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1、2021湖南金融英语考试模拟卷（5）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. Directions: There are 10 blanks in the following passages. For each blank, there are four choices marked A, B, C and D. You are supposed to choose the best answer and mark the corresponding letter on the A
2、NSWER SHEET by drawing a single line through the center. BPassage One/B Banks are subject to various forms of legal risk, including inadequate or incorrect U (56) /U advice or documentation that may result in unexpected decline in the value of U (57) /U or unexpected increase in the value of liabili
3、ties. In addition, existing laws may U (58) /U resolve legal issues involving a bank; a court case involving a U (59) /U bank may have wider implications for banking business and involve costs to it and many or all other banks; and, laws U (60) /U banks or other commercial enterprises may change. Ba
4、nks are particularly susceptible to legal risks when entering new types of transactions and when the legal right of a counterpart to enter into a transaction is not established. ApeculiarBnormalCDparticular 2. Directions: Read the following passages and determine whether the sentences are Right or W
5、rong. If there is not enough information to answer Right or Wrong, choose Doesnt say. Then mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center. BPassage One/B The normal income statement which constitutes one of the financial statements of a company, is fina
6、ncial income statement. So functional income statement is an income statement that segregates all costs by use ; it shows revenues less cost of goods sold ( gross margin) less selling and administrative expenses. This approach is useful for financial reporting purpose ; it provides outsider readers
7、with information about companys progress and about which functional areas are being emphasized. For managements use in the decision-making process, however, an income statement that follows a cost behavior approach, often referred to as a Contribution Margin Income Statement, is more valuable.The co
8、mpanys prepayment to its supplier is regarded as a liability item. AA. RightBB. WrongCC. Doesnt say 3.Passage 3 There are two main types of stocks: common stock and preferred stock. Common stock is, well, common. When people talk about stocks in general they are most likely referring to this type. I
9、n fact, the majority of stock issued is in this form. Common shares represent ownership in a company and a claim (dividends) on a portion of profits. Investors get one vote per share to elect the board members, who oversee the major decisions made by management. Over the long term, common stock, by
10、means of capital growth, yields higher returns than almost every other investment. This higher return comes at a cost since common stocks entail the most risk. If a company goes bankrupt and liquidates, the common shareholders will not receive money until the creditors, bondholders, and preferred sh
11、areholders are paid. Preferred stock represents some degree of ownership in a company but usually doesnt come with the same voting fights. (This may vary depending on the company. ) With preferred shares investors are usually guaranteed a fixed dividend forever. This is different from common stock,
12、which has variable dividends that are never guaranteed. Another advantage is that in the event of liquidation preferred shareholders are paid off before the common shareholder (but still after debt holders). Preferred stock may also be callable, meaning that the company has the option to purchase th
13、e shares from shareholders at anytime for any reason (usually for a premium). Some people consider preferred stock to be more like debt than equity. A good way to think of these kinds of shares is to see them as being in between bonds and common shares. Common and preferred are the two main forms of
14、 stock ; however, its also possible for companies to customize different classes of stock in any way they want. The most common reason for this is the company wanting the voting power to remain with a certain group; hence, different classes of shares are given different voting rights. For example, o
15、ne class of shares would be held by a select group who are given ten votes per share while a second class would be issued to the majority of investors who are given one vote per share. When there is more than one class of stock, the classes are traditionally designated as Class A and Class B. Berksh
16、ire Hathaway (ticker: BRK), the company of Warren Buffett (one of the greatest investors of all time), has two classes of stock. The different forms are represented by placing the letter behind the ticker symbol in a form like this: BRKa, BRKb or BRK. A, BRK. B.According to the passage, companies ca
17、n have different classes of stock mainly because the company wants _. Ato keep the financial costs at a certain levelBto still have the control over the companyCto keep the stock price from droppingDto attract more capital from the public 4.BPassage Three/B Banks with large international credits lim
18、it their concentrations of loans in any one country according to the perceived country risk. Country risk generally refers to economic and political conditions existing in a country. In any case, a loan to the foreign nations government or its agencies is generally safer than a loan to a private-sec
19、tor borrower. Even loans to governments may be unsafe, however, because of what is called sovereign risk. When foreign governments experience economic or political pressures, there is a risk that they will divert resources to the correction of their domestic problems at the expense of servicing thei
20、r debts to external lenders. In the 1980s, several less-developed nations requested the rescheduling of bank loans at considerable sacrifice in interest income to the banks involved. At the extreme, governments might simply repudiate their debts; that is, they might no longer recognize their obligat
21、ions to external creditors.If we make loans to governments, we may suffer sovereign risk. AA. RightBB. WrongCC. Doesnt say 5. Directions: There are 10 blanks in the following passages. For each blank, there are four choices marked A, B, C and D. You are supposed to choose the best answer and mark th
22、e corresponding letter on the ANSWER SHEET by drawing a single line through the center. BPassage One/B Banks are subject to various forms of legal risk, including inadequate or incorrect U (56) /U advice or documentation that may result in unexpected decline in the value of U (57) /U or unexpected i
23、ncrease in the value of liabilities. In addition, existing laws may U (58) /U resolve legal issues involving a bank; a court case involving a U (59) /U bank may have wider implications for banking business and involve costs to it and many or all other banks; and, laws U (60) /U banks or other commer
24、cial enterprises may change. Banks are particularly susceptible to legal risks when entering new types of transactions and when the legal right of a counterpart to enter into a transaction is not established. AenduringBeffectingCaffectingDinfecting 6.Passage 3 There are two main types of stocks: com
25、mon stock and preferred stock. Common stock is, well, common. When people talk about stocks in general they are most likely referring to this type. In fact, the majority of stock issued is in this form. Common shares represent ownership in a company and a claim (dividends) on a portion of profits. I
26、nvestors get one vote per share to elect the board members, who oversee the major decisions made by management. Over the long term, common stock, by means of capital growth, yields higher returns than almost every other investment. This higher return comes at a cost since common stocks entail the mo
27、st risk. If a company goes bankrupt and liquidates, the common shareholders will not receive money until the creditors, bondholders, and preferred shareholders are paid. Preferred stock represents some degree of ownership in a company but usually doesnt come with the same voting fights. (This may va
28、ry depending on the company. ) With preferred shares investors are usually guaranteed a fixed dividend forever. This is different from common stock, which has variable dividends that are never guaranteed. Another advantage is that in the event of liquidation preferred shareholders are paid off befor
29、e the common shareholder (but still after debt holders). Preferred stock may also be callable, meaning that the company has the option to purchase the shares from shareholders at anytime for any reason (usually for a premium). Some people consider preferred stock to be more like debt than equity. A
30、good way to think of these kinds of shares is to see them as being in between bonds and common shares. Common and preferred are the two main forms of stock ; however, its also possible for companies to customize different classes of stock in any way they want. The most common reason for this is the
31、company wanting the voting power to remain with a certain group; hence, different classes of shares are given different voting rights. For example, one class of shares would be held by a select group who are given ten votes per share while a second class would be issued to the majority of investors
32、who are given one vote per share. When there is more than one class of stock, the classes are traditionally designated as Class A and Class B. Berkshire Hathaway (ticker: BRK), the company of Warren Buffett (one of the greatest investors of all time), has two classes of stock. The different forms ar
33、e represented by placing the letter behind the ticker symbol in a form like this: BRKa, BRKb or BRK. A, BRK. B.In the second paragraph, the word liquidate probably means _. Awind up a company and pay back debtsBmanage the companyCdiversifyDvote for a major decision 7.BPassage Two/B Apart from borrow
34、ing from hanks, a firm or an individual can obtain funds in a financial market in two ways. The most common method is to issue a U (61) /U, such as a bond or a mortgage, which is a U (62) /U by the borrower to pay the holder of it at U (63) /U until a specified date, when a final payment is made. Th
35、e U (64) /U of it is the time of expiration date. The second method of raising funds is by issuing U (65) /U, such as common stock, which are claims to share in the net income and the assets of a business. Adebt instrumentBletter of creditCletter of guaranteeDequities 8.BPassage Three/B Banks with l
36、arge international credits limit their concentrations of loans in any one country according to the perceived country risk. Country risk generally refers to economic and political conditions existing in a country. In any case, a loan to the foreign nations government or its agencies is generally safe
37、r than a loan to a private-sector borrower. Even loans to governments may be unsafe, however, because of what is called sovereign risk. When foreign governments experience economic or political pressures, there is a risk that they will divert resources to the correction of their domestic problems at
38、 the expense of servicing their debts to external lenders. In the 1980s, several less-developed nations requested the rescheduling of bank loans at considerable sacrifice in interest income to the banks involved. At the extreme, governments might simply repudiate their debts; that is, they might no
39、longer recognize their obligations to external creditors.Debt crises broke out in the 1980s. AA. RightBB. WrongCC. Doesnt say 9.According to the characteristics of the capital market, which of the following is most directly a function of primary capital markets and which is most directly a function
40、of secondary capital markets Primary capital markets Secondary Capital markets（）A. Source of liquidity Security underwriting B. Source of new capital Source of price information C. Source of price information Source of new capitalA. B. C. 10.When using margin to invest in equities, which of the foll
41、owing defines initial margin and what level will the margin be brought back to in the event of a margin call Initial margin Margin call action（）A. amount of borrowed funds in the transactions a deposit must be made to bring the margin back to the initial margin B. amount of borrowed funds in the tra
42、nsactions a deposit must be made to bring the margin back to the maintenance margin C. minimum amount of equity required of the investor a deposit must be made to bring the margin back to the maintenance marginA. B. C. 11.The Dow Jones Industrial Average accounts for stock splits by:（）A. multiplying
43、 the index by the stock split ratio.B. reducing the market capitalization of the stock experiencing the split.C. increasing the weighting of the stock experiencing the split.12.The characteristic of a regional exchange is such that:（）A. it competes with and supplements the national exchanges by prov
44、iding primary markets for the stocks of smaller companies.B. it competes with and supplements the national exchanges by providing secondary markets for the stocks of smaller companies .C. it competes with and supplements the national exchanges by providing primary markets for the stocks of larger co
45、mpanies.13.Which of the following statement about weighting schemes used in constructing stock market indexes is FALSE（）A. The Nikkei Dow is a price-weighted index.B. The Standards and Poor’s indexes are market value-weighted indexes.C. A market-weighted index automatically adjusts for stock s
46、plits.14.Which of the following actions is most likely to give an analyst superior results7（）A. The ability to react very quickly to public announcements.B. Having superior abilities to identify patterns of returns based on historical data of economic factors and being able to determine the relation
47、ship between a stock return and certain economic factors based on historical data and then use that relationship to make reliable forecasts for future price movements.C. A strong ability to interpret and estimate the future impact of publicly available information.15.Which of the following statements is INCORRECT（）A. The strong-form EMH assumes cost free availability of all information, both public and private.B. The weak-form EMH suggests that fund