2021年黑龙江金融英语考试模拟卷.docx

2021年黑龙江金融英语考试模拟卷本卷共分为1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50题，每题2分。每题的备选项中，只有一个最符合题意） 1.An investor will receive an annuity of $ 5000 a year for seven years. The first payment is to be received 5 years from today. If the annual interest rate is 11.5 percent, what is the present value of the annuityAA. $13453.BB. $23185.CC. $15000. 2.Which of the following five year bonds has the highest interest rate sensitivityAA. floating rate bond.BB. callable 5% coupon bond.CC. zero-coupon bond. 3.If a firm chooses a capital lease over an operating lease, it can expect to have a:AA. lower debt-to-equity ratio.BB. higher debt-to-equity ratio.CC. higher return on assets. 4.Compared to the underlying MBS, a collateralized mortgage obligation(CMO): A. allows an investor to select an exact maturity. B. has lower duration. C. may have more or less prepayment risk. 5.A CFA charter holder who comes to work intoxicated is: A. in violation of Standard (A) concerning duties to employer. B. not in violation of the standards. C. in violation of Standard (D) concerning professional misconduct. 6.One advantage to using the price/book value (P/B) ratio over using the price/earnings (P/E) ratio is that P/B can be used when:AA. the firm is in a slow growth phase.BB. earnings or cash flows are negative.CC. stock markets are volatile. 7.What is the ending inventory level in dollars using the FIFO MethodAA. $1744.20.BB. $1836.00.CC. $3604. 02. 8.Within an informationally efficient securities market, new information results in profit-maximizing investors making price adjustments that are best described as:AA. predictable but not unbiased.BB. unbiased but not predictable.CC. neither unbiased nor predictable. 9.What is the Cost of Goods Sold using the Weighted Average MethodAA. $3604.02.BB. $2918.00.CC. $4142.00. 10.Regardless of the shape of a distribution, according to Chebyshev's Inequality, what is the minimum percentage of observations that will lie within + or - two standard deviations of the meanAA. 68%.BB. 34%.CC. 75%. 11.If the probability of both a new Wal-Mart and a new Wendy's being built next month is 68 percent and the probability of a new Wal-Mart being built is 85 percent, what is the probability of a new Wendy's being built if a new Wal-Mart is builtAA. 0.70.BB. 0.60.CC. 0.80. 12.Temporary differences in taxable and pretax income: A. will always be reversed. B. may result in lower current taxes payable and higher future taxes payable. C. are not reported on the balance sheet. 13.An investor is considering investing in a venture capital project that will have a large payoff at exit, which is estimated to occur in four years. The investor realizes that the risk of failure is high, given the following estimated probabilities:AYearB1C2D3E4FFailure ProbabilityG0.30H0.28I0.28J0.25 14.Which of the following sources of credit would an analyst most likely associate with a borrower of the lowest credit qualityAA. Revolving line of credit.BB. Uncommitted line of credit.CC. Committed line of credit. 15.What is the effective annual rate if the stated rate is 12 percent compounded quarterlyAA. 12.00%.BB. 12.55%.CC. 3.00%. 16.Selected information from Rockway, Inc.'s U. S. GAAP financial statements for the year ended December 31, included the following (in $):AB2004C2005DSalesE17000000F21000000GCost of Goods SoldH11000000I15000000JInterest PaidK800000L1000000MCurrent Income Taxes PaidN700000O1000000PAccounts ReceivableQ3000000R2500000SInventoryT2400000U3000000VProperty, Plant EquipW2000000X16000000YAccounts PayableZ1000000Z1400000ZLong-term DebtZ8000000Z9000000ZCommon StockZ4000000Z5000000 17.As compared to an equivalent non-callable bond, a callable bond's yield should be:AA. lower.BB. higher.CC. the same. 18.The following information relates to a futures market contract:AInitial fufures pnice on Day 0B$ 100CInitial margin requirementD$ 5EMaintenance margin requirementF$ 3GSettlement price on Day 1H$103ISettlement price on Day 2J$ 96KSettlement price on Day 3L$ 98 19.In a net present value (NPV) profile, the internal rate of return is represented as the: A. slope of the NPV profile. B. intersection of the NPV profile with the horizontal axis. C. intersection of the NPV profile with the vertical axis. 20.A firm has the following characteristics: Relatively small in size Marginal revenue is equal to the selling price Economic profits will not be earned for any significant period of time The firm is best described as existing in a(n):AA. purely competitive market.BB. price searcher market.CC. monopolistic market structure. 21.Given the following table about employees of a company based on whether they are smokers or nonsmokers and whether or not they suffer from any allergies, what is the probability of being either a nonsmoker or not suffering from allergiesABSuffer from AllergiesCDon't Suffer from AllergiesDTotalESmokerF35G25H60INonsmokerJ55K185L240MTotalN90O210P300 22.According to the CFA Institute Standards of Practice handbook, insider trading is the least likely to be prevented by establishing:AA. fire walls.BB. watch list.CC. selective disclosure. 23.When considering convertible preferred stock which of the following components of the earnings per share (EPS) equation needs to be adjusted to calculate diluted earnings per shareAA. The numerator.BB. The denominator.CC. The numerator and denominator. 24.The economy is in recession, and counter cyclical fiscal policy has been enacted. If the policy has been effective and the AD curve has moved upward to the right, the result is:AA. lower prices and more output.BB. higher prices and more output.CC. lower prices and lower unemployment. 25.A municipal bond carries a coupon of 6% and is traded at par. To a taxpayer in the 340/0 tax bracket, this bond provides an equivalent taxable yield of:AA. 9.09%.BB. 8.53%.CC. 6.00%. 26.An analyst gathered the following data about stocks J, K, and L, which together form avalue-weighted index:December 31, Year 1 December 31, Year 2Stock Price Shares Outstanding Price Shares OutstandingJ 40 10,000 50 10,000K 30 6,000 20 12,000*L 50 9,000 40 9,000*2 for 1 stock splitThe ending value-weighted index (base index = 100) is closest to:（） 27.A U. S. Treasury Bill with a face value of $ 100000 and 256 days until maturity is selling for $ 94300. The money market yield on this security is closest to:（）A. 7.80%.B. 7.87%.C. 8.50%.28.Which real estate valuation approach is most likely to require specific information about an investor to estimate the value of a property（）A. Discounted after-tax cash flow approach.B. Income approach.C. Sales comparison approach.29.The traditional DuPont equation shows (ROE) equal to:（）A. net income/sales×sales/assets×assets/equity.B. net income/assets×sales/equity×assets/sales.C. assets/equity×net income/equity×equity/sales.30.A stock's dividend growth rate is a function of each of the following EXCEPT:（）A. profit margin.B. total asset turnover.C. P/E ratio.31.The price value of a basis point (PVBP) for a 7-year, 10 percent semiannual pay bond with a par value of $1000 and yield of 6 percent is closest to:（）A. $ 0.28.B. $ 0.92.C. $ 0.64.32.In a plain vanilla interest rate swap:（）A. the notional principal is swapped.B. only the net notional principal is swapped.C. only the net interest payments are swapped.33.Examples of potentially dilutive securities include all of the following EXCEPT:（）A. convertible preferred stock.B. warrants.C. non-convertible bonds.34.Value a semi-annual, 8 percent coupon bond with a $1000 face value if similar bonds are now yielding 10 percent The bond has 10 years to maturity.（）A. $ 875.38.B. $ 1000.00.C. $ 1373.87.35.In securities exchange markets, a member who executes stop loss or stop buy orders when the specified price occurs is most likely a:（）A. floor broker.B. market maker.C. commission broker.36.Technically, an individual is unemployed when he or she is actively seeking employment or is:（）A. a retiree.B. in prison.C. waiting to return to a job from which he or she was just laid off.37.An analyst will most likely use the average age of depreciable assets to estimate the company's:（）A. future dividend payments.B. near-term financing requirements.C. cash flows.38.A reserve requirement of 20% implies a potential money deposit expansion multiplier of:（）A. 5.B. 8.C. 10.39.What is the semiannual-pay bond equivalent yield on an annual-pay bond with a yield to maturity of 12.51 percent（）A. 12.00%.B. 11.49%.C. 12.14%.40.If the Federal Reserve unexpectedly shifts to a more expansionary monetary policy, which one of the following is most likely occur in the short run（）A. A decrease in the velocity of money.B. A decrease in real GDP.C. An increase in employment.41.Which of the following is most likely to be described as an automatic fiscal policy stabilizer（）A. Increase in government spending on defense.B. Cuts in government spending on interstate highways.C. A fixed income tax rate.42.If the company pays a dividend of $ 0.75, the return on the investment would be closest to:（）A. 22.00%.B. 39.55%.C. 53.75%.43.Selected information from Leeward Company's financial statements for the year ended December 31 is as follows (in $):ACashB3000000CAccounts PayableD1800000EAccounts ReceivableF3400000GDeferred Tax LiabilityH1200000IInventoryJ6300000KLong-term DebtL12500000MProperty, Plant Eq.N15200000OCommon StockP2000000QTotal AssetsR27900000SRetained EarningsT10400000ULIFO Reserve Jan. 1V1600000WTotal Liab. EquityX27900000YLIFO Reserve Dee. 31Z2100000ZZ 44.Determine the cash flow from investing given the following table:AItemBAmountCCash payment of dividendsD$30ESale of equipmentF$25GNet incomeH$25IPurchase of landJ$15KIncrease in accounts payableL$20MSale of preferred stockN$25OIncrease in deferred taxesP$5 45.Which of the following is an appropriate statement for a Level CFA candidate to make（）A. I am a Level I CFA charter holder.B. I will be a CFA charter holder within 2 years.C. I passed the Level I CFA exam last year.46.The footnotes to a firm's financial statements are least likely to include:（）A. information on sales trends.B. details of the terms of firm debt.C. information on revenue recognition policies.47.Which of the following would NOT be a good source for information about a company's proxy voting rules（）A. Firm's corporate governance statement.B. Firm's annual report.C. Proxy statement (U. S.).48.When calculating earnings per share (EPS) for firms with complex capital structures, convertible bonds are ordinarily considered to be:（）A. antidilutive securities.B. potentially dilutive securities.C. nonlinear debt securities.49.A firm's financial statements reflect the following:ANet incomeB$ 1700000CEBITD$ 2900000EEffective tax rateF35%GInterest paymentsH$ 285000ICommon equityJ$ 3100000KTotal assetsL$ 6600000MPreferred dividends paidN$ 1100000OWeighted avg. shares outstandingP523000 50.Which of the following sources of short-term liquidity is considered reliable enough that it can be listed in the footnotes to a firm's financial statements as a source of liquidity（）A. Revolving line of credit.B. Blanket lien.C. Uncommitted line of credit.第22页 共22页第 22 页 共 22 页第 22 页 共 22 页第 22 页 共 22 页第 22 页 共 22 页第 22 页 共 22 页第 22 页 共 22 页第 22 页 共 22 页第 22 页 共 22 页第 22 页 共 22 页第 22 页 共 22 页