2012年金融专业英语证书考试FECT模拟试题-6及答案解析.doc

1、2012 年金融专业英语证书考试 FECT 模拟试题-6 及答案解析(总分：100.00，做题时间：90 分钟)一、SECTION ONE (Compuls(总题数：10，分数：20.00)1.Chu Wang, CFA, gathered the following data to estimate the implied growth rate of dividends for Shenghai Toys Co. to use as an input for valuing the companys common stock. Return on Assets 10% Profit Mar

2、gin 5% Total Assists CNY 50 million Debt Ration 40% Payout Ration 25% Wangs estimate of Shenghai Toys implied growth rate would be closest to: () （分数：2.00）A.4.17%.B.6.25%.C.12.50%.D.18.75%.2.If market interest rates rise, the price of a callable bond, compared to an otherwise identical option-free b

3、ond, will most likely: () （分数：2.00）A.Increase by less than the option-free bond.B.Decrease by less than the option-free bond.C.Decrease by more than the option-free bond.D.Decrease by the same amount as the option-free bond.3.Strongsville Fabricators Inc. uses the FIFO method of inventory valuation.

4、 Assuming a rising costs environment and other factors held constant, Strongsvilles price-to-earnings and price-to-book multiples relative to those for another company that uses the LIFO method of inventory valuation would be: () （分数：2.00）A.Answer A.B.Answer B.C.Answer C.D.Answer D.4.Economic growth

5、 is measured by a positive change in which of the following? () （分数：2.00）A.The money supply.B.The Producer Price Index.C.The Gross Domestic Product.D.The balance of payments.5. Five years ago, the DCA Corporation issued 20-year bonds with a coupon rate of 12%. If the investors required rate of retur

6、n (IRR) on these bonds is currently 9%, the bonds will be priced: () （分数：2.00）A.Below par.B.Above par.C.Above and below par.D.At par.E.As perpetuity.6.Which of the following is NOT true? () （分数：2.00）A.If interest rates rise, it is good for bondholders.B.The Fed just cut interest ratesC.For a straigh

7、t bond, the coupon rate goes up as interest rates drop.D.Inflation leads to lower bond prices.E.The more compounding periods, the higher the amount of interest you must pay if you are the issuer of a bond.7.Karen, CFA, is the investment manager of a corporate pension plan. Under ERISA, she owes her

8、fiduciary duty to: () （分数：2.00）A.The plan sponsor.B.The firms shareholders.C.The plan participants and beneficiaries.D.None of the above.8.Which of the following statements concerning the AIMR Performance Presentation Standards about the calculation of composite returns is true? () （分数：2.00）A.Asset

9、weighting within composites is not required using beginning of period weights.B.Portfolios no longer under management should be included in historical composites.C.Model results may be presented if they conform to the portfolios investment strategy and objectives.D.All of the above.9.When calculatin

10、g the risk premium for equity market using historical returns, which of the following is most accurate? () （分数：2.00）A.Geometric mean returns should be used because they are more applicable to multi-period time horizons.B.Geometric mean returns should be used because they are more applicable to singl

11、e time horizons.C.Arithmetic mean returns should be used because they are more applicable to single time horizons.10.Vivian, CFA, a research analyst assigned to Double Limited, has been recommending the stocks purchase in her quarterly report. Vivian has recently married and just discovered her husb

12、ands trust account owns several million dollars worth of Double Limited. The stock makes up more than 50 percent of the trusts value but less than 5 percent of Double Limiteds outstanding shares. According to AIMR Standards of Professional Conduct, Vivian should: () （分数：2.00）A.Take no action because

13、 the stock is not in her name.B.Disclose her interest in the stock at the time of her next report.C.Cease including Double Limited stock in her report.D.Take no action because the holding is less than 5 percent of the outstanding shares.二、SECTION TWO(Compulso(总题数：1，分数：10.00)Joseph Glass, CFA, is a c

14、onsultant who provides advisory services to large manufacturing companies. Glass has been retained by ABCO, a leading manufacturer of widgets for automobiles in the United States. ABCO has hired Glass to evaluate the possibility of expanding their current base of operations by building an additional

15、 facility in South America. Management of ABCO has identified an increase in demand for widgets in South America over the past decade, and any new manufacturing facility would produce goods to satisfy that void and would be distributed and sold across South America. Glass is not familiar with the cu

16、rrent economic climate in South America, but is aware that several governments have attempted to encourage economic development in their countries through the enactment of pro-business legislation. Two of these countries, Venezuela and Peru, both have the reputations of being “friendly” to foreign e

17、conomic investment within their borders. The two countries share some similarities: both, until the past twenty years, were primarily agricultural economies with little industrial development. Also, both countries can offer a relatively low-cost labor force, although their workers in general, are no

18、t highly skilled. The government of Peru has declared that protecting the countrys environment is of utmost importance, and has established a regulatory body that oversees any environmental concerns that may arise as the country becomes more industrialized. Fairly stringent regulations have already

19、been put into place in order to ensure that going forward, the operating practices of manufacturers within their countrys borders will be in balance with the governments concern for their countys natural resources. Regulations cover areas of concern such as air emissions, water conservation and the

20、use of sustainable resources. Glass advised ABCO that a cost-benefit analysis must be performed to accurately determine both the direct and indirect costs of compliance with the regulations. The Venezuelan government has taken steps to ensure that it can carefully manage the development of its count

21、rys emerging economy, and to ensure that a competitive market is maintained. A regulatory agency was established five years ago to provide guidance for any new manufacturing concern seeking to operate in Venezuela. The head of the agency is Juan Santos, the former CEO of one of the first modernized

22、manufacturing facilities in the country. During his tenure as head of the agency, he has demonstrated his ability to render decisions that attempt to simultaneously satisfy legislators, industry participants, and consumers. Glass is impressed by Santos work so far, but realizes that over the past fi

23、ve years, Venezuela has experienced a period of relatively slow economic development. Glass believes that Santos skills will truly be put to the test in the upcoming years of the anticipated economic expansion. Glass acknowledges the need for governmental regulation of industry, but recognizes that

24、there always are offsetting costs, both short-term and long-term of such controls. Based upon his knowledge of events that have occurred in the United States over the past thirty years, Glass recommends that ABCO continue to carefully monitor economic developments in both countries even after a site

25、 for a new manufacturing facility is selected. （分数：10.00）(1).Should ABCO build a new facility in either of the two countries, it is almost a certainty that they would be the low-cost producer of widgets, with the capacity to satisfy nearly all demand in the region. A natural monopolist operating in

26、an unregulated industry will produce at the point where: （分数：2.00）A.Marginal costs equal marginal revenue.B.Average costs equal marginal revenue.C.Average costs equal average revenue.D.The marginal cost curve intersects the demand schedule.(2).The social regulation policies enacted by the government

27、 of Peru would least likely to cause which of the following outcomes? () （分数：2.00）A.Higher costs of production.B.A disproportionately higher compliance expense for larger firms rather than smaller firms.C.Higher prices for the end consumer.D.Attempts by industry participants to avoid compliance thro

28、ugh creative response.(3).If ABCO were to build its new facility in Peru, compliance with the countrys regulatory policies will increase the price of their product by approximately ten percent. Some consumers may respond by not replacing the widgets in their automobiles as frequently as before, whic

29、h will cause decreased fuel efficiency. This unintended effect of regulation is an example of: () （分数：2.00）A.The capture hypothesis.B.A creative response.C.A feedback effect.D.The share-the-gains, share-the-pains theory.(4).The appointment of Santos, an industry “insider”, to head the regulatory age

30、ncy in Venezuela has the potential to cause a reaction predicted by which of the following theories of regulatory behavior? () （分数：2.00）A.Rate-of-return regulation.B.Share-the-gains, share-the-pains theory.C.The capture hypothesis.D.Cost-of-service regulation.(5).Santos, as the head of the main regu

31、latory body in Venezuela, must decide how to manage the effects of an unanticipated sharp increase in the cost of electricity. Santos proposed regulation that will allow manufacturers to pass on the increased costs at scheduled intervals over a five year period. This approach is an example of: () （分

32、数：2.00）A.Rate of return regulation.B.Cost-of-service regulation.C.Share-the-gains, share-the-pains theory.D.Social regulation.三、Explanations of term(总题数：5，分数：30.00)11.Liquidity （分数：6.00）_12.Cost-push inflation （分数：6.00）_13.Surveillance （分数：6.00）_14.External debt （分数：6.00）_15.Foreign reserve （分数：6.00

33、）_四、Question and Answer(总题数：4，分数：40.00)16.How many factors to explain the reserve holdings? （分数：10.00）_17.What is The Monetary Policy Instruments of the Central Bank? （分数：10.00）_18.What is Concept of Trust Market？And what the composition of it is? （分数：10.00）_19.What is the Money Laundering?（分数：10.00

34、）_2012 年金融专业英语证书考试 FECT 模拟试题-6 答案解析(总分：100.00，做题时间：90 分钟)一、SECTION ONE (Compuls(总题数：10，分数：20.00)1.Chu Wang, CFA, gathered the following data to estimate the implied growth rate of dividends for Shenghai Toys Co. to use as an input for valuing the companys common stock. Return on Assets 10% Profit Ma

35、rgin 5% Total Assists CNY 50 million Debt Ration 40% Payout Ration 25% Wangs estimate of Shenghai Toys implied growth rate would be closest to: () （分数：2.00）A.4.17%.B.6.25%.C.12.50%. D.18.75%.解析：2.If market interest rates rise, the price of a callable bond, compared to an otherwise identical option-f

36、ree bond, will most likely: () （分数：2.00）A.Increase by less than the option-free bond.B.Decrease by less than the option-free bond. C.Decrease by more than the option-free bond.D.Decrease by the same amount as the option-free bond.解析：3.Strongsville Fabricators Inc. uses the FIFO method of inventory v

37、aluation. Assuming a rising costs environment and other factors held constant, Strongsvilles price-to-earnings and price-to-book multiples relative to those for another company that uses the LIFO method of inventory valuation would be: () （分数：2.00）A.Answer A.B.Answer B.C.Answer C.D.Answer D. 解析：4.Ec

38、onomic growth is measured by a positive change in which of the following? () （分数：2.00）A.The money supply.B.The Producer Price Index.C.The Gross Domestic Product. D.The balance of payments.解析：5. Five years ago, the DCA Corporation issued 20-year bonds with a coupon rate of 12%. If the investors requi

39、red rate of return (IRR) on these bonds is currently 9%, the bonds will be priced: () （分数：2.00）A.Below par.B.Above par. C.Above and below par.D.At par.E.As perpetuity.解析：6.Which of the following is NOT true? () （分数：2.00）A.If interest rates rise, it is good for bondholders. B.The Fed just cut interes

40、t ratesC.For a straight bond, the coupon rate goes up as interest rates drop.D.Inflation leads to lower bond prices.E.The more compounding periods, the higher the amount of interest you must pay if you are the issuer of a bond.解析：7.Karen, CFA, is the investment manager of a corporate pension plan. U

41、nder ERISA, she owes her fiduciary duty to: () （分数：2.00）A.The plan sponsor.B.The firms shareholders.C.The plan participants and beneficiaries. D.None of the above.解析：8.Which of the following statements concerning the AIMR Performance Presentation Standards about the calculation of composite returns

42、is true? () （分数：2.00）A.Asset weighting within composites is not required using beginning of period weights.B.Portfolios no longer under management should be included in historical composites. C.Model results may be presented if they conform to the portfolios investment strategy and objectives.D.All

43、of the above.解析：9.When calculating the risk premium for equity market using historical returns, which of the following is most accurate? () （分数：2.00）A.Geometric mean returns should be used because they are more applicable to multi-period time horizons. B.Geometric mean returns should be used because

44、 they are more applicable to single time horizons.C.Arithmetic mean returns should be used because they are more applicable to single time horizons.解析：10.Vivian, CFA, a research analyst assigned to Double Limited, has been recommending the stocks purchase in her quarterly report. Vivian has recently

45、 married and just discovered her husbands trust account owns several million dollars worth of Double Limited. The stock makes up more than 50 percent of the trusts value but less than 5 percent of Double Limiteds outstanding shares. According to AIMR Standards of Professional Conduct, Vivian should:

46、 () （分数：2.00）A.Take no action because the stock is not in her name.B.Disclose her interest in the stock at the time of her next report. C.Cease including Double Limited stock in her report.D.Take no action because the holding is less than 5 percent of the outstanding shares.解析：二、SECTION TWO(Compulso

47、(总题数：1，分数：10.00)Joseph Glass, CFA, is a consultant who provides advisory services to large manufacturing companies. Glass has been retained by ABCO, a leading manufacturer of widgets for automobiles in the United States. ABCO has hired Glass to evaluate the possibility of expanding their current base of operations by building an a