1995年11月19日在北京、天津、上海、广州、佛山、深圳、呼和浩特、包头、青岛等九个城市进行了初级证书考试的试点,取得了成功,受到金融系统干部职工的广泛欢迎和肯定。
这项工作对全面提高金融队伍素质具有促进作用。
现决定将修订后的《金融专业英语证书考试制度》颁布施行。
该制度是国家级的行业证书制度,在中国人民银行领导管理下,由各总行、总公司组成的“金融专业英语证书考试委员会”(以下简称考试委员会)负责组织实施。
考试委员会办公室设在中国金融职工教育协会秘书处。
根据考试委员会第二次全体会议决定1996年5月19日在全国金融系统进行金融专业英语证书(银行类初级)考试。
同时,考试委员会正在抓紧(银行类)中级证书考试大纲的设计、教材的选定等准备工作,计划1996年11月在初级证书试考的城市进行中级证书的试考。
金融专业英语证书考试常用金融词汇总结
金融专业英语证书考试常用金融词汇总结account number 帐目编号depositor 存户pay-in slip 存款单a deposit form 存款单a banding machine 自动存取机to deposit 存款deposit receipt 存款收据private deposits 私人存款certificate of deposit 存单deposit book, passbook 存折credit card 信用卡principal 本金overdraft, overdraw 透支to counter sign 双签to endorse 背书endorser 背书人to cash 兑现to honor a cheque 兑付to dishonor a cheque 拒付to suspend payment 止付cheque,check 支票cheque book 支票本order cheque 记名支票bearer cheque 不记名支票crossed cheque 横线支票blank cheque 空白支票rubber cheque 空头支票cheque stub, counterfoil 票根cash cheque 现金支票traveler s cheque 旅行支票cheque for transfer 转帐支票outstanding cheque 未付支票canceled cheque 已付支票forged cheque 伪支票Bandar s note 庄票,银票balance sheet 资产负债表cash flow 现金流转glossary 术语表money order 汇款单,汇票letter of credit n.(银行发行的)信用证charge for 想...收费overdraw v.透支overdraft n.透支, 透支之款项endorse v.在(票据)背面签名, 签注(文件), 认可, 签署liability n.责任, 义务, 倾向, 债务, , 与assets 相对asset n., 有用的东西solvent adj. 有偿付能力的 n.溶媒, 溶剂, 解决方法securities n.有价证券time hull insurance 船舶定期保险marine insurance 海损保险maritime transportation insurance 海洋运输保险fire insurance 火险cargo insurance 货物保险。
金融英语考核方案
金融英语考核方案一、背景金融业的快速发展,对金融人才的国际视野和英语能力提出了更高的要求。
因此,为了满足市场需求,提高金融从业人员的英语水平,本公司决定推行金融英语考核方案。
二、目的本考核方案旨在提升金融从业人员的英语水平,使其能够更好地理解、交流和运用金融英语术语,在跨国交流和国际业务中更加得心应手。
三、考核内容本考核方案共分为四个部分,并且设有四个等级:1.听力(Listening)第一级:具备基本听取熟悉话题的信息的能力。
第二级:能听取复杂话题的信息,并能从中获取所需信息。
第三级:能听取最复杂话题的信息,并能精准表达听取到的信息。
2.口语(Speaking)第一级:能用基本的词汇和语法表达个人观点。
第二级:能熟练表达个人观点,并发表论述。
第三级:能熟练表达个人观点,并与他人进行复杂的交流与讨论。
3.阅读(Reading)第一级:能较好地阅读简单的资料,并获取必要的信息。
第二级:能阅读复杂的资料,并获取必要的信息。
第三级:能阅读最复杂的资料,并精准把握各种信息。
4.写作(Writing)第一级:能使用基本的语法和词汇进行简单的写作。
第二级:能熟练进行写作,并发表其他人认可的作品。
第三级:能熟练处理金融文献,并能够写出符合业内要求的文档。
四、考核方式本考核方案采取经典的四项基本技能考核的方式,并且针对特定的金融领域进行测试。
考核会在特定的时间段内开展,所有参与考核的人员需要提前报名并缴纳一定的费用。
五、考核标准考核的通过标准根据参与人员的级别分别进行评估,所有不及格的人员可以在规定时间内重新报名进行考核。
第一级:在考核方案的四个部分中,通过三个即可算作合格。
第二级:在考核方案的四个部分中,通过两个即可算作合格。
第三级:在考核方案的四个部分中,通过一个即可算作合格。
六、结语金融英语对于金融人才的要求越来越高,通过本公司的金融英语考核方案,我们相信能够大大提高人们的英语水平,为异国交流提供更大的便利,为国际金融业注入更多的优秀人才。
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金融英语证书考试(F E C T)E x e r c i s e s-1(1)of the following is not a function of money?______。
?act as a medium of exchangeact as a unit of accountact as a store of valueprovide a double coincidence of wantsact as a means of paymentprice in the foreign exchange market is called ______。
trade surplusexchange ratemoney pricecurrency raterisk refers to the risk of______。
prices fluctuationspaymentsof the following is not among the generally accepted accounting principles?______。
basisconcernmeasurement。
is a documentary letter of credit?______。
conditional bank undertaking to pay an exporter on production of stipulated documentationmethod of lending against documentary securityinternational trade settlement system biased in favour of importersof the abovea group of assets reduces risk as long as the assets ______。
perfectly correlatedcompletely independentnot have precisely the same pattern of returnsa correlation coefficient greater than oneamount,payable in money goods,or service,owed by a business to a creditor,is known as a/an 。
function is money serving when you buy a ticket to a movie?______。
of valuemedium of exchangedemandunit of accountforeigners expect that the future price of sterling will be lower,the ______。
of sterling will increase,demand for sterling will fall,and theexchange rate will fallof sterling will increase,demand for sterling will rise,and theexchange rate may or may not increaseof sterling will fall,demand for sterling will increase,and the exchange rate will riseof sterling will fall,demand for sterling will fall,and the exchange rate may or may not falldocumentary collection provides the seller with a greater degree of protection than shipping on ______。
account's letter of guarantee's draftcreditof the following statements is not true of central banks?______。
pay the government's salariesalways undertake the regulation of the banking systemare always the lender of last resortof the aboveGBP/USD rate goes from to ,we say the dollar ______。
by %by %by %by %to diversification principle in investment,suppose you invest Stock X and Stock Y with equal funds,which of the following is not true?______。
X and Y are totally independent with each other,the risk of the portfolio is reducedX and Y are perfectly negatively correlated,the risk of the portfolio is perfectly offsetX and Y are perfectly positively correlated,the risk of the portfolio is neither reduced nor increased X and Y are perfectly negatively correlated,the risk of the portfolio is neither reduced nor increased 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)main liability on a bank balance sheet is ______。
and reservesand overdraftsshows that net income for a specified period of time and how it was calculated。
income statementcapital statementaccounting statementstatement of financial conditionmust the liabilities and assets of a bank be actively managed?______。
assets and liabilities are not evenly matched on the same time scaleassets and liabilities are evenly matchedthe interbank market uses LIBORassets and liabilities can be underwrittenthe expected returns of two risky assets have a perfect negative correlation,then risk 。
increasedto zerounaffectedreduced by one-halfpossible disadvantage of freely fluctuating exchange rates with no official intervention is that 。
nations would experience continual deficitsexchange rates may experience wide and frequent fluctuationswould no longer be able to undertake domestic policies designed to achieve and maintain full employmentwould need a larger supply of international reserves than otherwiseare your GBP/USD position and the average rate if you sell £4m at buy £5m at and sell $5mat ?£2 058 long $3 370 000 at£5 941 short $9710 000 at£5 941 long $9 710 000 at£4 058 short $6 630 000 atcorrelation coefficient of + means two stocks are ______。
negatively correlatedthe market betato the market betapositively correlatedpercentage analysis of increases and decreases in corresponding items in comparative financial statements is called ______。
analysisanalysisanalysisanalysisis the name of the document which can make a buyer feel confident that goods are of a certain standard?______。