金融专业英语证书考试FECT模拟试题7Word格式文档下载.docx

金融专业英语证书考试FECT模拟试题7Word格式文档下载.docx

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A 

Asset

B 

Revenue

C 

Liability

D 

Netincome

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2

答案:

D

2. 

Amy,aCFAcandidate,recentlyjoinedA&

FAssetManagement,andreportsdirectlytoTammy.Shortlyafterjoiningthefirm,AmylearnedthatA&

FAssetManagementdoesnothaveacopyoftheCodeandStandards.WhichofthefollowingstatementsbestcomplieswithAIMRStandardsofProfessionalConduct?

AmymustdeliveracopyoftheCodeandStandardstoTammy.

AmymustnotifyTammy,inwriting,ofherobligationtocomplywiththeCodeandStandards.

StatementAandB.

Noneoftheabove.

C

3. 

Comparedwithanotherwiseidenticalamortizingsecurity,azero-couponbondwillmostlikelyhave:

Lessinterestrateriskandmorereinvestmentrisk.

Lessreinvestmentriskandmoreinterestraterisk.

Thesamereinvestmentriskandlessinterestraterisk.

Thesameinterestrateriskandmorereinvestmentrisk.

B

4. 

Afuturestradergoeslongonefuturescontractat$450.Thesettlementprice1daybeforeexpirationis$500.Onexpirationday,thefutureistradingat$505.Theleastlikelywaythefuturestraderwilllockinherprofitsonexpirationis:

Takedeliveryoftheunderlyingassetandpay$500totheshort.

Closeoutthefuturespositionbysellingthefuturescontractat$505.

Takedeliveryoftheunderlyingassetandpaytheexpirationsettlementpricetotheshort.

Cashsettlethefuturesandreceivethedifferencebetween$500andtheexpirationsettlementprice.

5. 

AssumeU.S.GAAP（generallyacceptedaccountingprinciples）appliesunlessotherwisenoted.BishopLtd.receivedanadvancedpaymentof$10,000onDecember1,forrentonapropertyforDecemberandJanuary.Onreceipttheycorrectlyrecordeditascashandunearnedrevenue.IfatDecember31,theiryear-end,theyfailedtomakeanadjustingentryrelatedtothispayment,ignoringtaxes,whatwouldtheeffectonthefinancialstatementsfortheyearbe?

Assetsareoverstatedby$5,000andLiabilitiesareoverstatedby$5,000.

Liabilitiesareoverstatedby$5,000andNetincomeisoverstatedby$5,000.

Assetsareoverstatedby$5,000andOwner’sequityisoverstatedby$5,000.

Liabilitiesareoverstatedby$5,000andOwners’equityisunderstatedby$5,000.

6. 

Amarketparticipanthasaviewregardingthepotentialmovementofastock.Hesellsacustomizedover-the-counterputoptiononthestockwhenthestockistradingat$38.Theputhasanexercisepriceof$36andtheputsellerreceives$2.25inpremium.Thepriceofthestockis$35atexpiration.Theprofitorlossfortheputselleratexpirationis:

$1.25.

$1.00.

$1.25

$2.25.

7. 

AspartofanAIMRinvestigationintotheconductofHelen,CFA,AIMRrequestsrecordsfromHelenaboutherinvestmentaccounts.HelenwritesAIMRaletterstatingthatunderStandardIV（B.5）,PreservationofConfidentialitythatsheisunabletocomplywiththeirrequest.WhichofthefollowingstatementisTRUE?

IscorrectinherinterpretationofStandardIV（B.5）.

ShouldnotturnovertheinformationbecauseitwillviolatefederalmaterialnonpublicinformationstatutesandAIMR’sStandardV（A）ProhibitagainstUseofMaterialNonpublicinformation.

WillnobeinviolationofStandardIV（B.5）byturningovertherequestedinformationbecauseundertheProfessionalConductProgram,theDisciplinaryReviewSubcommitteeisconsideredanextensionofHelen.

Alloftheabove.

8. 

Whichofthefollowingistheleastaccuratestatementabouttheshortsaleofstocks?

Theshortsellermustpayanydividendsduetothelenderofshares.

Astopbuyorderwouldenableashortsellertominimizepotentiallosses.

Shortsalesinvolvetimelimitsforreturningthesharesborrowedtothelender.

Ashortsalecanbemadeonlyonanuptickorazeroupticktradeiftheprevioustradewasanupticktrade.

9. 

Theappropriatemeasuresoffreecashflowanddiscountratetousewhenestimatingthetotalvalueofafirm,respectively,are:

AnswerA.

AnswerB.

AnswerC.

AnswerD.

10. 

AssumeU.S.GAAP（generallyacceptedaccountingprinciples）appliesunlessotherwisenoted.Ananalystgatheredthefollowinginformationfromacompany’saccountingrecords:

　　Theanalyst’sestimateofnetincomefor2007wouldbeclosestto:

$650,000.

$850,000.

$1,050,000.

$1,850,000.

SECTIONTWO（Compulsory）：

Answerthequestionsinthissection.

　　ReadingComprehension

KammelCapitalManagementisaninstitutionalmoneymanagerthatoverseesover$12billioninclientassets.MostofitsassetsundermanagementareinvestedintheKammelFunds,afamilyof12mutualfundsencompassing9growthandvalueequityfunds,and3fixedincomefunds.

　　LindaKarazimisananalystfortheKammelStrategicIncomeFund,aflexiblefixed-incomefundbenchmarkedtotheLehmanBrothersAggregateIndex.ThefundownsasubstantialportionofsubordinateddebenturesthatwereissuedbyGernotIncorporatedtofinancetheacquisitionofamajorcompetitorin2002.KarazimhasbeenassignedbytheStrategicIncomeSeniorPortfolioManager,MarkDavidson,toanalyzethesubordinateddebtofGernot,Inc.

　　KarazimdecidesthatthebestwaytoassessthecreditqualityoftheGernot’sbondsistoanalyzethefirm’sfinancialstatementsandcalculateratiosthatwillidentifytrendsinthefirm’soperationsandfinancingdecisions.KarazimsearchesonlineandpullsupGernot’sfinancialstatementsforthelastthreeyears.ThestatementsKarazimusesforheranalysisareshownbelow:

AsKarazimisworkingonherproject,JacobCannon,ananalystforKammel’sLargeCapGrowthFund,stopsbyKarazim’sofficetochat.WhenKarazimtellshimthatsheisworkingonaratioanalysisprojecttoassessGernotInc.’ssubordinateddebt,CannontellsherthatKammel’sgrowthequityteamispotentiallylookingtopurchaseGernot’sstockfortheirfund.KarazimtellsCannonthatthereturnonassetsratiothatshehascalculatedforevaluatingGernot’sdebtratingwouldalsobeconsideredoneofthemosteffectiveratiosforuseinvaluingGernot’sstock.CannonrepliesthathehasbeendoinghisownratioanalysistoassessGernot’ssystematicriskandoneofthemostusefulratiosforidentifyingrelationshipsbetweenaccountingvariablesandbetaisthecurrentratio,whichwouldalsobeusefulinforecastingthepossibilityofGernot,Inc.goingbankrupt.

　　AfterKarazimcompletesheranalysis,shehasameetingwithDavidsontodiscussherfindings.Atthemeeting,KarazimtellsDavidsonthatGernot’sInc.’ssustainablegrowthratebasedon2004datais9percent,andthatagrowingcompanyhasamuchlowerchanceofdefaultingonitsdebt.Davidson,alwayscriticaloftheworkoftheanalyststhatworkforhim,concludesthemeetingbytellingKarazimthatshedidgoodwork,butoneofthemajorlimitationsofthecross-sectionalanalysisshehasperformedisthatcomparisonsaremadedifficultduetodifferentaccountingtreatments.

11. 

WhatareGernot’stotalassetturnoverfor2004andthechangeintheratiofrom2002to2004?

　　2004RatioChangeinRatio

2.08declineof0.18

1.52declineof0.56

2.08increaseof0.18

1.52increaseof0.56

Thetotalassetturnoverratio=sales/assets.In2002,theratiowas（10,424/5,012）=2.08.In2004,theratiowas（11,606/7,636）=1.52.From2002to2004theratiodeclinedby（2.08–1.52）=0.56.

12. 

WhatisthechangeinGernotInc.’scashconversioncyclefrom2003to2004?

Thecashconversioncyclehas:

Increasedby17days.

Increasedby33days.

Increasedby25days.

Decreasedby13days.

Thecashconversioncycle=（averagereceivablescollectionperiod）+（averageinventoryprocessingperiod）–（payablespaymentperiod）.

　　For2003:

Receivablesturnover=（sales/averagereceivables）=11,718/（（625+798）/2）=11,718/712=16.46Averagereceivablescollectionperiod=（365/receivablesturnover）=365/16.46=22.17daysInventoryturnover=（COGS/averageinventory）=7183/（（1342+937）/2）=7183/1140=6.3Averageinventoryprocessingperiod=（365/inventoryturnover）=365/6.3=57.94days.Payablesturnover=（COGS/averagepayables）=7183/（（620+544）/2）=7183/582=12.34Payablespaymentperiod=（365/12.34）=29.58days2003cashconversioncycle=22.17+57.94–29.58=50.53days.For2004:

Receivablesturnover=（sales/averagereceivables）=11,606/（（1294+798）/2）=11,606/1046=11.10Averagereceivablescollectionperiod=（365/receivablesturnover）=365/11.10=32.88daysInventoryturnover=（COGS/averageinventory）=7150/（（1342+1552）/2）=7150/1447=4.94Averageinventoryprocessingperiod=（365/inventoryturnover）=365/4.94=73.89days.Payablesturnover=（COGS/averagepayables）=7150/（（620+597）/2）=7