金融英语证书考试FECT模拟试题及答案3Word文档下载推荐.docx

金融英语证书考试FECT模拟试题及答案3Word文档下载推荐.docx

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　　1.Aproductionfunctionforafirmdescribes:

（）

　　A.Whatshouldbeproducedtomaximizeprofit.

　　B.Whatistechnologicallyfeasiblewhenthefirmproducesefficiently.

　　C.Whatrevenueisearnedfromproducingefficiently.

　　D.Whatthefirmproduceswithgiveninputs.

　　2.Whichofthefollowingisnotacharacteristicofacompetitiveindustry?

　　A.Therearemanyfirms.

　　B.Allfirmsproducehomogeneousproducts,whicharesubstitutableforeachother.

　　C.Thereisafiercepricewaramongrivals.

　　D.Firmscanenterandexittheindustryfreely.

　　3.TheCentralBankintheopenmarketbuyingandsellingofsecuritiesisdesignedto:

　　A.regulationbondprices

　　B.achieveprofitmaximization

　　C.regulatemoneysupply

　　D.adjustpriceslevel

　　4.Whatunemploymentisformedbecauseoftheeconomicrecession?

　　A.frictionunemployment

　　B.structuralunemployment

　　C.cyclicalunemployment

　　D.naturalunemployment

　　5.Afteralongraceonahotday,arunnerenjoysherfirstdrinkalot,thesecondsheenjoyslessandshedeclinesathirddrink.Thisillustratestheprincipleof:

　　A.Increasingmarginalutility.

　　B.Decreasingmarginalutility.

　　C.Increasingmarginalcost.

　　D.Decreasingmarginalcost.

　　6.Onahotday,thepriceandthequantitysoldoficecreamsbothincrease.Thiscanreflecta:

　　A.Shiftinthedemandcurvetotheright.

　　B.Movealongthedemandcurve.

　　C.Shiftinthedemandcurvetotheleft.

　　D.Shiftinthesupplycurvetotheright.

　　7.Whenacountry’scurrencyappreciates,thecountry’sgoodsabroadbecome______andforeigngoodsinthatcountrybecome______.

　　A.cheaper...moreexpensive

　　B.moreexpensive...cheaper

　　C.cheaper...cheaper

　　D.moreexpensive...moreexpensive

　　8.AUScompanyisbiddingforacontractinChina.ItsChinesecustomerasksforaperformancebond.Whatisthemostlikelycourseofaction?

　　A.Itasksitsbanktoissueatenderbondwhichcanbeconvertedintoaperformancebond

　　B.Itgivesupitsbid

　　C.Itconsultsitsbankaboutissuingastandbyletterofcredit

　　D.Itasksitsbanktoissueaperformancebond

　　9.Thereisadeficitinthefederalbudgetwhen:

　　A.Federalgovernmentspendingisgreaterthanfederaltaxrevenues.

　　B.U.S.importsaregreaterthanU.S.exports.

　　C.Thetotaldemandformoneyisgreaterthanthetotalsupplyofmoney.

　　D.U.S.importsaresmallerthanU.S.exports.

　　10.Mrs.Jonespurchaseda20-yearTreasurybondbearinga12%couponrate.Shepurchasedthebondatpar（$1000）.Ifratesfallto9%whatwillbethenewpriceofthebond?

　　A.$1333

　　B.$1500

　　C.$750

　　D.$900

　　E.Therewillbenochangeinthepriceofthebond.

　　SECTIONTWO（Compulsory）：

Answerthequestionsinthissection.

　　ReadingComprehension:

（10points）

　　JamesSigmund,CFA,istheHeadofInternationalEquityforPellGlobalAdvisors（PGA）.SigmundisconsideringinvestinginthecountryofZuflakaspartofanemergingmarketportfolio.Sigmundisawareoftherisksininvestinginemergingmarketsandispreparingavaluationreportregardingthisinvestment.HeestimatesthatZuflakgovernmentdebtwouldberatedBB,andhasgatheredthefollowingmarketinformationforuseinanalyzingZuflak.

　　LocalGovernmentBondYield=11.50%

　　U.S.10yearTreasuryBondYield=4.50%

　　U.S.BBratedCorporateBondYield=7.75%

　　LocalInflationRate=6.50%

　　U.S.InflationRate=3.00%

　　ToassistinhisanalysisofZuflak,SigmundhasaskedStefanoTestorf,CFA,toestimateavalueforKianiCorporation（Kiani）,OlegIndustries（Oleg）,andMalikIncorporated（Malik）-thethreeprimarycompaniesdomiciledinZuflakthatSigmundhasdeterminedtohaveadequateliquidityforinclusioninPGA’sclientportfolios.TestorfgivesSigmundaroughdraftofhisreportandtellsSigmundthatinordertoaccountforcountryspecificemergingmarketrisks;

heusedaprobability-weightedscenarioanalysistoadjustcashflows.Sigmundaskshim,“Whydidn’tyousimplyadjustthediscountrate?

”Testorfreplieswiththreereasons:

　　Reason1:

ThecountryriskattributabletoZuflakcanbediversifiedawayaccordingtomodernfinancetheory,andshouldnotbeincludedinthecostofcapital.

　　Reason2:

Companiesinemergingmarketstendtoexhibitwildpriceswingsbothupanddown,thereforeadjustingcashflowsisthebestwaytoaccountforthesesymmetricalcountryrisks.

　　Reason3:

AlthoughKiani,Oleg,andMalikarealldomiciledinZuflak,eachofthesec