2021青海金融英语考试考前冲刺卷.docx

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1、2021青海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.Tobias Johansen, CFA, is currently fully invested in the market portfolio that lies on the capital market line (CML). Johansen desires to increase the expected return from his portfolio. Johansen is risk ave

2、rse but willing to accept higher risk if he can increase the expected return from his portfolio. According to capital market theory, Johansen can meet his risk and return objectives best by:（）A. allocating a higher proportion of the portfolio to higher risk assets.B. borrowing at the risk-free rate

3、to invest in the risky market portfolio.C. selling low-risk stocks short and invest the proceeds in higher-risk Stocks.2.What will happen to interest rate risk for an option-free bond if market yields decrease（）A. Interest rate risk will increase.B. Interest rate risk is indeterminate because this t

4、ype of risk does not depend directly on the movement of market yields.C. Even if the term structure is flat, interest rate risk could go up or down based on the level of the term structure at the time market yields decrease.3.According to the earnings multiplier model, which of the following factors

5、 is the least important in estimating a stocks price-to-earnings ratio The:（）A. estimated required rate of return on the stock.B. historical dividend payout ratio.C. expected dividend payout ratio.4.Assume that the supply of ethanol is relatively more elastic than the demand for ethanol. Compared to

6、 an initial competitive equilibrium in the market for ethanol, the imposition of a per-gallon tax on producers of ethanol will most likely:（）A. decrease producer surplus by the total amount of tax collected.B. decrease producer surplus by less than it reduces consumer surplus.C. decrease the sum of

7、consumer and producer surplus by the amount of tax collected.5.Bill Adams wants to diversify his portfolio by adding certain assets that he expects to lower the overall standard deviation of his portfolio. After selecting several different asset classes. Adams constructed an efficient frontier using

8、 various combinations of the assets. Adams can choose a portfolio on the efficient frontier and achieve a diversified investment assuming all of the following assumptions are true, EXCEPT:（）A. investors believe all investments are represented by a probability distribution of expected returns and see

9、k diversification based on the variability of expected returns.B. investors base investment decisions solely on the expected risk of the investment.C. investor utility curves exhibit diminishing marginal utility of wealth.6.Compared with fundamental analysis, does technical analysis place more empha

10、sis on: a companys financial determining the effects of specific events accounting statements on the value of a companys stock （）A. No No ;B. No Yes ;C. Yes No7.A market has the following characteristics: a large number of independent sellers each producing a differentiated product, low barriers to

11、entry, producers face downward sloping demand curves, and demand is highly elastic. This description most closely describes:（）A. a monopoly.B. an oligopoly.C. monopolistic competition.8.Michael Robe, CFA, is a junior analyst for a large financial institution and has been preparing an analysis of Uni

12、ted Mines, a coal mining company located in the United States. As part of his research, he examines the companys proxy voting and rules and practices. Which of the following policies would be considered the most restrictive to shareholders（）A. United Mines allows proxy voting.B. Shareholders of Unit

13、ed Mines are allowed to cast confidential votes but must be present to do so.C. United Mines requires shareowner attendance to vote but coordinates the timing of its annual meeting to hold them on the same day as other companies in the region.9.Which of the following statements about capitalizing ex

14、penses and depreciation is most accurate（）A. The capitalization of a marketing expenditure (instead of expensing it immediately) will result in an increase in fixed asset turnover ratio.B. The sum-of-years-digits depreciation method charges the largest amount of depreciation in the first year and th

15、en decreases at a declining rate each subsequent year.C. The sum-of-years-digits depreciation method charges the largest amount of depreciation in the first year and then decreases by a constant amount each subsequent year.10.Don Benjamin, CFA, is the compliance officer for a large brokerage firm. H

16、e wants to prevent the communication of material nonpublic information and other sensitive information from his firms investment banking and corporate finance departments to its sales and research departments. The most common and widespread approach that Benjamin can use to prevent insider trading b

17、y employees is the:（）A. Wall Street Rule.B. legal list.C. fire wall.11.Which of the following statements about monopolies is most accurate（）A. A monopolist’s optimal production quantity is at the point where marginal revenue equals marginal cost.B. Monopolists charge the highest possible price

18、.C. Monopolists always make a profit.12.If an analyst has a policy of making an inquiry into a clients financial situation, investment experience, and investment objectives regularly, this is:（）A. a violation of Standard (E), concerning client confidentiality.B. a violation of the disclosure require

19、ments of Standard (A).C. congruent with Standard (C) , Suitability.13.Which of the following statements about embedded options is least likely correct（）A. The call option on a bond cannot trade separately from the bond.B. If the market value of a putable bond falls below the par value, the issuer wi

20、ll likely exercise the option.C. The prepayment right granted with a mortgage favors the issuer/borrower.14.A tax loss carry forward is best described as the:（）A. net taxable loss that can be used to refund paid taxes from the previous year.B. difference of deferred tax liabilities and deferred tax

21、assets.C. net taxable loss that can be used to reduce taxable income in the future.15.Based On historical data and assuming less-than-full employment, periods of sharp acceleration in the growth rate of the money supply tend to be associated initially with（）A. periods of economic recession.B. an inc

22、rease in the velocity of money.C. a rapid growth in gross domestic product.16.Qiang Li is primarily concerned with growing his portfolio using a balance between capital gains and reinvestment of current income. Qian Yun is primarily concerned with achieving an investment return that is no lower than

23、 the rate of inflation. Which of the following objectives is most appropriate for: Qiang Li Qian Yun（）A. Total return Current incomeB. Capital appreciation Current incomeC. Total return Capital preservation17.Rita Sang is a member of the XYZ Company Board of Directors. Ritas sister, Sarah Everett, i

24、s employed by XYZ as Vice President of Information Systems. Kevin Ritter is also a member of XYZs Board of Directors and serves on XYZs internal audit committee. Kevins son, Cary Ritter, is an audit manager with a major accounting firm. Cary Ritters firm does not provide audit services to XYZ. Which

25、 of the following statements concerning independence is TRUE（）A. Kevin Ritter is considered an independent board member but Sang is not considered an independent board member.B. Both Kevin Ritter and Sang are considered independent board members.C. Sang is considered an independent board member but

26、Kevin Ritter is not considered an independent board member.18.Vivian, CFA, a research analyst assigned to Double Limited, has been recommending the stocks purchase in her quarterly report. Vivian has recently married and just discovered her husbands trust account owns several million dollars worth o

27、f Double Limited. The stock makes up more than 50 percent of the trusts value but less than 5 percent of Double Limiteds outstanding shares. According to AIMR Standards of Professional Conduct, Vivian should:（）A. take no action because the stock is not in her name.B. disclose her interest in the sto

28、ck at the time of her next report.C. cease including Double Limited stock in her report.19.In discussing the characteristics of exchange traded funds (ETFs) in markets where capital gains are taxed, and analyst made the following statements:Are the analyst’s statements correct Statement 1 Stat

29、ement 2（） A. Yes NoB. Yes YesC. No NoABC20.Which of the following events is most likely to increase short-run aggregate supply (shift the curve to the right)（）A. High unemployment puts downward pressure on money wages.B. A rise in resource prices.C. Inflation that results in an increase in goods pri

30、ces.21.Which of the following statements about the yield curve is TRUE（）A. A nonparallel shift occurs when rates change by the same number of basis points for all maturities.B. A nonparallel shift is more common than a parallel shift.C. The yield curve usually has a non zero slope because rates chan

31、ge by approximately the same number of basis points across maturities.22.Phil Trobb, CFA, is preparing a purchase recommendation on Aneas Lumber for his research firm. All of the following are potential conflicts of interest EXCEPT:（）A. Aneas hires Trobb as a consultant to analyze Aneas’ finan

32、cial statements.B. Trobb’s family trust has a large stake of ownership in Aneas Lumber.C. Trobb’s cousin repairs machines for Aneas.23.For a certain class of junk bonds, the probability of default in a given year is 0.2. Whether one bond defaults is independent of whether another bond de

33、faults. For a portfolio of five of these junk bonds, what is the probability that zero or one bond of the five defaults in the year ahead（）A. 0.5904.B. 0.7373.C. 0.0819.24.Under the Efficient Market Hypothesis (EMH), the major effort of the portfolio manager should be to:（）A. minimize systematic ris

34、k in the portfolio.B. stay the course by following a strict buy and hold strategy.C. achieve complete diversification of the portfolio.25.On January 2, a company acquires some state-of-the-art production equipment at a net cost of $14 million. For financial reporting purposes, the firm will deprecia

35、te the equipment over a 7-year life using straight-line depreciation and a zero salvage value; for tax reporting purposes, however, the firm will use 3-year accelerated depreciation. Given a tax rate of 35% and a first year accelerated depreciation factor of 0.333, by how much will the companys defe

36、rred tax account increase in the first year of the equipments life（）A. $931700.B. $1064800.C. $1730300.26.Country X requires firms to present performance information using only realized returns, while the GIPS standards require calculations to be based on both realized and unrealized returns. A firm

37、 located in country X:（）A. cannot claim compliance with GIPS unless it fully meets all GIPS requirements.B. should follow the country’s guidelines, and is allowed to claim compliance with GIPS as long as all other GIPS requirements are met.C. should follow the country’s guidelines, and i

38、s allowed to claim compliance with GIPS as long as disclosure is made regarding the conflict.27.When analyzing the relationship among the high-yield bond indexes and the investment-grade indexes, it is evident that:（）A. the relationship among the high-yield bond indexes is stronger than among the in

39、vestment-grade indexes.B. there is a linear relationship between the high-yield bond indexes and the investment grade indexes.C. the relationship among the high-yield bond indexes is weaker than among the investment-grade indexes.28.An economist predicts that over the next year, there is a 56 percen

40、t probability that oil prices will fall slightly and a 17 percent probability that new estate tax legislation will be enacted. According to this prediction, the probability that at least one of these independent events will occur is closest to:（）A. 13.6%.B. 44.7%.C. 63.5%.29.An investor wants to inv

41、est an one-year, single-payment corporate bond and concludes that the probability of default for this one-year, single-payment corporate bond is 10.0 percent, and the investor will recover nothing if the corporate defaults due to its bankruptcy. The current risk-free rate of return is 3.0 percent. T

42、he minimum yield-to-maturity and minimum default risk premium, respectively , that the investor should demand on the corporate bond are closest to: Minimum yield-to-maturity Minimum default risk premium（）A. 3.33% 3.03%B. 3.33% 0.33%C. 14.44% 11.44%30.An investor opens a margin account with an initia

43、l deposit of $ 5000. He then purchases 200 shares of PRK stock at $46 in his margin account, which has a margin maintenance requirement of 25 percent. Ignoring commissions and interest, the minimum price that PRK stock can fall to before the investor receives a margin call is closest to:（）A. $20.00.

44、B. $28.00.C. $33.33.31.Compared with fundamental analysis, does technical analysis place more emphasis on: A companys financial Determining the effects of specific events accounting statements on the value of a companys stock（）A. No YesB. No NoC. Yes No32.The Camden Company has just leased the follo

45、wing piece of equipment: Market value of $ 200000. Useful life of 5 years with no salvage value. Lease term is 4 years. Annual lease payment is $ 30000 and the lease rate is 11%. The companys overall borrowing rate is 9.5%. The firm can purchase the equipment at the end of the lease period for $ 450

46、00. What amount should be recorded on lessees balance sheet（）A. $93073.B. $96134.C. $127435.33.Under which pair of conditions is a factor of production least likely to earn economic rent Supply curve Demand curve（）A. Upward sloping Downward slopingB. Perfectly elastic Downward slopingC. Upward slopi

47、ng Perfectly elastic34.Tapley Acquisition, Inc., is considering the purchase of Tangent Company. The acquisition would require an initial investment of $190000, but Tapleys after-tax net cash flows would increase by $ 30000 per year and remain at this new level forever. Assume a cost of capital of 1

48、5 percent. Should Tapley buy Tangent（）A. No, because k IRR.B. Yes, because the NPV =$10000.C. Yes, because the NPV = $ 30000.35.Susan Bellows is comparing the return on equity for two industries. She is convinced that the return on equity for the discount retail industry (DR) is greater than that of the luxury retail (LR) industry. What are the hypotheses for a test of her comparison of return on equity （）A. H0: μDR=μLRVersus H