2023年天津金融英语考试模拟卷(9).pdf

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1、2023 年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 shares A

2、A.$34.62.BB.$38.24.CC.$50.00.2.Which of the following characteristics is least likely to be found in growth companies AA.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（）A.No N

3、o B.No Yes C.Yes No A B C 4.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 for a good

4、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 revenue bond.CC.indenture

5、 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.He puts 10 percent down and

6、 finances the remainder at a 9 percent rate of interest.Calculate the first years after-tax cash flow for the investment using the following information ANOI B$243000 CDepreciation D$25000 EAnnual mortgage payment F$218000 GMarginal income tax rate H28%9.This information pertains to equipment owned

7、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 balance sheet for a company:ABalance Sh

8、eet BAssets CYear 2003 DYear 2004 ECash F500 G450 HAccounts Receivable I600 J660 KInventory L500 M550 NTotal CA O1600 P1660 QPlant，propequip R1000 S1250 TTotal Assets U2600 V2910 W XLiabilities YAccounts Payable Z500 Z550 ZLong term debt Z700 Z1002 ZTotal liabilities Z1200 Z1552 Z ZEquity ZCommon St

9、ock Z400 Z538 ZRetained Earnings Z1000 Z820 ZTotal LiabilitiesEquity Z2600 Z2910 Z ZIncome Statement ZSales Z3000 ZCost of Goods Sold Z(1000)ZGross Profit Z2000 ZSCA Z(500)ZInterest Expense Z(151)ZEBT Z1349 ZTaxes(30%)Z(405)ZNet Income Z944 11.According to the earnings multiplier model,all else equa

10、l,as the required rate 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 r

11、ate is 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 portfolio AA.0.367.BB.0.500.CC.0.167.14.Which of the following will result in the lowest debt-to-total-cap

12、ital ratio,assuming that all issues raise the same amount of funds AA.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 changes.C.

13、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 creating a lo

14、an 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.A BBucket seats CNo Bucket Seats DTotal EAir Bags F75 G50 H125 IN

15、o Air Bags J35 K60 L95 MTotal N110 O110 P220 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 and fixed-rate d

16、ebt,an analyst should most appropriately adjust which of the following items for a change in market interest rates AA.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 cumulative distribution functi

17、on(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 rates AA.Putable bond.BB.Callable bond.CC.Option-free coupon bond.23.With other variables remaini

18、ng 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 nature.C.unusual in nature and infrequent in

19、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.Compared with outcomes that result from collusion,in

20、dependent 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 called according to the sinking fund provision AA.Speci

21、al 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 of U.S.Government bonds.29.If the money market yield is 3.79

22、2 percent on a T-bill with 79 days to maturity,what is the holding period yield AA.0.77%.BB.0.83%.CC.0.89%.30.Which of the following is the primary income-earning asset of commercial banks AA.Time deposits.BB.Loans outstanding.CC.Demand deposits.31.What amount do venture capitalists generally earn o

23、n their investment of time and capital .Management fees of 12.5%of capital commitment .Management fees of 1 2.5%of capital invested .80%of portfolio gain .20%of portfolio gain AA.only.BB.and only.CC.and only.32.A company issued an annual-pay bond with the following characteristics:AFace value B$6783

24、1 CMaturity D4 years ECoupon F7.00%GMarket interest rates H8.00%33.Which of the following is NOT a limitation to financial ratio analysis（）A.Differences in international accounting practices.B.The use of alternative accounting methods.C.A firm that operates in only one industry.34.A 12 percent coupo

25、n 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-call AA.10.25%.BB.11.25%.CC.10.95%.35.At a market rate of 7 percent,a$1000 callable par value bond is priced at$910,while a similar bond that is non-callable is pr

26、iced at$960.What is the value of the embedded call option AA.$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 the short run AA.A decrease in employment.BB.A decrease in the unemployment rate.CC.A decrease in r

27、eal 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%.38.Galaxy,Inc.s balance sheet as of December 31,2004 included the following information(in$):A B12-31-0

28、3 C12-31-04 DAccounts Payable E300000 F500000 GDividends Payable H200000 I300000 JCommon Stock K1000000 L1000000 MRetained Earnings N700000 O1000000 39.A 3-month loan has a holding period yield of 1.5 percent.What is the annual yield of this loan on a bond-equivalent basis AA.6.65%.BB.5.06%.CC.6.05%

29、.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 to the cash collection.41.The risk free rate is 5 percent and the expected market return is 15 percent.A

30、 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 market.CC.underperform the market.42.Hedge funds usually have a(n):Focus on relative returns Option-like fee stru

31、cture（）A.No No B.No Yes C.Yes No 43.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 Structure of Interest Rates BYear CSpot Rate D0.50 E5.5227%F1.00 G5.5537%H1.50 I5.5444%J2.00 K5.5205%L2.50 M5.5114%N3.0

32、0 O5.5156%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 following AA.Transaction costs.BB.Nominal interest rates.CC.Inflation rate.45.The short-run effects of unanticipated expansio

33、nary 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 yield for a$1000 face value U.S.Treasury bill(T-bill)trading at$983.10 with 160 days to maturity is approximatel

34、y: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 trading rules regarding the bond market vs the stock market AA.Volume is more critical.BB.Very little consideration of volume.C

35、C.Moving averages are studied.48.Which of the following is NOT among the three most important factors in valuing a venture capital investment AA.Expected payoff at exit.BB.Liquidity.CC.Probability of failure.49.If the probability of an event is 0.20,what are the odds against the event occurring AA.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 arbitrage AA.$0(no arbitrage).BB.$0.28.CC.$0.72.