2022内蒙古金融英语考试模拟卷.docx

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1、2022内蒙古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.Which-of the following statements used to describe the Student s t-distribution is least accurate The Students t-distribution:（）A. Involves two random variables.B. Is symmetric around its mean value of zero.C

2、. Has thinner tails than the normal distribution.2.Which of the following is least accurate regarding obstacles to the efficient allocation of resources in a competitive market（）A. Taxes and trade restrictions impede the efficient allocation of resources.B. Quotas result in production of less than t

3、he efficient quantity of the good.C. Public goods, such as national defense, tend to be overproduced because they can be consumed by everyone whether they pay for the goods or not.3.Joe Robison, CFA is an investment manager with full responsibility for the Gemstone Corporation relationship. During t

4、he past 12 months Joe has used 75% of the client brokerage of Gemstone to execute the Companys stock trades and to directly assist in the investment decision process of Gemstone: Joe has independently obtained best price and execution for all of Gemstones stock trades. The remaining 25% of the clien

5、t brokerage has been used to purchase bookshelves and computer chairs for Joes investment firms library. Which of the following is the most accurate statement pertaining to Joes use of the above soft dollars （）A. Joe has properly used Gemstone’s client brokerage since he obtained best price an

6、d execution for all of the stock trades.B. The 75 % of the client brokerage used by Joe was in full compliance with the Soft Dollar standard. The remaining 25% use of Gemstone’s client brokerage should be disallowed since it did not directly assist Joe in the investment decision process of Gem

7、stone.C. Joe’s use of soft dollars for Gemstone was proper since the client brokerage is the property of the investment firm and can be allocated per the direction of the investment manager.4.The symmetry principle refers to the idea that if an economy is organized under a fair set of rules:（）

8、A. the greatest good is achieved for the greatest number of people.B. the wealth that individuals accumulate will become equal over time.C. individuals receive goods and services equal in value to their economic contribution.5.KNA company wants to maintain a level of current assets at least equal to

9、 30 percent greater than current liabilities (current assets/current liabilities=current ratio=1.3). At the end of last year, current assets were $ 300 and current liabilities were $ 250. If KNA sold some fixed assets to generate cash, what is the minimum amount they would need to sell to reach a cu

10、rrent ratio of 1.3（）A. $ 25000.B. $ 30000.C. $ 15000.6.During deflation and decreasing inventory quantities, a company using LIFO rather than FIFO. What is the effect on cost of goods sold and cash flows Cost of Good Sold Cash Flow（）A. lower lower B. higher lower C. lower higher.A. B. C. 7.Harry, th

11、e Hotshot, salesman got a tip from his brother about Kansas Power Tools (KPT). He sees that his companys research department has a sell rating on KPT, and says, I know better. He reads the annual report, taking notes and marking it BUY-takeover target (Analysts rating is sell). If the recommends the

12、 stock to his clients, Harry:（）A. has violated the code because the analyst has a sell rating.B. has violated the code because he has not done sufficient research, including meeting management and comparing the company to others in its industry.C. is not in violation of the code.8.Why is convexity a

13、 good thing for a bond holder Because when compared to a low convexity bonds a high convexity bond:（）A. has better price changes regardless of the direction of the yield change.B. is more sensitive to interest rate changes, increasing the potential payoff.C. has improved estimation of price changes.

14、9.Which of the following statements regarding the net present value (NPV) and internal rate of return (IRR) is least accurate（）A. The NPV tells how much the value of the firm will increase if you accept the project.B. For mutually exclusive projects, the internal rate of return IRR and the net prese

15、nt value NPV methods may give conflicting accept/reject decisions.C. For mutually exclusive projects, you must accept the project with the highest NPV regardless of the sign of the NPV calculation.10.Which of the following statements regarding deadweight loss is least accurate（）A. Deadweight loss oc

16、curs when the allocation of resources is inefficient.B. Deadweight loss from underproduction leads to a loss of producer surplus but not consumer surplus. C. Deadweight loss occurs when the quantity supplied does not maximize the sum of consumer and producer surplus. 11.On January 1, 2005, JME Corpo

17、ration changed from the straight line method to an accelerated method of depreciation. Under the accelerated method, the accumulated depreciation through December 31,2004, was $ 600000 higher than if the straight line method had been used. JMEs income tax rate is 40 percent. What is the cumulative e

18、ffect of this change in accounting principle（）A. $ 240000.B. $ 360000.C. $ 600000.12.An exchange-for-physicals, as it pertains to futures contracts:（）A. is another term for delivering an asset to satisfy a futures contract.B. is another term for accepting delivery of an asset to satisfy a futures co

19、ntract.C. involves an agreement off the floor of the exchange.13.Under which of the following conditions would a firm be most likely to issue variable-rate debt（）A. Operating cash flows are positively correlated with short-term interest rates.B. Operating cash flows are negatively correlated with sh

20、ort-term interest rates.C. The yield curve is sloping sharply downward.14.Neil Barton, CFA, and Nancy Roberts, CFA, began a joint research report on Stamp Corporation. Nancy spent several days visiting Stamps corporate headquarters and meeting with all company officers. Prior to the completion of th

21、e report, Nancy was reassigned to another project. Neil utilized his and Nancys research to write the report. According to the CFA Institute Standards of practice Handbook, did Nell Violate any CFA Institute Standards of Professional Conduct（）A. No.B. Yes, with respect to misrepresentation.C. Yes, w

22、ith respect to independence and objectivity.15.Assume that there are no transaction costs and that securities are infinitely divisible, ff an 8 percent coupon paying bond (with semi-annual coupon payments) that has six months left to maturity trades at 97.54, and there is a zero-coupon bond with six

23、 months remaining to maturity that is correctly priced using a discount rate of 9 percent, is there an arbitrage opportunity（）A. Yes, the coupon bond price is too low.B. Yes, the coupon bond price is too high.C. The coupon bond is not correctly priced but no arbitrage trade can be set up using the z

24、ero-coupon bond.16.Which of the following would be permissible under Standard (C) , Misrepresentation（）A. Including a graph showing the Fed’s discount rates over the previous 12 months in a report that goes to clients.B. Using excerpts from a report prepared by a well known outside research fi

25、rm without acknowledgement.C. Reporting statistics prepared by an outside firm, identifying the source but omitting caveats and qualifying statements.17.If the promised yield is equal to the realized yield then:（）A. the coupon payments are reinvested at the promised yield during the life of the issu

26、e.B. current yield is lesser than the yield to maturity.C. promised yield is greater than current yield.18.Utilitarianism, in reference to economic fairness, refers to the idea that:（）A. the greatest good occurs when wealth is equalized.B. the greatest utility of production and consumption results f

27、rom competitive markets.C. equality of opportunity is an important measure of economic fairness.19.If a CFA Institute member knows that a fellow employee has violated a law, according to Standard (A) the member must NOT do which of the following（）A. Report the employee violating the law to the appro

28、priate supervisor in the firm.B. Report the employee violating the law to the SEC.C. Disassociate from the employee violating the law.20.A firm is planning a $25 million expansion project. The project will be financed with $10 million in debt and $15 million in equity stock (equal to the companys cu

29、rrent capital structure). The before-tax required return on debt is 10 percent and 15 percent for equity. If the company is in the 35 percent tax bracket, what cost of capital should the firm use to determine the projects net present value (NPV)（）A. 11.6%.B. 9.6%.C. 10.5%.21.One of the key differenc

30、es between the decisions to add labor or capital to the production process is that the returns to labor:（）A. are relatively immediate, but those to capital may be years into the future so they must be evaluated as future values.B. must be projected into the future and evaluated as present values, wh

31、ile returns to capital can be evaluated immediately based upon market interest rates.C. are relatively immediate, but those to capital may be years into the future so they must be evaluated as present values.22.When Peter Jiang, CFA, joined Brown Investing, Brown began using a quantitative stock sel

32、ection model that Peter had developed on his own personal time prior to his employment with Brown. One year later when Peter left the firm, he found the original copy of the model that he had developed in a file at his home and presented it to his new employer, who immediately began using the model.

33、 According to the Standards of Practice Handbook, did Peter violate any CFA Institute Standards of professional Conduct（）A. No.B. Yes, because he failed to act in Brown’s best interest.C. Yes, because he misappropriated property that now belonged to Brown.23.Which of the following statement co

34、ncerning about the probability concepts is TRUE（）A. A joint probability is the probability that two or more events happen concurrently.B. Subjective probability is a probability drawing on observation.C. A random variable is a quantity whose outcomes are certain.24.An analyst gathered the following

35、data about a company:The companys return on equity:（）A. decreased because the company’s profit margin fell.B. increased because the company’s leverage multiplier rose.C. increased because the company’s asset turnover increased.25.The CAPM is an:（）A. equilibrium model that predicts

36、the expected return on a stock given the expected return on the market and the stock’s correlation coefficient.B. equilibrium model that predicts the expected return on a stock given the expected return on the market and the stock’s covariance.C. equilibrium model that predicts the expec

37、ted return on a stock given the expected return on the market and the stock’s beta coefficient.26.If the coupon payments are reinvested at the coupon rate during the life of the issue, then the:（）A. yield to maturity is greater than the realized yield.B. yield to maturity is less than the real

38、ized yield.C. yield to maturity cannot be determined from the information given.27.Osborn Manufacturing uses the NPV and IRR methods as its primary tools for evaluating capital projects. Which of the following most likely describes Osborn Manufacturing with regard to firm ownership and company size

39、Firm ownership Company size（）A. Public Small B. Private Large C. Public LargeA. B. C. 28.Acme Corp. purchased a new stamping machine for $100000, paid $10000 for shipping, and paid $ 5000 to have it installed in their plant. Based on an estimated salvage value of $ 25000 and an economic life of six

40、years, the-difference between straight-line depreciation and double-declining balance depreciation in the second year of the assets life is closest to:（）A$15000.B$16666.C$10556.29.Samantha Gold is a young investor. She has many affluent friends who have made a lot of money by investing in hedge fund

41、s. Drawn by the significant potential returns, Gold has also decided to invest in hedge funds. A friend has suggested investing in a fund of funds, but Gold is concerned with the risks associated with such investing. Also, she is a relatively small investor compared to what she calls the big hedge f

42、und players. Which of the following two statements, in combination, about fund of funds investing, when compared to investing in individual hedge funds is most accurateABBenefit of Fund of FundsCDrawback of Fund of FundsDEProvide returns that, on a risk adjusted, are superior to investing in individ

43、ual funds.FOnly open to investors with significant capital.GHMay grant investors access to highly sought-after closed funds.IReturns are most likely going to be spent on additional management fees.JKEnable investors with limited capital to invest in a portfolio of hedge funds.LOn a risk-adjusted bas

44、is, net-of-fees performance maybe lower than that of individual funds. 30.Janes Funds based in Colorado underwent a management shake-up after two years of horrific returns. The new manager, Juan, who adhere strictly to GIPS decided to change the name on many funds in order to initiate new performanc

45、e numbers.（）A. Juan is in compliance with GIPS because there will be new fund mangers.B. Juan is in compliance because the firm will change the make up of the portfolios dramatically.C. Juan is in violation because you cannot restate performance due to a management change.31.Which of the following p

46、ackages of securities is equivalent to a three-year 8 percent coupon bond with semi-annual coupon payments and a par value of 1007 A three-year zero-coupon bond:（）A. with a par value of 150 and six 8% coupon bonds with a maturity equal to the time to each coupon payment of the above bond.B. with a p

47、ar of 100 and three zero-coupon bonds with a par value of 4 and maturities equal to the time to each coupon payment of the coupon bond.C. with a par of 100 and six zero-coupon bonds with a par value of 4 and maturities equal to the time to each coupon payment of the coupon bond.32.A mutual fund mana

48、ger wants to create a fund based on a high-grade corporate bond index. She first distinguishers between utility binds and industrial bonds; she then, for each segment, defines maturity intervals of less than 5 years, and greater than 10 years. For each segment and maturity level, she classifies the bonds as callable or non-callable. For the managers sample, which of the following best de