财经英语Chapter 2
货币金融学chapter 2英文习题
Economics of Money, Banking, and Financial Markets, 11e, Global Edition (Mishkin) Chapter 2 An Overview of the Financial System2.1 Function of Financial Markets1) Every financial market has the following characteristic.A) It determines the level of interest rates.B) It allows common stock to be traded.C) It allows loans to be made.D) It channels funds from lenders-savers to borrowers-spenders.Answer: DAACSB: Reflective Thinking2) Financial markets have the basic function ofA) getting people with funds to lend together with people who want to borrow funds.B) assuring that the swings in the business cycle are less pronounced.C) assuring that governments need never resort to printing money.D) providing a risk-free repository of spending power.Answer: AAACSB: Reflective Thinking3) Financial markets improve economic welfare becauseA) they channel funds from investors to savers.B) they allow consumers to time their purchase better.C) they weed out inefficient firms.D) they eliminate the need for indirect finance.Answer: BAACSB: Reflective Thinking4) Well-functioning financial marketsA) cause inflation.B) eliminate the need for indirect finance.C) cause financial crises.D) allow the economy to operate more efficiently.Answer: DAACSB: Reflective Thinking5) A breakdown of financial markets can result inA) financial stability.B) rapid economic growth.C) political instability.D) stable prices.Answer: CAACSB: Reflective Thinking6) The principal lender-savers areA) governments.B) businesses.C) households.D) foreigners.Answer: CAACSB: Application of Knowledge7) Which of the following can be described as direct finance?A) You take out a mortgage from your local bank.B) You borrow $2500 from a friend.C) You buy shares of common stock in the secondary market.D) You buy shares in a mutual fund.Answer: BAACSB: Analytical Thinking8) Assume that you borrow $2000 at 10% annual interest to finance a new business project. For this loan to be profitable, the minimum amount this project must generate in annual earnings isA) $400.B) $201.C) $200.D) $199.Answer: BAACSB: Analytical Thinking9) You can borrow $5000 to finance a new business venture. This new venture will generate annual earnings of $251. The maximum interest rate that you would pay on the borrowed funds and still increase your income isA) 25%.B) 12.5%.C) 10%.D) 5%.Answer: DAACSB: Analytical Thinking10) Which of the following can be described as involving direct finance?A) A corporation issues new shares of stock.B) People buy shares in a mutual fund.C) A pension fund manager buys a short-term corporate security in the secondary market.D) An insurance company buys shares of common stock in the over-the-counter markets. Answer: AAACSB: Analytical Thinking11) Which of the following can be described as involving direct finance?A) A corporation takes out loans from a bank.B) People buy shares in a mutual fund.C) A corporation buys a short-term corporate security in a secondary market.D) People buy shares of common stock in the primary markets.Answer: DAACSB: Analytical Thinking12) Which of the following can be described as involving indirect finance?A) You make a loan to your neighbor.B) A corporation buys a share of common stock issued by another corporation in the primary market.C) You buy a U.S. Treasury bill from the U.S. Treasury at .D) You make a deposit at a bank.Answer: DAACSB: Analytical Thinking13) Which of the following can be described as involving indirect finance?A) You make a loan to your neighbor.B) You buy shares in a mutual fund.C) You buy a U.S. Treasury bill from the U.S. Treasury at Treasury .D) You purchase shares in an initial public offering by a corporation in the primary market. Answer: BAACSB: Analytical Thinking14) Securities are ________ for the person who buys them, but are ________ for the individual or firm that issues them.A) assets; liabilitiesB) liabilities; assetsC) negotiable; nonnegotiableD) nonnegotiable; negotiableAnswer: AAACSB: Reflective Thinking15) With ________ finance, borrowers obtain funds from lenders by selling them securities in the financial markets.A) activeB) determinedC) indirectD) directAnswer: DAACSB: Application of Knowledge16) With direct finance, funds are channeled through the financial market from the ________ directly to the ________.A) savers, spendersB) spenders, investorsC) borrowers, saversD) investors, saversAnswer: AAACSB: Reflective Thinking17) Distinguish between direct finance and indirect finance. Which of these is the most important source of funds for corporations in the United States?Answer: With direct finance, funds flow directly from the lender/saver to the borrower. With indirect finance, funds flow from the lender/saver to a financial intermediary who then channels the funds to the borrower/investor. Financial intermediaries (indirect finance) are the major source of funds for corporations in the U.S.AACSB: Reflective Thinking2.2 Structure of Financial Markets1) Which of the following statements about the characteristics of debt and equity is FALSE?A) They can both be long-term financial instruments.B) They can both be short-term financial instruments.C) They both involve a claim on the issuer's income.D) They both enable a corporation to raise funds.Answer: BAACSB: Reflective Thinking2) Which of the following statements about the characteristics of debt and equities is TRUE?A) They can both be long-term financial instruments.B) Bond holders are residual claimants.C) The income from bonds is typically more variable than that from equities.D) Bonds pay dividends.Answer: AAACSB: Reflective Thinking3) Which of the following statements about financial markets and securities is TRUE?A) A bond is a long-term security that promises to make periodic payments called dividends to the firm's residual claimants.B) A debt instrument is intermediate term if its maturity is less than one year.C) A debt instrument is intermediate term if its maturity is ten years or longer.D) The maturity of a debt instrument is the number of years (term) to that instrument's expiration date.Answer: DAACSB: Reflective Thinking4) Which of the following is an example of an intermediate-term debt?A) a fifteen-year mortgageB) a sixty-month car loanC) a six-month loan from a finance companyD) a thirty-year U.S. Treasury bondAnswer: BAACSB: Analytical Thinking5) If the maturity of a debt instrument is less than one year, the debt is calledA) short-term.B) intermediate-term.C) long-term.D) prima-term.Answer: AAACSB: Application of Knowledge6) Long-term debt has a maturity that isA) between one and ten years.B) less than a year.C) between five and ten years.D) ten years or longer.Answer: DAACSB: Application of Knowledge7) When I purchase ________, I own a portion of a firm and have the right to vote on issues important to the firm and to elect its directors.A) bondsB) billsC) notesD) stockAnswer: DAACSB: Application of Knowledge8) Equity holders are a corporation's ________. That means the corporation must pay all of its debt holders before it pays its equity holders.A) debtorsB) brokersC) residual claimantsD) underwritersAnswer: CAACSB: Reflective Thinking9) Which of the following benefits directly from any increase in the corporation's profitability?A) a bond holderB) a commercial paper holderC) a shareholderD) a T-bill holderAnswer: CAACSB: Reflective Thinking10) A financial market in which previously issued securities can be resold is called a ________ market.A) primaryB) secondaryC) tertiaryD) used securitiesAnswer: BAACSB: Application of Knowledge11) An important financial institution that assists in the initial sale of securities in the primary market is theA) investment bank.B) commercial bank.C) stock exchange.D) brokerage house.Answer: AAACSB: Application of Knowledge12) When an investment bank ________ securities, it guarantees a price for a corporation's securities and then sells them to the public.A) underwritesB) undertakesC) overwritesD) overtakesAnswer: AAACSB: Application of Knowledge13) Which of the following is NOT a secondary market?A) foreign exchange marketB) futures marketC) options marketD) IPO marketAnswer: DAACSB: Reflective Thinking14) ________ work in the secondary markets matching buyers with sellers of securities.A) DealersB) UnderwritersC) BrokersD) ClaimantsAnswer: CAACSB: Application of Knowledge15) A corporation acquires new funds only when its securities are sold in theA) primary market by an investment bank.B) primary market by a stock exchange broker.C) secondary market by a securities dealer.D) secondary market by a commercial bank.Answer: AAACSB: Reflective Thinking16) A corporation acquires new funds only when its securities are sold in theA) secondary market by an investment bank.B) primary market by an investment bank.C) secondary market by a stock exchange broker.D) secondary market by a commercial bank.Answer: BAACSB: Reflective Thinking17) An important function of secondary markets is toA) make it easier to sell financial instruments to raise funds.B) raise funds for corporations through the sale of securities.C) make it easier for governments to raise taxes.D) create a market for newly constructed houses.Answer: AAACSB: Reflective Thinking18) Secondary markets make financial instruments moreA) solid.B) vapid.C) liquid.D) risky.Answer: CAACSB: Reflective Thinking19) A liquid asset isA) an asset that can easily and quickly be sold to raise cash.B) a share of an ocean resort.C) difficult to resell.D) always sold in an over-the-counter market.Answer: AAACSB: Reflective Thinking20) The higher a security's price in the secondary market the ________ funds a firm can raise by selling securities in the ________ market.A) more; primaryB) more; secondaryC) less; primaryD) less; secondaryAnswer: AAACSB: Reflective Thinking21) When secondary market buyers and sellers of securities meet in one central location to conduct trades the market is called a(n)A) exchange.B) over-the-counter market.C) common market.D) barter market.Answer: AAACSB: Application of Knowledge22) In a(n) ________ market, dealers in different locations buy and sell securities to anyone who comes to them and is willing to accept their prices.A) exchangeB) over-the-counterC) commonD) barterAnswer: BAACSB: Application of Knowledge23) Forty or so dealers establish a "market" in these securities by standing ready to buy and sell them.A) secondary stocksB) surplus stocksC) U.S. government bondsD) common stocksAnswer: CAACSB: Application of Knowledge24) Which of the following statements about financial markets and securities is TRUE?A) Many common stocks are traded over-the-counter, although the largest corporations usually have their shares traded at organized stock exchanges such as the New York Stock Exchange. B) As a corporation gets a share of the broker's commission, a corporation acquires new funds whenever its securities are sold.C) Capital market securities are usually more widely traded than shorter-term securities and so tend to be more liquid.D) Prices of capital market securities are usually more stable than prices of money market securities, and so are often used to hold temporary surplus funds of corporations.Answer: AAACSB: Reflective Thinking25) A financial market in which only short-term debt instruments are traded is called the________ market.A) bondB) moneyC) capitalD) stockAnswer: BAACSB: Analytical Thinking26) Equity instruments are traded in the ________ market.A) moneyB) bondC) capitalD) commoditiesAnswer: CAACSB: Analytical Thinking27) Because these securities are more liquid and generally have smaller price fluctuations, corporations and banks use the ________ securities to earn interest on temporary surplus funds.A) money marketB) capital marketC) bond marketD) stock marketAnswer: AAACSB: Reflective Thinking28) Corporations receive funds when their stock is sold in the primary market. Why do corporations pay attention to what is happening to their stock in the secondary market? Answer: The existence of the secondary market makes their stock more liquid and the price in the secondary market sets the price that the corporation would receive if they choose to sell more stock in the primary market.AACSB: Reflective Thinking29) Describe the two methods of organizing a secondary market.Answer: A secondary market can be organized as an exchange where buyers and sellers meet in one central location to conduct trades. An example of an exchange is the New York Stock Exchange. A secondary market can also be organized as an over-the-counter market. In this type of market, dealers in different locations buy and sell securities to anyone who comes to them and is willing to accept their prices. An example of an over-the-counter market is the federal funds market.AACSB: Reflective Thinking2.3 Financial Market Instruments1) Prices of money market instruments undergo the least price fluctuations because ofA) the short terms to maturity for the securities.B) the heavy regulations in the industry.C) the price ceiling imposed by government regulators.D) the lack of competition in the market.Answer: AAACSB: Reflective Thinking2) U.S. Treasury bills pay no interest but are sold at a ________. That is, you will pay a lower purchase price than the amount you receive at maturity.A) premiumB) collateralC) defaultD) discountAnswer: DAACSB: Analytical Thinking3) U.S. Treasury bills are considered the safest of all money market instruments because there isa low probability ofA) defeat.B) default.C) desertion.D) demarcation.Answer: BAACSB: Analytical Thinking4) A debt instrument sold by a bank to its depositors that pays annual interest of a given amount and at maturity pays back the original purchase price is calledA) commercial paper.B) a certificate of deposit.C) a municipal bond.D) federal funds.Answer: BAACSB: Analytical Thinking5) A short-term debt instrument issued by well-known corporations is calledA) commercial paper.B) corporate bonds.C) municipal bonds.D) commercial mortgages.Answer: AAACSB: Analytical Thinking6) ________ are short-term loans in which Treasury bills serve as collateral.A) Repurchase agreementsB) Negotiable certificates of depositC) Federal fundsD) U.S. government agency securitiesAnswer: AAACSB: Analytical Thinking7) Collateral is ________ the lender receives if the borrower does not pay back the loan.A) a liabilityB) an assetC) a presentD) an offeringAnswer: BAACSB: Analytical Thinking8) Federal funds areA) funds raised by the federal government in the bond market.B) loans made by the Federal Reserve System to banks.C) loans made by banks to the Federal Reserve System.D) loans made by banks to each other.Answer: DAACSB: Analytical Thinking9) An important source of short-term funds for commercial banks are ________ which can be resold on the secondary market.A) negotiable CDsB) commercial paperC) mortgage-backed securitiesD) municipal bondsAnswer: AAACSB: Application of Knowledge10) Which of the following are short-term financial instruments?A) a repurchase agreementB) a share of Walt Disney Corporation stockC) a Treasury note with a maturity of four yearsD) a residential mortgageAnswer: AAACSB: Analytical Thinking11) Which of the following instruments are traded in a money market?A) state and local government bondsB) U.S. Treasury billsC) corporate bondsD) U.S. government agency securitiesAnswer: BAACSB: Analytical Thinking12) Which of the following instruments are traded in a money market?A) bank commercial loansB) commercial paperC) state and local government bondsD) residential mortgagesAnswer: BAACSB: Analytical Thinking13) Which of the following instruments is NOT traded in a money market?A) residential mortgagesB) U.S. Treasury BillsC) negotiable bank certificates of depositD) commercial paperAnswer: AAACSB: Analytical Thinking14) Bonds issued by state and local governments are called ________ bonds.A) corporateB) TreasuryC) municipalD) commercialAnswer: CAACSB: Application of Knowledge15) Equity and debt instruments with maturities greater than one year are called ________ market instruments.A) capitalB) moneyC) federalD) benchmarkAnswer: AAACSB: Application of Knowledge16) Which of the following is a long-term financial instrument?A) a negotiable certificate of depositB) a repurchase agreementC) a U.S. Treasury bondD) a U.S. Treasury billAnswer: CAACSB: Analytical Thinking17) Which of the following instruments are traded in a capital market?A) U.S. Government agency securitiesB) negotiable bank CDsC) repurchase agreementsD) U.S. Treasury billsAnswer: AAACSB: Analytical Thinking18) Which of the following instruments are traded in a capital market?A) corporate bondsB) U.S. Treasury billsC) negotiable bank CDsD) repurchase agreementsAnswer: AAACSB: Analytical Thinking19) Which of the following are NOT traded in a capital market?A) U.S. government agency securitiesB) state and local government bondsC) repurchase agreementsD) corporate bondsAnswer: CAACSB: Analytical Thinking20) The most liquid securities traded in the capital market areA) corporate bonds.B) municipal bonds.C) U.S. Treasury bonds.D) mortgage-backed securities.Answer: CAACSB: Reflective Thinking21) Mortgage-backed securities are similar to ________ but the interest and principal payments are backed by the individual mortgages within the security.A) bondsB) stockC) repurchase agreementsD) negotiable CDsAnswer: AAACSB: Application of Knowledge2.4 Internationalization of Financial Markets1) Equity of U.S. companies can be purchased byA) U.S. citizens only.B) foreign citizens only.C) U.S. citizens and foreign citizens.D) U.S. mutual funds only.Answer: CAACSB: Diverse and multicultural work environments2) One reason for the extraordinary growth of foreign financial markets isA) decreased trade.B) increases in the pool of savings in foreign countries.C) the recent introduction of the foreign bond.D) slower technological innovation in foreign markets.Answer: BAACSB: Diverse and multicultural work environments3) Bonds that are sold in a foreign country and are denominated in the country's currency in which they are sold are known asA) foreign bonds.B) Eurobonds.C) equity bonds.D) country bonds.Answer: AAACSB: Application of Knowledge4) Bonds that are sold in a foreign country and are denominated in a currency other than that of the country in which it is sold are known asA) foreign bonds.B) Eurobonds.C) equity bonds.D) country bonds.Answer: BAACSB: Application of Knowledge5) If Microsoft sells a bond in London and it is denominated in dollars, the bond is aA) Eurobond.B) foreign bond.C) British bond.D) currency bond.Answer: AAACSB: Reflective Thinking6) U.S. dollar deposits in foreign banks outside the U.S. or in foreign branches of U.S. banks are calledA) Atlantic dollars.B) Eurodollars.C) foreign dollars.D) outside dollars.Answer: BAACSB: Application of Knowledge7) If Toyota sells a $1000 bond in the United States, the bond is aA) foreign bond.B) Eurobond.C) Tokyo bond.D) currency bond.Answer: AAACSB: Application of Knowledge8) Distinguish between a foreign bond and a Eurobond.Answer: A foreign bond is sold in a foreign country and priced in that country's currency. A Eurobond is sold in a foreign country and priced in a currency that is not that country's currency. AACSB: Reflective Thinking2.5 Function of Financial Intermediaries: Indirect Finance1) The process of indirect finance using financial intermediaries is calledA) direct lending.B) financial intermediation.C) resource allocation.D) financial liquidation.Answer: BAACSB: Reflective Thinking2) In the United States, loans from ________ are far ________ important for corporate finance than are securities markets.A) government agencies; moreB) government agencies; lessC) financial intermediaries; moreD) financial intermediaries; lessAnswer: CAACSB: Reflective Thinking3) The time and money spent in carrying out financial transactions are calledA) economies of scale.B) financial intermediation.C) liquidity services.D) transaction costs.Answer: DAACSB: Application of Knowledge4) Economies of scale enable financial institutions toA) reduce transactions costs.B) avoid the asymmetric information problem.C) avoid adverse selection problems.D) reduce moral hazard.Answer: AAACSB: Reflective Thinking5) An example of economies of scale in the provision of financial services isA) investing in a diversified collection of assets.B) providing depositors with a variety of savings certificates.C) hiring more support staff so that customers don't have to wait so long for assistance.D) spreading the cost of writing a standardized contract over many borrowers.Answer: DAACSB: Reflective Thinking6) Financial intermediaries provide customers with liquidity services. Liquidity servicesA) make it easier for customers to conduct transactions.B) allow customers to have a cup of coffee while waiting in the lobby.C) are a result of the asymmetric information problem.D) are another term for asset transformation.Answer: AAACSB: Reflective Thinking7) The process where financial intermediaries create and sell low-risk assets and use the proceeds to purchase riskier assets is known asA) risk sharing.B) risk aversion.C) risk neutrality.D) risk selling.Answer: AAACSB: Analytical Thinking8) The process of asset transformation refers to the conversion ofA) safer assets into risky assets.B) safer assets into safer liabilities.C) risky assets into safer assets.D) risky assets into risky liabilities.Answer: CAACSB: Analytical Thinking9) Reducing risk through the purchase of assets whose returns do not always move together isA) diversification.B) intermediation.C) intervention.D) discounting.Answer: AAACSB: Analytical Thinking10) The concept of diversification is captured by the statementA) don't look a gift horse in the mouth.B) don't put all your eggs in one basket.C) it never rains, but it pours.D) make hay while the sun shines.Answer: BAACSB: Reflective Thinking11) Risk sharing is profitable for financial institutions due toA) low transactions costs.B) asymmetric information.C) adverse selection.D) moral hazard.Answer: AAACSB: Reflective Thinking12) Typically, borrowers have superior information relative to lenders about the potential returns and risks associated with an investment project. The difference in information is calledA) moral selection.B) risk sharing.C) asymmetric information.D) adverse hazard.Answer: CAACSB: Analytical Thinking13) If bad credit risks are the ones who most actively seek loans and, therefore, receive them from financial intermediaries, then financial intermediaries face the problem ofA) moral hazard.B) adverse selection.C) free-riding.D) costly state verification.Answer: BAACSB: Reflective Thinking14) The problem created by asymmetric information before the transaction occurs is called________, while the problem created after the transaction occurs is called ________.A) adverse selection; moral hazardB) moral hazard; adverse selectionC) costly state verification; free-ridingD) free-riding; costly state verificationAnswer: AAACSB: Application of Knowledge15) Adverse selection is a problem associated with equity and debt contracts arising fromA) the lender's relative lack of information about the borrower's potential returns and risks of his investment activities.B) the lender's inability to legally require sufficient collateral to cover a 100% loss if the borrower defaults.C) the borrower's lack of incentive to seek a loan for highly risky investments.D) the borrower's lack of good options for obtaining funds.Answer: AAACSB: Reflective Thinking16) An example of the problem of ________ is when a corporation uses the funds raised from selling bonds to fund corporate expansion to pay for Caribbean cruises for all of its employees and their families.A) adverse selectionB) moral hazardC) risk sharingD) credit riskAnswer: BAACSB: Ethical understanding and reasoning abilities17) Banks can lower the cost of information production by applying one information resource to many different services. This process is calledA) economies of scale.B) asset transformation.C) economies of scope.D) asymmetric information.Answer: CAACSB: Application of Knowledge18) Conflicts of interest are a type of ________ problem that can happen when an institution provides multiple services.A) adverse selectionB) free-ridingC) discountingD) moral hazardAnswer: DAACSB: Ethical understanding and reasoning abilities19) Studies of the major developed countries show that when businesses go looking for funds to finance their activities they usually obtain these funds fromA) government agencies.B) equities markets.C) financial intermediaries.D) bond markets.Answer: CAACSB: Application of Knowledge20) The countries that have made the least use of securities markets are ________ and ________; in these two countries finance from financial intermediaries has been almost ten times greater than that from securities markets.A) Germany; JapanB) Germany; Great BritainC) Great Britain; CanadaD) Canada; JapanAnswer: AAACSB: Application of Knowledge21) Although the dominance of ________ over ________ is clear in all countries, the relative importance of bond versus stock markets differs widely.A) financial intermediaries; securities marketsB) financial intermediaries; government agenciesC) government agencies; financial intermediariesD) government agencies; securities marketsAnswer: AAACSB: Reflective Thinking22) Because there is an imbalance of information in a lending situation, we must deal with the problems of adverse selection and moral hazard. Define these terms and explain how financial intermediaries can reduce these problems.Answer: Adverse selection is the asymmetric information problem that exists before the transaction occurs. For lenders, it is the difficulty in judging a good credit risk from a bad credit risk. Moral hazard is the asymmetric information problem that exists after the transaction occurs. For lenders, it is the difficulty in making sure the borrower uses the funds appropriately. Financial intermediaries can reduce adverse selection through intensive screening and can reduce moral hazard by monitoring the borrower.AACSB: Reflective Thinking2.6 Types of Financial Intermediaries1) Financial institutions that accept deposits and make loans are called ________ institutions.A) investmentB) contractual savingsC) depositoryD) underwritingAnswer: CAACSB: Application of Knowledge2) Thrift institutions includeA) banks, mutual funds, and insurance companies.B) savings and loan associations, mutual savings banks, and credit unions.C) finance companies, mutual funds, and money market funds.D) pension funds, mutual funds, and banks.Answer: BAACSB: Analytical Thinking3) Which of the following is a depository institution?A) a life insurance companyB) a credit unionC) a pension fundD) a mutual fundAnswer: BAACSB: Analytical Thinking。
金融英语2
– Commercial Paper (CP) (商業本票) (商業本票)
WellWell-known companies often issue their own short-term shortunsecured debt notes, CP, directly to the public, rather than borrowing from the banks (direct vs. indirect finance) CP maturities ranges up to 270 days CP is quite liquid and considered to be a fairly safe asset The yield on CP depends on its time to maturity and 2-7 credit rating
Money Market Instruments
– Repurchase Agreements (repos) (RPs) and Reverse RPs (附買回 (附賣回) 協定) (附買回 附賣回) 協定)
ShortShort-term sales of government securities with an agreement to repurchase the securities at a higher price Dealers in government securities use repos as a form of shortshort-term, usually overnight, borrowing, in which the government securities serve as collaterals for the loan In a reverse repo, the dealer buys government securities from an investor and promise to resell them at a specified higher price on the future date
Unit2(财经)
Unit 2 Financial MarketsTEACHING OBJECTIVES1.Master all the professional terms in this chapter.2.Learn to fill out a negotiable CD.3.Master the format of a letter and learn how to reply letters of inquiry.4.Understand the concepts and characteristics of money markets.5.Develop the students’ reading and translating skills.6.Develop the students’ speaking abilities.TEACHING APPROACH:1.Method of Lecture2.TBLT（Task Based Language Teaching ）3.CLTA (Communicative Language Teaching Approach)TEACHING AIDSChalk, BlackboardIMPORTANT POINTS:1.Words and terms:Treasury bill, negotiable certificate of deposit, commercial paper, financial instrument, equity market, dealer, broker, inventory, transaction, profit,ask for bids, remittance, currency, cash, apply for a loan, down-payment, etc.2.Concepts and characteristics of money markets.3.Filling out a negotiable CD.DIFFICULT POINTS:1.Understanding the operating of money markets.2.Encouraging students to speak English and making up dialogues according to sample dialogues.TIME ALLOTMENT: 7 PERIODS1.Lead in (5 minutes)2. New words and terms (50 minutes)3. Detailed study of reading A(120 minutes)4. Exercises (50 minutes)5. Simulated writing (50 minutes)6. Listening and Speaking (50 minutes)7. Summary and Homework (25 minutes)TEACHING PROCEDURE:I.LEAD IN1. Greeting2. Questions-discussingWhat can people do in the money market?II. NEW WORDS AND TERMS1. Firstly, the students read the words and terms by themselves.2. Secondly, the students read the words and terms after their teacher.3. Thirdly, the students read all words in pairs.4. At last, the teacher checks the students’ work.III. DETAILED STUDY OF READING APARAGRAPH 11.Give students several minutes to read through the paragraph and have ageneral understanding of it.2.The teacher explains the difficult words, phrases and sentence structuresin this paragraph.Difficult words, phrases and sentence structures:individual, borrow and lend, instrument, volumeThey are followed by…It is the close… that…3.Ask students work in groups and translate the paragraph into Chinese.4.Ask students answer the following questions:1)What can people do in the money market?2)Name 3 money market instruments.PARAGRAPH 21.Give students several minutes to read through the paragraph and payattention to the new words and terms.2.The teacher explains the difficult points in the paragraph and the studentsshould try to translate the paragraph along with their teacher.Difficult words and terms: be central to, dealer, broker, position, specialize in, execute transactions, be tied to each other3.Give students a few minutes to read the paragraph and answer thefollowing questions:1) How is the money market different from the NYSE?2)How are money market transactions conducted?1. Ask students work in groups to read the paragraphs and translate it intoChinese. The students are allowed to look up difficult words by theirelectronic dictionary.2. The students present their work and the teacher makes explanations ifnecessary.Difficult sentences:1）A bank trading in Federal Funds will ask for bids from a number of brokers, selling at the highest price and buying at the lowest.一家交易联邦基金的银行要向许多经纪人询价，以最高价卖出，以最低价买入。
山东财经大学英语教材
山东财经大学英语教材Introduction：山东财经大学英语教材是为山东财经大学的学生开设的一门英语课程所准备的学习资料。
本教材旨在提升学生的英语综合能力，并满足他们在学术和职业生涯中的语言需求。
本文将对该教材的内容和特点进行详细介绍。
Chapter 1: 基础知识在这一章节中，教材提供了英语语法、词汇以及基本句型的介绍和讲解。
通过对英语基础知识的学习，学生可以建立起扎实的语言基础，为进一步的学习打下坚实的基础。
Chapter 2: 读写技巧本章主要介绍了提高英语阅读和写作技巧的方法。
教材中包含了各种阅读材料，如新闻报道、文章、故事等，以帮助学生培养阅读理解能力，并提供了写作指导和范文，以提高学生的写作水平。
Chapter 3: 听力训练这一章节着重强调英语听力技巧的训练。
通过听力材料的选择和设计，学生可以提升听力理解能力，并加强对不同口音和语速的适应能力。
教材同时提供了听力材料的文本，便于学生进行听写和反复练习。
Chapter 4: 口语表达在这一章节中，教材注重培养学生的口语交际能力。
通过对对话、口语练习和角色扮演等活动的设计，学生可以提高口语流利度、准确度和自信心，使他们能够更好地运用英语进行日常交流和表达观点。
Chapter 5: 阅读理解本章节主要通过对各类文章的阅读，帮助学生提高阅读理解和分析能力。
教材中包含了不同难度和题型的阅读材料，并提供了相关的问题和练习，以巩固学生的阅读技巧和理解能力。
Chapter 6: 学术写作这一章节主要针对高年级学生和研究生，提供了学术写作的指导和技巧。
通过对学术论文和研究报告的结构和语言特点的介绍，教材帮助学生提升学术写作水平，并使他们能够独立完成学术研究和论文撰写。
Conclusion：山东财经大学英语教材通过系统的内容安排和多样化的教学方法，旨在提升学生的英语综合能力。
教材的编写遵循科学严谨的原则，注重培养学生的学术和职业需求。
希望这份教材能够对山东财经大学的学生在英语学习中起到积极的推动作用。
金融英语课件chapter2
funds rate finally fell back later.
• The benchmark lending rate will be lowered by 0.27 percentage point to 7.20 percent from Tuesday.
金融英语课件chapter2
金融英语课件chapter2
China cuts rates, lowers reserve ratio
Derivatives
• Forward
• Futures
• Options
• And swaps
金融英语课件chapter2
Forwards
• A transaction in which a seller agrees to deliver a specific commodity to a buyer at some point in the future.
• Control of the firm
• Preemptive right
金融英语课件chapter2
Two type of stock companies
• Publicly held • Privately held
金融英语课件chapter2
Advantages of issuing C.S
金融英语课件chapter2
China cuts rates, lowers reserve ratio
Chapter 2 The Overview of Financial Market
The Economics of Money, Banking and Financial Markets
CHAPTER 2 THE OVERVIEW OF FINANCIAL SYSTEM
2.2 Function of Financial Markets ■Contributing to higher production and efficiency in the economy. ■Improving the well-being of consumers by allowing them to time to their purchases better.
SEIB
The Economics of Money, Banking and Financial Markets
CHAPTER 2 THE OVERVIEW OF FINANCIAL SYSTEM
*The subprime mortgage crisis 指发生在美国，因为次级抵押贷款机构破产而导致 指发生在美国， 的投资基金被迫关闭，股市震荡反常剧烈的危机。 的投资基金被迫关闭，股市震荡反常剧烈的危机。
▲ Savings and loan associations ▲ Credit unions
SEIB
The Economics of Money, Banking and Financial Markets
CHAPTER 2 THE OVERVIEW OF FINANCIAL SYSTEM
2.6 Regulation of the financial system ■ Increasing information available to investors ■ Ensuring the soundness of financial intermediaries ▲ Restrictions on entry ▲ Disclosure ▲ Restrictions on asset and activities ▲ deposit insurance ▲ Limits on competition ▲ Restrictions on interest rates ■Improving control of monetary policy
金融英语Chapter2
• In addition, the market values of securities (such as bonds) held by depository institutions or nondepository institutions are affected as well. Thus, managers of financial institutions attempt to anticipate interest rate movements so that they can capitalize on favorable movements or reduce their institution’s exposure to unfaverable movements.
❖For example, if tax rates on household income are expected to significantly decrease in the future, households might believe that they can more easily afford future loan repayment and thus be willing to borrow more funds. For any interest rate, the quantity of loanable funds demanded by households would be greater as a result of tax law adjustment. This represents an outward shift in the demand schedule.
(财政学罗森第九版英文课件)Chap022Public Finance in a Federal System
Unconditional Grants
• Revenue sharing • Measuring Need
– Tax effort
22-27
The Flypaper Effect
• Whose indifference curves? • Median voter theorem • Flypaper effect
22-14
Incidence and Efficiency Effects – The Traditional View - Tax on Structures
Price per structure
PgB PnB = PP0B0B
PnL
Price paid by tenants increases by full amount of
E2 E1
G1 G2
B
R
Units of public good (G) per year
22-24
Conditional (Categorical) Grants
Matching Closed-Ended Grants
Consumption (c) per yearAFra bibliotekcc31
D E3 E1
G1 G3
the tax
B1
B0
SB
DB DB’
Number of structures per year
22-15
Summary and Implications of the Traditional View
• Progressivity
– Land tax – Structures tax
• Empirical evidence
山东财经大学chapter two 汉译英 词语的翻译1
• 每天老大爷亲自送孙子上幼儿园。 • Everyday the grandpa himself takes his grandson to the kindergarten. • 把犯罪分子送交法院审判。 • Hand the criminal over to the court for trial. • 送君千里，终须一别。 • Although you escort your guest a thousand miles, yet must the parting come at last.
一词多义
人家
• 你们村子上有多少人家？ • How many households are there in your village?
• 他妹妹已经有人家了。 • His sister is already engaged.
• 这件事我是听人家说的。 • I hear it from others.
纺织品 纸币 四季豆 防水油布 高中 黄皮书、黄页 变质的奶 公共厕所 承认说的错话 当心，留神 假正经
• • • • • • • • • • •
dried goods joss paper mung bean oily skin university/ college pornography yogurt lounge break a promise look outside yes-man
2.1.3.词义关系
• • • • 完全对等 部分对等 不对等 一词多义
完全对等
• 完全对等是指英语中有些词所表达的意义，在汉 语中可以找到完全对应的词来表达，它们的意义 在上下文中完全对等。这类词主要是专有名词及 简单的普通名词以及术语。 • China = 中国 , Germany = 德国, • New York = 纽约， table = 桌子, • watch = 手表， sun = 太阳 • Marxism = 马克思主义 Aspirin = 阿斯匹林 • 激光= laser 白血病= leukemia
金融英语 chapter 2
B. Factors Evaluated by the Chartering Authorities
In evaluating a charter application, the chartering authority generally considers four factors: ●the bank’s prospects for future earnings; ●the qualifications of the bank’s proposed management; ●the adequacy of the bank’s capital structure; and ●the convenience and needs of the community. In addition, Regulators hopes to get the following items: (1) an operating plan; (2) personal and financial information on the proposed management for background investigations; (3) pro forma financial statements and projections for the proposed bank; and (4)information on the demand for banking products and 5 services and existing competition in the target market
6
3.
Arrangements for Ongoing Banking Supervision
A. Risks in Banking
金融专业英语 chapter 2 Money and Economics
2.3.2 Functions of the money market
The money market functions are:
Financing
Industry
3
2
Financing Trade
1
Profitable Investment
4
Self-Sufficiency of Commercial Bank
markets;
1
Learn how to measure the Interest Rates;
3 4
Learning Objectives
Know the determinants of Asset Demand;
Understand
interest rates
5
and portfolio choice.
2.3.1 Participants
➢ Banks ➢ Finance companies ➢ Government institutes ➢ Importers/Exporters ➢ Retail and institutional money market funds ➢ Cash management programs ➢ Speculators ➢ Tourists
Finance2
Outline of Chapter 2
of the business are taxed as personal income. 3. Limitations: 1) A sole proprietorship is limited in its ability to raise large sums of capital, 2) it has unlimited personal liability for business debts, and 3) it
17
Outline of Chapter 2
must be paid before any dividends can be paid on common stock. This also holds true in the event of bankruptcy. 2. Common stockholders have a claim on the residual income
10
Outline of Chapter 2
any business other than a very small one will probably be maximized if the business is organized as a corporation, because of 1, 2, 3, and 4.
7
Outline of Chapter 2
the owners, 3) it has difficulty in transferring ownership, and 4) it has difficulty raising large amounts of capital (resulting from 1, 2, and 3). • 3. Taxation of a partnership is similar to that of a
财经英语词汇翻译（S2）
财经英语词汇翻译(S2)south-east asian central banks 东南亚中央银行组织sovereign risk 政治风险；主权风险soyabean futures 大豆期货；期豆spc credit limited 美国太平洋信贷有限公司special cash bonus 特别现金红利special coin suspense account 特别硬币暂记帐special crossed cheque 特别划线支票special crossing 特别划线special debt securities 特别债务证券special drawing right 特别提款权special economic zone 经济特区special endorsement 记名背书special expenditure 特别开支special fund 特别基金special grant 特别补助金special levy 特别征费〔证券〕；特别附加费special levy fund 特别征费基金special manager 特别经理人special payment 特别付款special proxy 特别委托书special rates grant 特别差饷补助金special surplus 特别盈余special suspense account 特别暂记帐special trust 特别信托special warrant 特别拨款令；特别支款授权书specific charge 特定押记specific deduction 特定扣税项目specific duty 从量税specific duty rate 从量税率specific relief 特定宽免specific sum 指明款项specified rate rules 指定利率规则specified tax 指明税项speculation 投机speculative activity 投机活动speculative attack 投机冲击speculative position 投机盘speculative pressure 投机压力spending guideline 开支指引；开支预算的指引spending pattern 开支模式；消费模式spending power 消费力split 拆细；拆股split share 已拆细股份；已分割股份split trust 分类信托spoiled stamp 损坏的印花spot 即期；现货spot assets 现金资产；现金存款spot contract 现货合约spot exchange rate 即期汇率；现货兑换率spot foreign currency assets 即期外币资产spot foreign currency liabilities 即期外币负债spot index 现货指数spot market 现货市场spot month 现货月份spot month trading 现货月份交易spot price 现货价格spot rate 即期汇率；现货汇率；现货价spot settlement 即场成交；现场交易spot trading 现货交易spot transaction 现货交易；现汇交易spread 差价；利率差距；利润幅度；价位spread back 拨回有关年度评税spread margin 跨期保证金；跨期按金spread option 复式期权；取差期权spread table 价位表spread trading 跨期买卖；跨价买卖spreading 跨期买卖；跨价买卖square position 平仓；轧平差额squeeze “迫仓”；“夹仓”；紧缩stabilization fund 稳定金staff on-cost 职员附加费用；员工间接费用staff-related expenses 与职员有关的费用；与员工有关连的开支stag 投机认股者；“炒”新股者；新股套利者stakeholder 保证金保存人stale cheque 过期支票stamp 印花stamp duty 印花税；厘印费stamp duty on contract note 成交单据印花税stamp duty on conveyance of land 土地转让印花税stamp duty on conveyance of properties 物业转让印花税stamp duty on property transactions 物业交易印花税stamp duty on stock transfers 股票交易印花税stamp duty rate 印花税税率stamp duty relief 印花税宽免stamp office 印花税署〔税务局〕standard amount 标准免税额standard and poor's 500 index 标准普尔500 指数standard and poor's corporation 标准普尔公司standard and poor's rating 标准普尔评级standard chartered bank 渣打银行standard conversion rate 划一兑换率；划一折合率standard london (asia) limited 英国标旗（亚洲）有限公司standard of accounting and auditing practices 会计及核数执业准则standard of disclosure 披露标准standard rate 标准税率；标准收费率standard rate zone 标准税率范围standard share 标准定额股；标准股票standard valuation method 标准估价方法standby credit 备用信贷standby facility 备用贷款standing accounting instructions 《常务会计指令》standing committee on company law reform 公司法改革常务委员会standing offer 有效要约standing order form for tax reserve certificate 长期委购储税券通知书stand-over order 暂缓缴税令star chamber 高层资源会议star chamber action group 高层资源会议策动小组star chamber review 高层资源会议总结；高层资源会议检讨start-up cost 开办成本；筹备费用start-up grant 成立初期补助金state administration of exchange control 国家外汇管理局〔中国〕state bank of india 印度国家银行statement 结算书；报表；说明书statement in lieu of prospectus 代替招股章程陈述书statement of account 帐目报表statement of adjustment 调整说明书statement of affairs 资产负债状况说明书statement of annual account 周年帐目报表statement of assets and liabilities 资产负债表statement of calculation 计算说明statement of income and expenditure 收支报告；收支结算表statement of loss 亏损表statement of loss and gain 损益计算表statement of profit and loss 损益计算表statement of receipts and payments by the government 政府收支总表statement of standard accounting practice 《会计实务准则》statements of insurance practice 《保险业业务惯例声明》state-owned enterprise 国营企业statistical analysis and modelling 统计分析及编制统计模型statistical indicator 统计指标statistical summary 统计摘要；统计概要statistical yearbook 《统计年报》statute-barred debt 已逾时效的债项statutes of distribution 《遗产分配法规》statutory business 法定业务statutory charge 法定收费statutory compensation 法定补偿金statutory corporation 法定公司statutory debt 法定债项statutory declaration 法定声明statutory trust 法定信托stay buoyant 保持畅旺steady growth 稳步增长steep rise 急升sterling area 英镑区sterling guarantee agreement 《英镑保证协议》stock 证券；股票；股额；公债；存货stock adjustment 存货调整stock balance summary 股票往来报告表stock book 存货簿stock borrowing and lending agreement 证券借用及借出协议stock broker 股票经纪stock certificate 股票；股票证书stock clearing corporation 股票结算公司〔费城〕stock control account 存货总帐；存货控制帐stock control report 股票存量报告表stock deposit and withdrawal 股票存取stock exchange 证券交易所stock exchange automated quotation system 证券交易所自动报价系统〔英国〕stock exchange company 证券交易所stock exchange information services limited 香港联合交易所信息服务有限公司stock exchange of hong kong limited 香港联合交易所有限公司〔联交所〕〔前称联合交易所〕stock exchange of singapore 新加坡证券交易所stock fund account 存货基金帐stock futures 股票期货stock index futures 股市指数期货stock index futures market 股市指数期货市场stock index option 股市指数期权stock list 存货表；存货单；股市行情表stock market 证券市场；股票市场stock option 股票期权stock options market 股票期权市场stock portfolio 股票投资组合stock sheet 存货表stock split 股票拆细；拆股stock unit 股份stock warrant 认股证；认股权证stock watering 股票搀水stockbroker 股票经纪stockbroking business 股票经纪业务stockholder 证券持有人；股东；股份持有人；股额持有人stockholm options market 斯德哥尔摩期权市场stockholm stock exchange 斯德哥尔摩证券交易所stock-in-trade 存货stocks and shares 股额及股份stop limit order 限价盘；停止限价指令stop loss order 止蚀盘；止蚀指令stop order 止蚀盘；止蚀指令stop payment 止付stop-go policy 应变经济政策；经济膨胀和紧缩交替运用的政策storage fee 仓费straddle trading 套盘；跨期买卖；跨价买卖straight bond 传统债券；纯粹债券straight letter of credit 直接信用证straight-line depreciation method 直线折旧法straight-line fixed repayment 直线固定还款street shareholder 场外股东strengthening of currency board arrangements in hong kong 《巩固香港的货币发行局制度》〔香港金融管理局〕strike price 行使价；敲价strong demand 殷切需求strong growth 强劲增长structural analysis section 经济结构分析组〔财经事务局〕structural ratio 结构比率structural transformation of the economy 经济结构转型structure of assets and liabilities 资产负债结构struggle between bulls and bears 好淡争持student loan fund 学生贷款基金sub-agent 分销代理商sub-contract 分包合约sub-contractor 次承判商；“二判”sub-fund 成分基金subhead 分目；开支分目subhead of expenditure 开支分目sub-index 分类指数subject to a trust 受信托规限subject to tax 须课税subordinated debt 后偿债项subordinated deposit 无优先权存款subordinated loan 附属贷款subordinated loan stock 后偿债权股额sub-purchaser 转购人subscriber 认购人；认购者subscription 认购；认股；会费subscription list 认购名单subscription price 认购价格subscription rate 认购率subsequent allowance 以后免税额subsidiary 附属公司subsidiary business 副业；附属业务subsidiary company 附属公司；子公司subsidiary ledger 明细分类帐；辅助分类帐subsidiary note security fund 辅助纸币保证基金subsidy 津贴；补贴subsidy code 补贴守则subsistence allowance 生活津贴；膳食津贴；膳宿津贴substandard loan 次级贷款substantial appreciation of prices 价格大幅上扬；价格飙升substantial benefit 实质利益substantial savings 巨额储蓄substantial shareholder 大股东substantial transaction 重大交易sub-subsidiary company 再附属公司sub-total 小计sub-transferee 次承让人sub-transferor 次出让人sub-underwrite 分包销sub-underwriter 分包销商sub-underwriting commission 分包销佣金sub-underwriting contract 分包销合约subvention 资助金subvention system 补助制度；资助制度subventions and lotteries fund advisory committee 津贴及奖券基金咨询委员会successful tenderer 中标者succession 继承successor 继承人sugar futures 期糖sum assured 保额sum invested 投资款项sum payable 应付的款项sumitomo bank ltd. 株式会社住友银行sumitomo trust & banking co. ltd. 住友信托银行sumitomo trust finance (h.k.) limited 住友信托财务（香港）有限公司summary liquidation case 简易程序清盘案summary of receipts and payments as trustee 受托人的收支撮要sumptuary taxation 寓禁于征的税项sundry creditor 杂项债权人；其它债权人sundry debtor 杂项债务人；其它债务人superannuation 离职金superannuation allowance 离职津贴superintendent of stamp office 印花税署总监supernational credit rating 跨国信贷评级supervening contract 附加合约supervision fee 监管费supervision of markets division 市场监察部〔证券及期货事务监察委员会〕supervisory authority 监管当局；监理当局supervisory regime 监管架构supervisory system 监管制度supplementary appropriation 追加拨款supplementary budget 追加预算supplementary capital 附加资本supplementary notes to the fit and proper criteria (for applicants applying for licences under the leveraged foreign exchange trading ordinance) 《〈适当人选的准则〉补充附注》（适用于根据《杠杆式外汇买卖条例》申请牌照的申请人）supplementary provision 追加拨款；追加备付款项supplementary warrant 追加备付款项令supplies contract 物料供应合约supply-side economics 供应学派经济学；供应经济学support services division 辅助服务处〔香港金融管理局〕suppress inflation 遏止通货膨胀suppression factor 限制因素surcharge 附加费surcharge notice 缴纳附加费通知书surety 保证人；担保人；担保surety bond 担保债券；银行保证书surge 锐升；激增；飙升surplus 盈余surplus and deficit account 盈余亏损帐surplus assets 剩余资产surplus funding 剩余资金surplus income 收益盈余surplus on recurrent account 经常帐盈余surrender 放弃；退回；退回书；退保surrender of benefits 放弃利益surveillance programme 监察计划surviving joint owner 尚存的联名拥有人surviving partner 尚存的合伙人surviving trustee 尚存受托人suspend payment 暂停付款suspense account 暂记帐suspension 暂时吊销suspension of trading 停牌；暂停买卖sustained economic growth 经济持续增长sustained growth 持续增长swap adjustment centre 掉期调剂中心swap deposit 掉期存款；“ 假美金”swap market 外汇掉期市场swap transaction 掉期交易；互惠信贷交易swedish krona 瑞典克郎swiss federal banking commission 瑞士联邦银行监理委员会swiss franc 瑞士法郎swiss options and financial futures exchange ag 瑞士期权及金融期货交易所有限公司swiss reinsurance company, zurich 苏黎世瑞士再保险公司switching 转换；掉期买卖sydney futures exchange ltd. 悉尼期货交易所有限公司syndic 经理人syndicated loan 银团贷款；集团放款；财团放款syndication centre 财团中心synthetic call option 合成认购期权synthetic stock 合成股票synthetics 合成工具system of cartelized rates 联营式利率制度system of financial administration 财政管理制度system of national accounts 国民账户体系；国民经济核算体系systematic bias 系统性偏差systematic risk 系统性风险。
大学金融英语chapter 2 Money Supply
Notes
6. monetary base货币基数，基础货币，高能货币
又称base money=sum of reserve accounts of financial institutions at Federal Reserve Banks, currency in circulation (currency held by the public and in the vaults of depositary institutions). The major source of the adjusted monetary base is Federal Reserve Credit; the monetary base, as the ultimate source of America’s money supply, is controllable, at least to some degree, by Federal Reserve Monetary Policy.
M2: M1 plus savings and small-denomination time deposits, Money Market Deposit Accounts, money market mutual fund shares owned by individual investors.
Fifth, when demands for money grow bigger, naturally there will be more money supply to satisfy them.
Lastly, a nation’s BOP position.
Main Text
Effects of Changes in the Money Supply