国际金融考试英文选择题看完必过
国际金融英语试题及答案
国际金融英语试题及答案1. 以下哪个选项不是国际货币基金组织（IMF）的主要职能？A. 提供技术援助B. 监督成员国的经济政策C. 促进国际贸易D. 提供紧急财政援助答案：C2. 世界银行的主要目标是什么？A. 促进全球贸易B. 减少全球贫困C. 维护国际货币稳定D. 促进全球金融市场发展答案：B3. 什么是外汇储备？A. 一个国家持有的外国货币和黄金B. 一个国家持有的国内货币和黄金C. 一个国家持有的外国货币和证券D. 一个国家持有的国内货币和证券答案：A4. 根据国际收支平衡表，以下哪项交易不属于经常账户？A. 商品出口B. 服务进口C. 外国直接投资D. 工人汇款回国答案：C5. 什么是货币贬值？A. 一个国家的货币价值相对于其他国家货币的减少B. 一个国家的货币价值相对于黄金的减少C. 一个国家的货币价值相对于商品和服务的减少D. 一个国家的货币价值相对于外国投资的减少答案：A6. 什么是浮动汇率制度？A. 货币价值由市场供求关系决定B. 货币价值由政府固定C. 货币价值由国际货币基金组织决定D. 货币价值由中央银行决定答案：A7. 什么是国际金融市场？A. 跨国公司进行商品和服务交易的市场B. 跨国公司进行货币和金融资产交易的市场C. 跨国公司进行商品和金融资产交易的市场D. 跨国公司进行服务和金融资产交易的市场答案：B8. 什么是国际货币体系？A. 国际货币的发行和流通体系B. 国际货币的监管和管理体系C. 国际货币的交换和结算体系D. 国际货币的发行、监管和管理体系答案：D9. 什么是外汇交易？A. 一种货币兑换成另一种货币的交易B. 一种商品兑换成另一种商品的交易C. 一种服务兑换成另一种服务的交易D. 一种资产兑换成另一种资产的交易答案：A10. 什么是国际金融危机？A. 一个国家内部的金融体系崩溃B. 一个国家内部的货币体系崩溃C. 多个国家金融体系的崩溃D. 多个国家货币体系的崩溃答案：C。
(完整word版)国际金融题库(英文版)
Multiple-choice test(only one is correct):1. Gresham’s Law states thata)Bad money drives good money out of circulation.b)Good money drives bad money out of circulationc)If a country bases its currency on both gold and silver, at an official exchange rate, it will be themore valuable of the two metals that circulate.d)None of the above.2. Balance of paymentsa)is defined as the statistical record of a country’s international transactions over a certain period oftime presented in the form of a double-entry bookkeepingb)provides detailed information concerning the demand and supply of a country’s currencyc)can be used to evaluate the performance of a country in international economic competitiond)all of the above3. If the United States imports more than it exports, thena)The supply of dollars is likely to exceed the demand in the foreign exchange market, ceterisparibus.b)One can infer that the U.S. dollar would be under pressure to depreciate against other currenciesc)a) and b)d)None of the above4. The current spot exchange rate is $1.55/£ and the three-month forward rate is $1.50/£. You enter into a short position on £1,000. At maturity, the spot exchange rate is $1.60/£. How much have you made or lost?a)Lost $100b)Made £100c)Lost $50d)Made $1505. The sensitivity of “realized” domestic currency values of the firm’s contractual cash flows denominated in foreign currency to unexpected changes in the exchange rate is:a)Transaction exposureb)Translation exposurec)Economic exposured)None of the above6. Three days ago, you ente red into a futures contract to sell €62,500 at $1.20 per €. Over the past three days the contract has settled at $1.20, $1.22, and $1.24. How much have you made or lost?a)Lost $0.04 per € or $2,500b)Made $0.04 per € or $2,500c)Lost $0.06 per € or $3,750d)None of the above7. A swap banka)Can act as a broker, bringing together counterparties to a swapb)Can act as a dealer, standing ready to buy and sell swapsc)Both a) and b)d)Only sometimes a) but never ever b)8. Suppose that the one-year interest rate is 5.0 percent in the United States, the spot exchange rate is$1.20/€, and the one-year forward exchange rate is $1.16/€. What must one-year interest rate be in the euro zone?a) 5.0%b) 1.09%c)8.62%d)None of the above.9. Suppose the spot ask exchange rate, S a($|£), is $1.90 = £1.00 and the spot bid exchange rate, S b($|£), is $1.89 = £1.00. If you were to buy $10,000,000 worth of British pounds and then sell them five minutes later, how much of your $10,000,000 would be “eaten” by the bid-ask spread?a)$1,000,000b)$52,910.05c)$100,000d)$52,631.5810. Under the gold standard, international imbalances of payment will be corrected automatically under thea)Gresham Exchange Rate regimeb)European Monetary Systemc)Price-specie-flow mechanismd)Bretton Woods Accord11. With any hedgea)Your losses on one side should about equal your gains on the other sideb)You should try to make money on both sides of the transaction: that way you make moneycoming and goingc)You should spend at least as much time working the hedge as working the underlying deal itselfd)You should agree to anything your banker puts in front of your face12. Comparing “forward” and “futures” exchange contracts, we can say that:a)They are both “marked-to-market” daily.b)Their major difference is in the way the underlying asset is priced for future purchase or sale:futures settle daily and forwards settle at maturity.c) A futures contract is negotiated by open outcry between floor brokers or traders and is traded onorganized exchanges, while forward contract is tailor-made by an international bank for its clients and is traded OTC.d)b) and c)13. An “option” isa) a contract giving the seller (writer) the right, but not the obligation, to buy or sell a given quantityof an asset at a specified price at some time in the futureb) a contract giving the owner (buyer) the right, but not the obligation, to buy or sell a givenquantity of an asset at a specified price at some time in the futurec)not a derivative, nor a contingent claim, securityd)unlike a futures or forward contract14. Economic exposure refers toa)the sensitivity of realized domestic currency values of the firm’s contractual cash flowsdenominated in foreign currencies to unexpected exchange rate changesb)the extent to which the value of the firm would be affected by unanticipated changes in exchangeratec)the potential that the firm’s consolidated financial statement can be affected by changes inexchange ratesd)ex post and ex ante currency exposures15. Under a purely flexible exchange rate systema) Supply and demand set the exchange ratesb) Governments can set the exchange rate by buying or selling reservesc) Governments can set exchange rates with fiscal policyb) and c) are correct.。
金融英语考试选择题优选篇
金融英语考试选择题优选篇金融英语考试选择题 1Directions: There are ten statements in this section. For each statement there are four choices marked A，B，C，D. You should choose the best answer.1. The fixed exchange rates system suggested that no change in parity could take place without the Fund’s approval which however could not be withheld if the change did not exceed ______.A. 5%B. 10%C. 15%D. 20%2. If spot exchange rate today is ￡1=USD1.4 and forward exchange rate (one year) is ￡1=USD1.3440, then ____.A. forward discount on pound is 4%B. forward premium on pound is 4%C. forward discount on pound is 4.17%D. forward premium on pound is 4.17%3. The balance sheet is a statement of the financial position ______.A. at a specified point in timeB. during a particular periodC. for a yearD. none of all4. ______ is the foundation of private accounting, which __yzing a business’s costs to help m anagers control expenses.A. BudgetingB. Management information systemC. Internal auditing cost accountingD. Cost accounting5. When operations produce a positive cash flow, we say there is______ .A. a net inflowB. a net outflowC. a swap positionD. a square cash position6. The most volatile accounts in recent years have been ______.A. the current accountsB. the trade accountsC. the short-term capital accountD. the long-term capital accounts7. Sales total USD400, 000, cost of good sold is USD225, 000, and operating expenses are USD10, 000, how much is gross margin?A. USD30, 000B. USD15, 000C. USD35, 000D. USD5, 0008. If China has a favorable movement in the balance of payments, then ______.A. the exchange rate will appreciateB. the exchange rate will depreciateC. the RMB exchange rate will appreciateD. the foreign exchange rate will depreciate9. ______ exchange rates system has the advantage of avoiding the petitive depreciation of exchange rates.A. FloatingB. Managed floatingC. FixedD. Flexible10. ______ exchange rates system has the advantage of being free to carry out an independent monetary policy, without too much attention to the balance of payments.A. FloatingB. PeggedC. FixedD. Any。
英文版国际金融试题和答案
Part Ⅰ.Decide whether each of the following statements is true or false (10%)每题1分，答错不扣分分，答错不扣分1. 1. If If If perfect perfect perfect markets markets markets existed, existed, existed, resources resources resources would would would be be be more more more mobile mobile mobile and and and could could could therefore therefore therefore be transferred be transferred to to those those countries more willing to pay a high price for them. ( T ) 2. The forward contract can h edge hedge hedge future receivables future receivables or or payables payables payables in in in foreign currencies to foreign currencies to i nsulate insulate insulate the the the firm firm against exchange rate risk. ( T ) 3. The primary objective of the multinational corporation is still the same primary objective of any firm, i.e., to maximize shareholder wealth. ( T ) 4. A low inflation rate tends to increase imports and decrease exports, thereby decreasing the current account deficit, other things equal. ( F ) 5. A capital account deficit reflects a net sale of the home currency in exchange for other currencies. This places up ward pressure on that home currency’s value. ( F ) 6. The theory of comparative advantage implies that countries should specialize in production, thereby relying on other countries for some products. ( T ) 7. 7. Covered Covered Covered interest interest interest arbitrage arbitrage arbitrage is is is plausible plausible plausible when when when the the the forward forward forward premium premium premium reflect reflect reflect the the the interest interest interest rate rate rate differential differential between two countries specified by the interest rate parity formula. ( F ) 8． The total impact of transaction exposure is on the overall value of the firm. ( F ) 9. A put option is an option to sell-by the buyer of the option-a stated number of units of the underlying instrument at a specified price per unit during a specified period. ( T ) 10. Futures must be marked-to-market. Options are not. ( T ) Part Ⅱ:Cloze (20%)每题2分，答错不扣分分，答错不扣分1. If inflation in a foreign country differs from inflation in the home country, the exchange rate will adjust to maintain equal( purchasing power ）2. Speculators who expect a currency to ( appreciate ) could purchase currency futures contracts for that currency. 3. 3. Covered Covered Covered interest interest interest arbitrage arbitrage arbitrage involves involves involves the short-term the short-term investment investment in in in a a a foreign foreign foreign currency currency currency that that that is covered is covered by by a a ( forward contract ) to sell that currency when the investment matures. 4. （ Appreciation/ Revalue ）of RMB reduces inflows since the foreign demand for our goods is reduced and foreign competition is increased. 5. ( PPP ) suggests a relationship between the inflation differential of two countries and the percentage change in the spot exchange rate over time. 6. 6. IFE IFE IFE is is is based based based on on on nominal nominal nominal interest interest interest rate rate rate ( ( differentials ), ), which which which are are are influenced influenced influenced by by by expected expected inflation. 7. Transaction exposure is a subset of economic exposure. Economic exposure includes any form by which the firm’s ( ( value ) will be affected. 8. 8. The The The option option option writer writer writer is is is obligated obligated obligated to to to buy buy buy the the the underlying underlying underlying commodity commodity commodity at at at a a a stated stated stated price price price if if if a a a ( ( put option ) is exercised 9. There are three types of long-term international bonds. They are Global bonds , ( eurobonds ) and ( foreign bonds ). 10. 10. Any Any Any good good good secondary secondary secondary market market market for for for finance finance finance instruments instruments instruments must must must have have have an an an efficient efficient efficient clearing clearing clearing system. system. system. Most Most Eurobonds are cleared through either ( Euroclear ) or Cedel. Part Ⅲ :Questions and Calculations (60%)过程正确结果计算错误扣2分1. Assume the following information: A Bank B Bank Bid price of Canadian dollar $0.802 $0.796 Ask price of Canadian dollar $0.808 $0.800 Given Given this this this information, information, information, is is is locational locational locational arbitrage arbitrage arbitrage possible? possible? If If so, so, so, explain explain explain the the the steps steps steps involved involved involved in in in locational locational arbitrage, and compute the profit from this arbitrage if you had $1,000,000 to use. (5%) ANSWER: Y es! One could purchase New Zealand dollars at Y Bank for $.80 and sell them to X Bank for $.802. With $1 million available, 1.25 million New Zealand dollars could be purchased at Y Bank. These New Zealand dollars could then be sold to X Bank for $1,002,500, thereby generating a profit of $2,500. 2. Assume that the spot exchange rate of the British pound is $1.90. How will this spot rate adjust in two years if if the the the United United United Kingdom Kingdom Kingdom experiences experiences experiences an an an inflation inflation inflation rate rate rate of of of 7 7 7 percent percent percent per per per year year year while while while the the the United United United States States experiences an inflation rate of 2 percent per year?(10%) ANSWER: According to PPP , forward rate/spot=indexdom/indexfor the exchange rate of the pound will depreciate by 4.7 percent. Therefore, the spot rate would adjust to $1.90 × [1 + (–.047)] = $1.8107 3. 3. Assume Assume Assume that that that the spot the spot exchange exchange rate rate rate of the of the Singapore Singapore dollar dollar dollar is is is $0.70. $0.70. The The one-year one-year one-year interest interest interest rate rate rate is is is 11 11 percent in the United States and 7 percent in Singapore. What will the spot rate be in one year according to the IFE? (5%) (5%) ANSWER: according to the IFE,St+1/St=(1+Rh)/(1+Rf) $.70 × (1 + .04) = $0.728 4. Assume that XYZ Co. has net receivables of 100,000 Singapore dollars in 90 days. The spot rate of the S$ is $0.50, and the Singapore interest rate is 2% over 90 days. Suggest how the U.S. firm could implement a money market hedge. Be precise . (10%) ANSWER: The firm could borrow the amount of Singapore dollars so that the 100,000 Singapore dollars to be be received received received could could could be be be used used used to to to pay pay pay off off off the the the loan. loan. This This amounts amounts amounts to to to (100,000/1.02) (100,000/1.02) (100,000/1.02) = = = about about about S$98,039, which S$98,039, which could could be be be converted converted converted to to to about about about $49,020 $49,020 $49,020 and and and invested. invested. The The borrowing borrowing borrowing of of of Singapore Singapore Singapore dollars dollars dollars has has has offset offset offset the the transaction exposure due to the future receivables in Singapore dollars. 5. 5. A A U.S. company ordered ordered a a a Jaguar Jaguar Jaguar sedan. In sedan. In 6 6 months , months , it will pay pay ££30,000 30,000 for for for the the the car. car. car. It It worried worried that that pound ster1ing might rise sharply from the current rate($1.90). So, the company bought a 6 month pound call (supposed contract size = £35,000) with a strike price of $1.90 for a premium of 2.3 cents/£. (1)Is hedging in the options market better if the £ rose to $1.92 in 6 months? (2)what did the exchange rate have to be for the company to break even?（15%）Solution: (1)If the £ rose to $1.92 in 6 months, the U.S. company would rose to $1.92 in 6 months, the U.S. company would exercise the pound call option. The sum of the strike price and premium is $1.90 + $0.023 = $1.9230/£This is bigger than $1.92. So hedging in the options market is not better. (2) when we say the company can break even, we mean that hedging or not hedging doesn’t matter. And only when (strike price + premium )= the exchange rate , hedging or not doesn’t matter. So, the exchange rate =$1.923/£. 6. Discuss the advantages and disadvantages of fixed exchange rate system.(15%) textbook page50 答案以教材第50 页为准页为准P AR T Ⅳ: Diagram(10%) The strike price for a call is $1.67/£. The premium quoted at the Exchange is $0.0222 per British pound. Diagram the profit and loss potential, and the break-even price for this call option Solution: Following diagram shows the profit and loss potential, and the break-even price of this put option: P AR T Ⅴ:Additional Question Suppose Suppose that that that you you you are are are expecting expecting expecting revenues revenues revenues of of of Y Y 100,000 100,000 from from from Japan Japan Japan in in in one one one month. month. Currently, Currently, 1 1 1 month month forward contracts are trading at $1 = $105 Y en. Y ou have the following estimate of the Y en/$ exchange rate in one month. Price Probability 90 Y en/$ 4% 95 Y en/$ 25% 100 Y/$ 45% 105 Y en/$ 20% 110 Y en/$ 6% a) What position in forward contracts would you take to hedge your exchange risk? b) Calculate the expected value of the hedge. c) How could you replicate this hedge in the money market? Y ou are expecting revenues of Y100,000 in one month that you will need to covert to dollars. Y ou could hedge this in forward markets by taking long positions in US dollars (short positions in Japanese Y en). By locking in your price at $1 = Y105, your dollar revenues are guaranteed to be Y100,000/ 105 = $952 On the other hand, you can wait and use the spot markets. Exchange Rate Probability Revenue w/Hedge Revenue w/out Hedge V alue of Hedge 90 Y/$ 4% $1,111 $952 -$159 95 Y/$ 25% $1,052 $952 -$100 100 Y/$ 45% $1,000 $952 -$48 105 Y/$ 20% $952 $952 $0 110 Y/$ 6% $909 $952 $43 Expected V alue = (.02)(-159) + (.25)(-100) + (.45)(-48) + (.20)(0) + (.08)(43) = -$24 Y ou could replicate this hedge by using the following: a) Borrow in Japan b) Convert the Y en to dollars c) Invest the dollars in the US d) Pay back the loan when you receive the Y100,000 。
(完整word版)国际金融题库(英文版).doc
Multiple-choice test(only one is correct):1.Gresham’ s Law states thata)Bad money drives good money out of circulation.b)Good money drives bad money out of circulationc)If a country bases its currency on both gold and silver, at an official exchange rate, it will be themore valuable of the two metals that circulate.d)None of the above.2.Balance of paymentsa) is defined as the statistical record of a country’ s international transactions over a certain period oftime presented in the form of a double-entry bookkeepingb) provides detailed information concerning the demand and supply of a country’ s currencyc)can be used to evaluate the performance of a country in international economic competitiond)all of the above3.If the United States imports more than it exports, thena)The supply of dollars is likely to exceed the demand in the foreign exchange market, ceteris paribus.b)One can infer that the U.S. dollar would be under pressure to depreciate against other currenciesc)a) and b)d)None of the above4. The current spot exchange rate is $1.55/ and the three-￡month forward rate is $1.50/. You enter into￡ ashort position on 1,000￡.At maturity, the spot exchange rate is $1.60/. How much have￡ you made orlost?a) Lost $100b) Made ￡100c) Lost $50d) Made $1505. The sensitivity of“ realized” domestic currency values of the firm denomi’scontractualated cash flowsin foreign currency to unexpected changes in the exchange rate is:a)Transaction exposureb)Translation exposurec)Economic exposured)None of the above6.Three days ago, you ente red into a futures contract to sell ?62,500 at $1.20 per ?. Over the past threedays the contract has settled at $1.20, $1.22, and $1.24. How much have you made or lost?a)Lost $0.04 per ? or $2,500b)Made $0.04 per ? or $2,500c)Lost $0.06 per ? or $3,750d)None of the above7.A swap banka)Can act as a broker, bringing together counterparties to a swapb)Can act as a dealer, standing ready to buy and sell swapsc)Both a) and b)d)Only sometimes a) but never ever b)8.Suppose that the one-year interest rate is 5.0 percent in the United States, the spot exchange rate is$1.20/?, and the one -year forward exchange rate is $1.16/?. What must one -year interest rate be in the euro zone?a) 5.0%b) 1.09%c) 8.62%d) None of the above.a b$1.89 =1￡.00. If you were to buy $10,000,000 worth of British pounds and then sell them five minutes later, how much of your $10,000,000 would be“ eaten-ask”spread?bythe bida)$1,000,000b)$52,910.05c)$100,000d)$52,631.5810.Under the gold standard, international imbalances of payment will be corrected automatically underthea)Gresham Exchange Rate regimeb)European Monetary Systemc)Price-specie-flow mechanismd)Bretton Woods Accord11.With any hedgea)Your losses on one side should about equal your gains on the other sideb)You should try to make money on both sides of the transaction: that way you make money comingand goingc)You should spend at least as much time working the hedge as working the underlying deal itselfd)You should agree to anything your banker puts in front of your face12. Comparing“ forward” and“ futures” exchange contracts, we can say that:a)They are both“ marked-to-market” daily.b)Their major difference is in the way the underlying asset is priced for future purchase or sale:futures settle daily and forwards settle at maturity.c) A futures contract is negotiated by open outcry between floor brokers or traders and is traded onorganized exchanges, while forward contract is tailor-made by an international bank for its clientsand is traded OTC.d)b) and c)13.An “ option ” isa) a contract giving the seller (writer) the right, but not the obligation, to buy or sell a given quantityof an asset at a specified price at some time in the futureb) a contract giving the owner (buyer) the right, but not the obligation, to buy or sell a given quantity ofan asset at a specified price at some time in the futurec)not a derivative, nor a contingent claim, securityd)unlike a futures or forward contract14.Economic exposure refers toa)the sensitivity of realized domestic currency values of the firm ’contractuals cash flowsdenominated in foreign currencies to unexpected exchange rate changesb)the extent to which the value of the firm would be affected by unanticipated changes in exchangeratec) the potential that the firm ’consolidated financial statement can be affected by changes in exchangeratesd)ex post and ex ante currency exposures15.Under a purely flexible exchange rate systema)Supply and demand set the exchange ratesb)Governments can set the exchange rate by buying or selling reservesc)Governments can set exchange rates with fiscal policyb) and c) are correct.。
国际金融全部选择题(12~22章)
12.1 The National Income AccountsA1) A country's gross national product (GNP) isA) the value of all final goods and services produced by its factors of production and sold on the market ina given time period.B) the value of all intermediate goods and services produced by its factors of production and sold on themarket in a given time period.C) the value of all final goods produced by its factors of production and sold on the market in a given timeperiod.D) the value of all final goods and services produced by its factors of production and sold on the market.E) the value of all final goods and services produced by its factors of production, excluding land, and soldon the market in a given time period.A2) For most macroeconomists,A) national income accounts and national output accounts are equal to each other.B) national income accounts exceed national output accounts.C) national output accounts exceed national income accounts.D) it is impossible to tell whether national income accounts equal to national output accounts.E) None of the above.A3) For most macroeconomists,A) gross national income and gross national product are the same.B) gross national income exceeds gross national product.C) gross national product exceeds gross national product.D) it is hard to tell whether gross national income equal gross national product.E) None of the above.D4) The highest component of GNP is,A) the current account.B) investment.C) government purchases.D) consumption.E) None of the above.D5) An example of how GNP accounts for services provided by foreign-owned capital (and GDP does not) isA) earnings of Spanish factory with British owners counts only in Spain's GDP.B) earnings of Spanish factory with British owners counts only in Britain's GNP.C) earnings of Spanish factory counts in Spain's GNP but are part of Britain's GDP.D) earnings of Spanish factory counts in Spain's GDP but are part of Britain's GNP.E) None of the above.C6) The sale ofA) a used textbook does enter GNP.B) a used textbook does not enter GNP, but the sale of a used house does.C) both a used textbook and a used house do not enter GNP.D) a used house does not enter GNP, but the sale of a used book does.E) None of the above.B7) Which one of the following statements is the most accurate?A) The sale of a used textbook does generate income for factors of production.B) The sale of a used textbook does not generate income for any factor of production.C) The sale of a used textbook sometimes does and sometimes does not generate income for factors ofproduction.D) It is hard to tell whether a sale of a used textbook does or does not generate income for factors ofproduction.E) None of the above.A) GNP plus depreciation is called net national product (NNP).B) GNP less depreciation is called net national product (NNP).C) GNP less depreciation is called net factor product (NFP).D) Answers A and C are both correct.E) None of the above.E9) National income equals GNPA) less depreciation, less net unilateral transfers, less indirect business taxes.B) less depreciation, plus net unilateral transfers, plus indirect business taxes.C) less depreciation, less net unilateral transfers, plus indirect business taxes.D) plus depreciation, plus net unilateral transfers, less indirect business taxes.E) less depreciation, plus net unilateral transfers, less indirect business taxes.E10) The United States began to report its gross domestic product (GDP) only sinceA) 1900.B) 1921.C) 1931.D) 1941.E) 1991.A11)GDP is supposed to measureA) the volume of production within a country's borders.B) the volume of services generated within a country's borders.C) the volume of production of a country's output.D) GNP plus depreciation.E) None of the above.D12) GNP equals GDPA) minus net receipts of factor income from the rest of the world.B) plus receipts of factor income from the rest of the world.C) minus receipts of factor income from the rest of the world.D) plus net receipts of factor income from the rest of the world.E) None of the above.B13) Movements in GDPA) and GNP usually do not differ greatly.B) and GNP usually do not differ greatly, as a practical matter.C) and GNP usually do differ greatly.D) are usually smaller than those of GNP movements, in practice.E) None of the above.C14) In 2006, the United States hadA) a surplus in the current account.B) a balance in the current account.C) a deficit in the current account.D) From 2006 data, it is too difficult to determine whether a surplus or a deficit existed in the currentaccount.E) None of the above.E15) Net unilateral transfersA) are part of a national income.B) are part of a country's product.C) must be added to NNP in calculations of national income.D) are part of a country's GNP.E) Only A and C.C16)GDP is different than GNP in thatA) it accounts for net unilateral transfers.B) it does not account for indirect business taxes.C) it does not account for a country's production using services with foreign-owned capital.D) it accounts for depreciation.E) None of the above12.2National Income Accounting for an Open EconomyB1)Movements in GDPA) differ greatly from movements in GNP.B) do not differ greatly from movements in GNP.C) are not allowed to differ at all from movements in GNP by definition.D) need to be inflation adjusted in order to match movements in GNP.E) None of the above.B2)Purchases of inventories byA) firms are not counted in investment spending.B) firms are also counted in investment spending.C) households are also counted in investment spending.D) households and Firms are also counted in investment spending.E) None of the above.C3) In open economies,A) saving and investment are necessarily equal.B) as in a closed economy, saving and investment are not necessarily equal.C) saving and investment are not necessarily equal as they are in a closed economy.D) saving and investment are necessarily equal contrary to the case of a closed economy.E) None of the above.A4) Investment is usuallyA) more variable than consumption.B) less variable than consumption.C) as variable as consumption.D) It is hard to tell from the data whether investment is more or less variable than consumption.E) None of the above.D5) Government purchases are defined asA) only goods purchased by federal, state, or local governments.B) all goods and services purchased by the federal government.C) all goods and services purchased by the federal or state government.D) all goods and services purchased by the federal, state, or local government.E) None of the above.B6) Government transfer payments like social security and unemployment benefits areA) included in government purchases.B) not included in government purchases.C) not included in government purchases, but they are included in the consumption component of GNP.D) not included in government purchases, but they are part of the investment component of GNP.E) None of the above.B7) In 1929, government purchases accounted forA) only 18.5 percent of U.S. GNP.B) only 8.5 percent of U.S. GNP.C) 28.5 percent of U.S. GNP.D) 38.5 percent of U.S. GNP.E) 48.5 percent of U.S. GNP.A) CA = EX - IMB) CA = IM - EXC) CA = EX = IMD) CA = EX + IME) None of the above.A9) A country's current accountA) balance equals the change in its net foreign wealth.B) balance equals the change in its foreign wealth.C) surplus equals the change in its foreign wealth.D) deficit equals the change in its foreign wealth.E) None of the above.A10) The CA is equal toA) Y - (C - I + G).B) Y + (C + I + G).C) Y - (C + I + G).D) Y - (C + I - G).E) None of the above.E11) Which of the following is true?A) A country with a current account surplus is earning more from its exports than it spends on imports.B) A country could finance a current a在ccount deficit by using previously accumulated foreign wealth topay for its imports.C) A country with a current account deficit must be increasing its net foreign debts by the amount of thedeficit.D) We can describe the current account surplus as the difference between income and absorption.E) All of the above are true.C12) Over the 1980s,A) there is no question that a large increase in U.S. foreign assets did occur.B) there is a question whether a large decrease in U.S. foreign assets did occur.C) there is no question that a large decrease in U.S. foreign assets did occur.D) there is no question that there was almost no change in U.S. foreign assets.E) None of the above.B13)In a closed economy, national savingA) sometimes equals investment.B) always equals investment.C) is always less than investment.D) is always more than investment.E) None of the above.B14) For open economies,A) S = I.B) S = I + CA.C) S = I - CA.D) S > I + CA.E) S < I + CA.D15) An open economyA) can save only by building up its capital stock.B) can save only by acquiring foreign wealth.C) cannot save either by building up its capital stock or by acquiring foreign wealth.D) can save either by building up its capital stock or by acquiring foreign wealth.E) None of the above.B16) A closed economyC) can save only by acquiring foreign wealth.D) cannot save either by building up its capital stock or by acquiring foreign wealth.E) None of the above.E17) Disposable income is National incomeA) less taxes collected from households and firms by the government.B) plus net taxes collected from households and firms by the government.C) less net taxes collected from households and firms by the government.D) less net taxes collected from households by the government.E) less net taxes collected from households and firms by the government.A18)Government savings, S g, is equal toA) T - G.B) T + G.C) T = G.D) T + G - I.E) None of the above.E19) Which of the following is false about private savings and government savings?A) S P= Y - T - CB) Unlike private saving decisions, government saving decisions are often made with an eye toward theireffect on output and employment.C) Total savings (S) = S P + S g.D) The national income identity can help us to analyze the channels through which government savingdecisions influence macroeconomic conditions.E) None of the above; all statements are true.B20)In a closed economy, private saving, S p, is equal toA) I - (G - T).B) I + (G - T).C) I + (G + T).D) I - (G + T).E) I + (G - T) + C.C21)In an open economy, private saving, S p, is equal toA) I - CA + (G - T).B) I + CA - (G - T).C) I + CA + (G - T).D) I - CA - (G - T).E) I + CA + (G + T).C22) Ricardian equivalence argues that when the government cuts taxes and raises its deficit,A) consumers anticipate that they will face lower taxes later to pay for the resulting government debt.B) consumers anticipate that they will higher services from the government.C) consumers anticipate that they will face higher taxes later to pay for the resulting government debt.D) consumers anticipate it will affect their future taxes, in general in the direction of lowering future taxes.E) None of the above.E 23)Ricardian equivalence argues that when the governmentA) increases taxes and raises its deficit, consumers anticipate that they will face higher taxes later to payfor the resulting government debt, thus people will raise their own private saving to offset the fall ingovernment saving.B) cuts taxes and decreases its deficit, consumers anticipate that they will face higher taxes later to pay forthe resulting government debt, thus people will raise their own private saving to offset the fall inthe resulting government debt, thus people will raise their own private saving to offset the fall ingovernment saving.D) cuts taxes and raises its deficit, consumers anticipate that they will face lower taxes later to pay for theresulting government debt, thus people will raise their own private saving to offset the fall ingovernment saving.E) cuts taxes and raises its deficit, consumers anticipate that they will face higher taxes later to pay for theresulting government debt, thus people will raise their own private saving to offset the fall ingovernment saving.E24) In the United States over the past fifty years, the fraction of GNP devoted to consumption has fluctuated in a range of aboutA) 42 to 49 percent.B) 32 to 39 percent.C) 22 to 29 percent.D) 82 to 89 percent.E) 62 to 70 percent.B25) In the United States, (gross) investment has fluctuated between ________ of GNP in recent years.A) 2 and 12 percentB) 12 and 22 percentC) 22 and 32 percentD) 32 and 42 percentE) 42 and 52 percentA26) Government purchases currently take up aboutA) 19 percent of U.S. GNP, and this share has not changed much since the late 1950s.B) 38 percent of U.S. GNP, and this share has not changed much since the late 1950s.C) 18 percent of U.S. GNP, and this share has been increasing since the late 1950s.D) 18 percent of U.S. GNP, and this share has been decreasing since the late 1950s.E) None of the above.B27)The position of the United States current account balance in 2007 wasA) lent over 6 percent of its GNP, resulting in a large current account surplus.B) borrowed over 6 percent of its GNP, leading to a large current account deficit.C) achieved a currant account balance of zero.D) borrowed over 10 percent of its GNP, leading to a large current account deficit.E) None of the above.E28) Which one of the following statements is false?A) The United States had accumulated substantial foreign wealth by the early 1980s.B) The 1980s witnessed a sustained current account deficit of proportions unprecedented in the twentiethcentury opened up.C) In 1987, the country became a net debtor to foreigners for the first time since World War I.D) U.S. foreign debt has continued to grow and now stands at 25 percent of GNP.E) The U.S. foreign debt was paid off in the 1990s, allowing the U.S. to attain a current account surplus.However, the deficit has returned in recent years.12.3 The Balance of Payments AccountsB1) Every international transaction automatically enters the balance of paymentsA) once either as a credit or as a debit.B) twice, once as a credit and once as a debit.C) once as a credit.D) twice, both times as debit.E) None of the above.A2) The official settlements balance or balance of payments is the sum ofA) the current account balance, the capital account balance, the non reserve portion of the financialaccount balance, the statistical discrepancy.B) the current account balance and the capital account balance.C) the current account balance, the capital account balance, the non reserve portion of the financialaccount balance.D) the current account balance and the non reserve portion of the financial account balance.E) None of the above.E 3)An American buys a Japanese car, paying by writing a check on an account with a bank in New York. Howwould this be accounted for in the balance of payments?A) current account, a Japanese good importB) current account, a U.S. good importC) financial account, a U.S. asset importD) financial account, a U.S. asset exportE) Only B and D.D4) The United States issues a $10,000 debt forgiveness to Argentina. How is this accounted for in the balance of payments?A) financial account, U.S. asset importB) current account, Argentina transfer paymentC) current account, U.S. service exportD) financial account, U.S. asset exportE) current account, Argentina good importA5) A U.S. citizen buys a newly issued share of stock in England, paying for his order with a check, which the British company deposits in its own U.S. bank account in New York. How is this transaction accounted for in the balance of payments?A) financial account, U.S. asset exportB) current account, U.S. service importC) current account, British good exportD) financial account, British asset importE) financial account, U.S. asset importC6) You travel to Paris and pay for a $100 dinner with your credit card. How is this accounted for in the balance of payments?A) current account, French service importC) financial account, U.S. asset exportD) financial account, U.S. asset importE) None of the above.C7) The German government carries out an official foreign exchange intervention in which it uses dollars held in an American bank to buy French currency from its citizens. How is this accounted for in the balance ofpayments?A) current account, French good exportB) current account, German good importC) financial account, French asset exportD) financial account, German asset exportE) All of the aboveE8) The earnings of a Spanish factory with British owners areA) counted in Spain's GDP.B) are part of Britain's GNP.C) are counted in Britain's GDP.D) are part of Spain's GNP.E) Only A and B.C9) The services British capital provides in Spain are a service export from Britain,A) therefore they are subtracted from British GDP in calculating British GNP.B) therefore they are added to Spanish GDP in calculating Spanish GDP.C) therefore they are added to British GDP in calculating British GNP.D) Only A and B.E) None of the above.E10) Unilateral transfers between countries areA) long-term loans.B) international gifts, or payments that do not correspond to the purchase of any good, service, or asset.C) part of the current account but not a part of national income.D) the difference between Y and GNP if the identity Y = C + I + G + CA holds exactly.E) Both B and D.D11) Which of the following statements about the central bank is true?A) Only the central bank may hold foreign reserves and intervene officially in exchange markets.B) Central banks have little power to alter macroeconomic conditions.C) Today, central banks' reserves consist largely of gold.D) The Federal Reserve holds only a small level of official reserve assets other than gold.E) Both B and C are true.A12) How do we allocate statistical discrepancy among the current, capital, and financial accounts?A) We have no way of knowing exactly how to allocate this discrepancy.B) Depend on the degree of certainty by which we attribute to these accounts.C) Divide it evenly amongst the three accounts.D) Depend on the convention adopted by the specific financial institution.E) Statistical discrepancy signals human errors made when dealing with financial accounts.C13)Which of the following is true about current cost method and market value method?A) They are used by the BEA to place current values on foreign indirect investments.B) These methods lead to the same valuations.C) Based on the current cost method, the BEA's 2006 estimate of U.S. net foreign wealth was $2,539.6billion.D) Current cost method is preferred by the BEA.E) None of the above is true.13.1 Exchange Rates and International Transactionsexchange rate is 1.25 dollars per one British pound?A) 50 dollarsB) 60 dollarsC) 70 dollarsD) 62.5 dollarsE) 40 British poundsE2) How many dollars would it cost to buy an Edinburgh Woolen Mill sweater costing 50 British pounds if the exchange rate is 1.50 dollars per one British pound?A) 50 dollarsB) 60 dollarsC) 70 dollarsD) 80 dollarsE) 75 dollarsB3) How many dollars would it cost to buy an Edinburgh Woolen Mill sweater costing 50 British pounds if the exchange rate is 1.80 dollars per one British pound?A) 40 dollarsB) 90 dollarsC) 50 dollarsD) 100 dollarsE) 95 dollarsB4) The Japanese currency is called theA) DM.B) Yen.C) Euro.D) Dollar.E) Pound.C5) How many British pounds would it cost to buy a pair of American designer jeans costing $45 if the exchange rate is 1.50 dollars per British pound?A) 10 British poundsB) 20 British poundsC) 30 British poundsD) 35 British poundsE) 25 British poundsB6) How many British pounds would it cost to buy a pair of American designer jeans costing $45 if the exchange rate is 1.80 dollars per British pound?A) 10 British poundsB) 25 British poundsC) 20 British poundsD) 30 British poundsE) 40 British poundsA7) How many British pounds would it cost to buy a pair of American designer jeans costing $45 if the exchange rate is 2.00 dollars per British pound?A) 22.5 British poundsB) 32.5 British poundsC) 12.5 British poundsD) 40 British poundsE) 30 British poundsB8) How many British pounds would it cost to buy a pair of American designer jeans costing $45 if the exchange rate is 1.60 dollars per British pound?A) 38.125 British poundsC) 48.125 British poundsD) 58.125 British poundsE) 18.125 British poundsB9) What is the exchange rate between the dollar and the British pound if a pair of American jeans costs 50 dollars in New York and 100 Pounds in London?A) 1.5 dollars per British poundB) 0.5 dollars per British poundC) 2.5 dollars per British poundD) 3.5 dollars per British poundE) 2 dollars per British poundE10) What is the exchange rate between the dollar and the British pound if a pair of American jeans costs 60 dollars in New York and 30 Pounds in London?A) 1.5 dollars per British poundB) 0.5 dollars per British poundC) 2.5 dollars per British poundD) 3.5 dollars per British poundE) 2 dollars per British poundE11)When a country's currency depreciates,A) foreigners find that its exports are more expensive, and domestic residents find that imports fromabroad are more expensive.B) foreigners find that its exports are more expensive, and domestic residents find that imports fromabroad are cheaper.C) foreigners find that its exports are cheaper; however, domestic residents are not affected.D) foreigners are not affected, but domestic residents find that imports from abroad are more expensive.E) None of the above.D12) An appreciation of a country's currency,A) decreases the relative price of its exports and lowers the relative price of its imports.B) raises the relative price of its exports and raises the relative price of its imports.C) lowers the relative price of its exports and raises the relative price of its imports.D) raises the relative price of its exports and lowers the relative price of its imports.E) None of the above.A13) Which one of the following statements is the most accurate?A) A depreciation of a country's currency makes its goods cheaper for foreigners.B) A depreciation of a country's currency makes its goods more expensive for foreigners.C) A depreciation of a country's currency makes its goods cheaper for its own residents.D) A depreciation of a country's currency makes its goods cheaper.E) None of the above.C14) Which of the following statements is the most accurate?A) The U.S. and Canadian dollar have traded roughly at par since 1970.B) The exchange rate (U.S.$ per Canadian$) has always been less than one since 1970.C) The U.S. and Canadian dollar traded roughly at par in the early 1970s and as of 2006, is nearing par asthe Canadian dollar rises.D) The U.S. and Canadian dollar traded roughly at par in the early 1970s and as of 2006, is nearing par asthe Canadian dollar falls.E) None of the above.A15) If the goods' money prices do not change, an appreciation of the dollar against the poundA) makes British sweaters cheaper in terms of American jeans.B) makes British sweaters more expensive in terms of American jeans.C) doesn't change the relative price of sweaters and jeans.D) makes American jeans cheaper in terms of British sweaters.B16)If the goods' money prices do not change, a depreciation of the dollar against the poundA) makes British sweaters cheaper in terms of American jeans.B) makes British sweaters more expensive in terms of American jeans.C) makes American jeans more expensive in terms of British sweaters.D) doesn't change the relative price of sweaters and jeans.E) None of the above.13.2 The Foreign Exchange MarketB1) The largest trading of foreign exchange occurs inA) New York.B) London.C) Tokyo.D) Frankfurt.E) Singapore.C2)Which of the following type of funds cater to wealthy individuals, are not bound by governmentregulations, and are actively traded in foreign exchange markets?A) Pension fundsB) Mutual fundsC) Hedge fundsD) Exchange fundsA3) The future date on which the currencies are actually exchanged is called what?A) the value dateB) the spot exchange dateC) the two-day windowD) the commitment dateE) None of the above.E4) In 2004A) 20 percent of foreign exchange transactions involved exchanges of foreign currencies for U.S. dollars.B) 10 percent of foreign exchange transactions involved exchanges of foreign currencies for U.S. dollars.C) 30 percent of foreign exchange transactions involved exchanges of foreign currencies for U.S. dollars.D) 40 percent of foreign exchange transactions involved exchanges of foreign currencies for U.S. dollars.E) 90 percent of foreign exchange transactions involved exchanges of foreign currencies for U.S. dollars.D5) Which one of the following statements is the most accurate?A) Spot exchange rates are always higher than forward exchange rates.B) Spot exchange rates are always lower than forward exchange rates.C) Spot exchange rates and forward exchanges rates are always equal.D) Spot exchange rates and forward exchanges rates are equal when the value date and the date of thespot transaction are the same.E) None of the above.D6) Forward and spot exchange ratesA) are necessarily equal.B) do not move closely together.C) are always such that the forward exchange rate is higher.D) do move closely together, but are not necessarily equal.E) None of the above.7)A foreign exchange swapCA) is a spot sale of a currency.B) is a forward repurchase of the currency.C) is a spot sale of a currency combined with a forward repurchase of the currency.E) None of the above.B8) Nondeliverable forward exchange markets in centers such as Hong Kong and Singapore help to circumvent which problem?A) loss of goods shipped from Hong Kong and SingaporeB) inconvertible currencies cannot be traded in foreign markets.C) lag between the spot exchange date and the value dateD) high travel costs from Asia to 'traditional' foreign exchange marketsE) None of the above.A9) The following is an example of Radio Shack hedging its foreign currency risk:A) needing to pay 9,000 yen per radio to its suppliers in a month, Radio Shack makes a forward-exchangedeal to buy yen.B) needing to pay 9,000 yen per radio to its suppliers in a month, Radio Shack makes a forward-exchangedeal to sell yen.C) needing to pay 9,000 yen per radio to its suppliers in a month, Radio Shack buys yen at a spot-exchange1 month from now.D) needing to pay 9,000 yen per radio to its suppliers in a month, Radio Shack sells yen at a spot-exchange1 month from now.E) None of the above.B10) Which of the following is NOT an example of a financial derivative?A) forwardsB) bondsC) swapsD) futuresE) optionsC11) Which major actor is at the center of the foreign exchange market?A) corporationsB) central banksC) commercial banksD) non-bank financial institutionsE) None of the above.E12)Which of the following is NOT a major actor in the foreign exchange market?A) corporationsB) central banksC) commercial banksD) non-bank financial institutionsE) touristsC13) By April 2004,A) only about 10 percent of foreign exchange trades were against euros.B) only about 24 percent of foreign exchange trades were against euros.C) only about 37 percent of foreign exchange trades were against euros.D) only about 42 percent of foreign exchange trades were against euros.E) only about 60 percent of foreign exchange trades were against euros.B14)Which of the following statements is true about a vehicle currency?A) It is widely used to denominate contracts made by parties who reside in the country that issues thevehicle currency.B) The dollar is sometimes called a vehicle currency because of its pivotal role in many foreign exchangedeals.C) There is much skepticism that the euro will ever evolve into a vehicle currency on par with the dollar.D) The pound sterling, once second only to the dollar as a key international currency, is beginning to risein importance.。
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)。
国际金融中英文版（带解析）
国际⾦融中英⽂版（带解析）国际⾦融中英⽂版Chapter 2:Payments among NationsSingle-Choice Questions1. A country?s balance of payments records:⼀个国家的国际收⽀平衡记录了 Ba.The value of all exports of goods and services from that country for a period of time.b.All flows of value between that c ountry?s residents and residents of the rest of theworld during a period of time.在⼀定时间段⾥,⼀个国家居民的资产和其它世界居民资产的流动c.All flows of financial assets that cross that country?s borders during a period of time.d.All flows of goods into that country during a period of time.2.3. A credit item in the balance of payments is: 在国际收⽀平衡⾥的贷项是 Aa.An item for which the country must be paid.⼀个国家必须收取的条款b.An item for which the country must pay.c.Any imported item.d.An item that creates a monetary claim owed to a foreigner.4.Every international exchange of value is entered into the balance-of-payments accounts__________ time(s). 每⼀次国际等价交换都记进国际收⽀帐户２次 Ba. 1b. 2c. 3d. 45. A debit item in the balance of payments is: 在国际收⽀平衡中的借项是 Ba.An item for which the country must be paid.b.An item for which the country must pay.⼀个国家必须⽀付的条款c.Any exported item.d.An item that creates a monetary claim on a foreigner.6.In a nation's balance of payments, which one of the following items is always recorded as apositive entry? D在国际收⽀中,下列哪个项⽬总被视为有利条项a.Changes in foreign currency reserves.b.Imports of goods and services./doc/d3d32473ff4733687e21af45b307e87100f6f858.html itary foreign aid supplied to allied nations.d.Purchases by foreign travelers visiting the country.国外游客在本国发⽣的购买7.The sum of all of the debit items in the balance of payments: 在收⽀平衡中,所有贷项的总和 Ba.Equals the overall balance.b.Equals the sum of all credit items.等于所有借项的总和c.Equals …compensating? transactions.d.Equals the sum of credit items minus errors and omissions.8.Which of the following capital transactions are entered as debits in the U.S. balance ofpayments? 下列哪个资本交易在美国的收⽀平衡中当作借项？Ba. A U.S. resident transfers $100 from his account at Credit Suisse in Basel (Switzerland)to his account at a San Francisco branch of Wells Fargo Bank.b. A French resident transfers $100 from his account at Wells Fargo Bank in SanFrancisco to his Credit Suisse account in Basel.⼀个法国居民在旧⾦⼭的FargoBank⽤其帐户转帐１００美⾦到位于巴塞尔的瑞⼠信贷户⼝c. A U.S. resident sells his IBM stock to a French resident.d. A U.S. resident sells his Credit Suisse stock to a French resident.9.An increase in a nation's financial liabilities to foreign residents is a: ⼀个国家对另⼀个国家⾦融负债的增加是⼀种Ca.Reserve inflow.b.Reserve outflow.c.Capital inflow.资本流⼊d.Capital outflow.10.___A_______ are money-like assets that are held by governments and that are recognized bygovernments as fully acceptable for payments between them. 官⽅国际储备资产是⼀种类似于钱的资产，这种资产由政府掌握并作为政府间的⼀种⽀付⼿段得到充分认可.a.Official international reserve assets 官⽅国际储备资产b.Unofficial international reserve assetsc.Official domestic reserve assetsd.Unofficial domestic reserve assets11.Which of the following is considered a capital inflow? 下列哪项被视为资本流⼊Aa. A sale of U.S. financial assets to a foreign buyer.美国⼀⾦融资产卖给⼀外国买家b. A loan from a U.S. bank to a foreign borrower.c. A purchase of foreign financial assets by a U.S. buyer.d. A U.S. citizen?s repayment of a loan from a foreign bank.12.In a country?s balance of payments, which of the following transactions are debits?⼀个国家的收⽀平衡表中,哪个交易属于借项？ Aa.Domestic bank balances owned by foreigners are decreased.外国⼈拥有的国内银⾏资产的下降b.Foreign bank balances owned by domestic residents are decreased.c.Assets owned by domestic residents are sold to nonresidents.d.Securities are sold by domestic residents to nonresidents.13.The role of ___D_______ is to direct one nation?s savings into another nation?s investments:资⾦流的作⽤是指导⼀个国家的储蓄进⼊到另⼀个国家的投资a.Merchandise trade flowsb.Services flowsc.Current account flowsd.Capital flows资⾦流14.The net value of flows of goods, services, income, and unilateral transfers is called the: 商品,服务,收⼊和单⽅⾯转让等现⾦流的净收益叫经常账⽬（户）Ba.Capital account.b.Current account.经常账⽬（户）c.Trade balance.d.Official reserve balance.15.The net value of flows of financial assets and similar claims (excluding official international reserve asset flows) is called the: ⾦融资产和类似的资产（官⽅国际储备资产流除外）的净值流叫 Aa.Financial account.⾦融帐b.Current account.c.Trade balance.d.Official reserve balance.15.The financial account in the U.S. balance of payments includes: 美国国家收⽀表中的⾦融帐包括：Ba.Everything in the current account.b.U.S. government payments to other countries for the use of military bases.美政府采⽤其它国家军事基地所需⽀付款项c.Profits that Nissan of America sends back to Japan.d.New U.S. investments in foreign countries.16.ＡU.S. resident increasing her holdings of a foreign financial asset causes a: ⼀个美国居民增持⼀外国⾦融资产会引起Da.Credit in the U.S. current account.b.Debit in the U.S. current account.c.Credit in the U.S. capital account.d.Debit in the U.S. capital account.美国资本帐的借帐17.A foreign resident increasing her holdings of a U.S. financial asset causes a: ⼀个美国居民增持本国⼀⾦融资产会引起 Ca.Credit in the U.S. current account.b.Debit in the U.S. current account.c.Credit in the U.S. capital account.美国资本帐的贷帐d.Debit in the U.S. capital account.18.A deficit in the current account: 经常帐户中的⾚字 Aa.Tends to cause a surplus in the financial account.会导致⾦融帐中的盈余b.Tends to cause a deficit in the financial account.c.Has no relationship to the financial account.d.Is the result of increasing exports and decreasing imports.19.In September, 2005, exports of goods from the U.S. decreased $3.3 billion to $73.4 billion,and imports of goods increased $3.8 billion to $144.5 billion. This increased the deficitin:2005年8⽉,美国商品出⼝降低了33亿美元,共734亿美元；商品进⼝上升到1145亿美元,上长了38亿.这样增加了哪个⽅⾯的⾚字？Ca.The balance of payments.b.The financial account.c.The current account.经常帐户d.Unilateral transfers.20.Which of the following would contribute to a U.S. current account surplus? 以下哪项有助于美国现⾦帐的盈余？ Ba.The United States makes a unilateral tariff reduction on imported goods.b.The United States cuts back on American military personnel stationed in Japan.美国削减在⽇本的军事⼈员c.U.S. tourists travel in large numbers to Asia.d.Russian vodka becomes increasingly popular in the United States.21.Which of the following transactions is recorded in the financial account?以下哪个交易会被当作⾦融帐Aa.Ford motor company builds a new plant in China 福特摩托公司在中国设⽴车间b. A Chinese businessman imports Ford automobiles from the United States.c. A U.S. tourist spends money on a trip to China.d.The New York Yankees are paid $10 million by the Chinese to play an exhibitiongame in Beijing, China.22.If a British business buys U.S. government securities, how will this be entered in the balanceof payments? 如果⼀英国商⼈购买了美国政府的债券,那么这个交易在收⽀平衡表中会被当作是？ Ca.It will appear in the trade account as an import.b.It will appear in the trade account as an export.c.It will appear in the financial account as an increase in U.S. assets held by foreigners.会被当作是外国⼈所有的美国资产增长d.It will appear in the financial account as a decrease in U.S. assets held by foreigners.23.In the balance of payments, the statistical discrepancy or error term is used to: 在收⽀平衡表中, 统计差异与错误项⽬会⽤来确保借帐总和跟贷帐总和⼀致 Aa.Ensure that the sum of all debits matches the sum of all credits.b.Ensure that imports equal the value of exports.c.Obtain an accurate account of a balance-of-payments deficit.d.Obtain an accurate account of a balance-of-payments surplus.24.Official reserve assets are: 官⽅储备资产是 Ba.The gold holdings in the nation?s central bank.b.Money like assets that are held by governments and that are recognized bygovernments as fully acceptable for payments between them. 官⽅国际储备资产是⼀种类似于钱的资产，这种资产由政府掌握并作为政府间的⼀种⽀付⼿段得到充分认可/doc/d3d32473ff4733687e21af45b307e87100f6f858.html ernment T-bills and T-bonds. /doc/d3d32473ff4733687e21af45b307e87100f6f858.html ernment holdings of SDR?s 25.Which of the following constitutes the largest component of the world?s international reserveassets? 下列哪项构成了世界国际储备资产的⼤部份？ Da.Gold.b.Special Drawing Rights.c.IMF Reserve Positions.d.Foreign Currencies.外汇（币）26.The net accumulation of foreign assets minus foreign liabilities is: 海外净资产的积累减去外债等于C/doc/d3d32473ff4733687e21af45b307e87100f6f858.html official reserves./doc/d3d32473ff4733687e21af45b307e87100f6f858.html domestic investment./doc/d3d32473ff4733687e21af45b307e87100f6f858.html foreign investment.国外投资净值/doc/d3d32473ff4733687e21af45b307e87100f6f858.html foreign deficit.27.A country experiencing a current account surplus: ⼀个国家经历经常帐户的盈余Ba.Needs to borrow internationally.b.Is able to lend internationally.就有能⼒向外放贷c.Must also have had a surplus in its "overall" balance.d.Spent more than it earned on its merchandise and service trade, international incomepayments and receipts and international transfers.28.The ___C_______ measures the sum of the current account balance plus the private capitalaccount balance. 官⽅结算差额是指经常帐户余额的总和加上私⼈资本帐（B=CA+FA,FA:为⾮官⽅投资和储备）a.Official capital balanceb.Unofficial capital balancec.Official settlements balance官⽅结算差额d.Unofficial settlements balance29.If the overall balance is in __A________, there is an accumulation of official reserve assetsby the country or a decrease in foreign official reserve holdings of the country's assets. 如果综合差额处于盈余，那么会出现本国官⽅储备资产的积累或者国外官⽅储备的减少（B=CA+FA,B+OR=0，OR:官⽅储备⾦额）a.Surplus盈余b.Deficitc.Balanced.Foreign hands30.Which of the following is the current account balance NOT equal to? 以下哪项不等同于现⾦帐 Da.The difference between domestic product and domestic expenditure.b.The difference between national saving and domestic investment./doc/d3d32473ff4733687e21af45b307e87100f6f858.html foreign investment.d.The difference between government saving and government investment. 政府储蓄与政府投资的差值True/False Questions31.Capital inflows are debits and capital outflows are credits. 资⾦流⼊是借项，资⾦外流是贷项32.The net value of the flow of goods, services, income, and gifts is the current account balance.(T) 商品,服务,收⼊和单⽅⾯转让等现⾦流的净收益叫经常账⽬余额33.The net flow of financial assets and similar claims is the private current account balance. ⾦融资产和类似的资产的净值叫经常帐⽬余额34.The majority of countries' official reserves assets are now foreign exchange assets, financialassets denominated in a foreign currency that is readily acceptable in internationaltransactions. (T)⼤部份官⽅储备资产作为以外汇资产和⾦融资产为命名的外币在世界上交易与流通.35.A country's financial account balance equals the country's net foreign investment.⼀个国家的⾦融帐差额相当于⼀个国家的净国外投资36.A country has a current account deficit if it is saving more than it is investing domestically.⼀个国家如果在国内的储蓄⽐投资要⼤,那么会出现经常账⽬⾚字37.The official settlements balance measures the sum of the capital account balance plus thepublic current account balance. 官⽅结算差额是资⾦帐户余额的总额加上公共经常帐户余额38.A nation's international investment position shows its stock of international assets andliabilities at a moment in time. (T)⼀个国家的国际投资状况反映出它在特定时间⾥的国际资产股份以及债务情况.39.A nation is a borrower if its current account is in deficit during a time period. (T)在⼀段时间内,如果⼀个国家的经常帐出现⾚字,那么它就是借⽅.40.A nation is a debtor if its net stock of foreign assets is positive. 如果⼀个国家的国外资产净储备是正数,那么它是借⽅（债务⽅）41.A transaction leading to a foreign resident increasing her holdings of a U.S. financial assetwill be recorded as a debit on the U.S. financial account.如果⼀项交易引起⼀外国居民增持美国⾦融资产的股份,那么这项交易在美国⾦融帐中会被当作借项42.A credit item is an item for which a country must pay. 贷项是指⼀个国家必须还款的条项43.Gold is a major reserve asset that is currently often used in official reserve transactions. 黄⾦作为主要的储备资产,常被⽤在官⽅储备交易当中.44.The current account balance is equal to the difference between domestic product and nationalexpenditure.(T)经常项⽬余额等于国民⽣产与国民⽀出的差额45.In 2007 U.S. households, businesses and government were buying more goods and servicesthan they were producing.(T)２００７年,美国家庭,商业,政府购买的商品和服务⽐他们⽣产（商品和服务）的要多.46。
国际金融中英文版答案)【精选文档】
国际金融中英文版Chapter 2:Payments among NationsSingle—Choice Questions1.A country's balance of payments records：一个国家的国际收支平衡记录了 Ba.The value of all exports of goods and services from that countryfor a period of time。
b.All flows of value between that country's residents and residentsof the rest of the world during a period of time。
在一定时间段里,一个国家居民的资产和其它世界居民资产的流动c.All flows of financial assets that cross that country’s bordersduring a period of time.d.All flows of goods into that country during a period of time.2.A credit item in the balance of payments is: 在国际收支平衡里的贷项是 Aa.An item for which the country must be paid.一个国家必须收取的条款b.An item for which the country must pay。
c.Any imported item.d.An item that creates a monetary claim owed to a foreigner.3.Every international exchange of value is entered into thebalance—of-payments accounts __________ time（s）。
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。
国际金融中英文版答案)
国际金融中英文版Chapter 2:Payments among NationsSingle-Choice Questions1.A country’s balance of payments records:一个国家的国际收支平衡记录了 Ba.The value of all exports of goods and services from that countryfor a period of time.b.All flows of value between that c ountry’s residents andresidents of the rest of the world during a period of time.在一定时间段里,一个国家居民的资产和其它世界居民资产的流动c.All flows of financial assets that cross that country’s bordersduring a period of time.d.All flows of goods into that country during a period of time.2.A credit item in the balance of payments is: 在国际收支平衡里的贷项是 Aa.An item for which the country must be paid.一个国家必须收取的条款b.An item for which the country must pay.c.Any imported item.d.An item that creates a monetary claim owed to a foreigner.3.Every international exchange of value is entered into the balance-of-payments accounts __________ time(s). 每一次国际等价交换都记进国际收支帐户２次 Ba.1b.2c.3d.44.A debit item in the balance of payments is: 在国际收支平衡中的借项是 Ba.An item for which the country must be paid.b.An item for which the country must pay.一个国家必须支付的条款c.Any exported item.d.An item that creates a monetary claim on a foreigner.5.In a nation's balance of payments, which one of the following items isalways recorded as a positive entry? D在国际收支中,下列哪个项目总被视为有利条项a.Changes in foreign currency reserves.b.Imports of goods and services.itary foreign aid supplied to allied nations.d.Purchases by foreign travelers visiting the country.国外游客在本国发生的购买6.The sum of all of the debit items in the balance of payments: 在收支平衡中,所有贷项的总和 Ba.Equals the overall balance.b.Equals the sum of all credit items.等于所有借项的总和c.Equals ‘compensating’ transactions.d.Equals the sum of credit items minus errors and omissions.7.Which of the following capital transactions are entered as debits inthe U.S. balance of payments? 下列哪个资本交易在美国的收支平衡中当作借项？Ba.A U.S. resident transfers $100 from his account at Credit Suissein Basel (Switzerland) to his account at a San Francisco branchof Wells Fargo Bank.b.A French resident transfers $100 from his account at WellsFargo Bank in San Francisco to his Credit Suisse account inBasel.一个法国居民在旧金山的Fargo Bank用其帐户转帐１００美金到位于巴塞尔的瑞士信贷户口c.A U.S. resident sells his IBM stock to a French resident.d.A U.S. resident sells his Credit Suisse stock to a French resident.8.An increase in a nation's financial liabilities to foreign residents is a:一个国家对另一个国家金融负债的增加是一种Ca.Reserve inflow.b.Reserve outflow.c.Capital inflow.资本流入d.Capital outflow.9.___A_______ are money-like assets that are held by governmentsand that are recognized by governments as fully acceptable forpayments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可.a.Official international reserve assets 官方国际储备资产b.Unofficial international reserve assetsc.Official domestic reserve assetsd.Unofficial domestic reserve assets10.Which of the following is considered a capital inflow? 下列哪项被视为资本流入 Aa.A sale of U.S. financial assets to a foreign buyer.美国一金融资产卖给一外国买家b.A loan from a U.S. bank to a foreign borrower.c.A purchase of foreign financial assets by a U.S. buyer.d.A U.S. citizen’s repayment of a loan from a foreign bank.11.In a country’s balance of payments, which of the followingtransactions are debits?一个国家的收支平衡表中,哪个交易属于借项？ Aa.Domestic bank balances owned by foreigners are decreased.外国人拥有的国内银行资产的下降b.Foreign bank balances owned by domestic residents aredecreased.c.Assets owned by domestic residents are sold to nonresidents.d.Securities are sold by domestic residents to nonresidents.12.The role of ___D_______ is to direct one nation’s savings intoanother nation’s investments: 资金流的作用是指导一个国家的储蓄进入到另一个国家的投资a.Merchandise trade flowsb.Services flowsc.Current account flowsd.Capital flows资金流13.The net value of flows of goods, services, income, and unilateraltransfers is called the: 商品,服务,收入和单方面转让等现金流的净收益叫经常账目（户）Ba.Capital account.b.Current account.经常账目（户）c.Trade balance.d.Official reserve balance.14.The net value of flows of financial assets and similar claims(excluding official international reserve asset flows) is called the: 金融资产和类似的资产（官方国际储备资产流除外）的净值流叫Aa.Financial account.金融帐b.Current account.c.Trade balance.d.Official reserve balance.15.The financial account in the U.S. balance of payments includes:美国国家收支表中的金融帐包括： Ba.Everything in the current account.b.U.S. government payments to other countries for the use ofmilitary bases.美政府采用其它国家军事基地所需支付款项c.Profits that Nissan of America sends back to Japan.d.New U.S. investments in foreign countries.16.Ａ U.S. resident increasing her holdings of a foreign financial assetcauses a: 一个美国居民增持一外国金融资产会引起Da.Credit in the U.S. current account.b.Debit in the U.S. current account.c.Credit in the U.S. capital account.d.Debit in the U.S. capital account.美国资本帐的借帐17. A foreign resident increasing her holdings of a U.S. financial assetcauses a: 一个美国居民增持本国一金融资产会引起 Ca.Credit in the U.S. current account.b.Debit in the U.S. current account.c.Credit in the U.S. capital account.美国资本帐的贷帐d.Debit in the U.S. capital account.18. A deficit in the current account: 经常帐户中的赤字 Aa.Tends to cause a surplus in the financial account.会导致金融帐中的盈余b.Tends to cause a deficit in the financial account.c.Has no relationship to the financial account.d.Is the result of increasing exports and decreasing imports.19.In September, 2005, exports of goods from the U.S. decreased $3.3billion to $73.4 billion, and imports of goods increased $3.8 billion to $144.5 billion. This increased the deficit in:2005年8月,美国商品出口降低了33亿美元,共734亿美元；商品进口上升到1145亿美元,上长了38亿.这样增加了哪个方面的赤字？Ca.The balance of payments.b.The financial account.c.The current account.经常帐户d.Unilateral transfers.20.Which of the following would contribute to a U.S. current accountsurplus? 以下哪项有助于美国现金帐的盈余？ Ba.The United States makes a unilateral tariff reduction onimported goods.b.The United States cuts back on American military personnelstationed in Japan.美国削减在日本的军事人员c.U.S. tourists travel in large numbers to Asia.d.Russian vodka becomes increasingly popular in the UnitedStates.21.Which of the following transactions is recorded in the financialaccount?以下哪个交易会被当作金融帐Aa.Ford motor company builds a new plant in China 福特摩托公司在中国设立车间b.A Chinese businessman imports Ford automobiles from theUnited States.c.A U.S. tourist spends money on a trip to China.d.The New York Yankees are paid $10 million by the Chinese toplay an exhibition game in Beijing, China.22.If a British business buys U.S. government securities, how will thisbe entered in the balance of payments? 如果一英国商人购买了美国政府的债券,那么这个交易在收支平衡表中会被当作是？ Ca.It will appear in the trade account as an import.b.It will appear in the trade account as an export.c.It will appear in the financial account as an increase in U.S.assets held by foreigners.会被当作是外国人所有的美国资产增长d.It will appear in the financial account as a decrease in U.S.assets held by foreigners.23.In the balance of payments, the statistical discrepancy or error termis used to: 在收支平衡表中, 统计差异与错误项目会用来确保借帐总和跟贷帐总和一致 Aa.Ensure that the sum of all debits matches the sum of all credits.b.Ensure that imports equal the value of exports.c.Obtain an accurate account of a balance-of-payments deficit.d.Obtain an accurate account of a balance-of-payments surplus.24.Official reserve assets are: 官方储备资产是 Ba.The gold holdings in the nation’s central bank.b.Money like assets that are held by governments and that arerecognized by governments as fully acceptable for paymentsbetween them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可ernment T-bills and T-bonds.ernment holdings of SDR’s25.Which of the following constitutes the largest component of theworld’s international reserve assets?下列哪项构成了世界国际储备资产的大部份？ Da.Gold.b.Special Drawing Rights.c.IMF Reserve Positions.d.Foreign Currencies.外汇（币）26.The net accumulation of foreign assets minus foreign liabilities is:海外净资产的积累减去外债等于C official reserves. domestic investment. foreign investment.国外投资净值 foreign deficit.27. A country experiencing a current account surplus: 一个国家经历经常帐户的盈余 Ba.Needs to borrow internationally.b.Is able to lend internationally.就有能力向外放贷c.Must also have had a surplus in its "overall" balance.d.Spent more than it earned on its merchandise and service trade,international income payments and receipts and internationaltransfers.28.The ___C_______ measures the sum of the current accountbalance plus the private capital account balance.官方结算差额是指经常帐户余额的总和加上私人资本帐（B=CA+FA,FA:为非官方投资和储备）a.Official capital balanceb.Unofficial capital balancec.Official settlements balance官方结算差额d.Unofficial settlements balance29.If the overall balance is in __A________, there is an accumulationof official reserve assets by the country or a decrease in foreignofficial reserve holdings of the country's assets. 如果综合差额处于盈余，那么会出现本国官方储备资产的积累或者国外官方储备的减少（B=CA+FA,B+OR=0，OR:官方储备金额）a.Surplus盈余b.Deficitc.Balanced.Foreign hands30.Which of the following is the current account balance NOT equalto? 以下哪项不等同于现金帐 Da.The difference between domestic product and domesticexpenditure.b.The difference between national saving and domesticinvestment. foreign investment.d.The difference between government saving and governmentinvestment. 政府储蓄与政府投资的差值True/False Questions31.Capital inflows are debits and capital outflows are credits. 资金流入是借项，资金外流是贷项32.The net value of the flow of goods, services, income, and gifts isthe current account balance. (T) 商品,服务,收入和单方面转让等现金流的净收益叫经常账目余额33.The net flow of financial assets and similar claims is the privatecurrent account balance. 金融资产和类似的资产的净值叫经常帐目余额34.The majority of countries' official reserves assets are now foreignexchange assets, financial assets denominated in a foreign currency that is readily acceptable in international transactions. (T)大部份官方储备资产作为以外汇资产和金融资产为命名的外币在世界上交易与流通.35. A country's financial account balance equals the country's netforeign investment.一个国家的金融帐差额相当于一个国家的净国外投资36. A country has a current account deficit if it is saving more than it isinvesting domestically.一个国家如果在国内的储蓄比投资要大,那么会出现经常账目赤字37.The official settlements balance measures the sum of the capitalaccount balance plus the public current account balance. 官方结算差额是资金帐户余额的总额加上公共经常帐户余额38. A nation's international investment position shows its stock ofinternational assets and liabilities at a moment in time. (T)一个国家的国际投资状况反映出它在特定时间里的国际资产股份以及债务情况.39. A nation is a borrower if its current account is in deficit during atime period. (T)在一段时间内,如果一个国家的经常帐出现赤字,那么它就是借方.40. A nation is a debtor if its net stock of foreign assets is positive. 如果一个国家的国外资产净储备是正数,那么它是借方（债务方）41. A transaction leading to a foreign resident increasing her holdingsof a U.S. financial asset will be recorded as a debit on the U.S.financial account.如果一项交易引起一外国居民增持美国金融资产的股份,那么这项交易在美国金融帐中会被当作借项42. A credit item is an item for which a country must pay. 贷项是指一个国家必须还款的条项43.Gold is a major reserve asset that is currently often used in officialreserve transactions. 黄金作为主要的储备资产,常被用在官方储备交易当中.44.The current account balance is equal to the difference betweendomestic product and national expenditure.(T)经常项目余额等于国民生产与国民支出的差额45.In 2007 U.S. households, businesses and government were buyingmore goods and services than they were producing.(T)２００７年,美国家庭,商业,政府购买的商品和服务比他们生产（商品和服务）的要多.46。
(完整word版)英文版国际金融试题和答案
PartⅠ.Decide whether each of the following statements is true or false (10%)每题1分，答错不扣分1. If perfect markets existed, resources would be more mobile and could therefore be transferred to those countries more willing to pay a high price for them. ( T )2. The forward contract can hedge future receivables or payables in foreign currencies to insulate the firm against exchange rate risk. ( T )3. The primary objective of the multinational corporation is still the same primary objective of any firm, i.e., to maximize shareholder wealth. ( T )4. A low inflation rate tends to increase imports and decrease exports, thereby decreasing the current account deficit, other things equal. ( F )5. A capital account deficit reflects a net sale of the home currency in exchange for other currencies. This places up ward pressure on that home currency’s value. ( F )6. The theory of comparative advantage implies that countries should specialize in production, thereby relying on other countries for some products. ( T )7. Covered interest arbitrage is plausible when the forward premium reflect the interest rate differential between two countries specified by the interest rate parity formula. ( F )8．The total impact of transaction exposure is on the overall value of the firm. ( F )9. A put option is an option to sell-by the buyer of the option-a stated number of units of the underlying instrument at a specified price per unit during a specified period. ( T )10. Futures must be marked-to-market. Options are not. ( T )PartⅡ:Cloze (20%)每题2分，答错不扣分1. If inflation in a foreign country differs from inflation in the home country, the exchange rate will adjust to maintain equal( purchasing power ）2. Speculators who expect a currency to ( appreciate ) could purchase currency futures contracts for that currency.3. Covered interest arbitrage involves the short-term investment in a foreign currency that is covered by a ( forward contract ) to sell that currency when the investment matures.4. （Appreciation/ Revalue ）of RMB reduces inflows since the foreign demand for our goods is reduced and foreign competition is increased.5. ( PPP ) suggests a relationship between the inflation differential of two countries and the percentage change in the spot exchange rate over time.6. IFE is based on nominal interest rate ( differentials ), which are influenced by expected inflation.7. Transaction exposure is a subset of economic exposure. Economic exposure includes any form by which the firm’s ( value ) will be affected.8. The option writer is obligated to buy the underlying commodity at a stated price if a ( put option ) is exercised9. There are three types of long-term international bonds. They are Global bonds , ( eurobonds ) and ( foreign bonds ).10. Any good secondary market for finance instruments must have an efficient clearing system. Most Eurobonds are cleared through either ( Euroclear ) or Cedel.PartⅢ:Questions and Calculations (60%)过程正确结果计算错误扣2分1. Assume the following information:A BankB BankBid price of Canadian dollar $0.802 $0.796Ask price of Canadian dollar $0.808 $0.800Given this information, is locational arbitrage possible? If so, explain the steps involved in locational arbitrage, and compute the profit from this arbitrage if you had $1,000,000 to use. (5%)ANSWER:Yes! One could purchase New Zealand dollars at Y Bank for $.80 and sell them to X Bank for $.802. With $1 million available, 1.25 million New Zealand dollars could be purchased at Y Bank. These New Zealand dollars could then be sold to X Bank for $1,002,500, thereby generating a profit of $2,500.2. Assume that the spot exchange rate of the British pound is $1.90. How will this spot rate adjust in twoyears if the United Kingdom experiences an inflation rate of 7 percent per year while the United States experiences an inflation rate of 2 percent per year?(10%)ANSWER:According to PPP, forward rate/spot=indexdom/indexforthe exchange rate of the pound will depreciate by 4.7 percent. Therefore, the spot rate would adjust to $1.90 ×[1 + (–.047)] = $1.81073. Assume that the spot exchange rate of the Singapore dollar is $0.70. The one-year interest rate is 11 percent in the United States and 7 percent in Singapore. What will the spot rate be in one year according to the IFE? (5%)ANSWER: according to the IFE,St+1/St=(1+Rh)/(1+Rf)$.70 × (1 + .04) = $0.7284. Assume that XYZ Co. has net receivables of 100,000 Singapore dollars in 90 days. The spot rate of the S$ is $0.50, and the Singapore interest rate is 2% over 90 days. Suggest how the U.S. firm could implement a money market hedge. Be precise . (10%)ANSWER: The firm could borrow the amount of Singapore dollars so that the 100,000 Singapore dollars to be received could be used to pay off the loan. This amounts to (100,000/1.02) = about S$98,039, which could be converted to about $49,020 and invested. The borrowing of Singapore dollars has offset the transaction exposure due to the future receivables in Singapore dollars.5. A U.S. company ordered a Jaguar sedan. In 6 months , it will pay £30,000 for the car. It worried that pound ster1ing might rise sharply from the current rate($1.90). So, the company bought a 6 month pound call (supposed contract size = £35,000) with a strike price of $1.90 for a premium of 2.3 cents/£.(1)Is hedging in the options market better if the £ rose to $1.92 in 6 months?(2)what did the exchange rate have to be for the company to break even?（15%）Solution:(1)If the £ rose to $1.92 in 6 months, the U.S. company would exercise the pound call option. The sum of the strike price and premium is$1.90 + $0.023 = $1.9230/£This is bigger than $1.92.So hedging in the options market is not better.(2) when we say the company can break even, we mean that hedging or not hedging doesn’t matter. And only when (strike price + premium )= the exchange rate ,hedging or not doesn’t matter.So, the exchange rate =$1.923/£.6. Discuss the advantages and disadvantages of fixed exchange rate system.(15%)textbook page50 答案以教材第50 页为准PART Ⅳ: Diagram(10%)The strike price for a call is $1.67/£. The premium quoted at the Exchange is $0.0222 per British pound. Diagram the profit and loss potential, and the break-even price for this call optionSolution:Following diagram shows the profit and loss potential, and the break-even price of this put option:PART Ⅴ:Additional QuestionSuppose that you are expecting revenues of Y 100,000 from Japan in one month. Currently, 1 month forward contracts are trading at $1 = $105 Yen. You have the following estimate of the Yen/$ exchange rate in one month.a)b) Calculate the expected value of the hedge.c) How could you replicate this hedge in the money market?You are expecting revenues of Y100,000 in one month that you will need to covert to dollars. You could hedge this in forward markets by taking long positions in US dollars (short positions in Japanese Yen). By locking in your price at $1 = Y105, your dollar revenues are guaranteed to beY100,000/ 105 = $952You could replicate this hedge by using the following:a) Borrow in Japanb) Convert the Yen to dollarsc) Invest the dollars in the USd) Pay back the loan when you receive the Y100,000。
英语国际经济英语30题
英语国际经济英语30题1. In an international trade transaction, if the seller is responsible for delivering the goods to the port of shipment but not for loading them onto the vessel, the appropriate trade term is:A. FOBB. CFRC. CIFD. EXW答案：A。
解析：FOB（Free on Board）指卖方在指定的装运港将货物交到买方指定的船上，卖方负责将货物运至装运港，不负责装船。
CFR Cost and Freight）卖方要负责运费但不负责保险。
CIF Cost, Insurance and Freight）卖方要负责运费和保险。
EXW（Ex Works）卖方在其所在地或其他指定的地点将货物交给买方处置时即完成交货。
所以此题选A。
2. When the seller is responsible for delivering the goods to the named port of destination and bears all risks and costs including duties, taxes and other charges until the goods are unloaded from the vessel, the trade term is:A. DDPB. DAPC. DATD. CPT答案：A。
解析：DDP（Delivered Duty Paid）指卖方在指定的目的地，办理完进口清关手续，将在交货运输工具上尚未卸下的货物交与买方，完成交货。
DAP（Delivered at Place）卖方在指定的目的地交货，但不负责卸货。
DAT Delivered at Terminal）卖方在指定港口或目的地的运输终端将货物卸下交给买方处置。
国际金融中英文版(带解析)
国际金融中英文版Chapter 2:Payments among NationsSingle-Choice Questions1. A country’s balance of payments records：一个国家的国际收支平衡记录了 Ba.The value of all exports of goods and services from that country for a periodof time.b.All flows of value between that c ountry’s residents and residents of the restof the world during a period of time。
在一定时间段里，一个国家居民的资产和其它世界居民资产的流动c.All flows of financial assets that cross that country’s borders during a periodof time.d.All flows of goods into that country during a period of time。
2.3. A credit item in the balance of payments is: 在国际收支平衡里的贷项是 Aa.An item for which the country must be paid。
一个国家必须收取的条款b.An item for which the country must pay。
c.Any imported item。
d.An item that creates a monetary claim owed to a foreigner。
4.Every international exchange of value is entered into the balance—of—paymentsaccounts __________ time(s）。
国际金融中英文版答案解析)
国际金融中英文版Chapter 2:Payments among NationsSingle-Choice Questions1.A country’s balance of payments records:一个国家的国际收支平衡记录了 Ba.The value of all exports of goods and services from thatcountry for a period of time.b.All flows of value between that c ountry’s residentsand residents of the rest of the world during a periodof time. 在一定时间段里, 一个国家居民的资产和其它世界居民资产的流动c.All flows of financial assets that cross thatcountry’s borders during a period of time.d.All flows of goods into that country during a periodof time.2.A credit item in the balance of payments is: 在国际收支平衡里的贷项是 Aa.An item for which the country must be paid. 一个国家必须收取的条款b.An item for which the country must pay.c.Any imported item.d.An item that creates a monetary claim owed to aforeigner.3.Every international exchange of value is entered into thebalance-of-payments accounts __________ time(s). 每一次国际等价交换都记进国际收支帐户２次 Ba.1b.2c.3d.44.A debit item in the balance of payments is: 在国际收支平衡中的借项是 Ba.An item for which the country must be paid.b.An item for which the country must pay. 一个国家必须支付的条款c.Any exported item.d.An item that creates a monetary claim on a foreigner.5.In a nation's balance of payments, which one of the followingitems is always recorded as a positive entry? D 在国际收支中, 下列哪个项目总被视为有利条项a.Changes in foreign currency reserves.b.Imports of goods and services.itary foreign aid supplied to allied nations.d.Purchases by foreign travelers visiting the country.国外游客在本国发生的购买6.The sum of all of the debit items in the balance of payments:在收支平衡中,所有贷项的总和 Ba.Equals the overall balance.b.Equals the sum of all credit items.等于所有借项的总和c.Equals ‘compensating’ transactions.d.Equals the sum of credit items minus errors andomissions.7.Which of the following capital transactions are entered asdebits in the U.S. balance of payments? 下列哪个资本交易在美国的收支平衡中当作借项？Ba.A U.S. resident transfers $100 from his account atCredit Suisse in Basel (Switzerland) to his account ata San Francisco branch of Wells Fargo Bank.b.A French resident transfers $100 from his account atWells Fargo Bank in San Francisco to his Credit Suisseaccount in Basel. 一个法国居民在旧金山的Fargo Bank用其帐户转帐１００美金到位于巴塞尔的瑞士信贷户口c.A U.S. resident sells his IBM stock to a Frenchresident.d.A U.S. resident sells his Credit Suisse stock to aFrench resident.8.An increase in a nation's financial liabilities to foreignresidents is a: 一个国家对另一个国家金融负债的增加是一种Ca.Reserve inflow.b.Reserve outflow.c.Capital inflow.资本流入d.Capital outflow.9.___A_______ are money-like assets that are held bygovernments and that are recognized by governments as fully acceptable for payments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可.a.Official international reserve assets 官方国际储备资产b.Unofficial international reserve assetsc.Official domestic reserve assetsd.Unofficial domestic reserve assets10.Which of the following is considered a capital inflow?下列哪项被视为资本流入 Aa.A sale of U.S. financial assets to a foreign buyer.美国一金融资产卖给一外国买家b.A loan from a U.S. bank to a foreign borrower.c.A purchase of foreign financial assets by a U.S. buyer.d.A U.S. citizen’s repayment of a loan from a foreignbank.11.In a country’s balance of payments, which of thefollowing transactions are debits?一个国家的收支平衡表中,哪个交易属于借项？ Aa.Domestic bank balances owned by foreigners aredecreased. 外国人拥有的国内银行资产的下降b.Foreign bank balances owned by domestic residents aredecreased.c.Assets owned by domestic residents are sold tononresidents.d.Securities are sold by domestic residents tononresidents.12.The role of ___D_______ is to direct one nation’ssavings into another nation’s investments: 资金流的作用是指导一个国家的储蓄进入到另一个国家的投资a.Merchandise trade flowsb.Services flowsc.Current account flowsd.Capital flows 资金流13.The net value of flows of goods, services, income, andunilateral transfers is called the: 商品,服务,收入和单方面转让等现金流的净收益叫经常账目（户）Ba.Capital account.b.Current account.经常账目（户）c.Trade balance.d.Official reserve balance.14.The net value of flows of financial assets and similarclaims (excluding official international reserve asset flows) is called the: 金融资产和类似的资产（官方国际储备资产流除外）的净值流叫 Aa.Financial account.金融帐b.Current account.c.Trade balance.d.Official reserve balance.15.The financial account in the U.S. balance of paymentsincludes: 美国国家收支表中的金融帐包括： Ba.Everything in the current account.b.U.S. government payments to other countries for the useof military bases.美政府采用其它国家军事基地所需支付款项c.Profits that Nissan of America sends back to Japan.d.New U.S. investments in foreign countries.16.Ａ U.S. resident increasing her holdings of a foreignfinancial asset causes a: 一个美国居民增持一外国金融资产会引起Da.Credit in the U.S. current account.b.Debit in the U.S. current account.c.Credit in the U.S. capital account.d.Debit in the U.S. capital account. 美国资本帐的借帐17. A foreign resident increasing her holdings of a U.S.financial asset causes a: 一个美国居民增持本国一金融资产会引起 Ca.Credit in the U.S. current account.b.Debit in the U.S. current account.c.Credit in the U.S. capital account.美国资本帐的贷帐d.Debit in the U.S. capital account.18. A deficit in the current account: 经常帐户中的赤字 Aa.Tends to cause a surplus in the financial account.会导致金融帐中的盈余b.Tends to cause a deficit in the financial account.c.Has no relationship to the financial account.d.Is the result of increasing exports and decreasingimports.19.In September, 2005, exports of goods from the U.S.decreased $3.3 billion to $73.4 billion, and imports of goods increased $3.8 billion to $144.5 billion. Thisincreased the deficit in:2005年8月,美国商品出口降低了33亿美元,共734亿美元；商品进口上升到1145亿美元,上长了38亿.这样增加了哪个方面的赤字？Ca.The balance of payments.b.The financial account.c.The current account. 经常帐户d.Unilateral transfers.20.Which of the following would contribute to a U.S. currentaccount surplus? 以下哪项有助于美国现金帐的盈余？ Ba.The United States makes a unilateral tariff reductionon imported goods.b.The United States cuts back on American militarypersonnel stationed in Japan.美国削减在日本的军事人员c.U.S. tourists travel in large numbers to Asia.d.Russian vodka becomes increasingly popular in theUnited States.21.Which of the following transactions is recorded in thefinancial account?以下哪个交易会被当作金融帐Aa.Ford motor company builds a new plant in China 福特摩托公司在中国设立车间b.A Chinese businessman imports Ford automobiles from theUnited States.c.A U.S. tourist spends money on a trip to China.d.The New York Yankees are paid $10 million by the Chineseto play an exhibition game in Beijing, China.22.If a British business buys U.S. government securities,how will this be entered in the balance of payments? 如果一英国商人购买了美国政府的债券,那么这个交易在收支平衡表中会被当作是？ Ca.It will appear in the trade account as an import.b.It will appear in the trade account as an export.c.It will appear in the financial account as an increasein U.S. assets held by foreigners.会被当作是外国人所有的美国资产增长d.It will appear in the financial account as a decreasein U.S. assets held by foreigners.23.In the balance of payments, the statistical discrepancyor error term is used to: 在收支平衡表中, 统计差异与错误项目会用来确保借帐总和跟贷帐总和一致 Aa.Ensure that the sum of all debits matches the sum ofall credits.b.Ensure that imports equal the value of exports.c.Obtain an accurate account of a balance-of-paymentsdeficit.d.Obtain an accurate account of a balance-of-paymentssurplus.24.Official reserve assets are: 官方储备资产是Ba.The gold holdings in the nation’s central bank.b.Money like assets that are held by governments and thatare recognized by governments as fully acceptable forpayments between them. 官方国际储备资产是一种类似于钱的资产，这种资产由政府掌握并作为政府间的一种支付手段得到充分认可ernment T-bills and T-bonds.ernment holdings of SDR’s25.Which of the following constitutes the largest componentof the world’s international reserve assets?下列哪项构成了世界国际储备资产的大部份？ Da.Gold.b.Special Drawing Rights.c.IMF Reserve Positions.d.Foreign Currencies. 外汇（币）26.The net accumulation of foreign assets minus foreignliabilities is: 海外净资产的积累减去外债等于C official reserves. domestic investment. foreign investment. 国外投资净值 foreign deficit.27. A country experiencing a current account surplus: 一个国家经历经常帐户的盈余 Ba.Needs to borrow internationally.b.Is able to lend internationally.就有能力向外放贷c.Must also have had a surplus in its "overall" balance.d.Spent more than it earned on its merchandise and servicetrade, international income payments and receipts andinternational transfers.28.The ___C_______ measures the sum of the current accountbalance plus the private capital account balance. 官方结算差额是指经常帐户余额的总和加上私人资本帐（B=CA+FA,FA:为非官方投资和储备）a.Official capital balanceb.Unofficial capital balancec.Official settlements balance官方结算差额d.Unofficial settlements balance29.If the overall balance is in __A________, there is anaccumulation of official reserve assets by the country ora decrease in foreign official reserve holdings of thecountry's assets. 如果综合差额处于盈余，那么会出现本国官方储备资产的积累或者国外官方储备的减少（B=CA+FA,B+OR=0，OR:官方储备金额）a.Surplus盈余b.Deficitc.Balanced.Foreign hands30.Which of the following is the current account balance NOTequal to? 以下哪项不等同于现金帐 Da.The difference between domestic product and domesticexpenditure.b.The difference between national saving and domesticinvestment. foreign investment.d.The difference between government saving andgovernment investment. 政府储蓄与政府投资的差值True/False Questions31.Capital inflows are debits and capital outflows arecredits. 资金流入是借项，资金外流是贷项32.The net value of the flow of goods, services, income, andgifts is the current account balance. (T) 商品,服务,收入和单方面转让等现金流的净收益叫经常账目余额33.The net flow of financial assets and similar claims isthe private current account balance. 金融资产和类似的资产的净值叫经常帐目余额34.The majority of countries' official reserves assets arenow foreign exchange assets, financial assets denominated in a foreign currency that is readily acceptable ininternational transactions. (T) 大部份官方储备资产作为以外汇资产和金融资产为命名的外币在世界上交易与流通.35. A country's financial account balance equals thecountry's net foreign investment.一个国家的金融帐差额相当于一个国家的净国外投资36. A country has a current account deficit if it is savingmore than it is investing domestically.一个国家如果在国内的储蓄比投资要大,那么会出现经常账目赤字37.The official settlements balance measures the sum of thecapital account balance plus the public current account balance. 官方结算差额是资金帐户余额的总额加上公共经常帐户余额38. A nation's international investment position shows itsstock of international assets and liabilities at a moment in time. (T) 一个国家的国际投资状况反映出它在特定时间里的国际资产股份以及债务情况.39. A nation is a borrower if its current account is indeficit during a time period. (T)在一段时间内,如果一个国家的经常帐出现赤字,那么它就是借方.40. A nation is a debtor if its net stock of foreign assetsis positive. 如果一个国家的国外资产净储备是正数,那么它是借方（债务方）41. A transaction leading to a foreign resident increasingher holdings of a U.S. financial asset will be recorded asa debit on the U.S. financial account. 如果一项交易引起一外国居民增持美国金融资产的股份,那么这项交易在美国金融帐中会被当作借项42. A credit item is an item for which a country must pay.贷项是指一个国家必须还款的条项43.Gold is a major reserve asset that is currently often usedin official reserve transactions. 黄金作为主要的储备资产,常被用在官方储备交易当中.44.The current account balance is equal to the differencebetween domestic product and national expenditure.(T) 经常项目余额等于国民生产与国民支出的差额45.In 2007 U.S. households, businesses and government werebuying more goods and services than they were producing.(T)２００７年,美国家庭,商业,政府购买的商品和服务比他们生产（商品和服务）的要多.46。
国际金融中英文版答案
国际金融中英文版Chapter 2:Payments among NationsSingle-Choice Questions1.A country’s balance of payments records:一个国家的国际收支平衡记录了 Ba.The value of all exports of goods and services fromthat country for a period of time.b.All flows of value between that country’s residentsand residents of the rest of the world during a periodof time. 在一定时间段里, 一个国家居民的资产和其它世界居民资产的流动c.All flows of financial assets that cross thatcountry’s borders during a period of time.d.All flows of goods into that country during a periodof time.2.A credit item in the balance of payments is: 在国际收支平衡里的贷项是 Aa.An item for which the country must be paid. 一个国家必须收取的条款b.An item for which the country must pay.c.Any imported item.d.An item that creates a monetary claim owed to aforeigner.3.Every international exchange of value is entered into thebalance-of-payments accounts __________ times. 每一次国际等价交换都记进国际收支帐户２次 Ba.1b.2c.3d.44.A debit item in the balance of payments is: 在国际收支平衡中的借项是 Ba.An item for which the country must be paid.b.An item for which the country must pay. 一个国家必须支付的条款c.Any exported item.d.An item that creates a monetary claim on a foreigner.5.In a nation's balance of payments, which one of thefollowing items is always recorded as a positive entryD 在国际收支中, 下列哪个项目总被视为有利条项a.Changes in foreign currency reserves.b.Imports of goods and services.itary foreign aid supplied to allied nations.d.Purchases by foreign travelers visiting the country.国外游客在本国发生的购买6.The sum of all of the debit items in the balance of payments:在收支平衡中,所有贷项的总和 Ba.Equals the overall balance.b.Equals the sum of all credit items.等于所有借项的总和c.Equals ‘compensating’ transactions.d.Equals the sum of credit items minus errors andomissions.7.Which of the following capital transactions are entered asdebits in the . balance of payments 下列哪个资本交易在美国的收支平衡中当作借项Ba.A . resident transfers $100 from his account at CreditSuisse in Basel Switzerland to his account at a SanFrancisco branch of Wells Fargo Bank.b.A French resident transfers $100 from his account atWells Fargo Bank in San Francisco to his Credit Suisseaccount in Basel. 一个法国居民在旧金山的Fargo Bank用其帐户转帐１００美金到位于巴塞尔的瑞士信贷户口c.A . resident sells his IBM stock to a French resident.d.A . resident sells his Credit Suisse stock to a Frenchresident.8.An increase in a nation's financial liabilities to foreignresidents is a: 一个国家对另一个国家金融负债的增加是一种Ca.Reserve inflow.b.Reserve outflow.c.Capital inflow.资本流入d.Capital outflow.9.___A_______ are money-like assets that are held bygovernments and that are recognized by governments as fully acceptable for payments between them. 官方国际储备资产是一种类似于钱的资产,这种资产由政府掌握并作为政府间的一种支付手段得到充分认可.a.Official international reserve assets 官方国际储备资产b.Unofficial international reserve assetsc.Official domestic reserve assetsd.Unofficial domestic reserve assets10.Which of the following is considered a capital inflow下列哪项被视为资本流入 Aa.A sale of . financial assets to a foreign buyer. 美国一金融资产卖给一外国买家b.A loan from a . bank to a foreign borrower.c.A purchase of foreign financial assets by a . buyer.d.A . citizen’s repayment of a loan from a foreign bank.11.In a country’s balance of payments, which of thefollowing transactions are debits一个国家的收支平衡表中,哪个交易属于借项 Aa.Domestic bank balances owned by foreigners aredecreased. 外国人拥有的国内银行资产的下降b.Foreign bank balances owned by domestic residents aredecreased.c.Assets owned by domestic residents are sold tononresidents.d.Securities are sold by domestic residents tononresidents.12.The role of ___D_______ is to direct one nation’ssavings into another nation’s investments: 资金流的作用是指导一个国家的储蓄进入到另一个国家的投资a.Merchandise trade flowsb.Services flowsc.Current account flowsd.Capital flows 资金流13.The net value of flows of goods, services, income, andunilateral transfers is called the: 商品,服务,收入和单方面转让等现金流的净收益叫经常账目户Ba.Capital account.b.Current account.经常账目户c.Trade balance.d.Official reserve balance.14.The net value of flows of financial assets and similarclaims excluding official international reserve asset flows is called the: 金融资产和类似的资产官方国际储备资产流除外的净值流叫 Aa.Financial account.金融帐b.Current account.c.Trade balance.d.Official reserve balance.15.The financial account in the . balance of paymentsincludes: 美国国家收支表中的金融帐包括： Ba.Everything in the current account.b.. government payments to other countries for the useof military bases.美政府采用其它国家军事基地所需支付款项c.Profits that Nissan of America sends back to Japan.d.New . investments in foreign countries.16.Ａ . resident increasing her holdings of a foreignfinancial asset causes a: 一个美国居民增持一外国金融资产会引起Da.Credit in the . current account.b.Debit in the . current account.c.Credit in the . capital account.d.Debit in the . capital account. 美国资本帐的借帐17. A foreign resident increasing her holdings of a .financial asset causes a: 一个美国居民增持本国一金融资产会引起 Ca.Credit in the . current account.b.Debit in the . current account.c.Credit in the . capital account.美国资本帐的贷帐d.Debit in the . capital account.18. A deficit in the current account: 经常帐户中的赤字 Aa.Tends to cause a surplus in the financial account.会导致金融帐中的盈余b.Tends to cause a deficit in the financial account.c.Has no relationship to the financial account.d.Is the result of increasing exports and decreasingimports.19.In September, 2005, exports of goods from the .decreased $ billion to $ billion, and imports of goods increased $ billion to $ billion. This increased the deficit in:2005年8月,美国商品出口降低了33亿美元,共734亿美元；商品进口上升到1145亿美元,上长了38亿.这样增加了哪个方面的赤字Ca.The balance of payments.b.The financial account.c.The current account. 经常帐户d.Unilateral transfers.20.Which of the following would contribute to a . currentaccount surplus 以下哪项有助于美国现金帐的盈余 Ba.The United States makes a unilateral tariff reductionon imported goods.b.The United States cuts back on American militarypersonnel stationed in Japan.美国削减在日本的军事人员c.. tourists travel in large numbers to Asia.d.Russian vodka becomes increasingly popular in theUnited States.21.Which of the following transactions is recorded in thefinancial account以下哪个交易会被当作金融帐Aa.Ford motor company builds a new plant in China 福特摩托公司在中国设立车间b.A Chinese businessman imports Ford automobiles fromthe United States.c.A . tourist spends money on a trip to China.d.The New York Yankees are paid $10 million by theChinese to play an exhibition game in Beijing, China.22.If a British business buys . government securities, howwill this be entered in the balance of payments 如果一英国商人购买了美国政府的债券,那么这个交易在收支平衡表中会被当作是 Ca.It will appear in the trade account as an import.b.It will appear in the trade account as an export.c.It will appear in the financial account as an increasein . assets held by foreigners.会被当作是外国人所有的美国资产增长d.It will appear in the financial account as a decreasein . assets held by foreigners.23.In the balance of payments, the statistical discrepancyor error term is used to: 在收支平衡表中, 统计差异与错误项目会用来确保借帐总和跟贷帐总和一致 Aa.Ensure that the sum of all debits matches the sum ofall credits.b.Ensure that imports equal the value of exports.c.Obtain an accurate account of a balance-of-paymentsdeficit.d.Obtain an accurate account of a balance-of-paymentssurplus.24.Official reserve assets are: 官方储备资产是Ba.The gold holdings in the nation’s central bank.b.Money like assets that are held by governments and thatare recognized by governments as fully acceptable forpayments between them. 官方国际储备资产是一种类似于钱的资产,这种资产由政府掌握并作为政府间的一种支付手段得到充分认可ernment T-bills and T-bonds.ernment holdings of SDR’s25.Which of the following constitutes the largestcomponent of the world’s international reserve assets 下列哪项构成了世界国际储备资产的大部份 Da.Gold.b.Special Drawing Rights.c.IMF Reserve Positions.d.Foreign Currencies. 外汇币26.The net accumulation of foreign assets minus foreignliabilities is: 海外净资产的积累减去外债等于C official reserves. domestic investment. foreign investment. 国外投资净值 foreign deficit.27. A country experiencing a current account surplus: 一个国家经历经常帐户的盈余 Ba.Needs to borrow internationally.b.Is able to lend internationally.就有能力向外放贷c.Must also have had a surplus in its "overall" balance.d.Spent more than it earned on its merchandise andservice trade, international income payments andreceipts and international transfers.28.The ___C_______ measures the sum of the current accountbalance plus the private capital account balance. 官方结算差额是指经常帐户余额的总和加上私人资本帐B=CA+FA,FA:为非官方投资和储备a.Official capital balanceb.Unofficial capital balancec.Official settlements balance官方结算差额d.Unofficial settlements balance29.If the overall balance is in __A________, there is anaccumulation of official reserve assets by the country ora decrease in foreign official reserve holdings of thecountry's assets. 如果综合差额处于盈余,那么会出现本国官方储备资产的积累或者国外官方储备的减少B=CA+FA,B+OR=0,OR:官方储备金额a.Surplus盈余b.Deficitc.Balanced.Foreign hands30.Which of the following is the current account balanceNOT equal to 以下哪项不等同于现金帐 Da.The difference between domestic product and domesticexpenditure.b.The difference between national saving and domesticinvestment. foreign investment.d.The difference between government saving andgovernment investment. 政府储蓄与政府投资的差值True/False Questions31.Capital inflows are debits and capital outflows arecredits. 资金流入是借项,资金外流是贷项32.The net value of the flow of goods, services, income,and gifts is the current account balance. T 商品,服务,收入和单方面转让等现金流的净收益叫经常账目余额33.The net flow of financial assets and similar claims isthe private current account balance. 金融资产和类似的资产的净值叫经常帐目余额34.The majority of countries' official reserves assets arenow foreign exchange assets, financial assets denominatedin a foreign currency that is readily acceptable ininternational transactions. T 大部份官方储备资产作为以外汇资产和金融资产为命名的外币在世界上交易与流通.35. A country's financial account balance equals thecountry's net foreign investment.一个国家的金融帐差额相当于一个国家的净国外投资36. A country has a current account deficit if it is savingmore than it is investing domestically.一个国家如果在国内的储蓄比投资要大,那么会出现经常账目赤字37.The official settlements balance measures the sum of thecapital account balance plus the public current accountbalance. 官方结算差额是资金帐户余额的总额加上公共经常帐户余额38. A nation's international investment position shows itsstock of international assets and liabilities at a momentin time. T 一个国家的国际投资状况反映出它在特定时间里的国际资产股份以及债务情况.39. A nation is a borrower if its current account is indeficit during a time period. T在一段时间内,如果一个国家的经常帐出现赤字,那么它就是借方.40. A nation is a debtor if its net stock of foreign assetsis positive. 如果一个国家的国外资产净储备是正数,那么它是借方债务方41. A transaction leading to a foreign resident increasingher holdings of a . financial asset will be recorded as a debit on the . financial account. 如果一项交易引起一外国居民增持美国金融资产的股份,那么这项交易在美国金融帐中会被当作借项42. A credit item is an item for which a country must pay.贷项是指一个国家必须还款的条项43.Gold is a major reserve asset that is currently oftenused in official reserve transactions. 黄金作为主要的储备资产,常被用在官方储备交易当中.44.The current account balance is equal to the differencebetween domestic product and national expenditure.T 经常项目余额等于国民生产与国民支出的差额45.In 2007 . households, businesses and government werebuying more goods and services than they were producing.T ２００７年,美国家庭,商业,政府购买的商品和服务比他们生产商品和服务的要多.46;你是提供以下信息,一个国家的国际交易,在一个特定年份: CA 余额:$346-354+480-348+153+142=$419；官方结算余额:$346-354+480-348+153+142+252-352+154=$473；Change in official reserve assets net =官方结算余额=$473 . increasing the holding of official reserve assets. Chapter 3:The Foreign Exchange MarketSingle-Choice Questions1.Foreign exchange is: D 外汇交易是a.The act of trading different nations’ monies.不用国家货币的交易b.The holdings of foreign currency. 对不同货币的持有c.The act of importing foreign goods and services.d.Both a and b are correct.2.If the price of British pounds in terms of . dollars is$ per pound, then the price of . dollars in terms of British pounds is:B 如果英磅对美元的汇率是１比１.８,那么美元对英磅的汇率是１比０.５５５a.￡ per dollar.b.￡ per dollar.c.￡ per dollar.d.￡ per dollar.3.Suppose the exchange rate between the Japanese yen andthe . dollar is 100 yen per dollar. A Japanese stereo witha price of 60,000 yen will cost:B 假设日元对美元的汇率是１００比１,那么一台日元为６００００的音响要花多少美元a.$1,667b.$600c.$6,000d.$1004.Suppose that a Korean television set that costs 600 wonin Korea costs $400 in the United States. These prices suggest that the exchange rate between the won and the dollar is:Aa. won per dollar 呢题太简单,不屑翻译…自己睇b. won per dollarc.$ per wond.$3 per won5.The ___D_______ exchange rate is the price for“immediate” currency exchang e. 即时汇率是指外汇的即时价格a.Currentb.Forwardc.Futured.Spot6.The ___B_______ exchange rate is the price set now foran exchange that will take place sometime in the future.远期汇率是指由协议双方预订的将来会发生的汇率a.Currentb.Forwardc.Future spotd.Spot7.The foreign exchange market is:C 外汇市场是指a.A single gathering place where traders shout buy andsell orders at each other.b.Located in New York.c.A grouping, by electronic means, of banks and traderswho work at banks that conduct foreign exchange trades.银行和交易者以电子方式集聚于一起进行外汇的买卖d.Located in London.8.___D_______ foreign exchange trading involves currencyexchanges done between individuals and banks. 小额外汇交易散户外汇交易包含私人与银行间的外汇交易a.Interbankb.Consumerc.Intra-bankd.Retail9.The . dollar is called a ____A______ because it is oftenused as an intermediary to accomplish trading between two other currencies. 美元被称为周转货币,因为经常被用来完成其它两种货币的交易a.Vehicle currency 周转货币交易通货b.Main currencymon currencyd.Primary currency10.Suppose that the exchange value of the British pound is$2 per pound while the exchange value of the Swiss franc is 50 cents per franc. From this we can conclude that theexchange rate between the pound and the franc is:D 计算题,到时出中文题自己计啦…唔翻啦a.1 franc per poundb.2 francs per poundc.3 francs per poundd.4 francs per pound11.Which of the following is NOT a function of the interbankoperations of the foreign exchange market D下列哪一个不是外汇交易市场中银行间操作方式的一种a.Provides a bank with a continuous stream ofinformation on conditions in the foreign exchangemarket.b.Provides a bank the means to readjust its own positionquickly and at low cost.c.Permits a bank to take on a position in a foreigncurrency quickly.d.Provides a bank with technological resources for usein foreign exchange trading.提供技术资源给一间银行,用来进行外汇交易12.Under the managed float system of exchange rates, a fallin the market price of a currency is called:B 在管理浮动汇率制度下,一种货币价格的下降被称为a.Devaluation.b.Depreciation. 贬值c.Appreciation.d.Both a and b.13.Interbank trading is conducted directly between___A_______ or through the use of __________ that provide anonymity until the trade is complete and reduce search costs. 银行间的交易是在交易者之间进行的或者通过经纪人提供操作直到交易结束.a.Traders; brokersb.Brokers; tradersc.Individual consumers; the governmentd.Individual consumers; brokers14.A country’s demand for foreign currency is derivedfrom:A一个国家对外汇的需求来自于表示外国货币需求增加,本国货币流出a.International transactions entering the debit columnof its balance of payments accounts. 国际交易进入到其收款帐户的借方栏里b.International transactions entering the surpluscolumn of its balance of payments accounts.c.The country’s demand for currency to finance exportsand capital inflows.d.The country’s demand for currency to finance itsgovernment’s compensating transactions.15.. exports of goods and services will create a___B_______ foreign currency and a __________ . dollars.美国商品与服务的出口会创造出外汇的供给以及美元的需求a.Demand for; supply ofb.Supply of; demand forc.Shortage of; demand ford.Supply of; shortage of16.. imports of goods and services will create a___A_______ foreign currency and a __________ . dollars.美国商品与服务的进口会创造出外汇的需求以及美元的供给a.Demand for; supply ofb.Supply of; demand forc.Shortage of; demand ford.Supply of; shortage of17.. capital inflows will create a ____B______ foreigncurrency and a __________ . dollars. 美国资本流入会创造出外汇的供给和美元的需求a.Demand for; supply ofb.Supply of; demand forc.Shortage of; demand ford.Supply of; shortage of18.In a ____C______ exchange rate system there is nointervention by the government or central bankers. 浮动汇率制度里, 政府与中央银行不得进行干涉a.Fixedb.Peggedc.Floatingd.Managed float19.As the value of the yen falls relative to the . dollar:C如果日元对美元的汇率下降了,那么对日元的需求会上升a.Japanese goods become more expensive to . consumers.b.The supply of dollars will fall.c.The demand for yen will rise.d.. goods become less expensive to Japanese consumers.20.The demand curve for foreign currency slopes downwardbecause as the exchange rate ___A_______ the quantity demanded __________. 外汇的需求曲线会下降是因为随着汇率的上升,需求量就下降a.Increases; decreasesb.Increases; increasesc.Decreases; decreasesd.Decreases; stays fixed21.Shifts in demand away from French products and toward .products caused by forces other than changes in the exchange rate would result in extra attempts to___C_______ euros and __________ dollars. 如果法国商品的需求下降并转稳到美国商品身上由外力而是汇率引起,会引起欧元的额外卖与美元的购入a.Buy; buyb.Sell; sellc.Sell; buyd.Buy; sell22.Other things equal, if American exports to Japanincrease and American imports from Japan decrease, then under a floating exchange rate system, we would expectthe dollar to:D其它条件一样的情况下,美国出口到日本的商品上升而美国进口日本的商品下降,在浮动汇率制度下,美元将对日元走强;a.Weaken against the Japanese yen.b.Depreciate against the Japanese yen.c.Devalue against the Japanese yen.d.Strengthen against the Japanese yen.23.A decrease in German residents' willingness to investin dollar-denominated assets will shift the demand curve for: D 德国居民投资于美元计价资产的意欲下降的话,美元的需求将会下降;a.Euros to the right.b.Euros to the left.c.Dollars to the right.d.Dollars to the left.24.In a _____A_____ exchange rate system the government orcentral bankers intervene to keep the exchange rate virtually steady. 在固定汇率制度下,政府或中央银行会尽力保持汇率的稳定;a.Fixedb.Market drivenc.Floatingd.ForwardFigure : The Market for British Pounds英磅市场Exchange Rate$/￡美元与英磅的汇率25. Referring to Figure , a downward movement along the vertical axis would correspond to an ___C_______ of the . dollar. 在这图可知,纵轴线的下降会引起美元的升值 a. Arbitraging.b. Devaluationc. Appreciation 升值d. Depreciation26. Referring to Figure , at $ per pound, there is an__D________. Under the system of flexible exchange rates, this would cause __________ the ________ curves.在图中可得知,如果美元换１英磅,那么会有超过100万英磅的供应. 在弹性汇率制下,这个汇率会引起供求曲线的下降 6-5=1,本币供过于求,应卖出外币,买进本币a. Excess demand of 1 million pounds, leftward shift of, demandb. Excess supply of 1 million pounds, rightward shift of, supplyc. Excess demand of 1 million pounds, downward movement along, demand & supply S ￡D ￡￡’smillions5 6d.Excess supply of 1 million pounds, downward movementalong, demand & supply27.Referring to Figure , if the British government wantsto peg the exchange rate of the pound at $ per pound, what action would British monetary authorities have toundertakeC 在图可得知,如果英政府想把英磅美元之间汇率控制在１比２.５的话,那么英国货币当局会采取什么措施a.Sell 1 million pounds and buy million dollars.b.Buy 1 million pounds and sell 1 million dollars.c.Buy 1 million pounds and sell million dollars. 买一百万的英磅同时卖出二百五十万的美元d.Buy million pounds and sell 11 million dollars.28.Referring to Figure , if the British pound is pegged at$ per pound the pound will be:A 在图可得知, 如果把英磅美元之间汇率控制在１比２.５的话,英磅会被估仁值过高a.Overvalued.高估估值过高b.Undervalued.c.Devalued.d.In equilibrium.29.Referring to Figure , if the British pound is pegged at$ per pound who will this helpB 从图可得知, 如果如果把英磅美元之间汇率控制在１比２.５的话, 谁会得益本币升值有利于进口,不利于出口 importers.b.British importers. 英国进口商c.British exporters.d.British import-competing producers.30.Referring to Figure , if the British pound is pegged at$ per pound and the government gives up the peg and allows the pound to float, the pound will experience an:D 从图可知, 如果把英磅美元之间汇率控制在１比２.５,随后政府放弃控制,那么英磅会出现贬值a.Revaluation.b.Devaluation.c.Appreciation.d.Depreciation.贬值31.Referring to Figure , if the . Federal Reserve was toconduct a contractionary monetary policy, the ______ curve would shift right and the pound would __C________.从图可知,如果美国联邦储备采取紧缩政策,那么需求曲线会上升,同时,英磅贬值美元供给减少,必然会导致美元升值,英镑贬值a.Supply, appreciateb.Demand, depreciatec.Supply, depreciated.Demand, appreciate32.Which of the following best characterizes the current .exchange rate policyC以下哪项最好地描绘出美国当今的汇率政策a.An adjustable pegged rate.b.A crawling pegged rate.c.A freely floating.自由浮动汇率d.A fixed exchange rate.33.Other things equal, if American exports to Japan increaseand American imports from Japan decrease, then, under a floating exchange rate system, we would expect the dollar to:D其它条件一样的情况下,美国出口到日本的商品上升而美国进口日本的商品下降,在浮动汇率制度下,美元将对日元走强a.Weaken against the Japanese yen.b.Depreciate against the Japanese yen.c.Devalue against the Japanese yen.d.Strengthen against the Japanese yen.34.Which of the following groups is most likely to benefitfrom a strengthening of the . dollar against major currencies C 如果美元对其它主要货币的汇率走强的话,以下哪一群人会得益a. . exporters.b. The . government.c. . consumers. 美国消费者d. Foreign consumers.35.Under a fixed exchange rate system a fall in the marketprice the exchange rate value of a currency is called an ____B______ of that currency. 在固定汇率制下,一外币的汇率下降了,这叫作法定贬值a.Revaluationb.Devaluationc.Appreciationd.Depreciation36.Exchange rates are equalized in different locations dueto:A汇率在不同地方可以保持等同是因为套利a.Arbitrage.套利套汇ernment intervention in foreign exchange markets.c.Free trade in goods and services.d.The actions of importers and exporters.37.How could you profit if the exchange rate in London was$2/￡ while in New York the exchange rate was $ per poundC 如果在伦敦的汇率是１英磅对２美元,而在纽约的汇率是１英磅对１.９５美元. 那么怎样做才能赚钱a.Buy dollars in New York and sell them in London.b.Buy pounds in London and sell them in New York.c.Buy pounds in New York and sell them in London. 在纽约买英磅然后在伦敦卖d.Buy dollars in London and sell pounds in New York.38.The 2001-2007 rapid growth in global foreign exchangetrading can be explained by:B０１-０７年间全球外汇交易的急速增长是因为大型机构投资者对中长期外国金融投资的增长rge increases in short-term international currencyactivities by hedge funds.b.Increases in long-term foreign financial investmentsby large institutional investors.c.Increases in the . long term government bond yields.d.Both a and bTrue/False Questions39.The greater part of the money assets traded in foreignexchange markets are demand deposits in banks.T 大部份在外汇市场交易的现金资产都是活期存款.40.Most foreign exchange trading is done among the banksthemselves in the retail part of the foreign exchange market. 多数外汇交易都是在银行间的散户外汇市场完成交易的41.The spot exchange rate is the price now for an exchangethat will take place sometime in the future. 即时汇率是指外币在未来一定时间内的汇价.42.French imports of goods and services will create ademand for foreign currency and a supply of euros.T 法国对商品的进出口会创造出对外汇的需求和欧元的供给. 43.In the floating exchange rate system, governmentofficials must intervene in the exchange rate market to keep the exchange rate from fluctuating.在浮动汇率制下,政府必须对外汇市场进行干涉以保证汇率不出现浮动. 固定汇率44.Assuming the Japanese have a floating exchange rate, anincrease in Japanese exports of goods and services will tend to cause the value of the yen to appreciate.T在浮动汇率制下,日本商品出口的增长会造成日元的升值本币贬值有利出口,不利于进口45.To maintain an undervalued currency, monetaryauthorities must intervene in the foreign exchangemarket to buy its currency.如果要保持汇率偏低的货币,货币当局必须在外汇市场通过干涉,购买这种货币46.Triangular arbitrage will not cause the exchange ratebetween two foreign currencies to equalize.三角套汇不会造成两种货币间汇率的均等均衡47.From 2001 to 2007, global foreign exchange trading morethan doubled.T会０１到０７年间,全球外汇交易增长了两倍多48.The Maastricht Treaty set a process for establishing a序.49.Suppose $1 = euros in New York, 1 euro = 150 yen in Paris,and 1 yen = $ in Tokyo.a.If you begin by holding $1, how could you profit from theseexchange rates What is your arbitrage profit per dollar initially tradedb.Identify the forces at work that will make the crossexchange rates consistent in currency arbitrage. That is, what forces will lead to a situation in which noprofitable arbitrage is possibleEssay Questions1.A retailer in Mexico wants to buy $100,000 worth of Applecomputers from the United States. The Mexican retailer has pesos while the seller in the United States wants to be paid in . dollars. Explain how this transaction is completed with particular emphasis on the foreign exchange market and banks in the United States and Mexico.课本P33倒数第二段有具体阐述：The Mexican buyer has to sell pesos to get dollars to pay the . exporter. The Mexican firm contacts its bank and requests a quotation of the exchange rate for selling pesos and acquiring 100,000 dollars. If the rate is acceptable, the Mexican firm instructs its bank to take pesos from its checking account, convert into 100,000 dollars andtransfer the dollars to the . producer. The Mexican bank holds the dollar denominated deposits in the United States, at its correspondent bank in New York. The Mexican bank instructs its correspondent bank in New York to takedollars from its checking account and transfer the dollars to the . producer. This completes the international payment for computers.2.Suppose $1 = euros in New York, 1 euro = 150 yen in Paris,and 1 yen = $ in Tokyo.a.If you begin by holding $1, how could you profit from theseexchange rates What is your arbitrage profit per dollar initially tradedIdentify the forces at work that will make the cross exchange rates consistent in currency arbitrage. That is, what forces will lead to a situation in which no profitable arbitrage is possiblea:套利收益b:出现以下三种情况之一,都会导致无套利机会存在：巴黎汇率:147、纽约汇率、东京汇率各减以下为英文思路：a. Buy .85 euros, then buy yen in Paris with .85 euros thenconvert yen back to dollars which makes dollarsyielding a profit of $.02.b. The forces of demand and supply will ensure that thereis no arbitrage opportunity. For instance, this could happen by depreciating the euro in Paris to about 1 euro = 147 yen.3.For each case below, state whether the euro has appreciatedor depreciated and give an example of an event that could cause the change in the exchange rate.a.The spot rate goes from 450 euros/Mexican peso to 440euros/Mexican peso.b.The spot rate goes from Mexican pesos/euro toMexican pesos/euro.c.The spot rate goes from euros/British pound toeuros/British pound.d.The spot rate goes from British pounds/euro toBritish pounds/euro.。
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国际金融考试英文选择题
看完必过
Last updated on the afternoon of January 3, 2021
国际金融考试
单选
1、An increase in the current account deficit will place pressure on the home
currency value, other things equal. （ B ）
A、upward
B、downward
C、no
D、upward or downward
2、A high home inflation rate relative to other countries would the home country’s
current account balance, other things equal. A high growth in the home income level relative to other countries would the home countries current account balance, other things equal.（ C ）
A、increase; increase
B、increase; decrease
C、decrease; decrease
D、decrease; increase
3、The “J curve” effect describes （ B ）
A、the continuous long-term inverse relationship between a country’s current account
balance and the country’s growth in gross national product.
B、the short run tendency for a country’s balance of trade to deteriorate even while its
currency is depreciating.
C、the tendency for exporters to initially reduce the price of goods when their own
currency appreciates.
D、the reaction of a country’s currency to initially depreciate after the country’s inflation
rate declines.
4、 If a US firm desires to avoid the risk from exchange rate fluctuations, and it is receiving
100,000 marks in 90 days, it could . ( A )
A、obtain a 90-day forward sale contract on marks.
B、obtain a 90-day forward purchase contract on marks.
C、purchase marks 90 days from now at spot rate.
5、Assume the spot rate of a currency is $ and the 90-day forward rate is $ .The forward rate
of this currency exhibits a of on an annualized basis.（D ）。
A、discount; %
B、premium; %
C、premium; 分1%
D、discount; %
6、Assume that a bank’s bid rate on Swiss francs is $ and its ask rate is $. Its bid-ask
percentage spread is . （ B ）
A、about %
B、about %
C、about %
D、about %
D、sell marks 90 days from now at the spot rate.
7、A large increase in the income level in France along with no growth in the . income level
is normally expected to cause (assuming no change in interest rates or other factors) a(n) in French demand for . goods, and the French franc should .（A）
A、increase; depreciate
B、increase; appreciate
C、depreciate; depreciate
D、depreciate; appreciate
8、If . inflation suddenly increased while German inflation stayed the same , there would
be .（ D ）
A、an increased US demand for marks and an increased supply of marks for sale
B、a decreased US demand for marks and an increased supply of marks for sale
C、a decreased US demand for marks and an decreased supply of marks for sale
D、an increased US demand for marks and an decreased supply of marks for sale
9、Assume transaction costs are zero. If the 180-day forward rate is an accurate estimate of
the spot rate 180 days from now, then the real cost of hedging receivables will be (D)
A、positive
B、negative
C、uncertain
D、zero
10、Under a managed float exchange rate system, the Fed may attempt to stimulate the US
economy by the dollar. Such an adjustment in the dollar’s value should the
US demand for products produced by major foreign countries.（B）
A、weakening; increase
B、weakening; decrease
C、strengthening; increase
D、strengthening; decrease。