金融专业英语证书考试FECT单选练习20题1_fect综合考试试卷一

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金融专业英语证书考试FECT单选练习20题-1

1．Commercial paper ______．

A．is iued mainly by commercial banks

B．can be either short or long－term debt

C．is most typically iued in very short maturities，such as one or two months

D．ought to be considered a capital market instrument

2．The expectations hypothesis aumes that investors regard bonds of different maturities ______．

A．as perfect substitutes

B．as not substitutes at all C．as substitutes，but not perfect substitutes D．none of the above

3．If the yield on Treasury bills falls from 5．27% to 5．22%，then the yield will decrease by ______ basis points．

A．0．05

B．0．5

CD

4．Liquidity of a busine is measured by ______．

A．the rate of return on owner equity

B．the ratio of total revenue to total expenses incurred

C．the ratio of current aets to current liabilities

D．the ratio of income to costs

5．Which of the following is an example of an automatic stabilizer? ______．

A．A change in interest rates

B．An increase in government spending

C．Lowering income taxes

D．Unemployment insurance

6．Which of the following definitions fits depreciation? ______．

A．Allocation of the aet's market value to expense over its useful life

B．Allocation of the aet's cost to expense over its useful life

C．Decreases in the aet's market value over its useful life

D．Increases in the fund set aside to replace the aet when it is worn out

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7．In the balance of payments accounts，______ are unilateral transfers．

A．direct investments in another nation's businees

B．international transactions in securities with maturities greater than one year

C．international transactions of securities with maturities of le than one year

D．gifts and grants

8．A self－employed person who wishes to make provisions for retirement and reduce current tax liabilities should invest in ______．

A．a money market mutual fund

B．a time deposit

C．Keogh Plan

D．a money market deposit account

9．The central problem in economics is that of______．

A．comparing the succe of command versus market economies

B．guaranteeing that production occurs in the most efficient manner

C．guaranteeing a minimum level of income for every citizen

D．allocating scarce resources in such a manner that society's unlimited needs or wants are satisfied as well as poible

10．A．Coupon rate

B．Yield to maturity

C．Current yield

D．Discount yield

11．Which of the following is a determinant of aet demand? ______．

A．Expected return

B．Risk

C．Liquidity

D．All of the above

12．Which of the following items are reported as a current liability on the balance sheet? ____．

A．Short－term notes payable

B．Accrued payroll taxes

C．Estimated warranties

D．All of the above

13．Which of the following is not true of fiscal policy? ______．

A．Time lags occur with fiscal policy．

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B．Automatic stabilizers help the economy．

C．“Crowding out” is not a problem of fiscal policy．

D．None of the above．

14．What distinguishes the mortgage markets from other capital markets? ______．

A．Securities in the mortgage markets are collateralized by real estate

B．The mortgage markets usually involve long－term funds

C．Borrowers in the mortgage markets include individuals and businees

D．All of the above

15．The proce of closing the busine，selling the aets，paying the liabilities，and disbursing remaining cash to the owners is called ______．

A．withdrawal

B．liquidation

C．acquisition

D．diolution

16．When an investor is buying stock as an investment，the value of most direct concern is ______．

ABC．market value

D．book value

17．Autonomous transactions are ______．

A．transactions undertaken by governments to enforce a price（exchange rate）in the foreign exchange market

B．transactions that are not undertaken in the pursuit of commercial profit

C．transactions undertaken for normal commercial motives

D．none of the above

18．If taxes decrease，which of the following correctly describes the effects? Disposable income______ consumption ______，and savings ．

A．increases．．．decreases．．．decreases

B．increases．．．increases．．．increases

C．decreases．．．increases．．．increases

D．decreases．．．decreases．．．decreases

19．A succeful company's major source of cash should be ______．

A．operating activities

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B．financing activities

C．investing activities

D．a combination of the above

20．The price index in 2002 was 160，and in 2003 the price index was 168．What was the inflation rate? ______．

A．68%

B．8%

C．5%

D．indeterminable without knowing the base year

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