2019年年金融專業(yè)英語證書考試FECT模擬試題及答案-8

www.TopS大家網(wǎng)1/92012年金融專業(yè)英語證書考試FECT模擬試題及答案-8SECTIONONE(Compulsory)：Single-choicequestionsMultiple-choicequestions:fromthefollowingfouroptions,selectacorrectandfillinitslabelbrackets.(Atotalof10points)TomcannottellthedifferencebetweenCokeandPepsi.ForTom,thesegoodsare:()Perfectsubstitutes.Perfectcomplements.Necessities.Noneoftheabove.SupposetheeconomyisrunningatthelevelofpotentialGDP,anincreaseingovernmentspendinthelongrunwillthepricelevelandtheoutputlevel,Increase,notchangeIncrease,increaseIncrease,decreaseDecrease,increaseForanaturalmonopoly,theoptimalpolicyforaregulatortosetisapricesuchthat:()The price level equalsmarginalcost.The price level equalsaveragevariablecost.The price level equalsaveragetotalcostbuthigherthanmarginalcost.The price level islowerthanmarginalcostbuthigherthan averagetotalcost.IfADshiftsto therighttoadapttooilshocksfromOPEC, then:()PandGDPwillremainnormalautomatically.GDPmaybeunchangedalthoughPwillrise.GDPwillriseandPwilldrop.ThedomesticPofoilwilldrop.SchoolstudentspayingalowerfarethanadultsontheMTRtrains,orcheaperticketstothethexampleof:()Thesuppliersmakinglessprofitbecausesomecustomerspayalowerprice.Consumersobtainingmoreconsumersurplus.Pricediscriminationallowingthesupplierstomakemoreprofitfromchargingahigherpricetocustomerswhosedemandismoreelastic.Pricediscriminationallowingthesupplierstomakemoreprofitfromchargingalowerpricetocustomerswhosedemandismoreelastic.Whenthenominalinterestraterises,()Economicactivityisencouraged.Therealinterestraterisesandthepriceofbondsrises.Inflationrisesandtherealinterestratefalls.更多精品在大家！ http/Aww」0Psage.c0m 大家網(wǎng)，大家的！

2/92/9818924348.docTopSTherealinterestraterisesandthepriceofbondsfalls.Afirmhasfixedcos100o000permonthandvariablecoS2fcfofritem.Itproposestoselltheseitemsfoi50each.Whatisthebreak-evenoutputforthisfirm?()4,000units4,000unitsinamonth.Cannotbeworkedoutfromtheinformation.2,000unitspermonth.ForanA-ratedcorporatebondthathasdeterioratingfundamentals,butisexpectedtoremainigrade,thegreatestriskismostlikely:()Eventrisk.Defaultrisk.Liquidityrisk.Creditspreadrisk.Aninvestorcurrentlyhasaportfoliovaluedat$700,000.Theinvestor-tsriob0roetth,eislongbuttheinvestorwillneed$30,000bytheend?of)thyh^son'scollegetuitionandanother$10,000byyear-endforherannualvacation.Theinvestorisconsideringfouralternativeportfolios:PortfolioExpectedReturnStandardDeviationofReturns8%10%10%13%14%22%18%35%UsingRoy’ssaffirstcriterion,whichofthealternativeportfoliosminimizestheprobabilitythainvestor’sportfoliowillhaveavaluelowerthan$-@nd?00)atyearPortfolio1.Portfolio2.Portfolio3.Portfolio4.10.Afuturestradermustdepositanadditionalamountofmoneyintoamarginaccountattheclearinghouseifthemarginaccountendingbalanceisbelowthe:()Initialmarginrequirement.Variationmarginrequirement.Maintenancemarginrequirement.Amountoftheloanborrowedfromtheclearinghouse.SECTIONTWO(Compulsory)：ReadingComprehension(10points)JasonJohnson,CFA,isaprincipalofalargeprivateequityfirminNewYork.Oneoftheassociatfirmhasidentifiedapotentialinvestmentopportunityforthefirm.Gasline,Inc.isamajorproducerusedintheproductionofnaturalgasintheSouthwestUnitedStates.Lastyear,Gaslinehadapproxima大家網(wǎng)，大家的！ http//ww.topsage.c0m 更多精品在大家！

www.TopS大家網(wǎng) 3/9millioninsales,andsalesareexpectedtoincreaseasaresultofincreasingdemandfortheirproduccompanywasfoundedovertwenty-fiveyearsago,andhasbeenpublicallytradedforthelasttenyears.founderofthecompany,alongwithothermembersofthefamily,holdsthemajorityofthecommonstockthegroupisamenabletoliquidatingtheircollectivepositionatthistime.Johnson'sassociatebelievesthereissignificantopportunityintheindustry,baseduponnewtethatallowsfortheextractionofnaturalgasfromlocationsanddepthsthatpreviouslyweretoocost-Thisnewtechnologyshouldtranslateintoincreaseddemandfortheindustry,bothdomesticallyandabrJohnsonconcurswiththisforecastfortheindustry,butbelievesfurtherin-depthanalysismustbepebeforeanyinvestmentdecisioncanbemade.OfparticularconcerntoJohnsonisGasline'snumerous,complicatedtransactionsrelatedtothecvariousstock-basedcompensationplans.Overthepastdecade,thecompanyhasparticipatedinvaryinginprogramsinvolvingstockoptiongrants,anemployeestockpurchaseplan,andperformance-basedawarJohnsonbelievesthatthoroughanalysisofeachprogramwilldeterminewhetherornottheprogramswerproperlyaccountedforinGasline'lstaanments.TheCEOofGaslinewasawardedastockoptionpackageatthebeginningof2006,whichcouldultimahaveasignificantimpactonthecompany'sfutureearnings.DetailsoftheCEO'sstockoptiongrantbelow.Thecompanyestablishedanemployeestockpurchaseplanin2004.Undertheexistingplanguidelinefull-timeemployeesofGaslinethathavecompleted3yearsofserviceareeligibletopurchaseupto1Gaslinesharesperyearata15%discount.Sinceinceptionoftheprogram,employeesofthecompanyhapurchasedapproximately75,000shares.Inthefootnotestothecompany'sfinancialstatements,itstaGasline'smanagementhasdeterminedthattheplanisnoncompensatoryandthereforenocompensationexpensehasbeenrecognizedinassociationwiththeplan.PartofthetotalcompensationpackageforGaslineemployeescomesthroughparticipationinaservice-basedstockawardsgrantprogram.Underthisprogram,allfull-timeemployeesareawarded100ofGaslinecommonstockonJuly1stofeachyear.Employeesvestattherateof20%eachyear,andarevestedafterthecompletionoffiveyearsofservice.Employeesthatleavethecompanyorretirepriorfullyvestedforfeitaelsltiintetihestock.JohnsonquestionswhetherornotGasline'saccountingtreatmenthisprogramisfullyinaccordancewithFASBstandards.CEOOptions(grantdateJanuary1,2006)更多精品在大家!http://www.TopS更多精品在大家!http://www.TopS大家網(wǎng)，大家的!Strikeprice$37.00Currentmarketprice$35.00NumbercfoptionsLGO:OOOOptionperiod4yearsVestingperiod25ndperyear

4/9 818924348.doc TopSForthevaluationoftheCEO'sstockoptionsgrantedonJanuary1,2006,Gaslineestimatedafair$100,000byusingMonteCarlosimulationInaccordancewithSFASNo.123(R),whichofthefollowingstatementsis)staccurate?Gasline'saccountingtreatmentoftheoptionsis:()IncompliancebecauseaMonteCarlosimulationsanacceptablmethodofvaluingoptionsintheabsenceofamarket-basedinstrument.NotincompliancebecausethefairvaluemustbeestablishedbyusingtheBlack-Scholesoptionmodel.Notincompliancebecausetheoptionshadnointrinsicvalueasofthegrantdate.Incompliancebecausethefirmcanelecttouseeithertheintrinsicvaluemodelorthefairvainthevaluationofstockoptionplans.AssumethattheCEOofGaslineexercises25,000ofhisoptionsonDecember31,2006,andthemarkepriceofthestockonthatdateis$39.50.CalculatethetotalcompensationexpensefortheyearendinGaslineshouldrecognizeinassociationwiththeCEOoptiongrant.()A.$62,500.B.$25,000.C.$100,000.D.$0.InaccordancewithSFASNo.123(R),whichofthefollowingstatementregardingGaslinWmployeestockpurchaseplanismostaccurate?()Theplancannotbeconsiderednoncompensatorybecausethediscountexceedsthepersharetransacostofapublicoffering.Theplancanbeconsiderednoncompensatorybecauseitisofferedequallytoallfull-timeemplonotjustuppermanagement.Theplancannotbeconsiderednoncompensatorybecauseparticipationisvoluntaryonthepartofemployees.Theplancanbeconsideredioncompensatorybecauseoftheexistencoftheservice-basedtockawardsgrantprogram.IfanemployeestockpurchaseplanisconsiderednoncompensatoryinaccordancewithSFASNo.123(R()Compensationexpenseisrecognizedovertheprojectedremainingservicelifeofeachemployee.Compensationexpenseisdeferreduntilthesharesaresold.Nocompensationexpenseisrecognized.Compensationexpenseislimitedtotheamountofthediscount.SFASNo.123(R)givesspecificguidelinesastowhatdateistobeusedtoestablishthefairvalustockawardedthroughaservice-basedawardprogram,andwhetherornotanyadjustmentforawardsthatnotvestmustbemadetocompensationexpenseattheendofthevestingDeriod.WhichofthefollowingguidelinesismostapplicabletoGasline'sprogram?()Datethatfairvalueisestablished“True-up“adjustmentnecessary?GrantdateNoLastdayofgrantyearYesGrantdateYes大家網(wǎng)，大家的!更多精品在大家!www.TopS 大家網(wǎng) 5/9LastdayofgrantyearNoSECTIONTHREE(Compulsory)：Explanationsofterms(25points)SpeculativedemandformoneyTimelagFloatingexchangeratePresentvalueTheOTCMarketSECTIONFOUR(Compulsory)：Answerquestions(32points)Question1:WhatisCommonStockQuestion2:WhatistheControllability?Question3:Whatisthemonetarybase?Question4:ListtheCounter-measuresofInflationasmoreaspossible.更多精品在大家!http://www.TopS大家網(wǎng)，大家的!6/96/9TopS參考答案SECTIONONE:AACBD，BBDCCSECTIONTWO：Awascorrect!UnderSFASNo.123(R),firmsarerequiredtousethefairvaluemethodofvaluingstockoptionplatheabsenceofamarket-basedinstrumentfirmsmayselectanduseanoption-pricing)delsuchastheBlack-Scholes,thebinomialmodelorMonteCarlo.Bwascorrect!Underthefairvaluemethod,asrequirecbySFASNo.123(R),Gaslinewillrecognizecompensationexpenseoverthe4yearvestingperiod.Fortheyearending2006,Gaslinewillrecognize$25,000(=$14years)incompensationexpense.CompensationexpenseisnotaffectedwhenoptionsareexercisedAwascorrect!IfanemployeestockpurchaseplanisconsideredioncompensatoryundertheguidelinesfSFASNo.123(R),thenthecompanyisnotrequiredtorecognizeanycompensationexpenseassociatedwiththeproOneoftheseveralcriteritiiatmustbemetinordertobeconsideredioncompensatoryisthatthediscountcannotexceedthepersharetransactioncostofapublicoffering,typically5%orless.The15%discobytheGaslineplanisclearlyinexcessofthesafeharboramount,andthereforetheplancannotbecnoncompensatory.Bwasincorrect.ThecorrectanswerwasC!IfanemployeestockpurchaseplanisconsideredioncompensatoryundertheguidelineofSFASNo.123(R),thenthecompanyisnotrequiredtorecognizeanycompensationexpenseassociatedwiththeproPart5)Bwasincorrect.ThecorrectanswerwasC!GrantdateYesThefairvalueismeasuredonthegrantdateoftheaward,whichisthedatetheawardisapprovedboardofdirectorsrcompensationcommittee.Thereisanadjustment,referredtoasa“truup”,tocompensationexpenseattheendofthevestingperiodforawardsthatdidnotvest.Compensationexpenadjusteddownwardforthoseawardsthatdidnotvest.SECTIONTHREE:Explanationsofterm(1.0points)Speculativedemandformo：neTyhemoneyheldwiththeintentionofsecuringprofitfromspeculatingactivitiescallecthespeculativdemandformoney,butitisdifficutoforesedbecauseitalldependsonpeople'sexpectationofthemarket.TimelagThetimelagofmonetarypolicyisthedelaybetweenthetimeatwhichpolicyactionsatakenandthetimeatwhichtheexpectedresultsofmonetarypolicyareachieved.FloatingexchangerateArateofexchangebetweenonecurrencyandothersispermittedtofloataccordingtomarketforces.Mostmajorcurrenciesandcountriesnowhavefloatingexchangeratesbutgovernmentsandcentralbanksintervene,buyingorsellingcurrencieswhenratesbecometoohighorloPresentva：luAeconceptthatisusedtoevaluatecreditmarketinstrumentsbyplacingallpaymenttermsoftoday'sdollarssothattheycanbeaddedtogether.TheOTCMarket：TheOTCmarketiscalledthemarketforunlistedstocks.Asexplainedpreviously大家網(wǎng)，大家的！ http//www.topsage.c0m 更多精品在大家！www.TopS 大家網(wǎng) 7/9technicallwhiletherearelistingequirementforexchanges,therearealsolistingequirementfortheNASDAQNationalandSmallCapitalizatiOnCmarkets.Neverthelessexchangetradedstocksarecalledlisted,andstockstradedontheOTCmarketsarecalledunlisted.SECTIONFOUR：Question：Answer:Ashareofcommonstockinafirmrepresentsanownershipinterestinthatfirm.Commonstockholdevote,receivedividends,andhopethatthepriceoftheirstockwillrise.Therearevariousclassesostock,usuallydenotedastypeA,typeB,andsoon.Unfortunately,thetypedoesnothaveanymeaningstandardacrossallcompanies.Thedifferenceamongthetypesusuallyinvolveeitherthedistributiondividendsorvotingrights.Itisimportantforaninvestorinstockstoknowexactlywhatrightsgoasharesofstockbeingcontemplated.Intheeventofliquidation,commonstockholdershaverightstoacompany'sassetsonlyafterbonotherdebtholders,andpreferredstockholdershavebeensatisfied.Typically,commonstockholdersrecvotepersharetoelectthecompany'sboardofdirectors(althoughthenumberofvotesisnotalwaysproportionaltothenumberofsharesowned).Theboardofdirectorsisthegroupofindividualsthatrtheownersofthecorporationandoverseesmajordecisionsforthecompany.Commonshareholdersalsorvotingrights?egarding)thercompanymatterssuchasstocksplitandcompanyobjective4nadditioitovotingrightscommonshareholdersometimesenjoywhatarecalled“preemptiveights空reemptiverightsallowcommonshareholders。maintaintheiiproportionadwnershipinthecompanyintheeventthatthecompanyissuesanotherofferingofstock.Thismeansthatcommonshareholderswithpreemptiverightshtherightbutnottheobligationtopurchaseasmanynewsharesofthestockasitwouldtaketomaintproportionalownershipinthecompany,alsocalledjuniorequity.Question2Answer:ItreferstothefactthatacentralbankisabletoeffectivelycontrolandregulatethefinanciachosenastargetthroughtheuseofvariousmonetarypolicyinstrumentsIfaparticularariablistobeausefulintermediattargetthecentrabankmustbecapableofexertingpredominainfluenceveritintheshortrun.Intheparlanceofeconomists,anintermediatetargetvariableshouldnotbeendogenous,orinfluencedbysuchforcesasthebusinesscycleandinflatioeixpectationsLnterestatesaresaidtobeendogenousbecausetheyareheavilyinfluencedbybusinesscycleforcesandtheoutlookforinflation.thecentralbankexertsonlymarginalinfluencs)verlong-terminterestates,theyarenotasatisfactoryintermediatetargetofmonetarypolicy.Avariablethatisnotsignificantlyinfluencedbythebusinesscycleandothereconomicforces,exogenousvariableisamoreappropriatentermediattargetThecentrabankmayfacelittldifficulindictatinghemagnitudeofsuchvariables,hichare"sittinqgicks"ratherthanmovingtargetsIdeallyanintermediattargetvariablwouldbeentirelyxogenousandcontrollablentherealworld,however,thevariablesroposedasintermediattargetareneitheitotallyxogenousnortotallendogenous.Partofthedisagreementimongeconomistsovertheappropriateariabltobechosenasanintermediattargetstemsfromdisagreementsconcerningthecentralbank'saltishtyt-ruexenntrolovervariousvariables.Question3Answer:Themonetarybase,orhigh-poweredmoney,isdefinedasbankingsystemreservespluscurrencyheldthepublic.Morespecifically,themonetarybaseconsistsofreservedepositsheldinthecentralbankorcurrencyheldbycommercialbanks,andcurrencyheldbythepublic.ThusthemonetarybasecanbeueithenscashholdingsforthepublicorasreservestosupportbankdepositsThemonetarybaseisoften更多精品在大家！ http//www.TopSage.c0m 大家網(wǎng)，大家的！TopS818924348.doc8/9expressedinformulaas:TopS818924348.docB=C+RBstandsformonetabase,Rforbankingsystemreserves,andCforcurrencyheldbythepublic.Themonetarybaseisthecentralbank'liabilities.Westerncountriesthemonetarybaseaccountsforanabsolutelylapgrcentageinthecentralbank'sliabilities.And,becauseR=Fb+CbB=Fb+Cb+CThemonetarybaseconsistsofthenetmonetaryliabilitiesofaconsolidatedbalancesheetoftheauthoriti-stakingU.S.forinstance.TheTreasturyonestaryliabilitiesaretheoutstandingcurrencyandcoinithasissued,exclusiveofthatheldintheTreasuryandtheFed.Today,thisconsistschieflyoFederalReserve'snetmonetaryliabilitiesconsistofallFederalReservenotpsromtsty)thatarenotheldintheFedorTreasuryplusthereservedepositofbanksattheFederalReserve.AswehaveindicatedndwillexplainshortlytheFederalReservecanaccuratelcontrolthemagnitudeofthesenetmonetaryliabilitiesbycontrollingitsownbalancesheet.Question4Answer:Astherearedifferentcausesofinflation,thecounter-measuresofcontrollinginflationarevaricounter-measuresfocusmainlyonsuchaspectsasdemand,supply,andstructureandsoon.PoliciesConcerningDemandControllingPoliciesinthisregardrefertothatanationalgovernmentchangesthegeneralexpendituresbyusandmonetarypoliciesinordertocontrolinflationT.hepoliciesinthisaspectareappliedtodealwithnon-expectedanddemand-pullinflatioAsdemand-pullinflaticinscausedbymoneysupplyovermoneydemand,policiesconcerneddemandcontrollingareaimedatregulatingthegeneralmoneysupplyofthe,society.TightmonetarypolicyTightmonetarypolicymeansthatacentralbankcarriesoutthepolicyofsqueezingmoney,i.e.,purchasingpoweofmoneybyreducingthequantitpfmoneyincirculatioTheconcreteneasuresareasfollows;Raisingthediscountrateandlendingrateforthepurposeofincreasingmarketinterestrates.centralbankraisesthediscountrateandlendingrate,thediscountrateandlendingrateofcommerciwillfirstbeaffected,thenotherinterestratesinfinancialmarkets,whichmakepeoplesavemoremocutdowntheirconsumptiondemand,pushupinvestmentcostandcurtailinvestmentdemand.Insomecounwherethereisainterestratecontrol,thecentralbankcandirectlyraisedepositandlendingratescredit(reductionofbusinessinvestment)andabsorbsavings(reductionofhouseholdconsumption).Sellinggovernmentsecuritiesintheopenmarkettopushupinterestratesindirectly.Throughbank'openmarketoperationsacentrabankcandecreasethequantityofmoneyincirculatiobysellinggovernmentsecuritiessothatthepricesofgovernmentsecuritiewsillfallandmarketinteresrtateswillrisewhichwillcurtailinvestmentandconsumption.Thismethodiswidelyusedinwesterncountries.Raisingtherequiredreserveratio.Raisingtherequiredreserveratioreducesfundscommercialcanloanandweakenscommercialbanks'moneycreationabilitysothatmoneysupplycandecrease.TightfiscalpolicyTightfiscalpolicyincludestheincreaseoftaxandreductionofgovernmentspending.Ononehandsourceoffundsusedbybusinesseandhouseholdsoninvestmentandconsumptioncanbereducedthroughincreasingtaxandcuttingdowntransferpayment;ontheotherhand,governmentexpenditurescanberebydecreasingfiscaldeficitsandgovernmentprocurement.Consumption,investmentandgovernmentspendarethemainpartsoftheaggregatedemand.大家網(wǎng)，大家的！ 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9/9AsthereisalackoraLagLiofpeople'santicipationofdecreasingaggregatedemandandtheaggregasupplycurvewon'tmovedownimmediatelywiththeaggregatedemandcurveortheaggregatesupplywon'decreaserightaway,tightfiscalpolicywillresultintheincreaseofunemploymentandthefallofoeconomicdepressionintheshortrun.IncomePolicyBasedonthecost-pushinflation,economistshavecreatedthetheoryofincomepolicywhichrefersgovernmentsrestrictigehikesinordertocontrolpriceincreaseAswageincreas(willpushupcostandfurtherinflationrate,compulsoryandnon-compulsorymeansareadoptedtorestrictwagehikes.Incomeincludesthefollowingaspects:Wage-pricecontrolItmeansthatanationalgovernmentforcestofixtherangeofwageandpriceincreaseandevenimwageandpricefreezes.Thesieasuresaffecaneconomygreatlybuttheyareseldomusedunlessthereishyperinflationbeingcausedbywar.Wage-priceguidelineThismeansthatanationalovernmentdeterminesthestandarobfwageandpric&iseaccordingtotheaveragegrowthrateofproductivityandrequiresthateachsectorofthenationaleconomykeepthewagpricerisewithinthestandard.Butthispolicyisappliedvoluntarily,notbyforceorbylaw,becausitisnotsoobvi