2012年金融专业英语证书考试FECT模拟试题-5及答案解析.doc

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1、2012 年金融专业英语证书考试 FECT 模拟试题-5 及答案解析(总分：100.00，做题时间：90 分钟)一、SECTION ONE (Compuls(总题数：10，分数：20.00)1.Tom cannot tell the difference between Coke and Pepsi. For Tom, these goods are: () （分数：2.00）A.Perfect substitutes.B.Perfect complements.C.Necessities.D.None of the above.2.Suppose the economy is running

2、 at the level of potential GDP, an increase in government spending in the long run will _ the price level and _ the output level, （分数：2.00）A.Increase, not changeB.Increase, increaseC.Increase, decreaseD.Decrease, increase3. For a natural monopoly, the optimal policy for a regulator to set is a price

3、 such that: () （分数：2.00）A.The price level equals marginal cost.B.The price level equals average variable cost.C.The price level equals average total cost but higher than marginal cost.D.The price level is lower than marginal cost but higher than average total cost.4. If AD shifts to the right to ada

4、pt to oil shocks from OPEC, then: () （分数：2.00）A.P and GDP will remain normal automatically.B.GDP may be unchanged although P will rise.C.GDP will rise and P will drop.D.The domestic P of oil will drop.5. School students paying a lower fare than adults on the MTR trains, or cheaper tickets to the the

5、atre, is an example of: () （分数：2.00）A.The suppliers making less profit because some customers pay a lower price.B.Consumers obtaining more consumer surplus.C.Price discrimination allowing the suppliers to make more profit from charging a higher price to customers whose demand is more elastic.D.Price

6、 discrimination allowing the suppliers to make more profit from charging a lower price to customers whose demand is more elastic.6.When the nominal interest rate rises, () （分数：2.00）A.Economic activity is encouraged.B.The real interest rate rises and the price of bonds rises.C.Inflation rises and the

7、 real interest rate falls.D.The real interest rate rises and the price of bonds falls.7. A firm has fixed costs of 100,000 per month and variable costs of 25 for item. It proposes to sell these items for 50 each. What is the break-even output for this firm? () （分数：2.00）A.4,000 unitsB.4,000 units in

8、a month.C.Cannot be worked out from the information.D.2,000 units per month.8.For an A- rated corporate bond that has deteriorating fundamentals, but is expected to remain investment grade, the greatest risk is most likely: () （分数：2.00）A.Event risk.B.Default risk.C.Liquidity risk.D.Credit spread ris

9、k.9.An investor currently has a portfolio valued at $700,000. The investors objective is long-term growth, but the investor will need $30,000 by the end of the year to pay her sons college tuition and another $10,000 by year-end for her annual vacation. The investor is considering four alternative p

10、ortfolios: Portfolio Expected Return Standard Deviation of Returns 18% 10% 210% 13% 314% 22% 418% 35% Using Roys safety-first criterion, which of the alternative portfolios minimizes the probability that the investors portfolio will have a value lower than $700,000 at year-end? () （分数：2.00）A.Portfol

11、io 1.B.Portfolio 2.C.Portfolio 3.D.Portfolio 4.10.A futures trader must deposit an additional amount of money into a margin account at the clearinghouse if the margin account ending balance is below the: () （分数：2.00）A.Initial margin requirement.B.Variation margin requirement.C.Maintenance margin req

12、uirement.D.Amount of the loan borrowed from the clearinghouse.二、SECTION TWO(Compulso(总题数：1，分数：10.00)Jason Johnson, CFA, is a principal of a large private equity firm in New York. One of the associates in his firm has identified a potential investment opportunity for the firm. Gasline, Inc. is a majo

13、r producer of pipeline used in the production of natural gas in the Southwest United States. Last year, Gasline had approximately $150 million in sales, and sales are expected to increase as a result of increasing demand for their product. The company was founded over twenty-five years ago, and has

14、been publically traded for the last ten years. The founder of the company, along with other members of the family, holds the majority of the common stock, and the group is amenable to liquidating their collective position at this time. Johnsons associate believes there is significant opportunity in

15、the industry, based upon new technology that allows for the extraction of natural gas from locations and depths that previously were too cost-prohibitive. This new technology should translate into increased demand for the industry, both domestically and abroad. Johnson concurs with this forecast for

16、 the industry, but believes further in-depth analysis must be performed before any investment decision can be made. Of particular concern to Johnson is Gaslines numerous, complicated transactions related to the companys various stock-based compensation plans. Over the past decade, the company has pa

17、rticipated in varying degrees in programs involving stock option grants, an employee stock purchase plan, and performance-based awards. Johnson believes that thorough analysis of each program will determine whether or not the programs were properly accounted for in Gaslines financial statements. The

18、 CEO of Gasline was awarded a stock option package at the beginning of 2006, which could ultimately have a significant impact on the companys future earnings. Details of the CEOs stock option grant are outlined below. The company established an employee stock purchase plan in 2004. Under the existin

19、g plan guidelines, full-time employees of Gasline that have completed 3 years of service are eligible to purchase up to 1,000 Gasline shares per year at a 15% discount. Since inception of the program, employees of the company have purchased approximately 75,000 shares. In the footnotes to the compan

20、ys financial statements, it states that Gaslines management has determined that the plan is noncompensatory and therefore no compensation expense has been recognized in association with the plan. Part of the total compensation package for Gasline employees comes through participation in a service-ba

21、sed stock awards grant program. Under this program, all full-time employees are awarded 100 shares of Gasline common stock on July 1st of each year. Employees vest at the rate of 20% each year, and are fully vested after the completion of five years of service. Employees that leave the company or re

22、tire prior to being fully vested forfeit all interest in the stock. Johnson questions whether or not Gaslines accounting treatment of this program is fully in accordance with FASB standards. CEO Options (grant date January 1, 2006) （分数：10.00）(1).For the valuation of the CEOs stock options granted on

23、 January 1, 2006, Gasline estimated a fair value of $100,000 by using Monte Carlo simulation. In accordance with SFAS No. 123(R), which of the following statements is most accurate? Gaslines accounting treatment of the options is: () （分数：2.00）A.In compliance because a Monte Carlo simulation is an ac

24、ceptable method of valuing options in the absence of a market-based instrument.B.Not in compliance because the fair value must be established by using the Black-Scholes option pricing model.C.Not in compliance because the options had no intrinsic value as of the grant date.D.In compliance because th

25、e firm can elect to use either the intrinsic value model or the fair value model in the valuation of stock option plans.(2).Assume that the CEO of Gasline exercises 25,000 of his options on December 31, 2006, and the market price of the stock on that date is $39.50. Calculate the total compensation

26、expense for the year ending 2006 that Gasline should recognize in association with the CEO option grant. () （分数：2.00）A.$62,500.B.$25,000.C.$100,000D.$0.(3).In accordance with SFAS No. 123(R), which of the following statements regarding Gaslines employee stock purchase plan is most accurate? () （分数：2

27、.00）A.The plan cannot be considered noncompensatory because the discount exceeds the per share transaction cost of a public offering.B.The plan can be considered noncompensatory because it is offered equally to all full-time employees, not just upper management.C.The plan cannot be considered noncom

28、pensatory because participation is voluntary on the part of the employees.D.The plan can be considered noncompensatory because of the existence of the service-based stock awards grant program.(4).If an employee stock purchase plan is considered noncompensatory in accordance with SFAS No. 123(R): ()

29、（分数：2.00）A.Compensation expense is recognized over the projected remaining service life of each employee.B.Compensation expense is deferred until the shares are sold.C.No compensation expense is recognized.D.Compensation expense is limited to the amount of the discount.(5).SFAS No. 123(R) gives spec

30、ific guidelines as to what date is to be used to establish the fair value of the stock awarded through a service-based award program, and whether or not any adjustment for awards that did not vest must be made to compensation expense at the end of the vesting period. Which of the following guideline

31、s is most applicable to Gaslines program? () Date that fair value is established “True-up“ adjustment necessary? （分数：2.00）A.Grant date NoB.Last day of grant year YesC.Grant date YesD.Last day of grant year No三、SECTION THREE(Compul(总题数：5，分数：30.00)11. Speculative demand for money （分数：6.00）_12.Time lag

32、 （分数：6.00）_13.Floating exchange rate （分数：6.00）_14.Present value （分数：6.00）_15.The OTC Market（分数：6.00）_四、SECTION FOUR(Compuls(总题数：4，分数：40.00)16.What is Common Stock？ （分数：10.00）_17.What is the Controllability? （分数：10.00）_18.What is the monetary base? （分数：10.00）_19.List the Counter-measures of Inflation

33、 as more as possible. （分数：10.00）_2012 年金融专业英语证书考试 FECT 模拟试题-5 答案解析(总分：100.00，做题时间：90 分钟)一、SECTION ONE (Compuls(总题数：10，分数：20.00)1.Tom cannot tell the difference between Coke and Pepsi. For Tom, these goods are: () （分数：2.00）A.Perfect substitutes. B.Perfect complements.C.Necessities.D.None of the above

34、.解析：2.Suppose the economy is running at the level of potential GDP, an increase in government spending in the long run will _ the price level and _ the output level, （分数：2.00）A.Increase, not change B.Increase, increaseC.Increase, decreaseD.Decrease, increase解析：3. For a natural monopoly, the optimal

35、policy for a regulator to set is a price such that: () （分数：2.00）A.The price level equals marginal cost.B.The price level equals average variable cost.C.The price level equals average total cost but higher than marginal cost. D.The price level is lower than marginal cost but higher than average total

36、 cost.解析：4. If AD shifts to the right to adapt to oil shocks from OPEC, then: () （分数：2.00）A.P and GDP will remain normal automatically.B.GDP may be unchanged although P will rise. C.GDP will rise and P will drop.D.The domestic P of oil will drop.解析：5. School students paying a lower fare than adults

37、on the MTR trains, or cheaper tickets to the theatre, is an example of: () （分数：2.00）A.The suppliers making less profit because some customers pay a lower price.B.Consumers obtaining more consumer surplus.C.Price discrimination allowing the suppliers to make more profit from charging a higher price t

38、o customers whose demand is more elastic.D.Price discrimination allowing the suppliers to make more profit from charging a lower price to customers whose demand is more elastic. 解析：6.When the nominal interest rate rises, () （分数：2.00）A.Economic activity is encouraged.B.The real interest rate rises an

39、d the price of bonds rises. C.Inflation rises and the real interest rate falls.D.The real interest rate rises and the price of bonds falls.解析：7. A firm has fixed costs of 100,000 per month and variable costs of 25 for item. It proposes to sell these items for 50 each. What is the break-even output f

40、or this firm? () （分数：2.00）A.4,000 unitsB.4,000 units in a month. C.Cannot be worked out from the information.D.2,000 units per month.解析：8.For an A- rated corporate bond that has deteriorating fundamentals, but is expected to remain investment grade, the greatest risk is most likely: () （分数：2.00）A.Ev

41、ent risk.B.Default risk.C.Liquidity risk.D.Credit spread risk. 解析：9.An investor currently has a portfolio valued at $700,000. The investors objective is long-term growth, but the investor will need $30,000 by the end of the year to pay her sons college tuition and another $10,000 by year-end for her

42、 annual vacation. The investor is considering four alternative portfolios: Portfolio Expected Return Standard Deviation of Returns 18% 10% 210% 13% 314% 22% 418% 35% Using Roys safety-first criterion, which of the alternative portfolios minimizes the probability that the investors portfolio will hav

43、e a value lower than $700,000 at year-end? () （分数：2.00）A.Portfolio 1.B.Portfolio 2.C.Portfolio 3. D.Portfolio 4.解析：10.A futures trader must deposit an additional amount of money into a margin account at the clearinghouse if the margin account ending balance is below the: () （分数：2.00）A.Initial margin

44、 requirement.B.Variation margin requirement.C.Maintenance margin requirement. D.Amount of the loan borrowed from the clearinghouse.解析：二、SECTION TWO(Compulso(总题数：1，分数：10.00)Jason Johnson, CFA, is a principal of a large private equity firm in New York. One of the associates in his firm has identified

45、a potential investment opportunity for the firm. Gasline, Inc. is a major producer of pipeline used in the production of natural gas in the Southwest United States. Last year, Gasline had approximately $150 million in sales, and sales are expected to increase as a result of increasing demand for the

46、ir product. The company was founded over twenty-five years ago, and has been publically traded for the last ten years. The founder of the company, along with other members of the family, holds the majority of the common stock, and the group is amenable to liquidating their collective position at thi

47、s time. Johnsons associate believes there is significant opportunity in the industry, based upon new technology that allows for the extraction of natural gas from locations and depths that previously were too cost-prohibitive. This new technology should translate into increased demand for the industry, both domesticall