金融英语考试模拟练习题三
金融英语模拟试题及答案
金融英语模拟试题及答案Reading Comprehension: (10 points)Joseph Glass, CFA, is a consultant who provides advisory services to large manufacturing companies. Glass has been retained by ABCO, a leading manufacturer of widgets for automobiles in the United States. ABCO has hired Glass to evaluate the possibility of e*panding their current base of operations by building an additional facility in South America. Management of ABCO has identified an increase in demand for widgets in South America over the past decade, and any new manufacturing facility would produce goods to satisfy that void and would be distributed and sold across South America.Glass is not familiar with the current economic climate in South America, but is aware that several governments have attempted to encourage economic development in their countries through the enactment of pro-business legislation. Two of these countries, Venezuela and Peru, both have the reputations of being “friendly” to foreign economic investment withintheir borders. The two countries share some similarities: both, until the past twenty years, were primarily agricultural economies with little industrial development. Also, both countries can offer a relatively low-cost labor force, although their workers in general, are not highly skilled.The government of Peru has declared that protecting the country’s environment is of utmost importance, and has established a regulatory body that oversees any environmental concerns that may arise as the country becomes more industrialized. Fairly stringent regulations have already been put into place in order to ensure that going forward, the operating practices of manufacturers within their country’s borders will be in balance with the government’s concern for their county’s natural resources. Regulations cover areas of concern such as air emissions, water conservation and the use of sustainable resources. Glass advised ABCO that a cost-benefit analysis must be performed to accurately determine both the direct and indirect costs of compliance with the regulations.The Venezuelan government has taken steps to ensurethat it can carefully manage the development of its country’s emerging economy, and to ensure that a competitive market is maintained. A regulatory agency was established five years ago to provide guidance for any new manufacturing concern seeking to operate in Venezuela. The head of the agency is Juan Santos, the former CEO of one of the first modernized manufacturing facilities in the country. During his tenure as head of the agency, he has demonstrated his ability to render decisions that attempt to simultaneously satisfy legislators, industry participants, and consumers. Glass is impressed by Santos’ work so far, but realizes that over the past five years, Venezuela has e*perienced a period of relatively slow economic development. Glass believes that Santos’ skills will truly be put to the test in the upcoming years of the anticipated economic e*pansion.Glass acknowledges the need for governmental regulation of industry, but recognizes that there always are offsetting costs, both short-term and long-term of such controls. Based upon his knowledge of events that have occurred in the United States over thepast thirty years, Glass recommends that ABCO continue to carefully monitor economic developments in both countries even after a site for a new manufacturing facility is selected.Part 1)Should ABCO build a new facility in either of the two countries, it is almost a certainty that they would be the low-cost producer of widgets, with the capacity to satisfy nearly all demand in the region. A natural monopolist operating in an unregulated industry will produce at the point where:A. Marginal costs equal marginal revenue.B. Average costs equal marginal revenue.C. Average costs equal average revenue.D. The marginal cost curve intersects the demand schedule.Part 2)The social regulation policies enacted by the government of Peru would least likely to cause which of the following outcomes? ()A. Higher costs of production.B. A disproportionately higher compliance e*pensefor larger firms rather than smaller firms.C. Higher prices for the end consumer.D. Attempts by industry participants to avoid compliance through creative response.Part 3)If ABCO were to build its new facility in Peru, compliance with the country’s regulatory policies will increase the price of their product by appro*imately ten percent. Some consumers may respond by not replacing the widgets in their automobiles as frequently as before, which will cause decreased fuel efficiency. This unintended effect of regulation is an e*ample of: ()A. The capture hypothesis.B. A creative response.C. A feedback effect.D. The share-the-gains, share-the-pains theory.Part 4)The appointment of Santos, an industry “insider”, to head the regulatory agency in Venezuela has the potential to cause a reaction predicted by which of the following theories of regulatory behavior? ()A. Rate-of-return regulation.B. Share-the-gains, share-the-pains theory.C. The capture hypothesis.D. Cost-of-service regulation.Part 5)Santos, as the head of the main regulatory body in Venezuela, must decide how to manage the effects of an unanticipated sharp increase in the cost of electricity. Santos proposed regulation that will allow manufacturers to pass on the increased costs at scheduled intervals over a five year period. This approach is an e*ample of: ()A. Rate of return regulation.B. Cost-of-service regulation.C. Share-the-gains, share-the-pains theory.D. Social regulation.E*planations of terms：(10 points)1. Liquidity2. Cost-push inflation3. Surveillance4. E*ternal debt5. Foreign reserveQuestion3: How many factors to e*plain the reserveholdings?Question4: What is The Monetary Policy Instruments of the Central Bank?Question5: What is Concept of Trust Market？And what the composition of it is?Question6: What is the Money Laundering?。
(原)金融专业英语(FECT)中级银行业务模拟试卷3(题后含答案及解析)
（原）金融专业英语（FECT）中级银行业务模拟试卷3(题后含答案及解析)题型有：1. SECTION ONE 2. SECTION TWO 3. SECTION THREE 4. SECTION ROUR 5. SECTION FIVESECTION ONE (Compulsory) Now listen to a short conversation and a passage on the tape. This will be played once on the recorder. You may make notes while you are listening, but you should not answer any questions until the reading is over.Qustion 1听力原文：Personal loanA: Good afternoon, Sir, at your service.B: Oh, thank you. My name is Robert and I’d like to make some enquiries concerning mortgage loan facilities offered by your bank. Am I in the right place?A: Yes, definitely Sir, please take a seat and let me get hold of a mortgage loan application form. Might I know some details about the property you intend to buy?B: I decided to purchase an apartment in Sapphire Court on Stanford Road, south of our town. I have already made my down payment last week and now I am trying to get a mortgage loan to finance the purchase.A: Oh, I see. Is Sapphire Court a new development and what is your purchase price?B: No, it’s a second hand property and as far as I know, it has been 5 years since the building was built. The owner is demanding for ＄1 million.A: You mentioned that you have paid a down payment. If you don’t mind, please tell me how much you have already paid mid the amount of loan you want from the bank?B: I have paid ＄40,000 to the landlord through the real estate agent and I will just need ＄700,000 from the bank. What interest rates shall I pay if I’m approved to get the loan?A: According to practice, we offer our customer mortgage loans on the basis of prime rate plus 1.5 %. At the moment, prime rate is 8 % so your mortgage loan, if allowed, will approximate to 9.5 %. But we might be able to offer you better terms depending on your profession. Let me first try to fill out this application form for you. Can I have your ID card please?B: But I might not want a loan from your bank if the terms are not suitable to me. Should I not fill in any form at this stage?A: Sir, the form is just to record the appropriate details and in any case, we will have to conduct an evaluation of the property before we can approve a loan. In addition, we also need your signature when we come to the very end of the form. There is absolutely no commitment at this stage and you can rest assured that the bank will not force you to take up our loan facilities if you don’t want to.B: I understand. Here is my ID card. You can take a photocopy if you need.A: Thank you Sir. Now I want the actual address and the size of the property. Do you want the repayment to spread across a 10-year schedule?B: Yes, let’s work on a 10-year repayment schedule, It’s Apartment 8A, Sapphire Court, Stanford Road South, so it’s on the 8th floor. The size is about750 square feet as the landlord said. There are 2 bed rooms, a sitting mom, a bath mom and a kitchen. The main window faces the south.A: That sounds rather attractive. We will conduct an evaluation to find out the size and other related facilities. That will give us an idea on how much we can lend. Normally we only lend to a maximum of 70% for second hand properties but if you are looking for ＄700,000, which is only about 66% of your purchase price, I believe there is high chance for the loan to be approved as the property is quite new.B: Just now you mentioned possible better terms. What exactly are they?A: Well, would you mind telling me your profession, your source of income and whether you intend to live in the apartment you purchase?B: I’m an engineer in Arrow & Moral Electronics Inc. and my annual income is 260,000 dollars. I also receive additional income for the articles I write for the magazines, amounting to ＄3,000 a month. I do plan to live in Sapphire Court myself.A: Good. Have you brought with you your salary or income tax statement?B: I’m sorry. I didn’t know you need them. But I can send them to you tomorrow.A: Yes, please. We were talking about better terms just now. For certain profession, we offer special rates and if the property is to be used by the applicant, there will also be special consideration.B: Is there any penalty if I make early repayment?A: Only for the first year. There is no penalty if you make early repayment from the 2nd year onward.B: I see. So all I need to do now is to sign the application form and wait for the bank’s advice on how much I can borrow.A: That’s correct. Now if you don’t mind you may perhaps sign here and I will contact you within the next few days. This is my business card. Meanwhile, if you have other questions, please feel free to call me.B: Thank you. Goodbye.A: Goodbye. Personal loan Banks offer personal loans to their customers either in the form of installment loans or overdrafts. Installment loans are loans granted by the bank to the customer over a fixed period of time. Depending on the needs and nature of the loans, they can be extended for a period of a few days to several years. The repayment schedule is usually fixed in amount and time. The bank usually does net have the right to demand early repayment unless the customer fails to meet the agreed repayment schedule. The most popular repayment schedule would be monthly or semi-monthly and the repayment amount would be spread in equal installments over the whole term of the loan, or as otherwise agreed by both parties. Depending on the needs of the personal customer, the purpose of the loan varies: to finance a vacation or to make tax payment. Installment loans can be secured or unsecured. A bank may, up to a certain limit, advance a loan to a customer without security. An unsecured loan usually carries a risk, thus the borrower is required to pay a higher rate of interest on the amount borrowed. However, a customer with good credit standing can negotiate a loan at a lower interest rate even though no security is given. Usually, unsecured loans are for a shorter period of time and for smaller value, loans of this type are usually offered to those who have stable incomes and are in higher income brackets. Most borrowers are in the professional classes, e.g. engineers, lecturers/ teachers, accountants, etc. A secured loan is based on security provided by the customer which is attached to the loan agreement. The security could be provided in the form of specified assets or personal guarantees.A secured loan usually carries a lower interest payment. If the borrower defaults onthe conditions of the loan, the bank could dispose of the assets given as security, keep what the customer owed or return the remainder to the customer. The most popular secured loans are those for financing the purchase of durable items. These loans usually have a period of at least a few years. An example of a longer loan with high security value is the home mortgage loan, which usually has a term for more than ten years. In a mortgage loan agreement, the asset itself is purchased by the loan and provides the security for the banker. The most popular mortgage loan is the real estate mortgage. Other mortgage loans are, for example, granted to purchase a car. This is called a chattel mortgage. When a customer is in the process of selling an asset, such as, a house and buying another one, this person needs a bridging loan, which is a loan agreement under which finance is required in connection with the sale of one asset and the purchase of another. The finance is required because the customer may be lacking money for buying a new asset before the money comes in for the asset being sold. Because the purchase occurs before the sale, the customer needs to “bridge” the gap.1．What’s the name of the man who is seeking the mortgage loan?正确答案：Robert.2．When did he pay the down payment?正确答案：Last week.3．What is the purchase price of the apartment?正确答案：＄1 million.4．Through whom did he pay to the landlord?正确答案：Through the real estate agent.5．What interest rate does he pay if he gets the loan?正确答案：9.5%.6．How many years repayment schedule do they work on?正确答案：10-year repayment schedule.7．Is there any penalty if he makes early repayment, and how early?正确答案：Yes. Only for the first year.8．Can Robert get unsecured loans if he applies for a short period of time andfor smaller value?正确答案：Yes.9．People in what kinds of professions are mentioned in the passage that are offered unsecured loans?正确答案：Engineers, lecturers, teachers, accountants.10．If a loan is granted to purchase a car, what do we call this kind of loan?正确答案：A chattel mortgage.SECTION TWO (Compulsory) Answer all questions below. Read the following statements and decide whether they are True (T) or False (F). If it is a false statement, try to re-write a correct version.Question 211．The Land Fund is now managed by the HKMA under the direction of the Financial Secretary as a combined portfolio with the Exchange Fund.A．正确B．错误正确答案：B解析：Correction: The Land Fund is now managed by the HKMA under the direction of the Financial Secretary as a separate portfolio from the Exchange Fund.12．After July 997, mainland Chinese banks applying to operate in Hongkong are still placed under the category of foreign banks.A．正确B．错误正确答案：A13．Money is a commodity itself.A．正确B．错误正确答案：A14．Credit instruments are issues by which investors supply permanent financing to firms or other borrowers including governments.A．正确正确答案：B解析：Correction: Equity instruments are issues by which investors supply permanent financing to firms or other borrowers including governments.15．Debit instructions arise when the party to whom payment is to be made demands the funds from the bank holding the debtor’s money.A．正确B．错误正确答案：B解析：Correction: Credit instructions arise when the party to whom payment is to be made demands the funds from the bank holding the debtor’s money.16．Compared with call deposits, time deposits generally have a shorter deposit time restriction, which ranges from 24 hours to one week.A．正确B．错误正确答案：B解析：Correction: Compared with time deposits, call deposits generally have a shorter deposit time restriction which ranges from 24 hours to one week.17．Under conditional lease, the company or the bank holds the title, takes the investment credits and depreciation expenses, and sells or releases the facilities when the lease expires.A．正确B．错误正确答案：B解析：Correction: Under true lease, the company or the bank holds the title, takes the investment credits and depreciation expenses, and sells or releases the facilities when the lease expires.18．A breaker’s cheque is a negotiable instrument.A．正确B．错误正确答案：B解析：Correction: A banker’s cheque may or may not be a negotiable instrument.19．Depending on the need of clients, SWIFT is the most convenient and the safest method.B．错误正确答案：A20．There is no circumstance where the “non-disclosure” rule can be broken without the consent of the customer.A．正确B．错误正确答案：B解析：Correction: There are circumstances where the “non-disclosure” rule can be broken without the consent of the customer.21．Index deposit combines the benefit of a time deposit and an investment.A．正确B．错误正确答案：A22．A negotiable instrument is a conditional Order or promise to pay a certain amount of money.A．正确B．错误正确答案：B解析：Correction: A negotiable instrument is an unconditional order or promise to pay a certain amount of money.SECTION THREE (Compulsory) Write short notes on all questions below. Note form answers me acceptable.Question 323．What are the agents required in the process of money creation through the open-market operations?正确答案： a. central bank b. banks or depository institutions c. brokers/citizens24．List any 4 most general types of bank loans and advances that banks provide to all economic sectors.正确答案： a. working capital loans b. start-up loans c. syndicatedloans d. project financing e. foreign trade financing25．What global electronic banking services can business customers obtain from banks?正确答案： a. cash management services b. trade services c. Electronic Data Interchange (EDI) Services26．List any 3 reasons for having funds moved from one country to another.正确答案： a. the settlement of debts as a result of international trade b. The transfer of funds paid out by foreign firms in file forms of dividends, profits and capital gain incomes. c. remittances to friends and relatives d. government’s aid to foreign countries e. capital flight27．Name any 3 conditions that a company, a person or group of persons need to meet in order to get a bank license in HK.正确答案： a. Minimum paid-up share capital of not less than a legally specified amount (HK ＄150 million for Licensed Banks, HK ＄100 million for Restricted Licence Banks and HK ＄25 million for Deposit-taking Companies).b. For overseas applicant, the incorporation must be in countries where the supervisory authorities have the capabilities to meet the minimum supervision standards as recommended by the Basle Committee.c. For local applicant, it has been an authorized institution for at least 10 years.d. There is also an asset requirement for Licensed Banks( US ＄16 billion for overseas and HK ＄4 billion for local applicants as at end 1997), which is revised annually.e. For local applicant, there is an additional minimum requirement for public deposit of HK＄3 million as at end 1997.28．What does the Federal Reserve Payment Services include?正确答案： a. the processing and collection of checks through Federal Reserve Banks. b. the wire transfer of funds and securities against payment. c. automated clearing house services in which Federal Reserve Banks process electronically originated credit and debit transfer. d. the large-dollar payments system called Fedwire.SECTION ROUR Answer one question only.Question 429．What is merchant banking? Why does it grow rapidly in Hong Kong?正确答案：Merchant banking: —providing financial advice and a wide range of special services for companies in the area of finance and management. —main functions in merchant banking: -act as both brokers and dealers in wide variety of securities; -provide research services and give consultancy services on all varieties of management problems; -money market instruments are traded; -underwrite the debt issue of government and manage the sale of corporate debt and stock; -serve as agents to handle the payment of dividends to shareholders; -handle mergers, acquisitions, interest rate Swaps, leveraged buyouts, and other fee-earning activities; -arrange or participate in syndicated lending/project financing; -provide advisory/underwriting services in IPO/placement. The reasons for the rapid growth of merchant banking in Hong Kong: —Institutionalization -Growing importance of institutional investors in the market place has provided a chance for the expansion of merchant banks. -Since 1990s, the main players of the stock market has shifted from individuals to the institutions. —Deregulation -Competition across borders becomes available as the relaxation of regulations in the US and some European states and the development of Euro-market. -Because of the capital limitation, individuals must seek for help from the merchant banks which have considerable scale in global operations. —Securitization and disintermediation -The change of the source of corporate financing from bank loans to merchant banks’ services has increased the development of merchant banking business. Many corporations like to seek financial arrangement through merchant banks. —Advanced technology -Since the communication ability has been intensified by the advanced technology, the information exchange among merchant bankers and other financial institutions becomes more vigorous. —Industrial organization restructuring -The environment for file growth of merchant banking has been created with the rapid restructuring of industrial organization, such as the breaking-down of conglomerates, introduction of leverage-buy-out, favorable acceptance of “junk”bond. —Globalization -From 1990s onwards, a global market has been laid down by the creation of the Euro-market and the increasing use of commercial papers and other financial instruments and the impetus for the growth of merchant banking business has been provided by this favorable conditions.Question 530．Describe money markets and capital markets.正确答案：Money markets: Concept: —Money markets are exchange systems where short-term, usually less than one year, highly liquid and readily marketable credit instruments are traded. Instruments traded in Hongkong money markets: —Negotiable certificates of deposits: -a financial instrument issued by a bank or a deposit-taking company as evidence of indebtedness; -repayable either on demand or at a determined future time; -carries either a fixed or floating interest rate. —Inter-bank lending and borrowing: -in Hongkong, it is anintangible market participated by licensed banks and deposit-taking companies; -borrowing is on unsecured and short-term basis, ranging from overnight call up to 6 to 12 months; -HIBOR is used to determine the offer price. —Floating rate notes: -a negotiable instrument bearing a floating interest rate and issued by a company; -the quality of the note will be reflected by the reception of the notes in file market; -a highly-rated company will offer notes with a better rate. —Commercial papers/ bills: -a form of negotiable instrument issued by companies; -a promissory note, unsecured and with a maturity date; -comparatively high yield. —The Exchange Fund Bills: -similar to the treasury bills issued in other countries; -investors earn no interest but receive a return based on the discount from their face value at maturity; -important investors are: licensed banks, deposit-taking companies, insurance companies, other financial companies and institutions; -advantages: highly liquid; strong credit standing; a large and expanding market. —The Government Bond Instruments traded in the international money markets: —Treasury bills. —Eurodollars. —Eurodollar certificates of deposits. Through local brokers and dealers who bring buyers and sellers together for a commission, one can easily get access to international money market instruments in Hongkong.Capital markets:Concept: —it is a market where long-term financial instruments with maturities of upwards of one year are traded.General characteristics of the instruments: —greater risk; —less liquidity; —higher degree of default rate. Types of instruments: —Credit instruments -they are issues by which a lender advances funds to a borrower in return for the borrower’s IOU. —Equity instruments -they are issues by which investors supply permanent financing to firms or other borrowers including governments.SECTION FIVE Answer one question only.Question 631．Analyzing the “security”—the factor that banks employ to consider the loan granting.正确答案：(1) Concept of the security Security can be viewed as a “comfort”which provides the lending banker with the assurance that if things go wrong with the loan, there is another source of recovery available to minimize credit losses.(2)The classification of the security A. Direct security and collateral Direct security: refers to the borrower’s assets obtained by the bank by way of a mortgage, charge or lien. Collateral: refers to any security deposited by a third party to secure the indebtedness of the borrower. B. Tangible and intangible Tangible: include land, buildings, fixed deposits, shares and stocks. Intangible: guarantees and indemnities. (3)The types of security and their features Land and other property Most popular type of security. It can be classified as “legal” or “equitable”mortgage. Life policy It is an adequate form of security,especially against loans made to a sole proprietorship. Stocks and shares It is common type of security. To avoid the risk involved, loans should not be made against “unquoted”shares. Guarantees It is a written undertaking to be responsible for the debt of another party. There are three parties involved: creditor, debtor and guarantor. Debentures It is a written acknowledgement of indebtedness by a company, usually given under its seal and setting out the terms of interest and repayment. Deposits It is a safe and highly liquid form of security. Its value is readily available and realization is relatively easy. (4)The factors influencing the judgment of the security Value: the price at the time it is necessary to sell the asset so as to recover the loan. Type: Acceptability: acceptable to the bank as security, and be readily available to be transferred to the bank. Realizability: the last step that the bank takes to recover the loan.(5)The criteria for good or suitable security Easy to value. Easy to transfer tide. Easy to realize. Stable and increasing in value. (6)The advantage of using security It provides banks with some form of insurance to safeguard the bank against any loss if the loan turns out to be irrecoverable. (7)The limitation of using security Security is a protection rather than a source of repayment. It should be the last item to be considered in loan approval.Question 732．(a)Write short notes on the following: (i)BACS (ii)CHAPS (iii)CHIPS (iv)FedWire (b)What are the significance and limitations of the balance sheet?正确答案：(a)(i)BACS: Formerly known as Bankers’Automated Clearing Services. BACS handles direct debits and credits as well as standing orders in the UK. The clearing process is normally completed on the third day of the operation cycle. (ii)CHAPS It refers to the Clearing House Automated Payments System. It is available nationwide in Britain. It is operated by a number of settlement banks who communicate directly through computers. Payments sent through the system are guaranteed and unconditional, and cleared on a same-day basis. (iii)CHIPS It refers to Clearing House Inter-bank Payments System. It is a computerized network in the United States for transfer of international payments. It links up a number of international banks and other financial institutions which have offices or subsidiaries in New York City. Members are classified as “settling” and “non-settling”member banks. Each non-settling member bank maintains an account with a settling member which effects settlement on its behalf. (iv)FedWire It is a fund-transfer system operated in the USA by the Federal Reserve System (file Fed, the Central Bank of the US). This fund-transfer network handles transfers from one financial institution to another with an account balance held with the Fed. The transfer of reserve account balances is used for the buying and selling of Fed funds, and credit transfers on behalf of bank customers.(b)A balance sheet is basically a financial statement that gives an accounting pictureof assets owned by a business operation and of claims outstanding on a specific date. The balance sheet acts as a snapshot of the company’s position at a point in time. The balance sheet provides us with some idea of a company’s real worth and the trends of performance. It is static and historical in that it shows the assets and liabilities at a past point in time. Some of the assets are estimations only and as valued on the date stated.Question 833．Wang wants to transfer his money from China to the US. Could you explain the different money transfer methods provided by banks to him?正确答案：There are three methods of money transfer provided by banks: Draft: —A draft is an order in writing, made out to a person other than the maker, instructing him to pay a certain sum of money to a named person called the payee. It is also called a “bank draft” or “banker’s cheque”. —A draft can be sent by mail or handed over directly to the payee by the customer. —the process of a draft handling: -A request from a customer to a banker to issue a draft to a recipient overseas; -The draft drawn by the drawer bank on the drawee bank for the transaction of the draft; -The drawer advises the drawee of the issue of the draft and informs the drawee bank to pay the payee when the draft is presented for payment. —The features: -A draft sent by the customer is the least expensive, but is the slowest form of transmission. -The customer bears the risks of theft, destruction or loss in the mail system when the draft is sent by the customer himself. Mail transfer: Mail transfer is an instruction given by one hank to another, based on the request of the customer. —The way to transfer : -a written draft; -internal communication system. —The banks involved: -the remitting bank: the hank which instructs another bank to make payment to the nominated recipient; -the advising bank: the bank which receives the instruction from the remitting bank. —The process of mail transfer: -The request from a customer to the remitting hank to transfer the money; -The remitting bank will send a statement to the advising bank and tell it the exact amount being transferred, the name of the payee and his address; -The advising bank will inform the nominated recipient and check the recipient’s identity and then release the funds. —The features of the mail transfer: -It is a little safer. -The speed is low. -It could also be delayed, destroyed or even stolen. -Such delay involves additional interest payment. Telegraphic transfer: —It is an authenticated order given by the remitting hank to the advising bank to which it is addressed to make available specified funds to a named recipient. —The way to transfer: cable or telex. —The process of the telegraphic transfer: -The request from a customer to the remitting bank; -The remitting bank will send a statement to the advising bank through cable or telex which contains a “test-key”; -The advising bank receives the transmission and uses the test-key to verify the genuineness of the telex or cable instruction. And then advises the recipient to collect the funds. —The features ofthe telegraphic transfer: -It is the most expensive way of money transfer; -Fast in speed; -One of the reliable forms of money transfer.。
金融英语模拟习题
金融英语模拟习题1. In general, the more liquid an asset the .A. less it is likely to yieldB. greater its risk of defaultC. lower its market price will beD. more it will add to bank profits2. The interest rate printed on the face of a bond is called the .A. coupon rateB. prime rateC. printed rateD. nominal rate3. A rise in interest rates leads to .A. capital gains for bondholdersB. capital losses for bondholdersC. ine gains for bondholdersD. ine losses for bondholders4. If the reserve requirement ratio were equal to zero, then .A. the deposit multiplier would be infinitely largeB. required reserves would be equal to zeroC. the banking system would theoretically be able to create an infinitely large amount of demand depositsD. all of the above5. Financial intermediaries’ primary function in financial markets is to serve as .A. ultimate borrowersB. ultimate lendersC. ultimate saversD. middlemen6. Suppose the Fed buys $10 million in government securities from a mercial bank. If the required reserve ratio is 0.25, what is the maximum amount by which checkable deposits in the banking system can change? .A. +$10000000B. +$25000000C. +$40000000D. -$400000007. Suppose the annualized yield on a 91-day Treasury bill is 1.25%. If you invested $10 000 in this bill, how much would you have to pay for this security? .A. $11.250B. $10012.50C. $9998.75D. $9968.938. Who are the first to bear financial losses incurred by the bank? .A. The depositorsB. The debtorsC. The bank capital shareholdersD. The bank employees9. A government is faced with a balance of payments deficit. It may take action to deal with this by doing all of the following except .A. devalue the currencyB. reduce interest ratesC. restrict consumer spendingD. restrict imports10. Aording to the principle of parative advantage, countries .A. should specialize in producing goods they have lower opportunity cost forB. should export goods they can produce at lower input costsC. will specialize in producing goods which they can produce at lower input costsD. should specialize in producing goods they have lower absolute costs for11. A currency depreciation on the foreign exchange market will .A. encourage imports to the country whose currency has depreciatedB. discourage imports to the country whose currency has depreciatedC. discourage exports to the country whose currency has depreciatedD. encourage foreign travel by the citizens of the country whose currency has depreciated12. The difference between fiscal policy and moary policy is that .A. fiscal policy is macroeconomic policy and moary policy is microeconomic policyB. moary policy is macroeconomic policy and fiscal policy is microeconomic policyC. fiscal policy involves regulation of natural monopolies and moary policy involves the provision ofpublic goodsD. moary policy involves regulation of the money supply and fiscal policy involves government spending and taxing13. When economists speak of the utility of a certain good, they are referring to .A. the demand for the goodB. the usefulness of the good in consumptionC. the satisfaction gained from consuming the goodD. the rate at which consumers are willing to exchange one good for another14. How are financial ratios used in decision making? .A. They remove the uncertainty of the business environmentB. They give clear signals about the appropriate action to takeC. They can help identify the reasons for suess and failure in business, but decision making requires information beyond the ratiosD. They aren’t useful because decision making is too plex.15. A good is called an inferior good if sales .A. are unaffected by ineB. rise as price increasesC. decline as price increasesD. decline as ine increases16. Interest rates are made up of .A. the real rate and the inflation premiumB. the risk-free rate and the period rateC. the risk premiumD. A and CE. B and C17. Most stocks are traded on .A. primary marketsB. secondary marketsC. credit marketsD. capital markets18. The president or CEO of a corporation reports to .A. the treasurerB. the CFOC. the board of directorsD. the shareholders19. Term structure of interest rates refers to the relationship between .A. interest rates of different termsB. risky and riskless securitiesC. the real rate of return and the inflation premiumD. increase profits20. The demand deposit expansion multiplier is determined by .A. the amount of excess reserves in the banking systemB. the ratio of bank assets to bank liabilitiesC. the prime rate of interestD. the required reserve ratio。
(金融保险类)金融英语模拟题集
Test2Part One ListeningSection One (10%)Directions: In this section you will hear 10 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.Now you will hear the example: She went to the bank with Mr. Smith.You will read:A. She went home. C.She went to the bank.B. She liked Mr. smith. D.She went to Mr. Smith's house. Statement 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 answerC. Now listen to the statements.1. A. Financial markets must support sound financial institutions.B. Sound financial institutions are made by financial markets.C. Financial markets should be backed by strong financial institutions.D. Financial markets are sound because of financial institutions.2. A. US dollar is going higher vs. Japanese Yen.B. US dollar is going higher vs. Pound Sterling.C. US dollar is going lower vs. Japanese Yen.D. US dollar is going lower vs. Deutsche Mark.3. A. Please remit us the bill amount through Barclay's bank on due date.B. Please claim the bill amount on Barclay's Bank on due date.C. Please pay the bill amount to Barclay's Bank.D. Please inform Barclay's Bank to reimburse us on due date.4. A. The People's Bank of China may not provide loans for organizations or individuals.B. The People's Bank of China may not give financial support to enterprises.C. The People's Bank of China may act as a financial guarantor for organizations or individuals.D. The People's Bank of China may not effect a financial guarantee for individuals or organizations..5. A. Policy is the only factor that affects stock prices.B. Policy is one factor that affects stock prices.C. Monetary policy is one of the factors that affect stock prices.D. Monetary policy is the only factor that affects stock prices..6. A. I wish to cash some cheques.B. I wish to cash some traveler's cheques.C. I wish to pay cash for my expenses here.D. I wish to pay for my traveller's cheques here7.A. The L/C will be confirmed by our bank.B. Our bank's agent will confirm the L/C.C. The credit will be opened by our bank's agent.D. Our branch in San Francisco will confirm the L/C.8.A. U.S. dollar is dearer.B. U.S. dollar is higher.C. Japanese yen is weaker.D. Japanese yen is stronger.9. A. The draft is a sight one.B. The draft is payable by Citibank.C. The bill is drawn on Citi Branch.D. The bill is not negotiable.10. A. We paid you early as required.B. Your documents came to us as required.C. Your documents have been correctly presented as required.D. You did not present the documents as required.S ection Two (10%)Directions: In this section, you will hear 10 short conversations. At the end of each conversation a question will be asked about what was said. Theconversations and questions will be spoken only once. During the pause, you must read the four suggested answers marked a, b, c, and d, and decide which is the best answerNow you will hear :M: Does our bank have a direct correspondent relationship with the Bradalys' Bank?W:No, we don't. So we have to advise this L/C via another bank.Q: Which of the following is right?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 is C. Therefore you should choose answer C.11. A. To apply for rolling over the loan for another period.B. To default on repayment.C. To repay it immediately.D. To apply for a new loan.2. A. 827.28 B. 829.19 C. 826.71 D. Not mentioned.13. A. He sold a house.B. He borrows some money from the man.C. He borrowed some money from the bank.D. He visited a new house.4. A. She pays a visit to the bank.B. She deals with a transaction with her customer.C. She wants to check Parks' cash and transactions of the day.D. She pays a visit to the Auditing Department.5.A. About remitting money. B. About getting a bill of exchange.C. About discounting a bill of exchange.D. About quotation of buying rate.16. A. she definitely accepted the request.B. She will not do what the man requested.C. She will use her car.D. She definitely refused the request.17. A. How to get a ticket to Paris. B. How to go to Paris.C. How to transfer money to Paris.D. How to fill the form.18. A. To open a current account. B. To open a savings account.C. To cash her cheques.D. To draw money from her savings account.19.A. 5% B. 3% C. 8% D. 6% 20. A. The interest rate will belowered B. The interest rate will be stable.C. The interest rate will increase.D. The interest rate will befloating.Section Three (10%)Directions: In this section, you will hear 3 short passages. At the end of each passage you will hear some questions about what was said. The passages and questions will be spoken only once. During the pause, you must read the four suggested answers marked a, b, c, and d, and decide which is the best answer Questions 21--23 are based on passage 121. A. 4:00 p.m. B. 5:30 p.m. C. 6:00 p.m. D. 6:30 p.m.22. A. He goes to concerts. B. He visits his friends.C. He meets his customers.D. He works at home.3. A. The bank's staff. B. The bank's location.C. The bank's long hours of services.D. The bank's balance sheet. Questions 24-26 are based on passage 224. A. Short term loans without guarantees by banks.B. Long term loans without guarantees by their respective governments.C. Long term loans under guarantees by their respective governments.D. Medium term loans under guarantees by their respective banks.25. A. International banks. B. industrial nations.C. Syndicates of international banks.D. Developed countries.26. A. Yes, they are. B. No, they are not.C. Yes, they are. They represent unusual risk to banks.D. No, they are not. They represent usual risk to banks.Questions 27-30 are based on Passage 327.A. 146 B. 159 C. 194 D. 16828. A. US$ 32.1 billion B. US$ 37.4billion.C. US$ 27.3 billion.D. US$ 4.8 billion.29. A. Allowing more foreign banks to do RMB business in Pudong.B. Extending the experimentation to Shenzhen.C. Increasing the limit on the RMB position of the foreign banks on acase-by-case basis.D. All of the above.30.A. To introduce new products and expertise.B. To improve efficiency in financial intermediation.C. To introduce more foreign capital into China.D. Both A and BPart two Reading Section One (10%)Directions: There are ten statements in this section. For each statement there are four choices marked A,B,C,D.You should choose the best answer.31. Which activities are not the investment banking activities?A. underwriting new issuesB. financial advisingC. dealing and brokingD. savings'taking32. ___________is the purchase of one company by another using mainly borrowed funds.A. A horizontal mergerB. A leveraged buyoutC. A vertical mergerD. A MBO33. The bill of lading is evidence of ownership. It thus functions as a ________.A. receipt for goodsB. contract for deliveryC. title documentD. negotiable instrument34. Liquidity ______________.A. is a measure of how quickly an item may be converted to foreign currenciesB. is a measure of how quickly an item may be converted to cashC. is a measure of how quickly an item may be converted to liabilitiesD. is a measure of how quickly an item may be converted to fixed capital 35.35.Among various worries concerning the internet banking, the first and foremost is the problem of __________.A. profitB. interestC. clientD. security36. According to the rules of debit and credit for balance sheet accounts ______________.A. decreases in asset, liabilities, and owner's equity accounts are recorded by debitsB. increases in liabilities and owner's equity accounts are recorded by creditsC. decreases in liabilities and asset are recorded by creditsD. increases in asset and owner's equity are recorded by debits37. _________ consist of a simultaneous sale or purchase of currency.A. Spot transactionsB. Forward transactionsC. Option forward transactionsD. Swap transaction38. Cash inflows from financing activities for a bank exclude: ________.A. receiving depositsB. issuance of equity securities (capital stock)C. issuance of debt securities ( bond, notes, mortgages)D. redemption of debt39. When a bank holds some valuables on behalf of its customer, the relationship between the bank and customer is ___________.A. debtor-----creditorB. bailor--------baileeC. principal-----agentD. trustor-------trustee40. The red clause documentary credit is often used as a method of ______.A. providing the seller with funds prior to shipmentB. providing the buyer with funds prior to shipmentC. providing the seller with funds after shipmentD. providing the buyer with funds after shipmentSection Two (10%)Directions: There are 10 blanks in the following passages. For each blanks there are four choices marked A, B, C, D. You should choose the best answer.Passage OneCommercial banks ___41______many functions, some central to their main role in the economy and others more peripheral. Although lending and deposit _____42______have been the epicenter of commercial banking, the last few years have witnessed a _______43_______in both the types and the volume of banking services. This surge has ____44____in part by government_____45_____,but most importantly by competitive pressures.41. A. do B. entailC. perform D. work42.A. allocating B. taking C. saving D. mobilizing43.A. increase B. improvement C. decrease D. surge44.A. been induced B. caused C. attributed D. been45.A. relaxation B. Control C. Regulation D. deregulationpassage TwoThere are generally several types of credits. A(n) "___46____" guarantees payment to the beneficiary, provided that the credit terms and conditions are met and the standing of the advising bank in the beneficiary's country is sound. A(n) " ____47______" may be cancelled at any time up to the moment the advising bank pays. This type of credit is ___48_____ favorable to the exporter. There is a risk that goods may be shipped and the credit revoked before documents are presented to the advising bank. A(n) "____49______" may not be cancelled or even amended without the consent of all the parties involved. This type of credit guarantees that no single party will revoke the contract already signed. A(n) "____50_____", like a commercial credit, is a promise by the issuer to honor the beneficiary's presentation of the credit.46.A. stand-by credit B. revocable credit C. irrevocable creditD. confirmed credit47.A. confirmed credit B. revocable credit C. irrevocable creditD. stand-by credit48.A. the most B. the least C. far D. much49. A. confirmed credit B. revocable credit C. irrevocable creditD. stand-by credit50.A. stand-by credit B. revocable credit C. irrevocable creditD. confirmed credits ection 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".Passage OneInternet banking has many advantages for banks. It is much cheaper to service a customer who makes contact only by phone, interactive TV, computer or other terminals, doing without the expensive branch network. Nevertheless, with Internet banking, customers do much of the basic data inputting themselves, further saving staff time of banks. Banks can invest the saved resources of human power and capital on utilizing the information of its customers when they are transacting, i. e. to route, analyze, and integrate data into meaningful patterns. Processed customer information is and will remain to be an invaluable asset of banks. And there is an element of self selection by higher earning customers - the Internet banking customers tend to be those who are relatively wealthy and generate the banks' profits. These advantages therefore suggest that the Internet is regarded as an increasingly important commercial tool by a growing number of banks.51. Internet banking services customers by phone, interactive TV, computer or other terminals.A. RightB.WrongC.Doesn't say52. Internet banking can save human power and capital.A.RightB.WrongC.Doesn't say53. Internet banking has many disadvantages for banks such as the risks and uncertainty of outcome.A.Righ tB.Wrong C .Doesn't sayPassage TwoRevocable credit is the one which can be amended or cancelled at any time, but the issuing bank is bound to pay drawing under the credit negotiated by the advising bank or the transmitting bank prior to the receipt by it of the notice of revocation or of amendment. An irrevocable credit, however, carries the irrevocable undertaking of the issuing bank to pay all drawings made in terms of the credit. Such a credit can only be amended or cancelled with the consent of all parties to it, that is the applicant, the issuing bank, the intermediary bank, if any, and the beneficiary.Where the confirmation of an intermediary bank is added to an irrevocable letter of credit, the credit is a confirmed credit, or more exactly, a confirmed irrevocable credit, and such a confirmation constitutes a definite undertaking ofthe confirming bank in addition to the undertaking of the issuing bank.54. A revocable credit can be amended in any circumstances.A. RightB. WrongC. Doesn't say55. An irrevocable confirmed credit gives the beneficiary a double assurance of payment.A. RightB. WrongC. Doesn't say56. An irrevocable credit cannot be cancelled.A. RightB. WrongC. Doesn't say57. Where the confirmation of intermediary bank is added to a revocable letter of credit, the credit is a confirmed revocable credit.A. RightB. WrongC. Doesn't sayPassage ThreeThe source of foreign exchange for overseas investment by domestic entities are subject to review by the SAFE before the application for such investment is filed with the relevant government agencies.Profits or other foreign exchange income of Chinese investors from their overseas investment must be remitted home within eight months after the close of each local accounting year and surrendered or kept in foreign exchange accounts in accordance with the regulations. Unless otherwise approved by the SAFE, Chinese investors may not divert foreign exchange receipts to any other purposes or keep them abroad. Whenever an enterprise winds up its overseas business, the investor shall repatriate all of the assets.58. SAFE is the abbreviation of the Stated Administration of Foreign Exchange.A. RightB. WrongC. Doesn't say59. When a corporation ends its overseas business, the investor shall repatriate all of the assets.A. RightB. WrongC. Doesn't say60. Chinese investors cannot divert foreign exchange receipts to any other purposes or keep them abroad.A.RightB.WrongC.Doesn't says ection Four (20%)Directions: There are 4 passages in this sections. Each passage is followed by some questions or unfinished statements. For each of them there are four choices marked A, B, C, D. You should choose the best answer.Passage OneA revolving documentary credit is one by which, under the terms and conditions thereof, the amount is renewed or reinstated without specific amendments to the documentary credit being required. The revolving documentary credit may be revocable or irrevocable, and may revolve in relation to time or value.In the case of a documentary credit that revolves in relation to time, e. g. which is initially available for up to USD15, 000. 00 per month during a fixedperiod of time, say, six months, the documentary credit is automatically available for USD15, 000. 00 each month irrespective of whether any sum was drawn during the previous month. A documentary credit of this nature can be cumulative or non-cumulative. If it is stated to be 'cumulative,'any sum not utilised during the first period carries over and may be utilised during a subsequent period. If it is 'non- cumulative,' any sum not utilised in a period ceases to be available, that is, it is not carried over to a subsequent period. It must be remembered that under this kind of documentary credit and following this example, the obligations of the issuing bank would be for USD90,000.00, i.e. six revolving periods each for USD15, 000. 00. Thus while the face value of the documentary credit is given as USD15, 000. 00 the total undertaking of the issuing bank is for the full value that might be drawn.In the case of a documentary credit that revolves in relation to value, the amount is reinstated utilisation within a given overall period of validity. The documentary credit may provide for automatic reinstatement immediately upon presentation of the specified documents, or it may provide for reinstatement only after receipt by the issuing bank of those documents or another stated condition.This kind of documentary credit involves the buyer and the banks in an incalculable liability. For that reason, it is not in common use. To maintain a degree of control, it would be necessary to specify the overall amount that may be drawn under the documentary credit. Such amount would have to be decided by the buyer and the seller to meet their requirements, and would have to be agreed to by the issuing bank.61. What's the correct definition of revolving documentary credit?A. A revolving documentary credit is one by which, under the terms and conditions thereof, the amount is reinstated without specific amendments to whichever kinds of credit the customer required.B. A revolving documentary credit is one by which, under the terms and conditions thereof, the tenor is extended without specific amendmentsto the documentary credit being required.C. A revolving documentary credit is one by which, under the terms and conditions thereof, the amount is renewed with specific amendments tothe documentary credit being required.D. A revolving documentary credit is one by which, under the terms and conditions thereof, the amount is reinstated without specific amendments to the documentary credit being required.62. "Ceases to" in Line 11 probably means __________________.A. "continue"B. "suspend to"C. "stop"D. "carry over"63. Which of the following statements is true?A. The revolving documentary credit may revolve according to the amount and time.B. A revolving documentary credit must be irrevocable.C. A revolving documentary credit must be revocable.D. The amount of a revolving documentary credit cannot be cumulated.64. When is the amount reinstated in the case of a documentary credit thatrevolves in relation to value?A. Just on presentation of specified documents.B. Only after the issuing bank receives those documents.C. Under the stated condition.D. All of above.65. The documentary credit that revolves in relation to value isn't commonlyused because ________.A. the overall amount that may be drawn under the documentary credit has been specifiedB. such credit involves the buyer and the bank in an incalculable liabilitiesC. it makes the issuing bank entail an incalculable liabilities.D. the documentary credit may provide for reinstatement immediately and automatically.Passage TwoPacking loan is a pre-shipment financing facility. The exporter can obtain packing loan from a bank when it receives the letter of credit issued in its favour. The money required is to finance the business between the commencement of the manufacturing process and the despatch of goods. This period is identical for the exporter. Usually, the finance available will not exceed 90% of the L/C amount. After shipment, the exporter can present the documents to a bank for negotiation, and repay the packing loan.For the security, the lending bank must keep in touch with the exporter, and urge them to dispatch the goods and present document in time. If the exporter fails to present documents after the expiry of the L/C, the bank will ask them to repay according to the terms of the loan agreement.66. The exporter can get packing loan from a bank when____________.A. the importer issues a L/C.B. the exporter presents the documents to the bankC. it receives the letter of credit issued in the exporter's favourD. it receives the letter of credit issued in the bank's favour67. "Commencement" in Line 3 probably means _______________.A. endingB. beginningC. implementationD. finish68. When does the exporter repay the packing loan?A. After shipment.B. Just after finishing the manufacturing process.C. Upon presentation of the documents to a bank for negotiation.D. Both A and C69. Which of the following statements is not true?A. Packing loan is a pre-shipment financing facility.B. The amount of packing loan will not exceed 90% of the L/C amount.C. Packing loan is just granted to the exporter.D. If the exporter fails to present documents after the expiry of the L/C, the bank will ask them to repay according to the terms of the L/C agreement. assage Three An option contract is a risk management or control tool designed to mitigate the effects of possible adverse movements in the price of a security or commodity. Depending upon the right acquired by the taker, options are divided into "calls" and "puts". A call option gives the taker (just the buyer of the option) the right (but not the obligation) to buy at a fixed price, while a put option confers upon him the right (but not the obligation) to sell at a fixed price. The fixed price at which the taker may buy or sell the underlying commodity or security, a procedure known as exercising the option, is called the striking price. If the striking price is identical to the current market price of the commodity or security (i.e. the prevailing price for delivery and payment on expiration date), the option is said to be at the money. When the striking price of a call option is lower than the current market price it is in the money. When it is higher than current market price it is out of the money. In contrast, the put option is in the money when the striking price is higher than the current market price or out of the money when the striking prices lower than the current market price.It will by now clear that there are two basic prices in an options contract, the price paid for the purchase of the actual option, which is the premium, and the fixed price at which the option may be exercised, which is the striking price. In turn, the price of the premium is itself made up of two component parts, the intrinsic value and extrinsic value (often known as the time value). Intrinsic value may be defined as the amount by which an option is in the money. The calculation of a proper time value for an option is far more complex. It is influenced by four different factors ----the duration of the option, the historical price volatility of the underlying commodity or security, current interest rates and the supply of and demand for the option.70. Depending on _________, options are divided into "calls" and "puts".A. the right acquired by the sellerB. the right acquired by the buyerC. the obligation acquired by the sellerD. the obligation acquired by the seller71. A put option_____________.A. gives the buyer the right to sell the underlying commodity at a fixed priceB. gives the seller the right to buy the underlying commodity at a fixed priceC. confers upon the seller the right to buy the underlying commodity at fixed price.D. confers upon the seller the right to sell the underlying commodity at fixed price.72. When the striking price of the put option is higher than the current market price, it is calledA. at the moneyB. in the moneyC. out of the moneyD. none of the money73. The premium in option_____________.A. is the striking price of the underlying commodityB. means the option is sold at par valueC. is just the margin that all option deals demandD. is the price of an option contract 74. Which of the following statement is not true?A. The premium consists of the intrinsic value and the extrinsic valueB. The extrinsic value is just the time value.C. The time value for an option is only influenced by the duration of the option and current interest rates.D. The intrinsic value is just the amount by which an option is in the money. assage FourOn the balance sheet, assets and liabilities are classified as either current or long-term to indicate their relative liquidity. Liquidity is a measure of how quickly an item may be converted to cash. Therefore cash is the most liquid asset. Account receivable is a relatively liquid asset because the business expects to collect the amount in cash in the near future. Supplies are less liquid than accounts receivable, and furniture and buildings are even less so. Users of financial statements are interested in liquidity because business difficulties often arise owing to a shortage of cash. Balance sheets list assets and liabilities in the order of their relative liquidity.Current Assets. Current assets are assets that are expected to be converted to cash, sold, or consumed during the next 12 months or within the business's normal operating cycle if longer than a year. The operating cycle is the time span during which (1) cash is used to acquire goods and services, and (2) these goods and services are sold to customers, who in turn pay for their purchases with cash. For most businesses, the operating cycle is a few months. A few types of business have operating cycles longer than a year. Cash Accounts Receivable, Notes receivable due within a year or less are current assets. Merchandising entities such as Sears, Penney's and K Mart have an additional current asset. Inventory. This account shows the cost of goods that are held for sale to customers.Long-term Assets. Long-term assets are all assets other than current assets. They are not held for sale, but rather they are used to operate the business. One category of long-term assets is plant assets, or fixed assets. Land, buildings, furniture and fixtures, and equipment are examples of plant assets.Financial statement users such as creditors are most interested in the due dates of an entity's liabilities. The sooner a liability must be paid, the more current it is. Liabilities that must be paid on the earliest future date create the greatest stain on cash. Therefore, the balance sheet lists liabilities in the order in which they are due. Knowing how many of a business's liabilities are current and how many are long-term helps creditors assess the likelihood of collecting from the entity. Balance sheets usually have at least two liability classifications,。
金融英语习题unit3
Unit 3 The Structure the Federal Reserve System一、填空题The top of the Federal Reserve System’s organization is ______________.二、专业术语互译1.Federal Reserve System2.Member bank3.the Federal Open Market Committee4.Federal Reserve Banks5.the Board of Governors6.depositor7.savings8.National Monetary Commission9.clearinghouse10.transaction deposit11.pocket money12.credit union13.Council of Economic Advisers四、问答题1.What’s the structure of the Federal Reserve System?2.What are the services the Fed banks perform?3.What’s the FOMC’s responsibility?五、写出英文缩写的全称及其中文名称FOMCKeys一、填空题the Board of Governors二、专业术语互译1.联邦储备系统2.会员银行3.联邦公开市场委员会4.联邦储备银行5.管理委员会6.存款人7.储蓄8.国家货币委员会9.票据交换所10.交易存款11.零花钱12.信用社13.经济顾问委员会四、问答题1.The Federal Reserve System consists of Federal Reserve Banks,Member Banks, the Board of Governors and the Federal Open Market Committee.2.The services that the Fed banks perform are: clearing checksbetween private banks; holding bank reserves; providing currency;providing loans.3.The FOMC is responsible for the Fed’s daily activity in financialmarkets and determining the level of reserves held by private banks.五、写出英文缩写的全称及其中文名称FOMC the Federal Open Market Committee 联邦公开市场委员会。
金融英语模拟题(三)T3P2-Reading
Part two ReadingSection One (10%)Directions: There are ten statements in this section. For each statement there are four choices marked A，B，C，D. You should choose the best answer.31. Basle Accord issued in 1988 divides the capital of a bank into _______.A. tier one and tier twoB. pass and special mentionC. outstanding and excellentD. standard and substandard32. The 'C' in CAMELS system refers to _________.A. capacityB. currencyC. capitalD. capability33. The difference between the buying rate and selling rate is known as the ________.A. spreadB. premiumC. discounttD. par34. The economic resources of a business are called________.A. liabilityB. assetC. owner's equityD. expenses35. which item is not a major section in statement of cash flows _________.A. operating activityB. financing activityC. repairing activiyD. investment activity36. Working capital is __________.A. owner's equity less liabilityB. current asset less current liabilityC. asset plus current liabilityD. long-term loan less current asset37. In real estate loan, maximum amount of which is _______ of the property.A. 50%B. 60%C. 70%D. 80%38. ___________ is a financial market in which securities that have been previously issued can be resold.A. A primary marketB. A secondary marketC. An issuing marketD. The capital market.39. Under the transferred letter of credit, _________is the account party.A. buyerB. middle manC. sellerD. bank40. As in business accounting, the balance of payments records increases in assets and decreases in liabilities as __________, and decreases in assets and increases in liabilities as ________.A. debit; creditB. debits; creditsC. credit; debitD. credits; detitsSection Two (10%)Directions: There are 10 blanks in the following passages. For each blanks there are four choices marked A, B, C, D. You should choose the best answer.Passage OneBanks are __41____lenders to business and consumer finance companies under line of credit arrangements. Finance companies are an anomaly in that they permanently rely on__42____. They satisfy the rest period requirements of line of credit borrowing _43_____rotating from one bank to another, _44_____one bank's loan with loan proceeds from other banks. Large finance companies ___45_______significantly to commercial paper in recent years and have dramatically reduced their reliance on bank loans.41.A. majorB. minorC. keyD. important42.A. short-term lendingsB. long-term lendingsC. short-term borrowingsD. long-term borrowings43.A. withB. atC. onD.by44.A. paying forB. paying offC. paying downD. paying45.A. have changedB. changedC. have shiftedD. shiftedPassage TwoHowever, investors expect the finance companies to have bank credit lines___46______ their issues of commercial paper derived from a firm's _47_______cash flows, primarily earnings. Loan proceeds are generally used for permanent increases in___48______or for fixed-asset purchases. In a pure term loan, the proceeds are disbursed all at once or within a short period of time ___49______closing the loan agreement. Term loans may be secured or unsecured, depending on the purpose of the borrowing. In reality, term loans provide intermediate-term credit; maturities are usually limited to __50_____and are mostly in the two to five-year range.46.A. in support ofB.in supportC. in orderD. in order that47.A. flowingB. makingC. doingD. operating48.A. working capitalB. working moneyC. flowing capitalD. working money49.A. beforeB. afterC. prior toD. around50.A. 5 yearsB. 7 yearsC. 10 yearsD. 20 yearsSection 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".Passage OneThe primary justification for banking supervision is to limit the risk of loss to depositors, and by so doing to maintain public confidence in banks. And while supervision naturally focuses on the individual bank, supervisors must also be alert to the possibility that problems in one institution may have either, systemic repercussions on others, or on the integrity of the payments system.Although supervisors need to have some understanding of the markets and the business environment in which banks operate, they cannot be expected to know as much as the banks themselves about commercial realities of banking. Anyway, it is not the supervisor's role to make the commercial decisions that are the prerogative of bank management. Rather, the supervisor monitors and evaluates the overall strategies, policies and performance of the bank----where appropriate reference to specific legal or prudential criteria-----and reaches a view as to the soundness of the bank and the competence of those running it.51. Supervisors have the obligation to save a failing bank.A. RightB. WrongC. Doesn't say52. Supervisors usually pay more attention to the individual bank.A. RightB. WrongC. Doesn't say53. A sound bank will not suffer from the bankruptcy of other unrelated banks.A. RightB. WrongC. Doesn't say54. Supervisors have the right to make decisions on commercial operation of supervised banks.A. RightB. WrongC. Doesn't say55. Supervisors should use the same criteria to evaluate the performance of the supervised banks.A. RightB. WrongC. Doesn't say56. Supervisors need not know too much about the commercial markets and business environment.A. RightB. WrongC. Doesn't sayPassage TwoIt is important to note that there are limitations on an external expert's authority that reflect the distinctions between an independent contractor/consultant and an employee. For example, a consultant under contract with the Reserve Bank has the authority to make recommendations, give opinions, and provide analysis to the Reserve Bank only within the scope of the work outlined in the consulting contract. A consultant does not have policy, managerial, or decision-making authority, and may not make final decisions. When participating with an examination team on an examination or inspection, the consultant must report to a designated employee such as the examiner-in-charge, and may not serve as an examiner-in-charge, or other Reserve Bank representative being present. The consultant may, however, independently perform data-gathering functions, such as interviewing bank personnel or attending meetings to collect information to complete his or her work assignment. These and other provisions are outlined in Uniform Documents and Guidance to be provided to the consultant.57. External experts can not be an examiner-in-charge when participate within examination team on an examination or inspection.A. RightB. WrongC. Doesn't say58. An external consultant may not attend a meeting with a supervised institution to present findings or conclusions.A. RightB. WrongC. Doesn't say59. An external consultant may have no authority on making a decision.A. RightB. WrongC. Doesn't say60. An external consultant may work independently sometimes.A. RightB. WrongC. Doesn't saySection Four (20%)Directions: There are 4 passages in this sections. Each passage is followed by some questions or unfinished statements. For each of them there are four choices marked A, B, C, D. You should choose the best answer.Passage OneCapital is at the top of any bank supervisor's list. The most basic form of capital is equity capital, which is the shareholder's financial interest or net worth. Equity capital serves several purposes: it provides a permanent source of revenue for the shareholders and funding for the bank; it is available to bear risk and absorb losses; it provides a base for further growth; and it gives the shareholders reason to ensure that the bank is managed in a safe and sound manner. Minimum capital adequacy ratios are necessary to reduce the risk of loss to depositors, creditors and other stockholders of the bank and to help supervisors pursue the overall stability of the banking industry.The Basle Committee's "Core Principles for Effective Banking Supervision" requires that supervisors set prudent and appropriate minimum capital adequacy requirements and encourage banks to operate with capital in excess of the minimum. When it appears appropriate due to the particular risk profile, uncertainties regarding the asset quality, risk concentrations or other adverse characteristics of a bank's financial condition, considerations of requiring higher than minimum capital ratios are encouraged. If a bank's ratio falls below the minimum, banking supervisors will act to ensure that it has realistic plans to restore the minimum in a timely fashion, or may consider putting additional restrictions on the bank's operations.61. How does the bank supervisor concern the capital of a commercial bank?A. Bank supervisor puts the capital to the most important place of his concerns.B. Bank supervisor cares less about the capital of a commercial bank.C. Bank supervisor lists the capital in the first line of his notebook.D. Bank supervisor does not concern the capital too much.62. Which is NOT true about equity capital of a bank?A. It can bring income for its shareholders.B. It can provide financial support to a bank.C. It can improve the development of a bank.D. It cannot indicate whether a bank is managed in a safe or sound manner.63. What's the use of minimum capital adequacy ratio for a bank? The ratio is used _________.A. to measure whether a bank is managed in a safe way.B. to reduce risks to depositors and creditors of a bank.C. to help supervisors pursue the stability of bankingD. all of the above64. Supervisors usually encourage commercial banks to operate with capital __________ the minimum standard.A. aboveB. belowC. withinD. equal to65. This passage tells us about the importance of ____________.A. capital adequacyB. minimum capital ratioC. equity capitalD. Core Principles for Effective Banking SupervisionPassage TwoBanks like to use hard assets such as buildings, motor vehicles, or equipment as collateral against loans. They will loan against receivables and inventory, but, especially in the case of smaller businesses, tend to heavily discount the protection these assets offer. They are afraid the inventory and receivables will be converted to cash in order to cover operating losses if the business experiences any financial difficulties.While banks like the ultimate protection of hard assets, they also want to feel that there is little chance that the business, or the bank, will have to call upon these assets to pay off the loan. Banks don't care whether or not your business has sky-high profit potential. They are only interested in the business' ability to cover the principle and interest payments.In making a proposal for a loan, the bank will want to see all of your recent tax returns, financial statements, and cash flow projections. They will also want to know how much you would like to borrow. And, if yours is a small business, it will expect you to conduct all of your business banking activities through its institution.66. Bank will loan against receivables and inventory ________.A. because receivables is small valueB. because the bank don't think inventory is usefulC. because inventory and receivables might be converted to cash in order to cover operating losses if the business experiences any financial difficultiesD. other reasons67. Do banks care whether or not your business has sky-high profit potential? __________.A. Yes, they doB. No, they don'tC. Yes, they do, for sky-high profit potential means the borrower repay on due dayD. Sometimes they do, but sometimes they don't68. In making a proposal for a loan, the bank will not consider of its customer. __________A. all of recent tax returnsB. financial statementsC. cash flow projectionsD. long-term planning69. Banks care only __________.A. interestB. the business' abilityC. principalD. money70. Banks are the __________ financing vehicle, other than owner's savings for small businesses.A. firstB. secondC. primaryD. secondaryPassage ThreeThe borrowing customer has to disclose to his banker the object of the borrowing. The bank must considercarefully whether the credit is most suited to the borrower's need. The bank will then assess whether the loan is to be used in any illegal activity or for speculative purposes. Most banks tend to decline loan proposals which are highly speculative, because the banker expects that the loan would generate sufficient profit and cash-flow.In order to make the loan application successful, a customer is normally required to submit detailed financial statements that will substantiate his capability to generate adequate funds to repay the loan. The statements submitted by the customer are income statement, balance sheet and projected growth of the business. The banker will then review and analyze the real financial position of the borrower so far as repayment capability is concerned.The amount of the loan the customer requests depends on his business capacity. In order to determine the precise amount to be borrowed, the banker may examine the customer's financial statements of assets and liabilities. These statements, in principle, should provide the banker with some indications of the customer's financial position. The bank will examine this information in determining the maximum to be made available to the customer. In practice, a bank should never lend a customer more than a quarter of his own resources or financial assets.The term of the loan is an essential factor in assessing credit risk. The longer the term of the loan, the higher the risk exposure due to the chance of unfavorable long-term economic and political changes. In this respect the bank may tailor a loan repayment schedule in accordance with the customer's financial planning and any possible risk.If a bank decides to provide long-term loans to customers in the international market, it should conduct a thorough and explicit “country-risk”assessment in order to produce some quantitative yardstick. The country-risk assessment should provide useful information about a country's risk grading as far as lending is concerned.71. The bank will refuse the loan request when the loan is found to be used _________.A. in any illegal activityB. as working capitalC. for speculative purposesD. both A and C72. If the loan proposal is not likely _________ to meet the repayment schedule, the loan is unlikely to be approved.A. to generate sufficient profitB. to create more chances of employmentC. to produce enough finished goodsD. to help the business repay debts73. which of the following is the necessary item considered by the banker when the amount Of the loan is decided?A. The borrower's application.B. The borrower's business capacity.C. The borrower's financial statements.D. The borrower's legal activity.74. The country-risk assessment of lending should provide useful information aboutA. a country's economic environment.B. the potential political risk.C. a country's risk grading.D. identification of the customer in that country.75. How much money should a bank lend to a customer according to the lending principles?A. Never more than a half of his own resources or financial assets.B. Never more than one third of his own resources or financial assets.C. Never more than a quarter of his own resources or financial assets.D. Never more than one and a half of his own resources or financial assets.Passage FourThe introduction of floating rates of exchange has substantially increased the demand by international traders and investors for forward cover to protect themselves against extreme fluctuations. Since it is usually difficult for them to pinpoint the exact date on which the payment will be required or the earning will be received, banks are often called upon to provide option forward contracts. It should be made clear that the option granted by the bank to its customers is an option only to the date of delivery within the contracted period and that such contract must be satisfied by the last date of the option period. The foremost consideration for the bank in pricing an option forward contract must be that of protecting it against the possibility that the delivery will be called for at the most inopportune time during the option period. In the case of a 'buyer's option', where forwards are dealt at a discount, the bank (the seller) must assume that the delivery will be taken on the first day of the option, so spot rate will be quoted and no discount will be allowed. Should the forward rate be at a premium, the bank should assume that the delivery will not be made until the last date allowable under the terms of the option forward contract, so the forward price will be the sum of the spot rate plus the corresponding premium. In the case of a 'seller's option' contract, the bank will be the buyer the opposite should be exactly assumed. In both cases, the bank must allow the smallest discount or charge the highest premium consistent with market rates for its protection.76. International traders and investors use forward cover to protect themselves from _________.A. fixed rateB. floating rateC. forward contractD. option contract77. You can use option forward contracts to choose favorite _________ for yourself.A. dateB. priceC. currencyD. customer78. In the bank's eyes the most important factor which should be pay attention to is ___________ in pricing forward contract.A. the customerB. the sum of the contractC. the currencyD. delivery at the most inopportune time79. In the case of a 'buyer's option', if forwards are dealt at a discount, the customer can deliver on ________ in his favor.A. the first dayB. the second dayC. the last dayD. any day80. In the case of a 'buyer's option', if forwards are dealt at a premium, the customer can deliver on _________ in his favour.A. the first dayB. the second dayC. the last dayD. any day。
CFA考试三级模拟试题精选0402-25(附详解)
CFA考试三级模拟试题精选0402-25(附详解）1、【单选题】A.Savior Capital.B.MarketView LLC.C.Alphameric Advisors.正确答案:B答案解析:B is correct. The historical returns of (a long-only position in) distressed securities have been shown to have negative skewness and2、【单选题】A.€578,664.B.€586,547.C.€642,960.正确答案:B答案解析:B is correct. The after tax wealth accumulation for annually taxable income is3、Based on Exhibit 1 and the notes following the table, Long Pond is least likely in compliance with GIPS standards with regard to the:【单选题】A.measure of internal dispersion.B.length of performance record.C.presentation of 1Q13 performance.正确答案:B答案解析:Long Pond is required by the GIPS standards to present five years of performance because the composite has been in existence for that period. The mid-cap composite was started on 31 December 2001; therefore, performance for 2008 must be presented. After presenting 5 years of performance, the firm should present additional annual performance up to 10 years.4、【单选题】A.reduces the need for frequent rebalancing.B.limits the need to purchase bonds that are thinly traded.C.provides a higher degree of portfolio risk diversification.正确答案:C答案解析:C is correct. Approach 1 is a full replication approach, whereas Approach 2 follows an enhanced indexing5、DAM is most likely to be characterized as:【单选题】A.B.C.正确答案:A答案解析:A is correct. Value-motivated traders are patient, infrequent traders driven by differences between6、Lehigh's response to Gulen is most likely correct when the option is:【单选题】A.out of the money.B.in the money.C.at the money.正确答案:C答案解析:At expiration, at-the-money call options move very rapidly to a delta of 1 or 0. At this point, the gamma is the highest and it is very difficult to maintain a delta-hedged position.7、To implement Client F's request, Allison's most appropriate course of action is to:【单选题】A.sell U.S. Treasury bond futures contracts and buy S&P 500 Index futures contracts.B.buy U.S. Treasury bond futures contracts and buy S&P 500 Index futures contracts.C.buy stocks in the S&P 500 Index and sell U.S. Treasury bond futures contracts.正确答案:B答案解析:Buying U.S. Treasury bond futures and S&P 500 Index futures creates synthetic bond position and synthetic stock index fund positions, respectively. Client F is long $10 million in cash, which can be used to fund the purchases.8、Which of Reyder's additional notes from the discussion on human capital is most accurate? Her note about:【单选题】A.the magnitude of loss of human capitalB.the risk tolerance of the combined portfolioC.term life insurance versus annuities正确答案:C答案解析:The statement regarding term life insurance is most accurate. Life insurance is a perfect hedge against the loss of human capital in the event of death, whereas annuities address longevity risk. Although overall risk tolerance increases with human capital, overall risk tolerance decreases with greater wage risk. The magnitude of loss of human capital at younger ages is much more important than the higher probability of death at older ages.9、Based on Exhibit 1, the approach that is least likely efficient with respect to delivering active returns for a given level of tracking risk is:【单选题】A.semiactive derivatives.B.active equity.C.semiactive equity.正确答案:B答案解析:The active equity strategy has the lowest information ratio and is thus least efficient in delivering active returns. Information ratio = Active return (Portfolio – Benchmark)/Tracking risk. The information ratio is 0.5%, which is the lowest of the three.10、Using dollar duration and the data in Exhibit 1, how much cash does Markov's client need to rebalance the portfolio, assuming new investments are in equal proportions of one-third of each bond?【单选题】A.$7,993,335.B.$28,618,000.C.$8,098,245.正确答案:A答案解析:First calculate the dollar duration initially and after the shift in interest rates, as shown in the table below:。
金融英语模拟题3
金融英语模拟题3Test3Part One ListeningSection One (10%)Directions: In this section you will hear l0 short statements. Each statem ent will be spoken only once. After each statem ent 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.Now you will hear the example:She went to the bank with Mr. Smith.You will read:A. She went home. C.She went to the bank.B. She liked Mr. smith. D.She went to Mr. Smith's house.Statement 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. The company is worth of financing.B. This company is highly rated in credit status.C. This company is rated lower in credit standing.D. This company runs a greater risk to make loans.2. A. Visa Card, Access, American Express and Diner's Card areall credits.B. Credit cards are the sam e thing as charge cards.C. Another name for credit card is charge card.D. American Express is not credit card in the real sense.3. A. Two separate spot transactionsB. One spot and the other forward transactionC. a " one month swap"D. the call option4. 4.A. USD 3657897.05B. USD 3576987.06C. USD 3567897.05D. USD 3657879.065. 5.A. Surplus increaseB. deficit increasC. no effectD. all of the above.6.A. They want to close their accounts in the bank.B. The bank might close their current accounts.C. The customers' overdrawn accounts must be closed.D. The bank closed their overdrawn accounts.7. A. Their operations must be brisk.B. They have a large profit for the year's operations.C. There has been a large deficit in the year.D. They anticipate a great excess of debts over incom efor the year's operations.8.. A. CHAPS B. SWIFT C. CHIPS D. CHATS9.. A. The check is out of date.B. The check is post-dated.C. The check is in too large amount.D. The check is a crossed one.10. A. If a remitting bank cannottake propercare in collection,the exporter will do it himself.B. If a remitting bank cannot fulfill its obligation in collection,the exporter will claim indemnity on it.C. If a remitting bank cannot take proper care in colle ction,it will lose acustomer.D. If a remitting bank cannot fulfill its obligation in collection,It will cause loss to the exporter.S ection Two (10%)Directions: In this section, you will hear l0 short conversations. At the end of each conversation a question will be asked about what was said. The conversations and questions will be spoken only once. During the Pause, you must read the four suggested answers marked a, b, c, and d, and de cide which is the best answer.Now you will hear :M: Does our bank have a direct correspondent relationship with theBradalys' Bank?W:No, we don't. So we have to advise this L/C via another bank.Q: Which of the following is right?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 is C. Therefore you shouldchoose answer C.11. A. 9 a.m. B. 12 noon C. 3 p.m. D. 6 p.m.12 A. January 1, 1999 B. July 1, 1999 C. January 1,2002 D. July 1,200213. A. to change pounds to yuan B. to send money to LondonC. to get a permitD. to know the rate of exchange14. A. people who has steady incom eB. People who has a good work record.C. People who has much moneyD. Both a and b15. A. of the house value. B. of the mortgage value.C. of the bank's appraised value.D. of the depreciated value.16. A. A librarian B. A professor C. An accountant D. A reporter17. A. 8875689 B. 8758679 C. 8756879 D. 857678918. A. student and teacher B. employee and boss C. customer and brokerD. two bank clerks19. A. About the amount of RMB deposited with thebank.B. About the rate of interest for RMB deposited with the bank.C. About the terms of deposit with the bank.D. About the conditions of deposit with the bank.20. A. He got a credit card of his friend and come to ask how to use it.B. He got a card and did not know whose card it is.C. He has lost his credit card and come to ask what to do.D. He has found a credit card and come to ask what to doSection Three (10%)Directions: In this section, you will hear 3 short passages. At the end of each passage you will some questions about what was said. The passages and questions will be spoken only once. During the pause, you must read the four suggested answers marked a, b, c, and d, and decide which is the best answer. Questions 21--23 are based on passage 121A. JCB card B. Diner's Club C. Visa card D. Federal-Master22.A. $590 million B. $16 billion C. $590 billion D. $16 million23. A. from fees collected from its customers who pay for theircharges in monthly installments.B. from fees collected from the stores that accept credit cardC. by charging its custom er yearly feesD. by charging its custom er for overdue paymentQuestions 24-26 are based on passage 224. A. Bank card business. B. Bank card fraud.C. Technologies used in bank.D. International card fraud.25. A. 680 million dollarsB. 860 million dollarsC. 680 billion dollarsD. 860 billion dollars26. A. It's the same over the 10-year period.B. It's getting worse over the 10-year period.C. It's getting better over the 10-year period.D. There is no way to solve the problem.Q uestions 27-30 are based on Passage 327. A. a contractual agreement between the banker and the client.B. The creditor-debtor relationship.C. The principal-agent relationship.D. all of above28. A. Those who borrow funds from the bank.B. Those who deposit money with the bank.C. Those who have business dealing with the bank.D. Those who are the customers of the bank.29. A. It acts as an agent to do whatever the custom er requires.B. It acts as an agent to provide all kinds of services.C. It acts as an agent to offer many kinds of bankingand financial services.D. It acts as an agent to sell the customer's products.30. A. Payroll management. B. Factoring service.C. Financial management.D. Investment advices.Part two ReadingSection One (10%)Directions: There are ten statements in this section. For each statement there are four choices marked A，B，C，D. You should choose the best answer.31. Basle Accord issued in 1988 divides the capital of a bank into _______.A. tier one and tier twoB. pass and special mentionC. outstanding and excellentD. standard and substandard32. The 'C' in CAMELS system refers to _________.A. capacityB. currencyC. capitalD. capability33. The difference between the buying rate and selling rate is known as the ________.A. spreadB. premiumC. discounttD. par34. The economic resources of a business are called________.A. liabilityB. assetC. owner's equityD. expenses35. which item is not a major section in statem ent of cash flows _________.A. operating activityB. financing activityC. repairing activiyD. investment activity36. Working capital is __________.A. owner's equity less liabilityB. current asset less current liabilityC. asset plus current liabilityD. long-term loan less current asset37. In real estate loan, maximum amount of which is _______ of the property.A. 50%B. 60%C. 70%D. 80%38. ___________ is a financial market in which securities that have been previously issued can be resold.A. A primary marketB. A secondary marketC. An issuing marketD. The capital market.39. Under the transferred letter of credit, _________is the account party.A. buyerB. middle manC. sellerD. bank40. As in business accounting, the balance of payments records increases inassets and decreases in liabilities as __________, and decreases in assets and increases in liabilities as ________.A. debit; creditB. debits; creditsC. credit; debitD. credits; detits ection Two (10%)Directions: There are 10 blanks in the following passages. For each blanks there are four choices m arked A, B, C, D. You should choose the best answer.Passage OneBanks are __41____lenders to business and consum er finance companies under line of credit arrangem ents. Finance companies are an anomaly in that they permanently rely on__42____. They satisfy the rest period requirements of line of credit borrowing _43_____rotating from one bank to another, _44_____one bank's loan with loan proceeds from other banks. Large finance companies ___45_______significantly to commercial paper in recent years and have dramatically reduced their reliance on bank loans.41.A. major B. minor C. key D. important42.A. short-term lendings B. long-term lendingsC. short-term borrowingsD. long-term borrowings43.A. with B. at C. on D.by44.A. paying for B. paying off C. paying down D. paying45.A. have changed B. changed C. have shifted D. shifted Passage TwoHowever, investors expect the finance companies to have bank creditlines___46______ their issues of commercial paper derived from a firm's_47_______cash flows, primarily earnings. Loan proceeds are generally used for permanent increases in___48______or for fixed-asset purchases. In a pure term loan, the proceeds are disbursed all at once or within a short period of time___49______closing the loan agreement. Term loans may be secured or unsecured, depending on the purpose of the borrowing. In reality, term loans provide intermediate-term credit; maturities are usually limited to__50_____and are mostly in the two to five-year range.46.A. in support of B.in support C. in order D. in order that47.A. flowing B. making C. doing D. operating48.A. working capital B. working moneyC. flowing capitalD. working money49.A. before B. after C. prior to D. around50.A. 5 years B. 7 years C. 10 years D. 20 yearsSection 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".Passage OneThe primary justification for banking supervision is to limit the risk of loss to depositors, and by so doing to maintain public confidence in banks. And while supervision naturally focuses on the individual bank, supervisors must also be alert to the possibility that problems in one institution may have either, systemic repercussions on others, or on the integrity of the payments system.Although supervisors need to have some understanding of the markets and the business environment in which banks operate, they cannot be expected to know as much as the banks themselves about commercial rea lities of banking. Anyway, it is not the supervisor's role to make the commercial decisions that are the prerogative of bank management. Rather, the supervisor monitors and evaluates the overall strategies, policies and performance of the bank----where appropriate reference to specific legal or prudential criteria-----and reaches a view as to the soundness of the bank and the competence of those running it.51. Supervisors have the obligation to save a failing bank.A. RightB. WrongC. Doesn't say52. Supervisors usually pay more attention to the individual bank.A. RightB. WrongC. Doesn't say53. A sound bank will not suffer from the bankruptcy of otherunrelated banks.A. RightB. WrongC. Doesn't say54. Supervisors have the right to make decisions on commercial operation of supervised banks.A. RightB. WrongC. Doesn't say55. Supervisors should use the sam e criteria to evaluate the performance of the supervised banks.A. RightB. WrongC. Doesn't say56. Supervisors need not know too much about the commercial markets and business environment.A. RightB. WrongC. Doesn't sayPassage TwoIt is important to note that there are limitations on an external expert's authority that reflect the distinctions between an independentcontractor/consultant and an employee. For example, a consultant under contract with the Reserve Bank has the authority to make recommendations, give opinions, and provide analysis to the Reserve Bank only within the scope of the workoutlined in the consulting contract. A consultant does not have policy, managerial, or decision-making authority, and may not make final decisions. When participating with an examination team on an examination or inspection, the consultant must report to a designated employee such as theexaminer-in-charge, and may not serve as an examiner-in-charge, or other Reserve Bank representative being present. The consultant may, however, independently perform data-gathering functions, such as interviewing bank personnel or attending meetings to collect information to complete his or her work assignment. These and other provisions are outlined in Uniform Documents and Guidance to be provided to the consultant.57. External experts can not be an examiner-in-charge when participate within examination team on an examination or inspection.A. RightB. WrongC. Doesn't say58. An external consultant may not attend a meeting with a supervised institution to present findings or conclusions.A. RightB. WrongC. Doesn't say59. An external consultant may have no authority on makinga decision.A. RightB. WrongC. Doesn't say60. An external consultant may work independently sometimes.A. RightB. WrongC. Doesn't saySection Four (20%)Directions: There are 4 passages in this sections. Each passage is followed by som e questions or unfinished statements. For each of them there are four choices marked A, B, C, D. You should choose the best answer.Passage OneCapital is at the top of any bank supervisor's list. The most basic form of capital is equity capital, which is the shareholder's financial interest or net worth. Equity capital serves several purposes: it provides a permanent source of revenue for the shareholders and funding for the bank; it is available to bear risk and absorb losses; it provides a base for further growth; and it gives the shareholders reason to ensure that the bank is managed in a safe and sound manner. Minimum capital adequacy ratios are necessary to reduce the risk of loss to depositors, creditors and other stockholders of the bank and to help supervisors pursue the overall stability of the banking industry.The Basle Committee's "Core Principles for Effective Banking Supervision" requires that supervisors set prudent and appropriate minimum capital adequacy requirements and encourage banks to operate with capital in excess of the minimum. When it appears appropriate due to the particular risk profile, uncertainties regarding the asset quality, riskconcentrations or other adverse characteristics of a bank's financial condition, considerations of requiring higher than minimum capital ratios are encouraged. If a bank's ratio falls below the minimum, banking supervisors will act to ensure that it has realistic plans to restore the minimum in a timely fashion, or may consider putting additional restrictions on the bank's operations.61. How does the bank supervisor concern the capital of a commercial bank?A. Bank supervisor puts the capital to the most important place of his concerns.B. Bank supervisor cares less about the capital of a commercial bank.C. Bank supervisor lists the capital in the first line of his notebook.D. Bank supervisor does not concern the capital too much.2. Which is NOT true about equity capital of a bank?A. It can bring income for its shareholders.B. It can provide financial support to a bank.C. It can improve the development of a bank.D. It cannot indicate whether a bank is managed in a safe or sound manner.63. What's the use of minimum capital adequacy ratio for a bank? The ratio is used _________.A. to measure whether a bank is managed in a safe way.B. to reduce risks to depositors and creditors of a bank.C. to help supervisors pursue the stability of bankingD. all of the above64. Supervisors usually encourage commercial banks to operate with capital __________ the minimum standard.A. aboveB. belowC. withinD. equal to65. This passage tells us about the importance of ____________.A. capital adequacyB. minimum capital ratioC. equity capitalD. Core Principles for Effective Banking Supervision Passage TwoBanks like to use hard assets such as buildings, motor vehicles, or equipment as collateral against loans. They will loan against receivables and inventory, but, especially in the case of sm aller businesses, tend to heavily discount the protection these assets offer. They are afraid the inventory and receivables will be converted to cash in order to cover operating losses if the business experiences any financial difficulties.While banks like the ultimate protection of hard assets, they also want to feel that there is little chance that the business, or the bank, will have to call upon these assets to pay off the loan. Banks don't care whether or not your business has sky-high profit potential. They are only interested in the business' ability to cover the principle and interest payments.In making a proposal for a loan, the bank will want to see all of your recent tax returns, financial statements, and cash flow projections. They will also want to know how much you would like to borrow. And, if yours is a small business, it will expect youto conduct all of your business banking activities through its institution.66. Bank will loan against receivables and inventory ________.A. because receivables is small valueB. because the bank don't think inventory is usefulC. because inventory and receivables might be converted to cash in order tocover operating losses if the business experiences any financial difficultiesD. other reasons67. Do banks care whether or not your business has sky-high profit potential?__________.A. Yes, they doB. No, they don'tC. Yes, they do, for sky-high profit potential means the borrower repay on duedayD. Sometimes they do, but sometimes they don't68. In making a proposal for a loan, the bank will not consider of its customer. __________A. all of recent tax returnsB. financial statementsC. cash flow projectionsD. long-term planning69. Banks care only __________.A. interestB. the business' abilityC. principalD. money70. Banks are the __________ financing vehicle, other than owner's savings for small businesses.A. firstB. secondC. primaryD. secondaryPassage ThreeThe borrowing customer has to disclose to his banker the object of the borrowing. The bank must consider carefully whether the credit is most suited to the borrower's need. The bank will then assess whether the loan is to be used in any illegal activity or for speculative purposes. Most banks tend to decline loan proposals which are highly speculative, because the banker expects that the loan would generate sufficient profit and cash-flow.In order to make the loan application successful, a customer is normally required to submit detailed financial statements that will substantiate his capability to generate adequate funds to repay the loan. The statements submitted by the customer are incom e statement, balance sheet and projected growth of the business. The banker will then review and analyze the real financial position of the borrower so far as repayment capability is concerned.The amount of the loan the custom er requests depends on his business capacity. In order to determine the precise amount to be borrowed, the banker may examine the customer's financialstatements of assets and liabilities. These statements, in principle, should provide the banker with some indications of the customer's financial position. The bank will examine this information in determining the maximum to be made available to the customer. In practice, a bank should never lend a customer more than a quarter of his own resources or financial assets.The term of the loan is an essential factor in assessing credit risk. The longer the term of the loan, the higher the risk exposure due to the chance of unfavorable long-term economic and political changes. In this respect the bank may tailor a loan repayment schedule in accordance with the customer's financial planning and any possible risk.If a bank decides to provide long-term loans to customers in the international market, it should conduct a thorough and explicit “country-risk” assessment in order to produce some quantitative yardstick. The country-risk assessment should provide useful information about a country's risk grading as far as lending is concerned.71. The bank will refuse the loan request when the loan is found to be used _________.A. in any illegal activityB. as working capitalC. for speculative purposesD. both A and C72. If the loan proposal is not likely _________ to meet the repayment schedule, the loan is unlikely to be approved.A. to generate sufficient profitB. to create more chances of employmentC. to produce enough finished goodsD. to help the business repay debts73. which of the following is the necessary item considered by the banker when the amount Of the loan is decided?A. The borrower's application.B. The borrower's business capacity.C. The borrower's financial statements.D. The borrower's legal activity.74. The country-risk assessment of lending should provide useful information aboutA. a country's economic environment.B. the potential political risk.C. a country's risk grading.D. identification of the customer in that country.75. How much money should a bank lend to a customer according to the lending principles?A. Never more than a half of his own resources or financial assets.B. Never more than one third of his own resources or financial assets.C. Never more than a quarter of his own resources or financial assets.D. Never more than one and a half of his own resources or financial assets.Passage FourThe introduction of floating rates of exchange has substantially increased the demand by international traders andinvestors for forward cover to protect themselves against extreme fluctuations. Since it is usually difficult for them to pinpoint the exact date on which the payment will be required or the earning will be received, banks are often called upon to provide option forward contracts. It should be made clear that the option granted by the bank to its customers is an option only to the date of delivery within the contracted period and that such contract must be satisfied by the last date of the option period. The foremost consideration for the bank in pricing an option forward contract must be that of protecting it against the possibility that the delivery will be called for at the most inopportune time during the option period. In the case of a 'buyer's option', where forwards are dealt at a discount, the bank (the seller) must assum e that the delivery will be taken on the first day of the option, so spot rate will be quoted and no discount will be allowed. Should the forward rate be at a premium, the bank should assum e that the delivery will not be made until the last date allowable under the terms of the option forward contract, so the forward price will be the sum of the spot rate plus the corresponding premium. In the case of a 'seller's option' contract, the bank will be the buyer the opposite should be exactly assumed. In both cases, the bank must allow the smallest discount or charge the highest premium consistent with market rates for its protection.76. International traders and investors use forward cover to protect themselves from _________.A. fixed rateB. floating rateC. forward contractD. option contract77. You can use option forward contracts to choose favorite _________ foryourself.A. dateB. priceC. currencyD. customer78. In the bank's eyes the most important factor which should be payattention to is ___________ in pricing forward contract.A. the custom erB. the sum of the contractC. the currencyD. delivery at the most inopportune time79. In the case of a 'buyer's option', if forwards are dealt at a discount, thecustomer can deliver on ________ in his favor.A. the first dayB. the second dayC. the last dayD. any day80. In the case of a 'buyer's option', if forwards are dealt at a premium, thecustomer can deliver on _________ in his favour.A. the first dayB. the second dayC. the last dayD. any dayPart Three WritingSection One (5%)Directions: Describe the procedures for forfaiting, in the order of the numbers given in the chart. Write your answer on the blank space.Directions: Translate the following sentences into Chinese.Write your translation on the blank space.1. Asymmetric information is present in loan markets because lenders have less information about the investment opportunities and activities of borrowers than borrowers do. This situation leads to two information-producing activities by banks and other financial institutions, screening and monitoring. Indeed, Walter Wriston, a former head of Citicorp, the largest bank corporation in the United States, was often quoted as stating that the business of banking is the production of information.Section Three(10%)Direction: Write a letter according to the following outlines. Remember towrite in letter format.我行收到米兰银行来信称，你行信用证下我行的议付不能偿付，理由是他们的授权偿付只限于不迟于2003年2月28日以前的付款。
金融英语练习3
Part 3 The Chinese Foreign Exchange SystemSection ADirections: Make the best answers from the following choices marked A, B, C, and D to accomplish the unfinished statements.1. is the agency responsible for the examination and approval of borrowing of international commercial loans by domestic entities in China.A. The SAFEB. The PBCC. The AICD. The State Council2. takes the responsibility for the nationwide collection and monitor of data on external debts in China.A. The SAFEB. The PBCC. The AICD. The State Council3. is in charge of giving the reference rate for RMB against U.S. dollar.A. The SAFEB. The PBCC. The AICD. The State Council4. is responsible for foreign exchange administration in China.A. The SAFEB. The PBCC. The MOFTECD. The State Council5. is responsible for the supervision of foreign exchange accounts with domestic firms in China.A. The SAFEB. The PBCC. The designated banksD. The State Council6. is in charge of supervision of overseas investments in China.A. The SAFEB. The PBCC. The AICD. The State Council7. is responsible for the supervision of foreign exchange accounts for capital account transactions in China.A. The SAFEB. The PBCC. The AICD. The State Council8. is the agency for the examination, approval, administration and registration of external guarantees in China?A. The SAFEB. The PBCC. The AICD. The State Council9. When you see a quotation of RMB for Hong Kong dollar is HKD 106.07 in China, with the unit of 100 HKD, this is an approach of .A. giving quotationB. offering quotationC. dollar quotationD. indirect quotation10 When you want a quotation of Euro against Japanese Yen, you are given a price of USD against Euro, and USD against JPY. This is an approach of .A. giving quotationB. offering quotationC. dollar quotationD. direct quotationSection BDirections: Choose a word with proper forms that best matches the blank to fill in the following passages.Passage OneCompete ditortion regulator variable requirement The minimum capital 11 set by the UK FSA ( Financial Services Authority ) for the UK banks are a good example of higher and 12standards. With London being the dominant European banking center, UK banks are 13 with a large mumber of inwardly passported branches of other European community banks. The FSA has no power over the minimum capital requirements of these passported banks, which is set by the home state 14 . Where the FSA and the home state regulator apply different prudential standards for the banks, then there are of 15 competition betweeen them.Passage Twoconduct unified transfers specified domesticThe controls over capital account transactions have also been graduallyl liberalized. Foreign exchange administration of overseas investment was reformed to encourage 16 enterprises to go abroad. Qualified foreign institutional investors ( QFII ) were permitted to invest in domestic capital market within 17 quota to use their own foreign exchange to invest in international capital market in 2004. External debt administration of Chineses-funded and foreign-funded banks was 18 . The controls on the market access for foreign-funded financial institutions were lifted gradually. Multinational corporations were allowed to 19 internal operation of foreign funds among their domestic member companies or between their domestic member companies and their overseas ones. Controls on cross-border 20 by individuals were loosened. Administration of foreign exchange from overseas direct investment was improved.Passage Threeauthorized vary involving response atIn the foreign exchange market, which is made up of bank’s traders and brokers, prices 21 every minute in 22 to supplyl and demand. For safety’s sake, a branch will get a rate from their traders for a big transaction. This process would be too cumbersome, however, for every small transaction. Therefore the traders give their branches lists of exchange rates 23 which they may bluy 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 playment has first to be 24 under British exchange control regulations. The bank itself can usually authorize the payment after seeing a document such as an invoice to show that the payment is due; but cases borrowing and lending have to be referred to the Bank of England.Secion CDirections: In the following passage there are ten blanks. For eachblank, there are four choices marked A, B, C, and D. You should choose the corresponding letter on the ANSWER SHEET .At its inception in 1970, the SDR was valued at 26 . In 1974, because of the shift to 27 exchange rates, the value of the SDR was set daily by the IMF according to a fixed formula which involved the exchange rates 28 the dollar and the currency of 16 countries. In 1981 the number of currencies used in valuing the SDR was reduced to five ---the dollar, Mark, Yen, 29 , and British pound. The currencies of these countries are known as 30 currencies. Relative weights for each currency are roughly proportional to the country’s 31 . The value of the SDR now fluctuates from day to day as the foreign exchange rates of these five currencies change. In 1981 the SDR was worth about $ 1.27. Because of the new method of valuing SDRs, there has been increasing use of the SDR as an international unit of account. Some deposits SDRs 32 in dollars. When exchange rates are floating, the SDRs is 33 as a unit of account because of its broad currency composition. By denominating prices in SDRs , whose value 34 the value of a group of currencies, persons hope to avoid the losses that would result form holding one major currency which might decline in purchasing power 35 other major currencies.26. A. one U.S. dollar B. five currencies C. sixteen currencies D. ECU27. A. fixed B. pegged C. pegging D. floating28. A. beside B. besides C. between D. among29. A. HK $ B. FFr C. SKr D. DM30. A. reserve B. key C. SDR basket D. national31. A. exports B. imports C. GNP D. GDP32. A. rather than B. besides C. as well as D. in addition to33.A. more important B. less important C. not attractive D. attracting34. A. depends on B. independent of C. is independent of D. relates to35. A. nothing to do with B. from C. relative D. relative to Section DDirections: In this part, there is a passage followed by some questions or undinished statements. For each of them, there are four choices marked A, B, C and D. You should have the best choice and mark the corresponding letter on the ANSWER SHEET.Passage OneThe beauty of telephone banking is that every major banking service can be delivered via it apart from cash withdrawal. Even this last service can be included in a rea sense in stored value card (SVC) schemes which permit the “loading”of cards over telephone.The typical range of services available via the telephone are: balance enquiry, statement ordering, cheque-book request facility, fund transfer, general account queries and advice, ordering traveler’s cheques from banks, etc.Although it forms a large range of services, generally speaking, telephone banking service may be classified int three principal types.The first makes use of automated voice response technology. This involves the customer using his tone-phone to send what are in effect digitized data messages to the system in order to activate a particular service.The second type service makes use of human operators entirely and no automated voice reponse is used. As we can see, even systems which do use automated voice response will use human operators for other than routine transactions.Finally, some telephone banking services are PC-based: that is , they use a personal computer which interfaces with the system via a data communication process delivered by the telephone. Some PC-based services use the customer’s standard desktop PC, while others make use of a special dedicated terminal which is typically supplied gratis to the customer or released to the customer by the bank a nominal charge.42. What can we say about the range of services offered by telephone banking system?A. easily accessibleB. surprisingly broadC. very specificD. unexpectedly popular43. Genreally, the messages which are put into the telephone are no other than .A. banking transactionsB. automatic voice responseC. particular ordersD. digitized data messages44. We are told that in the second type .A. automated voice response is seldom usedB. human operators are fully usedC. human operators are sometimes used for routine transactionsD. automated voice response system is in full use45. The word “gratis” in the last paragraph most probably means .A. the types of banking services via telephoneB. the beauty of telephone bankingC. banking on the telephoneD. types of telephone banking systemSection EDirections: Read the following passage, and determine whether the statements 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.Passage OneSpecial Drawing Rights ( SDRs ) are a type of international money that was first created in 1970. SDRs consists of a bookkeeping account kept by the IMF. When the IMF makes an allocation, the recorded amount of the SDRs owned by it declines and the amount owned by the national government receiving them is increased. The allocation of SDRs to national governments is based on the government’s present quota in the fund. The quota for the United States has been over 20 percent of the total. Once they have been issued, the total amount of SDRs in existence cannot be reduced by any member government.SDRs are the first deliberately created international monetary reserves. There were approximately 3 billion SDRs issued each year form 1970 through 1972. Further issues were discontinued between 1972 and 1979 because of the very large expansion that occurred it other types of international reserves. Then, 4 billion were issued in 1979, 4 billion in 1980, and 4.1billion in 1981. None was issued in 1982. Although it was initially intended that SDRs would replace gold in international reserve transactions between governments ( and possibly also replace the dollar ), this objective has not been realized.51. SDRs were created as a type of international monetary reserves in 1970 .A. RightB. WrongC. Doesn’t say52. There are almost 3 billion SDRs issued every year.A. RightB. WrongC. Doesn’t say53. The biggest quota of the SDRs had been given to the United States.A. RightB. WrongC. Doesn’t say54. When exchange rates are floating, people prefer SDR because of its broad currency composition.A. RightB. WrongC. Doesn’t sayPassage twoAs China’s state bank, it was set up on December 1, 1948, with its head office in Beijing. It is the central bank, note-issuing bank, and bank’s bank of China. It has branches and sub-branches in every province, municipality, autonomous region, city and country all over the country. With its function as a national central bank, it is led by the State Council of the Chinese government and empowered to supervise the nation’s banking business and to carry out the monetary policy according to the development of the national economy. The foreign exchange controls have beeen exercised through State Administration of Exchange Control, one of the component entities of the People’s Bank of China.55. The People’s Bank of China is led by the State Council of the Chinese government and it is given the power to keep watch over the nation’s economy.A. RightB. WrongC. Doesn’t say56. The sentence “It is note-issuing bank” means that the People’s Bank of China is a bank issuing commercial paper, such as bill of exchange, cheque, etc.A. RightB. WrongC. Doesn’t say57. Before 1979, Bank of China was represented only in four places, Hong Kong, Macao, Singapore and Londa.A. RightB. WrongC. Doesn’t sayPassage ThreeBanks face losses from three sources: their own position if short or long in a particular currency; dealing positions taken by employees who gamble with the bank’s money; and defaults by counter-parties to forward exchange contracts and convering transactions. These risks were well illustrated by events in 1974; Bankhaus Herstatt, Cologne, collapsed due largelly to losses on its foreign exchange exposures; Lloyds Bank, Lugano, lost $ 77 million due to unauthorized trading by staff. Herstatt’s closure by the Bundesbank during working hours left many banks with unfulfilled foreign exchange transaction, since then banks and authorities have tightened their control. Banks still take a positon on foreign currencies and put traders on commission to speculate on their behalf, but mainly on within – day trading or on overnight positions. On longer-term positions banks aim to match liabilities and claims in a particular or cover the difference in the swap market.58. Banks in international lending face the risks common to all banks: liquidity risk, interest rate risk, credit (assets) risk, and contingent liabilities risk.A. RightB. WrongC. Doesn’t say59. Banks face losses from three sources: their own positon; dealilng positions taken by employees, and defaults by counter parties to forward exchange contracts and covering transacitons.A. RightB. WrongC. Doesn’t say60. If employees of a bank gamble in foreign exchange dealings with the bank’s money, the bank will suffer losses of foreign currencies.A. RightB. WrongC. Doesn’t say。
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。
金融英语模拟题一至五答案
TEST 4: C , A , D , D , C , C , A , B , B , C ,
A , B , D , A , B , B , A , A , C , C ,
A , B , B , A , A , B , B , A , C , B ,
C , A , B , D , C , C , D , A , B , A ,
A , C , D , B , C , A , D , A , B , C ,
C , A , C , B , B , C , A , B , A , A ,
A , D , D , A , A , C , B , D , A , C ,
D , A , C , C , C , B , A , D , A , C
C , C , A , B , D , D , C , C , A , B
TEST 5: B , A , A , D , A , C , B , C , C , A ,
D , A , B , D , C , C , A , C , D , C ,
B , A , A , C , A , B , C , C , A , C ,
Section Three
May 17, 2002
ABC Bank
Dear sirs,
Re: the new interest rate
We are pleased to notify you that effective Aug. 1,2002 until further notice interest is to be calculated on the credit balance at 5.5% and charge at 6% p.a. on overdrafts in your Renminbi account with us. We would add that generally your account is not allowed to be overdrawn and it is hoped that you will see to it that your account always keeps a credit balance and is replenished in time when overdrawn.
金融英语：模拟练习题三
金融英语：模拟练习题三1. The financial statements that are dated for a time period (rather than a specific time) are the .A. balance sheet and income statementB. income statement and statement of cash flowsC. balance sheet and statement of owners' equityD. all of the above2. Which of the following is an example of off-balance-sheet financing? ______.A. Operating leaseB. Debenture bondsC. Current portion of long-term debtD. Convertible bonds3. Borrowers can gain access to the surplus funds of savers ______.A. by issuing securities to saversB. through financial intermediariesC. by purchasing securities such as stocks and bondsD. all of the aboveE. both A and B4. Which of the following assets are most liquid? ______.A. High grade corporate bondsB. Time" depositsC. Stocks in General Electric CompanyD. Passbook savings deposits5. Secondary markets for securities .A. deal only in bondsB. are markets primarily for the initial sale of new issuesC. are markets for trading in outstanding debts and equity claimsD. are also called "investment banks"6. The concept of ______ is based on the common-sense notion that a dollar paid to you in the future is less valuable to you than a dollar today.A. future valueB. present valueC. deflationD. interest7. Which of the following would not result in a credit entry in the China's balance of payments? .A. The sale of a piece of furniture to a business firm in JapanB. Interest and dividends paid on foreign investment in ChinaC. Interests on a Chinese bank deposit in the United KingdomD. An increase in foreign investment in China8. Futures contracts can be ______.A. used as protection against large price swingsB. countered by an offsetting purchase or saleC. participated by hedgers or speculatorsD. all of the above9. Suppose that you own a business and are considering expanding your productive capital through an increase in investment spending. Y ou will invest only if ______.A. you are able to obtain the necessary funds at a low nominal interest rateB. the investment does not affect your cost of productionC. the present value of future income exceeds the cost of the investment plus interest on any money that you must borrowD. you observe that your competitors are expanding their productive capital10. If Y and V are constant, and M doubles, the quantity equation implies that the price level .A. more than doublesB. less than doublesC. doublesD. might do any of the aboveE. more information is needed11. Posting is the process of transferring information from the ______.A. journal to the trial balanceB. ledger to the financial statementsC. ledger to the trial balanceD. journal to the ledger12. A long call option is ______.A. the right to buy the underlying instrumentB. the right to sell the underlying instrumentC. the obligation to buy the underlying instrumentD. the obligation to sell the underlying instrument13. Which of the following $1 000 face-value securities has the highest yield to maturity? ______.A. A 5% coupon bond selling for $1000B. A 15% coupon bond selling for $1000C. A 10% coupon bond selling for $1000D. A 15% coupon bond selling for $90014. When the price of a bond is ______ the equilibrium price, there is an excess demand of bonds and the price will ______.A. above...riseB. above...fallC. below...fallD. below...rise15. Which of the following accounts is not closed? ______.A. Supplies ExpenseB. Prepaid InsuranceC. Interest RevenueD. Dividends16. Which of the following instruments is traded in a capital market? ______.A. Bankers acceptanceB. S. Treasury BillC. EurodollarD. Commercial paperE. None of the above17. Which of the following is generally true of all bonds? ______.A. The longer a bond maturity, the lower is the rate of return that occurs as a result of the increase in an interest rateB. Even though a bond has a substantial initial interest rate, its return can turn out to be negative if interest rates riseC. Prices and returns for long-term bonds are more volatile than those for shorter-term bondsD. All of the aboveE. Only A and B18. According to the market segmentation theory of the term structure, ______.A. investors' strong preference for short-term relative to long-term bonds explains why yield curves typically slope downwardB. bonds of one maturity are not substitutes for bonds of other maturities; therefore, interest rates on bonds of different maturities do not move together over timeC. the interest rate for bonds of one maturity is determined by supply and demand for bonds of that maturityD. all of the aboveE. only B and C19. Successful financial intermediaries have higher earnings on their investments because they are better equipped than individuals to screen out good from bad risks, thereby reducing losses due to .A. moral hazardB. adverse selectionC. bad luckD. financial panics20. A long-term debt instrument is best defined as one with maturity ______.A. of more than one yearB. of more than five yearsC. of more than ten yearsD. of thirty years or more。
金融英语业务知识练习试卷3(题后含答案及解析)
金融英语业务知识练习试卷3(题后含答案及解析) 题型有： 2. 单项选择题单项选择题1．The “law of demand” implies that as prices______.A．fall, demand increasesB．rise, demand decreasesC．fall, quantity demanded increasesD．rise, quantity demanded increases正确答案：C解析：答案为C项。
the law of demand“需求定律”，指在其他条件不变的情况下，消费者的需求量与商品价格之间呈反方向变动。
故本题选C项。
知识模块：金融英语业务知识2．Market efficiency refers to______.A．the correct pricing of assets relative to their risks and rate of returnB．the equality of assets and liabilities within a firmC．producing more assets with less effortD．the largest firm having the lowest stock prices正确答案：A解析：答案为A项。
market efficiency“市场效率”，指资产的价格与其风险和收益的匹配。
故本题选A项。
知识模块：金融英语业务知识3．If a good is a luxury, its income elasticity of demand is______.A．positive and less than 1B．negative but greater than —1C．positive and greater than 1D．zero正确答案：C解析：答案为C项。
income elasticity of demand“需求的收入弹性”，指百分之一的收入变化引起的需求的变化率。
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16. Which of the following instruments is traded in a capital market? ______. A. Bankers acceptance B. S. Treasury Bill C. Eurodollar D. Commercial paper E. None of the above 17. Which of the following is generally true of all bonds? ______. A. The longer a bond maturity, the lower is the rate of return that occurs as a result of the increase in an interest rate B. Even though a bond has a substantial initial interest rate, its return can turn out to be negative if interest rates rise C. Prices and returns for long-term bonds are more volatile than those for shorter-term bonds D. All of the above E. Only A and B 18. According to the market segmentation theory of the term structure, ______. A. investors' strong preference for short-term relative to long-term bonds explains why yield curves typically slope downward B. bonds of one maturity are not substitutes for bonds of other maturities; therefore, interest rates on bonds of different maturities do not move together over time C. the interest rate for bonds of one maturity is determined by supply and demand for bonds of that maturity D. all of the above
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B. countered by an offsetting purchase or sale C. participated by hedgers or speculators D. all of the above 9. Suppose that you own a business and are considering expanding your productive capital through an increase in investment spending. You will invest only if ______. A. you are able to obtain the necessary funds at a low nominal interest rate B. the investment does not affect your cost of production C. the present value of future income exceeds the cost of the investment plus interest on any money that you must borrow D. you observe that your competitors are expanding their productive capital 10. If Y and V are constant, and M doubles, the quantity equation implies that the price level . A. more than doubles B. less than doubles C. doubles D. might do any of the above E. more information is needed 11. Posting is the process of transferring information from the ______. A. journal to the trial balance B. ledger to the financial statements C. ledger to the trial balance D. journal to the ledger
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本试题摘取于考试吧：/jinrongyingyu/moniti/201304/00461905.html
12. A long call option is ______. A. the right to buy the underlying instrument B. the right to sell the underlying instrument C. the obligation to buy the underlying instrument D. the obligation to sell the underlying instrument 13. Which of the following $1 000 face-value securities has the highest yield to maturity? ______. A. A 5% coupon bond selling for $1000 B. A 15% coupon bond selling for $1000 C. A 10% coupon bond selling for $1000 D. A 15% coupon bond selling for $900 14. When the price of a bond is ______ the equilibrium price, there is an excess demand of bonds and the price will ______. A. above...rise B. above...fall C. below...fall D. below...rise 15. Which of the following accounts is not closed? ______. A. Supplies Expense B. Prepaid Insurance C. Interest Revenue D. Dividends
金融英语考试模拟练习题三
1. The financial statements that are dated for a time period (rather than a specific time) are the . A. balance sheet and income statement B. income statement and statement of cash flows C. balance sheet and statement of owners' equity D. all of the above 2. Which of the following is an example of off-balance-sheet financing? ______. A. Operating lease B. Debenture bonds C. Current portion of long-term debt D. Convertible bonds 3. Borrowers can gain access to the surplus funds of savers ______. A. by issuing securities to savers B. through financial intermediaries C. by purchasing securities such as stocks and bonds D. all of the above E. both A and B 4. Which of the following assets are most liquid? ______. A. High grade corporate bonds
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B.ral Electric Company D. Passbook savings deposits 5. Secondary markets for securities . A. deal only in bonds B. are markets primarily for the initial sale of new issues C. are markets for trading in outstanding debts and equity claims D. are also called "investment banks" 6. The concept of ______ is based on the common-sense notion that a dollar paid to you in the future is less valuable to you than a dollar today. A. future value B. present value C. deflation D. interest 7. Which of the following would not result in a credit entry in the China's balance of payments? . A. The sale of a piece of furniture to a business firm in Japan B. Interest and dividends paid on foreign investment in China C. Interests on a Chinese bank deposit in the United Kingdom D. An increase in foreign investment in China 8. Futures contracts can be ______. A. used as protection against large price swings