2022年青海金融英语考试真题卷.docx

2022年青海金融英语考试真题卷本卷共分为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.Which of the following types of unemployment is most likely caused by long-run changes that eliminate some jobs while generating others for which unemployed workers are not qualified（）A. Frictional.B. Structural.C. Cyclical.2.With respect to regulating a natural monopoly, which of the following pricing rules to regulate the natural monopoly firm will most likely require the government to provide a subsidy sufficient to compensate the firm in order to avoid the firm to leave the market（）A. Average cost pricing.B. Marginal cost pricing.C. Profit maximizing pricing.3.Which of the following least likely affects how the burden of a tax is divided between buyers and sellers（）A. Elasticity of supply.B. Elasticity of demand.C. Whether the tax is imposed on buyers or on sellers.4.Which of the following characteristics is best described that the information in financial statements can influence user's economic decisions or affect user's evaluation of past events or forecasts of future events in accordance with the IFRS framework's definitions and recognition criteria（）A. Relevance.B. Comparability.C. Faithful representation.5.An analyst does research about the accrued revenue. Accrued revenue is properly classified on a financial statement as which of the following（）A. Assets.B. Liabilities.C. Equity.6.An analyst does research about revenue recognition in special cases and gathers the following information about a construction contract which will be completed in 5 years: ·Total contract sales price is $24,000000 ·Estimated total cost is $12000000 ·Costs incurred in year 1 is $4000000 ·Costs incurred in year 2 is $6000000 Under percentage-of-completion method, revenue recognized in Year 2 is closest to :（）A. $0B. $8000000C. $120000007.An analyst does research about diluted earnings per share and gathers the following information about a company for 2011: ·Net income is $1275000 ·Common shock dividends is $55000 ·Average number of common shares outstanding is 150000 ·20000 preferred shares outstanding ·Preferred dividends per share is $18.00 If each preferred share is convertible into 2 shares of common stock, the company's reported diluted EPS is closest to:（）A. $6.10B. $6.42C. $6.718.With respect to cash flow statement, under U. S. GAAP, dividends paid are most likely reported as:（）A. investing activity.B. financing activity.C. operating activity.9.An analyst does research about audit opinions. A disclaimer audit opinion is most likely issued when:（）A. financial statements are prepared with some limitation or exceptions according to the accounting standards.B. auditors are unable to issue an opinion about financial statements.C. financial statements are materially depart from accounting standards and not fairly presented.10.An analyst does research about income statement and gathers the following information about a company: ·Revenue during this year is $250000 ·Cost of goods sold is $150000 ·Selling, general, and administrative expense is $25000 ·Depreciation expense is $15000 ·Interest expense is 5000 The company's operating profit is closest to:（）A. $55000B. $60000C. $7500011.An analyst does research about defensive internal ratio and gathers the following information about a company (in millions): · Current ratio is 2.5 ·Quick ratio is 2 ·Cash ratio is 1.5 ·Average daily expenditures is $20 ·Current liabilities is $100 The company's defensive interval ratio is closest to:（）A. 7.5B. 10.0C. 12.512.An analyst does research about sustainable growth rate and gathers the following information about a company for 2011: ·Net income is $2 000 000 ·Common dividends paid is $900000 ·Average assets is $12000000 ·Average liabilities is $3500000 The company's sustainable growth rate is closest to:（）A. 9.17%B. 10.59%C. 12.94%13.Under IFRS, which of the following is most accurate if the outcome of a longterm contract cannot be measured reliably and it is probable that the costs will be recovered（）A. The company reports revenue to the extent of contract costs incurred.B. The company does not report any income until the contract is substantially finished.C. The company estimates what percentage of the contract is complete and then reports that percentage of the total contract revenue in its income statement.14.With respect to the cash flow statement, which of the following activities can be presented using both the direct method and the indirect method（）A. Operating.B. Investing.C. Financing.15.An analyst does research about diluted earnings per share and gathers the following information about a company: Average market price per share of common stock during the year $50 Year-end market price per share of common stock $55 Exercise price per share for options on 50000 common shares $60 Exercise price per share for warrants on 20000 common shares $40 Using the treasury stock method, the number of incremental shares that should be used to compute diluted earnings per share is closest to:（）A. 4000B. 5455C. 1600016.An analyst does research about contra accounts. Which of the following is least likely classified as contra accounts（）A. Account payable.B. Allowance for bad debts.C. Accumulated depreciation.17.An analyst does research about comprehensive income and gathers the following information about a company: ·Net income is $1500000 ·Unrealized losses on derivative contract accounted for as a hedge is $500000 ·Unrealized gains on security classified as a trading security is $250000 ·Losses on foreign currency translation is $600000（）According to U. S. GAAP, the company's comprehensive income is closest to:A. $150000B. $400000C. $75000018.An analyst does research about revenue recognition. Which of the following criteria is not required for the recognition of revenue from the sale of goods under U. S. Generally Accepted Accounting Principles (U. S. GAAP) （）A. There is evidence of an arrangement between buyer and seller.B. The seller is reasonable sure of collecting money.C. The amount of revenue can be measured reliably.19.During a period of rising price and stable inventory levels, using the LIFO inventory accounting method results in cost of goods sold (COGS) that is:（）A. less than COGS using the FIFO method.B. equal to COGS using the FIFO method.C. greater than COGS using the FIFO method.20.Under U. S. GAAP, loans made to others are most likely classified in the cash flow statement as:（）A. an investing activity.B. a financing activity.C. an operating activity.21.An analyst does research about inventory accounting methods. Under U. S. GAAP, which of the following inventory accounting methods results in the highest ending inventory when prices are rising and quantities are stable（）A. Weighted average cost.B. Last-in fist-out (LIFO).C. First-in first-out (FIFO).22.Which of the following are most likely handled prospectively, with the change affecting the financial statements for the period of change and future period（）A. Changes in accounting policies.B. Changes in accounting estimates.C. Correction of an error for a prior period.23.Financial assets classified as held-to-maturity are most likely measured at:（）A. amortized cost.B. fair value.C. the lower of cost or fair value.24.An analyst does research about free cash flow and gathers the following information about a company: ·Cash provided by operating activities is $22000 ·Cash used for fixed capital expenditures is $6000 ·Net debt repayment is $850 ·Interest paid is $3000 ·Income tax rate is 35% ·Depreciation and amortization is $1000 The free cash flow to the firm is closest to:（）A. $16950B. $17950C. $1895025.Which of the following statements is most accurate An intangible asset with a finite useful life is:（）A. amortized.B. tested for impairment at least annually.C. amortized and tested for impairment at least annually.26.An analyst does research about capital budgeting and gathers the following information about two independent projects: NPV IRR Project 1 $121200 16.7% Project 2 $919790 13.6% If there is no capital rationing and the company's cost of capital is 10.5%, the company should invest in:（）A. Project 1.B. Project 2.C. both Project 1 and Project 2.27.Recording an estimate of uncollectible accounts will least likely:（）A. reduce revenues.B. reduce net income.C. increase expense.28.An analyst does research about capital structure. The optimal capital structure for a company is best described as the capital structure to maximize that company's:（）A. stock price.B. earnings per share.C. dividends per share.29.In a three-step process for converting cash flow from the indirect to direct presentation, which of the following statements is most accurate The last step in the process is to:（）A. aggregate all revenues and all expenses.B. convert accrual amounts to cash flow amounts by adjusting for working capital changes.C. remove all noncash items from aggregated revenues and expenses and break out remaining items into relevant cash flow items.30.A company has three mutually exclusive capital projects with varying levels of risk and an analyst gathers the following information: Project 1 Project 2 Project 3 Internal rate of return 19% 22% 21% Profitability index 4.7 3.3 3.5 Payback period (years) 1.2 0.9 1.0 The most appropriate investment decision is to invest in:（）A. Project 1.B. Project 2.C. Project 3.31.With respect to capital project, if the discount rate decrease, which of the following about the internal rate of return (IRR) and net present value (NPV) are most accurate（）A. Both IRR and NPV increase.B. IRR remains unchanged and NPV increases.C. Both IRR and NPV remain unchanged.32.An analyst does research about capital asset pricing model and gathers the following information about a developing country in which the company is located: Developing country's equity risk premium 3% Company's equity beta 0.6 Company's market yield of long-term debt 6% With respect to the capital asset pricing model, if the market risk premium in the investor's developed country is 10% and the risk-free rate is 3.5%, the cost of equity for this company is closest to:（）A. 9.2%B. 11.3%C. 16.0%33.An analyst prepares pro forma financial statements for a company and forecasts total assets will be less than total liabilities plus shareholders' equities. Which of the following adjustments is least likely to balance the accounts（）A. Increases dividends.B. Increases treasury stocks.C. Increases debt payback.34.With respect to corporate governance, which of the following is most likely eligible to serve on the board:（）A. independent board members.B. independent nonexecutive board members.C. executive board members.35.If the cost of goods sold increases and inventory decreases, the number of days of inventory most likely:（）A. decreases.B. remains unchanged.C. increases.36.An analyst does research about cost of capital. All else constant, if a company's marginal tax rate increases, the weighted average cost of capital most likely:（）A. decreases.B. remains unchanged.C. increases.37.With respect to sensitivity to the business cycle, an industry largely independent of the business cycle is least likely classified as:（）A. defensive.B. non-cyclical.C. counter-cyclical.38.An analyst does research about security market indices. Which of the following indices is most likely subject to survivorship bias（）A. Fixed-income indices.B. Hedge fund index.C. Real estate investment trust index.39.An analyst does research about cost of common equity. With respect to calculating the cost of equity using the bond yield plus risk premium approach, which of the following statements about the risk premium is least accurate（）A. The risk premium compensates for the additional risk of equity compared with debt.B. We often estimate the risk premium using historical spreads between bond yields and stock yields.C. In developed country markets, a typical risk premium added is in the range of 2 to 4 percent.40.An analyst does research about equity indices. The beginning value for an index is 2029 and the ending value is 2132. If the income for the period is 35 points, the price return of the index is closest to:（）A. 4.8%B. 5.1%C. 6.8%41.An analyst does research about valuation models. With respect to equity valuation models, valuation working well for companies that do not have a high proportion of intangible or "off the books" assets and that do have a high proportion of current assets and current liabilities is best categorized as a(n):（）A. multiplier model.B. discounted cash flow model.C. asset-based valuation model.42.An analyst does research about price-to-eamings ratio. With respect to price multipliers based on fundamentals, and all else being equal, an increase in which of the following inputs most likely will cause the price-to-earnings ratio to increase（）A. Retention ratio.B. Required rate of return.C. Growth rate of eamings.43.An analyst does research about enterprise value and gathers the following information about a company: Cash and short-term investments $25million Market value of outstanding debt $120million Common shares outstanding 40million Current price of common shares $28 Tax rate 35% The company's enterprise value is closest to:（）A. $975 million.B. $1173 million.C. $1215 million.44.An analyst does research about industry stages. With respect to life cycle models, an industry characterized by slowing growth, industry overcapacity and increased failures is most likely in the:（）A. shakeout stage.B. mature stage.C. decline stage.45.An analyst does research about equity valuation. A company's current annual dividend (D0) of $0.80 is expected to grow at a 20% rate for the next three years and at an 8% rate thereafter. If the required rate of return is 15%, the intrinsic value of the equity is closest to:（）A. $13.71B. $16.64C. $21.3346.An analyst does research about margin transaction. An investor purchases a stock priced at $80 by borrowing the maximum amount under a 65% initial margin requirement. If the maintenance margin requirement is 30% the security price below which the investor will first receive a margin call is closest to:（）A. $37B. $40C. $5247.An analyst does research about equity indices and gathers the following information for a market-capitalization-weighted index consisting of the shares in three companies: Company Beginning SharePrices Ending SharePrices Dividend