2023年宁夏金融英语考试模拟卷.docx

2023年宁夏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.For retired 65-year-old investor, with moderate risk tolerance and adequate insurance and cash reserves, the appropriate portfolio will most likely have the following mix of bonds and stocks:AportfolioBbondsCstocksDAE55%65%F35%45%GBH30%40%I60%70%JCK15%50%L50%85% 2.When a bill is payable on demand or at sight, the drawee is required to _.Apay immediately when the bilk is presented to himBpay within a fixed period after the date of the billCaccept the bill immediately when it is presented to himDreceive immediate payment on presentation of the documents 3.When a commercial bank which was established _ is found to have its ratios of assets and liabilities at variance with the stipulations within a designated time limit.Asuperior to the promulgating of this lawBinferior to the promulgation of this lawCpriority to the promulgation of this lawDprior to the promulgation of this law 4.The forward contract price of a coupon-bearing bond is typically quoted as:()A. the bond dollar-price plus accrued interest as of the settlement date.B. a discount to the face value.C. a yield to maturity at the settlement date.5.Which of the following statements regarding a forward commitment is FALSE A forward commitment :()A. is a contractual promise.B. involves an action in the future.C. is not legally binding and can involve a stock index.6.For the last four years, the returns for XYZ Corporation's stock have been 10.4%, 8.1%, 3.2%, and 15.0%. The equivalent compound annual rate is:（）A.9.1%.B.8.9%.C.9.2%.7.The stock owner may cast all these _ votes for one director or divide them among several.AcommonBkeyCcumulativeDcalculating 8.Kelly, CFA, want to buy ETFs that invest in index futures contracts and other derivatives, which of the following types of risk is unique to it, compared with other exchange traded funds ( ETFs )（）A. Market risk.B. Counterpart credit risk.C. Tracking error risk.9.A bill is payable _.Aonly within a fixed period after the date of the billBon demand or within a fixed period after the date of the billConly at a specified time after acceptance by the draweeDimmediate after the drawer signs it 10.An analyst gathered the following information about a company: Taxable income = $ 100000 Pretax income = $120000 Current tax rate = 20 % Tax rate when the reversal occurs will be 10 % What is the company's tax expenseAA. $ 22000.BB. $ 24000.CC. $10000. 11.Which of the following statements is correctAFixed costs do not affect the cost of products.BFixed costs remain fixed with time change.CFixed costs do not vary in the total with changes in activity level, at least within a relevant range.DNone of the above. 12.If a futures investor has a SHORT position and futures prices rise, his margin account will:AA. show a GAIN.BB. suffer a LOSS.CC. remain unchanged. 13.The accounting entity is _.Aa separate section of an organizationBan OrganizationCan individual as an separate economic unitDAll above. 14.A currency forward contract:()A. is priced using the future interest rate on a foreign currency.B. requires a payment at settlement based on London Inter-bank Offered Rate.C. can be a deliverable contract.15.If the outcome of event A is not affected by event B, then events A and B are said to be:（）A. mutually exclusive.B. statistically independent.C. collectively exhaustive.16.Euribor is :()A. a London interbank lending rate.B. the rate on U. S. dollar deposits in continental Europe.C. published by the European Central Bank.17.If a stock is selling for $25, the exercise price of a put option on that stock is $20, and the time to expiration of the option is 90 days, the minimum and maximum prices for the put today are :AA. $5 and $25.BB. $0 and $20.CC. $5 and $20. 18.If Stock X's expected return is 30 percent and its expected standard deviation is 5 percent, Stock X's expected coefficient of variation is:（）A. 0.167.B. 1.20.C. 0.833.19.The lower limit of a normal distribution is:（）A. negative infinity.B. zero.C. one.20.An issue subject to a vote at a stockholders' meeting is presented in a(n):()A. interim report.B. proxy statement.C. management statement of responsibility.21.Tommy Stamlano owns stock worth $80 per share. Stamlano buys a put option with a strike price of $70 for $1.50. At expiration of the put option, the stock price is $65 per share. The profit or loss from Stamlano's portfolio insurance strategy is a:AA. loss of $11.50.BB. loss of $1.50.CC. gain of $16.50. 22.Which of the following statements about swaps is least accurate()A. Swaps typically have zero value at initiation.B. Swaps can have significant default risk.C. Parties to swap contracts are often individual speculators.23.Investing in distressed securities and venture capital investing are similar in all of the following ways EXCEPT :（）A. illiquid investments.B. a long investment horizon.C. a large investment requirement.24.A trader buys (takes a long position in) a T-bill futures contract ( $1 million face value) at 98.14 and closes it out at a price of 98.27. On this contract the trader has :AA. lost $325.BB. gained $325.CC. lost $1300. 25.Which of the following steps in hypothesis testing most likely follows collecting the data and calculating the test statistic（）A. Stating the decision rule.B. Making the statistical decision.C. Specifying the significance level.26.The process of arbitrage does all of the following EXCEPT:()A. promote pricing efficiency and produce riskless profits.B. result in the correction of mispriced assets.C. insure that risk-adjusted expected returns are equal.27.On 1 January 2010 a company enters into a lease agreement to lease a piece of machinery as the lessor with the following terms:（）A.82014B.66514C.8251428.An analyst has gathered the following information provided in the table below:()A758.7B775.3C656.329.Based upon the following information, what is the net Operating income of the property Estimated Market Value $600000 Capitalization Rate 20% Taxes $27000 Operating Expenses $1137000（）A. $960O0.B. $98800.C. $120000.30.Philip Fanara, CFA, gathered the following information about a real estate investment:（）A$26309B$28309C$3030931.Which of the following statements is FALSE Under the liability method of accounting for deferred taxes, if the tax rate falls :AA. income increases.BB. tax expense decreases.CC. deferred tax liabilities increase. 32.For a futures trade:()A. a single price is determined by supply and demand.B. the seller receives the bid price; the buyer pays the ask price.C. the purchase of the asset is at a negotiated price.33.Consider a call option expiring in 110 days on a non-dividend-paying stock trading at 27 when the risk-free rate is 6%. The lower bound for a call option with an exercise price of 25 is:AA. $2.00.BB. $2.44.CC. $1.97. 34.A probability function:（）A. only applies to continuous distributions.B. specifies the probability that the random variable takes on a specific value.C. is often referred to as the cdf.35.A trader is long four July gold futures contracts, each with a contract size of 300 oz. If the price of July gold increases from $380.20 to $381.00 per ounce the change in the margin balance will be :AA. $960.BB. - $960.CC. $240. 36.Which classification of hedge funds is least likely to use a short position in stock as a part of its strategy（）A. Market-neutral funds.B. Risk arbitrage in mergers and acquisitions.C. Emerging-market funds.37.Which classification of hedge funds is least likely to use a short position in stock as a part of its strategy（）A. market-neutral funds.B. emerging-market funds.C. distressed securities funds.38.Compared to a normal distribution, a lognormal distribution is least likely to be:（）A. skewed to the left.B. skewed to the right.C. useful in describing the distribution of stock prices.39.Which real estate valuation approach is most likely to require specific information about an investor to estimate the value of a property（）A. Cost approach.B. Income approach.C. Discounted after-tax cash flow approach.40.A swap is best characterized as a()A. series of forward contracts.B. derivative contract that has not gained widespread popularity.C. contract that is binding on only one of the parties to the transaction.41.A company uses LIFO and had a 2006 LIFO reserve of $ 90000 and a 2005 LIFO reserve of $ 85000. The company' s marginal tax rate is 28% and cost of goods sold is $100000 for 2006. The change in 2006 net income if FIFO inventory costing had been used is:AA. - $ 3600.BB. - $1200.CC. $ 3600. 42.A legally binding promise to buy 140 oz. of gold two months from now at a price agreed upon today is a(n) :AA. take-or-pay contract.BB. forward commitment.CC. option. 43.Given Cov (X,Y) = 1000000. What does this indicate about the relationship between X and Y（）A. It is strong and positive.B. It is weak and positive.C. Only that it is positive.44.According to the passage, the method of guarantee can take the following forms except _.Aendorsement of the bill of exchangeBa standby letter of creditCa separate form of guarantee of the importer's liabilities, which usually applies when promissory notes are signed by the importerDNone of the above is the form of guarantee. 45.A normal distribution can be completely described by its:（）A. mean and variance.B. skewness and kurtosis.C. mean and mode.46.If the threshold return is higher than the risk -free rate, what will be the relationship between Roy's safety -first ratio (SF) and Sharpe's ratio（）A. The SF ratio will be lower.B. The SF ratio will be higher.C. They will be the same.47.Construct a 90 percent confidence interval for the starting salaries of 100 recently hired employees with average starting salaries of $ 50000 and a standard deviation of $ 3000 assuming the population has a normal distribution.（）A. 50000±1.65 (3000);B. 50000±1.65 (300).C. 30000±1.65 (5000).48.The most likely reason derivative markets have flourished is that()A. derivatives are easy to understand and use.B. derivatives have relatively low transaction costs.C. the pricing of derivatives is relatively straightforward.49.The risk-free interest rate is 5 percent, and the return on market portfolio is 8 percent. A stock with a beta of 0. 5 that has an estimated rate of return of 7 percent is most likely:（）A. overvalued.B. undervalued.C. correctly valued.50.There is a call option on a stock that is currently selling for $25 and it is in-the-money by $8. Find the call option's strike price:AA. $17.BB. $25.CC. $33.