《2022贵州金融英语考试模拟卷（5）.docx》由会员分享，可在线阅读，更多相关《2022贵州金融英语考试模拟卷（5）.docx（26页珍藏版）》请在taowenge.com淘文阁网|工程机械CAD图纸|机械工程制图|CAD装配图下载|SolidWorks_CaTia_CAD_UG_PROE_设计图分享下载上搜索。
1、2022贵州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.Which of the following statements about Standard (C), Referral Fees, is TRUE（）A. Referral fees must be disclosed after proceeding with an agreement for service.B. Referral fees may be disclosed before or af
2、ter proceeding with an agreement for service.C. Referral fees must be disclosed before proceeding with an agreement for service.2.When computing the yield to maturity, the implicit reinvestment assumption is that the interest payments are reinvested at the:（）A. prevailing yield to maturity at the ti
3、me interest payments are received.B. yield to maturity at the time of the investment.C. current yield.3.A $1000 face, 10-year, 8.00 percent semi-annual coupon, option-free bond is issued at par (market rates are thus 8.00 percent). Given that the bond price decreased 10.03 percent when market rates
4、increased 150 basis points (bp), which of the following statements is TRUE If market yields:（）A. decrease by 150bp, the bond’s price will decrease by more than 10.03%.B. decrease by 150bp, the bond’s price will increase by 10.03%.C. decrease by 150bp, the bond’s price will increase
5、 by more than 10.03%.4.An analyst estimates that an initial investment of 500000 in a venture capital project will pay 6 million at the end of five years if the project succeeds and that the probability the project survives to the end of the fifth year is 25 percent. The required rate of return for
6、the project is 19 percent. The expected net present value of the venture capital investment is closest to:AA. 4000.BB. 128000.CC. 1125000. 5.A CFA Institute member puts the following statement on her resume: I passed each level of the CFA exam on the first try. Is this a violation of Standard (B)（）A
7、. No, because it is a statement of fact.B. Yes, because she incorrectly refers to the CFA exam.C. Yes, because saying she passed exams on the first try is not appropriate.6.Which of the following is NOT an advantage of exchange traded funds (ETFs) over traditional mutual funds（）A. ETF shares trade t
8、hroughout the day at continuously updated prices, while open-end funds trade only once a day at close-of-market prices.B. The exposure to capital gains taxes is lower for ETFs than for open-end funds.C. ETF shares have smaller bid-ask spreads than open-end mutual funds.7.The investment-banking depar
9、tment of the XYZ Brokerage House often has information that would be of significant use to the firms brokerage clients. In order to conform to CFA Institute Standards of Professional Conduct, which of the following policies should XYZ adopt According to Standard:（）A. (A), Material Nonpublic Informat
10、ion, XYZ should encourage their investment banking clients to publicly disseminate this information.B. (B), Fair Dealing, all clients should be informed of the information at the same time.C. (A), Material Nonpublic Information, XYZ should establish physical and informational barriers within the fir
11、m to prevent the exchange of information between the investment banking and the brokerage operations.8.Compared with fundamental analysis, does technical analysis place more emphasis on: A companys financial Determining the effects of specific events accounting statements on the value of a companys
12、stock（）A. No YesB. No NoC. Yes No9.Are the following statements about balance sheet fro-mats correct or incorrect Statement 1: The presentation formats of balance sheets vary from company to company. Statement 2: A classified balance sheet cannot follow an account format. Statement 1 Statement 2（） A
13、. Correct Correct B. Incorrect Incorrect C. Correct IncorrectABC10.Brenden Morrow, CFA, is unclear regarding the criteria that must be met regarding preservation of confidential client information. Under which of the following circumstances would Morrow not be required to preserve confidential infor
14、mation received from a client（）A. CFA Institute has asked for information in reference to an investigation by the Professional Conduct Program.B. The information would affect the company’s stock price.C. A relationship of trust has been established.11.According to Standard (B) Duty to Employer
15、, which of the followings is TRUE（）A. Members are prohibited from undertaking independent practice in competition with their employer.B. Members are prohibited from making arrangements or preparations to go into a competitive business before terminating their employment.C. Members must obtain their
16、employer’ s written consent to engage in an independent competitive consulting work.12.Consider a bond that pays an annual coupon of 5% and that has three years remaining until maturity. Assume the term structure of interest rates is flat at 6%. If the term structure of interest rates does not
17、 change over the next twelve-month interval, the bonds price change (as a percentage of par) will be closest to:AA. -0.84.BB. -0.56.CC. 0.84. 13.A firm has a return on equity (ROE) of 15% and a dividend payout rate of 80%. If last years dividend was $0.80 and the required return on equity is 10%, wh
18、at is the firms estimated dividend growth rate and what is the current stock price Dividend growth rate Stock price（） A. 12.00% $ 11.77B. 3.00% $ 9.96C. 3.00% $ 11.77ABC14.An analyst gathered the following information about Weston Chemicals stock: Estimated sales per share=$12.19 Earnings before int
19、erest, taxes, depreciation, and amortization (EBITDA)=73% Interest expense per share=$ 2.07 Depreciation expense per share=$ 6.21 The tax rate=35% Westons estimated Earnings per Share (EPS) is closest to:AA. $0.40.BB. $2.54.CC. $3.11. 15.All of the following negatively affect shareholders proxy voti
20、ng rights, EXCEPT:（）A. allowing proxy voting by means other than a paper ballot.B. requiring attendance at the annual meeting.C. scheduling the annual meeting on the same day as other companies in the area, but in different locations.16.All of the following can be a motivation to change the deprecia
21、tion method for financial reporting purposes EXCEPT:（）A. debt covenants attached with accounting results.B. an increase in cash flows.C. management compensation contracts which are based on reported net earnings.17.Consider a $10000000 1-year quarterly-pay swap with a fixed rate of 4.5 percent and a
22、 floating rate of 90-day London Interbank Offered Rate (LIBOR) plus 150 basis points. 90-day LIBOR is currently 3 percent and the current forward rates for the next four quarters are 3.2 percent, 3.6 percent, 3.8 percent, and 4 percent. If these rates are actually realized, at the second quarterly s
23、ettlement date, the fixed-rate payer in the swap will:AA. receive a payment of $10000.BB. receive a payment of $ 5000.CC. be required to pay $117500. 18.Mark Williamson is bearish on ABC Manufacturing Company. Williamson is so convinced that ABC is overpriced, two weeks ago, he shorted 100000 shares
24、. Today, Williamson is surfing several popular investment bulletin boards on the internet and posting false derogatory comments about company management. According to Standard (B), Market Manipulation, Williamson has engaged in:（）A. transaction-based manipulation, but not information-based manipulat
25、ion.B. both transaction-based manipulation and information-based manipulation.C. information-based manipulation, but not transaction-based manipulation.19.An independent analyst has only one client. One of the clients largest holdings is a brokerage firm. Because of the large holding by his client,
26、the brokerage firm recently began allowing the analyst to tap into the firms computer network to use the firms research facilities. This is allowable as long as the analyst:（）A. discloses the relationship to the client.B. uses the resources to help manage the client’s account.C. does all of th
27、e actions listed here.20.A broker was sanctioned for unsuitable recommendations and excessive trading involving three accounts under his care. These clients were unsophisticated, inexperienced individual investors with limited means. According to CFA Institute Standard (C) , Suitability, which of th
28、e following is least likely to be considered a relevant factor in determining the appropriateness and suitability of investment recommendations or actions for each portfolio or client （）A. Best interests of the investment professional.B. Basic characteristics of the total portfolio.C. Basic characte
29、ristics of the investment involved.21.Compared to the prior year, Chart Industries has reported that its operating cycle has remained relatively stable while its cash conversion cycle has decreased. The most likely explanation for this is that the firm:（）A. is relying more on its suppliers for short
30、-term liquidity.B. is paying its bills for raw materials more rapidly.C. has improved its inventory turnover.22.Combining a risk-free asset with a portfolio of risky assets results in all of the following EXCEPT:（）A. the standard deviation of the expected return for the newly created portfolio is th
31、e linear proportion of the standard deviation of the risky asset portfolio and the expected return for the newly created portfolio is the weighted average of the return on the risk-free asset and the expected return on the risky asset portfolio.B. the efficient frontier becomes the line that connect
32、s the point in the risk-return plane representing the risk-free asset, with the point representing the risky asset portfolio.C. all risk-return combinations between the risk-free asset and the risky asset portfolio can be represented by a straight line that connects the point in the risk-return plan
33、e representing the risk-free asset, with the point representing the risky asset portfolio.23.Lincoln Coal is planning a new coal mine, which will cost $ 430000 to build, with the expenditure occurring next year. The mine will bring cash inflows of $ 200000 annually over next seven years. It will the
34、n cost $170000 to close down the mine over the following year. Assume all cash flows occur at the end of the year. Alternatively, Lincoln Coal may choose to sell the site today. What minimum price should Lincoln set on the property, given a 16% required rate of returnAA. $ 325859.BB. $ 376872.CC. $
35、280913. 24.Mark Ritchie purchased, on margin, 200 shares of TMX Corp. stock at a price of $ 35 per share. The margin requirement was 50%. The stock price has increased to $42 per share. What is Ritchies return on investment before commissions and interest if he decides to sell his TMX holdings nowAA
36、. 40%.BB. 10%.CC. 20%. 25.The CFA Institute Standards of Practice Handbook requires CFA Institute members to do all the following EXCEPT:（）A. to inform employer, clients, and potential clients of benefits received for recommending products or services.B. receive written permission from both their em
37、ployer and outside clients to engage in investment consulting outside the firm.C. to disclose in writing to the proper regulatory authority all observed violations of the securities laws and regulations.26.You are looking at two assets, A and B. The expected return on A is 15%, and the expected retu
38、rn on B is 17% , while the standard deviation of A is 20%, and the standard deviation of B is 18%. The two are correlated at 45%. What is the standard deviation of a portfolio made up of 40% A and the rest in BAA. 2.6%.BB. 19.0%.CC. 16.2%. 27.Given the following income statement:（）Net Sales200Cost o
39、f Goods Sold55Gross Profit145Operating Expenses30Operating Profit (EBIT)115Interest15Earnings Before Taxes (EBT)100Taxes40Earnings After Taxes (EAT)60 What are the gross profit margin and operating profit margin Gross Profit Margin Operating Profit MarginA. 0.725 0.575B. 2.630 1.226C. 1.379 2.63428.
40、Mollette Industries uses the payback period as its primary means for ranking capital projects. Which of the following most likely describes Mollette Industries with regard to location and management education Location Management education（）A. European-based firm MBA degree or higherB. European-based
41、 firm Undergraduate degree or lowerC. U.S. based firm MBA degree or higher29.An analyst gathered the following information about two option-free bonds that each have a par value of $1000 : Bond 1 Bond 2 Time to maturity 5years 10years Annual coupon rate 5.0% 7.0% Discount rate today 6.0% 6.5% If the
42、 discount rate does not change for rather bond, one year from today, which of the following most likely describes the change in price for each bond（）A. Both bond 1 and 2 will decrease.B. Both bond 1 and 2 will increase.C. Bond 1 will decrease and bond 2 will decrease.30.Charlie, a CFA candidate, got
43、 a copy of a computerized stock selection model designed by a former MBA classmate who is a Wall Street analyst. After spending some time reviewing the program and making a few minor adjustments Charlie showed her new model to her supervisor. Her supervisor said she did a great job and told Charlie
44、to incorporate net new model in her next industry review, which she did. Charlie has:（）A. violated Standard (E) Preservation of Confidentiality.B. violated Standard (C) Misrepresentation.C. violated Standard (A) Material Nonpublic Information.31.Which of the following statements regarding index fund
45、s is least accurate（）A. One disadvantage of index funds is that they do not provide access to international securities.B. One advantage of index funds is that they allow for diversification that is typically not available to the average individual investor due to a lack of resources.C. One might con
46、clude from the efficient market literature that an investor should mimic the market’s performance and minimize costs by buying index funds.32.An analyst stated that a univariate normal distribution is completely described by only two parameters, and a multivariate normal distribution is comple
47、tely described by two parameters as well. Is the analyst correct with respect to a: Univariate normal distribution Multivariate normal distribution（）A. No NoB. No YesC. Yes No33.Which of the following statements about the economic rent to a natural resource is most accurate（）A. The entire payment for a non-renewable natural resource is economic rent.B. A non-renewable natural resource earns economic rent only if demand for the resource is perfectly inelastic.C. The entire payment for a renewable natural resource i