金融英语期末考试试题2

占密什修饰筠务Af《金融英语阅读》期末考试试卷共6页

对外经济贸易大学

2002-2003学年第一学期

ENG323《金融英语阅读》期末考试试卷（A）

本试卷适用于•：全校三年级各专业学生（00级）

学号:姓名:

班级:成绩:

I.Translatethefollowingterms.(15%)

1.有价证券

2.铸币平价

3.浮动利率

4.到期日

5.可兑换纸币

6.大一统的

7.银根紧缩

8.Commission

9.treasurybill

10.Creditor

11.Default

12.discounthouse

13.Debasement

14.Barter

15.fiscaldeficit

ILParaphrasetheunderlinedsentencesinEnglish.(15%)

1.Despitethefactthatdevaluationsoccurredandspeculativecapitalflows

were

significant,theBrettonWoodsarrangementsdeterredcurrencysubstitutionso

longasthecommitmenttofixtheexchangerateswasaccepted.

2.Thelackofincentivetoengageincurrencysubstitutionwaswitnessedbythefact

thatthesmalldeviationsfrommintparitywereoffsetexactlybythecosts

of

transportingthegoldbetweencountries.

3.Theygenerallyarenotappropriateforrisk-averseindividualsorinvestorswith

shortplanninghorizons.

《金融英语阅读》期末考试试卷共6页

4.SomeUKstockshavebid-askspreadsof10%.

III.Translatethefollowingsentences.(20%)

1.Thecontrolwhichfinancialinstitutionswieldoververysubstantialsumsofmoney

alsoattractstheattentionofgovernments,partlybecausetheymaysee

irresistible

opportunitiestosecurecheapfinanceforfavoredborrowers,andpartlyinviewofthe

economicpowerattachedtocontroloffinance.

2.Mostpeopleexperiencedifficultyinspottingwhetherthelinesare

switching

aroundsothatsometimestheseriesbeingforecastistheleadingseries.

3.Ifthetotalparvalueofthestockissuedinthecombinationislargeenough,

the

dashedboundaryshiftsdownwardpastadditionalpaid-incapital;thetotal

additional

paid-incapitalofthecombinedcompanyiseliminated,andcombinedretained

earningisreduced.

4.Nevertheless,Smith'sclassicaltenetsofeconomicliberalism-thatminimalstate

interferenceintheeconomyandmaximumrelianceuponthemarketresultinbusiness

productivityandsocialwealth—stillpredominateinAnglo-Saxonculturestoday.

5.收集的有关一国或一个项目的财务状况、资金使用、经营能力等方面的信息,

比起一个私营的外国企业可能得到的信息，会更为完整和准确。

6.一些懒人很可能会发现他们已被更有能力的经理所替代了。这种竞争可能会

发生在企业之中，但那些经营糟糕的公司更可能被全盘收购，这种形式的接管通

常都能带来一支更有活力的管理团队。

IV.Fillintheblanksaccordingtowhatyouhavelearntinthetextbook.(10%)

PBCmaintained,asofend-1996,2450subordinateestablishments.Underthe

()()bankingsystem,whichlasteduntil1978,PBCengagedin

both

centralbankingand()bankingoperations.Duringthecourseofthereform

andopeningup,somespecializedbanksandfinancialinstitutionswereestablishedor

restoredandtook()partofmacroeconomicmanagement,theStateCouncil

madeadecisionin1984forPBCto()asacentralbank.Following

this

decision,acentralbankingsystembeganto()shape.However,PBC's

()towardafull-fledgedcentralbankturnedouttobealongprocess.

The

2

整期什修饰结/Af《金融英语阅读》期末考试试卷共6页

financialsectorreforminChina()anewphaseinthelatterhalfof1993

whentheStateCouncilDecisiononFinancialReformdefinedthePBC's

key

functionsas:toformulateand()monetarypolicysoastomaintainthe

()ofthecurrency;andtoexercisefirmsupervisionoverthe

financial

institutionstoensurethesafeandeffectivefunctioningofthefinancialsystem.

V.Readthefollowingpassagesandanswerthequestions.(40%)

1.Aboutonecommercialbankoutofeveryfourhasatrustdepartmentthatprovides

specializedfiduciary©servicesforitscustomers.Toengageinthetrustbusiness,

a

bankmustobtainfromitscharteringagencytrustpowersthatenableittoofferthese

specializedfinancialservices.Thefollowingsectionsprovideanintroductionto

the

trustfunctions.

Withroughly75percentofbanking-industryparticipantsnotengagedintrust

operations,trustservicesobviouslyplayasomewhatlimitedroleintheindustry.

Since1981thepercentagecontributionoftheserevenues@tototaloperatingincome

andtotalassetshasbeenincreasingafterdeclining@since1975.asofyearend1983,

trustincomewas$4.2billionandamountedto@1.74percentoftotal

operating

incomeand0.185percentoftotalbankassets.Overtheeight-yearperiodfrom1975

to1983,trustincomegrewatacompoundannualrateof12.78percentcompared

to

17.42percentfortotaloperatingincomeand11.81percentfortotalassets.

Trustdepartmentsgeneraterevenuebychargingfeesfortheservicestheyprovide.In

theearlydaysofthetrustbusiness,thesefeesusuallywerecalculatedasapercentage

ofincomeearnedfromtrustassets.Today,mostfeeincomeisbasedupon

principal

valueoracombinationofprincipalvalueandincome.Toillustrate,afee

schedule

baseduponprincipalvalueforpersonaltrustaccountsmightrangefrom1percentto

25percentannually,dependinguponthesizeoftheaccount.Oneofthecontroversial

areasintrustmanagementishowtomeasurefeeincome.

ThetoptentrustrevenueproducersinthebankingindustryarelistedinTable14.1

(omitted).During1983,totaltrustrevenuesforthisgroupincreasedby19

percent

from$979millionto$1,161million.ThetoprevenuegeneratorisJ.P.Morgan&Co.

Inc.withtotalincomeof$218million.BankofNewYorkwasadistantsecondwith

$145millioninrevenue.The1983revenueforthetoptenbanks($1161

million)

represent28percentoftheindustry'strustincome($4192million).Withsome4,000

trustdepartmentsintheindustry,thisleavesslightlymorethan$3billionfor

the

remaining3,999departmentsorroughly$750,000inrevenueperdepartment.

Banktrustdepartmentandtrustcompaniesperformnumerousfiduciaryservicesfor

individualsandbusiness.Themajorfunctionalareasare1)trusts,2)estates,and

3)

agencies.Atrustisafiduciaryrelationshipwithrespecttopropertyinwhichthe

trustee,whohastitletotheproperty,mustperformequitable@dutiesforthebenefits

ofanotherperson(thebeneficiary).Thesettlement,guardianship,andconservatorship

ofestates-assetsofdeceasedpersons-alsoarehandledbytrustdepartments.An

agencyisacontractualagreementinwhichtheagent(trustdepartment)iscontracted

toactonbehalfofanotherperson(theprincipal).Inanagency,titletothe

property

normallydoesnotpasstotheagentbutremainswiththeprincipal(owner).Trustsand

3

《金融英语阅读》期末考试试卷共6页

agenciesaremoreimportantthanestatesingeneratingassetsfortrustdepartments.

Theserviceobjectivesoftrustandagencyrelationshipsinvolvefivemajoroperations:

1)recordkeeping,2)safekeeping3)personalandfinancialcounseling,4)

investing,

and5)controlofassets.

Personaltrustsandemployee-benefitaccountsarethemajorbusinesslinesoftrust

departments,asofDecember31,1980,thesetwolinesaccountedfor$440billion

or

77percentoftotaltrustassetsof$571billion.Ineachofthemajorbusiness

lines,

commonstocksarethemajorinvestmentvehicle,astheyaccountforroughly48

percentortotaltrustassets.Personaltrustshavethehighestproportionofassetsin

commonstocksat56percent.

The4,054trustdepartmentsrepresentedinTable4.2(omitted)wereresponsible

for

managing1,401,540accountsin1980,anaverageofalmost346accounts

per

department.Withtotaltrustassetsof$571billion,theaveragesizeaccount

was

approximately$400,000.thebanksbehindthesetrustoperationscontrolled$1,228

billionintotalassetsorroughly66percentoftotalindustryassets.Thesizeof

the

averagebankwithtrustoperationsisapproximately$300million,roughlyten

times

greaterthantheaverage-sizebank.Thesefigureshelpexplainwhynotallbanksoffer

trustservices.First,withtheaveragesizetrustaccountclosetohalfamilliondollars,

arelativelylargeandsophisticatedmarketdemandisrequiredtojustifyatrust

operation.Andsecond,atrustdepartmentisahighlyspecializedoperationwithhigh

fixedcost,whichrequiresalargeassetbasetosupportit.Thus,tosupport

an

economicallyviable@trustdepartment,abankmusthavearelativelylarge

asset

baseand/orsubstantialmarketdemand.Banksthatlacktheserequirementsshould

obtaintrustservicesfromacorrespondencebankratherthansupportanunprofitable

trustoperation.However,inanattempttobe“fullservice^^institutions,somebanks

mayprovidetrustservicesataloss.

1)Paraphrasethe6underlinedwords(from①to⑥inEnglish)(6marks)

2)Decidewhetherthefollowingstatementsaretrueorfalse.(14marks)

a)Mostofsmall-sizedbanksusuallyhaveatrustdepartment.

b)Atrustdepartmentisaspecializedoperationwithlowfixedcosts.

c)Somebankmayprovidetrustservicesataloss.

d)Inordertosupportatrustdepartmentabankmusthavearelativelylargeasset

baseand/orsubstantialmarketdemand.

e)Ineachofthetwomajorbusinesslinesoftrustdepartmentsduring

1980,

commonstocksarethemajorinvestmentvehicle.

f)During1970s,personaltrustsandestatesaccountsarethemajor

business

linesoftrustdepartments.

g)Trustdepartmentsgeneraterevenuebychargingfeesfortheservicesth

ey

provide.

4

之用肝临勺贸易Af《金融英语阅读》期末考试试卷共6页

2.AsLatinAmericanarefinding,budgetstabilityishardto

governments

achieve-andharderstilltomaintain.

InbothBrasiliaandBuenosAires,thereformofgovernmentfinanceshasbeeninthe

newslately.InArgentinatheprospectsaresurprisinglygood.OnFebruary7

the

lowerhouseofCongresspassedtwolaws—oneontax,theotheronpublic-sector

reform—toboostthegovernment'sabilitytoraiserevenueandcutspending.

The

upperhousepassedthepublic-sectorbillthisweek;thetaxbillshouldpasssoonand

thegovernmentwillbeastepclosertoitsgoalofabalancedbudgetin1996.

BraziFsoutlookisgloomier.Thepublicsector's"operational“budgetbalance(ie,

excludingtheeffectsofinflationongovernmentdebt)slidfromasurplusof1.8%

of

GDPin1994toadeficitofover4%lastyear.Moreover,lawstostrengthen

the

budget,suchasanewsocialsecuritylawandreformofpublicadministration,are

goingthroughthelegislatureatasimilarpace.

OneconclusiontodrawisthatArgentina'spublicfinancesareinbettershapethan

BraziFs.AnotheristhatArgentina'spresident,CarlosMenem,hasthepoliticalclout

topushthroughtoughmeasures.Butthetaxbillwassorelyneeded:withoutit,the

1996budgetwouldhavebeenwhollyunrealistic,becausetheoriginalbudget

made

heroicassumptionsaboutimprovingtaxcompliance.

Thepublic-sectorreformlaw,however,willmattermoreinthelongrun.Itallowsthe

governmenttomerge,reorganizeorshutdownredundantstateagencies,andto

privatizeanycompanystillinstatehands.Suchpowersmakebigfuturespendingcuts

possible,andmayhelptokeepthebudgetbalancedwhenprivatizationrevenues

run

outanddebtpaymentrise.

ThepositionofBraziFspresident,FermamdoHenriqueCarioso,couldnotbe

more

different.Themainreasonforlastyear'sfiscalmesswasthatspending,especiallyon

pay,exploded.Thecentralgovernment'swagebillroseby16%inrealtermslastyear,

andnowabsorbs45%ofallrevenues.Atthelevelofthestatesthesituationiseven

worse.Yettheconstitutionvirtuallyrulesoutthedismissalofpublic

employees.

HencetheurgentneedforMr.Cardosotopushthroughamendments.

Gainingandmaintainingfiscalstabilityisimportantforallgovernments一but

especiallyinLatinAmerica.Theregion'shistoryofchronicinflationstemsdirectly

fromgovernmentprofligacy.Andmanyoftherecentimprovementsin

budget

balanceswerehelpedbyprivatizations,manyofwhichbringonlyone-off

windfall.

Moreover,dependenceonforeigncapitalmakesfiscalprudenceevenmorecrucial.As

Argentinafoundlastyear,foreignmoneycanvanishwithremarkablespeed.

Butfiscalsuccessrequiresseveralthings.Sofar,mostprogresshascome

from

individualpolicies-suchascuttingspendingorraisingtaxes.Mexico'ssolutionsare

alsobeingattempted—witnessMr.Menem'snewlawandMrCardoso'sproposed

constitutionalreforms.Profligateprovincialgovernments,tooarebeingreinedin.

However,anothermeansofimprovement,sofarlesscommonintheregion,is

the

reformofbudgetaryinstitutionsthemselves.Thesearethesetsofrules,

procedures

andpracticesunderwhichbudgetsaredrafted-approvedandimplemented.Theidea

ofclearrulessurroundingbudgetarypolicyisnotnew-NewZealand,for

instance,