2022年云南金融英语考试考前冲刺卷.docx

2022年云南金融英语考试考前冲刺卷本卷共分为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 analyst does research about operating lease and financial lease. In the later years, reporting a lease as a financial lease rather than an operating lease most likely results in:A. higher net income for the lessee.B. higher total cash flow for the lessee.C. higher working capital for the lessee.2.A company reports the following information about its annual percentage changes: ·Revenue increases by 14% ·Receivable increases by 20% ·Inventory increases by 27% This information indicates the company least likely has implemented:A. higher credit standards for customers.B. more aggressive revenue recognition.C. less efficient inventory management.3.With respect to accounting equations, which of the following is least accurateA. Ending retained earnings=Beginning retained eamings+Net income-Dividends.B. Ending retained earnings=Beginning retained earnings+RevenuesExpenses-Dividends.C. Assets=Liabilities-Contributed capital+Beginning retained earnings+ Revenues-Expenses-Dividends.4.An analyst does research about a company's inventory management. The company reports a more inventory turnover ratio than the average for its industry. All else being equal, which of the following statements is m.ost accurateA. This difference is explained by excessive inventory bajance by the company.B. This difference results in a longer cash conversion cycle for the company.C. This difference is explained by effective inventory management by the company.5.An analyst does research about the reported revenue of a company and gathers the following information about a product: Sale price $140 Product costs incurred $40 Direct selling costs $50 Assume that the company bears no inventory risk for the product and uses net reporting of revenue, reported revenue of the product is closest to:A. $50B. $90C. $1006.An analyst does research about accounting standards. Which of the following is NOT a goal of the International Accounting Standards BoardA. Promoting the use of global accounting standards.B. Accounting for the needs of developed markets and big firms when implementing global accounting standards.C. Develop global accounting standards requiring transparency, comparability, and high quality in financial statements.7.As the initial step in converting business transactions into financial information, which of the following is useful obtaining detailed information regarding a particular transactionA. Trial balance.B. General ledger.C. Journal entry.8.An analyst does research about financial statement effects of investment security classification. An unrealized loss on a marketable security classified as availablefor-sale most likely:A. decreases assets on the balance sheet.B. creates a loss on the income statement.C. has no impact on the financial statements.9.An analyst does research about debt covenants. Which of the following least likely lowers the risk to creditors A debt covenant specifying a minimum level of the borrower's:A. current ratio.B. dividend payout ratio.C. interest coverage ratio.10.Which of the following is most likely under a company's management controlA. Operating risk.B. Financial risk.C. Systematic risk.11.An analyst does research about gross profit margin and gathers the following information about a company in 2012: ·Average inventory is $2000 ·Ending inventory of the year is $2500 ·Total revenue is $20000 ·Inventory tumover ratio is 5.5 ·Tax rate is 40% The gross profit margin for the company is closest to:A. 27%B. 31%C. 45%12.An analyst does research about liquidity. Which of the following changes will least likely improve a company's liquidity positionA. Supplies increase credit terms.B. Bank line of credit limit decreases.C. Number of days of receivable decrease.13.An analyst does research about capital structure. Which of the following is the least appropriate method to estimate the capital structure weights when a company's target capital structure is unknown to analysisA. Using the book value of capital components.B. Using industry average capital components.C. Analyzing trends in capital components to infer the target capital structure.14.An analyst does research about the financial leverage about a company and gathers the following information: ·Operating income is $180000 ·Tax expense is $75000 ·Interest expense is $80000 ·Tax rate is 35% The company's degree of financial leverage is closest to:A. 1.4B. 1.7C. 1.815.An analyst does research about the cost of capital and gathers the following information about a company: ·Current share price is $60 ·Current annual dividend per share is $1.50 ·Stable retention ratio is 40% ·Historical return on equity is 12% Using the dividend discount model approach, the cost of equity is closest to:A. 7.30%B. 7.42%C. 9.88%16.Using the following information about three mutually exclusive capital projects to make an investment decision. Project Cash Flow Pattern Net Present Value Internal Rate of Return 1 Conventional $900 15% 2 Conventional $1200 10% 3 Non-conventional $1023 6% and 25% Assumed each project has the same initial outlay and required return, the most appropriate investment is:A. Project 1.B. Project 2.C. Project 3.17.An analyst does research about cost of capital. All else being equal, if a U. S. company's marginal tax rate decreases, the company's weighted average cost of capital will most likely:A. decrease.B. remain unchanged.C. increase.18.An analyst does research about dividend distribution. All else being equal, the payment of a cash dividend most likely results in a decrease in the company's:A. retained eamings.B. debt-equity ratio.C. debt-assets ratio.19.An analyst does research about a company's earnings and gathers the following information about the company: ·Earnings per share is $1.20 ·Price-to-earnings ratio is 17 ·Book value per share is $16 ·Market value per share is $18All else being equal, if the company funds a share repurchase using debt with an after-tax cost of 6.5%, the company's EPS will most likely:A. decrease.B. remain the same.C. increase.20.An analyst does research about equity valuation and gathered the following annual data for a company: ·Return on assets is 8.0% ·Financial leverage is 1.25 ·Net income for 2012 is $20000000 ·Dividends paid on common stocks during 2012 (D0) is $4000000 ·Shares of common stock outstanding is 2000000 ·Required rate of return on the company's common stock is 14.5% If the growth rate in dividends is constant, the value of a share of the company's common stock at the beginning of 2013 is closest to:A. $30.77B. $33.23C. $44.4421.An analyst does research about various companies and stocks. A company has experienced stable earnings over the previous years and the company has a high beta. These factors best describe a:A. cyclical company and a defensive stock.B. defensive company and a cyclical stock.C. defensive company and a defensive stock.22.Which of the following share repurchase methods most likely result in the lowest cost to the companyA. Buy in the open market.B. Buy a fixed number of shares at a fixed price.C. Repurchased by direct negotiation.23.An analyst does research about index investing. The rationale for investing in index funds least likely includes the ability to:A. diversify the investments.B. reduce the cost of investing.C. capture arbitrage opportunities.24.An analyst does research about price-to-earnings ratio and gathered the following nformation about three common stocks with the same retention ratio:The highest price-to-earnings (P/E) ratio is most likely associated with:()A. Stock A.B. Stock B.C. Stock C.25.An analyst does research about margin purchase of stocks. An investor purchased 100 shares of a stock selling at $ 60 per share. The investor borrowed the maximum amount allowed by the initial margin requirement of 60 percent. If the stock price increases to $70 per share, the investor's return before commission and interest on the loan is closest to:A. 16.7%B. 27.8%C. 41.7%26.An analyst does research about price multiples. With respect to the computation of the price to book value ratio for a company's common stock, an appropriate estimate of tangible book value for the company could most likely exclude the value of:A. patents.B. off-balance-sheet assets.C. preferred stock issued by that company.27.An analyst does research about return on equity and gathered the following expectations that are related to two companies and their respective common stocks:Based on the expectations, which of the following is the most accurate statement about the two companies Company A is expected to have a:（）A. higher return on equity than Company B.B. lower intrinsic common stock value than Company B.C. higher intrinsic common stock value than Company B.28.An analyst does research about order types. The investor wants to profit from a predicted declines in the price of a company which she does not currently own. The most appropriate type of order is:A. short sale.B. limit order.C. stop loss order.29.An analyst does research about required rate of return. With respect to an investor's required rate of return, those components included in the nominal riskfree rate of return will most likely:A. affect all of the investments.B. be relatively constant over time.C. affect the yield spread between government securities and corporate securities.30.An analyst does research about price multiples. For a given company, price to earnings ratios are generally more stable from period to period than:A. price to sales ratios but not price to cash flow ratios.B. price to cash flow ratios but not price to sale ratios.C. neither price to sales ratios nor price to cash flow ratios.31.An analyst compares the underlying assumption between technical analysis and fundamental analysis. Do the underlying assumptions of technical analysis include a belief that the market values of common stocks:（）A.B.C.32.An analyst does research about capital structure and gathered the following information about a company: ·Return on assets is 5.0% ·Financial leverage (Total assets/equity) is 2.5 ·Beta for the company's stock is 1.5 If the company wants to achieve a growth rate of 10% without changing its capital structure or issuing new equity, the maximum dividend payout ratio for the company would be closest to:A. 10.0%B. 12.5%C. 20.0%33.An analyst does research about option value. In general, with respect to two call options on the same underlying, the option with higher value is most likely to have a:（）A.AB.BC.C34.An analyst does research about option moneyness. An investor paid $5 for a put option that was in-the-money $3. If the price of the underlying was $59 at the time the investor purchased the put option, the exercise price of that put option was closest to:A. $51B. $56C. $6235.An analyst does research about options. A series of interest rate call options expiring on different dates but having the same exercise rate is best characterized as a(n):A. zero-cost collar.B. interest rate cap.C. interest rate floor.36.An analyst does research about currency swap and stated that, in the typical currency swap, principal amounts are exchanged at both the beginning and end of the swap and interest payments are netted during the life of the swap. The analyst is most accurate with respect to:（）A.AB.BC.C37.An analyst does research about alternative investments. With respect to alternative investments, a long time horizon and intense investor participation are most likely to be required for successful investing in both :A. hedge funds and exchange traded funds.B. venture capital and distressed securities.C. commodities and commodity derivatives.38.An analyst does research about hedge funds. The returns from hedge funds that contain infrequently traded assets most likely exhibit a downward bias with respect to correlations with:A. both conventional equity returns and conventional fixed income returns.B. conventional equity returns but not with conventional fixed income retums.C. conventional fixed income returns but not with conventional equity returns.39.An analyst does research about future market transactions. The following information relates to futures market transactions for both an investor with a long position and an investor with a short position in the market: Initial futures price per contract on Day 0 $100 Initial margin requirement per contract $6 Maintenance margin requirement per contract $4 Number of contracts held by each investor 10 Settlement price per contract on Day 1 $103 At initiation of the contracts, each investor deposited enough funds to just meet the initial margin requirements. Which of the following statements about the two investors is most accurate The amount of funds that must be deposited on Day 2 by the investor holding the:A. short position is $10.B. long position is $30.C. short position is $30.40.An analyst compares different real estate valuation methods. A factor common to the sales comparison approach and the income approach is that both approaches require:A. identification of benchmark properties.B. knowledge of investor's marginal tax rate.C. calculation of the property's net operating income.41.An analyst does research about risk management applications of option strategies. With respect to option strategies, the shape of the graph that illustrates both the value at expiration and profit for buying a call is most similar in shape to the graph for:A. selling a put.B. a covered call position.C. a protective put position.42.An analyst does research about spot and forward rate. The 4-year spot rate is 9.45%, and the 3-year spot rate is 9.85%. What is the l-year forward rate 3 years from today（）A. 8.3%B. 8.7%C. 9.4%43.An analyst does research about duration and gathers the following information about the price sensitivity of an option-free bond: Price($) Yield 98.90 5.25% 96.70 5.50% 94.88 5.75% The duration of the bond is closest to:（）A. 4.2B. 8.3C. 16.644.A zero-coupon bond issued 3 years ago with a par value of $1000 has 7 years remaining to maturity. If the annual rate associated with the bond is 8 percent, the value of the bond is closest to:A. $577B. $583C. $79045.With respect to major bond markets around the world, which of the following statements is most accurateA. Investors in one country that acquires bonds issued by the government of another country are believed to be risk-free.B. The factors that affect yield spreads in th