金融英语证书考试FECT模拟试题及答案5.docx
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金融英语证书考试FECT模拟试题及答案5
2012年金融英语证书考试FECT模拟试题及答案-5
SECTIONONE(Compulsory):
Single-choicequestions
fromthefollowingfouroptions,selectacorrectandfillinitslabelingthebrackets.(Atotalof10points)
1.WhichbelongstotheTighteningoffiscalpolicytools?
()
A.Reducegovernmentspendingandincreasetaxrevenue
B.Reducegovernmentspendingandreducetaxes
C.Increasinggovernmentspendingandreducingtaxes
D.Increaseingovernmentexpenditureandincreasetaxrevenue
2.WhatmarketistheMostinneedoftheadvertising?
()
A.Fullycompetitivemarket
B.Monopolizemarket
C.Competitivemonopolymarket
D.Oligopolymarket
3.Thevalueofnationaloutput:
()
A.Isthesameoftheoutputofallbusinesses.
B.Istheaggregateofoutputofemployedpersons.
C.Issynonymouswithaggregatemanufacturingoutput.
D.Utilizesthe"addedvalue"concept.
4.WithC=10+0.7Yandthelevelofincomechangingfrom$70billionto$80billion,theincreaseinconsumptionandtherevisedaveragepropensitytoconsume(ape)respectivelywouldbe:
()
A.$9billionand0.78.
B.$6billionand0.8.
C.$7billionand0.79.
D.$7billionand0.825.
5.Whichofthefollowinggoodsislikelytohavethemostelasticdemand?
()
A.Aparticularbrandofbreakfastcereal.
B.Breakfastcerealsingeneral.
C.Averycheapgoodonwhichnotmuchisspent(e.g.matchesnewspaper).
D.Anessentialgood.
6.SchoolstudentspayingalowerfarethanadultsontheMTRtrains,orcheaperticketstothetheatre,isanexampleof:
()
A.Thesuppliersmakinglessprofitbecausesomecustomerspayalowerprice.
B.Consumersobtainingmoreconsumersurplus.
C.Pricediscriminationallowingthesupplierstomakemoreprofitfromchargingahigherpriceto
customerswhosedemandismoreelastic.
D.Pricediscriminationallowingthesupplierstomakemoreprofitfromchargingalowerpricetocustomerswhosedemandismoreelastic.
7.Afuturestradergoeslongonefuturescontractat$450.Thesettlementprice1daybeforeexpirationis$500.Onexpirationday,thefutureistradingat$505.Theleastlikelywaythefuturestraderwilllockinherprofitsonexpirationis:
()
A.Takedeliveryoftheunderlyingassetandpay$500totheshort.
B.Closeoutthefuturespositionbysellingthefuturescontractat$505.
C.Takedeliveryoftheunderlyingassetandpaytheexpirationsettlementpricetotheshort.
D.Cashsettlethefuturesandreceivethedifferencebetween$500andtheexpirationsettlementprice.
8.Inthecontextofbreak-evenanalysis,theMarginofSafetyforafirmis:
()
A.Thedifferencebetweenthesalesrevenueachievedandthebreak-evenrevenue.
B.Thedifferencebetweenplanned(oractual)outputandthebreak-evenquantityinaparticulartimeperiod.
C.Thepercentagedifferencebetweenplanned(oractual)outputandthebreak-evenquantity.
D.Thedifferencebetweenplanned(oractual)outputandthebreak-evenquantity.
9.Thereis5-yearannuityof$3,000peryear.However,thefirstpaymentwillnotpayuntilyear3.Assumingtheinterestrateis10%,calculatethepresentvalueofthisannuity.()
A.$8397.
B.$9,399.
C.$10,258.
D.Noneoftheabove.
10.HubGlobal,Inc.hasissuedtwoclassesofdebtsecuritiestofinanceitsoperations,afirstmortgagebondanddebenturebonds.Allelseequal,willthedefaultandrecoveryratesofthedebenturelikelybehigherthanthefirstmortgagebond?
()
A.AnswerA.
B.AnswerB.
C.AnswerC.
D.AnswerD.
SECTIONTWO(Compulsory):
ReadingComprehension(10points)
GaryZeller,anindependentportfoliomanagerwhomanagesmoneyforhigh-net-worthindividuals,isaproponentoftheefficientmarkethypothesis.HeusestheTreynor-Blackmodeltodetermineassetallocationsforhisportfolios.Atthemoment,heisconsideringseveralinvestmentsfornewportfolios.Herearetheircharacteristics.
Therisk-freerateis5.7%.TheexpectedreturnoftheS&P500Indexis10%,andtheindex'sstandarddeviationis14%.
ZellerplanstocreateaportfoliousingamixoftheS&P500Index,therisk-freeasset,andthefourstocksdiscussedabove.Heusesthedataabovetoselecttheappropriateassetallocationstomaximizereturns.
RecentmarketactivityhasZellerconcerned.Forseveralweekshehasseenstockswithweakfundamentalsstageastrongrally,whilesolid,steady-growthstockshavelagged.Afterextensiveresearchintotechnicaltrendsandananalysisofthemarket'sfundamentals,Zellerhascometobelievetherecenttrendinthemarketislikelytocontinue,withspeculativestockscontinuingtorally.
Despitethegainsinspeculativestocks,Zellerseescontinuedweaknessinlarger,solidstockscausingadeclineintheS&P500Index.Tocompensateforthisrisk,hepurchasesputoptionsonthe50largeststocksinthecapitalization-weightedindexinsteadofbuyingtheindexitselfforthenewportfolios.
Laterthatday,Zellerreceivesane-mailfromFlorenceWhitaker,aclientwhoseportfoliohasperformedpoorlyinrecentmonths.SheisnothappywiththeresultsandquestionsZeller'sallocationstrategy.
Inaresponsee-mail,ZellerdefendstheTreynor-Blackmodelandmakesthefollowingpoints:
Thestrategyisdesignedtobeatthemarket,butnotnecessarilytogenerategainswhenthemarketisdown.
Inyourportfolio,Ioverweightthestockswiththehighestpotentialreturntoboostperformance.
Amixofindividualstocksandindexfundsgivestheportfoliobetterpotentialreturnsthantheindex,whileofferinglessriskthantheindividualstocks.
Allofthestocksinyourportfoliohavebetasbelow1.
Aftersendingthee-mail,Zelleropensupaspreadsheettocrunchsomenumbers.Severalofhisportfolioshaveunderperformedoverthelastyear,andheresolvestoconsiderwhetherheshouldrelaxhisassumptionsabouttheaccuracyofforecasts.
1)Fromhighestallocationtolowest,howshouldZellerallocatethefourstocksinhisportfolio?
()
A.Hearthstone,MinsterMaskandCostume,KustomAuto,ImperialShipyards.
B.MinsterMaskandCostume,KustomAuto,ImperialShipyards,Hearthstone.
C.KustomAuto,ImperialShipyards,MinsterMaskandCostume,Hearthstone.
D.MinsterMaskandCostume,Hearthstone,KustomAuto,ImperialShipyards.
2)WhichofZeller'sactionsisleastcompatiblewiththeuseoftheTreynor-Blackmodel?
His:
()
A.Purchaseofputoptions.
B.Useofindexfunds.
C.Willingnesstoactivelymanageportfolios.
D.Supportoftheefficientmarkethypothesis.
3)Inlightofhisobservationsaboutmarketmovements,Zellershould:
()
A.Increasehiscashallocation.
B.Increasehisindex-fundallocation.
C.Takenoaction,themodelwillaccountforanychanges.
D.Increasehisallocationofactivelymanagedstocks.
4)IfZellerstopsassumingforecastsareaccurate,hewillmostlikely:
()
A.Increasethenumberofstocksintheportfolio.
B.ShiftsubtlytowardCAPM.
C.Reducebothriskandpotentialreturnoftheportfolio.
D.Needtorebalancetheportfoliomoreoften.
5)AssumingZellerintendstotakepositionsinallfourofthestocksdiscussedabove,howmanyshouldhesellshort?
()
A.1.
B.0.
C.2.
D.3.
SECTIONTHREE(Compulsory):
Explanationsofterms(25points)
1.Marginrequirement
2.Interestceiling
3.BankforInternationalSettlements(BIS)
4.Bancassurance
5.Secondarymarket
SECTIONFOUR(Compulsory):
AnswerQuestiones(32points)
1:
ExplaintheMechanismofMoneySupply.
2:
WhatistheFunctionofstockexchanges?
3:
ListtheCounter-measuresofDeflationasmoreaspossible.
4:
WhatisFinancialLiberalization?
AndwhatisTheNatureofFinancialLiberalization?
SECTIONFIVE(Compulsory):
Caculation(13points)
Let'stakeanexample.SupposethatashareofHaierintheHongKongStockMarkethadaclosingpriceyesterdayofHK$10,butnewinformationwasannouncedafterthemarketclosedthatcausedarevisionintheforecastofpricenextyeartogotoHK$15.IftheannualequilibriumreturnonHaieris20%,whatdoesefficientmarketstheoryindicatethepricewillgototodaywhenthemarketopens?
(AssumethatHaierpaysnodividends.)
SECTIONSIX(Compulsory):
ExplanationsofModel(10points)
Pleaseillustratethemacroeconomic-basedriskfactormodels:
参考答案
SECTION1
1.BCDDC,DCBBA
SECTION2
ReadingComprehension:
(10points)
1)Bwascorrect!
TheTreynor-Blackmodelcallsforgreaterweightstostockswithhighforecastalpharelativetounsystematicrisk.TheSharperatioreflectsthatrelationship.TocalculatetheSharperatio,wesubtracttheriskfreeratefromtheexpectedstockreturns,andthendividebythestock'sstandarddeviation.Betaisnotameasureofunsystematicrisk,soitshouldnotbeused.Sharperatiosforthefourstocksareasfollows:
Hearthstone=27.35%.
Imperial=27.5%.
Minster=46.14%.
KustomAuto=37.86%.
ThehighertheSharperatio,thehigherthelevelofalpharelativetounsystematicrisk.Assuch,thehighestweightingshouldgotoMinsterMaskandCostume,thesecond-highesttoKustomAuto,thethird-highesttoHearthstone,andthefourth-highesttoImperialShipyards.
2)Awascorrect!
Indexfundsappealtoefficientmarkettheoristsinpartbecausetheyofferalow-costwayofinvestinginthemarketwithouttryingtoexploitinfrequentmispricing.Whileactivemanagementofanysortmayseemincongruousagainsttheefficientmarketbackdrop,itisactivemanageme