2022天津金融英语考试模拟卷（9）.docx

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1、2022天津金融英语考试模拟卷（9）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.The preferred shares of GMZ pay a $ 3.25 dividend. These shares have a beta of 0.50, the risk- free rate is 4% , and the expected return on the market is 9%. What is the value of the preferred sharesAA. $ 3

2、4.62.BB. $ 38.24.CC. $ 50.00. 2.Which of the following characteristics is least likely to be found in growth companiesAA. High return on equity.BB. High payout ratio.CC. Below-average leverage. 3.Typically, will principal amounts exchanged at the beginning of a(n): Interest rate swap Currency swap（）

3、 A. No No B. No Yes C. Yes NoABC4.Which of the following would be most likely to have gains from an unexpected increase in the inflation rate（）A. Holders of floating rate debt securities.B. The owner of a shopping mall.C. A home owner with a fixed-rate mortgage.5.If the price elasticity of demand fo

4、r a good is 4.0, then a 10 percent increase in price would result in a: （）A. 4% decrease in the quantity demanded.B. 10% decrease in the quantity demanded.C. 40% percent decrease in the quantity demanded.6.The most junior type of municipal bond is the:AA. general obligation bond.BB. income or revenu

5、e bond.CC. indenture bond. 7.Which of the following is least likely among the usual investment constraints that should be considered（）A. Tax concerns and Legal factors.B. Adherence to the Standards of Practice.C. Unique needs and Preferences.8.An investor purchases an office building for $2500000. H

6、e puts 10 percent down and finances the remainder at a 9 percent rate of interest. Calculate the first years after-tax cash flow for the investment using the following informationANOIB$ 243000CDepreciationD$ 25000EAnnual mortgage paymentF$ 218000GMarginal income tax rateH28% 9.This information perta

7、ins to equipment owned by Brigade Company. Cost of equipment $10000 Estimated residual value $ 2000 Estimated useful life 5 years Depreciation method Straight-line The accumulated depreciation at the end of year 3 is:AA. $ 1600.BB. $ 3200.CC. $ 4800. 10.Given the following income statement and balan

8、ce sheet for a company:ABalance SheetBAssetsCYear 2003DYear 2004ECashF500G450HAccounts ReceivableI600J660KInventoryL500M550NTotal CAO1600P1660QPlant，propequipR1000S1250TTotal AssetsU2600V2910WXLiabilitiesYAccounts PayableZ500Z550ZLong term debtZ700Z1002ZTotal liabilitiesZ1200Z1552ZZEquityZCommon Sto

9、ckZ400Z538ZRetained EarningsZ1000Z820ZTotal LiabilitiesEquityZ2600Z2910ZZIncome StatementZSalesZ3000ZCost of Goods SoldZ(1000)ZGross ProfitZ2000ZSCAZ(500)ZInterest ExpenseZ(151)ZEBTZ1349ZTaxes(30%)Z(405)ZNet IncomeZ944 11.According to the earnings multiplier model, all else equal, as the required ra

10、te of return on a stock increases, the:AA. P/E ratio will increase.BB. P/E ratio will decrease.CC. earnings per share will decrease. 12.There is a perpetuity of $ 500 and the interest rate is 10%. Calculate the present value of this perpetuity.AA. $ 500.BB. $ 5000.CC. $ 5500. 13.The risk-free rate i

11、s 4% , and Johns portfolio has an expected return of 15% and a standard deviation of 30%, John is concerned that the portfolio might earn less than 10%, What is the safety-first ratio for Johns portfolioAA. 0.367.BB. 0.500.CC.0.167. 14.Which of the following will result in the lowest debt-to-total-c

12、apital ratio, assuming that all issues raise the same amount of fundsAA. Bonds with warrants attached.BB. Convertible bonds.CC. Zero-coupon bonds. 15.Which of the following would NOT be found in the statement of stockholders equity（）A. Extraordinary items.B. The cumulative effect of exchange rate ch

13、anges.C. The minimum liability for under funded pension plans.16.Professional organizations of accountants and auditors that establish financial reporting standards are called:AA. Regulatory authorities.BB. Financial services authorities.CC. Standard setting bodies. 17.John buy the computer through

14、creating a loan of $ 40000. It is to be paid off using 6 percent over ten years. Calculate the monthly payment.AA. $421.72.BB. $444.08.CC. $478.59. 18.The following table summarizes the availability of trucks with air bags and bucket seats at a dealership.ABBucket seatsCNo Bucket SeatsDTotalEAir Bag

15、sF75G50H125INo Air BagsJ35K60L95MTotalN110O110P220 19.If the admission price for a rock concert is raised from $ 25 to $ 30 causing sales to drop from 60000 to 40000, the price elasticity of demand for tickets to the concert is:AA. -2.20.BB. -1.67.CC. 0.60. 20.For a firm financed with common stock a

16、nd fixed-rate debt, an analyst should most appropriately adjust which of the following items for a change in market interest ratesAA. Debt-to-equity ratio.BB. Interest expense.CC. Deferred tax liabilities. 21.A random variable X is continuous and bounded between zero and five, X:(0X5). The cumulativ

17、e distribution function (cdf) for X is F(X)=X/5. Calculate P(2X4).AA. 1.00.BB. 0.25.CC. 0.40. 22.If the volatility of interest rates increases, which of the following will experience the smallest price increase resulting from lower ratesAA. Putable bond.BB. Callable bond.CC. Option-free coupon bond.

18、 23.With other variables remaining constant, if profit margin rises, ROE will:AA. fall.BB. remain the same.CC. increase. 24.For a material item to be classified as an extraordinary item on the income statement, the item must be: （）A. current and unusual in frequency.B. probable and infrequent in nat

19、ure.C. unusual in nature and infrequent in occurrence.25.Which of the following decisions by analyst would most accurately describe a Type error （）A. An analyst rejects a false null hypothesis.B. An analyst rejects a true null hypothesis.C. An analyst does not reject a false null hypothesis.26.Compa

20、red with outcomes that result from collusion, independent action by companies operating in an oligopolistic industry would tend to decrease:AA. output but not prices.BB. prices but not output.CC. both output and prices. 27.Which of the following is the appropriate redemption price when bonds are cal

21、led according to the sinking fund provisionAA. Special redemption price.BB. Regular redemption price.CC. General redemption price. 28.Relative to stock exchanges, OTC stock markets do not: （）A. trade a higher volume of securities.B. trade a higher market value of securities.C. trade a larger volume

22、of U. S. Government bonds.29.If the money market yield is 3. 792 percent on a T-bill with 79 days to maturity, what is the holding period yieldAA. 0.77%.BB. 0.83%.CC. 0.89%. 30.Which of the following is the primary income-earning asset of commercial banksAA. Time deposits.BB. Loans outstanding.CC. D

23、emand deposits. 31.What amount do venture capitalists generally earn on their investment of time and capital . Management fees of 12.5% of capital commitment . Management fees of 12.5% of capital invested . 80% of portfolio gain . 20% of portfolio gainAA. only.BB. and only.CC. and only. 32.A company

24、 issued an annual-pay bond with the following characteristics:AFace valueB$ 67831CMaturityD4 yearsECouponF7.00%GMarket interest ratesH8.00% 33.Which of the following is NOT a limitation to financial ratio analysis（）A. Differences in international accounting practices.B. The use of alternative accoun

25、ting methods.C. A firm that operates in only one industry.34.A 12 percent coupon bond with semiannual payments is callable in 5 years. The call price is $1120. If the bond is selling today for $1110, what is the yield-to-callAA. 10.25%.BB. 11.25%.CC. 10.95%. 35.At a market rate of 7 percent, a $1000

26、 callable par value bond is priced at $910, while a similar bond that is non-callable is priced at $960. What is the value of the embedded call optionAA. $40.BB. $50.CC. $30. 36.If the U.S. Federal Reserve decides to increase the money supply, what would most likely be the impact on the economy in t

27、he short runAA. A decrease in employment.BB. A decrease in the unemployment rate.CC. A decrease in real GDP. 37.If a bond has a convexity of 60 and a modified duration of 10, the convexity adjustment associated with a 25 basis point interest rate decline would be:AA. +0.0375%.BB. -2.125%.CC. -0.0375

28、%. 38.Galaxy, Inc.s balance sheet as of December 31,2004 included the following information (in $):AB12-31-03C12-31-04DAccounts PayableE300000F500000GDividends PayableH200000I300000JCommon StockK1000000L1000000MRetained EarningsN700000O1000000 39.A 3-month loan has a holding period yield of 1.5 perc

29、ent. What is the annual yield of this loan on a bond-equivalent basisAA. 6.65%.BB. 5.06%.CC. 6.05%. 40.According to the installment method of accounting, gross profit on an installment sale is recognized:（）A. on the date of sale.B. on the date the final cash collection is received.C. in proportion t

30、o the cash collection.41.The risk free rate is 5 percent and the expected market return is 15 percent. A portfolio manager is projecting a return of 20 percent on a portfolio with a beta of 1.5. After adjusting for risk, this portfolios return will:AA. be equal to the market.BB. outperform the marke

31、t.CC. underperform the market. 42.Hedge funds usually have a(n): Focus on relative returns Option-like fee structure （）A. No NoB. No YesC. Yes No43.James Waiters, CFA, has collected data on the three year term structure of interest rates, shown in the table below as bond equivalent yields.ATerm Stru

32、cture of Interest RatesBYearCSpot RateD0.50E5.5227%F1.00G5.5537%H1.50I5.5444%J2.00K5.5205%L2.50M5.5114%N3.00O5.5156% 44.When comparing a barter economy with an economy that uses money as a medium of exchange we would expect increased efficiencies due to a reduction in which of the followingAA. Trans

33、action costs.BB. Nominal interest rates.CC. Inflation rate. 45.The short-run effects of unanticipated expansionary monetary policy are most likely to include:（）A. a decrease in the real interest rate.B. a decrease in the inflation rate.C. a decrease in real output and employment.46.The bank discount

34、 yield for a $1000 face value U. S. Treasury bill (T-bill) trading at $ 983.10 with 160 days to maturity is approximately:AA. 1.69%.BB. 1.72%.CC. 3.38%. 47.Technicians use many technical techniques in analyzing the bond market as well as the stock market. What is the major difference in technical tr

35、ading rules regarding the bond market vs the stock marketAA. Volume is more critical.BB. Very little consideration of volume.CC. Moving averages are studied. 48.Which of the following is NOT among the three most important factors in valuing a venture capital investmentAA. Expected payoff at exit.BB.

36、 Liquidity.CC. Probability of failure. 49.If the probability of an event is 0.20, what are the odds against the event occurringAA. Four to one.BB. One to four.CC. Five to one. 50.The stock is selling at $ 40, a 3-month put at $ 50 is selling for $11, a 3-month call at $ 50 is selling for $1, and the risk-free rate is 6 percent. How much, if anything, can be made on an arbitrageAA. $ 0 (no arbitrage).BB. $ 0.28.CC. $ 0.72.第22页 共22页第 22 页 共 22 页第 22 页 共 22 页第 22 页 共 22 页第 22 页 共 22 页第 22 页 共 22 页第 22 页 共 22 页第 22 页 共 22 页第 22 页 共 22 页第 22 页 共 22 页第 22 页 共 22 页