金融英语考试真题卷3.docx
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金融英语考试真题卷3.docx
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金融英语考试真题卷3
2021金融英语考试真题卷(3)
本卷共分为2大题50小题,作答时间为180分钟,总分100分,60分及格。
一、单项选择题(共47题,每题2分。
每题的备选项中,只有一个最符合题意)
1.Oftencentralgovernmentswillannounceauctionstoissuenewbondswhentheybelieveprevailingmarketconditionsappearmostsuitable.Atthetimeoftheauction,theamounttobeauctionedandthematurityofthesecuritytobeofferedareannounced.Thismethodofdistributingnewgovernmentsecuritiesiscalled:
()
A.anadhocauctionmethod.
B.aregularauctioncycle/multiple-pricemethod.
C.aregularauctioncycle/single-pricemethod.
2.Whydobondportfoliomanagersusetheconceptofduration()
A.Itallowsstructuringaportfoliototakeadvantageofchangesincreditquality.
B.Itenablesdirectcomparisonsbetweenbondissueswithdifferentlevelsofrisk.
C.Itassessesthetimeelementofbondsintermsofbothcouponandtermtomaturity.
3.WhichofthefollowingisTRUEabouttheconsiderationofdepreciationintheoperationssectionofacashflowstatementDirectMethodIndirectMethod()
A.ConsidersConsiders
B.ConsidersDoesnotconsider
C.DoesnotconsiderConsider
4.AccordingtoStatementonAuditingStandardsNo.99,ConsiderationofFraudinaFinancialStatementAudit,whichofthefollowingisleastlikelytobeariskfactorrelatedtoopportunitiestocommitfraudulentaccounting()
A.Significantrelatedpartytransactions.
B.Highturnoveramongaccountingandinformationsystemspersonnel.
C.Aggressiveorunrealisticprofitabilityexpectationsfromthirdparties.
5.Whichofthefollowingstatementsaboutlastin,firstout(LIFO)versusfirstin,firstout(FIFO)isleastlikelycorrectInperiodsofrisingpricesandstableorincreasinginventoryquantities,FIFO,comparedtoLIFO,resultsin:
()
A.higherworkingcapitalandlowercostofgoodssold.
B.highernetincomeandhighertaxespaidout.
C.lowercostofgoodssoldandhigherinventorybalances.
6.Whichofthefollowingstatementsregardingtheeffectsofunanticipatedinflationonthelabormarketandthemarketforfinancialcapitalismostaccurate()
A.Whentheactualrateofinflationishigherthanexpected,employeesreceivelesscompensationfortheirlaborandthisrepresentsagainforemployersattheexpenseoftheiremployees.
B.Whentheactualrateofinflationisdeclining,realwageratesofemployeesarelowerthanemployersexpectedtopay,andemployersgainattheexpenseoftheiremployees.
C.Whenthereisunanticipatedinflation,interestratesarenotsethighenoughtocompensateborrowersforthedecliningvalueofmoneysolendersgainattheexpenseofborrowers.
7.Whichofthefollowingstatementsaboutthesemistrong-formefficientmarkethypothesis(EMH)andthestrong-formEMHisFALSE()
A.Smallfirmstendtounderperformlargefirmsonarisk-adjustedbasis.
B.Testshavefoundthatstockswithlowpricetoearning(P/E)ratiostendtooutperformstockswithhighP/Eratios.
C.Thestrongformofthemarketefficiencyhypothesisstatesthatsecuritypricesfullyreflectallpublicandprivateinformation.
8.Foralineardemandcurve,atthepricewhereelasticityis-2.0,reducingpriceswill:
()
A.increasetotalrevenueandweareatthepointofmaximumtotalrevenue.
B.decreasetotalrevenueandwearenotatthepointofmaximumtotalrevenue.
C.increasetotalrevenueandwearenotatthepointofmaximumtotalrevenue.
9.Otherfactorsbeingequal,whichofthefollowingvaluesfortherequiredrateofreturnanddividendgrowthrate,respectively,wouldproducethehighestearningsmultiplierforastockRequiredrateofreturnDividendgrowthrate()
A.16.3%7.6%
B.17.2%8.9%
C.19.5%11.6%
10.Twobasicassumptionsoftechnicalanalysisarethatsecuritypricesadjust:
()
A.moveintrendsthatpersistforlongperiodsoftime,andmarketpricesaredeterminedbytheinteractionofsupplyanddemand.
B.moveintrendsthatpersistforlongperiodsoftime,andliquidityisprovidedbysecuritiesdealers.
C.adjustrapidlytonewinformation,andmarketpricesaredeterminedbytheinteractionofsupplyanddemand.
11.Roy,CFA,managesseveralpensionaccountsanddirectsmostofhistradesthroughtheWalesInvestmentLimited.RoydoesthisbecausehebelievesthathegetsgoodexecutionsandWalesInvestmentLimitedprovideshimwithexcellentresearchreportsusedinthemanagementoftheseaccounts.Regional,asmalldiscountbrokeragehouse,hasjustapproachedRoythatitwillexecutehistradesathalfthecostofWales.Regionaldoesnothavearesearchdepartment.AccordingtoAIMRStandardsofProfessionalConduct,ifWalesdoesNOTswitchhisbusinesstoRegional,hasheviolatedtheloyaltyclauseinhisfiduciaryduties()
A.No,becausehealreadyhadanestablishedrelationshipwithWalesbeforeRegional’soffer.
B.No,ifhecandetermine,ingoodfaith,thatthehighercommissionsarecommensuratewiththevalueoftheresearchserviceshereceivesanddisclosesthispractice.
C.Yes,becauseoftheprudentexpertclause.
12.ZhongYiXie,CFA,aportfoliomanagerforPIAInvestments,planstomanagetheportfoliosofseveralfamilymembersinexchangeforapercentageofeachportfolio’sprofits.AshisfamilymembershaverequestedthatZhongYiXieprovidetheservicesoutsidehisemploymentwithPIA,henotifieshisemployerinwritingofhisprospectiveoutsideemployment.Twoweekslater,ZhongYiXiehasreceivednoresponsefromhisemployerandbeginsmanagingthefamilymembers’portfolios.Bymanagingtheseportfolios,didZhongYiXieviolateanyCFAInstituteStandardsofProfessionalConduct()
A.No.
B.Yes,becausehefailedtoobtainwrittenconsentfromhisemployer.
C.Yes,becausehefailedtodisclosetheoutsideemploymenttohisexistingclients.
13.WhichofthefollowingstatementsaboutstatisticalconceptsisFALSE()
A.Afrequencyisatabulardisplayofdatasummarizedintoarelativelysmallnumberofintervals.
B.Anintervalisasetofreturnvalueswithinwhichanobservationnotfalls.
C.Aparameterisandescriptivemeasureofapopulationcharacteristic.
14.WhichofthefollowingstatementsconcerningcouponratestructuresisFALSE()
A.Step-upnoteshavecouponratesthatincreaseovertimeatapre-specifiedrate.
B.Accrualbondshaveonlyonecashinflowatmaturity.
C.Accrualbonds,likezero-couponbonds,alwayssellatadiscounttofacevalue.
15.KiraSigard,CFAandanattorneywithaninvestmentbankingfirm,structuresaclient’sbondissuetoincludea"poisonput".Thisisaprovisionthatrequirestheissuertoredeemthebondatparinthecaseofacorporatetakeover,amerger,oranti-takeovermeasurethatwoulddissipatesignificantcorporateassets.Aninvestorwhopurchasesthisbondisprotectedfromwhattypeofrisk()
A.CallRisk.
B.ReinvestmentRisk.
C.EventRisk.
16.DalePetersonplanstoleaseacomputerfromGrayComputingServices.Itwillbea10-yearleasewithannualpaymentsof$2400plusaguaranteeofaresidualvalueof$4000attheendofthelease.Theassethasa12yearusefullife.Thepresentvalueoftheleasediscountedattheappropriateinterestrateof9percentis$17000.Thecompanyusesthestraight-linedepreciationmethod.Inthefirstyear,thereportedleaseexpenseis:
()
A.$3230.
B.$1530.
C.$2830.
17.WinthurPublishingCompanyinvests$800000inaprintingpressthatwillbedepreciatedonastraight-linebasisoverfouryearsandwillhaveazerosalvagevalueattheendofitslife.Salesrevenues,operatingexpenses,andnetincomeforeachyearareshowninthetablebelow.()
A.$18.75
B.$15.75
C.$12.75
18.Consideracorporatebondwithayieldof6.8%andamunicipalbond(withequivalentrisk)witha4.9%yield.WhichofthefollowingstatementsisTRUE()
A.Aninvestorwithamarginaltaxrateof40%prefersthecorporatebond.
B.Aninvestorwithamarginaltaxrateof15%prefersthemunicipalbond.
C.Aninvestorwithamarginaltaxrateof28%isindifferentbetweenthetwobonds.
19.Whichofthefollowingstatementsregardingprovisionsforpayingoffbondsisleastlikelycorrect()
A.Nonrefundablebondscanbecallable.
B.Serialbondsareanissuewithseveralstaggeredmaturitydates.
C.Asinkingfundprovisiongivesthecompanytheoptiontoretireportionsofthebondissuepriortomaturity.
20.WEB,aninvestment-bankingfirm,istheprincipalunderwriterforMTEX’supcomingdebentureissue.WendyBerry,CFA,ananalystwithWEB,hasfoundoutfromanemployeeinMTEX’sprogrammingdepartmentthataseriousglitchwasrecentlydiscoveredinthesoftwareprogramoftheirmajornewproductline.Infact,theglitchissobadthatmostoftheirordershavebeencanceled.Berrycheckedthedebenture’sprospectusandfoundnomentionofthisdevelopment.Theredherringprospectushasalreadybeendistributed.Berry’sbestcourseofactionisto:
()
A.informherimmediatesupervisoratWEBofherdiscovery.
B.keepquietsincethisismaterialnon-publicinsideinformation.
C.notifypotentialinvestorsoftheomissiononafairandequitablebasis.
21.WhichofthefollowingstatementsconcerningtheeffectsofinterestratevolatilityonbondswithembeddedoptionsisFALSE()
A.Asyieldvolatilityincreases,thevalueofcallablebondsdecreases.
B.Aputablebond’svalueisitsstraightbondvalueplusthevalueoftheembeddedputoption.
C.Acallablebond’svalueisitsstraightbondvalueplusthevalueoftheembeddedcalloption.
22.UsethefollowingdatafromDelta’scommonsizefinancialstatementtoanswerthequestion:
Earningsaftertaxes=18%Equity=40%Currentasse
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