现代金融业务(综合)-11及答案解析.doc

1、现代金融业务(综合)-11 及答案解析(总分：69.00，做题时间：90 分钟)一、Part One Listening(总题数：0，分数：0.00)二、Section One(总题数：1，分数：5.00)(1).A. They will write to their home.B. They will write to their headquarter.C. They will ask for their rights.D. They will wait for an officer.（分数：1.00）A.B.C.D.(2).A. If a shareholder owns more sh

2、ares, he can receive more cash dividends.B. Cash dividends are paid to each shareholder on the date of declaration.C. The number of shares has little impact on cash dividends paid to each shareholder.D. Cash dividends will be paid from the proceeds of the share issuance.（分数：1.00）A.B.C.D.(3).A. The b

3、anks have an incalculable liability under the documentary credit revolving in value.B. The banks prefer to issue the documentary credit revolving in value.C. The buyer has less liability under the documentary credit revolving in value.D. The banks are involved in less liability by issuing the docume

4、ntary credit revolving in value.（分数：1.00）A.B.C.D.(4).A. If future contracts are standardized, brokers would not assess contract specifications.B. As long as future contracts are standardized, floor trading would be made slow accordingly for brokers to evaluate contract specifications.C. Whether futu

5、re contracts are standardized or not, floor trading will not be influenced.D. Futures contracts must be standardized, otherwise, floor trading would be made very slowly since specifications of each contract would be assessed.（分数：1.00）A.B.C.D.(5).A. We paid you early as required.B. Your documents cam

6、e to us as required.C. Your documents have been correctly presented as required.D. You did not present the documents as required.（分数：1.00）A.B.C.D.三、Section Two(总题数：1，分数：5.00)(1).A. Customs officer and travelers. B. Employer and employee.C. Business associates. D. Bank clerk and customer.（分数：1.00）A.B

7、C.D.(2).A. 4%. B. 4.5%. C. 5%. D. 5.5%.（分数：1.00）A.B.C.D.(3).A. July. B. August. C. September. D. October.（分数：1.00）A.B.C.D.(4).A. Rate on the personal loan. B. Base rate of the bank.C. The amount of payment. D. Personal loans time period.（分数：1.00）A.B.C.D.(5).A. Profit and Joss B. Owners equity. C. L

8、iabilities D. Assets.（分数：1.00）A.B.C.D.四、Section Three(总题数：0，分数：0.00)五、Passage One(总题数：1，分数：3.00)(1).A. With little concern. B. With calm.C. With great interest. D. With confusion.（分数：1.00）A.B.C.D.(2).A. 99.40 yen. B. 97.46 yen. C. 99.01 yen. D. 96.82 yen.（分数：1.00）A.B.C.D.(3).A. Share price. B. High-

9、tech stocks.C. Japanese yen. D. Most of the stocks.（分数：1.00）A.B.C.D.六、Passage Two(总题数：1，分数：4.00)(1).A. Business development loans. B. House improvement loans.C. Farm development loans. D. Overdrafts.（分数：1.00）A.B.C.D.(2).A. Secured loans. B. Unsecured loans.C. Business development loans. D. House imp

10、rovement loans.（分数：1.00）A.B.C.D.(3).A. By taking up the full amount of the loan. B. By borrowing more.C. By stopping borrowing. D. By reducing his indebtedness.（分数：1.00）A.B.C.D.(4).A. To allow personal customers to spread the incidence of normal personal and household expenditure.B. To make the paym

11、ent of fuel bills, rates, season tickets.C. To pay ear insurance and school fees by installments.D. To transfer some amount by twelve equal monthly installments.（分数：1.00）A.B.C.D.七、Passage Three(总题数：1，分数：3.00)(1).A. 2. B. 5. C. 4. D. 3.（分数：1.00）A.B.C.D.(2).Aertificates of deposit. Beposit account.Cur

12、rent account. Doth B and .（分数：1.00）A.B.C.D.(3).A. 3.55%. B. 1.5%. C. 3.5%. D. 3.75%.（分数：1.00）A.B.C.D.八、Part Two Reading(总题数：0，分数：0.00)九、Section One(总题数：1，分数：5.00)Fractional reserve banking is the practice of keeping only a traction of deposits in the form of reserves. Depository institutions (commer

13、cial banks, savings and loan associations, mutual savings banks, and credit unions) are able to do this because only a small fraction of their depositors is expected to turn up during any given day or week to withdraw their deposits. The bulk of deposits is invested in financial assets, from which t

14、he depository institutions earn most of their income.Those income-earning financial assets range from bills, notes, and bonds issued by private corporations and by the federal, state, and municipal governments to mortgage loans for housing. Each type of financial institution has a different type of

15、portfolio of assets, which reflects their area of special expertise in managing financial assets.To demonstrate how depository institutions create money under the present system of fractional reserve banking, hypothetical example of a commercial bank, Southwest National Bank, will be used. It is ass

16、umed that federal regulations require Southwest National Bank to hold a percentage of its deposits in the form of cash reserves. This is the reserve requirement. The reserves may be held in the form of currency and coin on the premises, a form of reserves called vault cash, or they may be held in a

17、deposit at a regional Federal Reserve Bank.Assume that the Southwest National Bank management, taking into account the reserve requirement and the projected amount of withdrawals arid deposits, decides to keep 20 percent of its deposits in rescues.（分数：5.00）(1).Why do the depository institutions have

18、 the fractional reserve banking?A. Because they can keep a large amount of deposits from their depositors in the form of reserves.B. Because most of their depositors would withdraw their deposits.C. Because only a small fraction of their depositors would deposit money during a day or week.D. Because

19、 they can meet the need of withdrawing of their depositors and make investments in other financial assets.（分数：1.00）A.B.C.D.(2).What is the main source of income of the depository institutions?A. Different types of portfolio. B. Bills, notes and bonds.C. Deposits invested in financial assets. D. Larg

20、e amount of assets.（分数：1.00）A.B.C.D.(3).How can we know the management of financial assets?A. From the assets area of special expertise.B. From the portfolio of the assets.C. From the scale of the assets.D. From the reserve banks.（分数：1.00）A.B.C.D.(4).In what form are the reserves required to he held

21、A. In the form of currency and coin on the premises.B. In the form of vault cash.C. In a deposit at a regional Federal Reserve Bank.D. All of the above.（分数：1.00）A.B.C.D.(5).What is the reserve requirement?A. The requirement for cash reserves.B. The requirement for deposits in cash.C. The percentage

22、 of a banks deposits in the form of cash reserves.D. The requirement of a bank to deposit a percentage of money.（分数：1.00）A.B.C.D.十、Section Two(总题数：5，分数：5.00)1._ must make his instructions to _ clear in his collection order.A. The remitting bank; the collecting bank B. The principal; the draweeC. The

23、 principal; the remitting bank D. The drawee; the collecting bank（分数：1.00）A.B.C.D.2._ is an order to pay a specified amount of money to the bearer on a given date.A. A clients acceptance B. A bankers acceptanceC. An importers acceptance D. An exporters acceptance（分数：1.00）A.B.C.D.3._ can obtain packi

24、ng loan from a bank when it receives the letter of credit issued in its favour, but the finance available will not usually exceed _ of the L/C amount.A. The exporter.90% B. The exporter.110%C. The importer.90% D. The importer.110%（分数：1.00）A.B.C.D.4._ may make wage demands based on the accounting inf

25、ormation that shows their employers reported income.A. Creditors B. Control expenses C. Labor union D. B C above（分数：1.00）A.B.C.D.5.Advances to the importer can be given in the following ways except _.A. limits for issuing letters of credit B. inward bill receivablesC. packing loans D. delivery again

26、st bank guarantee（分数：1.00）A.B.C.D.十一、Section Three(总题数：0，分数：0.00)十二、Passage One(总题数：1，分数：5.00)Foreign exchange markets are electronic communication systems that (56) major financial centers throughout the world. Exchange rates are determined (57) supply and demand relationships, relative interest ra

27、te levels, relative (58) of inflation, political risk, and economic risk. Alternatives (59) affecting settlement of purchase and sales claims were explored (60) with the instruments available to exporters and importers for financing their international activities.（分数：5.00）(1).A. focus B. liaison C.

28、connect D. associate（分数：1.00）A.B.C.D.(2).A. with B. by C. in D. through（分数：1.00）A.B.C.D.(3).A. level B. condition C. rates D. risk（分数：1.00）A.B.C.D.(4).A. in B. to C. about D. on（分数：1.00）A.B.C.D.(5).A. together B. along C. following D. going（分数：1.00）A.B.C.D.十三、Passage Two(总题数：1，分数：5.00)A derivative i

29、s a security which “derives“ its value from another underlying (61) instrument, index, or other investment. Derivatives are available based on the performance of stocks, interest rates, currency exchange rates, as well as (62) contracts and various indexes. Derivatives give the buyer greater leverag

30、e for a (63) cost than purchasing the actual underlying instrument to achieve the same position. For this reason, when used properly, they can serve to “hedge“ a (64) of securities against losses. However, because derivatives have a date of (65) , the level of risk is greatly increased in relation t

31、o their term. One of the simplest forms of a derivative is a stock option. A stock option gives the holder the right to buy or sell the underlying stock at a fixed price for a specified period of time.（分数：5.00）(1).A. bank B. financial C. mathematic D. securities（分数：1.00）A.B.C.D.(2).A. commodities B.

32、 cash C. insurance D. futures（分数：1.00）A.B.C.D.(3).A. higher B. smaller C. lower D. alterable（分数：1.00）A.B.C.D.(4).A. investment B. corporation C. portfolio D. management（分数：1.00）A.B.C.D.(5).A. commence B. opening C. termination D. expiration（分数：1.00）A.B.C.D.十四、Section Four(总题数：0，分数：0.00)十五、Passage On

33、e(总题数：1，分数：4.00)There are two general ways in which the term “market“ is used in economics. First, a market is thought of as a formal or informal organization of buyers and sellers who conduct trades in particular commodities or services. The market may be located at a geographical meeting place, su

34、ch as your friendly neighborhood bookstore or shopping center (a retail market). A market may be organized over wide areas connected through phones or computer terminals. Although the trading room of the New York Stock Exchange is located in New York City, buyers and sellers who actively participate

35、 in this market may conduct their trades from distant locations. This description is the institutional way of looking at a market.The second meaning of the word “market“ is used in formal economic models. Here the equations that explain the demand and supply of a commodity such as money are sometime

36、s grouped together. The reasons for supplying and holding money are thought to be specific enough to warrant separate equations. This is an abstract way to think of the money market.New financial assets are traded in primary markets. Financial assets that are resold are waded in secondary markets. F

37、irms that specialize in trading either new or reissued financial assets are called primary secondary dealers, respectively.（分数：4.00）(1).A financial market may be thought of as ordinary market in which traders may buy or sell particular financial commodities.A. Right B. Wrong C. Doesnt say（分数：1.00）A.

38、B.C.(2).A market may also be virtual, which is connected by phones on Internet.A. Right B. Wrong C. Doesnt say（分数：1.00）A.B.C.(3).We can learn from the second paragraph of the passage that there are some equations of market which can explain the demand and supply of the currency of a country.A. Right

39、 B. Wrong C. Doesnt say（分数：1.00）A.B.C.(4).If a consumer wants to sell his CDs before the maturity date, he would do it in the primary markets.A. Right B. Wrong C. Doesnt say（分数：1.00）A.B.C.十六、Passage Two(总题数：1，分数：3.00)Reserve Banks have expressed an interest in using non-employee experts or consultan

40、ts on bank supervision matters for a number of reasons. A Reserve Bank may seek to engage retired examiners to address fluctuating resource demands, for example, in the event of a rapid but temporary need for examiners experienced in loan underwriting and credit review. An external expert may be use

41、d to provide supplemental training, for example, to expose examiners to new analytical techniques, or to provide on-the-job training to examiners who have not experienced an economic downturn, problem loans, or problem banks. While it is important to maintain adequate resources and expertise on an o

42、ngoing basis, a Reserve Bank may decide in a particular situation that using a consultant is a more cost effective or efficient approach to meeting a specialized skill need. For example, a consultant may be engaged for a one-time assignment that does not justify a full-time expert on staff, particul

43、arly if a System expert is not available. Similarly, an external expert with industry-specific knowledge may be retained to evaluate a business activity that is nontraditional to banking, such as brokerage services or insurance.（分数：3.00）(1).The external experts can provide many kinds of works except

44、 auditing.A. Right B. Wrong C. Doesnt say（分数：1.00）A.B.C.(2).Using an external consultant is a more cost effective or efficient approach to meeting a specialized skill need.A. Right B. Wrong C. Doesnt say（分数：1.00）A.B.C.(3).An external consultant must work with some System experts.A. Right B. Wrong C.

45、 Doesnt say（分数：1.00）A.B.C.十七、Passage Three(总题数：1，分数：3.00)In the simplest form of international trade, the open-account basis, banks actually have only a simple transactions role. In the open-account basis, the importer and exporter are well known to each other and probably have established a success

46、ful working relationship. The importer orders goods and promptly pays for them when the goods and title thereto are received. Almost as simple is the foreign collection basis, in which a bank is used to transmit collected funds. Before the goods it has bought can be shipped, the importer must place

47、funds with its bank so that the exporter is assured that payment will be made with collected funds. In this instance, the bank is merely an agent and not a lender.（分数：3.00）(1).In open-account basis the importer and exporter have established a successful working relationship.A. Right B. Wrong C. Does

48、nt say（分数：1.00）A.B.C.(2).In foreign collection basis the importer and exporter trade upon their reputation.A. Right B. Wrong C. Doesnt say（分数：1.00）A.B.C.(3).The exporter has gotten the funds before he ships the goods in foreign collection.A. Right B. Wrong C. Doesnt say（分数：1.00）A.B.C.十八、Part Three W

49、riting(总题数：0，分数：0.00)十九、Section One(总题数：3，分数：3.00)6.The issuance of convertible bonds and bonds of securities companies are subject to the approval of the CSRC and shall meet the two requirements, i.e. convertible bonds and bonds issued by securities companies.（分数：1.00）_7.The break-even point is the sales level at which operating income is zero and revenues equals total expenses.（分数：1.00）_