金融学双语考试复习资料

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金融学基础（英语）复习资料

名词解释：Credit refers to a behavior of borrowing and lending with the feature of repayment of the principals plus interests . Financial markets refer to the whole of the places and activities of the financing and transactions of financial instruments. Sale on commission（推销）: It refers to the case in which investment bankers sell securities on behalf of issuers and earn from what they have sold, but have no obligation to take up what’s left as medium of Money demand refers to the quantity of money that the whole economy needs exchange, means of payment and store of value under certain economic condition. Inflation is a continuous and obvious rise of the price level caused by great increase of money supply and it reduces the purchasing power of each unit of a currency. 二1 General equivalent 一般等价物2 Public credit 国家信用3 Default risk 违约风险4 Repurchase agreement（RP）回购协议5 Interest-rate future 利率期货6 Re-discount 再贴现7 Compound interest 复利8 Liquidity preference 流动偏好即货币需求9 Speculative motive 投机动机10 Adverse selection 逆向选择11 Require reserves 存款准备金12 Overdraft 透支13 Time lag 时滞14 velocity of money 货币流通速度15 money stock 货币存量16 derivative deposit 派生存款17 excess reserve 超额储备18 Money multiplier 货币乘数19 Endogenous 内生性判断题T F 1. When a central bank carries out expansionary monetary policy, bank reserves R will increase. T F 2. The monetary base consists of banking system reserves and the currency held by the non-bank public T F 3. The moral hazard arises before a financial transaction begins. T F 4. As is subject to time limit, the commercial credit can only be short-term one. T F 5. Sale on commission refers to the case in which investment bankers sell securities on behalf of issuers and earn from what they have sold, but have no obligation to take up what’s what’s left. left. T F 6. 6. If If If a a a central central central bank bank bank wants wants wants to to to cool cool cool an an an inflationary inflationary inflationary boom, boom, boom, it it it will will will raise raise raise the the the discount discount discount rate, rate, which which will will will lead lead lead to to to a a a general general general interest interest interest rates rates rates rise rise rise for for for loans, loans, loans, decreasing decreasing decreasing the the the demand demand demand for for borrowing. T F 7. 7. A A A central central central bank bank bank is is is the the the financial financial financial institution institution institution that that that can can can gain gain gain profit profit profit in in in its its its operation operation operation and and businesses, but it is not a profit-seeker. T F 8. When a central bank carries out tight monetary policy, interest rates fall. T F 9. The theory of “Quantity theory of money” means that an increase in prices of all goods and and services services services leads leads leads to to to an an an increase increase increase in in in the the the supply supply supply of of of money money money when when when everything everything everything remains remains unchanged. T F 1010. Banker’s credit is an indirect credit . Banker’s credit is an indirect credit英译汉英译汉1. On the one hand, although the central bank does not make loans to enterprises and can not derive derive deposits deposits deposits directly, directly, it it controls controls controls the the the sources sources sources of of of commercial commercial commercial banks` banks` banks` money money money creation creation —the creation creation and and and supply supply supply of of of the the the monetary monetary monetary base; base; base; and and and on on on the the the other other other hand hand hand commercial commercial commercial banks` banks` banks` money money creation creation through through through taking taking taking in in in deposits deposits deposits and and and granting granting granting loans loans loans is is is based based based on on on the the the central central central bank's bank's bank's monetary monetary base. 一方面，尽管中央银行并不直接为企业发放贷款，尽管中央银行并不直接为企业发放贷款，也不能产生派生存款，也不能产生派生存款，也不能产生派生存款，但是中央银行却控但是中央银行却控制着商业银行创造货币的源泉——基础货币的供给和创造。

金融学(双语)复习资料第5章

Chapter 5错误！未指定书签。

THE FEDERAL RESERVETRUE/FALSEF 1. The power to create money is given by the Constitution to theFederal Reserve.创造货币的权力是宪法赋予美联储T 2. When corporations retire (pay off) loans from commercial banks, excess reserves are increased.当企业退休从商业银行（支付）的贷款，超额准备金增加。

F 3. When the general public uses money in checking accountsto purchase stock issued by corporations, the required reserves of banks are reduced.当一般公众使用的钱在支票账户购买公司发行的股票，所需要的银行的准备金就会减少F 4. Only large commercial banks are subject to the regulation ofthe Federal Reserve.只有大型商业银行受到美联储的监管F 5. When the Federal Reserve sells securities, the money supplyis increased.当美联储出售证券，货币供应量增加T 6. When the Federal Reserve buys securities, the reserves of banks are increased.当美联储购买证券，银行的准备金增加T 7. Open market operations is a more flexible tool of monetary policy than the reserve requirements.公开市场操作是货币政策的一个更灵活的工具，比准备金要求T 8. Reserve requirements are infrequently changed to affect commercial bank lending.准备金要求频繁改变会影响商业银行贷款T 9. The Open Market Committee has twelve members that include the Board of Governors.公开市场委员会有十二名成员，其中包括理事会F 10. The presidents of the District Banks elect the Board ofGovernors of the Federal Reserve.该地区银行的总统选举联邦储备理事会F 11. The federal funds rate is the interest rate the FederalReserve charges banks when they borrow reserves.联邦基金利率是利率联邦储备银行收费时，他们借入储备F 12. If the Treasury borrows from the Federal Reserve, thelending capacity of banks is reduced.如果财政部从美联储借，银行的放贷能力降低T 13. If the Treasury sells debt that is purchased by corporations and uses the funds to purchase military equipment, theexcess reserves of the banking system are not affected.如果财政部出售债券是由公司购买并使用的资金购买军事装备，多余的银行体系储备不受影响T 14. Deflation is a period of declining prices.通货紧缩是一个时期价格下跌F 15. During a period of recession, the Fed sells securities.在衰退期，美联储出售证券T 16. The Consumer Price Index (CPI) is a measure of inflation.居民消费价格指数（ CPI）是衡量通货膨胀的T 17. The Federal Reserve is independent of the U.S. Treasury and is owned by commercial banks.美联储是独立于美国财政部，由商业银行所拥有F 18. The President of the United States appoints the Federal OpenMarket Committee.美国总统任命的联邦公开市场委员会F 19. Since the reserves of commercial banks earn interest, thereis an incentive to hold excess reserves.由于商业银行的准备金赚取利息，还有持有超额准备金的奖励T 20. Open market operations is a more flexible tool of monetary policy than the discount rate.公开市场操作是货币政策的一个更灵活的工具比贴现率T 21. Commercial banks may buy and sell reserves in the federal funds market.商业银行可以在联邦基金市场上购买和出售储备T 22. If the Treasury issues new bonds that are purchased by the general public, the money supply is reduced if the Treasurydeposits the funds in the Federal Reserve.如果财政部发布了由广大市民购买新的债券，货币供应量减少，如果国库存款资金在美联储F 23. Recession is a period of falling prices.经济衰退是一个时期的价格下跌F 24. When commercial banks grant loans to the public, theirtotal reserves are reduced.当商业银行发放贷款的市民，他们的总储量减少MULTIPLE CHOICEa 1. Withdrawing cash from a checking account does not decrease 从支票帐户提取现金不减少a. the money supply货币供应量b. demand deposits活期存款c. total reserves总储量d. excess reserves超额准备金d 2. Excess reserves are affected by超额准备金受1. reserve requirements准备金要求2. the repayment of existing bank loans现有偿还银行贷款3. cash withdrawals现金提款d. 1, 2, and 3b 3. When commercial banks grant loans,当商业银行发放贷款a. the money supply is reduced货币供应量减少b. the money supply is increased货币供应量增加c. total reserves increase总储量增加d. total reserves decrease总储量减少b 4. If deposits are withdrawn from a commercial bank, it mayobtain reserves by如果存款从商业银行撤出，它可能是由获得储备a. acquiring an asset收购资产b. borrowing in the federal funds market在联邦基金市场借款c. lending funds in the federal funds market在联邦基金市场资金d. liquidating a liability清算负债a 5. When a commercial bank receives a cash deposit,当商业银行收到的现金存款1. its required reserves increase其所需的储备增加2. its required reserves decrease其所需的储备减少3. its total reserves increase其总储量增加4. its total reserves decrease其总储量减少a. 1 and 3b 6. Commercial banks lend excess reserves for one day in the商业银行放贷超额储备为一天中的a. stock market股市b. federal funds market联邦基金市场c. reserves market储备市场d. over-the-counter market过？的？柜台市场b 7. The Federal Reserve increases reserves by美国联邦储备局增加储备a. selling securities出售证券b. buying securities买证券c. raising reserve requirements提高存款准备金率d. raising the discount rate提高贴现率b 8. The Federal Reserve美国联邦储备委员会a. is part of the U.S. Treasury是美国财政部的一部分b. is owned by member banks由成员银行拥有c. is the nation's largest commercial bank是全国最大的商业银行d. lends funds to corporations借出资金的公司b 9. By lowering the discount rate, the Federal Reserve通过降低贴现率，美联储a. discourages commercial banks from lending鼓励商业银行从贷款b. encourages commercial banks to borrow reserves鼓励商业银行借入储备c. discourages depositors from withdrawing funds鼓励存户提款d. contracts the money supply收缩货币供应量d 10. The purpose of the Federal Reserve is to美联储的目的是a. finance government operations金融政府运作b. protect investors from bank failures保护投资者免受银行倒闭c. protect deposits from bank failures保护存款银行倒闭d. control the supply of money and credit控制货币信贷总量c 11. The structure of the Federal Reserve includes美联储的结构包括1. all commercial banks各商业银行2. the twelve district banks在12家地方银行3. the Board of Governors 理事会c. 2 and 3c 12. The members of the Board of Governors area. elected by the member banksb. appointed by the Senatec. appointed by the President of the United Statesd. elected by the Federal Open Market Committeec 13. During a period of recession, a federal government surplusshould retire debt oweda. the Federal Reserveb. commercial banksc. the general publicd. the Federal Deposit Insurance Corporationa 14. The Federal Reserve may contract the money supply by1. selling securities2. buying securities3. raising reserve requirements4. lowering reserve requirementsa. 1 and 3b. 1 and 4c. 2 and 3d. 2 and 4理事会的成员是由成员银行推选由参议院任命由美国总统任命联邦公开市场委员会选举产生在衰退期，联邦政府的盈余应该退休欠下的债美联储商业银行广大市民美国联邦存款保险公司美联储可能通过收缩货币供应量出售证券买证券提高存款准备金率降低准备金要求如果联邦政府经营赤字，并从商业银行借入，总存款不受影响总存款增加超额准备金减少超额准备金均有所下降d 15. If the federal government runs a deficit and borrows fromcommercial banks,1. total deposits are not affected2. total deposits are increased3. excess reserves are reduced4. excess reserves are decreaseda. 1 and 3b. 1 and 4c. 2 and 3d. 2 and 4c 16. If the federal government runs a deficit and finances thedeficit by borrowing from the Federal Reserve,1. the reserves of commercial banks are reduced2. the reserves of commercial banks are increased3. the required reserves of commercial banks areincreased4. the required reserves of commercial banks arereduceda. 1 and 3b. 1 and 4c. 2 and 3d. 2 and 4b 17. Anticipation of inflation discourages1. saving2. borrowing3. lending4. purchasing goodsa. 1 and 2b. 1 and 3c. 2 and 3d. 3 and 4b 18. If the federal government runs a surplus,a. expenditures exceed taxesb. receipts exceed disbursementsc. debt must be issuedd. the Federal Reserve buys bondsb 19. Recession is a period ofa. declining pricesb. declining employmentc. declining unemploymentd. rising interest ratesb 20. The Board of Governorsa. manages the nation's stock of goldb. has the substantive control over the money supplyc. controls the U. S. Treasuryd. is appointed by the U. S. Treasurera 21. If commercial banks grant loans,a. the money supply is increasedb. total reserves are increasedc. excess reserves are increasedd. the money supply is reducedd 22. Commercial banks may borrow reserves from each other in thea. reserves marketb. stock marketc. bank marketd. federal funds marketa 23. By selling securities to the general public, the FEDa. reduces the money supplyb. raises commercial banks' depositsc. increases the money supplyd. increases banks' excess reservesa 24. The tools of monetary policy includea. open market operationsb. the purchase of corporate stockc. the federal government deficitd. taxationb 25. If the federal government runs a deficit,a. taxes exceed expendituresb. expenditures exceed taxesc. receipts exceed taxesd. taxes exceed revenuesb 26. Anticipation of inflation encouragesa. lendingb. borrowingc. retiring debtd. savingc 27. During a period of recession the Federal Reserve1. increases the federal funds rate2. buys government securities3. sells government securities4. lowers the federal funds area. 1 and 2b. 1 and 3c. 2 and 4d. 3 and 4SUPPLEMENTARY QUESTIONS1. If the reserve requirement for demand deposits is 10 percent,what is the maximum change in the money supply that thebanking system can create ifa. the Federal Reserve puts $1,000,000 of new reserves inthe banking systemb. $1,000,000 in cash is deposited in checking accountsc. General Motors borrows $1,000,000 from an insurancecompany?Answers:a. new excess reserves: $1,000,000maximum possible expansion in the money supply:$1,000,000/.1 = $10,000,000b. new excess reserves: $1,000,000 - 100,000 = $900,000maximum possible expansion in the money supply:$900,000/.1 = $9,000,000c. new excess reserves: $0maximum possible expansion in the money supply:$0/.1 = $0(Borrowing from the non-bank public does not affect thebanking system's ability to create new money.)2. What is the effect on (1) demand deposits, (2) requiredreserves, and (3) excess reserves of banks given thefollowing transactions?a. The general public builds up its holdings of cash bywithdrawing funds in checking accounts.b. After Christmas the general public deposits cash in checkingaccounts in commercial banks. (How may seasonal changes in the public's need for cash alter banks' ability to lend?)c. Corporations borrow from commercial banks.d. State and local governments issue debt securities that arepurchased by commercial banks.e. Homeowners borrow from commercial banks to finance homeimprovements. (Are there any differences on the expansion ofthe money supply in questions (c), (d), and (e)?)f. A bank in California with excess reserves lends these fundsthrough the federal funds market to a bank in Maine that hasinsufficient reserves.g. Corporations issue short-term securities that are purchased bythe general public.h. Corporations retire (i.e., pay off) loans from commercial banks.i. The Federal Reserve buys Treasury bills that are sold by thegeneral public.j. The Federal Reserve raises the discount rate, and banks retire debt owed the Federal Reserve.k. The Federal Reserve raises the reserve requirement on demand deposits.l. The Treasury borrows from the banks to finance payments.m. The federal government runs a deficit and borrows the funds from the general public.n. The federal government runs a deficit and borrows the funds from the Federal Reserve.Answers:a. Demand deposits - lowerRequired reserves - lowerExcess reserves - lowerb. Demand deposits - higherRequired reserves - higherExcess reserves - higherThese two questions illustrate that a seasonal flow of deposits into or out of the banking system will affect the reserves of the banking system. Unless the banks are able to find liquidity elsewhere (e.g., the Federal Reserve), such seasonal changes in reserves may produce fluctuations in the supply of credit.c. Demand deposits - higherRequired reserves - higherExcess reserves - lowerd. Demand deposits - higherRequired reserves - higherExcess reserves - lowere. Demand deposits - higherRequired reserves - higherExcess reserves - lowerThese three questions illustrate that from the viewpoint of the banking system, it does not matter if the banks acquire debt issued by firms, governments, or households. To acquire the debt, the banks must have excess reserves. After they have used their excess reserves, the money supply is expanded, and the excess reserves become required reserves.f. Demand deposits - no changeRequired reserves - no changeExcess reserves - no changeUnlike in the previous questions, the lending of excess reserves from one bank to another does not in the aggregate increase or decrease the reserves of the banking system.g. Demand deposits - no changeRequired reserves - no changeExcess reserves - no changeLoans between members of the non-bank general public do not affect banks' reserves and thus do not affect their capacity to lend.h. Demand deposits - lowerRequired reserves - lowerExcess reserves - higherWhile the creation of new loans uses the banks' excess reserves and creates new money, the retiring of loans from commercial banks reduces demand deposits and restores excess reserves (i.e., increases excess reserves).i. Demand deposits - higherRequired reserves - higherExcess reserves - higherj. Demand deposits - no changeRequired reserves - no changeExcess reserves - lowerk. Demand deposits - no changeRequired reserves - higherExcess reserves - lowerQuestions j and k illustrate two major monetary tools, the reserve requirement and the discount rate. Notice that changing the discount rate and the reserve requirements do not in themselves change demand deposits. Their impact is on reserves, and theeffect of this impact may lead to a change in the supply of money. l. Demand deposits - higherRequired reserves - higherExcess reserves - lowerm. Demand deposits - no changeRequired reserves - no changeExcess reserves - no changen. Demand deposits - increaseRequired reserves - increaseExcess reserves - increaseDuring a period of inflation, a policy that contracts the money supply and the capacity of banks to lend is desirable. Theopposite situation would apply during a recession. If there were a deficit during a period of recession, it is desirable to increase the money supply and the capacity of the banks to lend. Hence n is better than m.。

金融学双语考试复习资料

金融学双语考试复习资料Chapter 1经济学关注的3个问题：How scarce resources are allocated in the productionprocess among competing uses.How income generated in the production and sale of goods and services is distributed among members of society.How people allocate their income through spending, saving, borrowing and lending decisions.Default（违约）- When a borrower fails to repay a financial claim.借方未能偿还金融债务Liquidity（流动性）- The ease with which a financial claim can be converted to cash without loss of value. 金融索取权可以比较容易地且不损失价值地转化成现金的特性。

Depository institutions （储蓄机构）–Financial intermediaries, such as commercial banks, savings and loan associations, credit unions, and mutual savings banks, that issue checkable deposits. 发放支票存款的金融中介，如商业银行、存储贷款、信用联盟、互助储蓄银行。

5. Why do financial intermediaries exist? What services do they provide to the public? Are all financial institutions financial intermediaries?Financial intermediaries exist to link up net lenders and net borrowers and to help minimize the transaction costs associated with borrowing and lending. Financial services provided by financialintermediaries include appraising and diversifying risk from individual net lenders. Not all financial intermediaries areinstitutions, such as stock and bond brokers merely link up net lenders and net borrowers for a fee and do not issue claims on themselves.16. Diane Weil earns wages of $45,000 and interest and dividend income of $5,000. She spends $8,000 as a down payment on a newly constructed mountain cabin and lends $4,000 in financial markets. Assuming that Diane spends the remainder of her income on consumption, what is her saving? Is she a net lender or a net borrower? What is her consumption?Chapter 2Money (货币)- Anything that functions as a means of payment (medium of exchange), unit of account, and store of value. 作为支付手段（即交换媒介）、记账单位和价值储藏手段的物品。

AC金融学复习资料英文版7

7 - 10
Comparing Arbitrage Strategies
Locational Arbitrage
:
Capitalizes on discrepancies in exchange rates across locations.
$/￡quote by Bank X
$/￡quote by Bank Y
International Arbitrage
? Arbitrage 套利 can be loosely defined as
capitalizing on a discrepancy in quoted prices to make a riskless profit.
? The effect of arbitrage on demand and
achieved from covered interest arbitrage should equal the rate of return available in the home country.
? End-value of a $1 investment in covered
interest arbitrage
relationship between forward rate premiums and interest rate differentials.
7 -9
Covered Interest Arbitrage
Example ￡spot rate = 90-day forward rate = $1.60 U.S. 90-day interest rate = 2% U.K. 90-day interest rate = 4%
7 -6

金融市场学双语题库及答案(第三章)米什金金融市场与机构

A) present value
B) future value
C) interest
D) deflation
Answer: A
Topic: Chapter 3.1 Measuring Interest Rates
Question Status: Previous Edition
12) Dollars received in the future are worth ________ than dollars received today. The process of calculating what dollars received in the future are worth today is called ________.
A) 5 percent.
B) 8 percent.
C) 10 percent.
D) 40 percent.
Answer: A
Topic: Chapter 3.1 Measuring Interest Rates
Question Status: Previous Edition
11) The concept of ________ is based on the notion that a dollar paid to you in the future is less valuable to you than a dollar today.
B) U.S. Treasury bonds and notes are examples of coupon bonds.
C) Corporate bonds are examples of coupon bonds.
D) All of the above.

金融市场学双语题库及答案(第一章)米什金金融市场与机构

Financial Markets and Institutions^ 8e (Mishkin)Chapter 1 Why Study Financial Markets and Institutions?1.1 Multiple Choice1)Financial markets and institutionsA)involve the movement of huge quantities of money.B)affect the profits of businesses.C)affect the types of goods and seivices produced ill an economy.D)do all of the above.E)do only A and B of the above.Answer: DTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition2)Financial market activities affectA)personal wealth.B)spending decisions by individuals and business firms.C)the economy's location in the business cycle.D)all of the above.Answer: DTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition3)Markets in wliich funds are tiansfeired from those who have excess funds available to those who have a shortage of available funds are calledA)commodity markets.B)funds markets.C)derivative exchange markets.D)financial markets.Answer: DTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition4)The price paid for the rental of bonowed funds (usually expressed as a percentage of the rental of $100 per year) is conmionly referred to as theA)inflation rate.B)exchange late.C)interest rate.D)aggiegate price level.Answer: CTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition5)The bond maikets are impoitant becauseA)they are easily the most widely followed financial markets in the United States.B)they are the maikets where interest rates are deteimined.C)they are the markets where foreign exchange rates are determined.D)all of the above.Answer: BTopic: Chapter 1.1 Why Study Financial MaiketsQuestion Status: Previous Edition6)Interest rates are impoitant to financial institutions since an interest rate uicrease the cost of acquiring funds and the income fiom assets.A)decreases; decreasesB)increases; increasesC)decreases; increasesD)increases; decreasesAnswer: BTopic: Chapter 1.1 Why Study Financial MaiketsQuestion Status: Previous Edition7)Typically, increasing interest ratesA)discourages individuals fiom saving.B)discourages corporate investments.C)encourages coipoiate expansion.D)encourages coipoiate borrowing.E)none of the above.Answer: BTopic: Chapter 1.1 Why Study Financial MaiketsQuestion Status: Previous Edition8)Compared to interest rates on long-tenn U.S. govenmient bonds, interest rates onfluctuate more and are lower on average.A)medium-quality coipoiate bondsB)low-quality corporate bondsC)high-quality coipoiate bondsD)tluee-month Treasuiy billsE)none of the aboveAnswer: DTopic: Chapter 1.1 Why Study Financial MaiketsQuestion Status: Previous Edition9)Compared to interest rates on long-tenn U.S. govenmient bonds, interest rates on tluee-month Tieasuiy bills fluctuate and are on average.A)moie; lowerB)less; lowerC)moie; liigherD)less; higherAnswer: ATopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition10)The stock market is important becauseA)it is where interest rates are determined.B)it is the most widely followed financial market in the United States.C)it is where foreign exchange rates are deteimined.D)all of the above.Answer: BTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition11)Stock prices since the 1980s have beenA)relatively stable, trending upward at a steady pace.B)relatively stable, tiending downward at a moderate rate.C)extremely volatile.D)unstable, trending downward at a moderate late.Answer: CTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition12)The largest one-day drop in the liistoiy of the Ainei ican stock markets occuii ed inA)1929.B)1987.C)2000.D)2001.Answer: BTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition13) A declining stock market index due to lower share pricesA)reduces people's wealth and as a result may reduce theii willingness to spend.B)increases people's wealth and as a result may increase their willingness to spend.C)decreases the amount of fiinds that business firms can raise by selling newly issued stock.D)both A and C of the above.E)both B and C of the above.Answer: DTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition14)Changes in stock pricesA)affect people's wealth and their willingness to spend.B)affect films' decisions to sell stock to finance investment spending.C)are characterized by considerable fluctuations.D)all of the above.E)only A and B of the above.Answer: DTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition15)(I) Debt markets are often referred to generically as the bond market.(II) A bond is a security that is a claim on the earnings and assets of a coiporation.A)(I) is true, (II) false.B)(I) is false, (II) true.C)Both are true.D)Both are false.Answer: ATopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition16)(I) A bond is a debt security that promises to make paymen's periodically fbr a specified peiiod of time. (II) A stock is a security that is a claim on the earnings and assets of a corporation.A)(I) is true, (II) false.B)(I) is false, (II) true.C)Both are true.D)Both are false.Answer: CTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition17)The price of one countiy's currency in terms of another's is calledA)the foreign exchange rate.B)the interest rate.C)the Dow Jones industrial average.D)none of the above.Answer: ATopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition18) A stronger dollar benefits and hurts .A)American businesses; American consumersB)American businesses; foreign businessesC)American consumers; American businessesD)foreign businesses; American consumersAnswer: CTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition19) A weaker dollar benefits and hurts .A)American businesses; American consumersB)American businesses; foreign consumersC)American consumers; American businessesD)foreign businesses; American consumersAnswer: ATopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition20)From 1980 to early 1985 the dollar in value, thereby benefiting American.A)appreciated; businessesB)appreciated; consumeisC)depreciated; businessesD)depreciated; consumersAnswer: BTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition21)In general, from 2001 tluougli 2013, the dollar in value relative to major foreign cunencies.A)appreciatedB)depreciatedC)remained about the sameAnswer: BTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: New Question22)Money is defined asA)anything that is generally accepted in payment for goods and seivices or in the repayment of debt.B)bills of exchange.C) a riskless repositoiy of spending power.D)all of the above.E)only A and B of the above.Answer: ATopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition23)The organization responsible foi the conduct of monetary policy in the United States is theA)Compti oiler of the Currency.B)U.S. Tieasuiy.C)Federal Reserve System.D)Bureau of Monetaiy Affairs.Answer: CTopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition24)The central bank of the United States isA)Citicoip.B)The Fed.C)Bank of America.D)The Tieasuiy.E)none of the above.Answer: BTopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition25)Monetaiy policy is chiefly conceined withA)how much money businesses earn.B)the level of interest rates and the nation's money supply.C)how much money people pay in taxes.D)whether people have saved enough money fbr letiiement.Answer: BTopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition26)Economists gioup commercial banks, savings and loan associations, credit unions, mutual funds, mutual savings banks, insurance companies, pension funds, and finance companies together under the heading financial intermediaiies. Financial intermediaiies A)act as middlemen, borrowing funds fiom those who have saved and lending these funds to others.B)produce notliing of value and are therefore a drain on society's resources.C)help piomote a more efficient and dynamic economy.D)do all of the above.E)do only A and C of the above.Answer: ETopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition27)Economists gioup commercial banks, savings and loan associations, credit unions, mutual funds, mutual savings banks, insurance companies, pension funds, and finance companies together under the heading financial intermediaiies. Financial intermediariesA)act as middlemen, borrowing funds fiom those who have saved and lending these funds to others.B)play an impoilant role in determining the quantity of money in the economy.C)help promote a more efficient and dynamic economy.D)do all of the above.E)do only A and C of the above.Answer: DTopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition28)Banks are important to the study of money and the economy because theyA)provide a channel for linking those who want to save with those who want to invest.B)have been a source of financial innovation that is expanding the alternatives available to those wanting to invest theii money.C)are the only financial institution to play a role in determining tlie quantity of money in the economy.D)do all of the above.E)do only A and B of the above.Answer: ETopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition29)Banks, savings and loan associations, mutual savings banks, and credit unionsA)are no longer inipoitant players ill financial inteimediation.B)have been providing seivices only to small depositors since deregulation.C)have been adept at innovating in response to changes in the regulatoiy environment.D)all of the above.E)only A and C of the above.Answer: CTopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition30)(I) Banks are financial inteimediaries that accept deposits and make loans.(II) The tenn "banks" includes firms such as commercial banks, savings and loan associations, mutual savings banks, credit unions, insurance companies, and pension funds.A)(I) is true, (II) false.B)(I) is false, (II) true.C)Both are true.D) Both are false.Answer: ATopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous EditionA)Black FridayB)Black MondayC)Blackout DayD)none of the aboveAnswer: BTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition32)The largest financial intennediaiies areA)insurance companies.B)finance companies.C)banks.D)all of the above.Answer: CTopic: Chapter 1.2 Why Study Financial ListitutionsQuestion Status: Previous Edition33)In recent yearsA)interest rates have remained constant.B)the success of financial institutions has reached levels unpiecedented since the Great Depiession.C)stock markets have crashed.D)all of the above.Answer: CTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition34) A securityA)is a claim oi price of property that is subject to ownei sliip.B)promises that payments will be made peiiodically fbr a specified peiiod of time.C)is the price paid fbr the usage of funds.D)is a claim on the issuers future income.Answer: DTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous EditionA)BanksB)Insurance companiesC)Finance companiesD)All of the aboveAnswer: DTopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition36)Monetaiy policy affectsA)interest rates.B)inflation.C)business cycles.D)all of the above.Answer: DTopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition37) A rising stock market index due to higher share pricesA)incieases people's wealth and as a result may inciease their willingness to spend.B)increases the amount of funds that business films can raise by selling newly issued stock.C)decreases the amount of fiinds that business firms can raise by selling newly issued stock.D)both A and B of the above.Answer: DTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition38)From the peak of the high-tech bubble in 2000, the stock market by overby late 2002.A)collapsed; 75%B)rose; 35%C)collapsed; 30%D)rose; 50%Answer: CTopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition39)The Dow fell below 7,000 in 2009, only to stall a bull market inn, reaching new highs above in 2013.A)12,000B)10,000C)15,000D)19,000Answer: CTopic: Chapter 1.1 Why Study Financial Markets Question Status: New Question1.2 Tme/False1)Money is anything accepted by anyone as payment for sendees or goods.Answer: TRUETopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition2)Interest rates are determined in the bond markets.Answer: TRUETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition3) A stock is a debt security that promises to make periodic payments fbr a specific period of time.Answer: FALSETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition4)Monetaiy policy affects interest rates but has little effect on inflation or business cycles. Answer: FALSETopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition5)The govenunent organization responsible fbr the conduct of monetaiy policy in the United States is the U.S. Treasury.Answer: FALSETopic: Chapter 1.2 Why Study Financial ListitutionsQuestion Status: Previous Edition6)Interest rates can be accurately described as the rental price of money.Answer: TRUETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition7)Holding eveiytliiiig else constant, as the dollar weakens vacations abroad become less attractive.Answer: TRUETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition8)In recent years, financial markets have become more stable and less risky. Answer: FALSETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition9)Financial innovation has provided moie options to both investors and borrowers. Answer: TRUETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition10) A financial inteimediaiy bonows funds fiom people who have saved.Answer: TRUETopic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition11)Holding everything else constant, as the dollar stiengtliens fbreigiieis will buy more U.S. exports.Answer: FALSETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition12)In a bull market stock prices are rising, on average.Answer: TRUETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition13)Financial institutions are among the largest employers in the countiy and frequently pay very high salaries.Answer: TRUETopic: Chapter 1.3 Applied Managerial PerspectiveQuestion Status: Previous Edition14)Different interest rates have a tendency to move in unison.Answer: TRUETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition15)Financial markets are what makes financial institutions work.Answer: FALSETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition16)In recent years, financial markets have become more risky. However, only a limited number of tools (such as derivatives) are available to assist in managing this risk. Answer: FALSETopic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition17)Although the internet lias changed many aspects of our lives, it hasn't proven very useful for collecting and/or analyzing financial and economic data.Answer: FALSETopic: Chapter 1.4 How We Study Financial Markets and Institutions Question Status: New Question1.3 Essay1)Have interest rates been more or less volatile in recent years? Why?Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition2)Why should consumers be concerned with movements in fbreign exchange rates? Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition3)How does the value of the dollar affect the competitiveness of American businesses? Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition4)What is monetary policy and who is responsible fbr its implementation?Topic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition5)What are financial intermediaiies and what do they do?Topic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition6)What is money?Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition7)How does a bond differ fiom a stock?Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition8)Why is the stock market so important to individuals, films, and the economy? Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition9)What is the cential bank and what does it do?Topic: Chapter 1.2 Why Study Financial InstitutionsQuestion Status: Previous Edition10)If you are plamiing a vacation to Europe, do you prefer a strong dollar 01 weak dollar relative to the euio? Why?Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: Previous Edition11)How has the stock market perfoimed since 2000?Topic: Chapter 1.1 Why Study Financial MarketsQuestion Status: New Question。

国际金融(双语)复习大纲

（一）论述、简答、计算题：1、What is the current account balance of France when the French budget surplus is 348million Euros, private saving is 256 million Euros, domestic capital formation is 134 million Euros?解答：National saving = private saving + government saving = 256+348=604 millionCurrent account balance = national saving – domestic real investment = 604-134=470 million附：Current account balance(CA)=net foreign investment(If)National saving(S)=domestic real investment(Id)+net foreign investment(If)If=CA=S-Id , CA=Y(domestic production of goods and services)-E(total expenditures on goods and services)2、Which of the following transactions could contribute to a British current account surplus? Explain whya French firm sells defense equipment to the British government for 250 million pounds in bank depositsb Great Britain makes a gift of $500 million to the Iraqi government to aid in reconstruction.c The United States borrows 200 million pounds on a short-term basis from the British government to buy 200 million pounds in textiles from Great Britain.C：merchandise exports——current account surplusA：merchandise imports——current account deficitB：unilateral transfer——current account deficit3、You are provided with the following information about a country’s international transactions during a given year:Service exports $346Service imports $354Merchandise exports $480Merchandise imports $348Income flows, net $153Unilateral transfers, net $142Increase in the country’s holding of foreign assets, net(excluding official reserves assets) $352Increase in forei gn holdings of the country’s assets, net(excluding official reserve assets) $252Statistical discrepancy, net $154a.Calculate the official settlements balance and the current account balance.b.Is the country increasing or decreasing its net holdings of official reserve assets?Why?A: Current account balance=net credits – net debits on(the flow of goods ,services ,income and unilateral transfer)=（346—354）+（480—348）+153—142 = 135Financial account balance= foreign holdings of the country’s assets – the country’s holdingof foreign assets =—352 + 252 = —100So, official settlement balance(B)=CA balance + financial account balance= 135 —100=35B: Current account balance = 132—8+153—142=135B = CA + FA = 135 + （—100）= 35B + OR + Statistical discrepancy = 0OR = —1894、For each case below, state whether the euro has appreciated or depreciated and give an exampleof an event that could cause the change in the exchange rate.a.The spot rate goes from 450 euros/Mexican peso to 440 euros/Mexican peso.b.The spot rate goes from 0.011 Mexican pesos/euro to 0.006 Mexican pesos/euro.c.The spot rate goes from 1.48 euros/British pound to 1.51 euros/British pound.d.The spot rate goes from 0.73 British pounds/euro to 0.75 British pounds/euro.A: indirect quotation, euro appreciatedB: direct quotation, euro depreciatedC: indirect quotation, euro depreciatedD: direct quotation, euro appreciated5、What are the two forms of interbank foreign exchange trading? Compare and contrasthe similarities and differences of the two forms.Form 1 Interbank trading is conducted directly between the traders at different banksForm 2 Interbank trading are conducted through foreign exchange brokerSimilarities: Both are making the foreign exchange trades.Differences:①Form1,the traders know to whom they are quoting exchange rates for possible。

金融市场学双语题库及答案(第十四章)米什金《金融市场与机构》

Financial Markets and Institutions, 8e (Mishkin)Chapter 14 The Mortgage Markets14.1 Multiple Choice1) Which of the following are important ways in which mortgage markets differ from the stock and bond markets?A) The usual borrowers in the capital markets are government entities and businesses, whereas the usual borrowers in the mortgage markets are individuals.B) Most mortgages are secured by real estate, whereas the majority of capital market borrowing is unsecured.C) Because mortgages are made for different amounts and different maturities, developing a secondary market has been more difficult.D) All of the above are important differences.E) Only A and B of the above are important differences.Answer: DTopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition2) Which of the following are important ways in which mortgage markets differ from stock and bond markets?A) The usual borrowers in capital markets are government entities, whereas the usual borrowers in mortgage markets are small businesses.B) The usual borrowers in capital markets are government entities and large businesses, whereas the usual borrowers in mortgage markets are small businesses.C) The usual borrowers in capital markets are government entities and large businesses, whereas the usual borrowers in mortgage markets are small businesses and individuals.D) The usual borrowers in capital markets are businesses and government entities, whereas the usual borrowers in mortgage markets are individuals.Answer: DTopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition3) Which of the following are true of mortgages?A) A mortgage is a long-term loan secured by real estate.B) A borrower pays off a mortgage in a combination of principal and interest payments that result in full payment of the debt by maturity.C) Over 80 percent of mortgage loans finance residential home purchases.D) All of the above are true of mortgages.E) Only A and B of the above are true of mortgages.Answer: DTopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition4) Which of the following are true of mortgages?A) A mortgage is a long-term loan secured by real estate.B) Borrowers pay off mortgages over time in some combination of principal and interest payments that result in full payment of the debt by maturity.C) Less than 65 percent of mortgage loans finance residential home purchases.D) All of the above are true of mortgages.E) Only A and B of the above are true of mortgages.Answer: ETopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition5) Which of the following are true of mortgage interest rates?A) Interest rates on mortgage loans are determined by three factors: current long-term market rates, the term of the mortgage, and the number of discount points paid.B) Mortgage interest rates tend to track along with Treasury bond rates.C) The interest rate on 15-year mortgages is lower than the rate on 30-year mortgages, all else the same.D) All of the above are true.E) Only A and B of the above are true.Answer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition6) Which of the following are true of mortgages?A) More than 80 percent of mortgage loans finance residential home purchases.B) The National Banking Act of 1863 rewarded banks that increased mortgage lending.C) Most mortgages during the 1920s and 1930s were balloon loans.D) All of the above are true.E) Only A and C of the above are true.Answer: ETopic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition7) Which of the following is true of mortgage interest rates?A) Longer-term mortgages have lower interest rates than shorter-term mortgages.B) Mortgage rates are lower than Treasury bond rates because of the tax deductibility of mortgage interest rates.C) In exchange for points, lenders reduce interest rates on mortgage loans.D) All of the above are true.E) Only A and B of the above are true.Answer: CTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition8) Typically, discount points should not be paid if the borrower will pay off the loan in ________ years or less.A) 5B) 10C) 15D) 20Answer: ATopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition9) Which of the following is true of mortgage interest rates?A) Longer-term mortgages have higher interest rates than shorter-term mortgages.B) In exchange for points, lenders reduce interest rates on mortgage loans.C) Mortgage rates are lower than Treasury bond rates because of the tax deductibility of mortgage interest payments.D) All of the above are true.E) Only A and B of the above are true.Answer: ETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition10) Which of the following reduces moral hazard for the mortgage borrower?A) CollateralB) Down paymentsC) Private mortgage insuranceD) Borrower qualificationsAnswer: BTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition11) Which of the following protects the mortgage lender's right to sell property if the underlying loan defaults?A) A lienB) A down paymentC) Private mortgage insuranceD) Borrower qualificationE) AmortizationAnswer: ATopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition12) Which of the following is true of mortgage interest rates?A) Mortgage rates are closely tied to Treasury bond rates, but mortgage rates tend to stay below Treasury rates because mortgages are secured with collateral.B) Longer-term mortgages have higher interest rates than shorter-term mortgages.C) Interest rates are higher on mortgage loans on which lenders charge points.D) All of the above are true.E) Only A and B of the above are true.Answer: BTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition13) During the early years of an amortizing mortgage loan, the lender appliesA) most of the monthly payment to the outstanding principal balance.B) all of the monthly payment to the outstanding principal balance.C) most of the monthly payment to interest on the loan.D) all of the monthly payment to interest on the loan.E) the monthly payment equally to interest on the loan and the outstanding principal balance.Answer: CTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition14) During the last years of an amortizing mortgage loan, the lender appliesA) most of the monthly payment to the outstanding principal balance.B) all of the monthly payment to the outstanding principal balance.C) most of the monthly payment to interest on the loan.D) all of the monthly payment to interest on the loan.E) the monthly payment equally to interest on the loan and the outstanding principal balance.Answer: ATopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition15) During the last years of a balloon mortgage loan, the lender appliesA) most of the monthly payment to the outstanding principal balance.B) all of the monthly payment to the outstanding principal balance.C) most of the monthly payment to interest on the loan.D) all of the monthly payment to interest on the loan.E) the monthly payment equally to interest on the loan and the outstanding principal balance.Answer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition16) During the early years of a balloon mortgage loan, the lender appliesA) most of the monthly payment to the outstanding principal balance.B) all of the monthly payment to the outstanding principal balance.C) most of the monthly payment to interest on the loan.D) all of the monthly payment to interest on the loan.E) the monthly payment equally to interest on the loan and the outstanding principal balance.Answer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition17) A borrower who qualifies for an FHA or VA loan enjoys the advantage thatA) the mortgage payment is much lower.B) only a very low or zero down payment is required.C) the cost of private mortgage insurance is lower.D) the government holds the lien on the property.Answer: BTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition18) (I) Conventional mortgages are originated by private lending institutions, and FHA or VA loans are originated by the government. (II) Conventional mortgages are insured by private companies, and FHA or VA loans are insured by the government.A) (I) is true, (II) false.B) (I) is false, (II) true.C) Both are true.D) Both are false.Answer: BTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition19) Borrowers tend to prefer ________ to ________, whereas lenders prefer ________.A) fixed-rate loans; ARMs; fixed-rate loansB) ARMs; fixed-rate loans; fixed-rate loansC) fixed-rate loans; ARMs; ARMsD) ARMs; fixed-rate loans; ARMsAnswer: CTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition20) (I) ARMs offer lower initial rates and the rate may fall during the life of the loan. (II) Conventional mortgages do not allow a borrower to take advantage of falling interest rates.A) (I) is true, (II) is false.B) (I) is false, (II) is true.C) Both are true.D) Both are false.Answer: ATopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition21) Growing-equity mortgages (GEMs)A) help the borrower pay off the loan in a shorter time.B) have such low payments in the first few years that the principal balance increases.C) offer borrowers payments that are initially lower than the payments on aconventional mortgage.D) do all of the above.E) do only A and B of the above.Answer: ATopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition22) A borrower with a 30-year loan can create a GEM byA) simply increasing the monthly payments beyond what is required and designating that the excess be applied entirely to the principal.B) converting his ARM into a conventional mortgage.C) converting his conventional mortgage into an ARM.D) converting his conventional mortgage into a GPM.Answer: ATopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition23) Which of the following are useful for home buyers who expect their income to rise in the future?A) GPMsB) RAMsC) GEMsD) Only A and B are useful.E) Only A and C are useful.Answer: ETopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition24) Which of the following are useful for home buyers who expect their income to fall in the future?A) GPMsB) RAMsC) GEMsD) Only A and B are useful.E) Only A and C are useful.Answer: BTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition25) Retired people can live on the equity they have in their homes by using aA) GEM.B) GPM.C) SAM.D) RAM.Answer: DTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition26) Second mortgages serve the following purposes:A) they give borrowers a way to use the equity they have in their homes as security for another loan.B) they allow borrowers to get a tax deduction on loans secured by their primary residence or vacation home.C) they allow borrowers to convert their conventional mortgages into GEMs.D) all of the above.E) only A and B of the above.Answer: ETopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition27) Which of the following is a disadvantage of a second mortgage compared to credit card debt?A) The loans are secured by the borrower's home.B) The borrower gives up the tax deduction on the primary mortgage.C) The borrower must pay points to get a second mortgage loan.D) The borrower will find it more difficult to qualify for a second mortgage loan.Answer: ATopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition28) The share of the mortgage market held by savings and loans isA) over 50 percent.B) approximately 40 percent.C) approximately 20 percent.D) less than 5 percent.Answer: DTopic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Updated from Previous Edition29) The share of the mortgage market held by commercial banks is approximatelyA) 50 percent.B) 30 percent.C) 15 percent.D) 5 percent.Answer: BTopic: Chapter 14.4 Mortgage-Lending Institutions Question Status: Updated from Previous Edition30) A loan-servicing agent willA) package the loan for an investor.B) hold the loan in their investment portfolio.C) collect payments from the borrower.D) do both A and C of the above.E) do both B and C of the above.Answer: CTopic: Chapter 14.5 Loan ServicingQuestion Status: Previous Edition31) Distinct elements of a mortgage loan includeA) origination.B) investment.C) servicing.D) all of the above.E) only B and C of the above.Answer: DTopic: Chapter 14.6 Secondary Mortgage MarketQuestion Status: Previous Edition32) The Federal National Mortgage Association (Fannie Mae)A) was set up to buy mortgages from thrifts so that these institutions could make more loans.B) funds purchases of mortgages by selling bonds to the public.C) provides insurance for certain mortgage contracts.D) does all of the above.E) does only A and B of the above.Answer: ETopic: Chapter 14.6 Secondary Mortgage MarketQuestion Status: Previous Edition33) The Federal Housing Administration (FHA)A) was set up to buy mortgages from thrifts so that these institutions could make more loans.B) funds purchases of mortgages by selling bonds to the public.C) provides insurance for certain mortgage contracts.D) does all of the above.E) does only A and B of the above.Answer: CTopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition34) ________ issues participation certificates, and ________ provides federal insurance for participation certificates.A) Freddie Mac; Freddie MacB) Freddie Mac; Ginnie MaeC) Ginnie Mae; Freddie MacD) Ginnie Mae; Ginnie MaeE) Freddie Mac; no oneAnswer: ETopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition35) REMICs are most likeA) Freddie Mac pass-through securities.B) Ginnie Mae pass-through securities.C) participation certificates.D) collateralized mortgage obligations.Answer: DTopic: Chapter 14.8 What Is a Mortgage-Backed Security? Question Status: Previous Edition36) Ginnie MaeA) insures qualifying mortgages.B) insures pass-through certificates.C) insures collateralized mortgage obligations.D) does only A and B. of the above.E) does only B and C of the above.Answer: BTopic: Chapter 14.8 What Is a Mortgage-Backed Security? Question Status: Previous Edition37) Mortgage-backed securitiesA) have been growing in popularity in recent years as institutional investors look for attractive investment opportunities.B) are securities collateralized by a pool of mortgages.C) are securities collateralized by both insured and uninsured mortgages.D) are all of the above.E) are only A and B of the above.Answer: DTopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition38) The most common type of mortgage-backed security isA) the mortgage pass-through, a security that has the borrower's mortgage payments pass through the trustee before being disbursed to the investors.B) collateralized mortgage obligations, a security which reduces prepayment risk.C) the participation certificate, a security which passes the borrower's mortgage payments equally among all the owners of the certificates.D) the securitized mortgage, a security which increases the liquidity of otherwise illiquid mortgages.Answer: ATopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition39) The interest rate borrowers pay on their mortgages is determined byA) current long-term market rates.B) the term.C) the number of discount points.D) all of the above.Answer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition40) A loan for borrowers who do not qualify for loans at the usual market rate of interest because of a poor credit rating or because the loan is larger than justified by their income isA) a subprime mortgage.B) a securitized mortgage.C) an insured mortgage.D) a graduated-payment mortgage.Answer: ATopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition41) The percentage of the total loan paid back immediately when a mortgage loan is obtained, which lowers the annual interest rate on the debt, is calledA) discount points.B) loan terms.C) collateral.D) down payment.Answer: ATopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition42) Which of the following terms are found in mortgage loan contracts to protect the lender from financial loss?A) CollateralB) Down paymentC) Private mortgage insuranceD) All of the aboveAnswer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition43) What factors are used in determining a person's FICO score?A) Past payment historyB) Outstanding debtC) Length of credit historyD) All of the aboveAnswer: DTopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition44) Between 2000 and 2005, home prices increased an average of ________ per year.A) 2%B) 4%C) 8%D) 12%Answer: CTopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: New Question45) From 2000 to 2005, housing prices increased, on average, by over 40%. This run up in prices was caused byA) speculators.B) an increase in subprime loans, which increased demand for new and existing houses.C) both A and B.D) None of the above are correct.Answer: CTopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Updated from Previous Edition14.2 True/False1) In 2012, mortgage loans to farms represented the largest proportion of mortgage lending in the U.S.Answer: FALSETopic: Chapter 14.1 What Are Mortgages?Question Status: New Question2) Down payments are designed to reduce the likelihood of default on mortgage loans.Answer: TRUETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition3) Discount points (or simply points) are interest payments made at the beginning of a loan.Answer: TRUETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition4) A point on a mortgage loan refers to one monthly payment of principal and interest.Answer: FALSETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition5) Closing for a mortgage loan refers to the moment the loan is paid off.Answer: FALSETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition6) Private mortgage insurance is a policy that guarantees to make up any discrepancy between the value of the property and the loan amount, should a default occur.Answer: TRUETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition7) During the early years of a mortgage loan, the lender applies most of the payment to the principal on the loan.Answer: FALSETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition8) One important advantage to a borrower who qualifies for an FHA or VA loan is the very low interest rate on the mortgage.Answer: FALSETopic: Chapter 14.3 Types of Mortgages9) Adjustable-rate mortgages generally have lower initial interest rates than fixed-rate mortgages.Answer: TRUETopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition10) Mortgage interest rates loosely track interest rates on three-month Treasury bills.Answer: FALSETopic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition11) An advantage of a graduated-payment mortgage is that borrowers will qualify for a larger loan than if they requested a conventional mortgage.Answer: TRUETopic: Chapter 14.3 Types of Mortgages12) Nearly half the funds for mortgage lending comes from mortgage pools and trusts.Answer: FALSETopic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Updated from Previous Edition13) Many institutions that make mortgage loans do not want to hold large portfolios of long-term securities, because it would subject them to unacceptably high interest-rate risk.Answer: TRUETopic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Previous Edition14) A problem that initially hindered the marketability of mortgages in a secondary market was that they were not standardized.Answer: TRUETopic: Chapter 14.6 Secondary Mortgage MarketQuestion Status: Previous Edition15) Mortgage-backed securities have declined in popularity in recent years as institutional investors have sought higher returns in other markets.Answer: FALSETopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition16) Mortgage-backed securities are marketable securities collateralized by a pool of mortgages.Answer: TRUETopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition17) Fannie Mae and Freddie Mac together either own or insure the risk on nearly one-fourth of America's residential mortgages.Answer: FALSETopic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Previous Edition18) A FICO score below 660 is considered good while a score above 720 is likely to cause problems in obtaining a loan.Answer: FALSETopic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition19) Subprime loans are those made to borrowers who do not qualify for loans at the usual market rate of interest because of a poor credit rating or because the loan is larger than justified by their income.Answer: TRUETopic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition14.3 Essay1) How has the modern mortgage market changed over recent years?Topic: Chapter 14.1 What Are Mortgages?Question Status: Previous Edition2) Explain the features of mortgage loans that are designed to reduce the likelihood of default.Topic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition3) What are points? What is their purpose?Topic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition4) How does an amortizing mortgage loan differ from a balloon mortgage loan?Topic: Chapter 14.2 Characteristics of the Residential MortgageQuestion Status: Previous Edition5) Evaluate the advantages and disadvantages, from both the lender's and borrower's perspectives, of fixed-rate and adjustable-rate mortgages.Topic: Chapter 14.3 Types of MortgagesQuestion Status: Previous Edition6) Why has the online lending market developed in recent years and what are the advantages and disadvantages of this development?Topic: Chapter 14.4 Mortgage-Lending InstitutionsQuestion Status: Previous Edition7) Why may Fannie Mae and Freddie Mac pose a threat to the health of the financial system?Topic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition8) What are mortgage-backed securities, why were they developed, whattypes of mortgage-backed securities are there, and how do they work?Topic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: Previous Edition9) What are the benefits and side effects of securitized mortgages?Topic: Chapter 14.7 Securitization of MortgagesQuestion Status: Previous Edition10) Discuss the pros and cons of a subprime market for residential mortgages in the U.S.Topic: Chapter 14.8 What Is a Mortgage-Backed Security?Question Status: New Question。

金融市场学双语题库及答案(第二章)米什金金融市场与机构

D) Both A and C of the above.
Answer: D
Topic: Chapter 2.1 Function of Financial Markets
Question Status: Previous Edition
7) Financial markets improve economic welfare because
Topic: Chapter 2.2 Structure of Financial Markets
Question Status: Previous Edition
13) Which of the following are primary markets?
A) The New York Stock Exchange
Question Status: Previous Edition
14) Which of the following are secondary markets?
A) The New York Stock Exchange
B) The U.S. government bond market
C) The over-the-counter stock market
C) experience economic hardship and financial crises.
D) increase its standard of living.
Answer: C
Topic: Chapter 2.1 Function of Financial Markets
Question Status: Previous Edition
Answer: D
Topic: Chapter 2.1 Function of Financial Markets

国际金融复习资料英文版

国际金融复习资料英文版International Finance Revision Material - English VersionInternational finance is a field of study that deals with money management and economic activities that take place between nations. It is a crucial component of global trade, as it enables businesses and individuals to conduct transactions across borders and make decisions that impact the world economy. This revision material aims to provide an overview of the fundamental concepts and principles of international finance.1. Exchange RatesExchange rates refer to the value of one currency expressed in terms of another currency. Exchange rates play a significant role in international finance because they affect the competitiveness of a country's exports and also the cost of imports. There are different types of exchange rates, including the fixed exchange rate system, the floating exchange rate system, and the managed floating exchange rate system.2. Balance of PaymentsThe balance of payments is a record of all financial transactions between a country and the rest of the world. It comprises the current account, the capital account, and the financial account. The current account records transactionsrelated to trade in goods and services, while the capital account records transactions related to capital flows, such as foreign investment. The financial account records transactions related to the purchase and sale of financial assets.3. International Capital MarketsInternational capital markets are financial markets where individuals, institutions, and governments can buy and sell financial assets across national borders. Examples of international capital markets include the foreign exchange market, the bond market, and the stock market. These markets facilitate the flow of capital across borders, allowing investors to diversify their portfolios and businesses to access funding from global sources.4. International Monetary SystemThe international monetary system is the framework within which countries conduct transactions and manage their currencies. There are different international monetary systems in history, including the gold standard, the Bretton Woods system, and the floating exchange rate system. The current international monetary system is a managed floating exchange rate system, where exchange rates are determined by market forces but may be influenced by government intervention.5. International TradeInternational trade refers to the exchange of goods and services across borders. International trade is essential foreconomic growth and development because it allows countries to access resources and markets that they do not have domestically. However, international trade can also create imbalances in trade flows, leading to trade deficits or surpluses.6. International Negotiations and AgreementsInternational negotiations and agreements are crucial for maintaining stability and promoting cooperation in international finance. Examples of international negotiations and agreements include the World Trade Organization (WTO), the International Monetary Fund (IMF), and the European Union (EU). These organizations facilitate international trade, promote stable exchange rates, and provide financial assistance to countries in need.In conclusion, understanding the fundamental concepts and principles of international finance is crucial for anyone interested in global trade and economics. This revision material provides a broad overview of the topics covered in international finance and is a useful resource for students, researchers, and professionals in the field. By familiarizing themselves with these concepts, individuals can make informed decisions about international finance and contribute to the stability and growth of the global economy.。

公司金融双语期末复习资料

公司金融双语期末复习资料一、判断题二、计算题(4—5题）三、名词解释1。

Corporate finance（公司金融)Corporate finance is the study of the answers to the following questions:What long-term investments should you take on？Where will you get the long-term financing to pay for your investment？How will you manage your everyday financial activities？企业融资是下列问题的答案的研究：把你要什么样的长期投资?你将在哪里获得长期的资金支付你的投资？你如何管理你的日常财务活动?2.financial manager（财务经理）anyone who deals with investment and/or financing decisions for a business.The CFO, controller，treasurer凡涉及一个企业的投资和融资决策.首席财务官，控制器,司库3。

maturity（到期日）The direction of bond investors borrowing principal or other debt to date，but also stop interest payment day.借贷方向投资者偿付债券本金或其他债务的日期,也是停止支付利息的日子.4。

present value（现值)Present value （Present value）, index funds reduced to the base year，also known as the discounted present values，also called on the value of the future cash flow，refers to an appropriate discount rate to discount the value of. Refers to assets in accordance with the is expected to generate from its continuing use and ultimate disposal of the future discounted net cash inflow amount，in accordance with the expected liabilities within the time limit to future net cash outflow discount the amount of reimbursement。

国际金融双语PPT课件-总复习

保险公司
定义
保险公司是专门经营风险业务的金融机构。
主要业务
提供各类保险产品和服务，如人寿保险、财产保险等。
例子
中国平安保险（Ping （AIG）。
An）、美国国际集团
基金公司
定义
基金公司是专门经营投资基金的金融机构，通过集合投资者的资金进行投资。
主பைடு நூலகம்业务
发行和管理投资基金，包括股票基金、债券基金、混合基金等。
06
国际金融市场的发展趋势与挑战
全球化趋势
01
资本流动自由化
随着全球化进程加速，资本流动更加自由，跨国投资和融资活动日益频繁。
02
贸易金融一体化
03
金融市场互联互通
国际贸易金融体系不断融合，各国经济联系更加紧密，贸易和金融相互促进。
各国金融市场逐渐开放，跨境金融合作不断深化，金融市场互联互通成为趋势。
01 债券交易是指买卖债券的行为，是一种债务融资方式。
02
债券市场是发行和交易债券的场所，为企业和政府提供了融资渠道。
03
债券交易可以通过证券交易所或场外交易市场进行。
04
债券交易的风险包括信用风险和利率风险。
期货交易
期货交易是指买卖期货合约的行为，是一种风险管理工具。
期货交易可以通过交易所进行，合约具有标准化特征。
02
03
外汇交易可以通过即期交易、远期交易和掉期交易等方式进行。
04
股票交易
股票交易是指买卖公司股票的行为，是投资者对企业价值的认可。
股票交易可以通过证券交易所或场外交易市场进行。
股票市场是资本市场的重要组成部分，为企业提供了融资渠道。

金融学(双语)复习资料第4章

A Chapter 4F 1. A financial intermediary transfers funds from borrowersto lenders by creating claims on itself.金融中介机构通过建立自身债权转让从借款人的资金贷款T 2. When cash is deposited in a checking account, thereserves of commercial banks are increased.当现金存入支票帐户时，商业银行的准备金增加F 3. When funds are deposited in a savings account, the excess reserves of banks are unaffected.当资金存入储蓄账户中，银行的超额准备金不受影响F 4. Large certificates of deposit in units of $500,000 are insured by FDIC.存款50万元的单位大证由美国联邦存款保险公司的保险保障T 5. In general, banks prefer loans that stress liquidityand safety.一般情况下，银行更喜欢强调流动资金贷款和安全性T 6. Savings and loan associations are a major source of mortgage funds.储蓄和贷款协会是抵押贷款资金的主要来源F 7. Insurance companies are a major source of loans to individuals.保险公司是个人贷款的主要来源T 8. Money market mutual funds invest in short-term securities like U.S. Treasury bills.货币市场共同基金投资于如美国国库券的短期证券F 9. An increase in interest rates tends to reduce theearnings of money market mutual funds.在利率上升往往会降低货币市场共同基金的收益T 10. A pension plan that invests in the stock of IBM orVerizon does not perform the function of a financial intermediary.投资于IBM或Verizon公司的股票的退休金计划不执行金融中介的功能F 11. Investments in money market mutual funds are insured up to $100,000 by the federal government.在货币市场共同基金投资是投保高达10万美元的联邦政府T 12. A financial intermediary creates claims on itself, when it accepts depositors' funds.金融中介机构建立自身债权，当它接受存款人的资金F 13. If a firm issues securities that are sold to a commercial bank, individuals' savings are directly transferred to the firm. 。

2023年金融英语考试复习辅导资料(2)

2023年金融英语考试复习辅导资料(2) 2023年金融英语考试复习辅导资料(2)II、ThreeEssentialFunctionsOfMoneyWe look at the functions of money. Firstly its a medium of exchange，so its some commodity which facilitates the exchange of goods and services.首先货币是一种交换媒介，是帮助其他货物与服务进行交换的手段。

It is also a unit of account， which means that we use money to reckon prices and reckon values for comparisons between goods and services or over time.其次它是一种计算单位，就是说我们用钱来测量货物、服务或时间之间的价格和价值的比较。

And thirdly， money is a store of value. It is an asset. Its something that we can use to store value away to be retrievedphysicallyprimitiveledgers4.古时候，比如在古巴比伦，小麦被当作实物货币使用。

人们在交换其它货物和服务之前先要交换一定数量的小麦。

后来巴比伦的祭司们发现，他们可以把小麦保存在一个中心仓库中，然后只需要记录下谁拥有这些小麦就可以了。

这样就用不着把小麦搬来搬去了，于是我们就有了在当时条件下很先进的原始簿记制度，也就是分户账。

Notes：1.Medium of exchange 交换媒介2.Unit of account 计算单位3.Store of value 价值储存手段4 money commodity 商品货币，实物货币5 primitive system of record keeping 原始簿记制度6 ledger 分户账转。

国际金融中英文版复习资料

国际金融中英文版国际金融中英文版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 country‟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.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 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.c. Military 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 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 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 San Francisco to his Credit Suisse account 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 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 governments 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 foreign bank.11.In a country‟s balance of payments, which of the following transactions aredebit?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.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, 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.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 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 exhibition game 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,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 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c. Government T-bills and T-bonds.d. Government holdings of SDR’s25. Which of the following constitutes the largest component 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 foreign liabilities is: 海外净资产的积累减去外债等于Ca. Net official reserves.b. Net domestic investment.c. Net foreign investment.国外投资净值d. Net 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 international transfers.28.The ___C_______ measures the sum of the current account balance 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 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=，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? 以下哪项不等同于经常项目Da. The difference between domestic product and domestic expenditure.b. The difference between national saving and domestic investment.c. Net 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 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 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 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 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 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 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 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 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 buying 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:Service exports $346Service imports $354Merchandise exports $480Merchandise imports $348Income flows, net $153Unilateral transfers, net $142Increase in the country holding of foreign assets, net (excluding official reserves assets) $352 Increase in foreign holdings of the country assets, net (excluding official reserve assets) $252 Statistical discrepancy, net $154CA 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=$473Chapter 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 U.S. dollars is $1.80 per pound, then the price of U.S. 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. 1.80£per dollar.b. 0.555£per dollar.c. 0.90£per dollar.d. 3.60£per dollar.3. Suppose the exchange rate between the Japanese yen and the U.S. dollar is 100 yen per dollar. AJapanese stereo with a 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 won in Korea costs $400 in the United States. These prices suggest that the exchange rate between the won and the dollar is:Awon per dollarb.0.75 won per dollarc.$1.50 per wond.$3 per won5.Th e ___D_______ exchange rate is the price for “immediate” currency exchange.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 for an 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 and sell orders at each other.b. Located in New York.c. A grouping, by electronic means, of banks and traders who work at banks thatconduct 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 currency exchanges 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 U.S. dollar is called a ____A______ because it is often used 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 currencyc. Common currencyd. Primary currency10. Suppose that the exchange value of the British pound is $2 per pound while the exchangevalue of the Swiss franc is 50 cents per franc. From this we can conclude that the exchange rate between the pound and the franc is: Da. 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 interbank operations 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 of information on conditions in the foreign exchange market.b. Provides a bank the means to readjust its own position quickly and at low cost.c. Permits a bank to take on a position in a foreign currency quickly.d. Provides a bank with technological resources for use in 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 fall in the market price of a currencyis 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 derived from: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 column of 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 surplus column of its balance of payments accounts.c. The country’s demand for currency to finance exports and capital inflows.d. The country’s demand for currency to finance its government’s compensating transactions.15. U.S. exports of goods and services will create a ___B_______ foreign currency and a ______ U.S. 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. U.S. imports of goods and services will create a ___A_______ foreign currency and a _____ U.S. 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. U.S. capital inflows will create a ____B______ foreign currency and a __________ U.S. 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 no intervention 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 U.S. 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 U.S. consumers.b. The supply of dollars will fall.c. The demand for yen will rise.d. U.S. goods become less expensive to Japanese consumers.20.The demand curve for foreign currency slopes downward because 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 U.S. 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 Japan increase and 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。

金融学(双语)复习资料第3章

Chapter 3SECURITIES MARKETSTRUE/FALSEF 1. The major function of the New York Stock Exchange isto raise funds for corporations.F 2. The SEC sets the margin requirement.F 3. If a stock is quoted 10-11, an investor can sellthe stock for $11 a share.T 4. Stocks not traded on an organized exchange are tradedover-the-counter (e.g., the Nasdaq stock market).T 5. A brokerage firm that offers to buy and sell a stockat specified bid and ask prices is "making a market."T 6. A "specialist" makes a market in stocks traded on an organized exchange.T 7. Investors are protected from failures of brokerage firmsby the Securities Investor Protection Corporation.F 8. In a short sale investors sell stock they own with the intention to buy it back within a short period of time.T 9. Short sellers profit when security prices decline.F 10. The larger the margin requirement, the greater theproportion of a stock purchase the investor may borrow.F 11. NYSE is a system for providing bid and ask prices forover-the-counter (OTC) stocks.T 12. The efficient market hypothesis suggests that investors should not expect to outperform the market.T 13. The American Stock Exchange is an example of a secondary market.F 14. A purchase of 50 shares is an example of an even lot.F 15. The person who makes a market in a stock traded on the NYSE is called a dealer.T 16. After investors purchase securities, they must make payment by the settlement date.F 17. The margin requirement for stocks is set by the Federal Reserve.T 18. The use of margin increases the potential percentage return on an investment in stock.F 19. Securities markets are often inefficient, so investors can anticipate beating the market over a period of years.T 20. Stock prices tend to adjust rapidly to new information. MULTIPLE CHOICEc 1. The regulation of security marketsa. protects investors from poor investmentsb. is enforced by the Federal Reservec. is enforced by the SECd. applies only to government securitiesc 2. Organized securities marketsa. are examples of financial intermediariesb. transfer resources from savers to borrowersc. are secondary marketsd. are not subject to regulationb 3. The individual (or firm) who makes a market1. guarantees to buy at specified (bid) prices2. guarantees to buy at specified (ask) prices3. guarantees to sell at specified (bid) prices4. guarantees to sell at specified (ask) pricesa. 1 and 3b. 1 and 4c. 2 and 3d. 2 and 4d 4. The minimum margin requirement is established bya. brokerage firmsb. Congressc. the SECd. the Federal Reserveb 5. If an investor sells short, the individual1. sells borrowed securities2. sells securities from his or her portfolio3. anticipates a price increase4. anticipates a price decreasea. 1 and 3b. 1 and 4c. 2 and 3d. 2 and 4c 6. American Depository Receipts1. represent American securities traded abroad2. represent foreign stocks traded in the United States3. facilitate trading in foreign stocks4. facilitate trading in American securitiesa. 1 and 3b. 1 and 4c. 2 and 3d. 2 and 4d 7. The efficient market hypothesis suggests1. American securities markets are not competitive2. American securities markets are very competitive3. investors can expect to outperform the market4. investors cannot expect to outperform the marketa. 1 and 3b. 1 and 4c. 2 and 3d. 2 and 4a 8. In an efficient market, security pricesa. adjust rapidly to new informationb. adjust slowly to new informationc. poorly value a firm's future prospectsd. indicate that the firm is overvaluedc 9. If an individual buys stock on margin and its price rises,a. the investor must put up additional collateralb. the investor must pay tax on the unrealized gainc. the investor must pay interest on the borrowed fundsd. the investor may take delivery of the stockb 10. Efficient securities markets imply thata. investors cannot outperform the marketb. investors cannot expect to outperform the marketc. security prices are randomly determinedd. there is little risk of loss over an extended investment horizond 11. An investor may place a limit order thata. limits the amount of commissionsb. specifies when the stock will be purchasedc. establishes the exchange on which the securityis to be bought or soldd. states a price at which the investor seeks tobuy or sell the stockd 12. A specialista. stresses one type of investmentb. only buys stockc. analyzes corporate securitiesd. makes a market in securitiesb 13. The New York Stock Exchangea. is a financial intermediaryb. is a secondary marketc. transfers funds to businessesd. forbids buying stock on marginb 14. If the quote on a stock is reduced,1. supply exceeded demand2. demand exceeded supply3. some potential buyers leave the market4. some potential buyers enter the marketa. 1 and 3b. 1 and 4c. 2 and 3d. 2 and 4d 15. Entering a sell order at $18.50 when the bid is 18-19a. is a market orderb. illustrates a short salec. requires a margin paymentd. is a limit orderd 16. Buying stock on margin1. is an example of financial leverage2. is buying stock with borrowed funds3. requires leaving the stock with the brokera. 1 and 2b. 1 and 3c. 2 and 3d. all threea 17. Over-the-counter stock quotes are obtained througha. Nasdaqb. SECc. SIPCd. FDICc 18. The efficient market hypothesisa. suggests that the market for securities is becomingless efficientb. implies that investor can consistently outperformthe marketc. is built upon competition and the rapid dissemination of informationd. suggests that security prices change slowly over time d 19. Which of the following is inconsistent with efficient securities markets?a. stock prices change rapidly in response to newinformationb. investors cannot expect to outperform the marketconsistentlyc. bond prices change rapidly in response to newinformationd. analysis of financial data will lead to superiorinvestment performance。

金融学(双语)复习资料第1章

TEST BANKThis part of the Instructor's Manual presents a test bank of true/false statements, multiple choice questions, and, where appropriate, additional problems. The problems are similarto those in the text and may be used for additional assignments or test questions.Chapter 1THE ROLE OF FINANCIAL MARKETSTRUE/FALSEF 1. The power to create money is given by the Constitution to the Federal Reserve.F 2. Since M-2 excludes time deposits, M-2 is a less comprehensive measure of the money supply than M-1.T 3. When individuals withdraw cash from checking accounts, the money supply is unaffected.F 4. The yield curve relates risk and interest rates.T 5. During most historical periods, the yield curve has been positively sloped.T 6. A negatively sloped yield curve is associated with the anticipation that interest rates will decline.F 7. Only paper can perform the function of money.T 8. Stocks and bonds are an alternative to money as astore of value.T 9. What serves for money in France may not be money in another country.F 10. The U.S. Treasury creates most of the nation's money supply.F 11. When individuals deposit cash in a demand deposit, the money supply is reduced.F 12. M-1 includes savings accounts in commercial banks.T 13. A positively-sloped yield curve forecasts the interest rates will rise.F 14. Since investors prefer short-term securities tolonger-term securities, the yield curve is always positively sloped.MULTIPLE CHOICEa 1. M-1 includes coins, currency, and .a. demand depositsb. savings accountsc. certificates of depositd. time depositsb 2. The power to create money is given by the Constitution toa. state governmentsb. Congressc. the Federal Reserved. commercial banksc 3. The term structure of interest rates relatesa. risk and yieldsb. yields and bond ratingsc. term and yieldsd. stock and bond yieldsb 4. The term structure of interest rates indicates thea. relationship between risk and yieldsb. relationship between the time and yieldsc. the difference between borrowing and lendingd. the difference between the yield (interest rate)on government and corporate debtc 5. Money serves asa. a substitute for equityb. a precaution against inflationc. a medium of exchanged. a risk-free liabilityc 6. An asset is liquid if it is easilya. converted into cashb. marketedc. converted into cash without lossd. soldd 7. M-2 includes1. demand deposits2. savings accounts3. small certificates of deposita. 1 and 2b. 2 and 3c. 1 and 3d. all three。

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Chapter 1经济学关注的3个问题：⏹How scarce resources are allocated in the productionprocess among competing uses.⏹How income generated in the production and sale of goodsand services is distributed among members of society.⏹How people allocate their income through spending, saving,borrowing and lending decisions.Default（违约）- When a borrower fails to repay a financial claim.借方未能偿还金融债务Liquidity（流动性）- The ease with which a financial claim can be converted to cash without loss of value. 金融索取权可以比较容易地且不损失价值地转化成现金的特性。

Depository institutions （储蓄机构）– Financial intermediaries, such as commercial banks, savings and loan associations, credit unions, and mutual savings banks, that issue checkable deposits. 发放支票存款的金融中介，如商业银行、存储贷款、信用联盟、互助储蓄银行。

5. Why do financial intermediaries exist? What services do they provide to the public? Are all financial institutions financial intermediaries?Financial intermediaries exist to link up net lenders and net borrowers and to help minimize the transaction costs associated with borrowing and lending. Financial services provided by financialintermediaries include appraising and diversifying risk from individual net lenders. Not all financial intermediaries are institutions, such as stock and bond brokers merely link up net lenders and net borrowers for a fee and do not issue claims on themselves.16. Diane Weil earns wages of $45,000 and interest and dividend income of $5,000. She spends $8,000 as a down payment on a newly constructed mountain cabin and lends $4,000 in financial markets. Assuming that Diane spends the remainder of her income on consumption, what is her saving? Is she a net lender or a net borrower? What is her consumption?Chapter 2Money (货币)- Anything that functions as a means of payment (medium of exchange), unit of account, and store of value. 作为支付手段（即交换媒介）、记账单位和价值储藏手段的物品。

货币三大职能：Functions of money:⏹Means of payment (medium of exchange)支付手段（即交换媒介）- Something generally acceptable for making payments. 支付过程中被普遍接受的物品。

⏹Store of value价值储藏手段- Something that retains itsvalue over time. 可以长久地保持价值的物品。

Unit of account记账单位- A standardized accounting unit such as the dollar that provides a consistent measure of value. 标准的会计单位，例如美元，可以提供一个一致的价值度量。

Money aggregates（货币总量）- The measures of money—including M1, M2, and M3—monitored and tracked by the Fed. 联储监控并随时关注的货币指标数——M1，M2，M3。

M1– Currency in the hands of the public plus checkable deposits.通货加支票存款。

M2–Everything in M1 plus other highly liquid assets.M1加上其他高流动性资产。

M3– Everything in M2 plus some less liquid assets.M2加上一些低流动性资产。

Domestic nonfinancial debt (DNFD)（国内非金融债务）- An aggregate that is a measure of total credit market debt owed by the domestic nonfinancial government and private sectors. 国内非金融部门（政府及私人部门）在信用市场上的债务合计。

Chapter 3Quantity demanded of money(货币需求量)- The specific amount of money that spending units wish to hold at a specific interest rate (price). 在某一特定的利率（价格）水平下，支出单位希望持有的货币数量。

Demand for money（货币需求）- The entire set of interest rate–quantity demanded combinations as represented by a downward-sloping demand curve for money. 是一条向下倾斜的曲线，有一系列表明利率和货币需求数量之间的一一对应关系的点构成。

⏹There is an inverse relationship between the quantity demanded ofmoney and the interest rate. That is, ceteris paribus, when the interest rate goes up, the quantity demanded of money goes down, and when the interest rate falls, the quantity demanded of money increases.⏹Why is the relationship inverse?⏹When the interest rate goes up, the opportunity cost of holdingmoney goes up, and ceteris paribus, the quantity demanded of money goes down.⏹The demand for money is primarily determined by spending plans,income, changes in inflation, changes in computer and telecommunications technologies and changes in the risk and liquidity of other financial instruments.The difference between a change in quantity demanded and a change in demand: EXHIBIT 3-31. When the interest rate changes, we move along a single money demand curve, and there is a change in quantity demanded.2. When the demand for money because of income, spending plan and so forth changes, the entire demand curve shifts.Supply of money (货币供给)- The stock of money (M1), which includes currency in the hands of the public plus checkable deposits. 货币存量M1即公众持有的现金加上支票存款。

Quantity supplied of money（货币供给量）- The specific amount of money that will be supplied at a specific interest rate. 在某一特定利率（价格）水平下可提供的货币数量。

The Fed enters the picture in two places:1、A depository institution must have reserve assets equal to a certain percentage of its deposit liabilities. The Fed sets percentage of deposit liabilities that depository institutions must reserves assets equal to. This percentage is called the required reserve ratio（法定准备金率）. For example, if a credit union has checkable deposits in the amount of $1,000 and the Fed as set a 10 percent required reserve ratio, then the credit union must hold $100 in reserve as cash in its vaults or as deposits with the Fed.2、The Fed influences the amount of cash assets outstanding and hence the amount available for reserves.What is the significance of the changes in interest rates caused by changes in the demand for or supply of money?For example:Supply of money↑→ interest rates ↓→ cost of borrowing money ↓→ borrow money ↑→ credit ↑→aggregate demand for goods and services ↑→ general level of prices↑Credit（信用）- The flow of money from net lenders or financial intermediaries to net borrowers in a given time period. 在一定时期内，货币从贷方直接或是间接通过金融中介流向借方。