2023年河北金融英语考试考前冲刺卷.docx

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1、2023年河北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 and gathers the following information (in thousands) about a company. 2011 2010 Cost of goods sold $14436 $12471 Inventory (year end) $3876 $5980 Accounts payable (y

2、ear end) $7321 $6432 Based on the information above, cash paid to suppliers (in thousands) in 2011 is cLosest to:（）A. $11443B. $13221C. $156512.An analyst does research about capital budgeting. If the introduction of a new product is expected to decrease sales of an existing product, which of the fo

3、llowing is most accurate to describe the change in the existing products cash flows（）A. Externality.B. Sunk cost.C. Incremental cash flow.3.Pro forma statements are forward-looking financial statements that are based on the assumptions about future business conditions. When conducting pro forma stat

4、ements, which of the following accounts is most likely sales-driven（）A. Tax rate.B. Nonoperating income and expenses.C. Selling, general, and administrative expenses.4.An analyst does research about companys breakeven point and operating breakeven point. If a companys degree of financial leverage is

5、 1.6, the companys breakeven point is most likely:（）A. less than the company's operating breakeven point.B. equal to the company's operating breakeven point.C. greater than the company's operating breakeven point.5.Cooper Corp. reports the following information about its common shares: M

6、arket price per share is $40 Book value per share is $ 0 20 million shares outstanding Earnings per share is $2.50 If Cooper Corp. repurchases two million shares at the market price, the book value per share after the repurchase is closest to:（）A. $16.0B. $17.8C. $22.26.An analyst does research abou

7、t asset beta and gathers the following information about a company: Market value of equity is $900000 Book value of equity is $1100000 Market value of debt is $1000000 Book value of debt is $950000 Equity beta is 2.3 Marginal tax rate is 40%（）Assuming the company's debt has no market risk, the c

8、ompany's asset beta is closest to:A. 1.36B. 1.38C. 1.497.An analyst does capital budgeting about two independent projects. Project Net Present Value Internal Rate of Return 1 $150 18% 2 $200 15% If the investors required rate of return is 12%, which project should most likely be accepted（）A. Pro

9、ject 1.B. Project 2.C. Projectl and Project 2.8.Capital budgeting process is the process of identifying and evaluating capital budgeting with four administrative steps. The most important step in the capital budgeting process is:（）A. forecasting cash flows.B. generating good investment ideas.C. anal

10、yzing individual proposals.9.An analyst is classifying different types of risks. The risk arising from a companys obligation to meet required payments under its agreements is best classified as:（）A. total risk.B. financial risk.C. operating risk.10.An analyst does research about weighted average cos

11、t of capital and gathers the following information about a company: Capital Source Market Value (millions) Before-tax Cost of Capital Bonds $150 5% Preferred stock $50 6% Common stock $300 10% Based on the information above, if the companys marginal tax rate is 35%, its weighted average cost of capi

12、tal is closest to:（）A. 7.0%B. 7.6%C. 8.1%11.An analyst does research about yield to maturity and gathers the following information about a corporate bond paying interest semiannually: Par value $1000 Maturity 10 years Coupon rate 6% If the bond is currently selling for $980 and expected inflation is

13、 5%, the bonds yield to maturity is closest to:（）A. 3.14%B. 6.28%C. 6.47%12.An analyst does research about index management. Which of the following indexes is most likely to be rebalanced frequently（）A. Price-weighted index.B. Equal-weighted index.C. Market-capitalization weighted index.13.An analys

14、t does research about equity valuation of Yelp Industry. Yelps dividend growth rate is 6% and its dividend retention ratio is 60%. If the justified forward price-to-earnings ratio on Yelps stock is 16, the implied required rate of return on equity is closest to:（）A. 3.50%B. 8.50%C. 9.75%14.An analys

15、t does research about margin transaction. An investor borrows $8000 to purchase 1000 shares of stock on margin, the price of a share is $20, the investors leverage ratio is closest to:（）A. 0.40B. 1.67C. 2.5015.An analyst does research about security market indices and gathers the following informati

16、on about market-capitalization-weighted index consisting of the shares of three companies: Company BeginningShare Prices EndingShare Prices DividendsPer Share SharesOutstanding A $26 $21 $1.60 300 B $51 $46 $2.10 300 C $11 $13 $3.10 400 The price retum on the index is closest to:（）A. -16.55%B. -8.00

17、%C. 0.55%16.An analyst does research about market multiple models and gathers the following information about three companies in the same industry: Company Operating Income Enterprise Value A $95000 $829000 B $29000 $327000 C $41000 $452000 Based on this information, which of the following corupanie

18、s is likely the most overvalued（）A. Company .B. Company .C. Company .17.An analyst does research about a multistage dividend discount model. When the required rate of return decreases and all else being equal, the intrinsic value most likely:（）A. remains unchanged.B. increases.C. decreases.18.An ana

19、lyst does research about derivative products. Which ofthe following will most likely decrease in value if the price of the underlying asset increases in value（）A. A long position in put contract.B. A long position in future contract.C. A long position in call contract.19.An analyst does research abo

20、ut margin transaction. With respect to purchasing stocks using borrowed funds, the minimum equity percentage of the value of the asset that must be maintained by the investor is best described as the:（）A. leverage ratio.B. initial margin requirement.C. maintenance margin requirement.20.An analyst do

21、es research about execution instructions. A trader who places a buy order at the best bid most likely:（）A. makes the market.B. is inside the market.C. takes the market.21.An analyst does research about market efficiency. Which of the following statements does not support the weak form efficient mark

22、et hypothesis Investors can earn abnormal profits by :（）A. using fundamental analysis to purchase the securities.B. using no public information to purchase the securities.C. using technical analysis strategies to purchase the securities.22.An analyst does research about execution mechanisms. With re

23、spect to market structures, currencies are most likely traded in a market that is:（）A. quote driven.B. brokered.C. order driven.23.An analyst gathers the following information about Sunshine Industry and its common stock: Common annual dividend per share (D0) $3.50 Growth rate of dividends 7% Requir

24、ed rate of return on the stock 16% Using the Gordon growth model, the value of Sunshines common stock is closest to:（）A. $23.41B. $38.89C. $41.6124.An analyst does research about Eurodollar futures. Which of the following statements is NOT accurate（）A. Prices are quotedas 100 minus the rate priced i

25、nto the contract.B. The official Eurodollar rate is compiled by the British Bankers Association.C. Contracts are paid off based on Euribor on a given day.25.An analyst does research about derivative markets. Which of the following statements is most likely among criticisms of derivative markets（）A.

26、Derivativesprovide price information.B. Derivativesreduce transaction costs.C. Derivatives areoverly complex.26.An analyst does research about equity swap. An investor enters into a threemonth equity swap on a notional principal of $1000000 with the following terms: The investor pays the return on a

27、n equity index, which is 2308.55 at inception. The investor receives a fixed rate of 8.00% with a 30/360 count convention. If the ending equity index value is 2059.15, the net cash flow to the investor is closest to:（）A. $47008B. $88033C. $12803327.An analyst does research about a forward agreement

28、(FRA). A FRA is referred to as a 39. The terms of the agreement are a:（）A. 3-month rate and a 6-month expiration.B. 3-month rate and a 9-month expiration.C. 6-month rate and a 3-month expiration.28.An analyst does research about put-call parity. Which of the following best represents synthetic put o

29、n a stock（）A. Call-stock+risk-free bond.B. Stock-call-risk-free bond.C. Stock+call-risk-free bond.29.An analyst does research about fund of funds (FOF). A drawbacks of fund of funds investing is most lilcely related to:（）A. enable investors to access to high-quality hedge funds.B. charge additional

30、management fees.C. diversify investor's holdings with large capital.30.An analyst does research about different types of funds. Which ofthe following is least likely to hold an in-kind creation and redemption process（）A. Closed-end funds.B. Grantor trusts.C. Managed investment companies.31.An an

31、alyst doesresearch about closely-held companies. With respect to valuation of closely-held companies, the most appropriate base for estimating a discount for lack of liquidity is the:（）A. market price of a similar but actively publicly traded company.B. Estimate of the value of equitywith all contro

32、l rights.C. mean value of the company's transaction prices recently.32.An analyst does research about commodity market. Which of the following is least likely a motivation of investing in commodities（）A. Commodity markets have lower volatility than the equity markets.B. Commodities have a positi

33、ve correlation with the unexpected inflation.C. Commodities have a negative correlation with the stock and bond retums.33.An analyst does research about duration and gathers the following information about the price sensitivity of an option-free bond: Yield Change Price Increase 25 basis points 92.4

34、 Decrease 25 basis points 95.9 If the bonds current price is 93.8, the duration is closest to:（）A. 3.73B. 7.46C. 14.9234.An analyst does research about asemiannual-pay callable bond. The bond with a face value of $1000 and a coupon rate of 5% is callable in 4 years at 1020. If the bond matures in 7

35、years and is currently priced as $980, the yield to worst is closest to:（）A. 3.01%B. 5.35%C. 6.02%35.An analyst does research about convexity. Which of the following statements is mo.st accurat.e to describe positive convexity when market yields decrease（）A. A bond experiences price increases.B. A b

36、ond experiences diminishing price increases.C. A bond experiences accelerating price increases.36.An analyst does research about convexity. The best measure of convexity for a putable bond is:（）A. Modified convexity.B. Macaulay convexity.C. Effective convexity.37.An analyst does research about tax-e

37、xempt bonds. An investor with 28% marginal tax rate purchase a tax-exempt bond yielding 3.5%. The investors taxequivalent yield is closest to:（）A. 2.52%B. 4.86%C. 12.50%38.An analyst does research about the various types of debt issued by corporations. A debt vehicle created to facilitate commercial

38、 trade transaction is most likely a(n):（）A. issued bond.B. medium-term note.C. bankers acceptance.39.An analyst does research aboutportfolio duration and gathers the following information about a portfolio consisting of two bonds: Bond Par Value Market Value Duration 1 $400000 $380000 6 9 $600000 $6

39、20000 4 The portfolios duration is closest to:（）A. 4.76B. 4.80C. 5.2440.An analyst does research about fixed income products. A increase in expected yield volatility mo.st likely results in a price decrease of a(n)（）A. Callable bond.B. Putable bond.C. Option-free bond.41.An analyst does research abo

40、ut Treasury Inflation Protected Securities (TIPS). A TIPS is least likely subject to:（）A. liquidity risk.B. credit risk.C. interest rate risk.42.An analyst does research about a bonds indenture. Which of the following is an example of a affirmative covenant（）A. Limit additional borrowings unless cer

41、tainfinancial conditions are met.B. Prohibit the same assets back several debt issues simultaneously.C. Maintain of current ratio above 2.5.43.An analyst does research about the limitations of cash flow yield. Which of the following statements is least accurate to be a shortcoming in application of

42、the cash flow yield measure（）A. The projected cash flows are assumed to be reinvested at the cash flowyield.B. The mortgage-backed or asset-backed security is assumed to be held until the final payoff of all the loans, based on some prepayment assumption.C. Because of principle prepayments, in order

43、 to project cash flow it is necessary to make an assumption about the rate at which principle prepayments will occur.44.An analyst does research aboutembedded options. Which of the following embedded options is least likely to increase in value when interest rates increase（）A. The right toput an iss

44、ue.B. The cap on a floater.C. An accelerated sinking fund provision.45.An analyst does research about the basic theories of the term structure. According to liquidity preference theory, the term structure of interest rates is least likely determined by:（）A. expectations about future interest rates.B

45、. a yield premium for interest rate risk.C. preference for particular maturity range.46.An analyst does research about portfolio diversification. Which of the following statement is least accurate Portfolio diversification:（）A. decreases the diversification ratio.B. decreases the standards deviation

46、 of returns.C. eliminates downside risk.47.An analyst does research about security market line (SML). With respect to the security market line, if an investors estimated return is below the SML, a security is most likely:（）A. overvalued.B. correctly valued.C. undervalued.48.Which of the following in

47、stitutional investors is most likely to have the lowest risk tolerance（）A. Banks.B. Endowments.C. Defined benefit pension plan.49.An analyst does research about active and passive management. If the market for the asset class is insufficient, which of the following statements is most accurate A skilled investor should choose :（）A. Index investing.B. passive management.C. active management.50.An analyst does research about portfolio management process. Which of the following statements is commonly believed to have the greatest impact on portfolio performance（）A. Secur