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1、 金 融 英 语 证 书 考 试（F E C T）E x e r c i s e s-1（1）1.Which of the following is not a function of money？_。?A.To act as a medium of exchange B.To act as a unit of account C.To act as a store of value D.To provide a double coincidence of wants E.To act as a means of payment 2.The price in the foreign excha
2、nge market is called _。A.the trade surplus B.the exchange rate C.the money price D.the currency rate 3.Market risk refers to the risk of_。A.financial prices fluctuations B.default C.fraud D.deferred payments 4.Which of the following is not among the generally accepted accounting principles？_。A.Cash
3、basis B.Prudence C.Consistency D.Going concern E.Money measurement。5.What is a documentary letter of credit？_。A.A conditional bank undertaking to pay an exporter on production of stipulated documentation B.A method of lending against documentary security C.An international trade settlement system bi
4、ased in favour of importers D.All of the above 6.Holding a group of assets reduces risk as long as the assets _。A.are perfectly correlated B.are completely independent C.do not have precisely the same pattern of returns D.have a correlation coefficient greater than one 7.An amount，payable in money g
5、oods，or service，owed by a business to a creditor，is known as a/an。A.liability B.debt C.equity D.asset 8.What function is money serving when you buy a ticket to a movie？_。A.store of value B.a medium of exchange C.transaction demand D.a unit of account 9.If foreigners expect that the future price of s
6、terling will be lower，the _。A.supply of sterling will increase，demand for sterling will fall，and the exchange rate will fall B.supply of sterling will increase，demand for sterling will rise，and the exchange rate may or may not increase C.supply of sterling will fall，demand for sterling will increase
7、，and the exchange rate will rise D.supply of sterling will fall，demand for sterling will fall，and the exchange rate may or may not fall 10.The documentary collection provides the seller with a greater degree of protection than shipping on _。A.open account B.banks letter of guarantee C.bankers draft
8、D.documentary credit 11.Which of the following statements is not true of central banks？_。A.They pay the governments salaries B.They always undertake the regulation of the banking system C.They are always the lender of last resort D.None of the above 12.When GBP/USD rate goes from 1.6150 to 1.8500，we
9、 say the dollar _。A.appreciates by 12.70%B.depreciates by 14.55%C.depreciates by 12.70%D.appreciates by 14.55%13.According to diversification principle in investment，suppose you invest Stock X and Stock Y with equal funds，which of the following is not true？_。A.If X and Y are totally independent with
10、 each other，the risk of the portfolio is reduced B.If X and Y are perfectly negatively correlated，the risk of the portfolio is perfectly offset C.If X and Y are perfectly positively correlated，the risk of the portfolio is neither reduced nor increased D.If X and Y are perfectly negatively correlated
11、，the risk of the portfolio is neither reduced nor increased 14.These are four main methods of securing payment in international trade：（1）payment under documentary credit （2）open account （3）collection，that is document against payment or acceptance of a bill of exchange （4）payment in advance From an e
12、xporters point of view，the order of preference is _。A.（4），（2），（3），（1）B.（4），（1），（3），（2）C.（4），（3），（1），（2）D.（2），（4），（1），（3）15.The main liability on a bank balance sheet is _。A.deposits B.capital and reserves C.loans and overdrafts D.cash 16._ shows that net income for a specified period of time and how
13、 it was calculated。A.The income statement B.The capital statement C.The accounting statement D.The statement of financial condition 17.Why must the liabilities and assets of a bank be actively managed？_。A.Because assets and liabilities are not evenly matched on the same time scale B.Because assets a
14、nd liabilities are evenly matched C.Because the interbank market uses LIBOR D.Because assets and liabilities can be underwritten 18.If the expected returns of two risky assets have a perfect negative correlation，then risk。A.is increased B.falls to zero C.is unaffected D.is reduced by one-half 19.A p
15、ossible disadvantage of freely fluctuating exchange rates with no official intervention is that。A.some nations would experience continual deficits B.the exchange rates may experience wide and frequent fluctuations C.nations would no longer be able to undertake domestic policies designed to achieve a
16、nd maintain full employment D.nations would need a larger supply of international reserves than otherwise 20.What are your GBP/USD position and the average rate if you sell 4m at 1.6350 buy 5m at 1.6340 and sell$5m at 1.6348？A.Short 2 058 478.10 long$3 370 000 at 1.6371 B.Long 5 941 521.90 short$971
17、0 000 at 1.6342 C.Short 5 941 521.90 long$9 710 000 at 1.6342 D.Long 4 058 478.10 short$6 630 000 at 1.6336 21.A correlation coefficient of+1.0 means two stocks are _。A.perfectly negatively correlated B.opposite the market beta C.equal to the market beta D.perfectly positively correlated 22.The perc
18、entage analysis of increases and decreases in corresponding items in comparative financial statements is called _。A.external analysis B.horizontal analysis C.vertical analysis D.comparative analysis 23.What is the name of the document which can make a buyer feel confident that goods are of a certain
19、 standard？_。A.Inspection certificate B.Commercial invoice C.Insurance policy D.Certificate of origin 24.Sometimes financial intermediaries by borrowing short and lending long find themselves in difficult financial situations because。A.short-term rates are falling B.long-term rates are rising C.depos
20、its increase too rapidly D.short-term rates rise relative to rates of their holdings E.long-term rates rise more sharply than short-term rates 25.Incoterms were written _。A.by the International Chamber of Commerce B.under the United Nations Convention for the International Sale of Goods（Vienna Conve
21、ntion）C.under the Kyoto Protocols as adopted in 2000 26.The purpose of keeping account is to。A.determine whether the business has made a profit or a loss B.find out why the business has lost money C.see how much has been spent D.find out why the business cannot fulfil its commitments 27.If reserves
22、are 20 percent，then the multiplier effect will be _ times，so the original deposit of RMB40 000 can create up to _ of new deposits。A.5RMB200000 B.4RMB120000 C.3RMB80000 D.6RMB20000 28.ABC Company is the beneficiary of a confirmed irrevocable letter of credit._ bank（s）will assure the company that it w
23、ill be paid。A.One B.None C.Three D.Two 29.Legal tender includes。A.notes and coins B.notes only C.coins only D.notes，coins and checks 30.The following are the basic functions of a bill of lading except to act as _。A.a receipt for the goods from the shipping company to the exporter B.a document of tit
24、le for goods being shipped overseas C.a certificate of origin，which certifies that the goods were produced in a particular country D.evidence of the carriage contract between the exporter and the carrier 31.Persistent foreign trade deficits under a flexible exchange rate system usually lead to _。A.i
25、nflation in the domestic economy B.speculation of future devaluation C.falling interest rates D.rising imports 32.The additional amount paid in buying or selling a currency at a given future date is called。A.premium B.commission C.tariff D.dividend 33.Banks manage their assets considering _。A.risk B
26、.some optimum combination of the above C.earnings D.liquidity 34.What is the function of the book-keeping system in bank accounting？_。A.To prove that all the days transactions have gone through for the right amount B.To prove that all the days transactions have all been posted to the right account C
27、.To prove that the fresh balance of those accounts is correct after recording the transactions D.All of the above 35.The risk that is specific to individual stocks is called _。A.systematic risk B.country risk C.unsystematic risk D.market risk 36.The main objective of the Exchange Equalization Accoun
28、t is to _。A.prevent undue fluctuation in the exchange value of one countrys own currency against other currencies B.control the rate of inflation C.ensure that notes and coins continue to be acceptable as a medium of exchange D.permit the exchange of payments between banks 37.How can you prove that
29、no transactions are missing or wrong at the end of the day？_。A.There is no other way than have these transactions reposted to the proper entries B.We can examine all the transactions carefully and find the wrong records C.We can balance the total debits and the total credits by calculating them agai
30、n D.We can do that by checking the total debits and the total credits to see whether they are in state of balance 38.Money _。A.serves as the critical function of a medium of exchange B.facilitates trade in goods and services C.overcomes the inefficiencies of barter D.all of the above 39.If dealers b
31、uy currency forward but do not sell forward at the same time，their position is known as。A.short B.forerunner C.speculation?A.only if clearly incorporated into the contract of sale B.to International shipments beyond a certain tonnage C.to international shipments under the Uniform Commercial Code D.t
32、o all international shipments of goods 41.Under which one of the following circumstances would it be wise for your customer to arrange a forward foreign exchange contract？_。A.Import of goods priced in a foreign currency B.Import of goods priced in RMB C.Export of goods priced in RMB D.Export of good
33、s priced in a foreign currency where the rate of exchange has been agreed in the sales contract 42.Incoterms address _。A.the risks of loss between the parties B.breaches of contract C.ownership rights D.type of ship used 43.Which of the following is or was an example of representative full-bodied mo
34、ney？_。A.Debt money B.ATS account C.Gold certificate D.Demand deposit 44.Risks associated with investing in foreign countries are the following except _。A.voting risk B.exchange rate risk C.country risk D.political risk 45.An exporter sells goods to a customer abroad on FOB and on CIF term.Who is res
35、ponsible for the freight charges in each？_。A.Exporter；Exporter B.Exporter；Importer C.Importer；Importer D.Importer；Exporter 46.Default risk refers to the possibility that a borrower may _。A.be unable to repay the principal on his loan B.be unable to make the interest payments on his loan C.go bankrup
36、t D.all of the above 47.What is the reserve requirement？_。A.The requirement of a bank to deposit a percentage of money B.The requirement for deposits in cash C.The percentage of a banks deposits in the form of cash reserves D.The requirement for cash reserves 48.A draft is like a check that can be e
37、ndorsed but it isnt a title to goods，like _。A.a bill of lading B.an inspection certificate C.a certificate of origin D.an insurance certificate 49.Arbitrage _。A.is a general economic term for buying something where it is cheap and selling it where it is dear B.keeps exchange rates consistent across
38、markets C.has been outlawed by the International Monetary Fund D.cannot occur where there is a forward exchange market E.both A and B 50.What is the purpose of comparing the ledger entries with the documents？_。A.To prove that all the transactions have made for the right amounts B.To prove that all t
39、he accounts have been posted correctly C.To check the number of all the debits and credits D.To post the right accounts51.What is Dollar Cost Averaging？_。A.A brokerage account that gives investors cheap trades B.The idea that prices tend to rise over the long term C.Buying stocks that are below aver
40、age in value D.A flat quarterly mutual fund fee averaged throughout the year E.A strategy of investing money on a regular basis to take advantage of market fluctuations 52.From a Chinese banks point of view，the currency account which it maintains abroad is known as_，while a RMB account operated in C
41、hina for a foreign bank is termed _。A.a vostro account a nostro account B.a vostro accounta mirror account C.a mirror accounta nostro account D.a nostro account a vostro account 53.Under FOB terms the bill of lading would state goods _。A.loaded on board，freight payable at destination B.loaded on boa
42、rd，freight paid C.received for shipment，freight paid D.received for shipment，freight payable at destination 54.The liabilities of the bank as shown in its balance sheet represent the _ which it uses in its business。A.sources of the funds B.share capital C.investments D.advances to customers 55.Inter
43、national payments and other messages are often sent through an international computer network called _。A.CHAPS B.BACS C.SWIFT D.EIMT 56.Low levels of uncertainty（risk）are associated with。A.stocks B.stock options C.higher potential returns D.lower potential returns 57.Government securities would appe
44、ar on a commercial banks balance sheet as _。A.an asset B.reserves C.part of net worth D.a liability 58.A major problem with a fixed exchange rate system is that when countries run foreign trade deficits，_。A.there is no self-correcting mechanism B.currency values become unstable C.the value of the re
45、serve currency declines D.world inflation increases 59.In a particular economy banks are required to keep 25 percent of all deposits in the form of reserves；this gives a credit-creation multiplier of _。A.four B.three C.two D.five 60.Regulation of the money supply and financial markets is referred to
46、 as _。A.fiscal policy B.income policy C.monetary policy D.budgetary policy 61.When a country runs a foreign trade deficit under a flexible foreign exchange rate system，its。A.imports automatically increase B.currency automatically depreciates C.exports automatically decline D.currency automatically a
47、ppreciates 62.Which of the following statements is not true of accounting？_。A.Accounting is language of business B.The user of accounting includes business，government，nonprofit organizations and individuals。C.Accounting is useful for decision making D.Accounting is an end rather than a means to an e
48、nd 63.The term foreign exchange is best defined by the following statement：it is _。A.the rate of exchange between two currencies B.synonymous with currency exchange C.the place in which foreign currencies are exchanged D.an instrument such as paper currency，note，and check used to make payments betwe
49、en countries 64.What is Asset Allocation？_。A.Buying assets of different types，risks，and potential returns B.Buying assets with more than one brokerage account C.The ability to buy mutual funds D.Buying stocks for the long term 65.External users of financial accounting information include all of the
50、following except。A.suppliers B.line managers C.general public D.creditors 66.CAPM is short for。A.Capital Asset Pricing Model B.Cash Added Price Matrix C.Capital Asset Pricing Matrix D.Cost and Price Model 67.Liquidity measures the _。A.value of an asset B.ease with which an asset can be exchanged C.u