金融英語證書考試FECT模擬試題-3

□□□□□□□□ FECT模擬試題-3(總分100,考試時間90分鐘)SECTIONONE(Compulsory)：Single-choicequestionsfromthefollowingfouroptions,selectacorrectandfillinitslabelingthebrackets.WhichbelongstotheTighteningoffiscalpolicytools?()AReducegovernmentspendingandincreasetaxrevenueBReducegovernmentspendingandreducetaxesCIncreasinggovernmentspendingandreducingtaxesDIncreaseingovernmentexpenditureandincreasetaxrevenue□□□□□□ :x□□□□□ :1答案:BWhatmarketistheMostinneedoftheadvertising?()AFullycompetitivemarketBMonopolizemarketCCompetitivemonopolymarketDOligopolymarket該題您未回答:x該問題分值:1答案:CThevalueofnationaloutput:()AIsthesameoftheoutputofallbusinesses.BIstheaggregateofoutputofemployedpersons.CIssynonymouswithaggregatemanufacturingoutput.DUtilizesthe"addedvalue"concept.該題您未回答:x該問題分值:1答案:DWithC=10+0.7Yandthelevelofincomechangingfrom$70billionto$80billion,theincreaseinconsumptionandtherevisedaveragepropensitytoconsume(ape)respectivelywouldbe:()TOC\o"1-5"\h\zA $9 billion and 0.78.B $6 billion and 0.8.C $7 billion and 0.79.D $7 billion and 0.825.□□□□□□ :x□□□□□答案:DWhichofthefollowinggoodsislikelytohavethemostelasticdemand?()AAparticularbrandofbreakfastcereal.BBreakfastcerealsingeneral.CAverycheapgoodonwhichnotmuchisspent(e.g.matchesnewspaper).DAnessentialgood.該題您未回答:x該問題分值:1答案:C6.SchoolstudentspayingalowerfarethanadultsontheMTRtrains,orcheaperticketstothetheatre,isanexampleof:()AThesuppliersmakinglessprofitbecausesomecustomerspayalowerprice.BConsumersobtainingmoreconsumersurplus.CPricediscriminationallowingthesupplierstomakemoreprofitfromchargingahigherpricetoDPricediscriminationallowingthesupplierstomakemoreprofitfromchargingalowerpricetocustomerswhosedemandismoreelastic.□□□□□□ :x □□□□□ :1答案:D7.Afuturestradergoeslongonefuturescontractat$450.Thesettlementprice1daybeforeexpirationis$500.Onexpirationday,thefutureistradingat$505.Theleastlikelywaythefuturestraderwilllockinherprofitsonexpirationis:()ATakedeliveryoftheunderlyingassetandpay$500totheshort.BCloseoutthefuturespositionbysellingthefuturescontractat$505.CTakedeliveryoftheunderlyingassetandpaytheexpirationsettlementpricetotheshort.DCashsettlethefuturesandreceivethedifferencebetween$500andtheexpirationsettlementprice.該題您未回答:x該問題分值:1答案:C8.Inthecontextofbreak-evenanalysis,theMarginofSafetyforafirmis:()AThedifferencebetweenthesalesrevenueachievedandthebreak-evenrevenue.BThedifferencebetweenplanned(oractual)outputandthebreak-evenquantityinaparticulartimeperiod.CThepercentagedifferencebetweenplanned(oractual)outputandthebreak-evenquantity.DThedifferencebetweenplanned(oractual)outputandthebreak-evenquantity.該題您未回答 :x 該問題分值:1答案:B9.Thereis5-yearannuityof$3,000peryear.However,thefirstpaymentwillnotpayuntilyear3.Assumingtheinterestrateis10%,calculatethepresentvalueofthisannuity.()$8397.$9,399.$10,258.DNoneoftheabove.□□□□□□ :x□□□□□ :1答案:BHubGlobal,Inc.hasissuedtwoclassesofdebtsecuritiestofinanceitsoperations,afirstmortgagebondanddebenturebonds.Allelseequal,willthedefaultandrecoveryratesofthedebenturelikelybehigherthanthefirstmortgagebond?()AAnswerA.BAnswerB.CAnswerC.DAnswerD.該題您未回答:x該問題分值:1答案:ASECTIONTWO(Compulsory)：ReadingComprehensionGaryZeller,anindependentportfoliomanagerwhomanagesmoneyforhigh-net-worthindividuals,isaproponentoftheefficientmarkethypothesis.HeusestheTreynor-Blackmodeltodetermineassetallocationsforhisportfolios.Atthemoment,heisconsideringseveralinvestmentsfornewportfolios.Herearetheircharacteristics.Therisk-freerateis5.7%.TheexpectedreturnoftheS&P500Indexis10%,andtheindex'sstandarddeviationis14%.ZellerplanstocreateaportfoliousingamixoftheS&P500Index,therisk-freeasset,andthefourstocksdiscussedabove.Heusesthedataabovetoselecttheappropriateassetallocationstomaximizereturns.RecentmarketactivityhasZellerconcerned.Forseveralweekshehasseenstockswithweakfundamentalsstageastrongrally,whilesolid,steady-growthstockshavelagged.Afterextensiveresearchintotechnicaltrendsandananalysisofthemarket'sfundamentals,Zellerhascometobelievetherecenttrendinthemarketislikelytocontinue,withspeculativestockscontinuingtorally.Despitethegainsinspeculativestocks,Zellerseescontinuedweaknessinlarger,solidstockscausingadeclineintheS&P500Index.Tocompensateforthisrisk,hepurchasesputoptionsonthe50largeststocksinthecapitalization-weightedindexinsteadofbuyingtheindexitselfforthenewportfolios.Laterthatday,Zellerreceivesane-mailfromFlorenceWhitaker,aclientwhoseportfoliohasperformedpoorlyinrecentmonths.SheisnothappywiththeresultsandquestionsZeller'sallocationstrategy.Inaresponsee-mail,ZellerdefendstheTreynor-Blackmodelandmakesthefollowingpoints:Thestrategyisdesignedtobeatthemarket,butnotnecessarilytogenerategainswhenthemarketisdown.Inyourportfolio,Ioverweightthestockswiththehighestpotentialreturntoboostperformance.Amixofindividualstocksandindexfundsgivestheportfoliobetterpotentialreturnsthantheindex,whileofferinglessriskthantheindividualstocks.Allofthestocksinyourportfoliohavebetasbelow1.Aftersendingthee-mail,Zelleropensupaspreadsheettocrunchsomenumbers.Severalofhisportfolioshaveunderperformedoverthelastyear,andheresolvestoconsiderwhetherheshouldrelaxhisassumptionsabouttheaccuracyofforecasts.Fromhighestallocationtolowest,howshouldZellerallocatethefourstocksinhisportfolio?()AHearthstone,MinsterMaskandCostume,KustomAuto,ImperialShipyards.BMinsterMaskandCostume,KustomAuto,ImperialShipyards,Hearthstone.CKustomAuto,ImperialShipyards,MinsterMaskandCostume,Hearthstone.DMinsterMaskandCostume,Hearthstone,KustomAuto,ImperialShipyards.□□□□□□ :x□□□□□ :2答案:BTheTreynor-Blackmodelcallsforgreaterweightstostockswithhighforecastalpharelativetounsystematicrisk.TheSharperatioreflectsthatrelationship.TocalculatetheSharperatio,wesubtracttheriskfreeratefromtheexpectedstockreturns,andthendividebythestock'sstandarddeviation.Betaisnotameasureofunsystematicrisk,soitshouldnotbeused.Sharperatiosforthefourstocksareasfollows:Hearthstone=27.35%.Imperial=27.5%.Minster=46.14%.KustomAuto=37.86%.ThehighertheSharperatio,thehigherthelevelofalpharelativetounsystematicrisk.Assuch,thehighestweightingshouldgotoMinsterMaskandCostume,thesecond-highesttoKustomAuto,thethird-highesttoHearthstone,andthefourth-highesttoImperialShipyards.WhichofZeller'sactionsisleastcompatiblewiththeuseoftheTreynor-Blackmodel?His:()APurchaseofputoptions.BUseofindexfunds.CWillingnesstoactivelymanageportfolios.DSupportoftheefficientmarkethypothesis.該題您未回答:x該問題分值:2答案:AIndexfundsappealtoefficientmarkettheoristsinpartbecausetheyofferalow-costwayofinvestinginthemarketwithouttryingtoexploitinfrequentmispricing.Whileactivemanagementofanysortmayseemincongruousagainsttheefficientmarketbackdrop,itisactivemanagement,orthesearchforalpha,thatclearsupmispricingsandtheoreticallyleadstomarketequilibrium.TheTreynor-Blackmodelisanoptimizationframeworkthatassumesmarketsarenearlyefficientbutdoesallowforsomeactivemanagement.TheTreynor-Blackmodelassumesaportfolioconsistingofindexfunds,stocks,andtherisk-freereturn.Putoptionshavenoplaceinthatmodel.Inlightofhisobservationsaboutmarketmovements,Zellershould:()InAIncreasehiscashallocation.BIncreasehisindex-fundallocation.CTakenoaction,themodelwillaccountforanychanges.DIncreasehisallocationofactivelymanagedstocks.□□□□□□ :x □□□□□ :2答案:DAsmarketsbecomemoreefficient,alphasshrink,andportfoliomanagersusingtheTreynor-Blackmodelwillreducetheirallocationofactivelymanagedstocks.However,Zellerexpectsmispricingstoincreaseinthecomingmonths,soheshouldstepuptheactivemanagementofhisportfoliostotakeadvantageofthehigheralphas.IfZellerstopsassumingforecastsareaccurate,hewillmostlikely:()AIncreasethenumberofstocksintheportfolio.BShiftsubtlytowardCAPM.CReducebothriskandpotentialreturnoftheportfolio.DNeedtorebalancetheportfoliomoreoften.該題您未回答:x該問題分值:2答案:CTheTreynor-Blackmodelassumesforecastsareaccurate.Relaxingthatassumptionrequiresanalyststoplacelessweightonforecasts.Ifwediscountthevalueofforecastedalpha,theweightingoftheactivelymanagedportionoftheportfoliowilldecreaserelativetotheindex.Ahigherindexweightingislikelytoreducebothriskandpotentialreturn.Thelesstrustwehaveinforecasts,themoreforecastedalphaisrequiredtojustifymakingabetonanindividualstock.Stockswithmarginalalphawillbecomelessappealing,sothenumberofstockssuitableforinvestmentwilldecline.Thenumberofstocksintheportfolioismorelikelytodeclinethantoincrease.CAPMisverydifferentfromtheTreynor-Blackmodel,andaccountingforinaccurateforecastsdoesnotchangethat.Portfoliorebalancingisnotrelevanthere.AssumingZellerintendstotakepositionsinallfourofthestocksdiscussedabove,howmanyshouldhesellshort?()A1.B0.2.3.□□□□□□ :x□□□□□ :2答案:BWhileoneofthestocksisexpectedtounderperform,theindexandtwoofthestockshavelowerSharperatiosthantheindex;allhaveapositiveexpectedalpha.Assuch,noneshouldbeshorted.SECTIONTHREE(Compulsory)：Explanationsofterms16.Marginrequirement——J□□□□□□ :x □□□□□ :5答案:Marginrequirementreferstothatacentralbanksetsthepercentageofloansinthevolumeofsecuritiestransactionsforvariousloansinvolvingsecuritiestransactions,suchassettingtheamountofpaymentaccordingtotheratioofmarginwhenpeoplepurchasesecuritiesoncredit.17.Interestceiling該題您未回答 :x 該問題分值:5答案:Interestceilingisthemaximumoftheinterestratepaidbycommercialbanksontimedepositsandsavingsdeposits,thepurposeofwhichistopreventbanksfromovercompetingfordepositsbyraisinginterestratesandtoavoidcreditrisk.

18.BankforInternationalSettlements(BIS)□□□□□□ 18.BankforInternationalSettlements(BIS)□□□□□□ :x□□□□□ :5答案:Aninternationalorganizationfostersthecooperationofcentralbanksandinternationalmonetarypolicymakers.Establishedin1930,itistheoldestinternationalfinancialorganization,andwascreatedtoadministerthetransactionofmoniesaccordingtotheTreatyofVersailles.Amongothers,itsmaingoalsaretopromoteinformationsharingandtobeakeycenterforeconomicresearch.19.該問題分值該題您未回答答案:Bancassurance該問題分值該題您未回答答案::x該問題分值該題您未回答答案:20.Secondarymarket該問題分值該題您未回答答案:20.Secondarymarket:xAmarketinwhichaninvestorpurchasesasecurityfromanotherinvestorratherthantheissuer,subsequenttotheoriginalissuanceintheprimarymarket,alsocalledaftermarket.SECTIONFOUR(Compulsory)：AnswerQuestiones21.ExplaintheMechanismofMoneySupply.□□□□□□ :x□□□□□ :8答案:Themechanismofmoneysupplyinvolvessuchthingsaswheremoneycomesfrom,throughwhatchannelmoneycomesintocirculationorhowmoneyissuppliedin.aneconomy,thusformsthemovementofmoney.Moneyinmoderneconomyiscreatedbythebankingsystem.AswementionedinSection1,theprocessofmoneycreationinvolvesthecentralbank,commercialbanks,depositorsandborrowers,butamongthemthemostimportantarethecentralbankandcommercialbanks.Theformerhastheprivilegetoprovidemonetarybaseandregulatemoneysupplywhilethelattercreatesmoney.WhatistheFunctionofstockexchanges?I]□□□□□□ :x□□□□□ :8答案:Stockexchangesareformalorganizations.Theyaremadeupofmemberswhousetheexchangefacilitiesandsystemstoexchangeortradelistedstocks.Theseexchangesarephysicallocationswheremembersassembletotrade.Stocksthataretradedonanexchangearesaidtobelistedstocks.Thatis,thesestocksareindividuallyapprovedfortradingontheexchangebytheexchange.Tobelisted,acompanymustapplyandsatisfyrequirementsestablishedbytheexchangeforminimumcapitalization,shareholderequity,averageclosingshareprice,andothercriteria.Evenafterbeinglisted,exchangesmaydelistacompany'sstockifitnolongermeetstheexchangerequirements.Tohavetherighttotradesecuritiesormakemarketsonanexchangefloor,firmsorindividualsmustbecomeamemberoftheexchange,whichisaccomplishedbybuyingaseatontheexchange.Thenumberofsealsisfixedbytheexchangeandthecostofaseatisdeterminedbysupplyanddemandofthosewhowanttosellorbuyseats.Inearly2001,therewas1,366seatsontheNYSE,andthecostofaseatwere$2million.Stockexchangesperformimportantrolesinnationaleconomies.Mostimportant,theyencourageinvestmentbyprovidingplacesforbuyersandsellerstotradesecurities.Thisinvestment,inturn,enablescorporationstoobtainfundstoexpandtheirbusinesses.ListtheCounter-measuresofDeflationasmoreaspossible. J□□□□□□ :x□□□□□ :8答案:Asdeflationiscausedbyvariedfactors,thewaystodealwithdeflationshouldbediversified.Generallyspeaking,deflationishandledwiththefollowingmeasures;ExpansionarymacroeconomicpoliciesInordertoenhancetheaggregatedemandandpreventaneconomyfromslidingintorecessionwhenthereisadeflation,expansionarymonetaryandfiscalpoliciesshouldbeapplied.Ononehand,expansionarymonetarypolicyisusedtostimulateeffectivedemand;ontheotherhand,expansionary,fiscalpolicyincreasesgovernmentspendingtomakeupinsufficientinvestmentintheprivatesector.Duringdeflationexpansionary,fiscalpolicyismoreeffectiveinstimulatingtheaggregatedemand,whilemonetarypolicyinshortrunisslowtoshoweffectswhichalsodependsonenterpriseandhouseholddemand.From1998to2002,theChinesegovernmentraisedRMB6,600billionbyissuingnationaldebtsandthefundshavebeenusedininfrastructureconstructionandplayedaveryimportantpartinincreasingtheaggregatedemandandingaininganaveragegrowthrateof7.5%，undertheinfluenceofmanyunfavorableeconomicvariables.AdjustmentofproductionstructureThedirectcauseofdeflationisinsufficienteffectivedemand.Insufficienteffectivedemandandexcesssupplyaretwosidesofacoin.Notonlydemandshouldbestimulated,butalsoexcesssupplyorexcessproductioncapacityshouldbetackledinsolvingtheproblemofinsufficientdemand.Asthestructuraldefectsofsupplycausesexcesssupply,adjustmentofproductionstructureisneededinordertoweedoutexcesssupplyorexcessproductivecapacity.Asforadjustmentofindustrialstructure,itisimportanttoescalateindustrialstructureandfindnewsourceofeconomicgrowthandformnewconsumptiondemand.Meanwhile,foreignmarketsshouldbedevelopedandexportshouldbepromoted.Usuallywhenthereexistsexcessproductioncapacity,therewillbemalignantcompetitioninthemarket.Inordertoseizemarketshare,therewillbecontinuouspricecompetitionsotheprofitofthewholeindustrywilldecline.Duringtheprocessoffiercecompetition,someenterpriseswillbeforcedtoexitthemarketandtherewillbemoremergersandacquisitions.Afterthat,themalignantmarketcompetitionwillbecontrolledandpricefallcausedbythemalignantmarketcompetitioncanbepossiblyavoided.Othercounter-measuresofdeflationBesidesthemeasuresmentionedabove,thepolicyofwageandpricecontrolisoneofcountermeasuresagainstdeflation.Duringdeflation,aplantoraisewageandpreventpricesfromdecliningcanbecarriedout,whichhastheoppositeeffectofwage-priceguidelineduringinflation.Agovernmentcanalsointervenestockmarketwithcertainpolicytopushupstockprice,whichwillleadtopeople'soptimisticexpectationoffutureandappreciationofbookvalueoffinancialassets,hencetheeffectofwealthincrease.Inthiscase,thepropensityofconsumptionofhouseholdswillbeenhanced.Sofar,someachievementsonthestudyofdeflationhavebeenmade,butmoreeffortsareneededtolookdeeplyintothiseconomicphenomenon.24.WhatisFinancialLiberalization?AndwhatisTheNatureofFinancialLiberalization?-_J□□□□□□ :x□□□□□ :8答案:Financialliberalizationreferstomeasuresdirectedatdilutingordismantlingregulator，controllingovertheinstitutionalstructures,instrumentsandactivitiesofagentsindifferentsegmentsofthefinancialsector.Thesemeasurescanrelatetointernalorexternalregulations(Chandrasekhar,2004).Internalfinancialliberalizationtypicallyincludessomeorallofthefollowingmeasures,invaryingdegrees;?Thereductionorremovalofcontrolsontheinterestratesorratesofreturnchargedbyfinancialagents.Ofcourse,thecentralbankcontinuestoinfluenceoradministerthatratestructurethroughadjustmentsofitsdiscountrateandthroughitsownopenmarketoperations.Butderegulationtypicallyremovesinterestrateceilingsandencouragescompetitionbetweensimilarlyplacedfinancialfirmsaimedatattractingdepositorsontheonehandandenticingpotentialborrowerstotakeondebtontheother.Asaresult,pricecompetitionsqueezesspreadsandforcesfinancialfirms(includingbanks)todependonvolumestoensurereturns.?Thewithdrawalofthestatefromtheactivityoffinancialintermediationwiththeconversionofthe"developmentbanks"intoregularbanksandtheprivatizationofthepubliclyownedbankingsystem,onthegroundsthattheirpresenceisnotconducivetothedominanceofmarketsignalsintheallocationofcapital.Thisisusuallyaccompaniedbythedeclineofdirectedcreditandtheremovalofrequirementsforspecialcreditallocationstoprioritysectors,whethertheyaregovernment,small-scaleproducers,agricultureorothersectorsseenasprioritiesforstrategicordevelopmentalreasons.Theeasingofconditionsfortheparticipationofbothfirmsandinvestorsinthestockmarketbydilutingordoingawaywithlistingconditions,byprovidingfreedominpricingofnewissues,bypermittinggreaterfreedomstointermediaries,suchasbrokers,andbyrelaxingconditionswithregardtoborrowingagainstsharesandinvestingborrowedfundsinthemarket.?Thereductionincontrolsovertheinvestmentsthatcanbeundertakenbyfinancialagentsand,specifically,thebreakingdownthe"Chinesewall"betweenbankingandnon-bankingactivities.Mostregulatedfinancialsystemssoughttokeepseparatethedifferentsegmentsofthefinancialsectorsuchasbanking,merchantbanking,themutualfundbusinessandinsurance.Agentsinonesegmentwerenotpermittedtoinvestinanotherforfearofconflictsofinterestthatcouldaffectbusinesspracticesadversely.Theremovaloftheregulatorywallsseparatingthesesectorsleadstotheemergenceof"universalbanks"orfinancialsupermarkets.Thisincreasestheinter-linkagesbetweenpyramidingfinancialstructures.?Theexpansionofthesourcesfromandinstrumentsthroughwhichfirmsorfinancialagentscanaccessfunds.ThisleadstotheproliferationofinstrumentssuchascommercialpaperandcertificatesofdepositissuedinthedomesticmarketandallowsforoffshoresecondarymarketproductssuchasADRs(AmericanDepositoryReceipts—thefloatingofprimaryissuesintheUnitedStatesmarketbyfirmsnotbasedintheUnitedStates)orGDRs(GlobalDepositoryReceipts).Theliberalizationoftherulesgoverningthekindsoffinancialinstrumentsthatcanbeissuedandacquiredinthesystem.Thistransformsthetradi