1、现代金融业务(综合)-4 及答案解析(总分：89.95，做题时间：90 分钟)一、BPart One Listen(总题数：2，分数：10.00)BSection One/BDirections: In this section, you will hear ten short statements. Each statement will be spoken only once. After each statement, there will be a pause. During the pause, you must read the four suggested answers mar
2、ked A, B, C and D, and decide which is the best answer. Then mark the corresponding letter on the ANSWER SHEET with a single line through the center.（分数：5.00）A.If the time period of the loan is one year, the simple interest and compound interest are the same.B.If the time period of the loan is the s
3、ame, the simple interest and compound interest are the same.C.When the full principal plus interest is paid together, compound interest and simple interest are of the same dollar amount.D.When the full principal plus interest is paid together, compound interest and simple interest are not of the sam
4、e dollar amount.A.Commercial banks mainly provide short-term loans for the capital market.B.The capital market mainly depends on the acquired deposits and the funds from other channels.C.Short-term loans are mainly from the acquired deposits and the funds from other channels.D.Commercial banks mainl
5、y depend on the capital market for deposits and the funds.A.Back-to-back credit.B.Reciprocal credit.C.Documentary credit.D.Stand-by credit.A.The bank makes profits only from its own money.B.The bank makes profits from not only the deposits but also its own money.C.The bank has special obligation to
6、make profits.D.The bank makes profits by having special obligations to depositors.A.Depositors are usually full of confidence, but not the creditors.B.Banks should maintain the confidence of depositors and creditors.C.The nature of banks business particularly damages their reputation.D.Maintaining t
7、he confidence of depositors, creditors and the general marketplace particularly damages banks reputation.（分数：5.00）A.If both the drawer and drawee of an instrument are the same person, the instrument may be treated as a promissory note.B.In any case, the holder can treat the instrument as a bill of e
8、xchange or a promissory note.C.If both the drawer and drawee of an instrument are the same person, the instrument can only he treated as a promissory note.D.When the drawer and drawee of a bill are the same person, the holder may treat the instrument neither as a bill of exchange nor as a promissory
9、 note.A.The payees signature can make the endorsement valid.B.The drawers duly authorized agent can make the endorsement valid.C.The payers signature can make the endorsement valid.D.The drawees duly authorized agent can make the endorsement valid.A.You have to deposit your money once a month.B.You
10、can use your money at any time you need it.C.Your money is immediately run out.D.Your money can immediately make more money.A.The credit card can be used at any shop without paying cash.B.The credit card can he used at any appointed shop together with cash.C.The credit card can be used at any appoin
11、ted shop without paying cash.D.The credit card can be used to withdraw any amount of cash.A.Our company prefers an L/C to collection.B.Our company will apply for documentary collection.C.Our company will apply for either documentary collection or sight letter of credit according to your advice.D.Our
12、 company will adopt neither documentary collection nor letter of credit.二、BSection Two/B(总题数：2，分数：10.00)Directions: In this section, you will hear ten short conversations. At the end of each conversation, a question will be asked about what was said. The conversation and question will be spoken only
13、 once. During the pause, you must read the four choices marked A, B, C, D, and decide which is the best answer. Then mark the corresponding letter on the ANSWER SHEET with a single line through the center.（分数：5.00）A.Sight deposits.B.Certificates of deposit.C.Time deposits.D.Savings deposits.A.Expand
14、ing business.B.Maintaining the stability of currency.C.Decreasing economic growth.D.Supervising the banking system.A.To make a decision quickly.B.To make friends with the customer.C.To know the position of the customer.D.To examine the details of the financial statements.A.2,000 francs.B.20,000 fran
15、cs.C.472 francs.D.472.20 francs.A.To serve as a source of last resort.B.To be one of the major objectives.C.To transfer depositors funds from one bank to another.D.To borrow emergency funds from the Fed.（分数：5.00）A.One day.B.One month.C.One week.D.One year.A.From 9:00 a.m. to 6:00 p.m.B.From 9:00 a.m
16、. to 4:00 p.m.C.From 9:00 a.m. to 12:00 a.m. or 1:30 to 4:00 p.m.D.From 9:00 a.m. to 11:30 a.m. or 1:00 to4:30 p.m.A.To rewrite his signature.B.To make a special endorsement.C.To order another person to pay the cheque.D.To give an order to the bank to collect the cheque.A.No interest is charged.B.Th
17、e documents cannot be negotiated.C.No stamp duty is paid.D.Deferred Payment is on a “without recourse“ basis.A.The credit line will be lower than usual.B.The credit line will be higher than usual.C.The credit line will be as usual.D.The credit line will be indefinite.三、BSection Three(总题数：3，分数：10.00)
18、Directions: In this section, you will hear three short passages. At the end of each passage, you will hear some questions. The passages and the questions will be spoken only once. After you hear a question, you must choose the best answer from the four choices marked A, B, C and D. Then mark the cor
19、responding letter on the ANSWER SHEET with a single line through the center.BPassage One/B（分数：3.00）A.Dealers in foreign exchange.B.Dealers in government bonds.C.Dealers in IPO.D.Dealers in government 2) exchange rate fluctuations-by trading a range of currencies, for example the United States dollar
20、 against the pound sterling, the United States dollar against the Swiss franc and so on.On LIFFE, in order to make the contracts more tradable and to enable keener prices to be quoted, a limited range of standard contracts is available with fixed settlement dates. For example, the contract size for
21、sterling bank deposit certificates is GBP 500 000 with delivery on the second Wednesday of the delivery month which could be March, June, September or December.With a contract covering the movement of interest rates, the market brings together those who wish to take delivery of specific financial in
22、struments, with those who are prepared to supply the same financial instrument on the same terms. Similarly, with a contract coveting exchange rate fluctuations, the market brings together those who wish to sell a stated amount of a certain foreign currency at an agreed future date, and those who wi
23、sh to buy on the same terms.（分数：5.00）(1).A financial future is a contract to buy or sell certain forms of money at a specified date _.（分数：1.00）A.with spot rateB.with forward rateC.at the market priceD.at the price fixed at the time of the deal(2).If the market price of the financial instrument conce
24、rned should be higher on the delivery date than the price agreed in the financial future contract _ will make a profit.（分数：1.00）A.the sellerB.the buyerC.the brokerD.the dealer(3).Which of the following are interest-earning securities?（分数：1.00）A.Bank deposit certificates in Eurodollars.B.Gilt-edged s
25、tocks.C.United States Treasury Bonds.D.All of the above.(4).The author doesnt mention those participants _ in the London International Financial Futures Exchange( LIFFE ).（分数：1.00）A.who want to hedge against interest rate fluctuationsB.who wish to hedge against exchange rate fluctuationsC.who bet on
26、 which way interest rate will moveD.both A and B(5).In the third paragraph, the word “keener“ most probably means _.（分数：1.00）A.dearerB.strongerC.sharperD.cheaperPassage 3There are two main types of stocks: common stock and preferred stock. Common stock is, well, common. When people talk about stocks
27、 in general they are most likely referring to this type. In fact, the majority of stock issued is in this form. Common shares represent ownership in a company and a claim (dividends) on a portion of profits. Investors get one vote per share to elect the board members, who oversee the major decisions
28、 made by management.Over the long term, common stock, by means of capital growth, yields higher returns than almost every other investment. This higher return comes at a cost since common stocks entail the most risk. If a company goes bankrupt and liquidates, the common shareholders will not receive
29、 money until the creditors, bondholders, and preferred shareholders are paid.Preferred stock represents some degree of ownership in a company but usually doesnt come with the same voting fights. (This may vary depending on the company. ) With preferred shares investors are usually guaranteed a fixed
30、 dividend forever. This is different from common stock, which has variable dividends that are never guaranteed. Another advantage is that in the event of liquidation preferred shareholders are paid off before the common shareholder (but still after debt holders). Preferred stock may also be callable
31、, meaning that the company has the option to purchase the shares from shareholders at anytime for any reason (usually for a premium).Some people consider preferred stock to be more like debt than equity. A good way to think of these kinds of shares is to see them as being in between bonds and common
32、 shares.Common and preferred are the two main forms of stock ; however, its also possible for companies to customize different classes of stock in any way they want. The most common reason for this is the company wanting the voting power to remain with a certain group; hence, different classes of sh
33、ares are given different voting rights. For example, one class of shares would be held by a select group who are given ten votes per share while a second class would be issued to the majority of investors who are given one vote per share.When there is more than one class of stock, the classes are tr
34、aditionally designated as Class A and Class B. Berkshire Hathaway (ticker: BRK), the company of Warren Buffett (one of the greatest investors of all time), has two classes of stock. The different forms are represented by placing the letter behind the ticker symbol in a form like this: “BRKa, BRKb“ o
35、r “BRK. A, BRK. B“.（分数：4.95）(1).According to the passage, stock in general is probably referred to as _.（分数：0.33）A.common stockB.preferred stockC.voting stockD.non-voting stock(2).Common stock gets higher return than any other investment because of _.（分数：0.33）A.profits made from buying and reselling
36、 stocksB.dividends received from holding the stocksC.tax allowance provided from investing in the stocksD.all of the above(3).According to the passage, preferred stockholders are guaranteed _.（分数：0.33）A.a voting rate per shareB.a promise to buy back the stocks made by the companyC.a withdrawal of in
37、vestment principal in time of liquidationD.a fixed dividend receipt(4).According to the passage, companies can have different classes of stock mainly because the company wants _.（分数：0.33）A.to keep the financial costs at a certain levelB.to still have the control over the companyC.to keep the stock p
38、rice from droppingD.to attract more capital from the public(5).In the second paragraph, the word “liquidate“ probably means _.（分数：0.33）A.wind up a company and pay back debtsB.manage the companyC.diversifyD.vote for a major decision_五、BSection Three(总题数：2，分数：10.00)Directions: There are 10 blanks in t
39、he following passages. For each blank, there are four choices marked A, B, C and D. You are supposed to choose the best answer and mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center.BPassage One/BBanks are subject to various forms of legal risk, including i
40、nadequate or incorrect U(56) /U advice or documentation that may result in unexpected decline in the value of U(57) /U or unexpected increase in the value of liabilities. In addition, existing laws may U(58) /U resolve legal issues involving a bank; a court case involving a U(59) /U bank may have wi
41、der implications for banking business and involve costs to it and many or all other banks; and, laws U(60) /U banks or other commercial enterprises may change. Banks are particularly susceptible to legal risks when entering new types of transactions and when the legal right of a counterpart to enter
42、 into a transaction is not established.（分数：5.00）A.bankB.financialC.legalD.governmentalA.assetsB.capitalC.currencyD.treasuresA.fail toB.subject toC.efficientlyD.troubleA.peculiarB.normalC./D.particularA.enduringB.effectingC.affectingD.infectingBPassage Two/BApart from borrowing from hanks, a firm or
43、an individual can obtain funds in a financial market in two ways. The most common method is to issue a U(61) /U, such as a bond or a mortgage, which is a U(62) /U by the borrower to pay the holder of it at U(63) /U until a specified date, when a final payment is made. The U(64) /U of it is the time
44、of expiration date. The second method of raising funds is by issuing U(65) /U, such as common stock, which are claims to share in the net income and the assets of a business.（分数：5.00）A.debt instrumentB.letter of creditC.letter of guaranteeD.certificate of depositA.written agreementB.contractual agre
45、ementC.oral agreementD.revocable agreementA.irregular intervalsB.termsC.regular intervalsD.the endA.periodB.graceC.payable dateD.maturityA.debt instrumentB.letter of creditC.letter of guaranteeD.equities六、BSection Four/(总题数：3，分数：10.00)Directions: Read the following passages and determine whether the
46、 sentences are “ Right“ or “Wrong“. If there is not enough information to answer “Right“ or “Wrong“, choose “Doesnt say“. Then mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center.BPassage One/BThe normal income statement which constitutes one of the financial statements of a company, is financial income statement. So functional income statement is an i
