金融英语考试模拟试题及答案1.docx

金融英语考试模拟试题及答案1.docx

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金融英语考试模拟试题及答案1

2012年金融英语考试模拟试题及答案

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2012年金融英语考试模拟试题及答案

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SECTIONONE （Compulsory）：

Answeralltenquestionsinthissection.Eachquestioncarries1mark. 

　　1.Multiple-choicequestions:

fromthefollowingfouroptions,selectacorrectandfillinitslabelingthebrackets.（Atotalof10points） 

　　1.Onlywhathappensifthesupplyislessthandemand?

（　　） 

　　A.actualpriceislowerthantheequilibriumprice 

　　B.actualpriceishigherthantheequilibriumprice 

　　C.equilibriumpriceequivalenttotheactualprice 

　　D.eliminatethescarcityofgoods 

　　2.WhentheConsumerincomeandestablishedconditionsforcommoditypricesisstill,consumerscanbuythetwocommoditiestothegreatestnumberofcombinations.WhatdidtheLinecall?

（　　） 

　　A.Nodifferencecurve 

　　B.Thelowestindifferencecurvetouchestheproductionpossibilitycurve. 

　　C.Theindifferencecurvecrossestheproductionpossibilitycurve. 

　　D.Themarginalcostcurvetouchestheproductionpossibilitycurve. 

　　6.The"J-curve"showsthatfollowingdepreciation:

（　　） 

　　A.Thequantityofexportsfalls,makingthecurrentaccountbalanceworse. 

　　B.Hereisaninitialdropinimportsbutthisislaterreversed. 

　　C.Thecostofimportsrisesimmediatelyfromthepriceeffect,worseningthecurrentaccountbal-ance,butlaterquantitiesofimportsandexportsrespondandthecurrentaccountbalanceim-proves. 

　　D.ThereisanimprovementinthebalanceofpaymentssolongastheMarshall-Lernerconditionsaremet. 

　　7.Whichofthefollowingstatementsaboutstandbylettersofcreditistrue?

:

（　　） 

　　A.Theycanserveasaguaranteetoabuyeragainstasellerdefaulting 

　　B.Theyarecontrarytothegeneralrulethatlettersofcreditmayonlybeusedfortheactualmovementofgoods 

　　C.Theyareunlikeatender（orother）bondintheirlegalstandingandmethodofoperation 

　　D.Theyareunlikeatenderbondwithitsfixedexpirydate 

　　8.Whatinformationwouldyoufindinastatementofcashflowsthatyouwouldnotbeabletogetfromtheothertwoprimaryfinancialstatements?

（　　） 

　　A.Cashprovidedbyorusedinfinancingactivities 

　　B.Cashbalanceattheendoftheperiod 

　　C.Totalliabilitiesduetocreditorsattheendoftheperiod 

　　D.Netincome 

　　9.WhichofthesebestdescribestheU.S.FederalReserve?

（　　） 

　　A.Responsibleformonetarypolicy/moneysupply 

　　B.Printsmoney. 

　　C.Keepsthecountryoutofdebt. 

　　D.Helpspeopleinneed. 

　　10.Whatisthebasicpurposeofprofitsinourmarketeconomy?

（　　） 

　　A.Payforwagesandsalariesofworkers. 

　　B.Leadbusinessestoproducewhatconsumerswant. 

　　C.Transferincometothewealthy. 

　　D.Alloftheabove. 

　　SECTIONTWO（Compulsory）：

Answerthequestionsinthissection. 

　　ReadingComprehension:

（10points） 

　　LauraJamesistheheadportfoliomanagerforNationalFund,aU.S.basedmutualfundwithawell-respectedtrackrecord.National’sprimaryfocusisonlarge-capdomesticequities,andthefundhasconsistentlypostedhighreturnsrelativetoitspeergroupoverthepastsevenyears.MuchofNational’srecentsuccessisfromitsinvestmentsintheU.S.automobileindustry,whichhavepostedextraordinaryreturnsduetoafavorableeconomicscenario.Overthepastsevenyears,theU.S.economyhasbeenexpanding,foreigncompetitionhasnotmetconsumerexpectations,andoilpriceshaveremainedlow.Thesefactorshavecontributedtoanincreaseinmarketshareforthedomesticproducers（attheexpenseofforeigncompetitors）,andtheresulthasbeenstrongearningsforthetopU.S.automakers. 

　　FordMotorCompany,inparticular,hasenjoyedtremendoussuccessinthisenvironment.Fordhascapitalizedonthetrendtowardbiggervehicles,particularlysportutilityvehicles（SUVs）,andhasoutperformedtheotherdomesticautomakers.FordjumpedontheSUVbandwagonearly,andestablisheditsdominance.Otherdomesticautomakersfollowed,withforeignproducersbeingthelasttoembracethetrend.Fordhasincreaseditsmarketshareinanincreasinglycompetitiveindustry. 

　　JamesisconstantlyreviewingeconomicforecastsandindustrydatainordertoassesstheexpectedperformanceoftheinvestmentsinNational’sportfolio.Duetochangesineconomicpolicyandrecentvolatilityinenergyprices,Jamesnowbelievesthatcurrentmarketconditionsexhibitsignsofcontraction（recession）.Inaddition,theautomobilesectormaybefacingadditionalnegativefactors.Inparticular,JameshasconcernsregardingtheSUVsegmentoftheautomobileindustry.Althoughshebelievestheywillremainpopular,sheisconcernedthatthemarketmaybereachingapointofsaturation.Inaddition,volatileenergypricesmaydampenconsumers’enthusiasmforlargevehicles.Lastly,foreigncompetitorshaveincreasedeffortstowardtheproductionofSUVs,thus“crowding”themarketwithmanynewmodels. 

　　Part1） 

　　Assumeanindustryexhibitstendenciesof“regressiontowardthemean.”ThiscouldmeanallofthefollowingEXCEPT:

（　　） 

　　A.Profitsarehighandcompetitionincreasesfromotherfirmsintheindustry. 

　　B.Profitsincreaseasfirmsentertheindustry. 

　　C.Profitsarelowandfirmsfleetheindustry. 

　　D.Pricescouldincreaseordecreasedependingonthelevelofprofits. 

　　Part2） 

　　Inarecessionaryenvironment,anautomakersuchasFordwouldbeexpectedto:

（　　） 

　　A.Producehigherendvehicles. 

　　B.Maintainthesameproductmixas5yearsago. 

　　C.Gainmarketshareifitproduceshighendvehicles. 

　　D.Producelowerendvehicles. 

　　Part3） 

　　Assumedomesticautomakersaregrowingatarateof–2%.Fordexpectstoincreaseitsmarketshareby0.5%.WhatisFord’sgrowthrate?

（　　） 

　　A.1.5%. 

　　B.-3.0%. 

　　C.-1.5%. 

　　D.3.0%. 

　　Part4） 

　　SupposeinsteadthatFord’sgrowthoffirmsalesisexpectedtobe–3%andthegrowthofindustrysalesis1%.WhatisFord’sexpectedchangeinmarketshare?

（　　） 

　　A.3%. 

　　B.-3%. 

　　C.-4%. 

　　D.4%. 

　　Part5） 

　　WhichofthefollowingscenarioswouldbemostlikelytohaveapositiveimpactonFord’smarketshare?

（　　） 

　　A.Newcarmakersenterthemarket. 

　　B.Anincreaseinitsmarketingbudget. 

　　C.Warwithanoilproducingcountry. 

　　D.Theoverallnumberofcarssoldincreases. 

　　Explanationsofterms：

（10points） 

　　1.Officialinterestrate 

　　2.Fiatmoney 

　　3.GDP 

　　4.Mean 

　　5.Primarymarkets 

　　Question3:

Whatarethebasicobjectivesofeconomicpolicies?

　　Question4:

WhatistheMoneyMarketMutualFunds?

　　Question5:

WhyShouldILeaseEquipmentInsteadofBuy？

　　Quetion6：

　　TellusThePracticeofChina’sMonetaryPolicysinceEconomicReformandOpeningupbriefly?

1.BADCA，CACAB 

　　ReadingComprehension:

（10points） 

　　Part1） 

　　Youranswer:

Bwascorrect!

　　Profitabilityinaparticularindustryattractscompetitionfromotherfirms,whichthenforcespricesdown,eventuallyreducingprofitsbacktoalong-runnormallevel.Theoppositeholdstrueforindustriesexperiencinglosses. 

　　Part2） 

　　Youranswer:

Dwascorrect!

　　Duringeconomicdownturns,producersoflow-costproductsincreasetheirmarketshareattheexpenseofhigh-costproducers.Thisalsoistruewithinfirmsthatproducevariouspricedproducts. 

　　Part3） 

　　Youranswer:

Bwasincorrect.ThecorrectanswerwasC!

　　（1+growthoffirmsales）=（1+growthofindustrysales）x（1+fractionalchangeofmarketshare） 

　　=0.98x1.005 

　　=0.9849 

　　Growthoffirmsales=–1.51% 

　　Part4） 

　　Youranswer:

Bwasincorrect.ThecorrectanswerwasC!

　　0.97=1.01x（1+x） 

　　0.9604=1+x 

　　–3.96%=x 

　　Part5） 

　　Youranswer:

ThecorrectanswerwasB!

　　Anincreaseinitsmarketingbudget. 

　　Thepercentagechangeinafirm’smarketshareisdirectlyproportionaltothepercentagechangeinitsmarketingexpenditures.AnincreaseintheoverallnumberofcarssoldwouldnotnecessarilychangeFord’smarketshare.Newcompetitionwouldbenegative,aswouldwar,asFord’sshareoftheSUVmarket（gasguzzlers）islarge. 

　　Explanationsofterms：

（10points） 

　　1.Officialinterestrate：

Officialinterestrateistheratesetbythecentralbankormonetaryauthorities.Theinterestrateisoneofleversusedbygovernmentstoregulateeconomy. 

　　2.Fiatmoney：

Moneyproclaimedtobemoneybyfiatorgovernmentdecreeissometimescalledfiatmoney. 

　　3.GDP：

Themonetaryvalueofallthefinishedgoodsandservicesproducedwithinacountry’sbordersinaspecifictimeperiod,thoughGDPisusuallycalculatedonanannualbasis.Itincludesallofprivateandpublicconsumption,governmentoutlays,investmentsandexportslessimportsthatoccurwithinadefinedterritory. 

　　4.Mean：

Ameasureofcentraltendencyoftheprobabilitydistributionofarandomvariablethatequalstheweightedaverageofallpossibleoutcomesusingtheirprobabilitiesasweights. 

　　5.Primarymarkets：

Financialmarketsinwhichnewlyissueddebtorequityclaimsaresoldtoinitialbuyersbyprivateborrowerstoraisefundsfordurable-goodspurchasesornewventuresandbygovernmentstofinancebudgetdeficits. 

　　Question3：

　　Answer:

　　SincetheGreatDepressionofthe1930s,governmentshaveactivelypursuedthegoalofeconomicstabilityatfullemployment.Knownasinternalbalance,thisobjectivehastwodimensions;（Dafullyemployedeconomy,and©noinflation—or,morerealistically,areasonableamountofinflation.Nationstraditionallyhaveconsideredinternalbalancetobeofprimaryimportanceandhaveformulatedeconomicpoliciestoattainthisgoal. 

　　Policymakersarealsoawareofanation’sbalance-of-payments（BOP）position.AnationissaidtobeaninexternalbalancewhenitrealizesneitherBOPdeficits