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1、2021金融英语考试模拟卷（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48题，每题2分。每题的备选项中，只有一个最符合题意） 1.Roger Clement, CFA, is a public fund manager at Morgan Capital and does research about z-value. The first step for Clement in the process of standardizing a random variable from a given normal distribution to
2、 obtain the zvalue is:（）A. to subtract the population mean from the observation obtained.B. to multiple the observation obtained by the reliability factor assumed.C. to divide the population mean by the standard deviation.2.Paul Ostrowski, CFA, is a well-known economist working of local government a
3、nd does research about unemployment. Which of the following types of unemployment are included in the natural unemployment rate（）A. Structural and cyclical.B. Cyclical and frictional.C. Frictional and structural.3.Which of the following theories suggests that both aggregate demand and aggregate supp
4、ly are primarily driven by changes in technology over time（）A. Neoclassical school.B. Keynesian school.C. Austrian school.4.Kristen Chandler, CFA, has been doing research about different types of goods. Which of the following goods has a positively sloped demand curve as a result of the negative inc
5、ome effect overweighting the positive substitution effect（）A. Veblen.B. Giffen.C. Inferior.5.Michael Papis, CFA, does research about fiscal policy. According to the tools of fiscal policy, adjustments to direct taxes are most likely:（）A. less difficult to implement quickly than adjustments to indire
6、ct taxes.B. equally difficult to implement quickly compared with adjustments to indirect taxes.C. more difficult to implement quickly than adjustments to indirect taxes.6.A firm operates in an industry characterized by monopolistic competition. When the price of the firms one product increases from
7、$40 to $60, the quantity demanded for the firms another product decreases from 90 to 50. The cross elasticity of demand is cLosest to:（）A. -0.70B. -1.43C. -2.007.Babu Dhaliwal, CFA, does research about foreign exchange market. The euro per Argentine peso (EUR/ARS) spot rate is 0.1789 and the forward
8、 rate is at a discount of 0.27%. The forward rate is closest to:（）A. 0.1741B. 0.1784C. 0.17948.Brendan Witt, CFA, does research about the Fisher effect. Which of the following statements is most accurate about the Fisher effect in the long term（）A. Changes in the nominal interest rate are the result
9、 of changes in the real interest rate only.B. Changes in the nominal interest rate are the result of changes in the expected rate of inflation only.C. Changes in the nominal interest rate are the result of changes in both the real interest rate and the expected rate of inflation.9.Andre Shrub, CFA,
10、does research about the production function approach to analyzing the sources of economic growth. Total factor productivity best reflects the portion of economic growth related to:（）A. technology.B. labor.C. capital.10.A particular products price elasticity of demand is less than one. If the firm pr
11、oducing the product wants to increase its total revenue, the firm should most likely:（）A. decrease the price of the product.B. keep the price of the product unchanged.C. increase the price of the product.11.Jasmir Singh, CFA, is a famous economist and does research about capital market. Which of the
12、 following factors most likely affects the demand for capital and not supply of capital（）A. Marginal revenue product of capital.B. Income.C. Interest rates.12.Helen Hawke, CFA, does research about foreign exchange market. Hawke gathers the following information about currency spot rates: Spot Rate C
13、AD/USD 0.9811 EUR/USD 1.2388 Note: CAD/USD exchange rate quote convention is CAD per USD. CAD=Canadian dollar, USD=U. S. dollar, EUR=euro. The cross-rate EUR/CAD is closest to:（）A. 0.7920B. 1.2154C. 1.262713.Benjamin Franklin, CFA, does research about consumer surplus and producer surplus. The deadw
14、eight loss from a perfectly competitive market is most likely:（）A. greater than the deadweight loss of a monopoly market.B. less than the deadweight loss of a monopoly market.C. equal to the deadweight loss of a monopoly market.14.An analyst does research about goodwill. Which of the following state
15、ments about goodwill created in a business combination is least accurate（）A. Goodwill is amortized.B. Goodwill is tested annually for impairment.C. Goodwill is capitalized.15.The fair market value of a tangible noncurrent asset exceeds historical cost. Under Intemational Financial Reporting Standard
16、s (IFRS), this asset is least likeLy carried on the balance sheet at:（）A. fair value.B. historical cost less any accumulated depreciation.C. fair value less any accumulated depreciation.16.All else being equal, an increase in the number of days payable will most likely cause a companys cash conversi
17、on cycle to:（）A. increase.B. remain the same.C. decrease.17.Accrued expense is most likely recorded by a company if cash is paid:（）A. before expense has been incurred.B. at the same time expense has been incurred.C. after expense has been incurred.18.Barnes Company issues a bond at a premium to fund
18、 a capital project. With respect to the effective interest method, in each subsequent year, the reported annual interest expense for this bond will most likely:（）A. decrease.B. remain the same.C. increase.19.An analyst does research about financial lease. Which of the following lease provisions leas
19、t likely leads to a finance lease（）A. The title to the leased asset is transferred to the leasee at the end of the lease.B. The present value of the minimum lease payments is substantially less than the asset's fair value.C. The lease term is equal to the asset's economic life.20.An analyst
20、does research about the income statement of a manufacturing company. Which of the following is least likely deducted from gross profit to calculate operating income for the manufacturing company（）A. Interest expense.B. Depreciation expense.C. Research and development cost.21.A decrease in which of t
21、he following increases shareholders equity（）A. Retained earnings.B. Treasury stock.C. Accumulated comprehensive income.22.An analyst does research on the reclassification of non-current assets. A company reclassifies a non-current asset from held-for-use to held-for-sale. At that time, the assets ca
22、rrying value is greater than its fair value less costs to sell, and the company most likely recognizes:（）A. a gain.B. a loss.C. neither a loss nor a gain.23.Which of the following documents is most useful for reviewing a list of journal entries in order of their dates（）A. Trial balance.B. General le
23、dger.C. General journal.24.An pharmaceutical industry analyst gathers the following information about a company during 2011. The net income is $23000. The total assets are $140000 on January 1, 2011. The total assets are $180000 on 31 December, 2011. The cash dividends paid on common stock this year
24、 are $8000, and the financial leverage is 2.5. The companys sustainable growth rate is closest to:（）A. 9.4%B. 20.8%C. 23.4%25.All else being equal, which of the following most likely increase credit quality A company decreases its:（）A. margin stability.B. retained cash flow.C. dividend payout ratio.
25、26.The Financial Accounting Standards Boards (FASBs) approach in establishing GAAP is best described as:（）A. rules based.B. principles based.C. objective oriented.27.Jack George, CFA, does research about financial leverage and gathers the following information about a company (in millions): 2011 201
26、0 Interest expense $15 $15 Net profit margin 12.0% 9.0% Total asset turnover 2.0 2.2 If return on equity decreased over the same time period, the companys financial leverage most likely:（）A. decreased.B. remained the same.C. increased.28.An analystdoes research about comprehensive income and gathers
27、 the following annual information about a company (in millions): Beginning shareholders equity $1440 Total asset $3330 Net income $120 Cash dividends paid $95 Ending shareholders equity $1595 Assuming there was no issuance or repurchase of common stock during the year, the companys comprehensive inc
28、ome (in millions) is:（）A. $130B. $250C. $40029.Jane Higgins, CFA, a industry analyst, does research about inventory valuation. The company uses a periodic inventory system and no inventory on 31 May, 2012. The company purchases inventory as follows:Purchase DateCost per UnitNumber of Units1 May$14.0
29、010003 May$10.004006 May$8.00150023 May$10.00300During May, 2000 units are sold. Under the weighted average cost method of inventory valuation, cost of goods sold is closest to:（）A.20160B.20625C.3100030.An analyst does research about cash flow calculation. The indirect method of reporting cash flow
30、from operating activities most likely begins with:（）A. net income.B. depreciation and amortization.C. changes in balance sheet accounts.31.An analystdoes research about cash flow from operating and gathers the following information about a company: 2011 2010 Depreciation expense $5000 $4000 Gain on
31、sales of equipment $900 $0 tax $1987 $1235 Working capital $40000 $45000 Under U. S. GAAP, the adjustment to net income to arrive at 2011 cash flow from operating activities is:（）A. subtracting $900.B. adding $9100.C. subtracting $9100.32.An analyst does research about deferred tax asset and liabili
32、ty and gathers the following information about a company: Pre-tax accounting profit $26000 Depreciation expense for accountmg purposes $2100 Depreciation expense for tax $3000 Income tax rate 35% Assuming there are no other differences between accounting and tax profit, the company most likely recor
33、ds:（）A. A deferred tax asset of $315.B. A deferred tax liability of $315.C. A deferred tax liability of $585.33.An analyst does researchabout lease. When compared to a leasor, which of the following is most appropriate adjustment to the balance sheet of a leasee（）A. increasing assets and liabilities
34、 by the sum of future lease payments.B. increasing assets and liabilities by the present value of future leased payments.C. decreasing assets and liabilities by the present value of future leased payments.34.An analyst does research about capital asset pricing model approach and gathers the followin
35、g information about a company and the market: Equity beta 1.5 Equity risk premium 15% Risk-free rate 3% Before-tax cost of companys debt 9% Using the capital asset pricing model approach, the companys cost of equity capital is closest to:（）A. 18.0%B. 21.0%C. 25.5%35.On a direct format statement of c
36、ash flows prepared under U. S, generally accepted accounting principles (U. S. GAAP), which of the following is most likely a line item in the financing cash flow section（）A. Interest paid.B. Cash dividends received.C. Cash dividends paid to shareholders.36.An analyst wants to calculate number of da
37、ys payables and gathers the following information about XYZ Company and the industry in which it operates (in thousands): XYZ Industry Payables $9257 $3535 Credit purchases $22486 $9890 Compared to the industry, this companys number of days payables most likely indicates:（）A. a success to take advan
38、tage of credit facilities.B. more making payments on time.C. a higher payables turnover ratio.37.An analyst does research about redeemed bonds. A company issues bonds at a discount, and reports their amortized historical cost. The company redeems the bonds before maturity, when they are trading at a
39、 premium. Which of the following statements is most accurate（）A. Bonds payable is reduced by the amount of the bonds' market value.B. Bonds payable is increased by the amount of the bonds' face value.C. Bonds payable is reduced by the amount of the bonds' carrying value.38.An analyst doe
40、s researchabout ways to manipulate the cash flow statement. When shock is repurchased to offset dilution of earnings caused by the exercise of employee stock options, which of the following is the most appropriate adjustment to calculate the true free cash flow generated by the firm（）A. Decreasing c
41、ash flow from financing activities.B. Increasing cash flow from operating activities.C. Decreasing cash flow from operating activities.39.An analyst does research about corporate govemance. The interests of a companys share owners are least likely to be served if that companys executive management c
42、ompensation program:（）A. Encourages long-term growth instead of short-term increases in share value.B. Includes downward reprising of strike prices for previously granted stock options.C. Includes an element based on share-price performance relative to that company's competitors and peers.40.Wit
43、h respect to liquidity management, which of the following is most likely a primary source of liquidity（）A. Trade credit from vendors.B. Renegotiating debt contracts.C. Filing for bankruptcy protection and reorganization.41.Janice Grass, CFA, is a sell-side analyst from a local securities firm. Grass
44、 does research about cash conversion cycle and operating cycle. The cash conversion cycle for a company that buys inventory on credit is most likely:（）A. less than the operating cycle.B. equal to the operating cycle.C. greater than the operating cycle.42.An analyst does research about earnings per s
45、hare and gathers the following information about a companys planned share repurchase using borrowed funds: Before-tax borrowing 11% Marginal tax rate 35% Price / Earnings ratio before share repurchase 13 All else being equal, compared to earnings per share before the repurchase, earnings per share a
46、fter the repurchase will most likely:（）A. decrease.B. remain the same.C. increase.43.An analyst does research about financial leverage and gathers the following information about a company: Units produced and sold in 2010 150000 Degree of operating leverage at 150000 units 2.5 Degree of financial le
47、verage 2.0 Expected growth rate of unit sales in 2011 10% The expected change in operating income for 2011 is closest to:()A. 20%.B. 25%.C. 50%.44.An analyst does research about capital budgeting. Which of the following capital budgeting criteria is most directly related to a companys equity value o
48、f shareholders（）A. Payback period.B. Net present value.C. Internal rate of return.45.Which of the following are most likely recognized as cash flows for capital budgeting purposes（）A. Sunk costs.B. Financing costs.C. Opportunity costs.46.An analyst does research about short-term funding from bank. Under which of the following short-te