2012年金融英语证书考试FECT模拟试题-3及答案解析.doc

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1、2012 年金融英语证书考试 FECT 模拟试题-3 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：10.00)1.Which belongs to the Tightening of fiscal policy tools? ( ) （分数：1.00）A.Reduce government spending and increase tax revenueB.Reduce government spending and reduce taxesC.Increasing government spending and r

2、educing taxesD.Increase in government expenditure and increase tax revenue2.What market is the Most in need of the advertising? ( ) （分数：1.00）A.Fully competitive marketB.Monopolize marketC.Competitive monopoly marketD.Oligopoly market3.The value of national output: ( ) （分数：1.00）A.Is the same of the o

3、utput of all businesses.B.Is the aggregate of output of employed persons.C.Is synonymous with aggregate manufacturing output.D.Utilizes the “added value“ concept.4. With C = 10 + 0.7Y and the level of income changing from $70 billion to $80 billion, the increase in consumption and the revised averag

4、e propensity to consume (ape) respectively would be: ( ) （分数：1.00）A.$9 billion and 0.78.B.$6 billion and 0.8.C.$7 billion and 0.79.D.$7 billion and 0.825.5.Which of the following goods is likely to have the most elastic demand? ( ) （分数：1.00）A.A particular brand of breakfast cereal.B.Breakfast cereal

5、s in general.C.A very cheap good on which not much is spent (e.g. matches newspaper) .D.An essential good.6.School students paying a lower fare than adults on the MTR trains, or cheaper tickets to the theatre, is an example of: () （分数：1.00）A.The suppliers making less profit because some customers pa

6、y a lower price.B.Consumers obtaining more consumer surplus.C.Price discrimination allowing the suppliers to make more profit from charging a higher price toD.Price discrimination allowing the suppliers to make more profit from charging a lower price to customers whose demand is more elastic.7.A fut

7、ures trader goes long one futures contract at $450. The settlement price 1 day before expiration is $500. On expiration day, the future is trading at $505. The least likely way the futures trader will lock in her profits on expiration is: ( ) （分数：1.00）A.Take delivery of the underlying asset and pay

8、$500 to the short.B.Close out the futures position by selling the futures contract at $505.C.Take delivery of the underlying asset and pay the expiration settlement price to the short.D.Cash settle the futures and receive the difference between $500 and the expiration settlement price.8. In the cont

9、ext of break-even analysis, the Margin of Safety for a firm is: ( ) （分数：1.00）A.The difference between the sales revenue achieved and the break-even revenue.B.The difference between planned (or actual) output and the break-even quantity in a particular time period.C.The percentage difference between

10、planned (or actual) output and the break-even quantity.D.The difference between planned (or actual) output and the break-even quantity.9. There is 5-year annuity of $3,000 per year. However, the first payment will not pay until year 3. Assuming the interest rate is 10%, calculate the present value o

11、f this annuity. ( ) （分数：1.00）A.$8397.B.$9,399.C.$10,258.D.None of the above.10. Hub Global, Inc. has issued two classes of debt securities to finance its operations, a first mortgage bond and debenture bonds. All else equal, will the default and recovery rates of the debenture likely be higher than

12、the first mortgage bond? ( ) （分数：1.00）A.Answer A.B.Answer B.C.Answer C.D.Answer D.二、SECTION TWO(Compulso(总题数：1，分数：10.00)Gary Zeller, an independent portfolio manager who manages money for high-net-worth individuals, is a proponent of the efficient market hypothesis. He uses the Treynor-Black model t

13、o determine asset allocations for his portfolios. At the moment, he is considering several investments for new portfolios. Here are their characteristics. （分数：10.00）(1).From highest allocation to lowest, how should Zeller allocate the four stocks in his portfolio? () （分数：2.00）A.Hearthstone, Minster

14、Mask and Costume, Kustom Auto, Imperial Shipyards.B.Minster Mask and Costume, Kustom Auto, Imperial Shipyards, Hearthstone.C.Kustom Auto, Imperial Shipyards, Minster Mask and Costume, Hearthstone.D.Minster Mask and Costume, Hearthstone, Kustom Auto, Imperial Shipyards.(2).Which of Zellers actions is

15、 least compatible with the use of the Treynor-Black model? His: () （分数：2.00）A.Purchase of put options.B.Use of index funds.C.Willingness to actively manage portfolios.D.Support of the efficient market hypothesis.(3).In light of his observations about market movements, Zeller should: () （分数：2.00）A.In

16、crease his cash allocation.B.Increase his index-fund allocation.C.Take no action, the model will account for any changes.D.Increase his allocation of actively managed stocks.(4).If Zeller stops assuming forecasts are accurate, he will most likely: () （分数：2.00）A.Increase the number of stocks in the p

17、ortfolio.B.Shift subtly toward CAPM.C.Reduce both risk and potential return of the portfolio.D.Need to rebalance the portfolio more often.(5).Assuming Zeller intends to take positions in all four of the stocks discussed above, how many should he sell short? () （分数：2.00）A.1.B.0.C.2.D.3.三、SECTION THRE

18、E(Compul(总题数：5，分数：25.00)11.Margin requirement （分数：5.00）_12.Interest ceiling （分数：5.00）_13.Bank for International Settlements (BIS) （分数：5.00）_14.Bancassurance （分数：5.00）_15.Secondary market （分数：5.00）_四、SECTION FOUR(Compuls(总题数：4，分数：32.00)16.Explain the Mechanism of Money Supply. （分数：8.00）_17.What is th

19、e Function of stock exchanges? （分数：8.00）_18.List the Counter-measures of Deflation as more as possible. （分数：8.00）_19.What is Financial Liberalization? And what is The Nature of Financial Liberalization? （分数：8.00）_五、SECTION FIVE(Compuls(总题数：1，分数：13.00)20.Lets take an example. Suppose that a share of

20、Haier in the Hong Kong Stock Market had a closing price yesterday of HK $ 10, but new information was announced after the market closed that caused a revision in the forecast of price next year to go to HK $15. If the annual equilibrium return on Haier is 20%, what does efficient markets theory indi

21、cate the price will go to today when the market opens? (Assume that Haier pays no dividends.) （分数：13.00）_六、SECTION SIX(Compulso(总题数：1，分数：10.00)21. Please illustrate the macroeconomic-based risk factor models: （分数：10.00）_2012 年金融英语证书考试 FECT 模拟试题-3 答案解析(总分：100.00，做题时间：90 分钟)一、SECTION ONE (Compuls(总题数：

22、10，分数：10.00)1.Which belongs to the Tightening of fiscal policy tools? ( ) （分数：1.00）A.Reduce government spending and increase tax revenueB.Reduce government spending and reduce taxes C.Increasing government spending and reducing taxesD.Increase in government expenditure and increase tax revenue解析：2.W

23、hat market is the Most in need of the advertising? ( ) （分数：1.00）A.Fully competitive marketB.Monopolize marketC.Competitive monopoly market D.Oligopoly market解析：3.The value of national output: ( ) （分数：1.00）A.Is the same of the output of all businesses.B.Is the aggregate of output of employed persons.

24、C.Is synonymous with aggregate manufacturing output.D.Utilizes the “added value“ concept. 解析：4. With C = 10 + 0.7Y and the level of income changing from $70 billion to $80 billion, the increase in consumption and the revised average propensity to consume (ape) respectively would be: ( ) （分数：1.00）A.$

25、9 billion and 0.78.B.$6 billion and 0.8.C.$7 billion and 0.79.D.$7 billion and 0.825. 解析：5.Which of the following goods is likely to have the most elastic demand? ( ) （分数：1.00）A.A particular brand of breakfast cereal.B.Breakfast cereals in general.C.A very cheap good on which not much is spent (e.g.

26、 matches newspaper) . D.An essential good.解析：6.School students paying a lower fare than adults on the MTR trains, or cheaper tickets to the theatre, is an example of: () （分数：1.00）A.The suppliers making less profit because some customers pay a lower price.B.Consumers obtaining more consumer surplus.C

27、.Price discrimination allowing the suppliers to make more profit from charging a higher price toD.Price discrimination allowing the suppliers to make more profit from charging a lower price to customers whose demand is more elastic. 解析：7.A futures trader goes long one futures contract at $450. The s

28、ettlement price 1 day before expiration is $500. On expiration day, the future is trading at $505. The least likely way the futures trader will lock in her profits on expiration is: ( ) （分数：1.00）A.Take delivery of the underlying asset and pay $500 to the short.B.Close out the futures position by sel

29、ling the futures contract at $505.C.Take delivery of the underlying asset and pay the expiration settlement price to the short. D.Cash settle the futures and receive the difference between $500 and the expiration settlement price.解析：8. In the context of break-even analysis, the Margin of Safety for

30、a firm is: ( ) （分数：1.00）A.The difference between the sales revenue achieved and the break-even revenue.B.The difference between planned (or actual) output and the break-even quantity in a particular time period. C.The percentage difference between planned (or actual) output and the break-even quanti

31、ty.D.The difference between planned (or actual) output and the break-even quantity.解析：9. There is 5-year annuity of $3,000 per year. However, the first payment will not pay until year 3. Assuming the interest rate is 10%, calculate the present value of this annuity. ( ) （分数：1.00）A.$8397.B.$9,399. C.

32、$10,258.D.None of the above.解析：10. Hub Global, Inc. has issued two classes of debt securities to finance its operations, a first mortgage bond and debenture bonds. All else equal, will the default and recovery rates of the debenture likely be higher than the first mortgage bond? ( ) （分数：1.00）A.Answe

33、r A. B.Answer B.C.Answer C.D.Answer D.解析：二、SECTION TWO(Compulso(总题数：1，分数：10.00)Gary Zeller, an independent portfolio manager who manages money for high-net-worth individuals, is a proponent of the efficient market hypothesis. He uses the Treynor-Black model to determine asset allocations for his por

34、tfolios. At the moment, he is considering several investments for new portfolios. Here are their characteristics. （分数：10.00）(1).From highest allocation to lowest, how should Zeller allocate the four stocks in his portfolio? () （分数：2.00）A.Hearthstone, Minster Mask and Costume, Kustom Auto, Imperial S

35、hipyards.B.Minster Mask and Costume, Kustom Auto, Imperial Shipyards, Hearthstone. C.Kustom Auto, Imperial Shipyards, Minster Mask and Costume, Hearthstone.D.Minster Mask and Costume, Hearthstone, Kustom Auto, Imperial Shipyards.解析：The Treynor-Black model calls for greater weights to stocks with hig

36、h forecast alpha relative to unsystematic risk. The Sharpe ratio reflects that relationship. To calculate the Sharpe ratio, we subtract the risk free rate from the expected stock returns, and then divide by the stocks standard deviation. Beta is not a measure of unsystematic risk, so it should not b

37、e used. Sharpe ratios for the four stocks are as follows: Hearthstone = 27.35%. Imperial = 27.5%. Minster = 46.14%. Kustom Auto = 37.86%. The higher the Sharpe ratio, the higher the level of alpha relative to unsystematic risk. As such, the highest weighting should go to Minster Mask and Costume, th

38、e second-highest to Kustom Auto, the third-highest to Hearthstone, and the fourth-highest to Imperial Shipyards. (2).Which of Zellers actions is least compatible with the use of the Treynor-Black model? His: () （分数：2.00）A.Purchase of put options. B.Use of index funds.C.Willingness to actively manage

39、 portfolios.D.Support of the efficient market hypothesis.解析：Index funds appeal to efficient market theorists in part because they offer a low-cost way of investing in the market without trying to exploit infrequent mispricing. While active management of any sort may seem incongruous against the effi

40、cient market backdrop, it is active management, or the search for alpha, that clears up mispricings and theoretically leads to market equilibrium. The Treynor-Black model is an optimization framework that assumes markets are nearly efficient but does allow for some active management. The Treynor-Bla

41、ck model assumes a portfolio consisting of index funds, stocks, and the risk-free return. Put options have no place in that model. (3).In light of his observations about market movements, Zeller should: () （分数：2.00）A.Increase his cash allocation.B.Increase his index-fund allocation.C.Take no action,

42、 the model will account for any changes.D.Increase his allocation of actively managed stocks. 解析：As markets become more efficient, alphas shrink, and portfolio managers using the Treynor-Black model will reduce their allocation of actively managed stocks. However, Zeller expects mispricings to incre

43、ase in the coming months, so he should step up the active management of his portfolios to take advantage of the higher alphas. (4).If Zeller stops assuming forecasts are accurate, he will most likely: () （分数：2.00）A.Increase the number of stocks in the portfolio.B.Shift subtly toward CAPM.C.Reduce bo

44、th risk and potential return of the portfolio. D.Need to rebalance the portfolio more often.解析：The Treynor-Black model assumes forecasts are accurate. Relaxing that assumption requires analysts to place less weight on forecasts. If we discount the value of forecasted alpha, the weighting of the acti

45、vely managed portion of the portfolio will decrease relative to the index. A higher index weighting is likely to reduce both risk and potential return. The less trust we have in forecasts, the more forecasted alpha is required to justify making a bet on an individual stock. Stocks with marginal alph

46、a will become less appealing, so the number of stocks suitable for investment will decline. The number of stocks in the portfolio is more likely to decline than to increase. CAPM is very different from the Treynor-Black model, and accounting for inaccurate forecasts does not change that. Portfolio rebalancing is not relevant here. (5).Assuming Zeller intends to take positions in all four of the stocks discussed above, how many should he sell short? () （分数：2.00）A.1.B.0. C.2.D.3.解析：While on