2021上海金融英语考试模拟卷（2）.docx

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1、2021上海金融英语考试模拟卷（2）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44题，每题2分。每题的备选项中，只有一个最符合题意） 1.Liabilities are usually classified as either current or noncurrent liabilities. Current liabilities are those obligations whose (61) is reasonably expected to require the use of existing resources properly

2、classified as current (62) , or the creation of other current liabilities. This definition of current liabilities emphasizes a short-term creditors claim to working capital rather than to the due date for (63) purposes. Accounts payable, dividends payable, salaries payable, and taxes payable are exa

3、mples of current liabilities. Liabilities which are not current liabilities are (64) as noncurrent or long-term liabilities. Bonds payable and mortgages payable are examples of (65) liabilities.A. assets B. capital C. property D. equity 2.The primary justification tot banking supervision is to limit

4、 the risk of loss to depositors, and by so doing to maintain public confidence in banks. And while supervision naturally focuses on the individual bank, supervisors must also be alert to the possibility that problems in one institution may have wider, systemic repercussions on others, or on the inte

5、grity of the payments system.Supervisors usually pay more attention to the individual bank.A. Right B. Wrong C. Doesnt say3.To finance the national debt, the government issues a variety of debt securities. The most widely held liquid security is the Treasury bill, which is commonly issued by the min

6、istry of finance. However, some Treasury bills, like the Treasury bill of the U.S. government, do not actually pay interest. Instead they are issued at a discount from par ( their value at maturity) . The investors yield comes from the increase in the value of the security between the time it was pu

7、rchased and the time it matures. Treasury bills are attractive to investors because they are backed by the government and therefore are virtually free of default risk. Because even if the government ran out of money, it could simply print more to pay them off when they mature. The risk of unexpected

8、 changes in inflation is also low because of the short term to maturity. The markets for Treasury bills in most developed countries are deep and liquid. A deep market is one with many different buyers and sellers. A liquid market is one in which securities can he bought and sold quickly and with low

9、 transaction costs. Investors in markets that are deep and liquid have little risk that they will not be able to sell their securities when they want to.As some treasury bills do not actually pay interest, they are not attractive to investors.A. Right B. Wrong C. Doesnt say 4.The market for large bu

10、siness certificates of deposit or negotiable certificates of deposit (CDs) in denominations of $100,000 or more has been active since 1961. It is a money market specializing in the sale of Marketable, interest-yielding deposit certificates with specified maturity dates, issued by four types of finan

11、cial intermediaries. Domestic CDs are issued by US banks. Dollar-de- nominated CDs issued by banks outside the United States are called Euro CDs. The CDs issued by US branches of foreign banks are called Yankee CDs. Thrift CDs are the name used to designates CDs issued by domestic thrifts. The holde

12、r of a CD who wishes to exchange it for money before its maturity date will ask a money market participant (often a commercial bank) to arrange a sale through a specialized dealer. There is an active secondary market in CDs centered in New York. There are approximately 25 dealers in CDs. The CD is a

13、n instrument that allows the depository intermediaries to raise funds at competitive market rates. It is called one of their managed liabilities. Since they loan out funds at their lending rates, they would normally keep their advertised prime rate above the CD rate. As noted previously, the prime r

14、ate formula that had been used by Citibank set the prime one-and-a-half percentage points above the previous three-week average of 90-day (3-month) CDs sold in the secondary market. The yield on 3-month CDs is usually higher than 3-month Treasury bills. Treasury bills have a lower default risk and e

15、xempt from state and local tax. This may explain the extent of the spread.The reason why the market for large CDs has been active since 1961 may be that the yield is usually higher than Treasury bills.A. Right B. Wrong C. Doesnt say 5.FLOOR BROKERS, when a commission broker has (56) that he cannot e

16、xecute personally because of their number or because of the activity of the market, he engages the services of a floor broker. These floor brokers were once referred to as $ 2 brokers, because at one time they charged a fee of $2 per (57) ; today this fee is (58) higher. Commissions are shared on th

17、ese orders. It is easy to see that smaller commission brokers are especially prone to (59) by an influx of orders. The floor broker, as a freelance operator, provides a (60) function in ensuring that the exchanges business is conducted rapidly and efficiently.A. much B. considerably C. incredulously

18、 D. incredibly 6.Liabilities are usually classified as either current or noncurrent liabilities. Current liabilities are those obligations whose (61) is reasonably expected to require the use of existing resources properly classified as current (62) , or the creation of other current liabilities. Th

19、is definition of current liabilities emphasizes a short-term creditors claim to working capital rather than to the due date for (63) purposes. Accounts payable, dividends payable, salaries payable, and taxes payable are examples of current liabilities. Liabilities which are not current liabilities a

20、re (64) as noncurrent or long-term liabilities. Bonds payable and mortgages payable are examples of (65) liabilities.A. economic B. definition C. legal D. classification 7.The primary justification tot banking supervision is to limit the risk of loss to depositors, and by so doing to maintain public

21、 confidence in banks. And while supervision naturally focuses on the individual bank, supervisors must also be alert to the possibility that problems in one institution may have wider, systemic repercussions on others, or on the integrity of the payments system.A sound bank will not suffer from the

22、bankruptcy of other unrelated banks.A. Right B. Wrong C. Doesnt say 8.To finance the national debt, the government issues a variety of debt securities. The most widely held liquid security is the Treasury bill, which is commonly issued by the ministry of finance. However, some Treasury bills, like t

23、he Treasury bill of the U.S. government, do not actually pay interest. Instead they are issued at a discount from par ( their value at maturity) . The investors yield comes from the increase in the value of the security between the time it was purchased and the time it matures. Treasury bills are at

24、tractive to investors because they are backed by the government and therefore are virtually free of default risk. Because even if the government ran out of money, it could simply print more to pay them off when they mature. The risk of unexpected changes in inflation is also low because of the short

25、 term to maturity. The markets for Treasury bills in most developed countries are deep and liquid. A deep market is one with many different buyers and sellers. A liquid market is one in which securities can he bought and sold quickly and with low transaction costs. Investors in markets that are deep

26、 and liquid have little risk that they will not be able to sell their securities when they want to.The markets for treasury bills in most developed countries have many different buyers and sellers.A. Right B. Wrong C. Doesnt say9.Liabilities are usually classified as either current or noncurrent lia

27、bilities. Current liabilities are those obligations whose (61) is reasonably expected to require the use of existing resources properly classified as current (62) , or the creation of other current liabilities. This definition of current liabilities emphasizes a short-term creditors claim to working

28、 capital rather than to the due date for (63) purposes. Accounts payable, dividends payable, salaries payable, and taxes payable are examples of current liabilities. Liabilities which are not current liabilities are (64) as noncurrent or long-term liabilities. Bonds payable and mortgages payable are

29、 examples of (65) liabilities.A. referred to B. distributed C. divided D. seen 10.FLOOR BROKERS, when a commission broker has (56) that he cannot execute personally because of their number or because of the activity of the market, he engages the services of a floor broker. These floor brokers were o

30、nce referred to as $ 2 brokers, because at one time they charged a fee of $2 per (57) ; today this fee is (58) higher. Commissions are shared on these orders. It is easy to see that smaller commission brokers are especially prone to (59) by an influx of orders. The floor broker, as a freelance opera

31、tor, provides a (60) function in ensuring that the exchanges business is conducted rapidly and efficiently.A. being swamped B. swamp C. be swamped D. have been swamped 11.Liabilities are usually classified as either current or noncurrent liabilities. Current liabilities are those obligations whose (

32、61) is reasonably expected to require the use of existing resources properly classified as current (62) , or the creation of other current liabilities. This definition of current liabilities emphasizes a short-term creditors claim to working capital rather than to the due date for (63) purposes. Acc

33、ounts payable, dividends payable, salaries payable, and taxes payable are examples of current liabilities. Liabilities which are not current liabilities are (64) as noncurrent or long-term liabilities. Bonds payable and mortgages payable are examples of (65) liabilities.A. short-term B. current C. l

34、ong-term D. equitable 12.To finance the national debt, the government issues a variety of debt securities. The most widely held liquid security is the Treasury bill, which is commonly issued by the ministry of finance. However, some Treasury bills, like the Treasury bill of the U.S. government, do n

35、ot actually pay interest. Instead they are issued at a discount from par ( their value at maturity) . The investors yield comes from the increase in the value of the security between the time it was purchased and the time it matures. Treasury bills are attractive to investors because they are backed

36、 by the government and therefore are virtually free of default risk. Because even if the government ran out of money, it could simply print more to pay them off when they mature. The risk of unexpected changes in inflation is also low because of the short term to maturity. The markets for Treasury b

37、ills in most developed countries are deep and liquid. A deep market is one with many different buyers and sellers. A liquid market is one in which securities can he bought and sold quickly and with low transaction costs. Investors in markets that are deep and liquid have little risk that they will n

38、ot be able to sell their securities when they want to.Investors in deep and liquid markets face immense risk that they will not be able to sell their securities when they want to.A. Right B. Wrong C. Doesnt say13.FLOOR BROKERS, when a commission broker has (56) that he cannot execute personally beca

39、use of their number or because of the activity of the market, he engages the services of a floor broker. These floor brokers were once referred to as $ 2 brokers, because at one time they charged a fee of $2 per (57) ; today this fee is (58) higher. Commissions are shared on these orders. It is easy

40、 to see that smaller commission brokers are especially prone to (59) by an influx of orders. The floor broker, as a freelance operator, provides a (60) function in ensuring that the exchanges business is conducted rapidly and efficiently.A. outstanding B. important C. significant D. vital 14.BCredit

41、 and credibility/B In pursuit of a new source of profit, many of the entities that call themselves banks have strayed far from the business of taking and safeguarding the publics deposits and running the payment system. Competition has forced banks to range so far, in so many directions and at such

42、a lick that, perhaps for the first time since the days of Shylock, it is necessary to stop to ask quite what is a bank. The gales of change will leave many banks looking different in form and substance from a decade ago. Banking is traditionally thought of as one business, not least of all by banker

43、s. Yet, as Mr. Thomas Steiner of Mckinsey, a management consultancy, points out, it comprises around 150 different lines of business. There is little that is special about many of them. In future, plenty of these activities will be done by others, either instead of or as well as by banks. On the oth

44、er side of the coin, many of the things that other financial institutions now do will be- come the business of some banks. Banking will still be a principality in the kingdom of financial services, but its heartland will shrink. Outsiders will move in. Much of the native population will settle elsew

45、here. The bankers diaspora will be wide. Crossing the divides This change is already seen in America, Europe and Japan. American and Japanese commercial banks are pushing their merchant banking as deeply into the securities business as they feel the regulators will let them get away with. Citicorp a

46、nd J. P. Morgan have all been al- lowed to set up securities - underwriting affiliates slipping through the Section 20 loophole of the legislation separating commercial and investment banking. The two businesses have become so interwoven that, as Mr. Dennis Weatherstone, president of J. P. Morgan, s

47、ays, we really have to rip the fabric to separate the threads. For their part, investment banks and securities houses have become direct suppliers of credit to wide range of financial and non - financial customers. They offer investment products that are virtual substitutes for interest - earning de

48、mand deposits. They own and operate non - bank banks that give access to payment systems. In short, they have become providers of services that commercial banks have traditionally offered. Though forbidden from commercial banking in their home market, American and Japanese investment banks and securities houses happily run such banking affiliates abroad. It is not only the boundaries between the ban