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1、2023年云南金融英语考试模拟卷（4）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.BPassage Three/B Whereas the money markets provide very short-term loans, the capital market takes account of medium and long-term loans. It serves the needs of industry and commerce, government and local
2、authorities. Private sector firms borrow their working capital (current assets minus current liabilities) from the money market, which used to be mainly via commercial banks; the role of banks as middlemen has now diminished, even for the working capital requirements. Private sector firms raise thei
3、r fixed capital by the issue of shares or commercial paper bonds. Government and local authorities borrow medium and long-term capital by issuing gilt-edged stocks and bonds. The main market place for lending and borrowing medium and long-term capital in the UK is the Stock Exchange in London.Nowada
4、ys a private business usually obtains its working capital through a commercial bank. AA. RightBB. WrongCC. Doesnt say 2. Directions: There are 10 blanks in the following passages. For each blank, there are four choices marked A, B, C and D. BPassage One/B Billions of dollars worth of new securities
5、reach the market each year. The traditional U (56) /U in the primary, markets is called an investment banker. The investment bankers principal activity is to bring sellers and buyers together, thus creating a market. He normally buys the new issue from the issuer at an agreed-upon price and hopes to
6、 U (57) /U it to the investing public at a U (58) /U price. In this capacity, investment bankers are said to underwrite, or guarantee, an issue. Usually, a group of investment bankers joins to underwrite a security offering and form what is called an underwriting syndicate. The U (59) /U received by
7、 the investment banker in this case is the differential, or spread, between his purchase and resale prices. The risk to the underwriter is that the issue may not attract buyers at a U (60) /U differential. ApositiveBnegativeChighDlow 3.BPassage Two/B Funds derived from term loans are used for a numb
8、er of purposes. One of the most important is the purchase of buildings and equipment needed by the borrower to maintain a competitive position and keep pace with the demand for the firms products. In addition, increased sales usually call for increased working capital, which may be financed through
9、term borrowing. Term loans are used to finance new ventures, at which a firm adds a new product or integrates vertically to produce some portion of the raw materials needed in its operations. Term borrowing is also used to refinance existing obligations. Frequently, the borrower needs to draw down t
10、he funds over a period of many months, as in the case of a major plant expansion or the acquisition of a fleet of aircraft. In such cases it is common practice to combine the term loan agreement with a commitment agreement or revolving credit. The lender agrees to make funds available to the borrowe
11、r as they are needed over a period of, say, two years up to a specified total amount. The agreement also provides that at the end of the commitment period the entire amount borrowed to that date shall be incorporated in a term loan. For an arrangement of this kind, the borrower is normally required
12、to pay a commitment fee of from one-fourth to one-haft of 1 percent on unborrowed amounts during the period of the banks commitment.The borrower may draw the funds from the credit aggregates within the time limit for expanding their operations. AA. RightBB. WrongCC. Doesnt say 4. Passage 3 Futures a
13、re used for three purposes; hedging, speculating and arbitraging. This passage is only concerned with hedging, but it should be noted that speculators and arbitrageurs play a particularly important role in the market. It is largely the speculators who take on the risks that the hedgers seek to shed,
14、 while the arbitrageurs, by ensuring that futures prices constantly stay in line with other markets, give both hedgers and speculators the confidence that they are doing their deals at the right price. The volume of deals for arbitrage and speculation purposes is much higher than that for hedging pu
15、rposes. This is similar to the foreign exchange markets, where it has been estimated that, the foreign exchange business needed in any one year for commerce and tourism is all done by 11 a.m. on 2, January, while the rest of the year is taken up with speculating and arbitraging. However, the purpose
16、 of the futures markets and what makes them different from a simple gambling ring in the eyes of the law, is to provide a service to those commercial enterprises which seek to hedge their risks. It is their money which drives much larger volume of other transactions and not the other way round. You
17、might have expected, as is certainly the case in most other financial markets, that big institutions would be more ready and able than small individuals to shoulder the risks involved in dealing speculatively in futures. However, futures markets are exceptional in this regard. In contrast to other f
18、inancial markets, which are dominated by big institutions, or at least by fairly sizeable firms, the lifeblood of a successful futures market is its localsindependent firms of only a few individuals trading for their own account. It is these quick-witted, aggressive and generally rather blunt-spoken
19、 individuals, viewed usually by outsiders with the utmost mistrust, who take the risks that others use the futures market to shed, and provide the markets with the liquidity without which they would he dead. The single reason why Chicago took off as a financial futures market where others lagged beh
20、ind is that the CBOT and IMM already had a large pool of locals ready to turn their hand from soya beans to long bonds and provide the new contracts with risk-taking capacity.The best title for the passage can he _. AWhat Are Futures Used forBWho Are the Arbitrageurs, Speculators and HedgersCHow to
21、Hedge RisksDHow to Trade in Futures Market 5.BPassage Three/B Whereas the money markets provide very short-term loans, the capital market takes account of medium and long-term loans. It serves the needs of industry and commerce, government and local authorities. Private sector firms borrow their wor
22、king capital (current assets minus current liabilities) from the money market, which used to be mainly via commercial banks; the role of banks as middlemen has now diminished, even for the working capital requirements. Private sector firms raise their fixed capital by the issue of shares or commerci
23、al paper bonds. Government and local authorities borrow medium and long-term capital by issuing gilt-edged stocks and bonds. The main market place for lending and borrowing medium and long-term capital in the UK is the Stock Exchange in London.In the UK commercial banks often raise funds by issuing
24、bonds and stocks. AA. RightBB. WrongCC. Doesnt say 6.BPassage Two/B Funds derived from term loans are used for a number of purposes. One of the most important is the purchase of buildings and equipment needed by the borrower to maintain a competitive position and keep pace with the demand for the fi
25、rms products. In addition, increased sales usually call for increased working capital, which may be financed through term borrowing. Term loans are used to finance new ventures, at which a firm adds a new product or integrates vertically to produce some portion of the raw materials needed in its ope
26、rations. Term borrowing is also used to refinance existing obligations. Frequently, the borrower needs to draw down the funds over a period of many months, as in the case of a major plant expansion or the acquisition of a fleet of aircraft. In such cases it is common practice to combine the term loa
27、n agreement with a commitment agreement or revolving credit. The lender agrees to make funds available to the borrower as they are needed over a period of, say, two years up to a specified total amount. The agreement also provides that at the end of the commitment period the entire amount borrowed t
28、o that date shall be incorporated in a term loan. For an arrangement of this kind, the borrower is normally required to pay a commitment fee of from one-fourth to one-haft of 1 percent on unborrowed amounts during the period of the banks commitment.A revolving credit commitment gives the borrower as
29、surances of the availability of funds over unexpected period of tight credit in future years. AA. RightBB. WrongCC. Doesnt say 7.BPassage Two/B Funds derived from term loans are used for a number of purposes. One of the most important is the purchase of buildings and equipment needed by the borrower
30、 to maintain a competitive position and keep pace with the demand for the firms products. In addition, increased sales usually call for increased working capital, which may be financed through term borrowing. Term loans are used to finance new ventures, at which a firm adds a new product or integrat
31、es vertically to produce some portion of the raw materials needed in its operations. Term borrowing is also used to refinance existing obligations. Frequently, the borrower needs to draw down the funds over a period of many months, as in the case of a major plant expansion or the acquisition of a fl
32、eet of aircraft. In such cases it is common practice to combine the term loan agreement with a commitment agreement or revolving credit. The lender agrees to make funds available to the borrower as they are needed over a period of, say, two years up to a specified total amount. The agreement also pr
33、ovides that at the end of the commitment period the entire amount borrowed to that date shall be incorporated in a term loan. For an arrangement of this kind, the borrower is normally required to pay a commitment fee of from one-fourth to one-haft of 1 percent on unborrowed amounts during the period
34、 of the banks commitment.The term-loan agreement specifies a draw-down period of, say, up to two years, during which the funds must be used by the borrower; otherwise the borrower is not allowed to draw down any unused credit. AA. RightBB. WrongCC. Doesnt say 8.At 1 January 2003, the balance of Bill
35、y Companys Provision for Bad Debts is 5,000. At 31 December 2003, the balance of trade debtors is 45,000. Billy Companys provision for bad debts equals to 10% of trade debtors. During the year 2003, the bad debt written off is2,000. Then Bad Debt expenses of Billy Company this year must be _. (a)2,5
36、00. (b)1,500. (c)-1,500. (d)-2,5OO. 9.Mr. Wong is a small company. And it failed to record every transaction. Now you are provided with the following information: capital at 1 January 2003 is 30,000, capital at 31 December 2003 is 31,000. During 2003, drawings are 2,000. Then the net profit for the
37、year 2003 is _. (a)3,000. (b)-1,000. (c)1,000. (d)-3,000. 10.Mr. Wong paid 3,000 in advance for insurance on 1 December 2001 and debited it to Insurance Expense. No entries were made subsequently in 2001 or in 2002. The accounting period ends on December 31. As a result of this error _. (a)2001 inco
38、me was understated 2,000. (b)2002 income was understated 2,000. (c)2001 income was understated 3,000. (d)2002 income was understated 3,000. 11.Which of the following is not a characteristic of the accounting for non-trading organizations (a)They normally provide Receipts and Payments Accounts. (b)Th
39、ey have Accumulated Fund, which is more or less the same as capital. (c)It is more common to keep all records on a single entry basis. (d)They must keep books on a double-entry system. 12.Mr. Tings net cash inflow from operating activities for the year ending 30 June is123,000. The following adjustm
40、ents were included in the supplementary schedule reconciling cash flow from operating activities with net income: Depreciation 38,000 Increase in net accounts receivable 31,000 Decrease inventory 27,000 Increase in accounts payable 48,000 Increase in interest payable 12,000 Net income is _. (a)29,00
41、0. (b)41,000. (c)79,000. (d)217,000. 13.At the beginning of a given period, Mr. Tings inventory was all finished goods. The volume is 600. At file end of this period, 2,000 are completed units and 600 are partly completed. The partly completed units were deemed to be 50% complete. The manufacturing
42、cost is 30,000. Then cost per unit is _. (a)17.64 (b)13.04 (c)10.34 (d)15 14.The selected data pertain to a company at 31 December 2003 as the following: Quick Assets 208,000 Quick ratio 2.6 to 1 Current ratio 3.5 to 1 Net sales for 2003 1,800,000 Cost of good sold for 2003 990,000 Average total ass
43、ets for 2003 1,200,000 The companys inventory balance at 31 December 2003 is _. (a)72,000. (b)186,990. (c)231,111. (d)68,000. 15.If retained earnings were understated and liabilities were overstated, which of the following errors could have been the cause (a)Making the adjustment entry for depreciat
44、ion expenses twice. (b)Failure to record interest accrued on a note payable. (c)Failure to make the adjusting entry to record revenue which had been earned but not yet billed to clients. (d)Failure to record the earned portion of fees received in advance. 16.B We meets the challenge of globalization
45、/B Ten years ago, US bankers and brokers talked about globalization. Capital barriers would fall, there would be seamless 24 - hour trading across time zones and full - service institutions would serve farmers in Iowa to car workers in Osaka. As the US capital markets enter the 1990s, the reality is
46、 that globalization is still in its early stages and next decade as it was in the last. There has, however, been a qualitative change in the rhetoric. Then, globalization was seen in the US as an opportunity. Now the US is far less confident of its ability to dominate the global market and is showin
47、g signs of falling behind its competitors. Globalization is now an urgent challenge. Mr. Curtis Welling, managing director in charge of equities at First Boston, says, The US has had a very geocentric view. Our hegemony over world capital flows was almost regarded as a birthright. As far as important capital flows are concerned, there was a real danger of the world passing us by. The US was in danger o