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1、2021年吉林金融英语考试模拟卷本卷共分为1大题50小题，作答时间为180分钟，总分100分，60分及格。一、单项选择题（共50题，每题2分。每题的备选项中，只有一个最符合题意） 1.An analyst does research about beta and gathers the following information about a capital investment project with 30% debt financing and 70% equity financing. The marginal tax rate is 35%. If the unlevered be
2、ta of a comparable company is 1.50, the levered beta for the project is closest to:（）A. 1.08B. 1.92C. 3.782.An analyst does research about capitalbudgeting. Which of the following capital investment categories is least likely associated with the greatest decision-making uncertainty（）A. Replacement p
3、rojects.B. Expansion projects.C. New products or markets projects.3.An analyst does research about earnings per share and gathers the following information about a company for 2011: Net income is $6 360 000 Preferred dividends paid is $460000 Common dividends paid is $600000 Shares outstanding are 2
4、200000 on 1 January 2011 Shares repurchased are 400000 on 1 July 2011 The companys basic earnings per share for 2010 is closest to:（）A. $2.65B. $2.95C. $3.284.An analyst does research about cost of capital and gathers the following information about a companys preferred stock. The preferred stock is
5、 nonconvertible, noncallable, and has a fixed dividend rate with no maturity date : 3 million shares outstanding The par value per share is $15 Total market value is $39 million Earnings per share is $2.1 Annual dividend per share is $0.8 Companys marginal tax rate is 30%。 The cost of preferred stoc
6、k is closest to:（）A. 4.31%B. 5.33%C. 6.15%5.An analyst does research about net present value and gathers the following information about three capital budgeting projects (in $ thousands): Project Initial Outlay Cash Flow Year 1 Cash Flow Year 2 Cash Flow Year 3 1 150000 70000 90000 40000 2 125000 -5
7、0000 90000 195000 3 200000 90000 -30000 250000 Which projects has the highest internal rate of return（）A. Project 1.B. Project 2.C. Project 3.6.With respect to a capital budgeting analysis, which of the following is most likely included in the computation of a projects cash flow（）A. Sunk costs.B. Fi
8、nancing costs.C. Opportunity costs.7.An analyst wants to calculate an appropriate price to earnings (P/E) ratio for a company that operated in mining industry using the following information. The companys average return on equity was determined to be 13. 3 percent during the four-year period ending
9、in 2011, and that the companys book value per share was $8.45 at the beginning of that period but had increased to $12.36 in 2011. If the companys stock is priced at $40 per share, the appropriate P/E is closest to:（）A. 24.3B. 28.9C. 56.48.An analyst does research about the dividend discount model (
10、DDM). All else being equal, the earnings multiplier for a stock decreases with an increase in the:（）A. expected dividend growth rate.B. expected dividend payout ratio.C. estimated required rate of return on equity.9.An analyst does research about security market indices. The number of freely floatin
11、g share available is component of which of the following index weighting schemes（）A. Fundamental weighting.B. Price weighting.C. Market-capitalization weighting.10.An analyst does research about dividend discount model and gathers the following information about a company: Current dividend per share
12、 (D0) $2.80 Dividend growth rate 6.5% Nominal risk-free rate 3.5% Required risk premium 6.5% Expected rate of inflation 1.5% According to the dividend discount model (DDM), the value of a share is closest to:（）A. $59.64B. $80.00C. $85.2011.An analyst does research about the dividend discount model (
13、DDM) and gathers the following information to evaluate the effective dividends and leverage on future growth: Scenario 1 Scenario 2 Dividend payout ratio 65% 45% Financial leverage 3.5 2.3 If return on asset is the same for each scenario, the expected dividend growth rate is:（）A. higher under Scenar
14、io 1.B. higher under Scenario 2.C. the same under both under Scenario land Scenario 2.12.An analyst does research about margin transaction. An investor purchases common shares at $ 25 per share on margin and deposits just enough money to cover the 65% initial margin requirement. If the maintenance m
15、argin requirement is 30%, the share price below which the investor will first receive a margin call is closest to:（）A. $11.54B. $12.50C. $19.7013.An analyst does research about book value and gathers the following information from a companys balance sheet (in millions): Shareholders equity $150 Pref
16、erred stock $25 Total liabilities $50 Issued common shares 75 Repurchased common shares 20 The companys book value per share is closest to:（）A. $1.67B. $2.27C. $2.7314.If a portfolio manager wants to sell a stock at a price above current market price, the best type of order to use is a:（）A. limit or
17、der.B. market order.C. stop sell order.15.All else being equal, a decrease in volatility of the underlying is most likely to result in a(n):（）A. increase in call price and a decrease in put price.B. decrease in call price and a decrease in put price.C. increase in call price and a increase in put pr
18、ice.16.An analyst does research about price-to-earnings ratio and gathers the following information about a company: Current stock price $75.00 One-year price target $85.00 Most recent four quarters earnings per share $5.50 Expected next four quarters earnings per share $6.50 The trailing price-to-e
19、arnings ratio for this stock is close.st to:（）A. 11.5B. 13.6C. 15.517.With respect to the underlying asset, which of the following derivatives provides the lea.st information about price volatility（）A. Call.B. Put.C. FRA.18.The Semi-strong form efficient market hypothesis assumes the security prices
20、 fully reflect information about:（）A. industry trends.B. trading volumes.C. private information.19.An analyst does research about profit and loss about stock and stock option transaction. An investor simultaneously purchases a stock priced at $78 and writes a call option on that stock with an exerci
21、se price of $80 selling at $6. If the price of the underlying is $85 at expiration of the option, the profit for that investors position is closest to（）A. $3B. $8C. $1120.An analyst does research about liquidity. Liquidity in financial markets is best described as the ability to purchase or sell an
22、asset:（）A. at a low transaction cost.B. quickly at a known price.C. quickly and easily at a price close to fair market value.21.An analyst does research about securities market indices and gathers the following information is about a value-weighted index comprised of three non-dividend paying stocks
23、: 31 December 2011 31 December 2010 Stock Share price Outstanding shares Share price Outstanding shares 1 $23.00 3400 $25.50 3400 9 $19.50 6600 $16.00 6600 3 $33.00 4600 $20.50 9200 If the index value on 31 December 2010 was 102.5, the index value on 31 December 2011 is closest to:（）A. 99.7B. 96.5C.
24、 108.822.An analyst does research about future transaction. In general, which of the following is least likely to prefer for an investor to terminate a future contract at expiration（）A. Delivery.B. Closeout.C. Cash settlement.23.An equity investment of $750000 in a private company will pay $19000000
25、 at the end of five years if the company is successful. The following is estimates of the probability of failure for each year, given that it survives to the beginning of each year: Year Probability of Failure 1 0.40 2 0.35 3 0.30 4 0.25 5 0.20 If the company fails, the payoff is $0 (no money is rec
26、overed). If the investors cost of equity for an investment with similar risk characteristics of this company is 20 percent, the net present value of the equity investment is closest to:（）A. $377873B. $500723C. $62357324.An analyst is doing research about survivorship bias and its impact on measureme
27、nt ratios. With a failure to comply with performance presentation standard, hedge fund databases and indexes, which are most likely to overstate:（）A. Sharpe ratios.B. standard deviation of retums.C. correlations with returns from common stocks.25.An analyst does research about option value. Prior to
28、 expiration, the maximum value of an American call is the:（）A. excise price.B. current price of the underlying.C. present value of the exercise price.26.An analyst does research about yield spread. Which of the following embedded options in a bond is most likely t0 result in the highest yield spread
29、 over a comparable option-free Treasury security（）A. Call option.B. Floor on a floater.C. Conversion option.27.An analyst does research about calculating reinvestment income to achieve desired yield. An 8 percent coupon bond with seven years to maturity makes semiannual interest payment and has a ma
30、turity value of $1000. The bond is currently selling at $1112.96 to provide a 6 percent yield. The amount of reinvestment income required to generate this yield is closest to:（）A. $110.48B. $123.45C. $226.4428.An analyst does research about hedge fund. Which of the following descriptions of a hedge
31、fund's typical legal structure and investment objective, respectively, are most accurate（）A.B.C.29.An investor does research about option and purchases a call option with the following terms: Strike price $320 Multiplier 250 If the price of the underlying is $306.94 at expiration, the option pay
32、off to this investor is closest to:（）A. $0B. $13C. $326530.An investor wants to purchase a small office building and gets the following information: Gross potential rental income $250000 Estimated vacancy and collection loss rate 5% Insurance $10000 Taxes $8000 Utilities $7000 Maintenance $15000 Ass
33、ume the investor purchases the building for $1850000, putting down 20% cash and financing the remainder with a long-term mortgage at a rate of 10%. The annual payments on the mortgage are $156997, and the interest portion is fully deductible for income tax purposes. The investors marginal income tax
34、 rate is 28%. Depreciation per year, using the straight-line method, is estimated to be $45000 per year. The after-tax cash flow for the first year is closest to:（）A. $197500B. $3924,3C. $3899131.An analyst does research about relationship between credit spreads and economic well being. In general,
35、credit spreads on corporate bonds tend to:（）A. tighten during both economic expansions and economic contractions.B. widen during economic expansions and tighten during economic contractions.C. tighten during economic expansions and widen during economic contractions.32.An analyst is doing research a
36、bout a floating-rate security and its price change. All else being equal, under what condition, the price of a floating-rate security is most likely to react in the same way to changes in market interest rates as a fixed-rate coupon bond（）A. Market rates increase between coupon reset dates.B. Market
37、 rates are substantially below the floating rate security's cap rate.C. Market rates are substantially above the floating rate security's cap rate.33.An analyst is doing research about a floating-rate security. All else equal, is the interest rate risk associated with a floating-rate securit
38、y positively related to:()A.B.C.34.An analyst does research about duration and gathers the following information about two option-free bonds in a portfolio: Bond Par value Market value Duration 1 $120000 $110000 5 2 $80000 $90000 4 The duration of the portfolio is closest to:（）A. 4.33B. 4.40C. 4.553
39、5.Which of the following measures of interest rate risk is most appropriate for bonds with prepayment option（）A. Effective duration.B. Modified duration.C. Macaulay duration.36.An analyst is doing research about the change of bond value to the passage of time and gathered the following information a
40、bout an option-free bond. The bond has 6 percent coupon and an annual discount rate of 5 percent, pays interest semiannually, matures in five years, and is valued at $1043.76. One year later, the annual discount rate for that bond is 4.5 percent. At this time, the change in value for this bond that
41、is attributable only to change of interest rate is closest to:（）A. -$18.50B. $7.91C. $18.5037.An analyst does research about various bond yields. An analyst stated that computing both a bond's current yield and a bond's yield to refunding assumes that all interim cash flows from the bond are
42、 reinvested at that bond's yield to maturity. Is the analyst correct with respect to interim cash flows and computing a bond's:（）A.B.C.38.An analyst does research about asset-backed securities. Which of the following statements is most accurate A corporation that raises funds through use of
43、an asset-backed security:（）A. creates a special purpose vehicle that is a subsidiary of the corporation.B. no longer owns the assets that serve as collateral for the asset-backed security.C. uses credit enhancement in the reduction in funding cost compared with the cost of enhancement.39.Which of th
44、e following policy tools is least frequently used by the U. S. Federal Reserve（）A. Changing the discount rate.B. Engaging in open market operations.C. Changing bank reserve requirements.40.Bonds issued by a countrys central government are referred to as sovereign bonds. Which of the following ruetho
45、ds is used by central governments to issue sovereign bonds when it determines market conditions are advantageous（）A. Regular cycle auction (multiple price).B. An ad hoc auction system.C. A tap system.41.An analyst does research about assumption behind the Markowitz Portfolio Theory. A basic assumpti
46、on behind the Markowitz Portfolio Theory is that utility curves for an investor:（）A. demonstrate increasing marginal utility of wealth.B. are a function of expected returns and expected variance of returns only.C. are a function of expected returns on the risk-free asset and the market portfolio.42.
47、An analyst does research about correlation. The correlation of return between two securities with equal standard deviation is 0.75. If the covariance of returns in 5.5, the standard deviation of return of one security is closest to:（）A. 2.7%B. 5.7%C. 7.3%43.An analyst does research about portfolio m
48、anagement. Which of the following statements is Least accurate when an investor diversifies a portfolio（）A. Systematic risk is eliminated.B. The variance of the portfolio declines.C. The portfolio will have a higher correlation with the market portfolio.44.An analyst does research about expected return and expect standar