2012年金融专业英语证书考试FECT模拟试题-7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-7 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.Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. Which of the following is least likely to be classified as a financial statement element? () （分数：2.00）A.AssetB.

2、RevenueC.LiabilityD.Net income2. Amy, a CFA candidate, recently joined A Cannons statement is incorrect.B.Karazims statement is incorrect; Cannons statement is correct.C.Karazims statement is correct; Cannons statement is correct.D.Karazims statement is correct; Cannons statement is incorrect.(5).Ka

3、razim decides to enhance her analysis by creating common size statements for Gernot, Inc. Which of the following statements is CORRECT? A common size balance sheet expresses all balance sheet accounts as a percent of: () （分数：2.00）A.Total assets and a common size income statement expressall items as

4、a percentage of net income.B.Sales and a common size income statement expressall items as a percentage of net income.C.Sales and a common size income statement expressall items as a percentage of total assets.D.Total assets and a common size income statement expressall items as a percentage of sales

5、.三、Explanations of term(总题数：5，分数：30.00)11.Legal tender （分数：6.00）_12.Double-entry bookkeeping （分数：6.00）_13.Arbitrage pricing theory （分数：6.00）_14.Soft law （分数：6.00）_15.Gold markets （分数：6.00）_四、Question and Answer(总题数：4，分数：40.00)16. What is the Theory of Money Supply by the Monetarist School? （分数：10.00

6、）_17.Explain the Open Market Operations. （分数：10.00）_18.(1) State the difference between a documentary credit and a documentary collection. (2) Why is a documentary credit arrangement important to an exporter? (3) What is the difference between a revocable credit and an irrevocable credit? （分数：10.00）

7、_19.What are the Countering Financial Abuse and Crime? What Others Are Doing? （分数：10.00）_2012 年金融专业英语证书考试 FECT 模拟试题-7 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.Assume U.S. GAAP (generally accepted accounting principles) applies unless otherwise noted. Which of the following

8、is least likely to be classified as a financial statement element? () （分数：2.00）A.AssetB.RevenueC.LiabilityD.Net income 解析：2. Amy, a CFA candidate, recently joined A Cannons statement is incorrect.B.Karazims statement is incorrect; Cannons statement is correct. C.Karazims statement is correct; Cannon

9、s statement is correct.D.Karazims statement is correct; Cannons statement is incorrect.解析：Although return on assets is one of the ratios that bond agencies rely on heavily for deriving their debt ratings, it is not one of the ratios that is deemed most useful for stock valuation, therefore Karazims

10、statement is incorrect. Return on equity, (not ROA), is a ratio that is deemed to be very effective for both stock valuation and determining credit ratings. Cannons statement is correct the current ratio is considered to be one of the most effective ratios for both determining systematic risk (beta)

11、 based on accounting variables and for forecasting bankruptcy. (5).Karazim decides to enhance her analysis by creating common size statements for Gernot, Inc. Which of the following statements is CORRECT? A common size balance sheet expresses all balance sheet accounts as a percent of: () （分数：2.00）A

12、.Total assets and a common size income statement expressall items as a percentage of net income.B.Sales and a common size income statement expressall items as a percentage of net income.C.Sales and a common size income statement expressall items as a percentage of total assets.D.Total assets and a c

13、ommon size income statement expressall items as a percentage of sales. 解析：Common size statements normalize balance sheet items by expressing each item as a percentage of total assets, and normalize income statements by expressing each item as a percentage of sales. Using common size statements allow

14、s the analyst to make easier comparisons of different sized firms. Explanations of terms：(10 points) 1. Legal tender：The status of legal tender simply means that coins and paper currency cannot lawfully be refused in payment for goods and services and in discharge of debts. 2. Double-entry bookkeepi

15、ng：Bookkeeper debits the transaction to one account and credits it to another bill of exchange: A non-interest-bearing written order used primarily in international trade that binds one party to pay a fixed sum of money to another party at a predetermined future date. 3. Arbitrage pricing theory：An

16、equilibrium model of asset pricing that states that the expected return on a security is a linear function of the securitys sensitivity to various common factors. 4. Soft law：Quasi-legal instruments which do not have any legally binding force, or whose binding force is somewhat “weaker“ than the bin

17、ding force of traditional law, often contrasted to soft law by being referred to as “hard law“. 5. Gold markets：According to its nature and the influence on the entire world gold transaction, gold market may be divided into leading market and regional market. According to the difference of transacti

18、on type and the transaction way, gold market may be divided into spot transaction and future transaction. Following international experiences, gold market participants include; gold enterprises, banks, hedge funds, organizations and personal investors, broker companies and the exchanges. Factors tha

19、t Affect Gold Market are the quantity change of structure of supply and demand, economic factors and political situation and unexpected significant events. There are many different ways to invest in gold, such as gold futures, gold exploration companies, blue-chip gold mining stocks, gold mutual fun

20、ds, gold bars, gold bullion and gold coins. 三、Explanations of term(总题数：5，分数：30.00)11.Legal tender （分数：6.00）_正确答案：()解析：12.Double-entry bookkeeping （分数：6.00）_正确答案：()解析：13.Arbitrage pricing theory （分数：6.00）_正确答案：()解析：14.Soft law （分数：6.00）_正确答案：()解析：15.Gold markets （分数：6.00）_正确答案：()解析：四、Question and Ans

21、wer(总题数：4，分数：40.00)16. What is the Theory of Money Supply by the Monetarist School? （分数：10.00）_正确答案：(Friedman held that money demand is relatively stable and money supply must be guaranteed stable, too, if there should be equilibrium between money demand and money supply. So Friedman opposed the man

22、agement of the aggregate demand raised by Keynes and focused on the importance of money supply. According to the Monetarist School, the core of economic policies is placed on monetary policy, which should be the only important wander-working among all economic policies. Without monetary policy, othe

23、r economic policies cant achieve their anticipated effect. Friedman assumed that the best choice in controlling money supply was the “single rule“ of monetary policy, i. e. , making it known to the public to adapt a fixed increasing rate of money supply, excluded other factors, such as interest rate

24、s, credit flow, excess reserves on a voluntary basis, and so on. So monetary policy should just take a certain money stock as the only decisive factor. In order to carry out the “single rule”, three problems should be solved; the first is how to define the scope of the aggregate money supply; the se

25、cond is how to decide the increasing rate of money supply and the third is whether or not fluctuation of the increasing rate of money supply is allowed during a certain period, a year or a season. The solution to the above problems is as follows; firstly, M2 should be the scope of the aggregate mone

26、y supply; secondly, the increasing rate of money supply should be suited to economic growth rate and thirdly, it couldnt be changed at will when the increasing rate of money supply had been decided. If there is need for change of the increasing rate of money supply, it should be announced and the ba

27、nd of fluctuation should be as small as possible. )解析：17.Explain the Open Market Operations. （分数：10.00）_正确答案：(The most widely used instrument of monetary policy is open market operations. Open market operations involve the purchase of securities by a central bank to put additional reserves at the di

28、sposal of the banking system or the sale of securities to reduce reserves so that money supply can be altered. Open market operations are the bread-and-butter instrument of Federal Reserve policy in U. S. Because the central bank earns interest income from its securities portfolio, the total revenue

29、s earned by the central bank vary in direct proportion to the magnitude of its portfolio. However, this consideration plays no role in the central banks decision to acquire or sell securities. Indeed, if it did, the central bank could not perform the chief function of a central bankconducting moneta

30、ry policy in a way that contributes to the stability of aggregate expenditures and economic activity. Suppose the U. S. economy is encountering excessive aggregate demand and escalating inflation. The central bank is therefore intent on implementing a policy of monetary restraint. In that event, the

31、 central bank would sell securities on the open market. Assume that the central bank sells $225 million in U. S. Treasury bills to a government securities dealer, receiving payment via a check written against the dealers bank checking account. When the central bank receives the check, it “collects“

32、by debiting the reserve account of (making a bookkeeping entry against) the dealers commercial bank and returns the check to that bank. Upon receipt of the check, the commercial bank debits the dealers demand deposit account. The relevant balance sheets exhibit the following changes. )解析：18.(1) Stat

33、e the difference between a documentary credit and a documentary collection. (2) Why is a documentary credit arrangement important to an exporter? (3) What is the difference between a revocable credit and an irrevocable credit? （分数：10.00）_正确答案：(1) A documentary credit is a written undertaking by a ba

34、nker who is the agent fro the importer or the buyer. The function of a documentary collection is to provide both importer (buyer) and exporter (seller) with a compromise to settle their trade transactions between payment in advance and on open account terms. The parties involved in a documentary cre

35、dit arrangement include issuing banker, advising banker, the applicant and the beneficiary. Parties involved in a documentary collection include the drawer (exporter or seller), the remitting bank, the collecting bank and the drawee (importer or buyer). . Their processes are different. (2) In accord

36、ance with the instructions of the importer, the bank undertakes to pay the exporter, up to a limit, within a designated time period and against any stipulated terms and documents. The credit created for international settlement among banks not only provides a sense of security for the traders involv

37、ed , but also a reliable source of finance for foreign trade where required . (3) A “revocable credit“ may be cancelled at any time up to the moment the advising bank pays. This type of credit is the least favorable to the exporter. An irrevocable credit may not be amended or even cancelled without

38、the consent of all the parties involved. This type of credit guarantees payment to the beneficiary, provided that the credit terms and conditions are met. )解析：19.What are the Countering Financial Abuse and Crime? What Others Are Doing? （分数：10.00）_正确答案：(1) Since the late 1980s, the growing concerns a

39、bout drug trafficking and the uses made of globalization facilitated by the advancements in communication technology have led to direct and indirect approaches by different international institutions and the international community to combat financial crime and money laundering. (2) The FATF and aff

40、iliated regional organizations lead the international efforts in directly combating money laundering. Members of the FATF engage in annual self-assessments and in periodic mutual evaluations of members anti-money laundering efforts. In June 2000, the FATF identified 15 non-member jurisdictions that

41、it considers as “non-cooperative with international efforts against money laundering“. Since the FATF is a voluntary task force and not a treaty organization, its recommendations do not constitute a binding international convention. Fund staff has participated, as observers, in most FATF plenaries s

42、ince 1980. At the request of the FATF, Fund staff made a statement at the Junel996 FATF Plenary on the macroeconomic impact of money laundering, and the Managing Director made a statement at the February 1998 FATF plenary. The FATF has recently agreed to share results from their exercises with Fund

43、staff conducting financial assessments, in the context of FSAP and OFC assessments. At a recent IMF Executive Board meeting, the possibility was raised that the FATF could be invited to prepare ROSC modules on Fund members observance of the FATFs Forty Recommendations. Some members of the FATF have

44、asked that the Funds Article IV“? Surveillance and program conditionally include anti-money laundering considerations. The FATF President, in a letter to Fund management, suggested that the FATF Forty Recommendations be adopted as the anti-money laundering standard. (3) Other direct efforts to counter financial crime are undertaken mainly by the International Criminal Police Organization (Interpol) and national financial intelligence