金融英語證書考試

1、金融英語證書考試（FECT）Exercises-1（1）1.Whichofthefollowingisnotafunctionofmoney？。A.Toactasamediumofexchange8 .ToactasaunitofaccountC.ToactasastoreofvalueD.ToprovideadoublecoincidenceofwantsE.Toactasameansofpayment9 .Thepriceintheforeignexchangemarketiscalled。A.thetradesurplus10 theexchangerateC.themoneyprice

2、D.thecurrencyrate11 Marketriskreferstotheriskof。A.financialpricesfluctuationsB.defaultC.fraudD.deferredpayments12 Whichofthefollowingisnotamongthegenerallyacceptedaccountingprinciples？。A.CashbasisB.PrudenceC.ConsistencyD.GoingconcernE.Moneymeasurement。13 Whatisadocumentaryletterofcredit？。A.Aconditio

3、nalbankundertakingtopayanexporteronproductionofstipulateddocumentation14 AmethodoflendingagainstdocumentarysecurityC.AninternationaltradesettlementsystembiasedinfavourofimportersD.Alloftheabove6.Holdingagroupofassetsreducesriskaslongastheassets。A.areperfectlycorrelatedB.arecompletelyindependentC.don

4、othavepreciselythesamepatternofreturnsD.haveacorrelationcoefficientgreaterthanone7.Anamount，payableinmoneygoods，orservice，owedbyabusinesstoacreditor，isknownasa/an。A.liabilityB.debtC.equityD.asset8.WhatfunctionismoneyservingwhenyoubuyatickettoamovieA.storeofvalueB.amediumofexchangeC.transactiondemand

5、D.aunitofaccount9.Ifforeignersexpectthatthefuturepriceofsterlingwillbelower，the。A.supplyofsterlingwillincrease，demandforsterlingandtheexchangeratewillfallB.supplyofsterlingwillincrease，demandforsterlingandtheexchangeratemayormaynotincreaseC.supplyofsterlingwillfall，demandforsterlingwillandtheexchang

6、eratewillriseD.supplyofsterlingwillfall，demandforsterlingwilltheexchangeratemayormaynotfall10.Thedocumentarycollectionprovidesthesellerwithagreaterdegreeofprotectionthanshippingon。A.openaccountB.bank'sletterofguaranteewill fallwill rise ，increase ，fall ， andC.banker'sdraftD.documentarycredit

7、11.Whichofthefollowingstatementsisnottrueofcentralbanks_。A.Theypaythegovernment'ssalariesB.TheyalwaysundertaketheregulationofthebankingsystemC.TheyarealwaysthelenderoflastresortD.Noneoftheabove12 .WhenGBP/USDrategoesfrom1.6150to1.8500，wesaythedollarA.appreciatesby12.70%B.depreciatesby14.55%C.dep

8、reciatesby12.70%D.appreciatesby14.55%13 .Accordingtodiversificationprincipleininvestment，supposeyouinvestStockXandStockYwithequalfunds，whichofthefollowingisnottrue？。the risk ofthe risk of thethe risk of theA.IfXandYaretotallyindependentwitheachothertheportfolioisreducedB.IfXandYareperfectlynegativel

9、ycorrelatedportfolioisperfectlyoffsetC.IfXandYareperfectlypositivelycorrelatedportfolioisneitherreducednorincreasedthe risk of theD.IfXandYareperfectlynegativelycorrelatedportfolioisneitherreducednorincreased14.Thesearefourmainmethodsofsecuringpaymentininternationaltrade：1) paymentunderdocumentarycr

10、edit2) openaccount3) collection，thatisdocumentagainstpaymentoracceptanceofabillofexchange4) paymentinadvanceFromanexporter'spointofview，theorderofpreferenceisA.4)2)3)1)B.4)1)3)2)C.4)3)1)2)D.2)4)1)3)15.The main liability onbank balance sheet isA.depositsB.capitalandreservesC.loansandoverdraftsD.c

11、ash16 .showsthatnetincomeforaspecifiedperiodoftimeandhowitwascalculated。A.TheincomestatementB.ThecapitalstatementC.TheaccountingstatementD.Thestatementoffinancialcondition17 .Whymusttheliabilitiesandassetsofabankbeactivelymanaged？A.BecauseassetsandliabilitiesarenotevenlymatchedonthesametimescaleB.Be

12、causeassetsandliabilitiesareevenlymatchedC.BecausetheinterbankmarketusesLIBORD.Becauseassetsandliabilitiescanbeunderwritten18.1 ftheexpectedreturnsoftworiskyassetshaveaperfectnegativecorrelation，thenrisk。A.isincreasedB.fallstozeroC.isunaffectedD.isreducedbyone-half19 .Apossibledisadvantageoffreelyfl

13、uctuatingexchangerateswithnoofficialinterventionisthat。A.somenationswouldexperiencecontinualdeficitsB.theexchangeratesmayexperiencewideandfrequentfluctuationsC.nationswouldnolongerbeabletoundertakedomesticpoliciesdesignedtoachieveandmaintainfullemploymentD.nationswouldneedalargersupplyofinternationa

14、lreservesthanotherwise20 .WhatareyourGBP/USDpositionandtheaveragerateifyousell£4mat1.6350buy£5mat1.6340andsell$5mat1.6348?A.Short£2058478.10long$3370000at1.6371B.Long£5941521.90short$9710000at1.6342C.Short£5941521.90long$9710000at1.6342D.Long£4058478.10short$6630000at1.

15、633621.Acorrelationcoefficientof+1.0meanstwostocksare。A.perfectlynegativelycorrelatedB.oppositethemarketbetaC.equaltothemarketbetaD.perfectlypositivelycorrelated22.ThepercentageanalysisofincreasesanddecreasesincorrespondingitemsincomparativefinancialstatementsiscalledA.externalanalysisB.horizontalan

16、alysisC.verticalanalysisD.comparativeanalysis23.WhatisthenameofthedocumentwhichcanmakeabuyerfeelconfidentthatgoodsareofacertainstandardA.InspectioncertificateB.CommercialinvoiceC.InsurancepolicyD.Certificateoforigin24.Sometimesfinancialintermediariesby"borrowingshortandlendinglong"findthem

17、selvesindifficultfinancialsituationsbecause。A.short-termratesarefallingB.long-termratesarerisingC.depositsincreasetoorapidlyD.short-termratesriserelativetoratesoftheirholdingsE.long-termratesrisemoresharplythanshort-termrates25.Incotermswerewritten。A.bytheInternationalChamberofCommerceB.undertheUnit

18、edNationsConventionfortheInternationalSaleofGoods(ViennaConvention)C.undertheKyotoProtocolsasadoptedin200026.Thepurposeofkeepingaccountisto。A.determinewhetherthebusinesshasmadeaprofitoralossB.findoutwhythebusinesshaslostmoneyC.seehowmuchhasbeenspentD.findoutwhythebusinesscannotfulfilitscommitments27

19、.Ifreservesare20percent，thenthemultipliereffectwillbetimes，sotheoriginaldepositofRMB40000cancreateuptoofnewdeposits。A.5RMB200000B.4RMB120000C.3RMB80000D.6RMB2000028 .ABCCompanyisthebeneficiaryofaconfirmedirrevocableletterofcredit.bank（s）willassurethecompanythatitwillbepaid。A.OneB.NoneC.ThreeD.Two29

20、.Legaltenderincludes。A.notesandcoinsB.notesonlyC.coinsonlyD.notes，coinsandchecks30 .Thefollowingarethebasicfunctionsofabillofladingexcepttoactas。A.areceiptforthegoodsfromtheshippingcompanytotheexporter31 adocumentoftitleforgoodsbeingshippedoverseasC.acertificateoforigin，whichcertifiesthatthegoodswer

21、eproducedinaparticularcountryD.evidenceofthecarriagecontractbetweentheexporterandthecarrier31.Persistentforeigntradedeficitsunderaflexibleexchangeratesystemusuallyleadto。A.inflationinthedomesticeconomyB.speculationoffuturedevaluationC.fallinginterestratesD.risingimports32.Theadditionalamountpaidinbu

22、yingorsellingacurrencyatagivenfuturedateiscalled。A.premiumB.commissionC.tariffD.dividend33.Banksmanagetheirassetsconsidering。A.riskB.someoptimumcombinationoftheaboveC.earningsD.liquidity34 .Whatisthefunctionofthebook-keepingsysteminbankaccounting？。A.Toprovethatalltheday'stransactionshavegonethro

23、ughfortherightamountB.Toprovethatalltheday'stransactionshaveallbeenpostedtotherightaccountC.ToprovethatthefreshbalanceofthoseaccountsiscorrectafterrecordingthetransactionsD.Alloftheabove35 .Theriskthatisspecifictoindividualstocksiscalled。A.systematicriskB.countryriskC.unsystematicriskD.marketris

24、k36 .ThemainobjectiveoftheExchangeEqualizationAccountistoA.preventunduefluctuationintheexchangevalueofonecountry'sowncurrencyagainstothercurrenciesB.controltherateofinflationC.ensurethatnotesandcoinscontinuetobeacceptableasamediumofexchangeD.permittheexchangeofpaymentsbetweenbanks37 .Howcanyoupr

25、ovethatnotransactionsaremissingorwrongattheendoftheday？。A.ThereisnootherwaythanhavethesetransactionsrepostedtotheproperentriesB.WecanexamineallthetransactionscarefullyandfindthewrongrecordsC.WecanbalancethetotaldebitsandthetotalcreditsbycalculatingthemagainD.Wecandothatbycheckingthetotaldebitsandthe

26、totalcreditstoseewhethertheyareinstateofbalance38 .Money。A.servesasthecriticalfunctionofamediumofexchangeB.facilitatestradeingoodsandservicesC.overcomestheinefficienciesofbarterD.alloftheabove39.Ifdealersbuycurrencyforwardbutdonotsellforwardatthesametime，theirpositionisknownas。A.shortB.forerunnerC.s

27、peculationA.onlyifclearlyincorporatedintothecontractofsaleB.toInternationalshipmentsbeyondacertaintonnageC.tointernationalshipmentsundertheUniformCommercialCodeD.toallinternationalshipmentsofgoods41.Underwhichoneofthefollowingcircumstanceswoulditbewiseforyourcustomertoarrangeaforwardforeignexchangec

28、ontract？A.Importofgoodspricedinaforeigncurrency8.1 mportofgoodspricedinRMBC.ExportofgoodspricedinRMBD.Exportofgoodspricedinaforeigncurrencywheretherateofexchangehasbeenagreedinthesalescontract8.2 ncotermsaddress。A.therisksoflossbetweenthepartiesB.breachesofcontractC.ownershiprightsD.typeofshipused43

29、.Whichofthefollowingisorwasanexampleofrepresentativefull-bodiedmoney？。A.DebtmoneyB.ATSaccountC.GoldcertificateD.Demanddeposit44 .Risksassociatedwithinvestinginforeigncountriesarethefollowingexcept。A.votingriskB.exchangerateriskC.countryriskD.politicalrisk45 .AnexportersellsgoodstoacustomerabroadonFO

30、BandonCIFterm.Whoisresponsibleforthefreightchargesineach？。A.Exporter；ExporterB.Exporter；ImporterC.Importer；ImporterD.Importer；Exporter46 .DefaultriskreferstothepossibilitythataborrowermayA.beunabletorepaytheprincipalonhisloanB.beunabletomaketheinterestpaymentsonhisloanC.gobankruptD.alloftheabove47 .

31、Whatisthereserverequirement？。A.TherequirementofabanktodepositapercentageofmoneyB.TherequirementfordepositsincashC.Thepercentageofabank'sdepositsintheformofcashreservesD.Therequirementforcashreserves48 .Adraftislikeacheckthatcanbeendorsedbutitisn'tatitletogoods，like。A.abillofladingB.aninspect

32、ioncertificateC.acertificateoforiginD.aninsurancecertificate49 .Arbitrage。A.isageneraleconomictermforbuyingsomethingwhereitischeapandsellingitwhereitisdearB.keepsexchangeratesconsistentacrossmarketsC.hasbeenoutlawedbytheInternationalMonetaryFundD.cannotoccurwherethereisaforwardexchangemarketE.bothAa

33、ndB50 .Whatisthepurposeofcomparingtheledgerentrieswiththedocuments？。A.ToprovethatallthetransactionshavemadefortherightamountsB.ToprovethatalltheaccountshavebeenpostedcorrectlyC.TocheckthenumberofallthedebitsandcreditsD.Toposttherightaccounts51.WhatisDollarCostAveraging？。A.Abrokerageaccountthatgivesi

34、nvestorscheaptradesB.TheideathatpricestendtoriseoverthelongtermC.BuyingstocksthatarebelowaverageinvalueD.AflatquarterlymutualfundfeeaveragedthroughouttheyearE.Astrategyofinvestingmoneyonaregularbasistotakeadvantageofmarketfluctuations52 .FromaChinesebank'spointofview，thecurrencyaccountwhichitmai

35、ntainsabroadisknownas，whileaRMBaccountoperatedinChinaforaforeignbankistermedA.a vostro accountB.a vostro accountC.a mirror accountD.a nostro accounta nostro accounta mirror accounta nostro accounta vostro account53 .UnderFOBtermsthebillofladingwouldstategoods。A.loadedonboard，freightpayableatdestinat

36、ion54 loadedonboard，freightpaidC.receivedforshipment，freightpaidD.receivedforshipment，freightpayableatdestination54.Theliabilitiesofthebankasshowninitsbalancesheetrepresentthewhichitusesinitsbusiness。A.sourcesofthefundsB.sharecapitalC.investmentsD.advancestocustomers55.Internationalpaymentsandotherm

37、essagesareoftensentthroughaninternationalcomputernetworkcalled。A.CHAPSB.BACSC.SWIFTD.EIMT56.Lowlevelsofuncertainty（risk）areassociatedwith。A.stocksB.stockoptionsC.higherpotentialreturnsD.lowerpotentialreturns57 .Governmentsecuritieswouldappearonacommercialbank'sbalancesheetas。A.anassetB.reservesC

38、.partofnetworthD.aliability58 .Amajorproblemwithafixedexchangeratesystemisthatwhencountriesrunforeigntradedeficits，。A.thereisnoself-correctingmechanism59 currencyvaluesbecomeunstableC.thevalueofthereservecurrencydeclinesD.worldinflationincreases59.Inaparticulareconomybanksarerequiredtokeep25percento

39、falldepositsintheformofreserves；thisgivesacredit-creationmultiplierof。A.fourB.threeC.twoD.five60.Regulationofthemoneysupplyandfinancialmarketsisreferredtoas。A.fiscalpolicyB.incomepolicyC.monetarypolicyD.budgetarypolicy61.Whenacountryrunsaforeigntradedeficitunderaflexibleforeignexchangeratesystem，its

40、。A.importsautomaticallyincreaseB.currencyautomaticallydepreciatesC.exportsautomaticallydeclineD.currencyautomaticallyappreciates62.WhichofthefollowingstatementsisnottrueofaccountingA.AccountingislanguageofbusinessB.The user of accounting includes business ，government ，nonprofitorganizationsandindivi

41、duals。C.AccountingisusefulfordecisionmakingD.Accountingisanendratherthanameanstoanend63.Thetermforeignexchangeisbestdefinedbythefollowingstatement：itis。A.therateofexchangebetweentwocurrenciesB.synonymouswithcurrencyexchangeC.theplaceinwhichforeigncurrenciesareexchangedD.aninstrumentsuchaspapercurren

42、cy，note，andcheckusedtomakepaymentsbetweencountries64.WhatisAssetAllocation？。A.Buyingassetsofdifferenttypes，risks，andpotentialreturnsB.BuyingassetswithmorethanonebrokerageaccountC.TheabilitytobuymutualfundsD.Buyingstocksforthelongterm65.Externalusersoffinancialaccountinginformationincludeallofthefoll

43、owingexcept。A.suppliersB.linemanagersC.generalpublicD.creditors66.CAPMisshortforA.CapitalAssetPricingModelB.CashAddedPriceMatrixC.CapitalAssetPricingMatrixD.CostandPriceModel67.Liquiditymeasuresthe。A.valueofanassetB.easewithwhichanassetcanbeexchangedC.usefulnessofanassetD.economicandmonetaryreliabil

44、ityofanassetcomparedwithotherassets68.1 naletterofcredittransaction，thebankpaystheselleragainstwhichagree（s）with。A.documentsthecreditB.merchandisethecontractC.documentsthecontractD.merchandisethebuyerordered69.Abartereconomyisonethatdoesnotpossess。A.anywealthB.printedcurrencyC.amediumofexchangeD.gol

45、dthe airway bill is signed70 .Whichofthefollowingisnottrueofairwaybill？。A.WhengoodsaredeliveredtotheairlinebythemortheiragentsasareceiptofthegoodsB.AirwaybillisadocumentoftitletothegoodsC.AirwaybillmayalsoprovideevidenceofdespatchofthegoodswhereithasbeenstampedindicatingdetailsoftherelevantflightD.N

46、oneoftheabove71 .Thevalueofmoneyvaries。A.directlywiththeunemploymentrateB.directlywiththepricelevelC.inverselywiththeunemploymentD.inverselywiththepricelevel72 .TheeconomicsnewsonthetelevisionreportsthatthedollarhasstrengthenedrelativetotheJapaneseyen.Thismeansthat。A.thedollarhasdepreciatedrelativet

47、otheyenB.thedollarcannowpurchasemoreyenC.theyencannowpurchasemoredollarsD.theUStradebalancewiththeJapaneseeconomyhasimproved73 .Thetheoryofinternationalexchangethatholdsthatexchangeratesaresetsothatthepriceofsimilargoodsindifferentcountriesisthesameisthe。A.pricefeedbacktheoryB.tradefeedbacktheoryC.p

48、urchasingpowerparitytheoryD.J-curvetheory74 .Accordingtotheoptimalportfoliotheory，whereshouldportfolioslie？。A.OntheefficientfrontierB.AbovetheefficientfrontierC.UndertheefficientfrontierD.Anywhere，aslongastheportfolioisdiversified75.Whichofthefollowingisnotauserofmanagementaccountinginformation？。A.S

49、toremanagerB.CreditorC.CEOD.CFO76.Basedonthescenariosbelow，whatistheexpectedreturnforaportfoliowiththefollowingreturnprofile？。MarketConditionA.4%B.10%C.20%D.25%UsethefollowingexpectationsonStocksXandYtoanswerquestions17through19(roundtothenearestpercent77 .FinancialmarketsservetochannelfundsfromA.th

50、egovernmenttocontractorsB.investorstoconsumersC.consumerstoproducersD.saverstoinvestors78 .TheagreementsthatwerereachedattheBrettonWoodsconferencein1944establishedasystem。A.ofessentiallyfixedexchangeratesunderwhicheachcountryagreedtointerveneintheforeignexchangemarketwhennecessarytomaintaintheagreed

51、-uponvalueofitscurrency79 offloatingexchangeratesdeterminedbythesupplyanddemandofonenation'scurrencyrelativetothecurrencyofothernationsC.thatprohibitedgovernmentsfrominterveningintheforeignexchangemarketsD.inwhichthevaluesofcurrencieswerefixedintermsofaspecificnumberofouncesofgold，whichinturndet

52、erminedtheirvaluesininternationaltrading80 .Whichofthefollowingstatementsisnotconsistentwithgenerallyacceptedaccountingprinciplesrelatingtoassetvaluation？。A.AssetsareoriginallyrecordedinaccountingrecordsattheircosttothebusinessentityB.Accountantsprefertobasethevaluationofassetsuponobjectiveverifiabl

53、eevidenceratherthanuponappraisalsorpersonalopinionC.Accountantsassumethatassetssuchasofficesupplies，landandbuildingswillbeusedinbusinessoperationsratherthansoldatcurrentmarketpricesD.Subtractingtotalliabilitiesfromtotalassetsindicateswhattheowner'sequityinthebusinessisworthundercurrentmarketcond

54、itions81 .AfiscalexpansionintheUKthepoundsterling。A.tendstoappreciateB.tendstodepreciateC.doesnotaffectthepriceofD.hasnopredictableeffectonthepriceof82 .WhataretheexpectedreturnsforStocksXandYrespectively？A.20%and10%83 18%and12%C.20%and11%D.18%and5%82.Whichofthefollowingpaymenttermseliminatestheexch

55、angerisk，assumingtheexporterinvoicesinforeigncurrencyA.ConfirmedirrevocabledocumentarycreditB.OpenaccountC.DocumentarycollectionD/AD.NoneoftheaboveA.Fromtheviewpointofashort-termcreditor，thistransactionmakesthebusinesslesssolventB.Totalliabilitiesincreasedby$7000C.Totalassetsincreasedby$12000D.Thist

56、ransactionhadnoimmediateeffectontheowner'sequityinthebusiness84.Whichofthefollowingtermsofpaymentwillentirelyeliminatecountryrisk？。A.RevocabledocumentarycreditsB.ConfirmedIrrevocabledocumentarycreditsC.DocumentarycollectionD/PD.DocumentarycollectionD/A85.TheexpirydateofadocumentarycreditisSunday，24February，anddocumentshavetobeApresentedtoyou.Whichofthefollowingisanacceptablepresentation？(Assumethereisnolateststateddateforshipmentstipulated.)。A.PresentationtoyouonMonday25Februarywiththebillofladingdated25FebruaryB.PresentationonMonday25Februarywiththebillofladi