金融英语quiz答案(展示版)

金融英语模拟试题及答案Reading Comprehension: (10 points)Joseph Glass, CFA, is a consultant who provides advisory services to large manufacturing companies. Glass has been retained by ABCO, a leading manufacturer of widgets for automobiles in the United States. ABCO has hired Glass to evaluate the possibility of e*panding their current base of operations by building an additional facility in South America. Management of ABCO has identified an increase in demand for widgets in South America over the past decade, and any new manufacturing facility would produce goods to satisfy that void and would be distributed and sold across South America.Glass is not familiar with the current economic climate in South America, but is aware that several governments have attempted to encourage economic development in their countries through the enactment of pro-business legislation. Two of these countries, Venezuela and Peru, both have the reputations of being “friendly” to foreign economic investment withintheir borders. The two countries share some similarities: both, until the past twenty years, were primarily agricultural economies with little industrial development. Also, both countries can offer a relatively low-cost labor force, although their workers in general, are not highly skilled.The government of Peru has declared that protecting the country’s environment is of utmost importance, and has established a regulatory body that oversees any environmental concerns that may arise as the country becomes more industrialized. Fairly stringent regulations have already been put into place in order to ensure that going forward, the operating practices of manufacturers within their country’s borders will be in balance with the government’s concern for their county’s natural resources. Regulations cover areas of concern such as air emissions, water conservation and the use of sustainable resources. Glass advised ABCO that a cost-benefit analysis must be performed to accurately determine both the direct and indirect costs of compliance with the regulations.The Venezuelan government has taken steps to ensurethat it can carefully manage the development of its country’s emerging economy, and to ensure that a competitive market is maintained. A regulatory agency was established five years ago to provide guidance for any new manufacturing concern seeking to operate in Venezuela. The head of the agency is Juan Santos, the former CEO of one of the first modernized manufacturing facilities in the country. During his tenure as head of the agency, he has demonstrated his ability to render decisions that attempt to simultaneously satisfy legislators, industry participants, and consumers. Glass is impressed by Santos’ work so far, but realizes that over the past five years, Venezuela has e*perienced a period of relatively slow economic development. Glass believes that Santos’ skills will truly be put to the test in the upcoming years of the anticipated economic e*pansion.Glass acknowledges the need for governmental regulation of industry, but recognizes that there always are offsetting costs, both short-term and long-term of such controls. Based upon his knowledge of events that have occurred in the United States over thepast thirty years, Glass recommends that ABCO continue to carefully monitor economic developments in both countries even after a site for a new manufacturing facility is selected.Part 1)Should ABCO build a new facility in either of the two countries, it is almost a certainty that they would be the low-cost producer of widgets, with the capacity to satisfy nearly all demand in the region. A natural monopolist operating in an unregulated industry will produce at the point where:A. Marginal costs equal marginal revenue.B. Average costs equal marginal revenue.C. Average costs equal average revenue.D. The marginal cost curve intersects the demand schedule.Part 2)The social regulation policies enacted by the government of Peru would least likely to cause which of the following outcomes? ()A. Higher costs of production.B. A disproportionately higher compliance e*pensefor larger firms rather than smaller firms.C. Higher prices for the end consumer.D. Attempts by industry participants to avoid compliance through creative response.Part 3)If ABCO were to build its new facility in Peru, compliance with the country’s regulatory policies will increase the price of their product by appro*imately ten percent. Some consumers may respond by not replacing the widgets in their automobiles as frequently as before, which will cause decreased fuel efficiency. This unintended effect of regulation is an e*ample of: ()A. The capture hypothesis.B. A creative response.C. A feedback effect.D. The share-the-gains, share-the-pains theory.Part 4)The appointment of Santos, an industry “insider”, to head the regulatory agency in Venezuela has the potential to cause a reaction predicted by which of the following theories of regulatory behavior? ()A. Rate-of-return regulation.B. Share-the-gains, share-the-pains theory.C. The capture hypothesis.D. Cost-of-service regulation.Part 5)Santos, as the head of the main regulatory body in Venezuela, must decide how to manage the effects of an unanticipated sharp increase in the cost of electricity. Santos proposed regulation that will allow manufacturers to pass on the increased costs at scheduled intervals over a five year period. This approach is an e*ample of: ()A. Rate of return regulation.B. Cost-of-service regulation.C. Share-the-gains, share-the-pains theory.D. Social regulation.E*planations of terms：(10 points)1. Liquidity2. Cost-push inflation3. Surveillance4. E*ternal debt5. Foreign reserveQuestion3: How many factors to e*plain the reserveholdings?Question4: What is The Monetary Policy Instruments of the Central Bank?Question5: What is Concept of Trust Market？And what the composition of it is?Question6: What is the Money Laundering?。

CFA各科试题集及解答--QUIZ 6六 Investment Tools: Economics: Global Economic Analysis1.A: Gaining from International Trade Question ID: 12842Which of the following will determine the pattern of international trade?Comparative advantage. A.Profit margin advantage. B.Absolute advantage. C.Lowest total cost advantage. D.AComparative advantage is the ability to produce a good at a lower opportunity cost than otherscan produce it.Question ID: 12844Which of the statements about absolute advantage is TRUE? Absolute advantage:refers to the lowest opportunity cost to produce a product. A.is when both trading partners benefit. B.is when a nation trades for goods for which they are the high-opportunity C. cost producer.is when a nation can produce more output with the same resources than D. any other nation.DBy definition.Question ID: 12801Which type of advantage determines the pattern of trade in the world?Absolute advantage. A.Comparative advantage. B.Advantages due to tariffs and quotas. C.Economic advantage. D.BComparative advantage is the ability to produce a good at a lower opportunity cost than otherscan produce it. According to the law of comparative advantage,trading partners are bothbetter off if they specialize in the production of goods for whichthey are the low-opportunitycost producer and trade for goods for which they are the high-opportunity cost producer.Question ID: 12807The table below outlines the possible tradeoffs of producing unitsof wine and wheat for bothCountry A and Country B.Country A Country Bwine wheat wine wheat0 8 0 56 units 4 4 units 312 0 10 0Using the table above, the law of comparative advantage suggests that:Country A would not gain from trade, because it has an absolute advantage A. in the production of both goods.neither country would gain from trade, even if the costs for transporting the B. products were zero.both countries would gain if Country A traded wheat for Country B's wine. C.both countries would gain if Country A traded wine for Country B's wheat. D.CCountry A has an absolute advantage in both wheat and wine becauseit can produce more ofboth than country B. Country B has a comparative advantage in producing wine because it canproduce either 5 wheat or 10 wine which is a ratio of 1 to 2 whereas country A can produce 8 wheat or 12 wine which is a ratio of 1 to 1.5. Because of country B's comparative advantage in producing wine both countries would benefit if A used its absolute advantage in producing wheat in exchange for B's comparative advantage in wine.Question ID: 12805The law of comparative advantage explains why a nation will benefit from trade when it:exports goods for which it is a high-cost producer, while importing those for A. which it is a low-cost producer.exports more than it imports. B.imports more than it exports. C.exports goods for which it is a low-cost producer, while importing those for D. when it is a high-cost producer.DComparative advantage is the ability to produce a good at a lower opportunity cost than others can produce it. When trading partners specilize in producing products for which they have a comparative advantage, costs are minimized, output is greater, and both trading partners benefit.Question ID: 12856Which of the following is least likely to affect exchange rates? Differential:spending by firms. A.inflation rates. B.interest rates. C.income growth. D.AThe main determinant of exchange rates is the supply and demand for a currency, which is determined by the difference between the two countries in their: income growth, inflation rates, and interest rates.Question ID: 24992Country A has a comparative advantage in the production of Product F. Assume the current world price is greater than the domestic market-clearing price. If the world price is allowed to prevail in the domestic market, which of the following with respect to Product F is TRUE?The quantity supplied is lower. A.The quantity demanded is higher. B.Revenues of producers are lower. C.The quantity supplied is higher. D.DAt prices above the domestic equilibrium price, the domesticquantity demanded will be lower,and the quantity supplied will be higher.Question ID: 12855A country permits free international trade, and the world marketprice for corn is higher thanthe domestic price would be if the economy were closed. What is the likely impact of the open economy on the price of corn in the domestic market and quantity of corn supplied to the non-domestic market?Price QuantityA. lower lowerPrice QuantityB. lower higherPrice QuantityC. higher higherPrice QuantityD. high lowerCThe direct impact of the open economy on the price of corn in the domestic market is likely to be a higher price due to the greater total demand for the corn. The quantity of corn supplied to the non-domestic market is also likely to be higher because the world economy issupplyingcorn to the market.Question ID: 24994Which of the items below is NOT a reason why nations adopt trade restrictions? To:protect industries that are highly sensitive to national security. A.prohibit foreign firms from increasing market share by sellingproducts B. below cost.protect industries in which they have a comparative advantage. C.protect industries while they are developing. D.CIf a particular country enjoys a comparative advantage in aparticular industry, no protection isneeded.Question ID: 12857Which of the following arguments for trade restrictions have loweror questionable validity?Tariffs are used to prohibit foreign firms from selling products in the country A. at below cost in an attempt to gain market share.Some industries are highly sensitive to national security and their products B. should, therefore, remain in the country.Infant industries should be protected for a time while they develop and C. reduce costs.Trade restrictions create domestic jobs. D.DThe reading states that while all other explanations are partially correct, "Trade restrictionscreate domestic jobs" is at best of questionable validity.Question ID: 24996The anti-dumping argument in favor of trade restrictions is the argument the restrictionsshould be imposed to:discourage foreign firms from engaging in price competition. A.prevent foreign firms from dumping unwanted products in domestic B. markets.discourage foreign firms from exporting products of inferior quality.C.prevent foreign firms from selling their product below cost. D.DThe anti-dumping argument is that restrictions should be used to prohibit foreign firms fromincreasing market share by selling products below cost. Question ID: 12861Who is the ultimate loser when trade restrictions are established?Foreign producers. A.Foreign governments. B.Domestic consumers. C.Domestic producers. D.CConsumers lose due to the higher prices of goods.Question ID: 12863If the U.S. auto producers were prohibited from exporting their products abroad, which ofthe following would most likely occur?Auto prices in the US would rise. A.The incomes of US auto makers would rise. B.U.S. consumers would gain at the expense of foreign producers. C.Auto prices in the U.S. will fall, but U.S. citizens would have less foreign D. exchange with which to purchase foreign assets abroad.DIf U.S. auto producers could not export their products abroad their price would fall because demand would be reduced.? With the decreased demand and associated decreased production in autos this could have a ripple effect through the economy of one or more of the following: less dollars flowing into the U.S. because of decreased exports, decreasedproduction in the large auto industry could be a factor leading to a recession,? decreasing prices would limit salaries for auto workers.?All of these factors would inhibit the purchase of foreign products by U.S. citizens.?Question ID: 12865Who benefits from a quota?The government. A.Foreign producers. B.Foreign consumers. C.Domestic producers. D.DQuotas restrict the supply of imported goods, which increases the price domestically benefiting domestic producers.Question ID: 12866Which of the following is NOT a valid reason why nations adopt trade restrictions? Nations adopt trade restrictions to:protect national defense. A.prevent firms from selling products in a country at below cost. B.protect infant industries. C.protect jobs. D.DIn the long run, trade restrictions cannot protect the net number of jobs in a country. The number of jobs protected by import restrictions will be offset by the number of jobs lost in the import/export industry.Import/export firms will be unable to sell the overpriced domestic product abroad or import and sell the lower priced restricted foreign-made product.Question ID: 24999Which of the following reasons for a nation to adopt trade restrictions is the least valid? The:anti-dumping argument. A.national defense argument. B.job protection argument. C.infant industry argument. D.CThe number of jobs protected by import restrictions will be offset by jobs lost in the in the import/export industries. In the long run, trade restrictions cannot protect the net number ofjobs in a country.Question ID: 12867"Import quotas will create jobs, increasing the employment level of a nation." Economic analysis indicates that this statement is in the:Short Run Long RunA. false trueShort Run Long Run B.true falseShort Run Long RunC. true trueShort Run Long RunD. false falseBThe argument that trade restrictions protect jobs is of questionable validity. First, trade restrictions prevent trading partners from developing the purchasing power needed to buy import goods from the protected country, thus depressing the country's own export industry. Second, the higher price of the protected domestic goods dampens domestic purchasing power, taking sales away from other domestic products. Third, the jobs that would have been created in the import industry are never created.The number of jobs protected by import restrictions will be offset by jobs lost in the import/export industry.Question ID: 12806The following table illustrates the domestic prices of items of similar quality - shoes,watches, and electric motors - in the United States and Israel.United States IsraelItem (dollars) (pounds)Shoes 20 40Watches 40 90Electric Motors 80 300Assuming that the exchange rate for the Israeli pound is 2.50 perU.S. dollar and that transportation costs are zero, which goods will the U.S. tend to export to Israel?Shoes, watches, and electric motors. A.Shoes and watches only. B.Shoes only. C.Electric motors only. D.DThe key to this question is to convert the Israeli pound to dollars. 40/2.5 = $16 shoes, 90/2.5 = $36 watches, 300/2.5 = $120 electric motors, the electric motors are the only item that can be sold at a higher price in Israel than the U.S. therefore it would be the only product exported from the U.S. to Israel.Question ID: 12858Which of the following is NOT a valid reason for a country to adopt trade restrictions?To prohibit foreign firms from selling products in a country atbelow cost in A. an attempt to gain market share.To create jobs and protect the net number of jobs within a country. B.To protect infant industries. C.For national security reasons. D.BIn the long run, trade restrictions cannot increase or protect thenet number of jobs in a country. Trade restrictions prevent trading partners from developing the purchasing power needed to buy your import goods thereby depressing your export industry reducing those jobs that would have been created through increased exports.Question ID: 12803The following chart indicates the production possibilities of food and drink per day in Country A and Country B.Units of Output Per DayCountry A Country BFood 9 5Drink 7 5Which of the following statements is TRUE?Mutual gains could be realized from trade if A specialized in drink A. production and B specialized in the food production.Since B workers can produce more of food and drink than A workers,no B. gains from trade are possible.B is the low-cost producer of both food and drink. C.Mutual gains could be realized from trade if A specialized in food D. production and B specialized in drink production.DMutual gains could be realized from trade if A specialized in food production and B specialized in drink production. The reason centers on comparative advantage. Country A must give up th 7/9unit of drink toproduce one unit of food. Country B must give up 1 unit of drink to produce one unit of food. Therefore, the opportunity cost of producing food is greater for B than for A. If B produces 5 units of drink and A produces 9 units of food, each country can have 4.5 units of food and 2.5 units of drink and they will both benefit compared to other possible combinations of production.Question ID: 12808The table below outlines the possible tradeoffs of producing beer and cheese for Germany and Holland.Germany HollandCheese Beer Cheese Beer0 10 0 65 0 4 0Which of the following statements is TRUE?Germany would not gain from trade, because it has an absolute advantage A. in the production of both goods.Neither country would gain from trade. B.Both countries would gain if Germany traded beer for Holland's cheese. C.Both countries would gain if Germany traded cheese for Holland's beer. D.CQuestion ID: 12809Why does trading with low-wage countries not depress wage rates in high-wage countries?Comparative advantage and worker productivity determine who should produce what, given other factors of production. A high-wage country withhigher worker productivity in one sector can produce those goods more A.efficiently than the low-wage country and trade with a low-wage countrythat has higher worker productivity in another sector.The law of supply and demand for labor will provide a floor below whichwages cannot fall in either country and therefore, neither country's workers B.lose in terms of their respective wages.Because low wage countries buy products from high wage countries C. thereby increasing demand for workers and maintaining the wage level.Because if the wage rates were to start falling, the government of the highwage country would impose tariffs on the products of the low wage country D.to prevent the wages from falling.AQuestion ID: 12868Which of the following is a reason why trade with low-wage countries does NOT depresswage rates in high-wage countries?When each country produces goods for which it has a comparative A. advantage, both countries benefit.Low-wage countries have an advantage in high tech manufacturing. B.High hourly wage rates mean high per unit labor costs. C.High-wage countries have an advantage in labor-intensive goods. D.AWhen both countries produce the goods in which they have an advantage, total output and theavailability of goods will increase.Question ID: 12860Who benefits least from tariffs?The domestic government. A.Domestic producers. B.Domestic consumers. C.The foreign government. D.CA tax imposed on imports is called a tariff, which benefits domestic producers and domestic governments. Domestic consumers lose through higher prices, less choice of products, and lower quality products.1.B: International Finance and the Foreign Exchange MarketQuestion ID: 12871In a floating exchange rate system, if there is an excess demand for: British pounds by the Belgians, Belgians will lower their interest rates so as A. to enable their citizens to borrow more easily in orderto buy British goods.Swiss francs by Germans, Germans will sell marks and buy francs.This will B. cause the mark to depreciate relative to the franc.Italian liras by Spaniards, Italians will lower their interest ratesso as toenable Spaniards to buy Italian goods on credit and satisfy their demand for C.Italian products.German goods by Americans, Americans will have to sell more goods to D. Germans so as to be able to buy more German goods.BIn a floating exchange rate system, exchange rates between countries are based on the demand and supply of currencies relative to each other.If Germans demand francs, they will sell marks and buy francs in exchange, thus depressing their own currency. The franc will appreciate relative to the mark. Other choices are incorrect because they are not based on thesupply and demand argument underlying floating exchange rates.Question ID: 25000In a flexible exchange rate system, exchange rates are determined by: supply and demand in the market for the currency. A.governmental fiat. B.trade restrictions. C.the total value of the country's gold reserves. D.AExchange rates are determined by supply and demand. Britishimporters needing dollars to purchase U.S. goods will buy U.S. dollars and sell British pounds. British exporters needing to convert dollars to pounds will sell dollars and buy pounds.Question ID: 12870A U.S. tourist planning to visit Germany exchanges $500 for German marks at a rate of $.65/DM, but her trip is cancelled. When she exchanges her marks for dollars, she receives $577. How many DM did she receive when making the initial change, what was the DM/$ exchange rate, and what was the $/DM exchange rate?Marks Received DM/$ Exchange Rate $/DM Exchange Rate A. 325 1.09DM/$ $1.15/DMMarks Received DM/$ Exchange Rate $/DM Exchange Rate B. 549 0.65DM/$ $0.65/DMMarks Received DM/$ Exchange Rate $/DM Exchange Rate C. 769 1.54DM/$ $0.75/DMMarks Received DM/$ Exchange Rate $/DM Exchange Rate D. 811 1.62DM/$ $1.47/DMC$500 x 1DM/$.65 = 769 marks1/.65 = 1.54 DM/$$577/769DM = $0.75/DMQuestion ID: 12880The factor most likely to cause a nation's currency to appreciate on the foreign exchange market is:an increase in the nation's foreign investment (assets purchasedfrom A. foreigners).an increase in real interest rates in other countries. B.an increase in exports relative to imports. C.rapid domestic inflation. D.CDemand for foreign currencies comes from demand for things produced by foreigners. The supply of U.S. dollars on the foreign exchange market comes from non-Americans buying things from Americans. If imports decrease and exports increase there will be an increased demand for a nation's currency because foreign countries will be purchasing more goods from abroad, thus appreciating the country's currency.Question ID: 12874Which of the following is least likely to cause a domestic currency to depreciate?A high inflation rate. A.Faster growth of imports relative to exports. B.Domestic real interest rates are less than those abroad. C.Slow growth of income relative to one's trading partners. D.DSlow growth of income relative to one's trading partners will cause imports to lag behind exports. When the demand for a country's exports increases the demand for their currency also increases causing their currency to appreciate.Question ID: 12876Under a system of flexible exchange rates, which one of thefollowing is more likely to cause a nation's currency to appreciate on the foreign exchange market?A decrease in domestic interest rates. A.An increase in foreign interest rates. B.A domestic inflation rate lower than the nation's trading partners.C.A domestic inflation rate higher than the nation's trading partners.D.CIf a nation's trading partners prices are increasing twice as fast as the domestic country A, then foreign citizens will increase their demand for A's goods. This increased demand will appreciate country A's currency making country A's goods more expensive offsetting the effects of inflation.Question ID: 12888If incomes in U.S. are rapidly increasing compared to those in Mexico, how will the value of the U.S. dollar and Mexican peso move relative to each other?U.S. dollar Peso A. appreciate depreciateU.S. dollar Peso B. depreciate appreciateU.S. dollar Peso C. no change no changeU.S. dollar Peso D. depreciate no changeBRapid growth of U.S. incomes relative to incomes in Mexico will stimulate imports from Mexico causing an increased demand for the peso. The increased demand for pesos will cause the peso to appreciate relative to the dollar.Question ID: 12887Which of the following would cause a nation’s currency to depreciate?Slow growth of income relative to one’s trading partners. A.Domestic real interest rates that are lower than those of other countries. B.Discouraging imports and encouraging exports. C.A rate of inflation that is lower than that of one’s trading partners. D.BOther factors that will cause a nation's currency to depreciate are: rapid growth of incomerelative to one's trading partners that stimulates imports relative to exports and a rate ofinflation that is higher than that of one's trading partners.Question ID: 12886Which of the following factors does NOT affect foreign exchange rates?Differential inflation rates. A.Income growth. B.Real interest rates. C.The government sets a price floor for the price of wheat. D.DBy definition.Question ID: 25001In balance of payments accounting, the net inflow of debt and equity investment funds intothe country appears in the:official reserve account. A.current account. B.capital account. C.current account adjusted for capital depreciation. D.CThe capital account measures the flow of debt and equity investment funds into and out of thecountry.Question ID: 12890What is the difference between the balance of merchandise trade and the balance of payments?The value of goods, services, and unilateral transfer is included in thebalance of merchandise trade, while the balance of payments includes A.both current accounts and capital account transactions.The value of goods imported and exported is included in the balance ofmerchandise trade, while the balance of payments includes onlycapital B.account transactions.Only the value of goods imported and exported is included in the balance ofmerchandise trade, while the balance of payments includes the value of all C.payments to and receipts from other nations.Balance of merchandise trade and balance of payments are different terms D. used to describe the same international exchange transactions.CBy definition.Question ID: 25002If a nation is running a deficit in the current account, the sum of the capital account and the official reserve account must be zero. A.positive. B.in deficit. C.negative. D.BThe balance of payments equation is: Current account balance +capital account balance + official reserve account balance = 0 If the current account balance is in deficit, the others must be positive for the sum of these balances to be zero.Question ID: 25004An unanticipated shift to a federal government surplus would cause the capital account tomove to:deficit and the current account to move to deficit. A.surplus and the current account to move to deficit. B.deficit and the current account to move to surplus. C.surplus and the current account to move to surplus. D.CAn unexpected shift to a larger budget surplus would cause a decrease in aggregate demand and a reduction in domestic interest rates. This reduced demand discourages imports, which moves the current account toward surplus. The lower interest rates will encourage domesticinvestment to leave the country and discourage foreign investors form investing in the U.S. The capital account will move toward deficit.Question ID: 25003An unexpected increase in the growth rate of the money supply would: have no effect on exchange rates in the short run. A.cause real interest rates and aggregate employment to increase. B.cause real interest rates to fall, causing a depreciation of the dollar. C.cause real interest rates to rise, causing an appreciation of the dollar. D.Cp>Unanticipated shifts to an expansionary monetary policy would lead to a more rapid economic growth, an unexpected increase in inflation, and lower real interest rates. The more rapid economic growth would lead to an increase in demand for imports. The higher rate of inflation makes domestic goods more expensive, reducing exports. Lower real interest rates reduce foreign investment. These factors increase the demand for foreign currencies and reduce the demand for the dollar, causing the dollar to depreciate.Question ID: 12892An unanticipated shift to an expansionary monetary policy will NOT lead to?more rapid economic growth, an accelerated inflation rate, and lower real A. interest rates.more expensive domestic products, which reduces exports. B.reduced foreign investment. C.an appreciating domestic currency. D.DAn unanticipated expansionary monetary policy will lead to all ofthe others except an appreciating domestic currency. Higher inflation will increase domestic products prices and make them unattractive to foreigners. As a result foreigners will reduce their demand for domestic products and will not demand the domestic currency as much as before. Coupled with declining foreign investment, which will also lead to reduced demand for the domestic currency the domestic currency valuewill fall relative to other currencies.Question ID: 25005Current account deficits are:not an indication of a nation's economic health. A.usually accompanied by a deficit in the capital account. B.an indication that the economy is growing rapidly. C.the result of a country importing less than it exports. D.AA current account deficit occurs when a country imports more than it exports, and it is not an indication of economic health. There is no requirement that the current account balance be zero, in surplus or in deficit.Question ID: 25006A current account surplus:is not an indication of a nation's economic health. A.is an indication of the strength of the economy. B.occurs when a country exports less than it imports. C.is an indication of significant foreign investment in the domestic market. D.AA current account surplus occurs when a country exports more than it imports, and it is not an indication of economic health. There is no requirement that the current account balance be zero, in surplus or in deficit.Question ID: 12894Which of the following statements is TRUE?A nation's current account surplus or deficit is a good measure of the health A. of its economy.Capital inflows from foreigners are not bad even if the foreigners buy up B. domestic real estate, domestic industries and own other productive assets.Running a deficit in the current account balance simply means a country C. imports more than it exports, but a country can do this only for a short time.Countries that run current account deficits also run capital account deficits. D.B。

第二章金融体系预览（英文习题及答案）（可编辑修改word版）Chapter 2 Overview of the Financial System2.1 Single Choice1)Every financial market performs the following function:A)It determines the level of interest rates.B)It allows common stock to be traded.C)It allows loans to be made.D)It channels funds from lenders-savers to borrowers-spenders.2)Financial markets have the basic function ofA)bringing together people with funds to lend and people who want to borrow funds.B)assuring that the swings in the business cycle are less pronounced.C)assuring that governments need never resort to printing money.D)both A and B of the above.E)both B and C of the above.3)Which of the following can be described as involving direct finance?A)A corporation's stock is traded in an over-the-counter market.B)People buy shares in a mutual fund.C)A pension fund manager buys commercial paper in the secondary market.D)An insurance company buys shares of common stock in the over-the-counter markets.E)None of the above.4)Which of the following can be described as involving direct finance?A)A corporation's stock is traded in an over-the-counter market.B)A corporation buys commercial paper issued by another corporation.C)A pension fund manager buys commercial paper from the issuing corporation.D)Both A and B of the above.E)Both B and C of the above.5)Which of the following can be described as involving indirect finance?A)A corporation takes out loans from a bank.B)People buy shares in a mutual fund.C)A corporation buys commercial paper in a secondary market.D)All of the above.E)Only A and B of the above.6)Which of the following can be described as involving indirect finance?A)A bank buys a U.S. Treasury bill from one of its depositors.B)A corporation buys commercial paper issued by another corporation.C)A pension fund manager buys commercial paper in the primary market.D)Both A and C of the above.7)Financial markets improve economic welfare becauseA)they allow funds to move from those without productive investment opportunities to those who have such opportunities.B)they allow consumers to time their purchases better.C)they weed out inefficient firms.D)they do all of the above.E)they do A and B of the above.8)A country whose financial markets function poorly is likely toA)efficiently allocate its capital resources.B)enjoy high productivity.C)experience economic hardship and financial crises.D)increase its standard of living.9)Which of the following are securities?A)A certificate of depositB)A share of Texaco common stockC)A Treasury billD)All of the aboveE)Only A and B of the above10)Which of the following statements about the characteristics of debt and equity are true?A)They both can be long-term financial instruments.B)They both involve a claim on the issuer's income.C)They both enable a corporation to raise funds.D)All of the above.E)Only A and B of the above.11)The money market is the market in which are traded.A)new issues of securitiesB)previously issued securitiesC)short-term debt instrumentsD)long-term debt and equity instruments12)Long-term debt and equity instruments are traded in the market.A)primaryB)secondaryC)capitalD)money13)Which of the following are primary markets?A)The New York Stock ExchangeB)The U.S. government bond marketC)The over-the-counter stock marketD)The options marketsE)None of the above14)Which of the following are secondary markets?A)The New York Stock ExchangeB)The U.S. government bond marketC)The over-the-counter stock marketD)The options marketsE)All of the above15)A corporation acquires new funds only when its securities are sold in theA)secondary market by an investment bank.B)primary market by an investment bank.C)secondary market by a stock exchange broker.D)secondary market by a commercial bank.16)Intermediaries who are agents of investors and match buyers with sellers of securities are calledA)investment bankers.B)traders.C)brokers.D)dealers.E)none of the above.17)Intermediaries who link buyers and sellers by buying and selling securities at stated prices are calledA)investment bankers.B)traders.C)brokers.D)dealers.E)none of the above.18)An important financial institution that assists in the initial sale of securities in the primary market is theA)investment bank.B)commercial bank.C)stock exchange.D)brokerage house.19)Which of the following statements about financial markets and securities are true?A)Most common stocks are traded over-the-counter, although the largest corporations have their shares traded at organized stock exchanges such as the New York Stock Exchange.B)A corporation acquires new funds only when its securities are sold in the primary market.C)Money market securities are usually more widely traded than longer-term securities and so tendto be more liquid.D)All of the above are true.E)Only A and B of the above are true.20)Which of the following statements about financial markets and securities are true?A)A bond is a long-term security that promises to make periodic payments called dividends to the firm's residual claimants.B)A debt instrument is intermediate term if its maturity is less than one year.C)A debt instrument is long term if its maturity is ten years or longer.D)The maturity of a debt instrument is the time (term) that has elapsed since it was issued.21)Which of the following statements about financial markets and securities are true?A)Few common stocks are traded over-the-counter, although the over-the-counter markets have grown in recent years.B)A corporation acquires new funds only when its securities are sold in the primary market.C)Capital market securities are usually more widely traded than longer term securities and so tend to be more liquid.D)All of the above are true.E)Only A and B of the above are true.22)Which of the following markets is sometimes organized as an over-the-counter market?A)The stock marketB)The bond marketC)The foreign exchange marketD)The federal funds marketE)all of the above23)Bonds that are sold in a foreign country and are denominated in that country's currency are known asA)foreign bonds.B)Eurobonds.C)Eurocurrencies.D)Eurodollars.24)Bonds that are sold in a foreign country and are denominated in a currency other than that of the country in which they are sold are known asA)foreign bonds.B)Eurobonds.C)Eurocurrencies.D)Eurodollars.25)Financial intermediariesA)exist because there are substantial information and transaction costs in the economy.B)improve the lot of the small saver.C)are involved in the process of indirect finance.D)do all of the above.E)do only A and B of the above.26)The main sources of financing for businesses, in order of importance, areA)financial intermediaries, issuing bonds, issuing stocks.B)issuing bonds, issuing stocks, financial intermediaries.C)issuing stocks, issuing bonds, financial intermediaries.D)issuing stocks, financial intermediaries, issuing bonds.27)The presence of transaction costs in financial markets explains, in part, whyA)financial intermediaries and indirect finance play such an important role in financial markets.B)equity and bond financing play such an important role in financial markets.C)corporations get more funds through equity financing than they get from financial intermediaries.D)direct financing is more important than indirect financing as a source of funds.28)Financial intermediaries can substantially reduce transaction costs per dollar of transactions because their large size allows them to take advantage ofA)poorly informed consumers.B)standardization.C)economies of scale.D)their market power.29)The purpose of diversification is toA)reduce the volatility of a portfolio's return.B)raise the volatility of a portfolio's return.C)reduce the average return on a portfolio.D)raise the average return on a portfolio.30)An investor who puts all her funds into one asset her portfolio's .A)increases; diversificationB)decreases; diversificationC)increases; average returnD)decreases; average return31)Through risk-sharing activities, a financial intermediary its own risk andthe risks of its customers.A)reduces; increasesB)increases; reducesC)reduces; reducesD)increases; increases32)The presence of in financial markets leads to adverse selection and moral hazardproblems that interfere with the efficient functioning of financial markets.A)noncollateralized riskB)free-ridingC)asymmetric informationD)costly state verification33)When the lender and the borrower have different amounts of information regarding a transaction, is said to exist.A)asymmetric informationB)adverse selectionC)moral hazardD)fraud34)When the potential borrowers who are the most likely to default are the ones most actively seeking a loan, is said to exist.A)asymmetric informationB)adverse selectionC)moral hazardD)fraud35)When the borrower engages in activities that make it less likely that the loan will be repaid,is said to exist.A)asymmetric informationB)adverse selectionC)moral hazardD)fraud36)The concept of adverse selection helps to explainA)which firms are more likely to obtain funds from banks and other financial intermediaries, rather than from the securities markets.B)why indirect finance is more important than direct finance as a source of business finance.C)why direct finance is more important than indirect finance as a source of business finance.D)only A and B of the above.E)only A and C of the above.37)Adverse selection is a problem associated with equity anddebt contracts arising fromA)the lender's relative lack of information about the borrower's potential returns and risks of his investment activities.B)the lender's inability to legally require sufficient collateral to cover a 100 percent loss if the borrower defaults.C)the borrower's lack of incentive to seek a loan for highly risky investments.D)none of the above.38)When the least desirable credit risks are the ones most likely to seek loans, lenders are subjectto theA)moral hazard problem.B)adverse selection problem.C)shirking problem.D)free-rider problem.E)principal-agent problem.39)Financial institutions expect thatA)moral hazard will occur, as the least desirable credit risks will be the ones most likely to seek out loans.B)opportunistic behavior will occur, as the least desirable credit risks will be the ones most likely to seek out loans.C)borrowers will commit moral hazard by taking on too much risk, and this is what drives financial institutions to take steps to limit moral hazard.D)none of the above will occur.40)Successful financial intermediaries have higher earnings on their investments because they are better equipped than individuals to screen out good from bad risks, thereby reducing losses due toA)moral hazard.B)adverse selection.C)bad luck.D)financial panics.41)In financial markets, lenders typically have inferior information about potential returns and risks associated with any investment project. This difference in information is calledA)comparative informational disadvantage.B)asymmetric information.C)variant information.D)caveat venditor.42)The largest depository institution at the end of 2004 wasA)life insurance companies.B)pension funds.C)state retirement funds.D)none of the above.43)Which of the following financial intermediaries are depository institutions?A)A savings and loan associationB)A commercial bankC)A credit unionD)All of the aboveE)Only A and C of the above44)Which of the following is a contractual savings institution?A)A life insurance companyB)A credit unionC)A savings and loan associationD)A mutual fund45)Which of the following are not investment intermediaries?A)A life insurance companyB)A pension fundC)A mutual fundD)Only A and B of the above46)Which of the following are investment intermediaries?A)Finance companiesB)Mutual fundsC)Pension fundsD)All of the aboveE)Only A and B of the above47)The government regulates financial markets for three main reasons:A)to ensure soundness of the financial system, to improve control of monetary policy, and to increase the information available to investors.B)to improve control of monetary policy, to ensure that financial intermediaries earn a normal rate of return, and to increase the information available to investors.C)to ensure that financial intermediaries do not earn more than the normal rate of return, to ensure soundness of the financial system, and to improve control of monetary policy.D)to ensure soundness of financial intermediaries, to increase the information available to investors, and to prevent financial intermediaries from earning less than the normal rate of return.48)Which of the following government regulations has the chief purpose of improving control of the money supply?A)deposit insuranceB)restrictions on entry into banking or insuranceC)reserve requirementsD)restrictions on the assets financial intermediaries can hold49)Asymmetric information can lead to widespread collapseof financial intermediaries, referred to as aA)bank holiday.B)financial panic.C)financial disintermediation.D)financial collapse.50)Foreign currencies that are deposited in banks outside the home country are known asA)foreign bonds.B)Eurobond.C)Eurocurrencies.D)Eurodollars.51)U.S. dollars deposited in foreign banks outside the United States or in foreign branches of U.S. are referred to asA)Eurodollars.B)Eurocurrencies.C)Eurobonds.D)foreign bonds.52)Banks providing depositors with checking accounts that enable them to pay their bills easily is known asA)liquidity services.B)asset transformation.C)risk sharing.D)transaction costs.53)A is when one party in a financial contract has incentives to act in its own interest rather than in the interests of the other party.A)moral hazardB)riskC)conflict of interestD)financial panic54)Fire and casualty insurance companies are what type of intermediary?A)Contractual savings institutionB)Depository institutionsC)Investment intermediariesD)None of the above55)The country whose banks are the most restricted in the range of assets they may hold isA)Japan.B)Canada.C)Germany.D)the United States.答案：1-5：DAEBE 6-10:DECDD 11-15:CCEEB 16-20:CDADC21-25:BEABD 41-45:BDDAD 26-30:AACAB46-50:EACBC31-35:BCABC51-55:AACAD36-40:DABCB。

国际金融英语试题及答案1. 以下哪个选项不是国际货币基金组织（IMF）的主要职能？A. 提供技术援助B. 监督成员国的经济政策C. 促进国际贸易D. 提供紧急财政援助答案：C2. 世界银行的主要目标是什么？A. 促进全球贸易B. 减少全球贫困C. 维护国际货币稳定D. 促进全球金融市场发展答案：B3. 什么是外汇储备？A. 一个国家持有的外国货币和黄金B. 一个国家持有的国内货币和黄金C. 一个国家持有的外国货币和证券D. 一个国家持有的国内货币和证券答案：A4. 根据国际收支平衡表，以下哪项交易不属于经常账户？A. 商品出口B. 服务进口C. 外国直接投资D. 工人汇款回国答案：C5. 什么是货币贬值？A. 一个国家的货币价值相对于其他国家货币的减少B. 一个国家的货币价值相对于黄金的减少C. 一个国家的货币价值相对于商品和服务的减少D. 一个国家的货币价值相对于外国投资的减少答案：A6. 什么是浮动汇率制度？A. 货币价值由市场供求关系决定B. 货币价值由政府固定C. 货币价值由国际货币基金组织决定D. 货币价值由中央银行决定答案：A7. 什么是国际金融市场？A. 跨国公司进行商品和服务交易的市场B. 跨国公司进行货币和金融资产交易的市场C. 跨国公司进行商品和金融资产交易的市场D. 跨国公司进行服务和金融资产交易的市场答案：B8. 什么是国际货币体系？A. 国际货币的发行和流通体系B. 国际货币的监管和管理体系C. 国际货币的交换和结算体系D. 国际货币的发行、监管和管理体系答案：D9. 什么是外汇交易？A. 一种货币兑换成另一种货币的交易B. 一种商品兑换成另一种商品的交易C. 一种服务兑换成另一种服务的交易D. 一种资产兑换成另一种资产的交易答案：A10. 什么是国际金融危机？A. 一个国家内部的金融体系崩溃B. 一个国家内部的货币体系崩溃C. 多个国家金融体系的崩溃D. 多个国家货币体系的崩溃答案：C。

⾦融英语练习题（附答案）Multiple Choice1. The People’s Bank of China shall have the power to demand financial institutions to submit balance sheets, statements ofD and other financial and accounting reports and materials in pursuance of regulations.A. accountB. financial positionC. cash flowD. profit and loss2. A credit card such as Visa will D .A. gurantee chequesB. enable the holder to cash cheques at any bankC. enable the holder to buy goods on creditD. enable the holder to buy goods, up to certain amounts, on credit from certain persons3. Foreign trade can be conducted on the following terms except for DA. open accountB. documentary collectionC. documentary creditsD. public bonds4. Customers trading abroad in foreign currencies may protect against the exchange risk by arranging C .A. a contract of international sale of goodsB. a contract of marine insuranceC. a forward contract to fix the exchange rate in advance5. The danger to the exporter in open account trading is that by surrendering the shipping documents to the importer, heB before he has obtained payment for them.A. is in control of the goodsB. losses control of the goodsB. retain control of the goods D. gives up control of the goods6. Leasing is an arrangement whereby one party obtains on a long-term basis A which belongs to another party.A. the use of a capital assetB. the use of a current assetC. the use of working capitalD. the use of current liabilities7. From a Chinese bank’s point of view, the currency account which it maintains abroad is known as , while a RMB account operated in China for a foreign bank is termed B .A. a vostro account, a nostro accountB. a nostro account, a vostro accountC. a mirror account, a nostro accountD. a vostro account, a mirror account8. Find the interest on US $65,000 for 14 days at 3 percent per annum.B .A. US $37.91B. US $75.83C. US $113.74D. US $227.499. Which of the following can not be included in the functions ofmoney?D 。

金融英语练习题答案对于金融从业者和学习金融专业的学生而言，加强对金融英语的练习和理解是非常重要的。

下面将提供一些金融英语练习题的答案，并解释相关的金融术语和概念，帮助读者更好地掌握金融英语知识。

1. What is the meaning of IPO?IPO stands for Initial Public Offering. It refers to the first sale of stock by a company to the public. It is often used by private companies to go public and raise capital for various purposes, such as expanding their business or paying off debts.2. What does ROI stand for?ROI stands for Return on Investment. It is a measure used to evaluate the efficiency or profitability of an investment. ROI is calculated by dividing the net profit of an investment by the initial cost of the investment and expressing it as a percentage.3. What is a bull market?A bull market refers to a financial market characterized by rising stock prices and optimistic investor sentiment. It is associated with strong economic growth and positive market trends. In a bull market, investors are generally confident and willing to buy stocks, anticipating further price increases.4. What is a bear market?A bear market is the opposite of a bull market. It refers to a financial market characterized by falling stock prices and pessimistic investor sentiment. It is associated with economic downturns and negative market trends. In a bear market, investors tend to sell stocks to avoid further losses, leading to a downward spiral of prices.5. What is the difference between stocks and bonds?Stocks represent ownership in a company, while bonds represent debt issued by companies or governments. When an individual purchases stocks, they become a shareholder of the company and have the potential to earn dividends and capital gains. On the other hand, bonds are considered loans made by investors to the issuer, and they earn fixed interest payments over a specified period.6. What is diversification?Diversification is a risk management strategy that involves spreading investments across different assets, sectors, or regions to reduce exposure to any single investment. By diversifying their portfolio, investors aim to minimize the impact of potential losses from any individual investment and increase the likelihood of achieving positive returns overall.7. What is a hedge fund?A hedge fund is an investment fund that pools capital from accredited investors or institutional investors and uses various strategies to generate high returns. Hedge funds typically have more flexibility and can invest in a wide range of assets, including stocks, bonds, derivatives, and currencies.They also tend to use leverage and alternative investment techniques to achieve their investment objectives.8. What is a credit rating?A credit rating is an assessment of the creditworthiness of a borrower, such as a company or government, which indicates the likelihood of defaulting on its debt obligations. Credit rating agencies assign ratings based on various factors, including financial stability, repayment history, and market conditions. The ratings range from AAA (highest quality) to D (default).以上是对金融英语练习题的解答以及相关金融术语和概念的讲解。

中译英：一.1.金融管理是商业管理的重要方面之一,没有合适的金融计划企业是不可能成功的;Finance is one of the most important aspects of business management. Without proper financial planning a new enterprise is unlikely to be successful.2.金融中介机构的基本宗旨是把不受公众欢迎的金融资产转变为他们能够接受的金融资产;Financial intermediaries play the basic role of transforming financial assets that less desirable for a large part of the public into other financial assets-their own liabilities-which are more widely preferred by the public.3.企业经营是有风险的,因而,财务经理必须对风险进行评估和管理;Businesses are inherently risky, so the financial manager has to identify risks and make sure they are managed properly.4.投资决策首先是指投资机会,常常指资本投资项目;The investment decision stars with the identification of investment opportunities, often referred to as capital investment projects.5.现金预算常常被用来评估企业是否有足够的现金来维持企业的日常经营运转和或是否有太多现金富裕;Cash budgets are often used to assess whether the entity has sufficient cash to fulfill regular operations and/or whether too much cash is being left in unproductive capacities.6.按照金融学的观点,资本就是企业购买商品以生产其它商品或提供服务的货币资金;Capital, in the financial sense, is the money that gives the business the power to buy goods to be used in the production of other goods or the offering of a service.四.1.商业银行应积极开展银行转账功能风险评估和分类,依据收款账户的潜在风险高低,相应设置不同的转账额度和次数限制;A commercial bank shall actively conduct the risk assessment and classification of the telephone banking transfer functions, and set different limits on the transfer amount and times according to the degree of potential risks on the recipient account.2.商业银行相对其他行业属于信息化程度较高的行业,银行数据库里积累了海量的客户信息Commercial banks have gained more information and have large scale of data.3.商业银行的管理人员在分析客户的贷款申请时必须考虑许多因素;Managers in Commercial banks have to consider many factors in analyzinga customer's loan request.4.除中国银行外,交通银行、农业银行、工商银行、建设银行在城乡也都设立了许多的机构,便于你获得金融服务;Besides the Bank of China, the Communication Bank, Agricultural Bank, Industrial and Commercial Bank, Construction Bank also have created many branches in a city or town, and that makes easier for you to get financialservices.5.定期存款也叫CD,是存款证书的一种类型;A certificate of deposit, also called a CD, is a type of savings certificate.6.商业银行作为一家金融机构,其业务范围包括：从个人和公司吸收存款；通过提供贷款和其他对客户的财务或生意的运转很重要的金融业务来建立信贷,包括资金转账、支票兑现、银行保管箱等;A commercial bank is an financial institution established to: accept deposits from individuals and businesses; originate credit by providing loans and offering other financial services essential to the running of a customer's financial or business affairs, including fund transfers, check cashing, safe deposit boxes, etc.六.1.外汇交易市场,也称为"Forex"或"FX"市场,是世界上最大的金融市场,平均每天超过1兆美元的资金在当中周转 -- 相当于美国所有证券市场交易总和的30倍;The Foreign Exchange Market, called by "Forex" market or FX market, is the biggest financial market in the world with trading volumes surpassing USD1 trillion average one-day, it is as big as 30 times of stock market.2."外汇交易"是同时买入一对货币组合中的一种货币而卖出另外一种货币;外汇是以货币对形式交易,例如欧元/美元EUR/USD或美元/日元USD/JPY;“Foreign exchange” is to buy one currency and sell another in currency pair at the same time. The trading form of foreign currency is the currency pair, for example EUR/USD OR USD/JPY.3.外汇交易市场是一个24 小时全球交易市场,市场交易每天从悉尼开始,并且随着地球的转动,全球每个金融中心的营业日将依次开始 , 首先是东京,然后伦敦,和纽约;Foreign exchange market is worldwide market where operating 24 hours a day, the market trading starts from Sydney, turning around the earth , the business day of every financial center in the world will star to trade in turn, then is Tokyo, next is London, and New York.4.外汇交易投资者可以对无论是白天或者晚上发生的经济,社会和政治事件而导致的外汇波动而随时反应;Investors of FX may make decisions base on the fluctuation of foreign currency price leaded by economics, society and political events no matter happens in day time or night.5.外汇交易市场是一个超柜台 OTC 或“ 银行内部”交易市场,因为事实上外汇交易是交易双方通过或者一个电子交易网络而达成的,外汇交易不象股票和期货交易市场那样,不是集中在某一个交易所里进行的;The foreign exchange market is Over the Counter OTC or interbank market because foreign currency is traded through phone or electronic trading net in fact, the trading of foreign currency does not like stock trade, it is not intensive trading in exchange center.6.在外汇交易中,您会看到一个两边的报价,由买价与卖价组成,买价是在此价格上您拟卖掉基础货币同时买进相反货币;卖价是这个价格,在此价格上您可以买进基准货币时卖掉相反货币;You will see the price board consisted of bid price and ask price in trading of foreign currency, bid price is the price you sell your base currency at the same time buy reverse currency. Ask price is the price you buy base currency and sell reverse currency.七.1.企业融资是指企业在发展扩张中筹集所需资金的行为;Business financing is an action of raising money when firms extend business and development2.企业融资是为了满足企业战略调整、产业扩张、现金周转等方面的需要; Business financing is to meet the requirement of strategy adjustment, industry extending, and turnover of cash and so on.3.企业通过融资行为改变资本结构,使资金得以形成、集中、积累、组合,同时形成相应的产权关系和权利、责任、利益格局;The capital structure of the firm will be changed through raising money, the capital will be formed in the form of centralization, accumulation, combination, and at the same time relative property right relations and pattern of benefit, duty and right will be formed.4.内部融资的来源公司的自有资金,以及在生产经营过程中的资金积累部分,在公司内部通过计提折旧而形成现金,或通过留用利润等增加公司资本;The resource of internal financing comes from company’s internal fund, the part of fund accumulation of producing and operating, cash from depreciation, or capital from remaining earning.5.债权性融资主要有向金融机构贷款和发行企业债券两种形式;The two majority forms about debit financing are lending money from financial institutes and issuing company bond.6.目前国内企业在进行投资时采用的融资方式有股权性融资、债权性融资等; Presently financing methods used by domestic enterprises when investing are equity financing and debit financing, etc.九.1.组合投资原则,即将风险资金按一定比例投向不同行业、不同企业项目,或联合几个风险投资公司共同向一家企业投资;The principle of portfolio investment is that the venture capital is invested into different industries and different projects, or make a cooperation with other investing companies to invest a company. 2.风险投资主体多元化原则,在美国,风险资金来源相当广泛,既有政府、财团法人的资金,也有来自大众游资、民间企业和海外的投资,还有养老保险基金的积极参与;The principle of diversification of venture capital, in American, the resource of venture capital is quite widespread, it comes from government, financial institutes, and it can come from privates, private firms and oversea investment, and pension fund joint venture capital too.3.创业投资是由专业投资者投入到新兴的、迅速发展的、有巨大竞争潜力的企业中的一种股权性资本;Venture investment is an equity capital which professional investors invest to a new, developing rapidly and more competitive firm.4.随着社会经济的快速发展,如何投资、如何理财已经成为商业人士关注的焦点;With society economy high-speed development, how to invest and finance is the focal point which business men focus on.5.创业投资以其谋求长期资本收益、分散投资及专业化管理的特点适应了高新技术产业的资金需求,以其特别的投资方式、合同方式和组织架构部分地解决了信息不对称和激励约束不当所带来的问题.Venture capital is looking for long term capital return, the characteristic of diversification of investment and professional management adapts capital requirements of high-new technical industry, special investing model of venture capital, contract model and frame of organization solve problems of information asymmetry and incentive and restraint mechanisms flaw in partly.6.投资者可把目光聚焦到正在发售的银行保本基金上,这种在国际市场上大受欢迎的新型理财品种不但能够提供银行储蓄般的安全感,而且可以利用此次利率上升的机会创造更高的收益；同时,加息导致债券价格下跌,实际上提高了即将入市的银行保本基金的债券投资收益率;Investors may focus on guaranteed fund issued by bank, it is new style of financing product which is welcomed in the international market, it is not only shows the safety like bank deposit, but also make higher return with the interest rate arise, at the same time, rising interest rates will lead to fall of the bond price, and make higher return of guaranteed fund which will be issued by banks.十.1.债券买卖是指交易双方以约定的价格买卖一定金额的债券并在规定的清算时间内办理债券款交割的交易方式;Security trading is a trading model that both of seller and buyer sign a contract with the confirmed bond price and number, during settlement both of seller and buyer make a delivery.2.债券回购是指交易双方进行的以债券为权利质押的一种短期资金融通业务;资金融入方正回购方在将债券卖给资金融出方逆回购方以融入资金的同时,双方约定在将来某一日期由正回购方按约定回购利率计算的金额向逆回购方买回相等数量的同品种债券的交易行为;Redeem of security is a short term financing business that both of issuer and holder of bond takes bond as right pledge, when the borrower of fund positive redeemer sells bond to lender of fund negative redeemer for financing, both of them sign a contract in there positive redeemer will redeem the bond that he issued with redeem interest from negative redeemer before maturity of bond.3.所谓可转换公司债券是指由公司发行的,投资者在一定时期内可选择一定条件转换成公司股票的公司债券,通常称作可转换债券或可转债;这种债券兼具债权和股权双重属性;Convertible bond is security issued by firm which investors have option to convert bond into firm’s stock during holding period, the convertible bond consists of two characters of bond and stock.4.证券交易必需受SEC及证券交易所自我约束机制的监管;Security trading must be managed by SEC and self-regulating mechanism of the stock exchange.5.场外交易市场不是一个正式的证券交易所,而是由经纪人和交易商组成的一个非正式的网络,他们通过这一网络协商证券的交易;The over-the-counter market is not official security exchange market, itis unofficial network grouped by dealers and brokers, dealers and brokers exchange securities through the network.6.一级市场上的发行方式也分为两种,公募和私募;The issue model of stock in the primary market can be classified into: public offering and private offering.十二.1.新股的发行价总是超过面值的,记录在公司帐上的这个差叫附加实缴资本,也叫资本公积;The price at which new shares are sold to inverstors almost always exceeds par value,the difference is entered the company’s accounts as additional paid-in capital, or capital surplus.2.尽管股票这个名字很大众化,但是,大部分人都不是充分了解它;Despite their popularity, however, most people don't fully understand stocks.3.公司的管理层的主要任务是增加公司股票持有人所持有公司资产的价值; The management of the company is supposed to increase the value of the firm for shareholders.4.有限责任是股票的一个十分重要的特征,这意味着公司在不能支付它的债务时股票持有者没有负债责任;An extremely important feature of stock is its limited liability, which means that, as an owner of a stock, you are not personally liable if the company is not able to pay its debts.5.理解股票供求关系是容易的,但是理解人们喜欢哪些股票不喜欢哪些股票是苦难的;Understanding supply and demand is easy, What is difficult to comprehend is what makes people like a particular stock and dislike another stock. 6.一些人人为预测股票价格变化是不可能的,而一些人认为通过画图和分析以前的价格变化就能决定买卖时间;Some believe that it isn't possible to predict how stock prices will change, while others think that by drawing charts and looking at past price movements, you can determine when to buy and sell.英译中：一.1. A cash budget is extremely important, especially for small businesses, because it allows a company to determine how much credit it can extend to customers before it begins to have liquidity problems.现金预算是十分重要的,特别是对小企业,这是因为它决定了企业可以使用多大的赊销份额而不发生现金困难;2. Financial intermediaries include depository institutions commercial banks and credit union who acquired the bulk of their funds by offering their liabilities to the public mostly form of deposit. 金融中介机构包括：存款性机构商业银行和信用合作社主要通过存款的形式向公众借款,从而获得大部分资金;3. A corporation is a legally distinct from its owners, who are called shareholders or stockholders. 公司在法律上独立于其所有者,即股东;financial planning focus on the firm’s goals, the investment that will be needed to meet those goals, and the financing that must be raised. 长期财务计划是关于企业的长期目标、为实现目标所需要的投资以及因此必须筹集的资金的计划;are classified into nonfinancial and financial businesses. These entities borrow funds in the debt market and raise funds in the equity market. 企业可被分成金融企业和非金融企业两类;这些企业在债务市场借款和在权益市场融资;6. Finance is the set of activities dealing with the management of funds. More specifically, it is the decision of collection and use of funds. It is a branch of economics that studies the management of money and other assets.金融是涉及到一系列有关资金管理的活动;特别的,它是有关资金使用和筹集的决策;它是经济学的一个研究货币和其它资产管理的分枝;四. risk-based capital requirements imposed on commercial bank and saving and loan associations.对商业银行和存贷款协会实施以风险为基础的资本金要求;regulates commercial banks and thrifts and types of regulations imposed. 谁来监管商业银行与储蓄机构以及何种方式来进行;3. Banks generate income in three ways: 1the bid-ask spread;2capital gains on the securities or foreign currency used in transactions, and 3in the case of securities, the spread between interest income earned by holding the security and cost of funding the purchase of security.银行可以从三个方面产生收入：1买卖差价；2证券或外汇交易的资本利益；3证券的利息收入和购买证券资金成本之间的价格差异;4. Several types of deposit accounts are available. Checking accounts pay no interest and can be withdrawn upon demand.存款帐户有好几种,支票帐户不支付利息可以随时提取;certificate of deposit can take a wide variety of forms which are negotiable with the issuing bank. 定期存单可以采取多种多样的形式是可转让的发卡银行;that raise most of their funds from the domestic and international money markets, relying less on depositors for funds, are called money center banks.货币中心银行是指较少依赖存款,并在国内或国外货币市场筹集资金的银行;六.1,The foreign exchange market is a place to trade foreign exchange currency, or it is also a place for the transaction of all foreign currency. 外汇市场是交易外国货币或各国货币的场所.foreign exchange rate is the relative value between two currencies. In particular, it is the quantity of one currency required to buy or sell one unit of the other currency.汇率是两种货币间的相对价值, 特别是, 它是买卖一个其它货币单位所代表的本币量值.. dollars are not used to express an exchange rate, the term "cross rate" is usually used to express the relative values between two currencies.在美元被用来表示汇率的地方,套汇汇率就被用来表示两种货币间的相对价值.an online currency trader wants to survive in the business, he must learn to limit his losses. This is one of the keys to smart money management. 如果一个网络货币交易者要持续他的交易他必须学习限制损失,这是货币管理的关键点.is safer to get into a currency position in multiple lots than to do it all at once.在多个地点持有外汇头寸比同时持有多个头寸安全.Forex market itself consists of a worldwide network of primarily interbank traders connected by telephone lines and computers. FX traders constantly negotiate prices between one another and the resulting market bid/ask price for a particular currency is then fed into computers and displayed on official quote screens.外汇市场本身含有提供给银行交易者通过线和计算机连接的全球范围的网络,外汇交易者讨论的汇率价格产生了市场上某种货币的报价和询价并通过计算机系统显示在交易屏幕上.七. you have too much debt, your business may be considered overextended and risky and an unsafe investment.如果你的企业负债比重过高,投资者则会认为企业是扩张过度,对投资者来说是不安全和高风险的;financing is attractive because you do not have to sacrifice any ownership interests in your business, interest on the loan is deductible, and the financing cost is a relatively fixed expense.债务融资对企业权益者是有吸引力的因为债务融资不会牺牲权益者的利益,借款利息可在收益中扣减,财务成本是相对固定费用.corporation is a separate legal entity that can be created only by compliance with state statutes.公司是一个其所有权与经营权相分离的经济实体即法人组织,公司的成立要遵守洲法.partners raise equity funds through their own capital contributions, by adding a new partner, or by restructuring the relative ownership interests of the existing partners to reflect new contributions.合伙人企业可通过出让合伙人自己的资本份额,或增加合伙人的方式来增加企业资本,或采用对原有合伙人所拥有的相对资本份额进行重组的方式来反映新的资本.financing requires that you sell an ownership interest in the business in exchange for capital.权益融资需要企业所有者出让企业的所有权利益来换取资本.major disadvantage to equity financing is the dilution of your ownership interests and the possible loss of control that may accompany a sharingof ownership with additional investors.权益融资的主要缺点是稀释了所有者的利益,随着其他投资者所占权益份额的扩大企业控制权也可能失去.九. is when everything in the economy is great, people are finding jobs, is growing, and are rising. Things are just plain rosy during a bull market is easier because everything is going up.牛市意味着经济发展强劲,工作岗位多,GDP 增长,股票价格上升.前景变得光明.在牛市期间投资股票将有丰厚收益因为所有物品的价格都将上升.markets cannot last forever though, and sometimes they can lead to dangerous situations if stocks become overvalued.牛市不可能永远持续,如果股票价格被高估则牛市就将导致崩盘.a person is optimistic, believing that stocks will go up, he or she is called a "bull" and said to have a "bullish outlook."如果一个人乐观的认为股票价格将上升,他或她被称做”多头”和有一个行情看涨的形象.investments it is critical to distinguish between an expected return the anticipated return for some future period and a realized return the actual return over some past period. Investors invest for the future—for the return they expect to earn—but when the investing period is over, they are left with their realized returns.投资学对期望收益预测的将来某时间段的收益和已实现收益过去某时段的实际收到的收益有严格的区分.投资者投资为将来-他们希望获取的收益-但是在投资周期结束后,他们只得到实际的收益.investors actually earn from their holdings may turn out to be more or less than what they expected to earn when they initiated the investment. This point is the essence of the investments process: investors must always consider the risk involved in investing.投资者在投资期间实际得到的收益与他们初始投资所预想的收益或多或少有差异.投资过程的关键点是:投资者在投资时必须牢记风险的成在.are three important factors you need to consider before buying a bond. The first is the person issuing the bond. The second is the interest or coupon you will receive. The third is the maturity date, the day when the borrower must pay back the principal to the lender.在投资债券前你要考虑三个重要因素:第一是债券发行人;第二是你将得到的利息或折扣;第三是到期时间, 在到期日债券发行人必须将本金退给债券持有人.十. higher rate of return the bond offers, the more risky the investment. There have been instances of companies failing to pay back the bond default, so, to entice investors, most corporate bonds will offer a higher return than a government bond.债券收益率越高投资风险越大,已有公司不能在到期日偿还债券本金违约的先例,所以, 为了诱使投资者购买公司债券大多数公司都发行高于政府债券利率的债券.is important for investors to research a bond just as they would a stock or mutual fund. The bond rating will help in deciphering the default risk.象研究股票和共同基金样研究债券对投资者来说是必要的, 辨别债券等级将有助于识别违约风险.interest is added to the contract price of a bond transaction.应计利息要加到债券交易合同价格中.Gain. An increase in the value of a investment or real estate that gives it a higher worth than the purchase price. The gain is not realized until the asset is sold. A may be short term one year or less or long term more than one year and must be claimed on income taxes.资本利得是资本价值投资或不动产的增加,也就是高于购买价格的增值部分,利得只有在这些资产出售后才能实现, 资本利得可以是短期一年以内或长期一年以上, 资本利得必须征税.any other type of investment vehicle, fixed-income securities should be viewed in terms of their risk and return. Generally speaking, bonds are exposed to five major types of risks: interest rate risk, purchasing power risk, business/financial risk, liquidity risk, and call risk.象任何其它投资工具一样,固定收益证券也应该按照它们的风险和收益来进行评价. 一般看来, 证券有五种主要的风险:利率风险,购买力风险,商业风险,流动性风险和回购风险.far we've discussed the factors of face value, coupon, maturity, issuers and yield. All of these characteristics of a bond play a role in its price.到目前我们已经讨论了债券的面值,利息率,到期日,发行人和收益,全部这些特征都会影响到债券的价格.十二. splits,like stock dividents, do not increase the assets or earning capacity of the firm,the split does decrease the price of the stock and thereby may increase its marketability.股票拆分与股票股利一样,并不能增加公司的资产或者提高公司的盈利能力,拆分降低了股票的价格,从而增加了股票的流动性;may repurchase shares to reduce the chance of an unwanted takeover attempt.管理层可以回购股票来避免公司被收购;two most important characteristics of common stock as an investment are its residual claim and limited liability features.作为投资的普通股的两个最重要的特征是剩余索取权和有限责任;stocks are traded on exchanges, which are places where buyers and sellers meet and decide on a price.大部分股票都是在证券交易所交易,买卖双方在那儿搓合股票价格;5. The most important factor that affects the value of a company is its earnings. Earnings are the profit a company makes, and in the long run no company can survive without them.6. Stock prices change every day as a result of market forces. By this we mean that share prices change because of supply and demand. If more people want to buy a stock demand than sell it supply, then the price moves up.由于市场的原因股票价格每天都在变化,股票价格是由于供求关系的原因而变化的,如果买的人比卖的人多则股票价格上升;。

金融英语1-期末第一课 I I . Translate the term s. 1 . credit union 参考答案信用协会 2. savings account：参考答案储蓄账户 3. portfolio：参考答案资产组合 4. m ortgage：参考答案不动产抵押贷款 5. ATM：参考答案自动提款机 6. debt consolidation：参考答案债务重整 7. 支票账户：参考答案 checking account 8. 存款：参考答案 deposit (savings) 9. 资产：参考答案 asset 1 0. 信用卡：参考答案 credit card I I I .Translate the following sentences into English: 1 . 金融中介使小额储户和借款人能得益于金融市场的存在，因此提高了经济效率。

参考答案 Financial interm ediaries allow sm all savers and borrowers to benefit from the existence of financial m arkets, thereby increasing the efficiency of the econom y. 2. 一些经济学家认为，发展中国家经济发展缓慢的原因之一是他们不具备发达的金融市场。

参考答案 Som e econom ists think that one of the reasons that econom ies in developing countries grow so slowly is that1/ 15they do not have well-developed financial m arkets. 3. 你把钱存入支票账户，在需要付款或获取现金时你可以开支票。

参考答案 You deposit m oney into a checking account and then write checks when you need topay for som ething or get cash.4. 储蓄账户是一种安全、方便的存款方式。

金融英语试题及答案一、选择题（每题2分，共20分）1. 以下哪个选项是“股票”的正确英文表达？A. StockB. BondC. DerivativeD. Option答案：A2. 金融英语中，“利率”通常指的是什么？A. Interest RateB. Exchange RateC. Inflation RateD. Stock Price答案：A3. 在金融领域，“风险管理”的英文表达是什么？A. Risk ManagementB. Asset ManagementC. Fund ManagementD. Portfolio Management答案：A4. 以下哪个选项不是金融工具？A. SharesB. BondsC. LoansD. Software答案：D5. “外汇”在金融英语中通常指的是什么？A. Foreign CurrencyB. Foreign ExchangeC. Foreign TradeD. International Market答案：B6. 金融英语中，“通货膨胀”的英文表达是什么？A. InflationB. DeflationC. HyperinflationD. Stagflation答案：A7. “信用评级”在金融英语中如何表达？A. Credit RatingB. Credit ScoreC. Credit ReportD. Credit History答案：A8. 以下哪个选项是“期货”的正确英文表达？A. FutureB. ForwardC. OptionD. Swap答案：B9. “资产负债表”在金融英语中如何表达？A. Balance SheetB. Income StatementC. Cash Flow StatementD. Statement of Changes in Equity答案：A10. 金融英语中，“市场分析”的英文表达是什么？A. Market AnalysisB. Financial AnalysisC. Economic AnalysisD. Risk Analysis答案：A二、填空题（每题2分，共20分）1. 在金融英语中，"_____" 指的是一种金融衍生品，允许持有者在特定时间内以特定价格购买或出售资产。

金融英语试题及答案### 金融英语试题及答案#### 一、选择题（每题2分，共10分）1. Which of the following is not a type of financial market?A. Money MarketB. Capital MarketC. Primary MarketD. Insurance Market答案：D2. In finance, what does "leverage" refer to?A. The use of borrowed funds to increase the potential return of an investmentB. The amount of money a company has in its cash reservesC. The ability of a company to meet its short-term obligationsD. The ratio of a company's assets to its liabilities答案：A3. What is the term for the difference between the buying price and the selling price of a security?A. SpreadB. YieldC. DividendD. Margin答案：A4. Which of the following is not a risk management strategy?A. DiversificationB. HedgingC. ArbitrageD. Insurance答案：C5. What is the term used to describe the risk-free rate of return?A. Nominal RateB. Real RateC. Expected RateD. Risk-Free Rate答案：D#### 二、填空题（每题2分，共10分）1. The process of converting short-term debt into long-term debt is known as _________.答案：Refinancing2. A financial instrument that derives its value from an underlying asset is called a _________.答案：Derivative3. The _________ is the difference between the market value and the book value of an asset.答案：Economic Value Added (EVA)4. A _________ is a financial statement that shows a company's cash inflows and outflows over a period of time.答案：Cash Flow Statement5. The _________ is the rate at which one currency can be exchanged for another.答案：Exchange Rate#### 三、简答题（每题5分，共20分）1. Explain the concept of "equity" in finance.答案：Equity refers to the ownership interest or the value of an owner's investment in an asset, business, or property, calculated as the difference between the asset value and the outstanding liabilities.2. What is the role of a central bank in a financial system?答案：A central bank plays a crucial role in the financial system by implementing monetary policy, regulating financial institutions, maintaining price stability, and ensuring the smooth functioning of the payment systems.3. Describe the function of a stock exchange.答案：A stock exchange is a marketplace where securities can bebought and sold. It provides a platform for companies toraise capital by issuing shares and for investors to trade those shares.4. What are the main components of a balance sheet?答案：The main components of a balance sheet are assets, liabilities, and equity. Assets represent what a company owns, liabilities represent what a company owes, and equity represents the net worth of the company, which is the difference between assets and liabilities.#### 四、论述题（每题15分，共30分）1. Discuss the importance of financial regulation and its impact on the stability of the financial system.答案：Financial regulation is crucial for maintaining thestability of the financial system. It ensures transparency, reduces systemic risk, and protects investors and consumers. Effective regulation can prevent market abuses, promote fair competition, and contribute to economic growth.2. Explain the concept of "leverage" and its implications for investors.答案：Leverage is the use of borrowed funds to amplify potential returns on an investment. While it can increase gains, italso magnifies losses. Investors must carefully manage leverage to balance potential rewards with the heightenedrisk of significant financial losses.。