2021年广西金融英语考试考前冲刺卷.docx

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1、2021年广西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 cash flow ratios. Which of the following best represents a debt payment coverage ratio Cash flows from operations are divided by:（）A. average total debt.B. cash paid for long-

2、term assets.C. cash paid for long-term debt repayment.2.An analyst does research about revenue recognition policy. In order to analyze a companys financial statements, and particularly to compare one companys financial statements with those of another company, which of the following is least likely

3、helpful to understand any differences in their revenue recognition policies（）A. Calculate the monetary effect of differences between particular companies' revenue recognition policies and estimates.B. Characterize the relative conservatism of a company's policies.C. Qualitatively assess how

4、differences in policies might affect financial ratio.3.Costs incurred to develop software for sale to others are expensed as incurred until the products technological feasibility has established, after which costs are capitalized under:（）A. IFRS only.B. U. S. GAAP only.C. both IFRS and U. S. GAAP.4.

5、An analyst does research about depreciation and gathers the following information about an equipment: Purchase price $10000 Estimated useful life 7years Estimated value $1000 Under the diminishing balance depreciation method and a 150% acceleration fac tor, the book value at the end of Year 2 is clo

6、sest to:（）A. $3827B. $6173C. $78575.According to the IFRS Framework, which of the following qualitative characteristics most likely indicates that different knowledge and independent observers would agree that the information presented faithfully represents the economic phenomena it purports to repr

7、esent（）A. Verifiability.B. Comparability.C. Understandability.6.Unlike the U. S. Generally Accepted Accounting Policies (U. S. GAAP) Framework, the International Financial Reporting Standards (IFRS) Framework most likely establishes a hierarchy of:（）A. rules-based approach.B. principles-based approa

8、ch.C. objectives-oriented approach.7.An analyst does research about the treasury stock method and gathers the following information about a company for 2011: Net income is $1360000 Dividends paid on stocks is $80000 Average number of shares outstanding is 400000 Number of options outstanding is 1500

9、0 Average price of common stocks during the year is $25 Exercise price of option is $15 There are no other potentially diluted securities outstanding. The companys diluted earnings per share in 2011 using the treasury stock method under U. S. GAAP is closest to:（）A. $3.28B. $3.33C. $3.358.An analyst

10、 is doing research about cash flow statement. On the cash flow statement, the acquisition of or sale proceeds from trading securities is categorized as a(n):（）A. investing activity.B. financing activity.C. operating activity.9.With respect to the Dupont analysis, if a companys return on equity is 20

11、% and return on assets is 12.5%, the companys debt-to-equity ratio is closest to:（）A. 0.60B. 0.63C. 1.6710.An unrealized gains on a marketable security classified as trading is most likely reflected on:（）A. the balance sheet only.B. the income statement only.C. both the balance sheet and the income

12、statement.11.An analyst does research about common-size financial statements and develops the appropriate common-size financial statements to analyze trends over time for a company. Information selected from those common-size statements follows: 2008 2009 2010 2011 Stated as a percentage of assetsfo

13、r each year: Inventory 8% 8% 7% 7% Stated as a percentage of sales foreach year: Cost of goods sold 46% 42% 36% 34% Earnings before interest and taxes 15% 18% 20% 25% Interest expense 6% 7% 7% 8% Which of the following conclusions based on the information above would be correct regardless of changes

14、 in the companys total asset turnover ratio during the same period From 2008 to 2011, the company most likely experienced a(n):（）A. increase in the interest coverage ratio.B. decrease in the interest coverage ratio.C. decrease in the inventory turnover ratio.12.Which of the following is most tikely

15、a depreciation method in which the allocation of cost corresponds to the actual use of an asset in a particular period（）A. Accelerated method.B. Weighted average method.C. Units-of-production method.13.An analyst does research about financial statement framework. Ratios and graphs are most likely th

16、e output of which of the following phases of the financial statement analysis framework（）A. Process data.B. Analyze/interpret the processed data.C. Collect input data.14.An analyst does research about cash conversion cycle and gathers the following information about a company: 2012 2011 2010 Days of

17、 inventory on hand 35 25 30 Days sales outstanding 40 45 45 Days of payables 40 35 40 Analyzing the cash conversion cycle, the companys liquidity has most likely:（）A. decreased.B. remained unchanged.C. increased.15.An analyst does research about the installment method and gathers the following infor

18、mation about a piece of property transaction: Sales price is $800000 Cost of the property is $350000 Down payment received by seller is $150000 Under the installment method, the profit recognized by the seller attributable to the down payment is closest to:（）A. $0B. $84375C. $19285716.An analyst doe

19、s research about financial statements. With respect to a banks balance sheet, customer deposits are most likely classified as a(n):（）A. assets.B. liability.C. equity.17.An analyst does research about relationship between marginal cost of capital schedule and investment opportunity schedule. As a com

20、pany continues to raise additional capital and invests in additional capital investment projects, how will marginal cost of schedule and investment opportunity change()A.AB.BC.C18.An analyst does research about operating lease and capital lease and notes that the footnotes to the financial statement

21、s for a lessee company indicate that the company leases a substantial portion of the facilities required for efficient operation. The present value of lease payments is $35 million for facilities leased under capital leases and $25 million for facilities leased under operating leases. Other companie

22、s in the same industry own their facilities. Before the analyst compares the companys financial ratios with the industrys ratios, the most appropriate adjustments to that companys balance sheet would be to increase:()A. both liabilities and assets by $25 million.B. both liabilities and assets by $60

23、 million.C. liabilities by $25 million and decrease equity by $25 million.19.An analyst does research about short-term borrowing approach. If a company seeks to minimize financing costs for half a year period, which of the following options is most appropriate（）A. Uncommitted lines of credit at a 9.

24、75% all-inclusive rate.B. Commercial paper at a 8.75% rate with a commitment.C. Regular line of credit at a 8.75% rate with a commitment.20.An analyst does research about depreciation and gathers the following information about a company. The company sells a price of fixed asset thathas original cos

25、t of $9000 and has accumulated depreciation of $5000. If there is a loss to the sale of $1500, the selling price of the fixed asset is closest to:（）A. $2500B. $5500C. $650021.An analyst does research about capital budgeting. A company that has a weighted average cost of capital of 17 percent is cons

26、idering an independent capital project that has the same risk as the company, an estimated internal rate of return of 19 percent and cash inflows that are expected at equal intervals over the life of the project. If the project is accepted, cash flows associated with the project are received as expe

27、cted, and the companys weighted average cost of capital remains unchanged over the life of the project, the actual rate of return earned by the project is most likely to be:（）A. less than 19%.B. more than 19%.C. equal to 19%, because the actual cash flows equal the expected cash flows.22.An analyst

28、gathers the following information about two mutually exclusive projects of a company: Project 1 Project 2 Net present value $700000 $600000 Interest rate of return 12% 15% If the cost of capital used is 10%, the most appropriate decision for the company is to accept:（）A. Project 1 only.B. Project 2

29、only.C. both Project 1 and Project 2.23.An analyst does research about cost of capital and gathers the following information about a companys proposed investment projects for 2012: Project Initial Investment(million) NPV (million) IRR 1 $21 $2.4 21% 2 $23 $1.6 19% 3 $19 $0.8 17% 4 $19 $0.6 14% 5 $31

30、 -$1.0 12% If the analysts calculations are accurate, the each of the projects has the predicted cash flow pattern and the same risk as the company, the companys cost of capital is closest to:（）A. 12%B. 13%C. 14%24.An analyst does research about corporate governance. A companys board is most likely

31、to act in the best interests of share owners if:（）A. a majority of the board members are independent.B. members of the board have served for a long time.C. the hiring of outside consultants by the board requires management approval.25.An analyst does research about breakeven quantity of sales and ga

32、thers the following information about a company: Number of units sold 3.2 million Sales price per unit $350 Variable cost per unit $150 Fixed operating cost $450 million Fixed financing cost $125 million The companys breakeven point is closest to:（）A. 1625000 units.B. 2250000 units.C. 2875000 units.

33、26.An analyst does research about the weighted average cost of capital (WACC) and gathers the following information about a company: Debt Preferred stock Equity Target capital structure 40% 10% 50% Pre tax component cost of capital 8% 8% 12% If the companys marginal tax rate is 40 percent, the weigh

34、ted average cost of capital is:（）A. 7.8%B. 8.7%C. 10.0%27.With respect to the capital budgeting, which of the following occurs when an investment takes customers and sales away from another part of the company（）A. Opportunity cost.B. Externality.C. Cannibalization.28.An analyst does research about c

35、apital budgeting. A companys existing capital structure is 35 percent debt and 65 percent common equity, which is the same as the companys target capital structure. The companys marginal tax rate is 35 percent. The company has determined that an independent capital project has an expected net presen

36、t value of $30000. The amount of the expected net present value that accrues to the companys creditors is closest to:（）A. $0B. $6825C. $1267529.A security market with price continuity is mo.9t accurately characterized as a market which:（）A. assets can be bought or sold quickly.B. an asset's pric

37、e reflects all available information about the asset.C. prices do not change much from one transaction to the next in the absence of new information.30.An analyst does research about stock index. An analyst gathers the following information about a price-weighted index composed of three stocks:If St

38、ock A completes a two-for-one stock split, the value of the index immediateIy after the split is closest to:()A. 20B. 23C. 3031.An analy,st does research about fund manger performance. In an efficient stock market, a list of appropriate policies for a portfolio manager who does not have superior abi

39、lity to analyze is least likely to include the:（）A. use of index funds.B. elimination of systematic risk.C. minimization of transaction cost.32.An analyst does research about various price multiples. Which of the following price multiples is least subject to accounting manipulation or distortion by

40、the management of a company（）A. Price-to-sales ratio.B. Price-to-book ratio.C. Trailing price-to-earnings ratio.33.An analyst gathered the following financial statement information about a company: Preferred stock $60 million Common stocks and additionals paid in capital $90 million Retained earning

41、s $307 million Total number of common shares outstanding 10 million Tax rate 30% The analyst also determined that the company uses the LIFO inventory method, but most companies in the industry use the FIFO method. The footnotes to the financial statements indicate that if the company had used the FI

42、FO method, the inventory balance would have been $40 million higher than the amount reported on the companys most recent financial statements. The most appropriate book value per share to use in computing the companys price to book value ratio is:（）A. $42.5B. $43.7C. $47.534.An analyst does research

43、 about ratio impact according to the dividend discount model. With respect to the inputs used in the dividend discount model, an increase in a companys growth rate is least likely to be associated with an increase in that companys:（）A. return on assets.B. financial leverage.C. dividend payout ratio.

44、35.An analyst does research about common stock valuation and gathers the following annual information about a company: Return on assets is 4.5% Financial leverage (total assets/equity) is 2.0 Dividends per share paid during 2011 is $4.20 Earnings per share for 2011 is $7.00 Required rate of return o

45、n the companys common stock is 12% If the 2012 growth rate is expected to remain constant, the value of a share of the companys common stock is closest to:（）A. $50.0B. $51.8C. $52.736.An analyst does research about foreign investments. Which of the following is least likely to increase estimated req

46、uired rate of return by foreign investors to purchase domestic securities（）A. Exchange rate risk.B. Real GDP growth rate.C. Capital liquidity limitation.37.An analyst gathered the following information about a company and that companys common stock: Weighted average cost of capital is 14% Intrinsic

47、value per share is $22 Market price per share is $28 The companys investment projects for the year are expected to return 16 to 18 percent. Which of the following best characterizes the company and the companys common stock（）A. Growth company and growth stock.B. Growth company and speculative stock.

48、C. Speculative company and growth stock.38.An analyst does research about arbitrage opportunities. With respect to the informational efficiency of markets, is the ability to correct the mispricing of assets most likely weakened if:（）A.AB.BC.C39.An analyst does research about well-function securities markets. In an informationally efficient securi