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1、2021广西金融英语考试真题卷（5）本卷共分为2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43题，每题2分。每题的备选项中，只有一个最符合题意） 1.Which of the following about correlation of two assets is TURE（）A. The smaller correlation implies smaller risk reduction potential.B. The smaller correlation implies greater risk reduction potential.C. The
2、 larger correlation implies smaller risk reduction potential.2.Robert Johnson, CFA, is considering the purchase of two stocks from different industry. Each stock has an expected return of 12.5 percent and an expected standard deviation of returns of 16 percent. Which of the following statements John
3、son said about the two stocks is most accurate（）A. Regardless of the weights selected or the correlation between the returns of the two stocks, the expected standard deviation of a portfolio composed of the two stocks will be less than 16%.B. Rational investor should not invest in the two stocks bec
4、ause their returns obviously exhibit positive correlation. C. Regardless of the weights selected or the correlation between the returns of the two stocks, the expected return of a portfolio composed of the two stocks will be 12.5 %. 3.According to capital asset pricing model( CAPM), if an investor h
5、olds a portfolio that lies on the capital market line(CML) to the right of the market portfolio, that investor should expect that his portfolio will:（）A. earn less return than on the market portfolio.B. earn more return than on the market portfolio.C. have less systematic risk than the market portfo
6、lio.4.Which of the following should NOT be included as a constraint in an investment policy statement (IPS)（）A. How funds are spent after being withdrawn from the portfolio.B. Tax implications on the returns generated by the portfolio. C. Constraints put on investment activities by regulatory agenci
7、es. 5.Consider a stock selling for $ 23 that is expected to increase in price to $ 27 by the end of the year and pay a $ 0.50 dividend. If the risk-free rate is 4 percent, the expected return on the market is 8.5 percent, and the stocks beta is 1.9, what is the current valuation of the stock The sto
8、ck:（）A. is overvalued.B. is undervalued.C. is correctly valued.6.As time goes on, we expect the SML:（）A. to change slope to reflect different investment opportunities in the markets.B. to change level to reflect changes in risk aversion among investors.C. to change level and slope depending on the e
9、conomic conditions prevailing.7.An analyst is investigating the security market line (SML). Given no major changes in asset risk characteristics, which of the following changes is most likely to be associated with an increase in the slope of the security market line（）A. A decrease in inflation expec
10、tations. B. An increase in the yield spread between A-rated and B-rated bonds. C. A decrease in the yield spread between A-rated and B-rated bonds. 8.Stock A has an expected return of 18% and a standard deviation of 40%. Stock B has an expected return of 12% and a standard deviation of 20%. The corr
11、elation between returns for A and B is 0.35. Which of the following statements is true for portfolios comprised of only A and B （）A. Any investor holding only A and B can always reduce risk by increasing the proportion of B in his portfolio. B. Many investors can reduce risk by increasing the propor
12、tion of B, but at some point additional B will increase portfolio risk. C. For any investor, portfolio risk is independent of the proportions of A and B held. 9.Suppose the correlation between the returns of Belgian stocks and US stocks increased. Assuming that the standard deviations of the countri
13、es stock returns remain unchanged, which of the following will occur（）A. Risk estimates (standard deviations) for portfolios containing both U. S. and Belgian stocks will increase B. The beta for Belgian stocks from a U.S. perspective will increase C. A and B 10.Joe Finn is a highly paid corporate e
14、xecutive who will retire in two years. Over 25 years ago, Finn bought a large portfolio of growth stocks that has performed quite well. Finn has asked his financial adviser to consider switching from stocks to high-yielding bonds. The investment issue of greatest concern in implementing this strateg
15、y will be:（）A. liquidity needs.B. time horizon.C. tax considerations.11.For a manufacturing company and for a financial services company, is interest expense most likely classified as an operating or non-operating component of income Manufacturing Financial services（） A. Operating Operating B. Opera
16、ting Non-operating C. Non-operating OperatingA. B. C. 12.The correct set of cash flow treatments as they relate to interest paid according to U. S. generally accepted accounting principles (GAAP) and International Accounting Standards (IAS) GAAP is : U.S. GAAP IAS GAAP（） A. CFO CFO or CFF B. CFF CFF
17、 C. CFO CFOA. B. C. 13.In calculating the numerator for diluted Earnings Per Share, the dividends on convertible preferred stock are:（）A. subtracted from earnings available to common shareholders without an adjustment for taxes.B. added to earnings available to common shareholders with an adjustment
18、 for taxes.C. added to earnings available to common shareholders without an adjustment for taxes.14.Calculate the change in cash from the following items: Decrease in inventory $ 10 million Net income $ 60 million Repayment of long-term debt $ 20 million Increase in accounts receivable $15 million P
19、urchase of new machinery $ 75 million Depreciation expense $15 million Sale of common stock $ 40 million Dividend expense $10 million（）A. + $ 30 million. B. $ 30 million. C. + $ 5 million.A. B. C. 15.The Widget Company had net income of $1 million for the period. There were 1 million shares of Widge
20、t common stock outstanding for the entire period. If there are 100000 options outstanding with an exercise price of $ 40, what is the diluted earnings per share for Widget common stock if the average price per share over the period was $ 50（）A. $0.98.B. $0.99.C. $1.00.16.Which of the following state
21、ments about the appropriate revenue recognition method to use, given the status of completion of the earning process and assurance of payment, is least likely correct Use the:（）A. completed contract method when the firm cannot reliably estimate the outcome of the project.B. cost recovery method when
22、 future cash collection is highly uncertain.C. installment method when collectability of payments for a sale can be reasonably estimated.17.When the cost of goods and services used are recognized as an expense in the same period that its generated revenue is recognized, which of the following princi
23、ple (s) is/are being described（）A. The matching principle for revenue and expense recognition.B. The accrual and expense recognition principles.C. The depreciation and accrual principles.18.During 2000, Rory, Inc. , reported net income of $15000 and had 2000 shares of common stock outstanding for th
24、e entire year. Rory also had 2000 shares of 10% , $50 par value preferred stock outstanding during 2000. During 1998, Rory issued 100, $1000 par, 6% bonds for $100000. Each of these is convertible to 50 shares of common stock. The tax rate is 40%. Assuming these bonds are dilutive, basic earnings pe
25、r share(EPS) and diluted EPS for Rory are closest to : Basic EPS Diluted EPS（）A. $2.50 $0.71 B. $2.50 $1.23 C. $2.88 $0.71A. B. C. 19.Stanley Corp. had 100000 shares of common stock outstanding throughout 2004. It also had 20000 stock options with an exercise price of $ 20 and another 20000 options
26、with an exercise price of $ 28. The average market price for the company s stock was $ 25 throughout the year. The stock closed at $ 30 on December 31,2004. What are the number of shares used to calculate diluted earnings per share for the year（）A. 105000.B. 110000.C. 104000.20.Napa Corp. sells one-
27、year memberships to its Fine Wine Club for $180. Wine Club members each receive a bottle of white wine and a bottle of red wine, selected by the Club director, four times each year at the beginning of each quarter. To properly account for sales of Wine Club memberships, Napa will record:（）A. an asse
28、t called prepaid sales.B. a liability called accrued expenses.C. a liability called unearned revenue.21.A firm pays accrued wages with cash. Assuming a current ratio and a quid (acid test) ratio that are both greater than 1.0, what will be the impact on the current ratio, the quick ratio and net inc
29、ome Current ratio Quick ratio Net income（）A. Decrease Decrease Decrease B. Decrease Increase Increase C. Increase Increase Stay the sameA. B. C. 22.Coleman Corporations unadjusted trial balance at the end of 2007 reflected compensation expense of $ 90 million. The trial balance did not include the f
30、ollowing: Because of the holidays, no salary accrual was made for the last week of the year. Salaries for the last week totaled $ 3.5 million and were paid on January 4, 2008. Employee bonuses for 2007 totaled $ 5 million. The bonuses were paid on January 31,2008. Ignoring payroll taxes, what is Col
31、eman s adjusted compensation expense for the year ended 2007 and what impact will the adjustment have on Coleman s 2007 current ratio Compensation expense Current ratio（）A. $ 98.5 million Decrease B. $ 98.5 million No effect C. $ 94.5 million DecreaseA. B. C. 23.Young Distributors, Inc. issued conve
32、rtible bonds two years ago, and those bonds are the only potentially dilutive security Young has issued. In 2005, Young s basic earnings per share (EPS) and diluted EPS were identical, but in 2004 they were different. Which of the following factors could NOT explain the difference between EPS and Di
33、luted EPS The:（）A. bonds were redeemed by Young Distributors at the beginning of 2005.B. average market price of Young increased in 2005.C. bonds were antidilutive in 2005 but not in 2004.24.An analyst gathered the following data about a company: 1000 common shares are outstanding(no change during t
34、he year). Net income is $ 5000. The company paid $ 500 in preferred dividends. The company paid $ 600 in common dividends. The average market price of their common stock is $ 60 for the year. The company had 100 warrants(for one share each) outstanding for the entire year exercisable at $50. The com
35、pany s diluted earnings per share is closest to:（）A. $3.83.B. $4.42.C. $4.55.25.Which of the following statements about the analysis of cash flows is least accurate（）A. Interest payments on debt are not a financing cash flow under U. S. GAAP.B. Dividends received are an operating cash flow under U.
36、S. GAAP.C. Both the direct and indirect methods involve adding back noncash items such as depreciation and amortization.26.Favor, Ine. s capital and related transactions during 2005 were as follows: On January 1, $1000000 of 5-year 10 percent annual interest bonds were issued to Cover In-dustries in
37、 exchange for old equipment owned by Cover. On June 30, $ 50000 of interest was paid to Cover On July 1, the bonds were returned to Favor in exchange for $1500000 par value six percent preferred stock. On December 31, preferred stock dividends of $ 45000 were paid to Cover. Favor, Inc. s cash flow f
38、rom financing (CFF) for 2005 (assume U. S. GAAP) is:（）A. $95000.B. $1045000.C. $45000.27.Does the Financial Accounting Standards Board require firms to disclose information about operating leases and detailed information about defined benefit pension plans in the financial statement footnotes Operat
39、ing lease information Defined benefit pension plans（）A. Yes No B. Yes Yes C. NoYesA. B. C. 28.Which of the following transactions would least likely be reported in the cash flow statement as investing cash flows（）A. Purchase of real estate with cash borrowed from a bank.B. Sale of held-to-maturity s
40、ecurities for cash.C. Purchase of plant and equipment used in the manufacturing process with financing provided by the seller.29.An analyst gathered the following data about a company: The company had 500000 shares of common stock outstanding for the entire year. The company s beginning stock price
41、was $40, its ending price was $ 60, and its average price is $ 50. The company has 120000 warrants outstanding for the entire year. Each warrant allowed the holder to buy one share of common stock at $ 45 per share. How many shares of common stock should the company use in computing its diluted earn
42、ings per share（）A. 488000.B. 500000.C. 512000.30.The net income for Miller Bat Company was $ 3 million for the year ended December 31,2004. Additional information is as follows: Depreciation on fixed assets $1500000 Gain from cash sales of land 200000 Increase in accounts payable 300000 Dividends pa
43、id on preferred stock 400000 The net cash provided by operating activities in the statement of cash flows for the year ended December 31,2004 is :（）A. $ 4200000.B. $ 4600000.C. $ 4500000.31.Which, if any, of the following statements about the installment sales method and cost recovery method is corr
44、ect（）A. The cost recovery method recognizes revenue and associated costs of goods sold only when cash is received, based on gross profit margin.B. The installment sales method recognizes sales when cash is received, but no gross profit is recognized until all of the cost of goods sold is collected.C
45、. Neither statement is correct.32.Which of the following institutions are federally-related institutions（）A. Student Loan Marketing Association.B. Government National Mortgage Association.C. Federal National Mortgage Association.33.Which of the following statements about revenue recognition methods
46、is most accurate（）A. The completed contract method recognizes revenue at the time of the sale.B. The cost recovery method recognizes profit as cash is received.C. The percentage of completion method recognizes profit corresponding to the costs incurred as a proportion of estimated total costs.34.The
47、 Fischer Company had net income of $1500000. Fischer paid preferred dividends of $ 5 on each of the 100000 preferred shares. There are 1 million Fischer common shares outstanding. In addition to the common and preferred stock, Fischer has $ 25 million of 4 percent bonds outstanding. The face value of each bond is $1000. Each bond is convertible into 40 common shares. If Fischer s tax rate is 40 percent, determine its basic and diluted earnings