ENGLISH60309734.doc

金融英语FECT-2单选题(综合)来源：圣才学习【要想考试都不怕，只有常来考试大！】2010年11月11日金融英语FECT-2单选题(综合)。密切关注考试大金融英语试题辅导中心，你将可以挖掘到更多实用更实惠的金融辅导资料。1Usually the low interest rate currency trades at a _ to the high interest rate currency in the forward marketApremiumBparCdiscountDbar2Which of the following statements about standby letters of credit is true? _AThey can serve as a guarantee to a buyer against a seller defaultingBThey are contrary to the general rule that letters of credit may only be used for the actual movement of goodsCThey are unlike a tender （or other） bond in their legal standing and method of operationDThey are unlike a tender bond with its fixed expiry date3The most liquid of all assets is _Athe stock of commercial banksBM 1CintelligenceDthe debt of major corporations4Beta and standard deviation differ as risk measures in that beta measures _Aonly unsystematic risk， while standard deviation measures total riskBonly systematic risk， while standard deviation measures total riskCboth systematic and unsystematic risk， while standard deviation measures only unsystematic riskDboth systematic and unsystematic risk， while standard deviation measures only systematic risk5What information would you find in a statement of cash flows that you would not be able to get from the other two primary financial statements? _ACash provided by or used in financing activitiesBCash balance at the end of the periodCTotal liabilities due to creditors at the end of the periodDNet income6An analyst estimates that a stock has the following probabilities of return depending on the state of the economy：State of economy Probability ReturnGood 01 15%Normal 06 13%Poor 03 7%The expected return of the stock is _A78%B114%C117%D130%7According to the rules of debit and credit for balance sheet accounts _Aincreases in asset， liability， and owners equity accounts are recorded by debitsBdecreases in asset and liability accounts are recorded by creditsCincreases in asset and owners equity accounts are recorded by debitsDdecreases in liability and owners equity accounts are recorded by debits8Individuals will accept the medium of exchange in return for goods and services only if they are confident that _Athe inflation rate is zeroBit possesses intrinsic valueCthey can pass it on to othersDthey can exchange it for gold9When a countrys currency appreciates， the countrys goods abroad become _ and foreign goods in that country become _Acheapermore expensiveBmore expensivecheaperCcheapercheaperDmore expensivemore expensive10A US company is bidding for a contract in ChinaIts Chinese customer asks for a performance bondWhat is the most likely course of action? _AIt asks its bank to issue a tender bond which can be converted into a performance bondBIt gives up its bidCIt consults its bank about issuing a standby letter of creditDIt asks its bank to issue a performance bond11ABC CoLtdhas a $3 500 account receivable from XYZ StoreOn March 20， XYZ makes a partial payment of $2 100 to ABCThe journal entry made on Mdrch 20 by ABC to record this transaction includes _Aa debit to the cash received account of $2 100Ba credit to the Accounts Receivable account of $2 100Ca debit to the Cash account of $1 400Da debit to the Accounts Receivable account of $1 40012Intervention in the foreign exchange market means the government _Arestricts individuals from buying and selling foreign exchangeBrestricts the importation of certain goodsCor central bank buys or sells foreign exchangeDdevalues the currency in the foreignexchange market13Which of the following is not a form of countertrade? _ACounterpurchaseBBuybackCOffsetDBalance trade14A credit to a revenue account _Adecreases revenuesBincreases equityCdecreases equityDincreases assets15If the government guaranteed that anyone wishing a job would be provided one， the likely result would be _Amassive layoffsBan increase in the money supplyCan increase in inflationary expectationsDthe development of a barter system16Given $100 000 to invest， what is the expected risk premium in dollars of investing in equities versus riskfree Tbills（USTreasury bills） based on the following table? _Action Probability Expected ReturnInvest in equities 06 $50 OOP04 $30000Invest in riskfree Tbill 10 $5000A$20000 B$18000 C$15000 D$1300017Economists assume that most people take risks _Abecause doing so is excitingBonly when they have no riskless alternativeCvery infrequentlyDif they are compensated for taking the risks18The Phillips Curve shows the relationship between _Aaggregate demand and aggregate supplyBinterest rates and inflationCrecessions and boomsDinflation and the unemployment rate19In a fixed exchange rate system， speculative selling of a currency is based on anticipation of AappreciationBdevaluationCa foreign trade surplusDinterest rate increase20A collecting bank is employed by _Athe principalBthe remitting bankCthe drawerDthe drawee， who is its customer答案：1C 2A 3B 4B 5A 6B 7D 8C 9B 10C11B 12C 13D 14B 15C 16D 17D 18D 19B 20BPart Two ReadingSection one （10%）Directions： There are ten statements in this sectionFor each statement there are four choices marked A， B， C and D， you should choose the best answer and mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center31When the collecting bank receives from the presenting bank the documents for collecting， it（）Ashould examine all documents to ascertain whether or not they appear， or on their face， to be in compliance with themBmay examine either the documents or the instructions to collect the proceedsCwill examine documents in order to obtain instructionsDwill not examine documents in order to obtain instructions32A credit may be advised to a beneficiary through another ban （the advising bank） without engagement on the part of the advising bank， but that bank， if it elects to advise the creditShall（）Ainform the issuing bank of the credit which it advises without delayBendorse the amount negotiated on the reverse of the credit which it advisesCadd his confirmation to the credit which it advisesDtake reasonable care to check the apparent authenticity of the credit which it advises33Applicants， at times ，request the issuing bank to issue the documentary credit containing excessive details for the beneficiary to comply with under the documentary creditBanks should（）Aencourage this attemptBdiscourage this attemptCreject this attemptDbe compelled to do so34The purchaser of a draft drawn/documents presented under a straight documentary credit only has the right（）Ato protest the issuing bankBto present the drafts/documents on behalf of the beneficiaryCto purchase the beneficiarys drafts/documentsDto present the draft/documents by himself35Under D/Pall the documents， and usually title to the goods， are released to the buyer upon（）Ahis acceptance of the draft for payment at a specified later dateBhis payment of the amount specified under reserveChis partial payment of the bill amountDhis payment of the amount specified36The minimum registered capital for the establishment of a commercial bank shall be RMB（） yuanA10 millionB100 millionC1 billionD10 billion37The ratio of liquid assets to liquid liabilities of a commercial bank shall not fall short of（）percentA25B8C75D1038If we have a quote of 14950/14960 for $/DM，（）Athe first rate is the buying rate for the dollarBthe first rate is the buying rate for the DMCthe second rate is the buying rate for the dollarDthe second rate is the selling rate for the DM39The exportation of domestic currency is limited to （） per person per exitARMB5，000 yuanBRMB6，000 yuanCRMB4，000 yuanDRMB10，000 yuan40A banks liquid assets include following items exceptAnotes ，coins and bullionBcurrent balances with central and other banksCmoney at call and short noticeDbanks premisesSection Two（10%）Directions： There are 10 blanks in the following passages， For each blank there are four choices marked A， B， C and DYou should choose the best answer and mark the corresponding letter on the ANSWER SHEET by drawing a single line through the centerPassage 1The bank41borrowers enough interest to pay the expense of the bank and have something left over for42The interest cannot be higher than the legal ate， which is established by state law and in most states is 6% per year，43big loans， the interest rate is much less， even as low as 2%， The fate depends on the money market， When there is plenty of money44to be borrowed， banks charge low rates of interestA savings bank may pay its depositors 2% and lend the money at 35% or 4%But when money is tight， interest rates go up， and a savings bank may try to45depositors by offering 4% or45% or even more ad lending the money at 5% or 6%41AreceivesBgetsCchargesDpays42AprofitBinterestCsurplusDincome43AIn case ofBIn the case ofCIn consequence ofDIn conjunction with44AavailableBcostlyCadaptableDreceivable45AabsorbBattractCmobilizeDChannelPassage 2If a paying ban requests a receiving bank to return or adjust a payment by means of46or by means of most types of electronic transmission， but does not issue the47in connection48its request or the request says “No indemnity”， the paying bank shall not be liable to the receiving bank for any loss and expense，49reasonable attorneys fees ，incurred y the receiving bank as the result of its return or adjustment of the5046AtelexBletterCtelephoneDSWIFT47Aletter of creditBindemnityCguaranteeDbill of exchange48AofBwithCforDto49AbesideBexceptCincludingDexcluding50AcreditBpaymentCproceedsDexpensesSection 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 “Doesnt say”， Then mark the corresponding letter on the ANSWER SHEET by drawing a single line through the centerPassage 1One of the most important functions of the accounting process is to accumulate and report accounting information that shows an organizations financial position and the results of its operations， Many businesses publish such financial statements at least annually， The subdivision of the accounting process that produces these generalpurpose reports is referred to as financial accountingAnother major function of accounting is to provide management with the data needed for decisionmaking and for efficient operation of the firmAlthough management people routinely receive the financial reports， they also require various other information， such as the unit cost of a product， estimates of the profit earned from a specific sales activity， cost comparisons of alternative courses of action and longrange budgetsThe process of generating and analyzing such data is often referred to as managerial accounting51The purpose of managerial accounting is to prepare financial statements every yearARightBWrongCDoesnt say52Financial statements include balance sheet ，income statement and cash flow statementARightBWrongCDoesnt say53Financial statements are used only by the outsiders of a firmARightBWrongCDoesnt say54The management of a firm needs to use the results of both financial accounting as well as managerial accountingARightBWrongCDoesnt sayPassage 2Assets are the economic resources of the business that can be usefully expressed in monetary terms， Liabilities， or creditors equity， are the obligations， or debts， that the firm must pay in money or services at some time in the futureThey therefore represent creditors claims on the assets of the firmThe owners interest is equal to the net assets of the business， which is defined as the difference between the assets and liabilitiesThus， owners equity is the residual claima claim to the assets remaining after the debt to creditors has been discharged55Assets and liabilities of a firm are both shown on the firms balance sheetARightBWrongCDoesnt say56The equity amount of a balance sheet is the creditors， claims on the firmARightBWrongCDoesnt say57Expenses of a firm should be shown on the firms income statementARightBWrongCDoesnt sayPassage 3From the banks point of view， leverage ratios vary from conservative （highest calculated leverage） to liberal （lowest calculated leverage） The most conservative leverage rations show the most debt and least net worth， Therefore， the total liabilities/tangible net worth ratio will produce the highest leverage and thus be the most conservative because all liabilities are includedOn the net worth side， equity has been reduced by the intangible assets on the balance sheet， Intangible assets do not necessarily yield cash， so it is more conservative to subtract these assets from net worth， Conversely， the senior liabilities/capital funds ratio would show less leverage because only senior liabilities are shown as debt， and net worth bas been augmented by the amounts of subordinated debt outstanding58Financial leverage refers to how much money a firm uses for assetsARightBWrongCDoesnt say59Conservative leverage ratio means using the most debt and least net worth in calculating leverageARightBWrongCDoesnt say60From the banks point of view， a liberal leverage calculation is betterARightBWrongCDoesnt saySection Four（20%）Directions： There are 4 passages in the section， Each passage is followed by some questions or unfinished statements， For each of them there are four choices marked A， B， C and D， corresponding letter on the ANSWER SHEET by drawing a single line through the centerPassage 1When a savings account is opened in a bank， the depositor must sign a deposit agreement， By signing the agreement， the depositor agrees to abide by the rules and regulations of the bankThese rules and regulations vary with different banks and may be altered and amended from time to timeAt this time ， a passbook may be given to the depositor， This is a small book in which the bank teller enters the date and amount of each deposit or withdrawal and initials the entry， The passbook is to be presented at the bank or mailed to the bank along with a deposit or withdrawal slip each time money is deposited or withdrawn from the accountAn alternative practice for depositing or withdrawing money from a savings account is to give the depositor a small register for recording deposits and withdrawals and a pad of depositwithdrawal forms， This procedure eliminates the use of the passbookEach time a deposit or withdrawal from savings is made， The appropriate part of one of the forms is filled in， signed， recorded in the register and presented or mailed to the bank with deposit items or other documents， The bank gives a machineprinted receipt to the depositor or returns it by mailThere should be a separate savings account in the ledger to record these activitiesTraditionally， the principal differences between a savings account and a checking account are that interest is paid regularly by the bank on a savings account and withdrawals from a savings account may be made at the bank or by mail by the depositor or an authorized agent， Depositors use checking accounts primarily as a convenient means of making payments， while savings accounts are used primarily as a means of accumulating funds with interest An increasingly common practice is for the bank to combine savings and checking accounts and get depositors permission to make automatic transfers of funds from the savings portion to the checking portion whenever the latter falls below a specified minimum balance， This amounts to giving the depositor an interestearning checking account61What is the primary purpose of a savings account?AFor interestBFor transfer of fundsCFor accumulating funds with interestDFor making profits62What is the aim of a small register and a pad of depositwithdrawal forms?Ato attract depositsBto improve bank servicesCto eliminate the use of the passbookDto promote banking business63What is the purpose of signing a deposit agreement?Ato follow the banks rules and regulationsBTo have the right to make full use of the banks facilitiesCTo open an account in the bankDto protect the depositors interest64What does a depositor do with a passbook?AHe makes deposits with a bankBHe withdraws money from a savings accountCHe withdraws money from a checking accountDBoth A and B65For what purpose does a bank try to combine a savings account and a checking account?AFor holding more fundsBFor covering the checking account falling below the specified minimum balanceCFor automatic transfer of fundsDBoth B and CA firms cash flows can be divided into cash flow from（1） operating activities，（2）investment activities， and（3）financing activities， The operation activity cash flows are cash flowsinflows and outflowsdirectly related to origination and sale of the financial firms assets and to operating costs such as general market activities ， security trading activities， interest received and foreclosed collateral， Investment activity cash flows are cash flows and financial investmentsClearly， purchase transactions would result in cash outflows where as sales transactions would generate cash inflows， The financing activity cash flows result from debt and equity financing transactionsBorrowing and repaying either shortterm debt or longterm debt would result in a corresponding cash inflow or outflowSimilarly ， the sale of common or preferred stock would result in a cash inflow shereas the repurchase of stock or payment of cash dividends would result in a financing outflowSummarizing the firms operating， investment， and financing activity cash flows during a given period helps to account for changes in the firms cash position from the beginning to the end of the period chosenManaging cash is a very important activity for financial intermediariesThe cash flow statement provides the basic structure of all sources and uses of cashThe primary reasons that cash management is so important are related to the following aspects of financial intermediaries：Depository intermediaries must hold reserves to meet Federal Reserve Regulation D reserve requirements， To manage the level of reserves optimally， very precise cash flow statements are necessaryFinancial institutions are subject to very large cash inflows and outflows which requite considerable planning ahead to ensure they take place as required but do not at the same time tie up a large amount of funds unnecessarily in nonearning cash assets66The statement of cash flow helps to explain the change in（）Anet profit after taxesBretained earnings of a given periodCthe firms cash posit