金融英语证书考试试题
金融专业英语证书考试FECT单选练习100题-2
1. Usually the low in terest rate curre ncy trades at a ____ to the high in terest rate curre ncy in the forward market.A. premiumB. parC. disco untD. bar2. Which of the followi ng stateme nts about sta ndby letters of credit is true ___ .A. They can serve as a guara ntee to a buyer aga inst a seller default ingB. They are contrary to the general rule that letters of credit may only be used for the actual moveme nt of goodsC. They are un like a ten der (or other) bond in their legal sta nding and method of operati onD. They are unlike a tender bond with its fixed expiry date3. The most liquid of all assets is _____ .A. the stock of commercial banksB. M 1C. i ntellige neeD. the debt of major corporati ons4. Beta and sta ndard deviati on differ as risk measures in that beta measures ____ .A. only unsystematic risk, while standard deviation measures total riskB. only systematic risk, while standard deviation measures total riskC. both systematic and un systematic risk, while sta ndard deviati on measures on ly un systematic riskD. both systematic and un systematic risk, while sta ndard deviatio n measures only systematic risk5. What information would you find in a statement of cash flows that you would not be able to get from the other two primary finan cial stateme nts ____ .A. Cash provided by or used in financing activitiesB. Cash bala nee at the end of the periodC. Total liabilities due to creditors at the end of the periodD. Net in come6. An an alyst estimates that a stock has the follow ing probabilities of retur n depe nding on the state of the economy:The expected return of the stock is _____ .A. 7.8% C. %D. %B. %7. Accordi ng to the rules of debit and credit for bala nee sheet acco unts ____ .A. i ncreases in asset, liability, and own er's equity acco unts are recorded by debitsB. decreases in asset and liability accounts are recorded by creditsC. in creases in asset and own er's equity acco unts are recorded by debitsD. decreases in liability and owner's equity accounts are recorded by debits 2658. In dividuals will accept the medium of excha nge in retur n for goods and services only if they are con fide nt that ____ .A. the inflation rate is zeroB. it possesses intrin sic valueC. they can pass it on to othersD. they can excha nge it for gold9. Whe n a coun try's curre ncy appreciates, the coun try's goods abroad become _______ a nd foreig n goods in that country become _____ .A. cheaper... more expe nsiveB. more expe nsive... cheaperC. cheaper...cheaperD. more expe nsive... more expe nsive10. A US compa ny is biddi ng for a con tract in Chi na. Its Chin ese customer asks for a performa nee bond. What is the most likely course of acti on ____ .A. It asks its bank to issue a tender bond which can be converted into a performance bondB. It gives up its bidC. It consults its bank about issuing a standby letter of creditD. It asks its bank to issue a performance bond11. ABCCo. Ltd. has a $3 500 accou nt receivable from XYZStore. On March 20, XYZmakes a partial payme nt of $2 100 to ABC. The journal entry made on Mdrch 20 by ABC to record this tran sacti on in cludes _______ .A. a debit to the cash received acco unt of $2 100B. a credit to the Acco unts Receivable acco unt of $2 100C. a debit to the Cash accou nt of $1 400D. a debit to the Accou nts Receivable accou nt of $1 40012. I nterve ntio n in the foreig n excha nge market means the gover nment _ .A. restricts in dividuals from buying and selli ng foreig n excha ngeB. restricts the importation of certain goodsC. or cen tral bank buys or sells foreig n excha ngeD. devalues the curre ncy in the foreig n-excha nge market13. Which of the followi ng is not a form of coun tertrade ____ .A. Coun terpurchaseB. Buy-backC. OffsetD. Bala nee trade14. A credit to a reve nue acco unt _____ .A. decreases reve nuesB. in creases equityC. decreases equityD. in creases assets15. If the gover nment guara nteed that anyone wishi ng a job would be provided one, the likely result would be _____ .A. massive layoffsB. an in crease in the money supplyC. an in crease in in flatio nary expectati onsD. the developme nt of a barter system16. Given $100 000 to invest, what is the expected risk premium in dollars of investing in equitiesA. $20000B. $18000C. $15000D. $1300017. Econo mists assume that most people take risks ____A. because doing so is excit ingB. on ly whe n they have no riskless alter nativeC. very in freque ntlyD. if they are compensated for taking the risks18. The Phillips Curve shows the relationship between ____ .A. aggregate demand and aggregate supplyB. interest rates and inflationC. recessions and boomsD. inflation and the unemployment rate19. In a fixed exchange rate system, speculative selling of a currency is based on anticipation of .A. appreciationB. devaluationC. a foreign trade surplusD. interest rate increase20. A collecting bank is employed by ____ .A. the principalB. the remitting bankC. the drawerD. the drawee, who is its customer21. The following statements describing net income are all correct except that ____ .A. net income is computed in the income statement, appears in the statement of owner's equity, and increases owner's equity in the balance sheetB. net income is equal to revenues minus expensesC. net income is computed in the income statement, appears in the statement of owner's equity, and increases the amount of cash shown in the balance sheetD. net income can be determined using the account balances appearing in an adjusted trial balance22. A strong dollar encourages _____ .A. travel to the United States by foreignersB. purchase of American goods by foreignersC. Americans to travel abroadD. Americans to save dollars23. In what circumstances would the beneficiary of a confirmed documentary credit not receive payment ____________ .A. Failure of the applicantB. Failure of the issuing bankC. Failure to fulfil the credit termsD. Failure to fulfil the commercial contract24. The balance in the owner's capital account of ABC Co. Ltd. at the beginning of the year was $65 000. During the year, the company earned revenue of $430 000 and incurred expenses of $360 000, the owner withdrew $50 000 in assets, and the balance of the Cash account increasedby $10 000. At year-end, the company's net income and the year-end balance in the owner's capital account were, respectively .A. $20 000 and $95 000B. $70 000 and $95 000C. $70 000 and $85 000D. $60 000 and $75 00025. Assume the inflation rate is expected to be 5 percent and the unemployment rate is 8 percent. If workers wish to get a 2 percent real wage increase, they should bargain for a money wage increase of __________ .A. 3 percentB. 5 percentC. 7 percentD. 13 percent26. Which statement about portfolio diversification is correct .A. Proper diversification can reduce or eliminate systematic riskB. As more securities are added to a portfolio, total risk typically would be expected to fall at a decreasing rateC. The risk-reducing benefits of diversification do not occur meaningfully until at least 30 individual securities are included in the portfolioD. Diversification reduces the portfolio's expected return because it reduces a portfolio's total risk27. Your customer is the applicant for a documentary credit. Which of the following points would appear to be illogical if they appeared on the application form __________ .A. Invoice price shown as FOB, bills of lading to be marked freight paidB. Last date for shipment one week before expiry dateC. Invoice price shown as C&F, but no insurance document requestedD. No mention of the latest date of shipment28. Portfolio theory as described by Markowitz is most concerned with ___ .A. the effect of diversification on portfolio riskB. B. the elimination of systematic riskC. active portfolio management to enhance returnD. the identification of unsystematic risk29. Commercial bank deposits with the central bank are part of the bank'sA. net worthB. demand depositsC. loan portfolioD. reserves30. Foreign trade can be conducted on the following terms except for ____ .A. open accountB. documentary collectionC. documentary creditsD. public bonds31。
国际金融英语试题及答案
国际金融英语试题及答案1. 以下哪个选项不是国际货币基金组织（IMF）的主要职能？A. 提供技术援助B. 监督成员国的经济政策C. 促进国际贸易D. 提供紧急财政援助答案：C2. 世界银行的主要目标是什么？A. 促进全球贸易B. 减少全球贫困C. 维护国际货币稳定D. 促进全球金融市场发展答案：B3. 什么是外汇储备？A. 一个国家持有的外国货币和黄金B. 一个国家持有的国内货币和黄金C. 一个国家持有的外国货币和证券D. 一个国家持有的国内货币和证券答案：A4. 根据国际收支平衡表，以下哪项交易不属于经常账户？A. 商品出口B. 服务进口C. 外国直接投资D. 工人汇款回国答案：C5. 什么是货币贬值？A. 一个国家的货币价值相对于其他国家货币的减少B. 一个国家的货币价值相对于黄金的减少C. 一个国家的货币价值相对于商品和服务的减少D. 一个国家的货币价值相对于外国投资的减少答案：A6. 什么是浮动汇率制度？A. 货币价值由市场供求关系决定B. 货币价值由政府固定C. 货币价值由国际货币基金组织决定D. 货币价值由中央银行决定答案：A7. 什么是国际金融市场？A. 跨国公司进行商品和服务交易的市场B. 跨国公司进行货币和金融资产交易的市场C. 跨国公司进行商品和金融资产交易的市场D. 跨国公司进行服务和金融资产交易的市场答案：B8. 什么是国际货币体系？A. 国际货币的发行和流通体系B. 国际货币的监管和管理体系C. 国际货币的交换和结算体系D. 国际货币的发行、监管和管理体系答案：D9. 什么是外汇交易？A. 一种货币兑换成另一种货币的交易B. 一种商品兑换成另一种商品的交易C. 一种服务兑换成另一种服务的交易D. 一种资产兑换成另一种资产的交易答案：A10. 什么是国际金融危机？A. 一个国家内部的金融体系崩溃B. 一个国家内部的货币体系崩溃C. 多个国家金融体系的崩溃D. 多个国家货币体系的崩溃答案：C。
金融专业英语证书考试FECT单选练习100题-2
金融专业英语证书考试FECT单选练习100题-21. Usually the low interest rate currency trades at a ______ to the high interest rate currency in the forward market.A. premiumB. parC. discountD. bar2. Which of the following statements about standby letters of credit is true? ______.A. They can serve as a guarantee to a buyer against a seller defaultingB. They are contrary to the general rule that letters of credit may only be used for the actual movement of goodsC. They are unlike a tender (or other) bond in their legal standing and method of operationD. They are unlike a tender bond with its fixed expiry date3. The most liquid of all assets is ______.A. the stock of commercial banksB. M 1C. intelligenceD. the debt of major corporations4. Beta and standard deviation differ as risk measures in that beta measures ______.A. only unsystematic risk, while standard deviation measures total riskB. only systematic risk, while standard deviation measures total riskC. both systematic and unsystematic risk, while standard deviation measures only unsystematic riskD. both systematic and unsystematic risk, while standard deviation measures only systematic risk5. What information would you find in a statement of cash flows that you would not be able to get from the other two primary financial statements? ______.A. Cash provided by or used in financing activitiesB. Cash balance at the end of the periodC. Total liabilities due to creditors at the end of the periodD. Net income6. An analyst estimates that a stock has the following probabilities of returnThe expected return of the stock is ______.A. 7.8% C.11.7%D. 13.0%B. 11.4%7. According to the rules of debit and credit for balance sheet accounts ______.A. increases in asset, liability, and owner's equity accounts are recorded by debitsB. decreases in asset and liability accounts are recorded by creditsC. increases in asset and owner's equity accounts are recorded by debitsD. decreases in liability and owner's equity accounts are recorded by debits 2658. Individuals will accept the medium of exchange in return for goods and services only if they are confident that ______.A. the inflation rate is zeroB. it possesses intrinsic valueC. they can pass it on to othersD. they can exchange it for gold9. When a country's currency appreciates, the country's goods abroad become ______ and foreign goods in that country become ______.A. cheaper... more expensiveB. more expensive... cheaperC. cheaper...cheaperD. more expensive... more expensive10. A US company is bidding for a contract in China. Its Chinese customer asks for aperformance bond. What is the most likely course of action? ______.A. It asks its bank to issue a tender bond which can be converted into a performance bondB. It gives up its bidC. It consults its bank about issuing a standby letter of creditD. It asks its bank to issue a performance bond11. ABC Co. Ltd. has a $3 500 account receivable from XYZ Store. On March 20, XYZ makes a partial payment of $2 100 to ABC. The journal entry made on Mdrch 20 by ABC to record this transaction includes ______.A. a debit to the cash received account of $2 100B. a credit to the Accounts Receivable account of $2 100C. a debit to the Cash account of $1 400D. a debit to the Accounts Receivable account of $1 40012. Intervention in the foreign exchange market means the government ______.A. restricts individuals from buying and selling foreign exchangeB. restricts the importation of certain goodsC. or central bank buys or sells foreign exchangeD. devalues the currency in the foreign-exchange market13. Which of the following is not a form of countertrade? ______.A. CounterpurchaseB. Buy-backC. OffsetD. Balance trade14. A credit to a revenue account ______.A. decreases revenuesB. increases equityC. decreases equityD. increases assets15. If the government guaranteed that anyone wishing a job would be provided one, the likely result would be ______.A. massive layoffsB. an increase in the money supplyC. an increase in inflationary expectationsD. the development of a barter system16. Given $100 000 to invest, what is the expected risk premium in dollars of investing in equities versus risk-free T-bills(U.S. Treasury bills) based on theA. $20000B. $18000C. $15000D. $1300017. Economists assume that most people take risks ______.A. because doing so is excitingB. only when they have no riskless alternativeC. very infrequentlyD. if they are compensated for taking the risks18. The Phillips Curve shows the relationship between ______.A. aggregate demand and aggregate supplyB. interest rates and inflationC. recessions and boomsD. inflation and the unemployment rate19. In a fixed exchange rate system, speculative selling of a currency is based on anticipation of .A. appreciationB. devaluationC. a foreign trade surplusD. interest rate increase20. A collecting bank is employed by ______.A. the principalB. the remitting bankC. the drawerD. the drawee, who is its customer21. The following statements describing net income are all correct except that ______.A. net income is computed in the income statement, appears in the statement of owner's equity, and increases owner's equity in the balance sheetB. net income is equal to revenues minus expensesC. net income is computed in the income statement, appears in the statement of owner's equity, and increases the amount of cash shown in the balance sheetD. net income can be determined using the account balances appearing in an adjusted trial balance22. A strong dollar encourages ______.A. travel to theUnited States by foreignersB. purchase of American goods by foreignersC. Americans to travel abroadD. Americans to save dollars23. In what circumstances would the beneficiary of a confirmed documentary credit not receive payment? ______.A. Failure of the applicantB. Failure of the issuing bankC. Failure to fulfil the credit termsD. Failure to fulfil the commercial contract24. The balance in the owner's capital account of ABC Co. Ltd. at the beginning of the year was $65 000. During the year, the company earned revenue of $430 000 and incurred expenses of $360 000, the owner withdrew $50 000 in assets, and the balance of the Cash account increased by $10 000. At year-end, the company's net income and the year-end balance in the owner's capital account were, respectively .A. $20 000 and $95 000B. $70 000 and $95 000C. $70 000 and $85 000D. $60 000 and $75 00025. Assume the inflation rate is expected to be 5 percent and the unemployment rate is 8 percent. If workers wish to get a 2 percent real wage increase, they should bargain for a money wage increase of______.A. 3 percentB. 5 percentC. 7 percentD. 13 percent26. Which statement about portfolio diversification is correct? .A. Proper diversification can reduce or eliminate systematic riskB. As more securities are added to a portfolio, total risk typically would be expected to fall at a decreasing rateC. The risk-reducing benefits of diversification do not occur meaningfully until at least 30 individual securities are included in the portfolioD. Diversification reduces the portfolio's expected return because it reduces a portfolio's total risk27. Your customer is the applicant for a documentary credit. Which of the followingpoints would appear to be illogical if they appeared on the application form? ______.A. Invoice price shown as FOB, bills of lading to be marked freight paidB. Last date for shipment one week before expiry dateC. Invoice price shown as C&F, but no insurance document requestedD. No mention of the latest date of shipment28. Portfolio theory as described by Markowitz is most concerned with ______.A. the effect of diversification on portfolio riskB. B. the elimination of systematic riskC. active portfolio management to enhance returnD. the identification of unsystematic risk29. Commercial bank deposits with the central bank are part of the bank's______.A. net worthB. demand depositsC. loan portfolioD. reserves30. Foreign trade can be conducted on the following terms except for ______.A. open accountB. documentary collectionC. documentary creditsD. public bonds31。
2022年金融英语证书考试FECT模拟试题及答案-1
金融英语 FECT 试题模拟试题1. Multiple-choice questions: from the following four options, select a correct and fill in its labeling the brackets. (A total of 10 points)1. Only what happens if the supply is less than demand? （）A. actual price is lower than the equilibrium priceB. actual price is higher than the equilibrium priceC. equilibrium price equivalent to the actual priceD. eliminate the scarcity of goodsA. No difference curveB. consumption may LineC. Line and its outputD. enterprise budget line3. Opportunity cost: （）A. Is always measurable in money terms.B. Is an indicator of productivity performance.C. Relates peculiarly to business affairs alone.（）B. The adroitness of advertisers.C. Limited spending power.D. Technological advance.5. For a closed two-good economy, the output of the two goods should be at the point where: （）A. The highest indifference curve touches the production possibility curve.B. The lowest indifference curve touches the production possibility curve.C. The indifference curve crosses the production possibility curve.D. The marginal cost curve touches the production possibility curve.6. The "J-curve" shows that following depreciation: （）A. The quantity of exports falls, making the current account balance worse.B. Here is an initial drop in imports but this is later reversed.C. The cost of imports rises immediately from the price effect, worsening the current account balance, but later quantities of imports and exports respond and the current account balance improves.D. There is an improvement in the balance of payments so long as the Marshall-Lerner conditions are met.7. Which of the following statements about standby letters of credit is true? :（）A. They can serve as a guarantee to a buyer against a seller defaultingB. They are contrary to the general rule that letters of credit may only be used for the actual movement of goods金融英语 FECT 试题C. They are unlike a tender (or other) bond in their legal standing and method of operationD. They are unlike a tender bond with its fixed expiry date8. What information would you find in a statement of cash flows that you would not be able to get from the other two primary financial statements? （）A. Cash provided by or used in financing activitiesB. Cash balance at the end of the periodC. Total liabilities due to creditors at the end of the period9. Which of these best describes the U.S. Federal Reserve? （）A. Responsible for monetary policy/money supplyB. Prints money.C. Keeps the country out of debt.D. Helps people in need.10. What is the basic purpose of profits in our market economy? （）A. Pay for wages and salaries of workers.B. Lead businesses to produce what consumers want.D. All of the above.Part 1)金融英语 FECT 试题all of the following EXCEPT: （）B. Profits increase as firms enter the industry.C. Profits are low and firms flee the industry.D. Prices could increase or decrease depending on the level of profits.Part 2)In a recessionary environment, an automaker such as Ford would be expected to: （）A. Produce higher end vehicles.B. Maintain the same product mix as 5 years ago.C. Gain market share if it produces high end vehicles.D. Produce lower end vehicles.Part 3)Assume domestic automakers are growing at a rate of –2%. Ford expects to increase its market share by 0.5%. What is Ford’s growth rate? （）A. 1.5%.B. -3.0%.C. -1.5%.D. 3.0%.Part 4)Suppose instead that Ford’s growth of firm sales is expected to be –3% and the growth of industry sales is 1%. What is Ford’s expected change i n market share? （）A. 3%.Part 5)Which of the following scenarios would be most likely to have a positive impact on Ford’s market share? （）A. New carmakers enter the market.B. An increase in its marketing budget.C. War with an oil producing country.D. The overall number of cars sold increases.Explanations of terms：(10 points)1. Official interest rate2. Fiat money3. GDP4. Mean5. Primary marketsQuestion3: What are the basic objectives of economic policies?Question4: What is the Money Market Mutual Funds?Question5: Why Should I Lease Equipment Instead of Buy？Quetion6：Tell us The Practice of China’s Monetary Policy since Economic Reform and Opening up briefly?金融英语 FECT 试题参考答案1. B A D C A， C A C A BPart 1)Your answer: B was correct!Part 2)Your answer: D was correct!During economic downturns, producers of low-cost products increase their market share at the expense of high-cost producers. This also is true within firms that produce various priced products.Part 3)Your answer: B was incorrect. The correct answer was C!(1 + growth of firm sales) = (1 + growth of industry sales) x (1 + fractional change of market share)= 0.98 x 1.005= 0.9849Growth of firm sales = –1.51%Part 4)Your answer: B was incorrect. The correct answer was C!–Part 5)Your answer: The correct answer was B!An increase in its marketing budget.Explanations of terms：(10 points)1. Official interest rate ：Official interest rate is the rate set by the central bank or monetary authorities. The interest rate is one of levers used by governments to regulate economy.金融英语 FECT 试题and by governments to finance budget deficits.Question3：Answer:Since the Great Depression of the 1930s, governments have actively pursued the goal of economic stability at full employment. Known as internal balance, this objective has two dimensions; (D a fully employed economy, and ©no inflation—or, more realistically, a reasonable amount of inflation. Nations traditionally have considered internal balance to be of primary importance and have formulated economic policies to attain this goal.Question 4Answer:The money markets are wholesale markets where most securities trade in large denominations. This characteristic effectively blocks most individuals from investing directly in these securities. However, the markets usually find a way to correct for such deficiencies, especially when potential customers are available. Money market mutual funds represent one sucha of inception in the early 1970s because they provide a means for small investors to take advantage of the returns offered on money market securities. These securities would be out of reach to most small investors because of their large minimum denominations.Question5：Answer:(2) Leasing is practical. By leasing, you transfer the uncertainties and risks of equipment ownership to the lessor, which allows you to concentrate on using that equipment as a productive part of your business.(3) Leasing is cost effective. Equipment is costly and some of the costs are unexpected. When you lease, your risk of getting caught with obsolete equipment is lower because you can upgrade or add equipment to best meet your needs.金融英语 FECT 试题(4) Leasing has tax advantages. Rather than dealing with depreciation schedules and Alternative Minimum Tax (AMT) problems, you, the lessee, simply make the lease payment and deduct it as a business expense.(5) Leasing helps conserve your operating capital. Leasing keeps your lines of credit open. You don’t tie up your cash in equity. Also, you avoid costly down payments. With other advantages such as offbalance sheet financing, leasing helps you better manage your balance sheet.Question6：Answer:China’s monetary policy, in general sense, is the same as the concept of monetary policy in western economics, including such factors as operating instruments, operating targets, intermediate targets and final targets. The impact of monetary policy on China’s macro-economy is produced through the transmission of those factors one by one.(1) The final targets of Chi na’s monetary policy(2) The operating and intermediate targets of China’s monetary policy(3) The monetary policy instruments金融英语 FECT 试题instruments that conform to the socialist market economy has been lawfully set up. With the establishment of socialist market economy the gradual shift from direct to indirect monetary policy instruments has greatly improved transmission mechanism of monetary policy and effectiveness of macroeconomic management in China. But in a transition period the potency of monetary policy is still subject to various factors as follows：●Government’s intervention. In economic activities, intervention by governments at each level is still strong. It is not rarely seen that local governments often force banks to make loans for the sake of development of local economy, which interferes the independence of the central bank’s monetary policy and blurs monetary policy targets, so monetary policy instruments are partly ineffective.●Less developed markets. In the transition period market mechanism is not perfect while the planned mechanism has lost much of its share. So the vacuum in management of national economy appears. As a result distribution of resources is in disorder and the contradiction in economic structure is obvious. The central government has to increase investment in order to better economic structure, so it’s hard to contract investment size, wipe out investment expansion of fixed assets and control the money supply. So implementation of monetary policy of the central bank is interfered with.●Imperfect self-constraint mechanism of financial institutions. As China’s financial institutions are still under reform, their behavior is not standardized because of imperfect self-constraint mechanism. So the impact of the central bank’s monetary policy on reserves of financial institutions is not sure and the operating targets cannot respond sensitively.●Lack of self-constraint mechanism of enterprises. In order to maintain certain increasing rate of funds they banks and the central bank and is harmful to the central bank’s control on the money supply.。
金融英语真题和答案
金融英语真题和答案Financial English Certificate Test( Banking: Comprehensive)2007Part One ListeningPart One ListeningSection One (10%)Directions: In this section, you will hear ten short statements. Each statement will be spoken only once. After each statement there will be a pause. During the pause, you must read the four suggested answers marked A, B, C and D, and decide which is the best answer. Then mark the corresponding letter on the ANSWER SHEET with a single line through the center. Now you will hear the example:She went to the bank with Mr. Smith. ,A. She went home.B. She liked Mr. Smith.C. She went to the bank.D. She went to Mr. Smith's house.Sentence C, " She went to the bank." is the closest in meaning to the statement " She went to the bank with Mr. Smith. " Therefore, you should choose answer C. Now listen to the statements.1. A.House mortgage has a short history.B.House mortgage appeared in recent years in China.C. Nowadays, people still couldn't accept the idea of house mortgage.D.Many years ago people accepted house mortgage in China.2. A. If a country wants to be a member of the World Bank, itshould first be the member of the International Monetary Fund.B. The membership of the International Monetary Fund is not so important.C. The membership o f the International Monetary Fund is not important at all.D. A few countries want to be members of the World Bank.3.A.Face value is not important. B.Maturity date is not important.C. Coupon rate is important.D.Nothing is important.4. A.The value of the U.S. dollar changed a lot.B. The value of the U.S. dollar didn't change a lot.C. The value of U. S. dollar had no change.D. The value of the U.S. dollar had little change.5.A.They will pay 100 francs in advance. B.They will pay 130 francs in advance.C.They will pay 130 francs later.D.They will pay 120 francs later.6.A. He forgot to bring his safe. B. He forgot to close his safe.C. He forgot the code of his safe.D.He forgot to open his safe.7.A. In the U.S., the Federal Gold Reserve acts as the central bank.B. In the U.S., the central bank is the commercial bank.C. In the U.S., there is no central bank.D.In the U.S. , the central bank is not so important.8.A. Don't change your ideas. B.Don't change the accounts.C. Don't leave the bank.D. Don't forget to take your change.9. A. Barter trade was very important.B. Barter trade was not the original form.C. Money was very important.D. Barter Trade was the original form of international transaction.10.A.If you lose your bank notes, you will not get them back.B. If you lose your bank notes, you will get compensation.C. If you lose your bank notes, you can get them back soon.D.If you lose your bank notes, most probably, you will not get them back.Section Two (10 marks)Directions: In this section, you will hear ten short conversations. At the end of each conversation, a question will be asked about what was said. The conversation and the question will be spoken only once. During the pause, you must read the four choices marked A, B, C, D, and decide which is the best answer. Then mark the corresponding letter on the ANSWER SHEET with a single line through the center. Now you will hear: M: Does our bank have a direct correspondent relationship with the Bradlays' Bank? W: No, we don't. So we have to advise this L/C via another bank.Q: Which of the following is right? ; r ;Now you will read:A.We can advise this L/C to the Bradlays' Bank.B.The Bradlays' Bank is our correspondent.C.The L/C has to be advised by a third bank.D.We should advise this L/C by ourselves.From the conversation we know that we have to advise this L/C via another bank. The best answer isC.Therefore you should choose answer C.11.A. You must report the loss of your card immediately tothe bank.B. You will be scolded.C.You must give a new card to the bank.D. You must pay for the new card.12.A.Checks. B.Traveler's checks. C. Travelers' letters of credit.D. Securities. '13. A.The third bank is the issuing bank.B.The third bank is not the confirming bank.C. The letter of credit should be confirmed by the third bank.D. The letter of credit should be confirmed by the issuing bank.14.A.The beneficiary doesn't want to carry the money with himself.B. The beneficiary does so for the sake of safety.C. The beneficiary does so for the sake of convenience.D.The beneficiary doesn't want to pay the money.15.A.In order to avoid problems arising from fluctuations of exchange rate.B. In order to get more money.C.In order to use the money as soon as possible.D. In order to overdraw the money.16. A.In Australia. B.In Austria. C.In China. D.In the U.S.17. A.I won't advertise.B. I don't want to report to the police station.C. 1 will be worried about this.D.I'll advertise or report to the police station.18. A. Three - month. B. Six - month. C. 15 days. D. Twelve - month.19.A.RMB. B.Hongkong Dollar. C. Dollar. D. Franc.20. A.The government. B.The banks. C.The leaders. D.The fund authoritiesSection three (10 marks)Directions: In this section you will hear three short passages. At the end of each passage, you will hear some questions. The passages and the questions will be spoken only once. After you hear a question, you must choose the best answer from the four choices marked A, B, C, and D.Then mark the corresponding letter on the ANSWER SHEETwith a single line through the center.Passage One21. A.1994 B.1996 C.1998 D.199522. A.280 million B.I80 million C.280 billion D.I80 billion23. A.small projects B. financing key state construction projectsC.hope projectsD.private projectsPassage Two24.A.hotel expenses B.stock exchangeC.plane expensesD.restaurant expenses25.A. It can avoid the necessity of carrying large amount of cash.B. You needn't purchase large amounts of traveler's checks.C. You needn't use personal checks in places other than your own locality.D.It can't provide an instant cash service in case you run out of money.26. A. very useful and convenient B. uselessC. a waste of moneyD. not popular27. A. American Express B. Chinese Peony Card C. DragonCard D. Credit Card Passage Three28. A.The Asian markets are in recession.B. No investment is worth keeping if it robs of your sleep.C. If you need the money today, you should have sold the stocks now.D.It is easy to be brave and keep buying during a bull market.29. A.50 B.15 C.60 D.7030. A. You can live a happy life.B. Though you are not rich, you can enjoy a long and happy life.C. You can have a big mansion in Spain.D. You can live to see your granddaughter's graduation.Tart Two.ReadingSection One(lOmarks)Directions: There are ten statements in this section. For each statement there are foure choices markedA, B, C and D. You should choose the best answer and mark the corresponding letter on the ANSWER SHEET by drawing a single line through! the center.31.Before making a loan, potential lenders determine the borrower's ability to meet ______A. scheduled paymentB. his creditorC. the government s requirementsD. the stockholders'requirements32. _____ may make wage demands based on the accounting information that shows their employer' s reported income.A. CreditorsB. EmployeesC. Labor unionD. B & C Above33. Not all of those _____ takeovers continue to run the business they have bought.A. to be carried outB. carrying outC. being carried outD. carried out34. In February 2001, when the currency union fell ________, the official reserves had fallen to less than $2400 million.A. apartB. ToC. acrossD. under35. When the collecting bank receives from the presenting bank the documents forcollection,it_______________.A.should examine all documents to ascertain whether or not they appear,or on theirface, to be in compliance with them.B.may examine either the documents or the instructions to collect the proceeds.C.will examine documents in order to obtain instructions.D.will not examine documents in order to obtain instructions .36 .The minimum registered capital for the establishment ofa commercial bank shall be RMB_______ yuan.A.10millionB.100millionC.1billionD.10 billion37 .The ratio of liquid assets to liquid liabilities of a commercial bank shall not fall short of_______ per cent .A. 25B. 8C.75D.1038 . If we have a quote of 1 . 4950/1 . 4960 for $ /DM , __________ .A. the first rate is the buying rate for the dollarB. he first rate is the buying rate for the DMC. the second rate is the buying rate for the dollarD. the second rate is the selling rate for the DM39. Recovery from the turmoil in Asian financial markets has been remarkably rapid butthe problems have left _____ scars on the local banking system.A. lastB. lastingC. to lastD. lasted40. State interference carried with it an implied guarantee, so bankers paid no heed _____ the financial risks they were undertaking.A. toB. atC. towardsD. againstSection Two (10 marks)Directions: There are a number of blanks in each of thefollowing passages. For each blank there are four choices marked A, B, C and D. You are supposed to choose the best answer and mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center.Passage OneAll foreign exchange _ 41 _ 42 _account transactions shall be repatriated, unless otherwiseby domestic establishments from43_ by the State Council. All foreign exchange receipts from capital transactions ___44 __ in foreign exchange account 45 _ at designated foreign exchange banks in accordance with the relevant state regulation, such revenues can also be sold to a designated foreign exchange bank upon the approval by the SAFE.41.A.expenditure B.receipts C. surplus D. yields42. A. current B. foreign exchange C. capital D. gold43. A. specified B. appointed C. designated D. approved44. A. may be deposited B. shall be deposited C. may be credited D. can be debited45. A. held B. Owned C. possessed D. drawnPassage TwoIn the foreign exchange market, which is made up of banks' traders and brokers, prices _ 46 _ every minute _ 47 _ to supply and demand. For safety's sake, a branch will get a rate from their traders fora big transaction. This process would be too cumbersome, however, for every small transaction. Therefore the traders give their branches lists of exchange rates _ 48 _ they may buy and sell notes and payments in the main currencies.Whenever a bank in Britain makes a payment in foreign currency, or makes a payment in sterling to a non - resident, the payment has first to _ 49 _under British exchange control regulations. The bank itself can usually authorize the payment after seeinga document such as an invoice to show that the payment is due; but cases _ 50_ borrowing and lending have to be referred to the Bank of England.46. A.alter B. vary C.turn D. convert47. A.in response B. respondent C.responding D. Answering48. A. of which B. on which C. in which D. at which49. A. Authorizing B. Authorize C. be authorized D. have been authorized50. A. Involving B. Involve C. will involve D. being involvedSection Three (10%)Directions: Read the following passages, and determine whether the sentences are " Right" or "Wrong" . If there is not enough information to answer "Right" or "Wrong" , choose "Doesn' t say". Then mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center.Passage 1One of the most important functions of the accounting process is to accumulate and reportac-counting information that shows an organization's financial position and the results of itsopera-tions . Many businesses publish such financial statements at least annually. The subdivisionof the accounting, process that produces these general - purpose reports is referred to as financial accounting. Another major function of accounting is to provide management with the data neededfor decision making and for efficient operation of the firm.Although management people routinely receive the financialreports , they also require var-iousother information, such as the unit cost of a product, estimates of the profit earned from a specific sales activity, cost comparisons of alternative courses of action and long- range bud-gets . Theprocess of generating and analyzing such data is often referred to as managerial ac-counting .51.The purpose of managerial accounting is to prepare financial statements every year.A. RightB.WrongC.Doesn't say52.Financial statements include balance sheet, income statement and cash flow statement.A.RightB.WrongC. Doesn't say53 . Financial statements are used only by the outsiders of a firm .A.RightB.WrongC.Doesn't say54 .he management of a firm needs to use the results of both financial accounting as well as managerial accounting.A.RightB.WrongC.Doesn't sayPassage TwoDuring this period a number of important structural measures have been taken with partic-ular significance for thebanking sector. The first was the unification of the Renminbi (RMB) exchange rates and foreign exchange markets in January 1994. Second, the passage of central banking and commercial banking laws in 1995 has provided legal basis for the banking system in China. Third, the acceptance of the obligations of Article VIII of the Articles of Agreement of the International Monetary Fund in December 1996, namely commitment to RMB current-ac-count convertibility,has officially removed the remaining restrictions on international payments for trade and service transactions.55. foreign exchange can be bought or sold without any restrictions in foreign exchange mar-kets.A. RightB. WrongC. Doesn't say56. The passage of cantral banking and commercial banking laws has made the banking systemof China healthier, stronger and more vigorous.A. RightB. WrongC. Doesn't say57. International payments for trade and service transactions can be made freely because RMB current accounts are convertible since 1996.A. RightB. WrongC. Doesn't sayPassage threeAccounting provides the techniques for gathering economicdata and the language forcom-municating such data to different individuals and institutions.Investors in a business enterprise need information about its financial status and its future prospects. Bankers and suppliers appraise the financial soundness of a business organization and assess the risks involved before making loans or granting credit. Government agencies are concerned with the financial activities of business organizations for purposes of taxation and reg-ulation. Employees and their union representatives are also vitally interested in the stability and profitability of the organization that hires them. All of them, individuals or institutions, can obtain necessary information and make their appropriate decisions with the help of account-ing techniques. For example, comparison of past performance with planned objectives may re-veal the means of acceleration, favorable trends and reducing those that are unfavorable.58. The financial position and future prospects are of the concern of business investors.A.RightB.WrongC. Doesn't say59. Before making loans to customers, banks would try to get rid of risks involved.A.RightB.WrongC. Doesn't say60.Employees may show little concern in the earnings of a business enterprise in which they work.A.RightB.WrongC. Doesn't saySection Four (20%)Directions : There are ten statements in this section . For each statement there are four choices marked A , B , C and D . You should choose the best answer and mark the corre-sponding letter on the ANSWER SHEET by drawing a single line through the center.Passage 1When a savings account is opened in a bank, The depositor must sign a deposit agree-ment . By signing agreement , the depositor agrees to abide by the rules and regulations of the bank. These rules and regulations vary with different banks and may be altered and amended from time to time. At this time, a passbook may be given to the depositor. This is a small book in which the bank teller enters the date and amount of each deposit or withdrawal and initials the entry . The passbook is to be presented at the bank or mailed to the bank along with a de-posit or withdrawal slip each time money is deposited or withdrawn from the account . An alter-native practice for depositing or withdrawing money from a savings account is to give the deposi-tor a small register for recording deposits and withdrawals and a pad of deposit - withdrawal forms. This procedure eliminates the use of the passbook. Each time a deposit or withdrawal from savings is made, the appropriate part of one of the forms is filled in, signed, recorded in the register and presented or mailed to the bank with deposit items or other documents. The bank gives a machine - printed receipt to the depositor or returns it by mail . There should be a separate savings account in the ledger to record these activities.Traditionally, the principal differences between a savings account and a checking account are that interest is paid regularly by the bank on a savings account and withdrawals from a sav-ings account may be made at the bank or by mail by the depositor or an authorized agent. De-positors use checking accounts primarily as a convenient means of making payments, while sav-ings accounts are used primarily as a means of accumulating funds with interest . An increasing-ly common practice is for the bank to combine savings and checking accounts and get deposi-tors' permission to make automatic transfers of funds from the savings portion to the checking portion whenever the latter falls below a specified minimum balance . This amounts to giving the depositor an interest - earning checking account.61 . What is the primary purpose of a savings account?A .For interestB .For transfer of fundsC .For accumulating funds with interestD .For making profits62 .What is the aim of a small register and a pad of deposit withdrawal forms?A.To attract depositsB.To improve bank servicesC .to eliminate the use of the passbookD .To promote banking business63 .What is the purpose of signing a deposit agreement?A.To follow the bank's rules and regulationsB.To have the right to make full use of the bank's facilitiesC.To open an account in the bankD.To protect the depositor's interest64 .What does a depositor do with a passbook?A.He makes deposits with a bankB.He withdraws money from a savings accountC .He withdraws money from a checking accountD.Both A and B65 .For what purpose does a bank try to combine a savings account and a checking account?A.For holding more fundsB.For covering the checking account falling below the specified minimum balanceC .For automatic transfer of fundsD .Both B and CPassage TwoDocument against acceptance ( D/A) is exactly like document against payment ( D/P) except that, instead of signing the sight draft and paying on presentation of documents to re-ceive the bill (s) of lading, the importer accepts the usance (time) draft that creates an obli-gation similar to a promissory note called a trade acceptance. This can be used for finance pur-poses under some conditions. This is a promise to pay in a certain number of days, after ac-cepting the documents, usually for a term of between 30 and 180 days. D/A terms are more secure than open account because the transaction and receipt of goods are evidenced by a nego-tiable instrument. It is much easier to enforce a financial instrument than an account receiv-able, which must be proven to the courts. However, a sharp increase in risk over D/A oc-curs because the importer now has the goods, and the exporter only has a promise to pay. The bank has no responsibility to collect the funds on or after the due date. Both your bank and the foreign bank are purely agents for transmittion and collection. Itis very important not to confuse a banker's acceptance, which carries the credit of a bank, with a trade acceptance mentioned here. The latter is no better than the credit and integrity of the buyer as opposed to the bank.66.If D/A terms are used to settle international transaction, then ______.A.the seller must pay on presentation of documents.B.B. A sight draft is usually usedC.The importer can get the bill (s) of lading only after he accepts the time draftD.A promissory note is created67.In the passage, the sentence "this can be used for finance purposes under some condi-tions" means that ______.A. the buyer gives credit to the sellerB. the buyer can get the goods and even sell it before he has to payC. the buyer promises to pay in 30 daysD. an obligation is created68.To the seller, which of the following is disadvantage of D/A?A. It is much more secure in comparison with open account.B.It is much more enforceable than an account receivaleC . The seller has to incur much higher risk of dishonor ,of the bills .D . The collecting bank is responsible for the payment in the event of the dishonor of thebills.69.The most important difference between a banker's acceptance and a trade acceptance is that______ .A. the acceptances are made by different agentsB. credits are given by different agentsC. the banker's acceptance is inferior to a trade acceptanceD. the banker's acceptance depends on the bank's credit , while the later depends onthe credit of the buyer70. The word "conduits" in the passage means ______ .A . The banks assume no responsibility if the buyers fail to meet their payment obligation specifiedin the commercial contractB. the banks assume no responsibility for consequences arising from any causes beyond theircontrolC .just acting as agents , the banks transmit documents and collect money in accordancewith the directions given by the principalD . all of the abovePassage FourBanking organizations are highly geared, much more than commercial or industrial compa-nies. They have custody of large volume of monetary items, which makes them vulnerable to misappropriation and fraud. They therefore need to establish formal operating procedures, well defined limits for individual discretion rigorous system of internal control. Banking organiza-tions engage in a large volume and variety of transactions. This necessarily requires complex accounting and internal control system and widespread use of electronic data processing. Bank-ing organizations often assume significant commitments without any transfer of funds. These items may not involve accounting entries and consequently the failure to record such items may be difficult to detect. And most importantly, the failure of a bank,unlike most commercial firms, affect more than the fortunes of its shareholders and creditors, and may destabilized the whole economy.Effective supervision of banking organizations is an essential component of a strong eco-nomic environment in that the banking system play a central role in making payments and mobi-lizing and distributing savings . Strong and effective banking supervision provides a public good that may not be readily available in the marketplace. Along with effective macroeconomic poli-cy , it is critical financial stability in any country . While the cost of banking supervision is in-deed high, the cost of poor supervision has proved to be even higher.For all these reasons, banks throughout the world are generally accorded a higher degree of official , supervision and regulation than other types of businesses . At the same time , banks are also provided with important elements of official protection . For example , the central bank usually acts as a lender of last resort to protect commercial banks against a temporary liquidity drain. This protection is an important component of the official safety net bankstopping the banking system. Another major aspect of that safety net takes the form of deposit insurance fund to guarantee bank depositors that they will get their money back in the event of a bank failure .71. Why should banks need to establish formal operating procedures?A. The supervisory authorities require them to do so.B. The shareholders expect a reasonable return on their investment.C . The banks have to keep safe large volume of monetary items raised from all sources .D . The banks engage in a large volume and variety of transactions .72 . Which of the following requirements is NOT mentioned in successfully dealing with largevolume and variety of transactions?A . A large number of skillful staff and expertise .B. Effective internal control systemC . Complex accounting systemD . Wide - spread use of electronic data processing73. "Vulnerable to in line 3 probably means __________ .A. subject toB. easy to be attacked byC . of great volumeD. likely to damage74 . A high degree of official supervision and regulation on bank organizations are importantbe-cause __________ .A . The governments of many countries want to control banksB . There are too much trouble in banking sectorC . It is crucial to stabilize the financial sector and the whole economyD. The banks make much more deposit insurance fund75 . What is the main function of deposit insurance fund?A . To ensure that the banks have sufficient fund to finance other economic sectors .B . To protect the banks from all kinds of risks arising from their operationC . To meet requirements of financial needs of the publicD . To pledge to depositors that their money is safe whenevera bank is insolvencyPart Three (20%) WritingSection One (5%)See the chart ,fill the gap with the correct answer.(see the answer).Section TWO(5%)DirectionsTranslate the following sentences into Chinese. Write your translation on the ANSWERSHEET.1.Investment banking are banking activities associated with securities underwriting ,makinga market in securities ,and arranging mergers, acquisitions and restructing .2. The source of foreign exchange for overseas investment by domestic entities must be reviewed by the SAFE before the application for such investment is filed with the relevant government agencies.3.Bank accounting basis refers to methods for recognizing revenues expenses, assets and liabilities in accounting statements. Major bases of accounting include the accrual, cash and modified cash bases。
金融英语试题及答案
金融英语试题及答案一、选择题（每题2分，共20分）1. Which of the following is not a type of financial instrument?A. StockB. BondC. DerivativeD. Commodity2. The term "leverage" in finance refers to:A. The use of borrowed funds to increase the potential return of an investment.B. The amount of money invested in a project.C. The process of buying and selling securities.D. The risk associated with a particular investment.3. What does the acronym "IPO" stand for?A. International Public OfferingB. Initial Public OfferingC. Internal Private OfferingD. International Private Offering4. The primary market is where:A. Securities are issued for the first time to the public.B. Securities are traded after they have been issued.C. Companies buy back their own securities.D. Investors sell their securities to other investors.5. A bear market is characterized by:A. A prolonged period of falling prices.B. A period of economic growth.C. A period of high inflation.D. A period of low unemployment.6. The term "risk management" in finance involves:A. Predicting future market trends.B. Identifying potential risks and taking steps tomitigate them.C. Maximizing returns on investments.D. Managing the day-to-day operations of a financial institution.7. A "blue chip" stock refers to:A. A stock that is considered to be of high quality and carries a lower risk.B. A stock that is traded on a blue-colored chip.C. A stock that is considered to be very risky.D. A stock that is traded on a major stock exchange.8. The process of "short selling" involves:A. Borrowing securities and selling them in the hope of buying them back at a lower price.B. Selling securities that the investor does not own.C. Buying securities with the expectation that their price will increase.D. Holding securities for a long period of time.9. What is the role of a "broker" in finance?A. To provide financial advice to clients.B. To facilitate the buying and selling of securities between investors.C. To manage a company's financial transactions.D. To underwrite securities for companies.10. The "efficient market hypothesis" suggests that:A. Stock prices fully reflect all available information.B. It is possible to consistently beat the market by picking individual stocks.C. Investors are irrational and make poor decisions.D. The market is always undervalued.二、填空题（每题1分，共10分）11. The _______ is the process by which a company raisescapital by issuing shares to the public for the first time. 12. A _______ is a financial contract that obligates thebuyer to purchase an asset or the seller to sell an asset ata predetermined future date and price.13. The _______ is the market where existing securities are bought and sold.14. The _______ is a measure of the risk of an investment compared to the return it is expected to generate.15. When the stock market is experiencing a significant and sustained increase in prices, it is known as a _______ market.16. A _______ is a financial institution that acceptsdeposits and provides various types of loans to customers. 17. The _______ is a measure of the ability of a company to pay its current debts with its current assets.18. A _______ is a financial statement that shows a company's financial performance over a period of time.19. The _______ is a type of investment strategy that focuseson long-term growth potential.20. An _______ is a financial instrument that derives its value from an underlying asset.三、简答题（每题5分，共30分）21. Explain the difference between a "mutual fund" and a "hedge fund".22. Describe the concept of "diversification" in investment.23. What is "inflation" and how does it affect the value of money?24. Discuss the role of "central banks" in the economy.四、论述题（每题20分，共20分）25. Discuss the impact of globalization on the financial markets and provide examples to support your argument.五、案例分析题（每题20分，共20分）26. Analyze a recent financial crisis and discuss the factors that contributed to it, the impact it had on the global economy, and the lessons that can be learned from it.答案：一、选择题1-5 D A B A A6-10 B A A B A二、填空题11. Initial Public Offering (IPO)。
银行金融英语试题及答案
银行金融英语试题及答案一、选择题（每题2分，共20分）1. Which of the following is not a type of investment?A. StocksB. BondsC. Savings AccountD. Insurance答案：D2. The term "leverage" in finance refers to:A. The use of borrowed money to increase the potential return of an investment.B. The process of selling a security that the investor does not own.C. The ability to purchase more of an asset than one can afford.D. A financial instrument that provides a guarantee of payment.答案：A3. What does "NPV" stand for in financial analysis?A. Net Present ValueB. Net Profit ValueC. Net Product ValueD. None of the above答案：A4. A "bear market" is characterized by:A. A long period of falling prices.B. A period of economic growth.C. A market where only bears are traded.D. A market with high volatility.答案：A5. The process of evaluating a company's financial health is known as:A. Financial AnalysisB. Market AnalysisC. Risk AnalysisD. Portfolio Management答案：A6. Which of the following is a measure of a company's profitability?A. EBITDAB. ROIC. P/E RatioD. All of the above答案：D7. In banking, "LIBOR" stands for:A. London Interbank Borrowed RateB. London International Banking OrganizationC. London International Business OrganizationD. London Interbank Business Rate答案：A8. A "derivative" in finance is:A. A product that derives its value from the value of another underlying asset.B. A type of savings account.C. A type of insurance policy.D. A type of investment fund.答案：A9. What is the primary function of a central bank?A. To manage the country's monetary policy.B. To provide financial advice to individuals.C. To offer personal loans to consumers.D. To manage the country's foreign exchange reserves.答案：A10. The term "forex" refers to:A. Foreign exchange market.B. Forward exchange rate.C. Financial exchange rate.D. Future exchange rate.答案：A二、填空题（每题1分，共10分）11. The current account balance is a record of a country's transactions with the rest of the world, excluding ______.答案：capital flows12. A ______ is a financial contract that obligates the buyer to purchase an asset or the seller to sell an asset, such as a physical commodity or a financial instrument, at a predetermined future date and price.答案：futures contract13. The ______ ratio is used to measure how efficiently a company is using its assets to generate profit.答案：asset turnover14. An increase in interest rates will generally lead to a______ in bond prices.答案：decrease15. The term "short selling" refers to the practice ofselling securities that the seller does not own, with the hope of buying them back later at a ______ price.答案：lower16. The ______ is the difference between the total assets and the total liabilities of a company.答案：equity17. A ______ is a type of investment account that allows individual investors to pool their money with other investors to invest in a portfolio of stocks, bonds, or other securities.答案：mutual fund18. The ______ is the process of determining the value of a business or financial security.答案：valuation19. A ______ is a financial statement that shows the changes in a company's financial position over a specified period of time.答案：cash flow statement20. The ______ is the rate at which banks lend money to each other overnight.答案：federal funds rate三、简答题（每题5分，共30分）21. Explain the difference between a "fixed deposit" and a "demand deposit" in a bank.答案：A fixed deposit is a type of savings account where money is deposited for a fixed term at a predetermined interest rate. The depositor cannot withdraw the money before the end of the term without incurring a penalty. A demand deposit, on the other hand, is a type of bank account that allows the depositor to withdraw funds at any time without penalty. It typically earns a lower interest rate compared to a fixed deposit.22. What is a "call option" and how does it differ from a "put。
(完整word版)英文版国际金融试题和答案
PartⅠ.Decide whether each of the following statements is true or false (10%)每题1分, 答错不扣分1.I.perfec.market.existed.resource.woul.b.mor.mobil.an.coul.therefor.b.transferre.t.thos.countrie.mor.willin.t.pa..hig.pric.fo.them.. .. .2.Th.forwar.contrac.ca.hedg.futur.receivable.o.payable.i.foreig.currencie.t.insulat.th.fir.agains.exchang.rat.risk ... . )3.Th.primar.objectiv.o.th.multinationa.corporatio.i.stil.th.sam.primar.objectiv.o.an.firm.i.e..t.maximiz.sharehol de.wealth.. .. )4..lo.inflatio.rat.tend.t.increas.import.an.decreas.exports.thereb.decreasin.th.curren.accoun.deficit.othe.thing.e qual......5..capita.accoun.defici.reflect..ne.sal.o.th.hom.currenc.i.exchang.fo.othe.currencies.Thi.place.upwar.pressur.o.tha.hom.currency’.value.. .. )parativ.advantag.implie.tha.countrie.shoul.specializ.i.production.thereb.relyin.o.othe.countrie .fo.som.products.. .. .7.Covere.interes.arbitrag.i.plausibl.whe.th.forwar.premiu.reflec.th.interes.rat.differentia.betwee.tw.countrie.sp ecifie.b.th.interes.rat.parit.formula. .. . )8.Th.tota.impac.o.transactio.exposur.i.o.th.overal.valu.o.th.firm.. .. .9. .pu.optio.i.a.optio.t.sell-b.th.buye.o.th.option-.state.numbe.o.unit.o.th.underlyin.instrumen.a..specifie.pric.pe.uni.durin..specifie.period... . )10.Future.mus.b.marked-to-market.Option.ar.not.....)PartⅡ:Cloze (20%)每题2分, 答错不扣分1.I.inflatio.i..foreig.countr.differ.fro.inflatio.i.th.hom.country.th.exchang.rat.wil.adjus.t.maintai.equal.. purchasin.powe... ）2.Speculator.wh.expec..currenc.t..appreciat..... .coul.purchas.currenc.future.contract.fo.tha.currency.3.Covere.interes.arbitrag.involve.th.short-ter.investmen.i..foreig.currenc.tha.i.covere.b.....forwar.contrac...... .t. sel.tha.currenc.whe.th.investmen.matures.4.. Appreciation.Revalu....）petitio.i.increased.5.....PP... .suggest..relationshi.betwee.th.inflatio.differentia.o.tw.countrie.an.th.percentag.chang.i.th.spo.exchang.ra t.ove.time.6.IF.i.base.o.nomina.interes.rat....differential....).whic.ar.influence.b.expecte.inflation.7.Transactio.exposur.i..subse.o.economi.exposure.Economi.exposur.include.an.for.b.whic.th.firm’... valu... .wil.b.affected.modit.a..state.pric.i..... pu..optio..i.exercised9.Ther.ar.thre.type.o.long-ter.internationa.bonds.The.ar.Globa.bond. .. eurobond.....an....foreig.bond...).10.An.goo.secondar.marke.fo.financ.instrument.mus.hav.a.efficien.clearin.system.Mos.Eurobond.ar.cleare.thr oug.eithe...Euroclea... ..o.Cedel.PartⅢ:Questions and Calculations (60%)过程正确结果计算错误扣2分rmation:A BankB BankBid price of Canadian dollar $0.802 $0.796Ask price of Canadian dollar $0.808 $0.800rmation.i.locationa.arbitrag.possible?put.t h.profi.fro.thi.arbitrag.i.yo.ha.$1,000,e.(5%)ANSWER:Yes! One could purchase New Zealand dollars at Y Bank for $.80 and sell them to X Bank for $.802. With $1 million available, 1.25 million New Zealand dollars could be purchased at Y Bank. These New Zealand dollars could then be sold to X Bank for $1,002,500, thereby generating a profit of $2,500.2.Assum.tha.th.spo.exchang.rat.o.th.Britis.poun.i.$1.90..Ho.wil.thi.spo.rat.adjus.i.tw.year.i.th.Unite.Kingdo.experience.a.inflatio.rat.o..percen.pe.yea.whil.th.Unite.State.experience.a.inflatio.rat.o..perc en. pe.year?(10%)ANSWER:According to PPP, forward rate/spot=indexdom/indexforth.exchang.rat.o.th.poun.wil.depreciat.b.4..percent.Therefore.th.spo.rat.woul.adjus.t.$1.9..[..(–.047)..$1.81073.Assum.tha.th.spo.exchang.rat.o.th.Singapor.dolla.i.$0.70..Th.one-yea.interes.rat.i.1.percen.i.th.Unite.State.a n..percen.i.Singapore..Wha.wil.th.spo.rat.b.i.on.yea.accordin.t.th.IFE?.(5%)ANSWER: according to the IFE,St+1/St=(1+Rh)/(1+Rf)$.70 × (1 + .04) = $0.7284.Assum.tha.XY.Co.ha.ne.receivable.o.100,00.Singapor.dollar.i.9.days..Th.spo.rat.o.th.S.i.$0.50.an.th.Singap or.interes.rat.i.2.ove.9.days..Sugges.ho.th.U.S.fir.coul.implemen..mone.marke.hedge..B.precis. .(10%)ANSWER: The firm could borrow the amount of Singapore dollars so that the 100,000 Singapore dollars to be received could be used to pay off the loan. This amounts to (100,000/1.02) = about S$98,039, which could be converted to about $49,020 and invested. The borrowing of Singapore dollars has offset the transaction exposure due to the future receivables in Singapore dollars.pan.ordere..Jagua.sedan.I..month..i.wil.pa.£30,00.fo.th.car.I.worrie.tha.poun.ster1in.migh.ris.sharpl.fro.th.curren.rate($1.90)pan.bough...mont.poun.cal.(suppose.contrac.siz..£35,000.wit..strik.pric.o.$1.9.fo..premiu.o.2..cents/£.(1)Is hedging in the options market better if the £ rose to $1.92 in 6 months?(2)what did the exchange rate have to be for the company to break even?（15%）Solution:(1)I.th..ros.t.$pan.woul. exercis.th.poun.cal.option.Th.su.o.th.strik.pric.an.premiu..i.$1.90 + $0.023 = $1.9230/£Thi.i.bigge.tha.$1.92.So hedging in the options market is not better.(2.whe.w.sa.th. compan.ca.brea.even.w.mea.tha.hedgin.o.no.hedgin.doesn’. matter.An.onl.whe.(strik.pric..premiu.).th.exchang.rat.,hedging or not doesn’t matter.So, the exchange rate =$1.923/£.6.Discus.th.advantage.an.disadvantage.o.fixe.exchang.rat.system.(15%)textbook page50 答案以教材第50 页为准PART Ⅳ: Diagram(10%)Th.strik.pric.fo..cal.i.$1.67/£.Th.premiu.quote.a.th.Exchang.i.$0.022.pe.Britis.pound.Diagram the profit and loss potential, and the break-even price for this call optionSolution:Following diagram shows the profit and loss potential, and the break-even price of this put option:PART Ⅴa) b) Calculate the expected value of the hedge.c) How could you replicate this hedge in the money market?Yo.ar.expectin.revenue.o.Y100,00.i.on.mont.tha.yo.wil.nee.t.cover.t.dollars.Yo.coul.hedg.thi.i.forwar.market.b.takin.lon.position.i.U.dollar.(shor.position.i.Japanes.Yen).B.lockin.i.you.pric.a.$..Y105.you.dolla.revenue.ar.guarantee.t.b.Y100,000/ 105 = $952You could replicate this hedge by using the following:a) Borrow in Japanb) Convert the Yen to dollarsc) Invest the dollars in the USd) Pay back the loan when you receive the Y100,000。
金融英语考试试题及答案
金融英语考试试题及答案金融英语是金融领域中不可或缺的一部分，对于从事金融行业的人士来说，掌握金融英语的知识非常重要。
为了帮助大家更好地备考金融英语考试，本文将为大家提供一些常见的金融英语考试试题及答案。
一、选择题1. What is the meaning of IPO?a) Initial Public Offeringb) International Purchase Orderc) Investment Portfolio Optimizationd) International Partnership Organization答案：a) Initial Public Offering2. What does the term "capital market" refer to?a) The market for physical capitalb) The market for financial assets with a maturity of less than a yearc) The market for financial assets with a maturity of more than a yeard) The market for real estate properties答案：c) The market for financial assets with a maturity of more than a year3. Which of the following is an example of a derivative?a) Stockb) Bondc) Optiond) Certificate of Deposit答案：c) Option4. What is the opposite of a deficit?a) Surplusb) Debtc) Liabilityd) Equity答案：a) Surplus5. What is the term for a loan that is secured by collateral?a) Unsecured loanb) Subordinated loanc) Secured loand) Revolving loan答案：c) Secured loan二、填空题1. The study of how individuals and institutions make financial decisions and how these decisions affect the allocation of resources is known as__________.答案：finance2. When a company issues shares for the first time and offers them to the public, it is called an ____________.答案：IPO (Initial Public Offering)3. The interest rate that a commercial bank charges its most creditworthy customers is known as the _________.答案：prime rate4. A financial instrument that represents ownership in a corporation is called a ___________.答案：stock5. The basic economic problem of having seemingly unlimited human wants in a world of limited resources is known as ________.答案：scarcity三、解答题1. Explain the concept of time value of money.答案：The time value of money refers to the idea that a dollar today is worth more than a dollar in the future. This is because money can be invested and earn interest over time. Therefore, receiving a dollar today ismore desirable than receiving the same amount in the future. The time value of money is an important concept in finance and is used to calculate the present value of future cash flows.2. What are the main functions of a central bank?答案：The main functions of a central bank include:- Monetary policy: Central banks are responsible for formulating and implementing monetary policy to control the money supply and interest rates in an economy. This is done to achieve specific macroeconomic objectives, such as price stability and economic growth.- Banker to the government: Central banks act as the government's bank and provide services such as managing the government's accounts, issuing government securities, and acting as a lender of last resort.- Banker to commercial banks: Central banks also provide banking services to commercial banks, including maintaining accounts, providing short-term loans, and overseeing the stability of the banking system.- Currency issuance: Central banks are responsible for issuing and circulating the national currency.- Financial stability: Central banks play a crucial role in maintaining financial stability and monitoring risks in the banking system.总结：本文为大家提供了一些常见的金融英语考试试题及答案。
2023年金融英语三级考试练习题及答案
2023年金融英语三级考试练习题及答案第一部分：阅读理解阅读理解一题目：According to the passage, what is the main cause of the current economic crisis?A. Government policiesB. GlobalizationC. Technological advancementsD. Financial institutions答案：A. Government policies阅读理解二题目：What is the author's opinion regarding the role of central banks in stabilizing the economy?A. They are not effective.B. They are crucial for economic stability.C. They should be abolished.D. They only benefit financial institutions.答案：B. They are crucial for economic stability.第二部分：词汇填空题目：选择适当的单词填空。
1. The stock market experienced a ___________ in prices last week.3. The government has implemented new ___________ to regulate the financial sector.4. The central bank is responsible for ___________ interest rates.答案：1. fluctuation2. marketing3. regulations4. managing第三部分：写作题目：根据以下提示，写一篇关于全球化对金融业的影响的短文。
金融英语题库完整版（附答案）
Part11.Multiple Choice（Part1 单选DDDAD ADABD 阅读CDDA CDBBD）(1) The People's Bank of China has been divided into ________district banks since 1999.A. 6B. 7C. 8D. 9(2) The PBC has operated as the central bank since________.A. 1987B. 1986C. 1985D. 1984(3)China formally lifted all remaining current account restrictions in _________.A. 1993B. 1994C. 1995D. 1996(4) ________remains the principle foreign exchange bank.A. The Bank of ChinaB. The Commercial and Industrial BankC. The Construction BankD. The Agricultural Bank(5) The indirect instruments such as ________have emerged as major monetary policy tools that the PBC relies on.A. required reserve ratioB. interest rate adjustmentC. open market operationsD. all of the above(6) With China's entry into WTO, China has decided to implement a phased reform of________.A. the wholly state-owned commercial banksB. the policy banksC. joint-equity commercial banksD. the non-bank financial sector(7) Banks play a unique role in the economy through ________.A. mobilizing savingsB. transmitting monetary policyC. providing a payment systemD. all of above(8) The evolution of the Chinese banking system can be broadly divided into ________phases.A. 3B.4C. 2D. 5(9) Although capital market development is expected to speed up, banks in China currently provide about________percent of aggregate financing in the economy.A. 65B. 75C. 50D. 80(10) Apart from traditional deposit taking and lending business, commercial banks now offer a broad range of intermediary services such as________.A. international settlementB. bank cardsC. private bankingD. all of the above2.True or False(1)Since the enactment of the Law of the People's Bank of China in March 1995, the PBC has no longer played the role of financing fiscal deficits in national budgetary.(2) The People's Bank of China was made as a central bank in 1948.(3) The indirect policy instruments include required reserve ratio, interest rate adjustment, and credit ceiling.(4) Before 1979 the foreign exchange control was strictly enforced.(5) The wholly state-owned commercial banks in China today used to be known as state-owned specialized banks.(6) One of the important goals of liberalizing the banking sector is to give foreign banks nationaltreatment.(7) The increase of the presence of foreign banks in China is likely to introduce new products and expertise.(8) Now China still remains some current account restrictions.(9) In recent years, there has been a great improvement in the conduct of monetary policy with great reliance on direct policy instruments.(10) Now China is an Article Ⅷ member of the International Monetary Fund.3.ClozeDirections: Read the following paragraphs and then put the suitable words or phrases into the blanks.The banking sector has played an important role in ________the implementation of the stabilization and structural measures as well as sustaining strong economic growth. The macroeconomic stability and ________improvement in turn have enabled the banking sector to________vigorously. Although capital market development is expected to speed up, banks in China, which currently provide about 75 percent of aggregate financing in the economy, are likely to continue playing a ________role in financing economic and technological development as well as the economic________ in the foreseeable future.1.facilitating2.reform3.structural4.develop5.dominantIn recent years, there has been a significant improvement in the ________of monetary policy with greater reliance on ________policy instruments. The central bank used to rely on credit ceilings for commercial banks as a major tool for monetary policy. This direct instrument has been abolished while such indirect instruments as required reserve ratio, interest rate adjustment and open market operations have ________as major monetary policy tools. The required reserve account and excess reserve account of the commercial banks with the central bank have been ________and the consolidated required reserve ratio has been reduced from 13 percent to 8 percent. Since 1996, the central bank has________ interest rates on many occasions to reflect the weakening domestic and global demand. These policy measures have helped sustain strong economic growth 1.emerged 2.conduct 3.lowered 4.indirect 5.mergedThe reform efforts have resulted in greater openness of the banking sector, integrated financial markets, increased diversification of banking institutions, strengthened competition and improved efficiency of ________allocation. Despite these achievements, the banking sector in China is faced with ________challenges, including the high level of ________loans and the need to prepare for greater competition from foreign banks, as China becomes a member of the World Trade Organization. These challenges call for ________efforts on the part of the authorities in institutional building to facilitate greater enforceability of bank claims, faster market infrastructure development and better ownership structure. These efforts have to be accompanied by parallel actions of the banks to improve corporate governance, particularly ________structure and internal controls.1.incentive2.non_performing3.resource4.formidable5.intensifying4. Translation(1) Although banks share many common features with other profit-seeking businesses, they play a unique role in the economy through mobilizing savings, allocating capital funds to finance productive investment,transmitting monetary policy, providing a payment system and transforming risks.尽管银行与其他以盈利为目的的企业具有许多共同的特征，但它在国民经济中还发挥着特殊的作用。
金融英语证书考试
金融英语证书考试Company Document number：WTUT-WT88Y-W8BBGB-BWYTT-19998金融英语证书考试（F E C T）E x e r c i s e s-1（1）of the following is not a function of money ______。
act as a medium of exchangeact as a unit of accountact as a store of valueprovide a double coincidence of wantsact as a means of paymentprice in the foreign exchange market is called ______。
trade surplusexchange ratemoney pricecurrency raterisk refers to the risk of______。
prices fluctuationspaymentsof the following is not among the generally accepted accounting principles ______。
basisconcernmeasurement。
is a documentary letter of credit ______。
conditional bank undertaking to pay an exporter on production of stipulated documentationmethod of lending against documentary securityinternational trade settlement system biased in favour of importersof the abovea group of assets reduces risk as long as the assets ______。
金融专业英语证书考试FECT模拟试题-7
金融专业英语证书考试FECT模拟试题-7(总分100, 考试时间90分钟)SECTION ONE (Compulsory)：Answer all ten questions in this section. Each question carries 1 mark.1. Multiple-choice questions: from the following four options, select a correct and fill in its labeling the brackets.1.Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. Which of the following is least likely to be classified as a financial statement element? ()A AssetB RevenueC LiabilityD Net income该题您未回答:х该问题分值: 2答案:D2.Amy, a CFA candidate, recently joined A&F Asset Management, and reports directly to Tammy. Shortly after joining the firm, Amy learned that A&F Asset Management does not have a copy of the Code and Standards. Which of the following statements best complies with AIMR Standards of Professional Conduct? ()A Amy must deliver a copy of the Code and Standards to Tammy.B Amy must notify Tammy, in writing, of her obligation to comply with the Code and Standards.C Statement A and B.D None of the above.该题您未回答:х该问题分值: 2答案:C3.Compared with an otherwise identical amortizing security, a zero-coupon bond will most likely have: ()A Less interest rate risk and more reinvestment risk.B Less reinvestment risk and more interest rate risk.C The same reinvestment risk and less interest rate risk.D The same interest rate risk and more reinvestment risk.该题您未回答:х该问题分值: 2答案:B4.A futures trader goes long one futures contract at $450. Thesettlement price 1 day before expiration is $500. On expiration day, the future is trading at $505. The least likely way the futurestrader will lock in her profits on expiration is: ()A Take delivery of the underlying asset and pay $500 to the short.B Close out the futures position by selling the futures contractat $505.C Take delivery of the underlying asset and pay the expiration settlement price to the short.D Cash settle the futures and receive the difference between $500and the expiration settlement price.该题您未回答:х该问题分值: 2答案:C5.Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. Bishop Ltd. received an advanced payment of $10,000 on December 1, for rent on a property for December and January. On receipt they correctly recorded it as cash and unearned revenue. If at December 31, their year-end, they failed to make an adjusting entry related to this payment, ignoring taxes, what would the effect on the financial statements for the year be? ()A Assets are overstated by $5,000 and Liabilities are overstated by $5,000.B Liabilities are overstated by $5,000 and Net income is overstated by $5,000.C Assets are overstated by $5,000 and Owner’s equity is overstated by $5,000.D L iabilities are overstated by $5,000 and Owners’ equity isunderstated by $5,000.该题您未回答:х该问题分值: 2答案:B6.A market participant has a view regarding the potential movement of a stock. He sells a customized over-the-counter put option on the stock when the stock is trading at $38. The put has an exercise price of $36 and the put seller receives $2.25 in premium. The price of the stock is $35 at expiration. The profit or loss for the put seller at expiration is: ()A $1.25.B $1.00.C $1.25D $2.25.该题您未回答:х该问题分值: 2答案:C7.As part of an AIMR investigation into the conduct of Helen, CFA, AIMR requests records from Helen about her investment accounts. Helen writes AIMR a letter stating that under Standard IV (B.5), Preservation of Confidentiality that she is unable to comply with their request. Which of the following statement is TRUE? ()A Is correct in her interpretation of Standard IV (B.5).B Should not turn over the information because it will violatefederal material nonpublic information statutes and AIMR’s Standard V (A) Prohibit against Use of Material Nonpublic information.C Will no be in violation of Standard IV (B.5) by turning overthe requested information because under the Professional Conduct Program, the Disciplinary Review Subcommittee is considered an extension of Helen.D All of the above.该题您未回答:х该问题分值: 2答案:C8.Which of the following is the least accurate statement about the short sale of stocks? ()A The short seller must pay any dividends due to the lender of shares.B A stop buy order would enable a short seller to minimize potential losses.C Short sales involve time limits for returning the sharesborrowed to the lender.D A short sale can be made only on an uptick or a zero upticktrade if the previous trade was an uptick trade.该题您未回答:х该问题分值: 2答案:C9.The appropriate measures of free cash flow and discount rate to use when estimating the total value of a firm, respectively, are: ()A Answer A.B Answer B.C Answer C.D Answer D.该题您未回答:х该问题分值: 2答案:D10.Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. An analyst gathered the following information from a company’s accounting records:The analyst’s estimate of net income for 2007 would be closest to: ()A $650,000.B $850,000.C $1,050,000.D $1,850,000.该题您未回答:х该问题分值: 2答案:CSECTION TWO(Compulsory)：Answer the questions in this section.Reading ComprehensionKammel Capital Management is an institutional money manager that oversees over $12 billion in client assets. Most of its assets under management are invested in the Kammel Funds, a family of 12 mutual funds encompassing 9 growth and value equity funds, and 3 fixed income funds.Linda Karazim is an analyst for the Kammel Strategic Income Fund, a flexible fixed-income fund benchmarked to the Lehman BrothersAggregate Index. The fund owns a substantial portion of subordinated debentures that were issued by Gernot Incorporated to finance the acquisition of a major competitor in 2002. Karazim has been assigned by the Strategic Income Senior Portfolio Manager, Mark Davidson, to analyze the subordinated debt of Gernot, Inc.Karazim decides that the best way to assess the credit quality of the Gernot’s bonds is to analyze the firm’s financial statements and calculate ratios that will identify trends in the firm’s operations and financing decisions. Karazim searches online and pulls up Gernot’s financial statements for the last three years. The statements Karazim uses for her analysis are shown below:As Karazim is working on her project, Jacob Cannon, an analyst for Kammel’s Large Cap Growth Fund, stops by Karazim’s office to chat. When Karazim tells him that she is working on a ratio analysisproject to assess Gernot Inc.’s subordinated debt, Cannon tells her that Kammel’s growth equity team is potentially looking to purchase Gernot’s stock for their fund. Karazim tells Cannon that the return on assets ratio that she has calculated for evaluating Gernot’s debt rating would also be considered one of the most effective ratios for use in valuing Gernot’s stock. Cannon replies that he has been doing his ow n ratio analysis to assess Gernot’s systematic risk and one of the most useful ratios for identifying relationships between accounting variables and beta is the current ratio, which would also be useful in forecasting the possibility of Gernot, Inc. going bankrupt.After Karazim completes her analysis, she has a meeting with Davidson to discuss her findings. At the meeting, Karazim tells Davidson that Gernot’s Inc.’s sustainable growth rate based on 2004 data is 9 percent, and that a growing company has a much lower chance of defaulting on its debt. Davidson, always critical of the work of the analysts that work for him, concludes the meeting by telling Karazim that she did good work, but one of the major limitations of the cross-sectional analysis she has performed is that comparisons are made difficult due to different accounting treatments.11.What are Gernot’s total asset turnover for 2004 and the change in the ratio from 2002 to 2004? ()2004 Ratio Change in RatioA 2. 08 decline of 0.18B 1 .52 decline of 0.56C 2.08 increase of 0.18D 1.52 increase of 0.56该题您未回答:х该问题分值: 2答案:BThe total asset turnover ratio = sales/assets. In 2002, the ratio was (10,424/5,012) = 2.08. In 2004, the ratio was (11,606/7,636) = 1.52. From 2002 to 2004 the ratio declined by (2.08 – 1.52) = 0.56.12.What is the change in Gernot Inc.’s cash conversion cycle from 2003 to 2004? The cash conversion cycle has: ()A Increased by 17 days.B Increased by 33 days.C Increased by 25 days.D Decreased by 13 days.该题您未回答:х该问题分值: 2答案:CThe cash conversion cycle = (average receivables collection period) + (average inventory processing period) – (payables payment period).For 2003: Receivables turnover = (sales/average receivables) = 11,718/((625+798)/2) = 11,718/712 = 16.46 Average receivables collection period = (365/receivables turnover) = 365/16.46 = 22.17days Inventory turnover = (COGS/average inventory) =7183/((1342+937)/2) = 7183/1140 = 6.3 Average inventory processing period = (365/inventory turnover) = 365/6.3 = 57.94 days. Payables turnover = (COGS/average payables) = 7183/((620 + 544)/2) = 7183/582 = 12.34 Payables payment period = (365/12.34) = 29.58 days 2003 cash conversion cycle = 22.17 + 57.94 – 29.58 = 50.53 days. For 2004: Receivables turnover = (sales/average receivables) =11,606/((1294+798)/2) = 11,606/1046 = 11.10 Average receivables collection period = (365/receivables turnover) = 365/11.10 = 32.88 days Inventory turnover = (COGS/average inventory) =7150/((1342+1552)/2) = 7150/1447 = 4.94 Average inventory processing period = (365/inventory turnover) = 365/4.94 = 73.89 days. Payables turnover = (COGS/average payables) = 7150/((620 + 597)/2) = 7150/609 = 11.74 Payables payment period = (365/11.74) = 31.09 days 2004 cash conversion cycle = 32.88 + 73.89 – 31.09 = 75.68 days. From 2003 to 2004, the cash conversion cycle increased by (75.68-50.53) = 25.15 days.13.Karazim has noted in her analysis that Gernot Inc.’s return on equity has fallen significantly from 2002 to 2004. Using the extended DuPont system, which of the following components had the most impact on Gernot’s ROE decline? ()A Financial leverage multiplier.B Operating profit margin.C Interest coverage ratio.D Tax retention rate.该题您未回答:х该问题分值: 2答案:DFrom 2002 to 2004, ROE declined from (328/1575) = 20.8% to (304/2292) = 13.3%.The extended DuPont formula states that ROE = [(operating profit margin)(total asset turnover) – (interest expense rate)](financial leverage multiplier)(tax retention rate)For 2002:Operating profit margin = (EBIT/sales) = (513 + 147)/10,424 = 0.0633 = 6.33%.Total Asset Turnover = (sales/assets) = 10424/5012 = 2.08xInterest Expense rate = (interest expense/assets) = 147/5012 = 2.93%Financial leverage multiplier = (assets/equity) = 5012/1575 = 3.18Tax retention rate = (1-tax rate) = 1 – (185/513) = 1 – 0.36 = 64%.For 2004:Operating profit margin = (EBIT/sales) = (516 + 340)/11,606 = 0.0738 = 7.38%.Total Asset Turnover = (sales/assets) = 11,606/7,636 = 1.52xInterest Expense rate = (interest expense/assets) = 340/7,636 = 4.45%Financial leverage multiplier = (assets/equity) = 7,636/2,292 = 3.33Tax retention rate = (1-tax rate) = 1 – (212/516) = 1 – 0.41 = 59%.Since the operating profit margin and the financial leverage multiplier both increased, these did not have an adverse impact on the ROE. The interest coverage ratio is not part of the DuPont formula. The only viable answer is the tax retention rate, which, in fact did decline significantly.14.Regarding Karazim’s conversation with Cannon regarding the most useful ratios for various tasks: ()A Karazim’s statement is incorrect; Cannon’s statement is incorrect.B Karazim’s statement is incorrect; Cannon’s statement iscorrect.C Karazim’s statement is correct; Cannon’s statement is correct.D Karazim’s statement is correct; Cannon’s statement isincorrect.该题您未回答:х该问题分值: 2答案:BAlthough return on assets is one of the ratios that bond agenciesrely on heavily for deriving their debt ratings, it is not one of the ratios that is deemed most useful for stock valuation, therefore Karazim’s statement is incor rect. Return on equity, (not ROA), is a ratio that is deemed to be very effective for both stock valuation and determining credit ratings.Cannon’s statement is correct – the current ratio is considered to be one of the most effective ratios for both determining systematic risk (beta) based on accounting variables and for forecasting bankruptcy.15.Karazim decides to enhance her analysis by creating common size statements for Gernot, Inc. Which of the following statements is CORRECT? A common size balance sheet expresses all balance sheet accounts as a percent of: ()A Total assets and a common size income statement expressallitems as a percentage of net income.B Sales and a common size income statement expressall items as a percentage of net income.C Sales and a common size income statement expressall items as a percentage of total assets.D Total assets and a common size income statement expressallitems as a percentage of sales.该题您未回答:х该问题分值: 2答案:DCommon size statements normalize balance sheet items by expressing each item as a percentage of total assets, and normalize income statements by expressing each item as a percentage of sales. Using common size statements allows the analyst to make easier comparisons of different sized firms.Explanations of terms：(10 points)1. Legal tender：The status of legal tender simply means that coins and paper currency cannot lawfully be refused in payment for goods and services and in discharge of debts.2. Double-entry bookkeeping：Bookkeeper debits the transaction to one account and credits it to another bill of exchange: A non-interest-bearing written order used primarily in international trade that binds one party to pay a fixed sum of money to another party ata predetermined future date.3. Arbitrage pricing theory：An equilibrium model of assetpricing that states that the expected return on a security is alinear function of the security’s sensitivity to various common factors.4. Soft law：Quasi-legal instruments which do not have anylegally binding force, or whose binding force is somewhat "weaker" than the binding force of traditional law, often contrasted to soft law by being referred to as "hard law".5. Gold markets：According to its nature and the influence on the entire world gold transaction, gold market may be divided into leading market and regional market. According to the difference of transaction type and the transaction way, gold market may be divided into spot transaction and future transaction.Following international experiences, gold market participants include; gold enterprises, banks, hedge funds, organizations and personal investors, broker companies and the exchanges.Factors that Affect Gold Market are the quantity change of structure of supply and demand, economic factors and political situation and unexpected significant events.There are many different ways to invest in gold, such as gold futures, gold exploration companies, blue-chip gold mining stocks, gold mutual funds, gold bars, gold bullion and gold coins. Explanations of terms：16.Legal tender该题您未回答:х该问题分值: 617.Double-entry bookkeeping该题您未回答:х该问题分值: 618.Arbitrage pricing theory该题您未回答:х该问题分值: 619.Soft law该题您未回答:х该问题分值: 620.Gold markets该题您未回答:х该问题分值: 6Question and Answer21.What is the Theory of Money Supply by the Monetarist School?该题您未回答:х该问题分值: 10答案:Friedman held that money demand is relatively stable and money supply must be guaranteed stable, too, if there should be equilibrium between money demand and money supply. So Friedman opposed the management of the aggregate demand raised by Keynes and focused on the importance of money supply.According to the Monetarist School, the core of economic policies is placed on monetary policy, which should be the only important wander-working among all economic policies. Without monetary policy, other economic policies can’t achieve their anticipated effect.Friedman assumed that the best choice in controlling money supply was the "single rule" of monetary policy, i. e. , making it known to the public to adapt a fixed increasing rate of money supply, excluded other factors, such as interest rates, credit flow, excess reserves on a voluntary basis, and so on. So monetary policy should just take a certain money stock as the only decisive factor. In order to carry out the "single rule”, three problems should be solved; the first is how to define the scope of the aggregate money supply; the second is how to decide the increasing rate of money supply and the third is whether or not fluctuation of the increasing rate of money supply is allowed during a certain period, a year or a season. The solution to the above problems is as follows; firstly, M2 should be the scope of the aggregate money supply; secondly, the increasing rate of money supply should be suited to economic growth rate and thirdly, it couldn’t be changed at will when the increasing rate of money supply had been decided. If there is need for change of the increasing rate of money supply, it should be announced and the band of fluctuation should be as small as possible.22.Explain the Open Market Operations.该题您未回答:х该问题分值: 10答案:The most widely used instrument of monetary policy is open market operations. Open market operations involve the purchase of securities by a central bank to put additional reserves at the disposal of the banking system or the sale of securities to reduce reserves so that money supply can be altered. Open market operations are the bread-and-butter instrument of Federal Reserve policy in U. S.Because the central bank earns interest income from itssecurities portfolio, the total revenues earned by the central bank vary in direct proportion to the magnitude of its portfolio. However, this consideration plays no role in the central bank’s decision to acquire or sell securities. Indeed, if it did, the central bank could not perform the chief function of a central bank—conducting monetary policy in a way that contributes to the stability of aggregate expenditures and economic activity.Suppose the U. S. economy is encountering excessive aggregate demand and escalating inflation. The central bank is therefore intent on implementing a policy of monetary restraint. In that event, the central bank would sell securities on the open market. Assume that the central bank sells $225 million in U. S. Treasury bills to a government securities dealer, receiving payment via a check written against the dealer’s bank checking account. When the central bank receives the check, it "collects" by debiting the reserve account of (making a bookkeeping entry against) the dealer’s commercial bank and returns the check to that bank. Upon receipt of the check, the commercial bank debits the dealer’s demand deposit account. The relevant balance sheets exhibit the following changes.23.(1) State the difference between a documentary credit and a documentary collection.(2) Why is a documentary credit arrangement important to an exporter?(3) What is the difference between a revocable credit and an irrevocable credit?该题您未回答:х该问题分值: 10答案:(1) A documentary credit is a written undertaking by a banker who is the agent fro the importer or the buyer. The function of a documentary collection is to provide both importer (buyer) and exporter (seller) with a compromise to settle their tradetransactions between payment in advance and on open account terms.The parties involved in a documentary credit arrangement include issuing banker, advising banker, the applicant and the beneficiary. Parties involved in a documentary collection include the drawer (exporter or seller), the remitting bank, the collecting bank and the drawee (importer or buyer). .Their processes are different.(2) In accordance with the instructions of the importer, the bank undertakes to pay the exporter, up to a limit, within a designated time period and against any stipulated terms and documents.The credit created for international settlement among banks not only provides a sense of security for the traders involved , but alsoa reliable source of finance for foreign trade where required .(3) A "revocable credit" may be cancelled at any time up to the moment the advising bank pays. This type of credit is the least favorable to the exporter.An irrevocable credit may not be amended or even cancelledwithout the consent of all the parties involved. This type of credit guarantees payment to the beneficiary, provided that the credit terms and conditions are met.24.What are the Countering Financial Abuse and Crime? What Others Are Doing?该题您未回答:х该问题分值: 10答案:(1) Since the late 1980s, the growing concerns about drug trafficking and the uses made of globalization facilitated by the advancements in communication technology have led to direct and indirect approachesby different international institutions and the international community to combat financial crime and money laundering.(2) The FATF and affiliated regional organizations lead the international efforts in directly combating money laundering. Members of the FATF engage in annual self-assessments and in periodic mutual evaluations of members’ anti-money laundering efforts. In June 2000, the FATF identified 15 non-member jurisdictions that it considers as "non-cooperative with international efforts against money laundering". Since the FATF is a voluntary task force and not a treaty organization, its recommendations do not constitute a binding international convention.Fund staff has participated, as observers, in most FATF plenaries since 1980. At the request of the FATF, Fund staff made a statementat the Junel996 FATF Plenary on the macroeconomic impact of money laundering, and the Managing Director made a statement at theFebruary 1998 FATF plenary. The FATF has recently agreed to share results from their exercises with Fund staff conducting financial assessments, in the context of FSAP and OFC assessments. At a recent IMF Executive Board meeting, the possibility was raised that the FATF could be invited to prepare ROSC modu les on Fund members’ observance of the FATFs Forty Recommendations. Some members of the FATF have asked that the Fund’s Article IV"? Surveillance and program conditionally include anti-money laundering considerations. The FATF President, in a letter to Fund management, suggested that the FATF Forty Recommendations be adopted as the anti-money laundering standard.(3) Other direct efforts to counter financial crime are undertaken mainly by the International Criminal Police Organization (Interpol) and national financial intelligence units (FIUs). The United Nations takes part in the direct efforts through the United Nation’s Office for Drug Control and Crime Prevention Global Program against Money Laundering (UNDCCP), which monitors weaknesses in global financial systems and assists countries in criminal investigations.Recently, the international community’s awareness of financial system abuse has been heightened by the work of the FSF. In May 2000, the FSF classified 42 OFCs into three groupings, and called on the Fund to take the lead in assessing OFCs adherence to internationally accepted standards and codes.(4) Indirect efforts to counter financial system abuse focus on the preconditions for the proper functioning of financial systems and the formulation and enforcement of relevant laws. These efforts encompass general standards for the supervision and regulation of banks, securities markets, and insurance, as incorporated in the standards developed by the Basel Committee, the IOSCO, and the IAIS. The substance of relevant FATF recommendations is incorporated in the principles of supervision of the Basel Committee and other international supervisory standard-setters.(5) Banking, insurance, and securities markets supervisors are involved in both indirect and direct efforts to combat financial system abuse. Supervisors in different countries exchange information (often based on a network of memoranda of understandings) about individual banks, insurance companies, or agents in the securities markets, with a view to uncover unsound and illegal activities such as securities fraud, insider trading, or misreporting. Supervision is also exercised over the internal mechanisms to control risks, particularly operational risks, which also contributes to countering fraud and other forms of financial crime.(6) Out of concern over the potential impact of tax-induced distortions in capital and financial flows on welfare and on individual countries tax bases, the OECD initiated coordinated action for the elimination of harmful tax practices. In May 1998, the OECD issued a report on Harmful Tax Competition including a series of 19 recommendations for combating harmful tax practices, established aForum on Harmful Tax Practices, and proposed Guidelines for Dealing with Harmful Preferential Regimes in Member Countries (Annex II). In June 2000, OECD issued a list of countries it considers as engaged in harmful tax practices.。
金融英语证书考试：会计真题试题
金融英语证书考试：会计真题试题Question 1 (Total: 10 marks) Read and state whether the following statement are TURE (T) or FALSE (F). For false statements you are required to corrected statements. Write all answers on the answer sheets.1.1 A “Carriage Outwards” account normally has a debit balance.1.2 “Long Term Investment” is an item of shareholders’ fund.1.3 “Cash basis accounting” means that accounts only record items which have realizable values in cash.1.4 A “Purchases” account records only items which were bought for resale.1.5 “Share Premium” is a capital profit. 1.6 A “quick ratio” tests the liquidity of a business.1.7 A variable cost is a cost which changes according to market conditions.Question 2 (Total: 10 marks) Read the following statements and choose the correct answers by writing the alphabetical letter on the answer sheets.2.1 A “relevant cost” is(a) a cost which has been paid(b) a future cost which is associated with the decision at hand.(c) a future cost which must be incurred if a firm is to continue in business.(d) a fi*ed cost in a project2.2 Provision for doubtful debts is(a) an account recording all debts which are doubtful in collection.?(b) a current liability.(c) a current asset.(d) a reduction in the value of an asset.2.3 A cash flow statement(a) shows the amounts of money in cash, or near cash form, received and paid out by a firm from trading duringa period.(b) shows the amounts of money in cash, or near cash form, received and paid out by a firm from all activities during a period.(c) shows the change in financial positions of a firm during a period.(d) shows a firm’s cash transactions during a period.2.4 A sole trader’s capital at a particular date equals(a) the amount of cash he has in the business.(b) his net assets at cost in the business.?(c) all his assets in the business at realizable values.(d) all his assets at book values in the business less all liabilities of the business.2.5 A balance sheet shows(a) all assets of a firm at market values and all its liabilities at a particular date.(b) all known assets and all known liabilities and capital of a firm at a particular date.(c) estimated values of all assets, capital and liabilities of a firm at a particular date.(d) all assets, all liabilities and proprietors’fund at book values of a firm at a particular date.2.6 A “liquid asset” means(a) an asset in cash or readily convertible to cash.(b) an asset which has not a physical form.(c) an investment which is realizable at any time.(d) a current asset other than trading stock2.7 A machine bought for resale is(a) a capital e*penditure(b) a trading stock item(c) a fi*ed asset(d) a production cost2.8 A “break-even” sales volume means(a) a sale volume which will produce no profit or loss(b) a minimum sales volume which will produce the target profit.(c) a sales volume which is very close to budget.(d) a sales volume which is below the break-even point.2.9 A dividend paid by a company is(a) an appropriation of profits.(b) a capital e*penditure.(c) a revenue e*penditure.(d) a return on capital2.10 Capital profits mean(a) profits derived from the use of capital(b) profits derived from the use of fi*ed assets.(c) returns on capital.(d) profits from disposal of fi*ed assets.。
金融英语证书考试
金融英语证书考试（F E C T）E x e r c i s e s-1（1）1.Which of the following is not a function of money？ ______。
A.To act as a medium of exchangeB.To act as a unit of accountC.To act as a store of valueD.To provide a double coincidence of wantsE.To act as a means of payment2.The price in the foreign exchange market is called ______。
A.the trade surplusB.the exchange rateC.the money priceD.the currency rate3.Market risk refers to the risk of______。
A.financial prices fluctuationsB.defaultC.fraudD.deferred payments4.Which of the following is not among the generally accepted accounting principles？ ______。
A.Cash basisB.PrudenceC.ConsistencyD.Going concernE.Money measurement。
5.What is a documentary letter of credit？ ______。
A.A conditional bank undertaking to pay an exporter on production of stipulated documentationB.A method of lending against documentary securityC.An international trade settlement system biased in favour of importersD.All of the above6.Holding a group of assets reduces risk as long as the assets ______。
- 1、下载文档前请自行甄别文档内容的完整性，平台不提供额外的编辑、内容补充、找答案等附加服务。
- 2、"仅部分预览"的文档,不可在线预览部分如存在完整性等问题,可反馈申请退款(可完整预览的文档不适用该条件!)。
- 3、如文档侵犯您的权益，请联系客服反馈,我们会尽快为您处理(人工客服工作时间：9:00-18:30)。
金融英语证书考试（FECT）Exercises-1（1）1.Which of the following is not a function of money？______。
?A.To act as a medium of exchangeB.To act as a unit of accountC.To act as a store of valueD.To provide a double coincidence of wantsE.To act as a means of payment2.The price in the foreign exchange market is called ______。
A.the trade surplusB.the exchange rateC.the money priceD.the currency rate3.Market risk refers to the risk of______。
A.financial prices fluctuationsB.defaultC.fraudD.deferred payments4.Which of the following is not among the generally accepted accounting principles？______。
A.Cash basisB.PrudenceC.ConsistencyD.Going concernE.Money measurement。
5.What is a documentary letter of credit？______。
A.A conditional bank undertaking to pay an exporter on production of stipulated documentationB.A method of lending against documentary securityC.An international trade settlement system biased in favour of importersD.All of the above6.Holding a group of assets reduces risk as long as the assets ______。
A.are perfectly correlatedB.are completely independentC.do not have precisely the same pattern of returnsD.have a correlation coefficient greater than one7.An amount，payable in money goods，or service，owed bya business to a creditor，is known as a/an 。
A.liabilityB.debtC.equityD.asset8.What function is money serving when you buy a ticket to a movie？______。
A.store of valueB.a medium of exchangeC.transaction demandD.a unit of account9.If foreigners expect that the future price of sterling will be lower，the ______。
A.supply of sterling will increase，demand for sterling will fall，and theexchange rate will fallB.supply of sterling will increase，demand for sterling will rise，and theexchange rate may or may not increaseC.supply of sterling will fall，demand for sterling will increase，and the exchange rate will riseD.supply of sterling will fall，demand for sterling will fall，and the exchange rate may or may not fall10.The documentary collection provides the seller with a greater degree of protection than shipping on ______。
A.open accountB.bank's letter of guaranteeC.banker's draftD.documentary credit11.Which of the following statements is not true of central banks？______。
A.They pay the government's salariesB.They always undertake the regulation of the banking systemC.They are always the lender of last resortD.None of the above12.When GBP/USD rate goes from 1.6150 to 1.8500，we say the dollar ______。
A.appreciates by 12.70%B.depreciates by 14.55%C.depreciates by 12.70%D.appreciates by 14.55%13.According to diversification principle in investment，suppose you invest Stock X and Stock Y with equal funds，which of the following is not true？______。
A.If X and Y are totally independent with each other，the risk of the portfolio is reducedB.If X and Y are perfectly negatively correlated，the risk of the portfolio is perfectly offsetC.If X and Y are perfectly positively correlated，the risk of the portfolio is neither reduced nor increasedD.If X and Y are perfectly negatively correlated，the risk of the portfolio is neither reduced nor increased14.These are four main methods of securing payment in international trade：（1）payment under documentary credit（2）open account（3）collection，that is document against payment or acceptance of a bill of exchange（4）payment in advanceFrom an exporter's point of view，the order of preference is ______。
A.（4），（2），（3），（1）B.（4），（1），（3），（2）C.（4），（3），（1），（2）D.（2），（4），（1），（3）15.The main liability on a bank balance sheet is ______。
A.depositsB.capital and reservesC.loans and overdraftsD.cash16.______ shows that net income for a specified period of time and how it was calculated。
A.The income statementB.The capital statementC.The accounting statementD.The statement of financial condition17.Why must the liabilities and assets of a bank be activelymanaged？______。
A.Because assets and liabilities are not evenly matched on the same time scaleB.Because assets and liabilities are evenly matchedC.Because the interbank market uses LIBORD.Because assets and liabilities can be underwritten18.If the expected returns of two risky assets have a perfect negative correlation，then risk 。
A.is increasedB.falls to zeroC.is unaffectedD.is reduced by one-half19.A possible disadvantage of freely fluctuating exchange rates with no official intervention is that 。
A.some nations would experience continual deficitsB.the exchange rates may experience wide and frequent fluctuationsC.nations would no longer be able to undertake domestic policies designed to achieve and maintain full employmentD.nations would need a larger supply of international reserves than otherwise20.What are your GBP/USD position and the average rate if you sell ￡4m at 1.6350 buy ￡5m at 1.6340 and sell $5m at 1.6348？A.Short ￡2 058 478.10 long $3 370 000 at 1.6371B.Long ￡5 941 521.90 short $9710 000 at 1.6342C.Short ￡5 941 521.90 long $9 710 000 at 1.6342D.Long ￡4 058 478.10 short $6 630 000 at 1.633621.A correlation coefficient of +1.0 means two stocks are ______。