2021宁夏金融英语考试考前冲刺卷

1、第 页2021宁夏金融英语考试考前冲刺卷本卷共分为1大题41小题，作答时间为180分钟，总分100分，60分及格。一、单项选择题（共41题，每题2分。每题的备选项中，只有一个最符合题意） 1.When the market is in equilibrium:（）A. all assets plot on the SML.B. all assets plot on the CML.C. stock betas converge to one.2.If the standard deviation of stock A is 7.2 percent, the standard deviation

2、 of stock B is 5.4 percent, and the covariance between the two is - 0. 0031, what is the correlation coefficient（）A. -0.64.B. -0.80.C. -0.19.3.The market portfolio in the Capital Market Theory contains which types of investments（）A. All risky assets in existence.B. All risky and risk-free assets in

3、existence.C. All stocks and bonds in existence.4.An investor owns the following portfolio today.AStockBMarket ValueCExpected Annual ReturnDRE$ 2000F17%GSH$ 3200I8%JTK$ 2800L13% 5.The particular portfolio on the efficient frontier that best suits an individual investor is determined by:（）A. the indiv

4、iduals asset allocation plan.B. the beta of the market at that particular time.C. the individuals utility curve.6.Which of the following statements about risk is FALSE Generally, greater:（）A. spending needs allows for greater risk.B. existing wealth allows for greater risk.C. current cash reserves a

5、llows for greater risk.7.All of the following are investment constraints EXCEPT:（）A. liquidity needs. B. pension plan contributions of the employer. C. tax concerns. 8.Which of the following factors is least likely to affect an investors risk tolerance（）A. Number of dependent family members.B. Level

6、 of inflation in the economy.C. Level of insurance coverage and level of cash savings.9.Which type of risk is positively related to expected excess returns according to the CAPM（）A. Unique.B. Systematic.C. Diversifiable.10.An analyst determines that four stocks have the following characteristics:（）A

7、StockBBetaCEstimated return11.The statistics for three stocks A, B, and C are shown below. Based only on the information provided, and given a choice between portfolios of equal amounts of stock A and B or B and C,（）ACorrelation of ReturnsBStockCADBECFAG1.00H0.90I0.50JBKL1.00M0.10NCOPQ1.00RStandard

8、Deviation of ReturnsSStockTAUBVWSdevX0.40Y0.20Z0.4012.An analyst gathered the following data on Stock A and Stock B:AScenarioBProbabilityCStock As returnDStock Bs returnE1F0.5G0.30H0.150I2J0.5K0.15L0.075 13.An investor is evaluating the following possible portfolios. Which of the following portfolio

9、s would not lie on the efficient frontierAPortfolioBExpected ReturnCStandard DeviationDAE26%F28%GBH23%I34%JCK14%L23%MDN18%O14%PEQ11%R8%SFT18%U16% 14.Which of the following types of risk are essentially the same（）A. Market risk and unsystematic risk.B. Total risk and the variance of returns.C. Undive

10、rsifiable risk and unsystematic risk.15.Which of the following assumptions associated with the capital asset pricing model (CAPM), when relaxed, will be least likely to result in turning the security market line (SML) into a band rather than a line（）A. No transaction costs.B. Equal borrowing and len

11、ding rates.C. Homogeneous expectations.16.The correlation between rates of return for stock X and stock Y is 1.0. X and Y have standard deviations of 22% and 34% , respectively. Which of the following portfolios has the lowest risk（）A. 90%X, 10%Y.B. 50% X, 50% Y.C. 10% X, 90% Y.17.An investor has id

12、entified the following possible portfolios. Which portfolio lies to the right of the efficient frontier（）APortfolioBExpected ReturnCStandard Deviation18.Adding a stock to a portfolio will reduce the risk of the portfolio if the correlation coefficient is less than which of the following（）A. +0.50.B.

13、 0.00.C. +1.00.19.An analyst gathers the following data about the returns for three stocks.（）A2BStock ACStock B20.Rank, from highest to lowest, the following investors by their most likely capacity to tolerate risk.ABAgeCMarital StatusDChildrenENet WorthFAnnual IncomeGInvestor AH50IWidowedJ0K$4 mill

14、ionL$ 50000MInvestor BN30OMarriedP1Q$4 millionR$ 100000SInvestor CT70UMarriedV0W$1 millionX$ 30000YInvestor DZ50ZMarriedZ2Z$1 millionZ$ 50000 21.Which of the following return objectives is most likely the primary objective given a 70 year-old widow who owns a portfolio comprised of 100 percent Treas

15、ury bonds（）A. Capital appreciation.B. Current income.C. Capital preservation.22.If the Capital Asset Pricing Model(CAPM) assumption that there are no transactions costs is relaxed and transactions costs are permitted, all else equal, the most likely result is that the security market line (SML) will

16、:（）A. plot on a steeper line.B. plot on a flatter line.C. no longer plot on a single line.23.While assessing an investors risk tolerance, a financial adviser is least likely to ask which of the following questions（）A. How old are youB. What rate of investment return do you expectC. How much insuranc

17、e coverage do you have24.The risk-free rate is 5% and the expected market return is 15%. A portfolio manager is projecting a return of 20% on a portfolio with a beta of 1.5. After adjusting for risk, this portfolios return will:（）A. he equal to the market.B. outperform the market.C. underperform the

18、 market.25.An investor in a high tax bracket would typically:（）A. invests in income producing securities.B. prefers capital gains to income.C. has a lower tolerance for risk.26.All of the following affect an investors risk tolerance EXCEPT:（）A. years of experience with investing in the markets.B. cu

19、rrent net worth and family situation.C. tax bracket.27.With respect to the security market line (SML), an increase in the business risk of the stock-is-suing company would most likely result in which of the following changes（）A. An upward shift in the SMLB. A downward shift in the SMLC. Movement upw

20、ard along the SML28.In the policy statement for a young person, which of the following characterizations might be most appropriate（）A. high risk.B. high liquidity.C. high cash payout.29.All of the following are part of the portfolio-management process EXCEPT:（）A. limiting the portfolios tax liabilit

21、y.B. allocating assets for the portfolio and rebalancing the portfolio.C. identifying the investors goals and constraints.30.The risk-free rate is 5% and the expected market risk premium is 10%. A portfolio manager is projecting a return of 20% on a portfolio with a beta of 1.5. After adjusting for

22、risk, this portfolio is expected to:（）A. equal the markets performance.B. outperform the market.C. underperform the market.31.A stock has a beta of 0.9 and an estimated return of 10%. The risk-free rate is 7%, and the expected return on the market is 11%. According to the CAPM, this stock:（）A. is ov

23、ervalued.B. is undervalued.C. is properly valued.32.What are the added types of risks involved with global investing（）A. currency risk and inflation riskB. currency risk and country riskC. country risk and political risk33.What market is the Most in need of the advertising_AFully competitive marketB

24、Monopolize marketCCompetitive monopoly marketDOligopoly market 34.Which belongs to the Tightening of fiscal policy tools_AReduce government spending and increase tax revenueBReduce government spending and reduce taxesCIncreasing government spending and reducing taxesDIncrease in government expenditu

25、re and increase tax revenue 35.The value of national output:_AIs the same of the output of all businesses.BIs the aggregate of output of employed persons.CIs synonymous with aggregate manufacturing output.DUtilizes the added value concept. 36.With C = 10 + 0.7Y and the level of income changing from

26、$70 billion to $80 billion, the increase in consumption and the revised average propensity to consume (ape) respectively would be:_A $9 billion and 0.78.B $6 billion and 0.8.C $7 billion and 0.79.D $7 billion and 0.825. 37.Which of the following goods is likely to have the most elastic demand_ AA pa

27、rticular brand of breakfast cereal.BBreakfast cereals in general.CA very cheap good on which not much is spent (e.g. matches newspaper) .DAn essential good. 38.A futures trader goes long one futures contract at $450. The settlement price 1 day before expiration is $500. On expiration day, the future

28、 is trading at $505. The least likely way the futures trader will lock in her profits on expiration is:_ATake delivery of the underlying asset and pay $500 to the short.BClose out the futures position by selling the futures contract at $505.CTake delivery of the underlying asset and pay the expirati

29、on settlement price to the short.DCash settle the futures and receive the difference between $500 and the expiration settlement price. 39.In the context of break-even analysis, the Margin of Safety for a firm is:_ AThe difference between the sales revenue achieved and the break-even revenue.BThe differ