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1、2023年金融英语考试真题卷（3）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47题，每题2分。每题的备选项中，只有一个最符合题意） 1.Often central governments will announce auctions to issue new bonds when they believe prevailing market conditions appear most suitable. At the time of the auction, the amount to be auctioned and the maturit
2、y of the security to be offered are announced. This method of distributing new government securities is called:（）A. an ad hoc auction method.B. a regular auction cycle/multiple-price method.C. a regular auction cycle/single-price method.2.Why do bond portfolio managers use the concept of duration（）A
3、. It allows structuring a portfolio to take advantage of changes in credit quality.B. It enables direct comparisons between bond issues with different levels of risk.C. It assesses the time element of bonds in terms of both coupon and term to maturity.3.Which of the following is TRUE about the consi
4、deration of depreciation in the operations section of a cash flow statement Direct Method Indirect Method（）A. Considers ConsidersB. Considers Does not considerC. Does not consider Consider4.According to Statement on Auditing Standards No. 99, Consideration of Fraud in a Financial Statement Audit, wh
5、ich of the following is least likely to be a risk factor related to opportunities to commit fraudulent accounting（）A. Significant related party transactions.B. High turnover among accounting and information systems personnel.C. Aggressive or unrealistic profitability expectations from third parties.
6、5.Which of the following statements about last in, first out (LIFO) versus first in, first out (FIFO) is least likely correct In periods of rising prices and stable or increasing inventory quantities, FIFO, compared to LIFO, results in:（）A. higher working capital and lower cost of goods sold.B. high
7、er net income and higher taxes paid out.C. lower cost of goods sold and higher inventory balances.6.Which of the following statements regarding the effects of unanticipated inflation on the labor market and the market for financial capital is most accurate （）A. When the actual rate of inflation is h
8、igher than expected, employees receive less compensation for their labor and this represents a gain for employers at the expense of their employees.B. When the actual rate of inflation is declining, real wage rates of employees are lower than employers expected to pay, and employers gain at the expe
9、nse of their employees.C. When there is unanticipated inflation, interest rates are not set high enough to compensate borrowers for the declining value of money so lenders gain at the expense of borrowers.7.Which of the following statements about the semistrong-form efficient market hypothesis (EMH)
10、 and the strong-form EMH is FALSE（）A. Small firms tend to underperform large firms on a risk-adjusted basis.B. Tests have found that stocks with low price to earning (P/E) ratios tend to outperform stocks with high P/E ratios.C. The strong form of the market efficiency hypothesis states that securit
11、y prices fully reflect all public and private information.8.For a linear demand curve, at the price where elasticity is -2.0, reducing prices will: （）A. increase total revenue and we are at the point of maximum total revenue.B. decrease total revenue and we are not at the point of maximum total reve
12、nue.C. increase total revenue and we are not at the point of maximum total revenue.9.Other factors being equal, which of the following values for the required rate of return and dividend growth rate, respectively, would produce the highest earnings multiplier for a stock Required rate of return Divi
13、dend growth rate （）A. 16. 3% 7.6%B. 17.2% 8.9%C. 19.5% 11.6%10.Two basic assumptions of technical analysis are that security prices adjust:（）A. move in trends that persist for long periods of time, and market prices are determined by the interaction of supply and demand.B. move in trends that persis
14、t for long periods of time, and liquidity is provided by securities dealers.C. adjust rapidly to new information, and market prices are determined by the interaction of supply and demand.11.Roy, CFA, manages several pension accounts and directs most of his trades through the Wales Investment Limited
15、. Roy does this because he believes that he gets good executions and Wales Investment Limited provides him with excellent research reports used in the management of these accounts. Regional, a small discount brokerage house, has just approached Roy that it will execute his trades at half the cost of
16、 Wales. Regional does not have a research department. According to AIMR Standards of Professional Conduct, if Wales does NOT switch his business to Regional, has he violated the loyalty clause in his fiduciary duties（）A. No, because he already had an established relationship with Wales before Region
17、al’s offer.B. No, if he can determine, in good faith, that the higher commissions are commensurate with the value of the research services he receives and discloses this practice.C. Yes, because of the prudent expert clause.12.ZhongYi Xie, CFA, a portfolio manager for PIA Investments, plans to
18、 manage the portfolios of several family members in exchange for a percentage of each portfolio s profits. As his family members have requested that ZhongYi Xie provide the services outside his employment with PIA, he notifies his employer in writing of his prospective outside employment. Two weeks
19、later, ZhongYi Xie has received no response from his employer and begins managing the family members portfolios. By managing these portfolios, did ZhongYi Xie violate any CFA Institute Standards of Professional Conduct（）A. No.B. Yes, because he failed to obtain written consent from his employer.C. Y
20、es, because he failed to disclose the outside employment to his existing clients.13.Which of the following statements about statistical concepts is FALSE（）A. A frequency is a tabular display of data summarized into a relatively small number of intervals. B. An interval is a set of return values with
21、in which an observation not falls. C. A parameter is an descriptive measure of a population characteristic. 14.Which of the following statements concerning coupon rate structures is FALSE （）A. Step-up notes have coupon rates that increase over time at a pre-specified rate.B. Accrual bonds have only
22、one cash inflow at maturity.C. Accrual bonds, like zero-coupon bonds, always sell at a discount to face value.15.Kira Sigard, CFA and an attorney with an investment banking firm, structures a clients bond issue to include a poison put. This is a provision that requires the issuer to redeem the bond
23、at par in the case of a corporate takeover, a merger, or anti-takeover measure that would dissipate significant corporate assets. An investor who purchases this bond is protected from what type of risk（）A. Call Risk.B. Reinvestment Risk.C. Event Risk.16.Dale Peterson plans to lease a computer from G
24、ray Computing Services. It will be a 10-year lease with annual payments of $ 2400 plus a guarantee of a residual value of $ 4000 at the end of the lease. The asset has a 12 year useful life. The present value of the lease discounted at the appropriate interest rate of 9 percent is $ 17000. The compa
25、ny uses the straight-line depreciation method. In the first year, the reported lease expense is:（）A. $3230.B. $1530.C. $2830.17.Winthur Publishing Company invests $ 800000 in a printing press that will be depreciated on a straight-line basis over four years and will have a zero salvage value at the
26、end of its life. Sales revenues, operating expenses, and net income for each year are shown in the table below.（）A.$18.75B.$15.75C.$12.7518.Consider a corporate bond with a yield of 6. 8% and a municipal bond (with equivalent risk) with a 4.9% yield. Which of the following statements is TRUE（）A. An
27、investor with a marginal tax rate of 40% prefers the corporate bond.B. An investor with a marginal tax rate of 15% prefers the municipal bond.C. An investor with a marginal tax rate of 28% is indifferent between the two bonds.19.Which of the following statements regarding provisions for paying off b
28、onds is least likely correct（）A. Nonrefundable bonds can be callable.B. Serial bonds are an issue with several staggered maturity dates.C. A sinking fund provision gives the company the option to retire portions of the bond issue prior to maturity.20.WEB, an investment-banking firm, is the principal
29、 underwriter for MTEXs upcoming debenture issue. Wendy Berry, CFA, an analyst with WEB, has found out from an employee in MTEXs programming department that a serious glitch was recently discovered in the software program of their major new product line. In fact, the glitch is so bad that most of the
30、ir orders have been canceled. Berry checked the debentures prospectus and found no mention of this development. The red herring prospectus has already been distributed. Berrys best course of action is to:（）A. inform her immediate supervisor at WEB of her discovery.B. keep quiet since this is materia
31、l non-public inside information.C. notify potential investors of the omission on a fair and equitable basis.21.Which of the following statements concerning the effects of interest rate volatility on bonds with embedded options is FALSE（）A. As yield volatility increases, the value of callable bonds d
32、ecreases.B. A putable bond’s value is its straight bond value plus the value of the embedded put option.C. A callable bond’s value is its straight bond value plus the value of the embedded call option.22.Use the following data from Deltas common size financial statement to answer the que
33、stion: Earnings after taxes=18% Equity=40% Current assets=60% Current liabilities=30% Sales=$ 300 Total assets=$1400 What is Deltas total-debt-to-equity ratio（）A. 1.0.B. 1.5.C.2.0.23.Klaus Gerber, CFA, is a regular contributor to the Internet site WizeGuy. This past week Gerber has been incorrectly
34、quoted as recommending that investors buy shares in Bradford, Inc. He is unaware that this message has been placed on the site as the quote was placed as a prank by an unknown source. This is the third time this has happened over the past month. Fritz Fox, CFA, maintains and updates the WizeGuy site
35、 and has learned how to determine if the quotes being attributed to Gerber are actually valid. Several days later, he observes an investment recommendation, posted on the site, to buy Gresham, Inc. The investment recommendation is purported to be from Gerber, but Fox actually knows it to be bogus. H
36、e immediately sells 1000 Gresham short and e-mails Gerber to inform him of the bogus recommendation. Gerber immediately issues a rebuttal, and Gresham fails by 14 percent. Foxs action is:（）A. not in violation of the Code and Standards.B. a violation of the Standard concerning use of material nonpubl
37、ic information.C. a violation of the Standard concerning duty to employer.24.Joshua Douglas, CFA, is interested in the relationship between the stock prices of two companies, Sonata Inc. and Prius Inc. After downloading a time series of stock prices for each company, Douglas concludes that Sonata In
38、c. has a variance equal to 25.0 percent and Prius has a variance equal to 20.0 percent. If the covariance between the two stocks is -0.10, the correlation coefficient is:（）A. negative, and indicates that a 1.0% increase in the price of Sonata would be accompanied by a 2.0% decrease in the price of P
39、rius.B. negative, and indicates that a 10.0% increase in the price of Sonata would be accompanied by a 4.5% decrease in the price of Prius.C. positive, and indicates that a 1.0% increase in the price of Sonata would be accompanied by a 2.0% increase in the price of Prius.25.Assume the following capi
40、tal lease: Present value (PV) of lease payments at 12 percent is $25000. The leased asset is depreciated straight line over 6 years. The lease payment is $ 6000. The first payment of $ 6000 is to be paid at the end of the year. What is the second years interest expense and principal payment Interest
41、 Expense Principal Payout（）A. $ 0 $ 6000 B. $ 3000 $ 3000 C. $ 2640 $ 3360A. B. C. 26.Rons Organic Markets has limited access to borrowed funds and must choose among several independent projects with returns greater than their cost of capital. All the projects under consideration have the same requi
42、red investment of $ 2 million and Rons has $10 million available for capital investments this year. Which of the following selection criteria is least likely to produce the optimal five projects for investment Choose the five projects with:（）A. the greatest total NPV.B. the largest sum of profitabil
43、ity indexes.C. the highest IRRs.27.Which reason for purchasing U. S. Treasury securities is least valid（）A. Coupon strips synthesize a zero-coupon bond.B. Treasury-bonds are available in maturities of two years to nearly 30 years.C. Treasury Inflation Protection Securities (TIPS) raise their princip
44、al value to adjust for inflation.28.Which of the following is least likely a disadvantage of a callable bond to an investor The:（）A. investor is exposed to reinvestment rate risk.B. cash flow pattern of a callable bond is not known with certainty.C. issue often offers a higher coupon rate than a com
45、parable option-free bond.29.Which of the following statements about the indirect method of calculating the statement of cash flows is FALSE（）A. No adjustment is needed to account for changes in accounts receivable since no cash was involved.B. No adjustment is needed to account for extraordinary ite
46、ms because they are found above net income and are thus already accounted for.C. Depreciation is added back to net income since it is an expense not requiring cash.30.In securing the shares for all accounts under her management, Linda Kammel of Northwest Futures purchased three blocks of shares at t
47、hree different prices. She then allocated these shares by placing shares from the first block in accounts with surnames beginning with A-G. The second was allocated over accounts H-P, and the third over Q-Z. This action is:（）A. not permissible under the Code and Standards.B. consistent with her resp
48、onsibilities under the Code and Standards.C. permissible so long as the commissions per share are the same across all accounts.31.An analyst gathered the following information about a company:The stock is currently selling for $ 50 per share, which of the following best characterizes the: Intrinsic value of the stock Type of stock （）A. 30 SpeculativeB. 44 CyclicalC. 44 Speculative32.Which of the following statements about the various tests of the efficient market hypot