现代金融业务(综合)-9及答案解析.doc

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1、现代金融业务(综合)-9 及答案解析(总分：74.97，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.（分数：5.00）A.People can draw the money on CDs whenever they want.B.People can sell their CDs in the money market whenever they want.C.A CD is a demand deposit as opposed to a term security.D.CDs dont have a specified maturity date.A.The Bank of Ch

3、ina is not a state-owned enterprise.B.The Bank of China is a foreign exchange bank.C.The Bank of China is not a foreign exchange bank.D.The Bank of China is not very important.A.The amount on the cheque is larger than in the account.B.The car can be covered with your cheque.C.The cheque you wrote ca

4、n not cover the car.D.The amount on your cheque is just that in your account.A.The bank must take the purpose of loan into consideration carefully.B.The bank wonders if the loan is used for illegal or speculative purpose.C.The bank worries that the loan is used for illegal or speculative purpose.D.T

5、he bank must consider a way for the loan to be used for speculative purpose.A.The discount rate and the stock prices move in the same direction.B.The discount rate and the stock prices move in the adverse directions.C.When the Fed raises stock prices, the discount rate is likely to move downward.D.W

6、hen the Fed lowers stock prices, the discount rate tends to rise.（分数：5.00）A.They will write to their home.B.They will write to their headquarter.C.They will ask for their rights.D.They will wait for an officer.A.If a shareholder owns more shares, he can receive more cash dividends.B.Cash dividends a

7、re paid to each shareholder on the date of declaration.C.The number of shares has little impact on cash dividends paid to each shareholder.D.Cash dividends will be paid from the proceeds of the share issuance.A.The banks have an incalculable liability under the documentary credit revolving in value.

8、B.The banks prefer to issue the documentary credit revolving in value.C.The buyer has less liability under the documentary credit revolving in value.D.The banks are involved in less liability by issuing the documentary credit revolving in value.A.If future contracts are standardized, brokers would n

9、ot assess contract specifications.B.As long as future contracts are standardized, floor trading would be made slow accordingly for brokers to evaluate contract specifications.C.Whether future contracts are standardized or not, floor trading will not be influenced.D.Futures contracts must be standard

10、ized, otherwise, floor trading would be made very slowly since specifications of each contract would be assessed.A.We paid you early as required.B.Your documents came to us as required.C.Your documents have been correctly presented as required.D.You did not present the documents as required.二、BSecti

11、on 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 once. During the pause, you must read the four choices marked A, B, C, D, and d

12、ecide which is the best answer.（分数：5.00）A.Customs officer and travelers.B.Employer and employee.C.Business associates.D.Bank clerk and customer.A.4%.B.4.5%.C.5%.D.5.5%.A.July.B.August.C.September.D.October.A.Rate on the personal loan.B.Base rate of the bank.C.The amount of payment.D.Personal loans t

13、ime period.A.Profit and JossB.Owners equity.C.LiabilitiesD.Assets.（分数：5.00）A.To endorse his cheques.B.To show his passport.C.To cash some traveler s cheques.D.To open a checking account.A.To withdraw some money.B.To exchange some foreign currencies.C.To discount some bills.D.To cash some travelers c

14、hecks.A.Presentation of bill of exchange for payment.B.Documents required for a collection operation.C.Application for a letter of credit.D.What are contained in a collection order.A.700 yuan.B.600 yuan.C.650 yuan.D.750 yuan.A.Every month.B.Every quarter.C.Every year.D.Half a year.三、BSection Three(总

15、题数：3，分数：10.00)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.BPas

16、sage One/B（分数：3.00）A.With little concern.B.With calm.C.With great interest.D.With confusion.A.99.40 yen.B.97.46 yen.C.99.01 yen.D.96.82 yen.A.Share price.B.High-tech stocks.C.Japanese yen.D.Most of the stocks.BPassage Two/B（分数：4.00）A.Business development loans.B.House improvement loans.C.Farm develo

17、pment loans.D.Overdrafts.A.Secured loans.B.Unsecured loans.C.Business development loans.D.House improvement loans.A.By taking up the full amount of the loan.B.By borrowing more.C.By stopping borrowing.D.By reducing his indebtedness.A.To allow personal customers to spread the incidence of normal pers

18、onal and household expenditure.B.To make the payment of fuel bills, rates, season tickets.C.To pay ear insurance and school fees by installments.D.To transfer some amount by twelve equal monthly installments.BPassage Three/B（分数：3.00）A.2.B.5.C.4.D.3.A.ertificates of deposit.B.eposit account.C.urrent

19、account.D.oth B and .A.3.55%.B.1.5%.C.3.5%.D.3.75%.四、BPart Two Readin(总题数：3，分数：15.00)BSection One/BDirections: There are three passages in this section. Each passage is followed by some questions or unfinished statements. For each of them, there are four choices marked A, B, C and D.Passage 1Fractio

20、nal reserve banking is the practice of keeping only a traction of deposits in the form of reserves. Depository institutions (commercial banks, savings and loan associations, mutual savings banks, and credit unions) are able to do this because only a small fraction of their depositors is expected to

21、turn up during any given day or week to withdraw their deposits. The bulk of deposits is invested in financial assets, from which the depository institutions earn most of their income.Those income-earning financial assets range from bills, notes, and bonds issued by private corporations and by the f

22、ederal, state, and municipal governments to mortgage loans for housing. Each type of financial institution has a different type of portfolio of assets, which reflects their area of special expertise in managing financial assets.To demonstrate how depository institutions create money under the presen

23、t system of fractional reserve banking, hypothetical example of a commercial bank, Southwest National Bank, will be used. It is assumed that federal regulations require Southwest National Bank to hold a percentage of its deposits in the form of cash reserves. This is the reserve requirement. The res

24、erves may be held in the form of currency and coin on the premises, a form of reserves called vault cash, or they may be held in a deposit at a regional Federal Reserve Bank.Assume that the Southwest National Bank management, taking into account the reserve requirement and the projected amount of wi

25、thdrawals arid deposits, decides to keep 20 percent of its deposits in rescues.（分数：5.00）(1).Why do the depository institutions have the fractional reserve banking?（分数：1.00）A.Because they can keep a large amount of deposits from their depositors in the form of reserves.B.Because most of their deposit

26、ors would withdraw their deposits.C.Because only a small fraction of their depositors would deposit money during a day or week.D.Because they can meet the need of withdrawing of their depositors and make investments in other financial assets.(2).What is the main source of income of the depository in

27、stitutions?（分数：1.00）A.Different types of portfolio.B.Bills, notes and bonds.C.Deposits invested in financial assets.D.Large amount of assets.(3).How can we know the management of financial assets?（分数：1.00）A.From the assets area of special expertise.B.From the portfolio of the assets.C.From the scale

28、 of the assets.D.From the reserve banks.(4).In what form are the reserves required to he held?（分数：1.00）A.In the form of currency and coin on the premises.B.In the form of vault cash.C.In a deposit at a regional Federal Reserve Bank.D.All of the above.(5).What is the reserve requirement?（分数：1.00）A.Th

29、e requirement for cash reserves.B.The requirement for deposits in cash.C.The percentage of a banks deposits in the form of cash reserves.D.The requirement of a bank to deposit a percentage of money.Passage 2Term loans are designed to fund long-and-medium-term business investments, such as the purcha

30、se of equipment or the construction of physical facilities, covering a period longer than one year. Usually the borrowing firm applies for a lump-sum loan based on the budgeted cost of its proposed project and then pledges to meet the scheduled repayment in a series of installments (often payments a

31、re made every quarter or even monthly). Thus, term loans look to the flow of future earnings of the business firm to amortize and retire the credit. The schedule of installment payments is usually structured with the borrowers normal cycle of cash inflows and outflows firmly in mind. For example, th

32、ere may be blind spots built into the repayment schedule, so there will be no installment payments due at those times of the year when the customer is short of cash. However, these payment must be made up later, when cash is more abundant. Some term loan agreements do not call for repayment of loan

33、principal until the end of the loan period, for example, in a bullet loan , only interest is paid periodically, with the full principal due when the loan matures. Term loans normally are secured by fixed assets (e. g. premises, equipment, furniture and fixtures) owned by the borrower and may carry e

34、ither a fixed or floating interest rate. That rate normally is higher than on short-term business loans, due to the greater risk exposure to the bank from such loans. Certainly the probability of default or other adverse changes in the borrowers position is greater over the course of a long-term loa

35、n.（分数：5.00）(1).Term loans can be used to fund _.（分数：1.00）A.the purchase of inventoryB.the purchase of equipment covering a period over one yearC.the purchase of building materialsD.securities dealers to purchase new securities(2).Usually the borrowing firm of term loans promises to repay _.（分数：1.00）

36、A.the principal and interest until the end of the loan periodB.the principal and interest at the end of the loan periodC.the loan in a series of installmentsD.at any time when cash is more abundant _.(3).Repayment of the term loan relies on（分数：1.00）A.the net inflow of future funds of the assets fina

37、ncedB.the net outflow of the future funds of the assets financedC.the total assets of the borrowing firmD.the total liabilities of the borrowing firm(4).Which of the following can secure a term loan?（分数：1.00）A.Securities.B.Land and building.C.Accounts receivable.D.Inventory.(5).The best Headline of

38、this passage would be _.（分数：1.00）A.Loans Provided by BanksB.Long-term Project LoansC.Credit FinancingD.Term for LoansPassage 3Security is required on loans for several reasons. One of the most common is probably the borrowers financial weakness. Such weakness may be indicated by several factors, inc

39、luding heavy obligations to creditors, poor management, and insufficient income. Borrowers in this financial condition can strengthen their credit by pledging certain assets. Having a secured loan may also be a psychological advantage for a bank. As long as the borrower has greater equity in the ple

40、dged assets than does the bank and the bank is in a preferred position and can foreclose in the event the loan agreement is broken, the borrower has a strong incentive to repay the obligation. The length of a loan also has a bearing on whether it will be secured. As the term of the loan lengthens, t

41、he risk of non-repayment increases. Loans for purchasing real estate are nearly always secured, especially if the funds are borrowed for long periods of time, because of risk of non-repayment.Unsecured loans are based more exclusively on the borrowers integrity and financial condition, expected futu

42、re income, and past record of repayment. Contrary to popular belief, the largest loans and the greatest dollar volume of loans made by some banks are often granted on an unsecured basis. The largest commercial borrowers are able to borrow on an unsecured basis. Some companies are considered by banks

43、 to be prime borrowers, and in many cases they receive the most favorable interest rate. Such companies have competent management, products and services that are well accepted in the marketable, relatively stable profits, and a strong financial condition. They provide their banks with financial stat

44、ements from which it is relatively easy to determine their financial condition and keep track of their progress.Business firms are not the only ones who borrow on an unsecured basismany individuals enjoy this privilege. Persons who own their homes, have a steady job which they have held for years, a

45、nd have a record of prompt payment both at the bank and at retail stores are commonly in a position to borrow on an unsecured basis. An applicants ability and willingness to pay are projected into various situations.（分数：4.95）(1).According to the passage, which of the following about the borrowers fi

46、nancial weakness is false?（分数：0.33）A.Past record of repayment.B.Low profitability.C.Poor management.D.Heavy obligations to creditors.(2).Security is required on loans so that _.（分数：0.33）A.the lending bank can enjoy higher interest receipts from the loanB.the borrower is more willing to pay back the

47、moneyC.the funds borrowed will be repaid within a shorter period of timeD.more prime borrowers are attracted(3).According to the passage, unsecured loans are granted on the basis of _.（分数：0.33）A.the borrowers financial conditionB.the guarantors financial conditionC.the guarantors past record of repa

48、ymentD.the borrowers pledged assets(4).Banks will usually grant unsecured loans to _.（分数：0.33）A.individuals with steady job held for yearsB.individuals with a good credit recordC.large commercial companies with a strong financial conditionD.all of the above(5).Which of the following statements is tr

49、ue?（分数：0.33）A.Loans for buying houses are always secured in order to reduce the risk of nonpayment.B.Companies are more likely to borrow on all unsecured basis than individuals.C.The largest loans advanced by banks are always secured loans.D.Borrowers are more willing to repay the money if the loans are made on an unsecured basis._