1、金融英语初级-10-暂无听力 9 及答案解析(总分：-28.96，做题时间：90 分钟)一、Part One Listening(总题数：0，分数：0.00)二、Section One(总题数：2，分数：-2.00)（分数：-1.00）A.Analysts think that they can choose the most successful firm in China now.B.Analysts say they can“t choose the most successful firm in China now.C.Analysts think there is no succes
2、sful firms in China.D.Analysts have different opinions.A.The American governmentB.The Japanese governmentC.The Chinese governmentD.The Hongkong governmentA.Assuming inappropriately large financial risk can cause investors to lose sleep.B.Financial risk will not cause investors to lose sleep.C.Seekin
3、g to maximize profits appropriately can cause investors to lose sleep.D.No matter how much they earn, the investors will no lose sleep.A.Any one country“s currency is always Legal tender.B.Any one country“s currency is always illegal tender.C.Any one country“s currency is legal tender only within it
4、s national boundaries.D.One country“s currency is the Legal tender in the other country.A.50%B.15%C.51%D.59%（分数：-1.00）A.Complexities arise when goods cross international boundaries.B.Complexities will not arise because different kinds of money can be used.C.People must face the complexities.D.The pe
5、ople cannot accept the complexities.A.They collect enough information.B.They don“t open accounts with customers.C.They don“t collect enough information.D.Customers don“t want to open accounts.A.The 1980s boom collapsed in 1989.B.The 1980s boom collapsed in 1990.C.The 1980s boom collapsed in 1988.D.T
6、he 1980s boom collapsed in 1991.A.Dealers find it easy to hake a living.B.Dealers find it hard to make a living.C.Auctioneers find it hard to make a living.D.Dealers often buy something for stock.A.$ 3001million.B.less than $ 300 billion.C.$ 300 billion.D.over $ 300 billion.三、Section Two(总题数：2，分数：-2
7、.00)（分数：-1.00）A.Buy some other country“s goods.B.Enjoy a fortnight“s holiday in London or in Paris.C.Buy wheat from U. S. .D.Exchange more money.A.Seven five - dollar bills.B.Seven ten- dollar bills.C.Five ten - dollar bills.D.Seven twenty - dollar bills.A.They are very special.B.They are very hard
8、to counterfeit.C.They are very easy to counterfeit.D.They are very attractive.A.Risk aversion.B.lack of time.C.Lack of skill.D.Enough time.A.A syndicated loan is a loan arranged by a lead bank.B.The syndicated banks share credit information and credit risk.C.These syndicated banks don“t share any in
9、formation.D.A group of other banks are involved in a syndicated loan.（分数：-1.00）A.The woman wants to draw money from the bank.B.The woman wants to deposit some money.C.The woman wants to change her money into U.S. dollars.D.The woman wants to change her money into Hongkong dollars.A.$ 100 bill.B.$ 50
10、 bill.C.$ 20 bill.D.$ 10 bill.A.By check.B.in cash.C.With credit card.D.With RMBA.The currency“s value is increasing.B.The currency is losing value.C.The currency“s value remains unchanged.D.The currency“s value has changed a lot.A.There has been a depreciation of 50%.B.There has been a depreciation
11、 of 70%.C.There has been an appreciation of 50%.D.There has been an appreciation of 70%四、Section Three(总题数：0，分数：0.00)五、Passage One(总题数：1，分数：-1.00)（分数：-0.99）A.You can read some newspapers.B.You can watch some TV programs.C.You can read our “Tips for parents“ section and visit Planet Orange.D.You can
12、ask somebody for advice.A.Saving for college.B.Retirement planning.C.Identity theft.D.Every cost - cutting strategies.A.Helping people to get on well with each other.B.Helping people to save their money.C.Helping people to find a good job.D.Helping people to study well.六、Passage Two(总题数：1，分数：-1.00)（
13、分数：-0.99）A.PICC property and Casualty Co. Ltd.B.Ping An Insurance Co. Ltd.C.China Life Insurance Co. Ltd.D.People“s Insurance Company of China Group.A.US $ 2.5 billionB.US $ 3.5 billionC.US $ 2.15 billionD.US $ 2.5 millionA.45%B.26%C.48%D.24%七、Passage Three(总题数：1，分数：-1.00)（分数：-1.00）A.benefitB.suffer
14、C.are not affectedD.increase their profitsA.cut cost mid improve qualityB.hire more peopleC.fire some peopleD.lower their product processA.constant concern for policymakersB.occasional concern for policymakersC.temporary concern for policymakersD.domestic concern for policymakersA.higher pricesB.low
15、er pricesC.constant pricesD.None of above.八、Part Two Reading(总题数：0，分数：0.00)九、Section One(总题数：10，分数：-10.00)1.If at a given moment the market rate in one center deviates too far from the average, a balance will soon be restored by _.（分数：-1.00）A.arbitrationB.authorityC.arbitrateD.arbitrage2.Therefore,
16、balance - of- payments deficits often lead to price _ of a nation“s currency relative to the prices of other currencies.（分数：-1.00）A.appreciationB.depreciationC.appropriationD.affiliation3.A currency considered to be overvalued will soon be greeted by a rash of sell orders, _ its price.（分数：-1.00）A.de
17、monstratingB.demobilizingC.dismissingD.depressing4.Primary producing countries may borrow from the IMF to _ losses from unfavorable price fluctuations in their export earnings.（分数：-1.00）A.defendB.replaceC.deduceD.offset5.Acts of a bill of exchange are some essential legal acts taken for the purpose
18、of _ the debt in the draft.（分数：-1.00）A.assumingB.resumingC.retainingD.assuring6._ provide the trading parties, buyer and seller, with, a compromise between open account terms and payment in advance for file settlement of their transactions.（分数：-1.00）A.CreditsB.BillsC.LoansD.Collections7._ is a term
19、generally used to denote the purchase of obligation falling due at some future date.（分数：-1.00）A.ForfaitingB.ListingC.IssuingD.Collecting8.If the Fed buys securities from the commercial banks, payment will be _ to the banks“ accounts at the Fed.（分数：-1.00）A.distributedB.contributedC.creditedD.submitte
20、d9.The term Eurodollar is commonly used to refer to U.S. dollar _ held by foreign national.（分数：-1.00）A.optionsB.contributionsC.reservesD.balances10.Repurchase agreements are short - term _ loans used by securities dealers and other market participants.（分数：-1.00）A.individualB.rescuedC.collateralizedD
21、.credible十、Section Two(总题数：0，分数：0.00)十一、Passage One(总题数：1，分数：-1.00)In many instances the initial purchase of raw materials or finished foods for resale is on 1 Thus, suppliers can provide financing in the form of 2 payable. The accounts payable period covers the period between when tile order for la
22、w materials is 3 and when the resulting payable is paid. The accounts payable period is subtracted 4 the length of the operating cycle to get the cash conversion cycle. The cash conversion cycle measures a firm“s financing gap in 5 of time. In other words, it is the time between when the firm pays i
23、ts suppliers and when it collects money from its customers.（分数：-1.00）A.termsB.creditC.debtD.loansA.accountsB.cashC.claimsD.liabilityA.putB.takenC.placedD.madeA.inB.onC.toD.fromA.termsB.lightC.meansD.charge十二、Passage Two(总题数：1，分数：-1.00)It is the time between 1 materials are ordered and receivables ar
24、e collected less the time over which payables are outstanding. Of course, if no credit is extended by suppliers, 2 the operating cycle and the cash conversion cycle would be the same. Increases in the cash conversion cycle mean the firm must finance itself for a 3 . period of time. This will increas
25、e the firm“s short - term financing needs and financing 4 . Financial managers will want to monitor the cash conversion cycle and 5 action should it begin to lengthen. Shorter cash conversion cycles mean tile firm will reduce its short - term financing needs and financing costs.（分数：-1.00）A.whereB.ho
26、wC.whenD.whatA.thanB.thatC.thusD.thenA.lessB.longerC.shorterD.moreA.costsB.expensesC.expendituresD.moneyA.makeB.expectC.takeD.measure十三、Section Three(总题数：0，分数：0.00)十四、Passage One(总题数：1，分数：-1.00)A revocable documentary credit is issued in favour of the beneficiary in accordance with the instructions
27、of the “applicant “and gives the buyer maximum flexibility, since it can be amended, revoked or cancelled without the beneficiary“s consent and even without prior notice to the beneficiary tap to the moment of payment by the bank at which the issuing bank has made the documentary credit available. T
28、he revocable documentary credit involves risks to the beneficiary since the documentary credit may be amended or cancelled while the goods are in transit and before the documents am presented, or.（分数：-0.99）(1).According to the order of the applicant, an irrevocable documentary credit is issued in fa
29、vor of the beneficiary.（分数：-0.33）A.RightB.WrongC.Doesn“t say(2).However, the applicant in such a case incurs some risk.（分数：-0.33）A.RightB.WrongC.Doesn“t say(3).The buyer in this case can get the largest flexibility since the revocable documentary credit can be revoked without prior notice to the ben
30、eficiary up to the moment of payment by the bank at which the issuing bank has made the documentary credit available.（分数：-0.33）A.RightB.WrongC.Doesn“t say十五、Passage Two(总题数：1，分数：-1.00)An irrevocable documentary credit gives the beneficiary greater assurance of payment; however, he remains dependent
31、on an undertaking of a foreign issuing bank. The issuing bank irrevocably commits itself to honour the exporter“s draft and / or documents provided that the stipulated documents are presented and all the stipulations of the documentary credit are compiled with. The irrevocable documentary credit can
32、not be cancelled/modified without the express consent of the issuing bank, the confirming bank (if any) anti the beneficiary.（分数：-0.99）(1).The beneficiary is independent of an undertaking of the foreign issuing bank even though he can get some assurance of payment by an irrevocable documentary credi
33、t.（分数：-0.33）A.RightB.WrongC.Doesn“t say(2).On condition that the documents required are presented and all the provisions of the documentary credit are followed, the issuing bank revocably commits itself to honoar the draft.（分数：-0.33）A.RightB.WrongC.Doesn“t say(3).The irrevocable documentary credit c
34、annot be cancelled if the issuing bank does not grant clear consent.（分数：-0.33）A.RightB.WrongC.Doesn“t say十六、Passage Three(总题数：1，分数：-1.00)In balance sheet terms, the purpose of every bank loan can be assigned to one of three categories. The first is to support or acquire assets - current assets of se
35、asonal nature, noncurrent assets or normal productive capacity. The second is to replace liabilities. Replacing liabilities can take the form of either assistance in making trade discounts, making tax payments or significantly riskier category of taking out( or “bailing out“) other banks or financia
36、l institutions. The third is to replace equity. Replacing equity is a risky purpose since the effect of substituting equity will substantially increase leverage. Occasionally, such a loan is appropriate, however, particularly in solving control problems of highly profitable companies.（分数：-1.00）(1).T
37、aking out other banks or financial institutions means getting rid of other banks or financial institutions.（分数：-0.25）A.RightB.WrongC.Doesn“t say(2).Leverage is the relationship between debt financing and equity financing, also known as the debt - to - equity ratio. High leverage means high risk.（分数：
38、-0.25）A.RightB.WrongC.Doesn“t say(3).Making trade discounts is one form of replacing liabilities.（分数：-0.25）A.RightB.WrongC.Doesn“t say(4).Replacing equity is risky and therefore not appropriate in solving control problems of highly profitable companies.（分数：-0.25）A.RightB.WrongC.Doesn“t say十七、Section
39、 Four(总题数：0，分数：0.00)十八、Passage One(总题数：1，分数：-1.00)Mergers and acquisitions simply mean that one company would attempt to take over another by gaining enough of its common stock to gain control. In the simplest sense, merger means two companies becoming one with the acquirer being in the commanding p
40、osition. Mergers come in one of several distinct forms. A horizontal merger brings together two companies in a similar industry-two steel companies for example. A vertical merger brings together two companies in related industries. A steel company taking over an energy producer such as a coal mine w
41、ould be an example. An automobile producer taking over a parts manufacturer is another. In either case, the merger is designed to produce a synergy between the two companies that did not exist before. The horizontal merger should produce greater scale and efficiency, avoiding duplication of products
42、 and production. Both bring together companies related either directly or indirectly. Another type of merger, or takeover as the case may be, is the merger of two unrelated companies. This is known as the conglomerate merger-a company purposely buying another not engaged in the same business at all.
43、 This sort of merger and the companies it creates- conglomerates-were originally conceived to serve as hedge against changing economic climates. Leveraged buyout (LBO) is the purchase of one company by another using mainly borrowed funds. Generally most M DIRECT, we stress the importance of saving a
44、nd financial education. If you are a parent or teacher, we encourage you to read our “Tips for Parents“ section and to visit Planet Orange, both will help you explain the basics of earning, spending, saving and investing to your children. We also offer bimonthly tips on an array of financial topics
45、such as saving for college, retirement planning, and simple everyday cost - cutting strategies. Another important topic at ING DIRECT is security and privacy. Here you can read our industry leading privacy policy where you, the Customer, get to tell us if you want to hear from us. You will also want
46、 to read about identity theft and how to reduce your chances of being a victim. Whatever your reason for visiting Tips people who sell mad service imported goods suffer; but export industries boom, and import competing industries enjoy a respite from international competition. The former winners bec
47、ome the losers, and vise versa. These effects insure that exchange rates are a matter of constant concern for policymakers. 27. When a country“s currency appreciates, what should its export industries do?A.cut cost mid improve quality B.hire more peopleC.fire some peopleD.lower their product process
48、解析：解析 What do the domestic producers do in response to foreign competition?A.constant concern for policymakers B.occasional concern for policymakersC.temporary concern for policymakersD.domestic concern for policymakers解析：解析 What am the exchange rates according to the article?A.higher prices B.lower
49、 pricesC.constant pricesD.None of above.解析：解析 When a country“s currency depreciates, what would home consumes face?八、Part Two Reading(总题数：0，分数：0.00)九、Section One(总题数：10，分数：-10.00)1.If at a given moment the market rate in one center deviates too far from the average, a balance will soon be restored by _.（分数：-1.00）A.arbitrationB.authorityC.arbitrateD.arbitrage 解析：2.Therefore, balance - of- payments deficits often lead to price _ of a nation“s currency relative to the prices of other currencies.（分数：-1.00）A.appreciationB.d
