金融英语初级模拟10暂无听力

1、Financial English Certificate Test (BANKING: COMPREHENSIVE) Part One Listening (30 marks) Section one (10 marks)Directions: In this section, you will hear short statements. Each statement will be spoken only once. After each statement there will be a pause. During the pause, you must read the four s

2、uggested answers marked A, B, C and D, and decide which is the best answer. Then mark the corresponding letter on the ANSWER SHEET with a single line through the center. Section One 1. A. Analysts think that they can choose the most successful firm in China now. B. Analysts say they cant choose the

3、most successful firm in China now. C. Analysts think there is no successful firms in China. D. Analysts have different opinions. 2. A. The American government B. The Japanese government C. The Chinese government D. The Hongkong government 3. A. Assuming inappropriately large financial risk can cause

4、 investors to lose sleep. B. Financial risk will not cause investors to lose sleep. C. Seeking to maximize profits appropriately can cause investors to lose sleep. D. No matter how much they earn, the investors will no lose sleep. 4. A. Any one countrys currency is always Legal tender. B. Any one co

5、untrys currency is always illegal tender. C. Any one countrys currency is legal tender only within its national boundaries. D. One countrys currency is the Legal tender in the other country. 5.A. 50% B. 15% C.51% D.59% 6. A. Complexities arise when goods cross international boundaries. B. Complexiti

6、es will not arise because different kinds of money can be used. C. People must face the complexities. D. The people cannot accept the complexities. 7. A. They collect enough information. B. They dont open accounts with customers. C. They dont collect enough information. D. Customers dont want to ope

7、n accounts. 8. A. The 1980s boom collapsed in 1989. B. The 1980s boom collapsed in 1990. C. The 1980s boom collapsed in 1988. D. The 1980s boom collapsed in 1991. 9. A. Dealers find it easy to hake a living. B. Dealers find it hard to make a living. C. Auctioneers find it hard to make a living. D. D

8、ealers often buy something for stock. 10. A. $ 3001million. B. less than $ 300 billion. C. $ 300 billion. D. over $ 300 billion. Section Two (10 marks)Directions: In this section, you will hear ten short conversations. At the end of each conversation, a question will be asked about what was said. Th

9、e conversation and the question WILL be spoken only once. During the pause, you must read the four choices marked A, B, C, D, and decide which is the best answer. Then mark the corresponding letter on the ANSWER SHEET with a single Line through the center. 11. A. Buy some other countrys goods. B. En

10、joy a fortnights holiday in London or in Paris. C. Buy wheat from U. S. A. D. Exchange more money. 12. A. Seven five - dollar bills. B. Seven ten- dollar bills. C. Five ten - dollar bills. D. Seven twenty - dollar bills. 13. A. They are very special. B. They are very hard to counterfeit. C. They are

11、 very easy to counterfeit. D. They are very attractive. 14. A. Risk aversion. B. lack of time. C. Lack of skill. D. Enough time. 15. A. A syndicated loan is a loan arranged by a lead bank. B. The syndicated banks share credit information and credit risk. C. These syndicated banks dont share any info

12、rmation. D. A group of other banks are involved in a syndicated loan. 16. A. The woman wants to draw money from the bank. B. The woman wants to deposit some money. C. The woman wants to change her money into U.S. dollars. D. The woman wants to change her money into Hongkong dollars. 17.A. $ 100 bill

13、. B. $ 50 bill. C. $ 20 bill. D. $ 10 bill. 18.A. By check. B. in cash. C. With credit card. D. With RMB. 19. A. The currencys value is increasing. B. The currency is losing value. C. The currencys value remains unchanged. D. The currencys value has changed a lot, 20. A. There has been a depreciatio

14、n of 50%. B. There has been a depreciation of 70%. C. There has been an appreciation of 50%. D. There has been an appreciation of 70%. Section three (10 marks)Directions: In this section you will hear three short passages. At the end of each passage, you will hear some questions. The passages and th

15、e questions will be spoken only once. After you hear a question, you must choose the best answer from the four choices marked A, B, C, and D. Then mark the corresponding letter on the ANSWER SHEET with a single line through the center. Passage One 21. A. You can read some newspapers. B. You can watc

16、h some TV programs. C. You can read our Tips for parents section and visit Planet Orange. D. You can ask somebody for advice. 22. A. Saving for college. B. Retirement planning. C. Identity theft. D. Every cost - cutting strategies. 23. A. Helping people to get on well with each other. B. Helping peo

17、ple to save their money. C. Helping people to find a good job. D. Helping people to study well. Passage Two 24. A. PICC property and Casualty Co. Ltd. B. Ping An Insurance Co. Ltd. C. China Life Insurance Co. Ltd. D. Peoples Insurance Company of China Group. 25. A. US $ 2.5 billion B.US $ 3.5 billio

18、n C.US $ 2.15 billion D.US $ 2.5 million 26. A. 45% B.26% C.48% D.24% Passage Three 27. A. benefit B. suffer C. are not affected D. increase their profits 28. A. cut cost mid improve quality B. hire more people C. fire some people D. lower their product process 29. A. constant concern for policymake

19、rs B. occasional concern for policymakers C. temporary concern for policymakers D. domestic concern for policymakers 30. A. higher prices B. lower prices C. constant prices D. None of above. Part Two Reading (50 marks) Section One (10 marks)Directions: Each of the following sentences is provided wit

20、h four choices. Choose the one that best completes the sentence. 31. If at a given moment the market rate in one center deviates too far from the average, a balance will soon be restored by _. A. arbitration B. authority C. arbitrate D. arbitrage 32. Therefore, balance - of- payments deficits often

21、lead to price _ of a nations currency relative to the prices of other currencies. A. appreciation B. depreciation C. appropriation D. affiliation 33. A currency considered to be overvalued will soon be greeted by a rash of sell orders, _ its price. A. demonstrating B. demobilizing C. dismissing D. d

22、epressing 34. Primary producing countries may borrow from the IMF to _ losses from unfavorable price fluctuations in their export earnings. A. defend B. replace C. deduce D. offset 35. Acts of a bill of exchange are some essential legal acts taken for the purpose of _ the debt in the draft. A. assum

23、ing B. resuming C. retaining D. assuring 36. _ provide the trading parties, buyer and seller, with, a compromise between open account terms and payment in advance for file settlement of their transactions. A. Credits B. Bills C. Loans D. Collections 37. _ is a term generally used to denote the purch

24、ase of obligation falling due at some future date. A. Forfaiting B. Listing C. Issuing D. Collecting 38. If the Fed buys securities from the commercial banks, payment will be _ to the banks accounts at the Fed. A. distributed B. contributed C. credited D. submitted 39. The term Eurodollar is commonl

25、y used to refer to U.S. dollar _ held by foreign national. A. options B. contributions C. reserves D. balances 40. Repurchase agreements are short - term _ loans used by securities dealers and other market participants. A. individual B. rescued C. collateralized D. credible Section Two (10 marks)Dir

26、ections: There are a number of blanks in each of the following passages. For each blank there are four choices marked A, B, C and D. You are support to choose the best answer and mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center.Passage One In many instanc

27、es the initial purchase of raw materials or finished foods for resale is on (41) Thus, suppliers can provide financing in the form of (42) payable. The accounts payable period covers the period between when tile order for law materials is (43) and when the resulting payable is paid. The accounts pay

28、able period is subtracted (44) the length of the operating cycle to get the cash conversion cycle. The cash conversion cycle measures a firms financing gap in (45) of time. In other words, it is the time between when the firm pays its suppliers and when it collects money from its customers. 41. A. t

29、erms B. credit C. debt D. loans 42. A. accounts B. cash C. claims D. liability 43. A. put B. taken C. placed D. made 44. A. in B. on C. to D. from 45. A. terms B. light C. means D. charge Passage Two It is the time between (46) materials are ordered and receivables are collected less the time over w

30、hich payables are outstanding. Of course, if no credit is extended by suppliers, (47) the operating cycle and the cash conversion cycle would be the same. Increases in the cash conversion cycle mean the firm must finance itself for a (48) . period of time. This will increase the firms short - term f

31、inancing needs and financing (49) . Financial managers will want to monitor the cash conversion cycle and (50) action should it begin to lengthen. Shorter cash conversion cycles mean tile firm will reduce its short - term financing needs and financing costs. 46. A. where B. how C. when D. what 47. A

32、. than B. that C. thus D. then 48. A. less B. longer C. shorter D. more 49. A. costs B. expenses C. expenditures D. money 50. A. make B. expect C. take D. measure Section Three ( 10 marks)Directions: Read the following passages and determine whether the sentences are Right or Wrong. If there is not

33、enough information to answer Right or Wrong, choose Doesnt say. Then mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center. Passage One A revocable documentary credit is issued in favour of the beneficiary in accordance with the instructions of the applicant a

34、nd gives the buyer maximum flexibility, since it can be amended, revoked or cancelled without the beneficiarys consent and even without prior notice to the beneficiary tap to the moment of payment by the bank at which the issuing bank has made the documentary credit available. The revocable document

35、ary credit involves risks to the beneficiary since the documentary credit may be amended or cancelled while the goods are in transit and before the documents am presented, or. 51. According to the order of the applicant, an irrevocable documentary credit is issued in favor of the beneficiary. A. Rig

36、ht B. Wrong C. Doesnt say 52. However, the applicant in such a case incurs some risk. A. Right B. Wrong C. Doesnt say 53. The buyer in this case can get the largest flexibility since the revocable documentary credit can be revoked without prior notice to the beneficiary up to the moment of payment b

37、y the bank at which the issuing bank has made the documentary credit available.A. Right B. Wrong C. Doesnt say Passage Two An irrevocable documentary credit gives the beneficiary greater assurance of payment; however, he remains dependent on an undertaking of a foreign issuing bank. The issuing bank

38、 irrevocably commits itself to honour the exporters draft and / or documents provided that the stipulated documents are presented and all the stipulations of the documentary credit are compiled with. The irrevocable documentary credit cannot be cancelled/modified without the express consent of the i

39、ssuing bank, the confirming bank (if any) anti the beneficiary. 54. The beneficiary is independent of an undertaking of the foreign issuing bank even though he can get some assurance of payment by an irrevocable documentary credit. A. Right B. Wrong C. Doesnt say 55. On condition that the documents

40、required are presented and all the provisions of the documentary credit are followed, the issuing bank revocably commits itself to honoar the draft. A. Right B. Wrong C. Doesnt say 56. The irrevocable documentary credit cannot be cancelled if the issuing bank does not grant clear consent.A. Right B.

41、 Wrong C. Doesnt say Passage Three In balance sheet terms, the purpose of every bank loan can be assigned to one of three categories. The first is to support or acquire assets - current assets of seasonal nature, noncurrent assets or normal productive capacity. The second is to replace liabilities.

42、Replacing liabilities can take the form of either assistance in making trade discounts, making tax payments or significantly riskier category of taking out( or bailing out) other banks or financial institutions. The third is to replace equity. Replacing equity is a risky purpose since the effect of

43、substituting equity will substantially increase leverage. Occasionally, such a loan is appropriate, however, particularly in solving control problems of highly profitable companies. 57. Taking out other banks or financial institutions means getting rid of other banks or financial institutions. A. Ri

44、ght B. Wrong C. Doesnt say 58. Leverage is the relationship between debt financing and equity financing, also known as the debt - to - equity ratio. High leverage means high risk. A. Right B. Wrong C. Doesnt say 59. Making trade discounts is one form of replacing liabilities. A. Right B. Wrong C. Do

45、esnt say 60. Replacing equity is risky and therefore not appropriate in solving control problems of highly profitable companies. A. Right B. Wrong C. Doesnt say Section Four (20 marks)Directions: There are 4 passages in this section. Each passage is followed by some questions or unfinished statement

46、s. For each of them there are four choices marked A, B, C, and D. You should make the best choice and mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center. Passage One Mergers and acquisitions simply mean that one company would attempt to take over another by

47、 gaining enough of its common stock to gain control. In the simplest sense, merger means two companies becoming one with the acquirer being in the commanding position. Mergers come in one of several distinct forms. A horizontal merger brings together two companies in a similar industry-two steel com

48、panies for example. A vertical merger brings together two companies in related industries. A steel company taking over an energy producer such as a coal mine would be an example. An automobile producer taking over a parts manufacturer is another. In either case, the merger is designed to produce a s

49、ynergy between the two companies that did not exist before. The horizontal merger should produce greater scale and efficiency, avoiding duplication of products and production. Both bring together companies related either directly or indirectly. Another type of merger, or takeover as the case may be,

50、 is the merger of two unrelated companies. This is known as the conglomerate merger-a company purposely buying another not engaged in the same business at all. This sort of merger and the companies it creates- conglomerates-were originally conceived to serve as hedge against changing economic climat

51、es. Leveraged buyout (LBO) is the purchase of one company by another using mainly borrowed funds. Generally most M&A activity involves one company buying another, taking it out of the public marketplace. On occasion, the management of a company will itself tender for the outstanding shares of a comp

52、any, accomplishing the same ends. This type of privatization is referred to as a management buyout, or MBO. Acquisitions are classified as either friendly or hostile, depending upon the reaction of tile target companys directly to the proposed bid. If management remains opposed and attempts to dissu

53、ade shareholders from accepting the offer of the acquirer, the proposed purchase price is known as a hostile offer, as opposed to a friendly offer if they agree to the terms and conditions. But it should not be assumed that all hostile bids will be successful. Target companies can mount expensive de

54、fenses to ward off unwanted suitors, although the costs can be quite high. Some of those defenses are also products of the 1980s and are equally or more famous than some of the financial engineering techniques developed during the same period. 61. Mergers and acquisitions mean _. A. two companies be

55、coming one with the acquirer being in a subordinate position. B. one company taking over another by acquiring enough of its common stock. C. two companies forming a synergy that did not exist before. D. Both B and C. 62. What is a conglomerate? A. It is a merger of two related industries. B. It is a

56、 company deliberately acquiring another engaged in an activity different from that of the original. C. It is a vertical merger. D. It is a hostile merger. 63. Leveraged buyout refers to _. A. the acquisition of one company by another through its influence. B. the buying of one company by another mai

57、nly using debt. C. the acquiring of one company by force. D. the buying of one company by diversifying the risks. 64. MBO refers to _. A. the management of a company voluntarily offering to buy the outstanding shares of a company. B. a company buying another, taking it out of the public marketplace.

58、 C. management buyout. D. Both A and C. 65. What does a hostile acquisition mean? A. It means the target companies disagree to the terms and conditions proposed by the acquirer. B. It means the management of the target companies opposes the proposed bid but tries to persuade shareholders to accept t

59、he offer of the acquirer. C. All hostile bids fail. D. Target companies may try to keep away from unwanted suitors, usually at modest costs. Passage Two Cash flow can be generated from a number of sources, including operations, investment and financing. Funds From Operation is also known as Gross Op

60、erating Cash Flow. A companys operating cash flow consists of income plus non - cash charge less non - cash credits. Non - cash charge represents reduction in income not requiring cash outlays. The items include depreciation and amortization, deferred taxes, asset write - downs, amortization of bond