2021北京金融英语考试考前冲刺卷

1、第 页2021北京金融英语考试考前冲刺卷本卷共分为2大题50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25题，每题2分。每题的备选项中，只有一个最符合题意） 1.When the economy is operating at potential GDP, an unannounced decrease in the rate of growth of the money supply intended to reduce inflation will most likely lead to. lower inflation and:（）A. a decrease

2、 in output in both the short run and the long run.B. no change in output in both the short run and the long run.C. a decrease in output in the short run, and lower inflation but no change in output in the long run.2.In the short run, when there is excess capacity in the economy, an unanticipated inc

3、rease in the money supply will initially exert its primary impact on:（）A. output and employment rather than on prices.B. inflation, particularly if excess capacity is present.C. interest rates because rising interest rates will stimulate additional savings.3.When real interest rates fall as a result

4、 of an unexpected expansionary monetary policy of government:（）A. aggregate demand decreases leading to both an increase in current output and higher prices in the short run.B. aggregate demand increases leading to both an increase in current output and higher prices in the short run.C. aggregate de

5、mand increases leading to both a decrease in current output and higher prices in the short run.4.The demand for money is inversely related to the real interest rate because:（）A. the cost of holding money falls as the real interest rate goes down.B. increasing wealth makes cash balances unnecessary.C

6、. taxes make productive uses of funds less profitable.5.If firms and households decide to reduce their currency holdings and increase their holdings of funds in their checking accounts by an equal amount, what will be the impact on the money supply if the U.S. Federal Reserve does not undertake any

7、offsetting actions（）A. There will be no direct or indirect impact on the money supply because the decrease in currency holdings will be exactly offset by the increase in the funds in the checking accounts.B. There will be no direct impact on the money supply, however, banks excess reserves will decr

8、ease, which will cause them to decrease their loans, thereby leading to an indirect decrease in the money supply.C. There will be no direct impact on the money supply. However, banks excess reserves will increase, which will enable them to increase their loans, thereby leading to an indirect increas

9、e in the money supply.6.Which of the following statements about the demand and supply of money is most accurate People who are:（）A. buying bonds to reduce their money balances will increase the demand for bonds with an associated increase in interest rates.B. selling bonds to increase their money ba

10、lances will reduce the demand for bonds with an associated reduction in interest rates.C. holding money when interest rates are higher will try to reduce their money balances and, as a result, the demand for money decreases.7.In a recent economic forum meeting, Jason Federmeyer of the Bank of Detroi

11、t, and Lawrence Lobovsky of the Bank of Tulsa, were discussing the demand for money and how it has changed over the years. Federmeyer made the following two statements to Lobovsky: Statement 1: Financial innovation has significantly affected the demand for money. The increased use of credit cards an

12、d debit cards, interest-bearing checking accounts, internet banking and even the large number of ATMs around the world have all helped to increase the demand for money above what it would have been if only the increase in real GDP were at work. Statement 2: Although the quantity of money demanded is

13、 largely determined by interest rates, the supply of money is determined by the central bank and is independent of interest rates. Are Statement 1 and Statement 2 as made by Federmeyer correct Statement 1 Statement 2（）A. Incorrect Incorrect B. Correct Incorrect C. Incorrect CorrectA. B. C. 8.Which o

14、f the following fiscal policy models is most likely to support the conclusion that the adjustment of money wages to restore full-employment equilibrium is rapid and that without the distorting effects of taxes, long-run equilibrium real output would increase with increases in the labor force and acc

15、umulated capital, and with improvements in technology（）A. Classical.B. Keynesian.C. Supply-side.9.Which of the following statements about the relationship between interest rates and the demand for and supply of money is most accurate Interest rates affect:（）A. the supply of money only.B. both the de

16、mand for and supply of money.C. the demand for money only.10.When an economy is in an economic expansion, automatic stabilizers will tend to alter government spending and taxation so as to:（）A. ensure that the budget will remain in balance.B. reduce the budget deficit (or increase the surplus).C. en

17、large the budget deficit (or reduce the surplus).11.When an economy dips into a recession, automatic stabilizers will tend to alter government spending and taxation so as to:（）A. reduce the budget deficit (or increase the surplus).B. enlarge the budget deficit (or reduce the surplus).C. ensure that

18、the budget will remain in balance.12.Given the hypothetical information below about the conditions in the labor market, what is the unemployment rate Employed 177000 Discouraged workers 2000 Unemployed 13000 Household workers 20000 Students 15000 Retirees 19000 Disabled 5000 Labor force 190000 Civil

19、ian population 16 and over 249000（）A. 5.3%.B. 6.0%.C. 6.8%.13.What would be the impact of an unanticipated increase in aggregate demand on an economys rate of unemployment, rate of inflation, and the short-run Phillips curve (SRPC) Unemployment Inflation SRPC（）A. Decrease Increase Upward movement al

20、ong curve B. Increase Increase Downward movement along curve C. No effect Decrease Upward shift of curveA. B. C. 14.The effectiveness of a monetary or fiscal policy change in combating inflation depends on the level of anticipation (i. e. credibility) the policy change has with the financial markets

21、. Assume that the U. S. economy is currently in long-run economic equilibrium but suffering with unacceptably high inflation, which the Federal Reserve is determined to fight. The Fed could make either an unexpected or an anticipated policy change to reduce inflation. Describe the likelihood of a re

22、cession occurring as a result of either type of policy change. Unexpected policy change Anticipated policy change（）A. Recession likely Recession likely B. Recession likely Recession unlikely C. Recession unlikely Recession likelyA. B. C. 15.Which of the following most accurately describes the genera

23、tional effects of fiscal policy（）A. Fiscal stimulus generates economic activity greater than the amount of the stimulus due to the multiplier effect on future generations.B. Each generation of fiscal policy decisions has unintended effects that require another generation of fiscal policy actions to

24、correct them.C. Fiscal imbalances must be corrected in the future by increasing taxes or decreasing government spending, and much of the burden will fall on future generations.16.The impact of higher rates of inflation in the long run on real interest rates and on nominal interest rates is: Real rat

25、s Nominal rates（）A. Increase Increase B. Increase No change C. No change IncreaseA. B. C. 17.Which of the following statements best describes automatic stabilizers Although no legislative action has been taken, automatic stabilizers are programs that apply:（）A. restraint during a recession and stimu

26、lus during an economic boom.B. restraint during a recession but do not apply stimulus during an economic boom.C. stimulus during a recession and restraint during an economic boom.18.The term crowding out implies that:（）A. Fed purchases of securities cause inflation in the long run.B. A budget surplu

27、s will be a highly effective weapon against inflation.C. budget deficits will increase real interest rates and thereby retard business investment.19.On January 3, Logan Industries deposited $1000000 in cash at Federal Savings Bank. No excess reserves were present at the time Logan made the deposit a

28、nd the required reserve ratio is 10%. What is the maximum amount by which Federal Savings Bank can increase its lending（）A. $100000.B. $1000000.C. $900000.20.The term automatic stabilizers refers to the fact that: （）A. with given tax rates and expenditure policies, a rise in national income tends to

29、 produce a surplus, while a decline tends to result in a deficit.B. legislators automatically change the tax structure and expenditure programs to correct upswings and downswings in business activity.C. government expenditures and tax receipts automatically balance over the course of the business cy

30、cle, although they may be out of balance in any single year.21.Which of the following would be counted as frictional unemployment（）A. Due to the negative growth of GDP, Smith was laid off.B. Johnson was fired from his job after he got into an argument with his foreman.C. Although there were jobs ava

31、ilable, Jones was unable to find an employer with an opening.22.Edmund Jones, an economist, recommends that the federal government consider reducing its budget deficit during a recession by raising income taxes with no other fiscal policy changes. Jones income tax increase recommendation will most l

32、ikely have the following effects on the supply of labor and on potential GDP Supply of labor Potential GDP（）A. Decrease Decrease B. Decrease Increase C. Increase DecreaseA. B. C. 23.A business has the following figures for the year ended 31 December 2000 Stock at beginning of period 85,000 Stock at

33、the end of period 90,000 Purchases 300,000 Purchases return 25,000 Cost of goods sold is _. (a)295,000 (b)270,000 (c)305,000 (d)280,000 24.A manufacturer has the following figure for the product A Original Data Increase Variable Cost to 15 Unit selling 30 30 Unit variable cost 10 15 Fixed cost 3,000

34、 3,000 Budget selling units 300 300 Margin of safety is _. (a)increase 50 units (b)increase 100 units (c)decrease 50 units (d)decrease 100 units 25.An asset that was acquired at a cost of 110,000 on 1 January Year 1, has an estimated scrap value of 10,000 and an estimated useful life of 4 years, the

35、 annual depreciation in Year 3 that is calculated using the sum-of-the-years-digits is _. (a)40,000 (b)20,000 (c)10,000 (d)30,000 二、多项选择题（共25题，每题2分。每题的备选项中，有多个符合题意） 1. Directions: Describe the procedures of supplier credit according to the numbers given in the following charter. 2.Arbitrage pricing

36、theory 3.Legal tender 4.Double-entry bookkeeping 5.Soft law 6.Gold markets 7.What is the Theory of Money Supply by the Monetarist School 8.Explain the Open Market Operations. 9.(1) State the difference between a documentary credit and a documentary collection. (2) Why is a documentary credit arrange

37、ment important to an exporter (3) What is the difference between a revocable credit and an irrevocable credit 10.What are the Countering Financial Abuse and Crime What Others Are Doing 11.(a)Define a promissory note.(b)State whether each of the following negotiable instruments is valid. (i) A bill r

38、eads pay 1,000 out of money to be received by you from Mr. Gao. (ii) A bill of exchange reads pay 10,000, charge the same to the sale proceeds of 100 cartons of toys shipped per SS Mingzen. (iii) A bill of exchange which is stated as being payable on arrival of goods at a specified port. (iv) Is a b

39、ill of exchange which is payable on a persons marriage valid (v) A bill of exchange is drawn in favour of a minor, a person below the age of eighteen. (vi) A bill of exchange reads we hereby request you to pay on our account to the order of Gao1,000. (vii) A bill of exchange reads pay to our order t

40、he sum of 5,000 in accordance with your undertaking authorized through Bank of Hongkong. (viii) Is a cheque which reads pay order valid (ix) A promissory note reads I promise to pay on or before Dec 1st, 1998 Mr. Gao or order the sum of 10,000 only for value received. Signed. (x) Is a promissory not

41、e which reads to be paid back in full by 1 July, 1988 valid 12.Peter wants to buy a comer store. When negotiating in January, he was told by David, the owner of the store that the business of the store was very good and the average net profit from the store was100,000 per month for the last year. Ho

42、wever, in March, a supermarket opened near the store and the business at the store became very slow. Then a contract for the sale of the store was signed between them, all the time David didnt mention anything to Peter. Could Peter make a claim against David for misrepresentation. Advise Peter suppo

43、rted by cases. 13.Define an indorsement of bill of exchange. What are the types of liability of an indorser 14.In January, 1992, Wang rented a house for three years at a monthly rent of 1,000. Wang became unemployed in August, 1992 and wanted to move out. Jone then orally agreed to reduce the monthl

44、y rent to half. In January, 1993 Wang was informed to pay the amount of rent he had paid before. Could Wang insist on paying the half rent until expiration of the contract Give reasons for your answer. 15.Briefly explain the following four ways that personal property may be used as security for debt

45、s:(a) Lien(b) Mortgage(c) Pledge(d) Charge 16.Write short notes on:(a) vicarious liability;(b) negligence. 17.There are a variety of financial products available in the markets, such as A-shares, B-shares, securities investment funds, treasury bonds, corporate bonds, convertible bonds, commodity fut

46、ures, ETF, LOF and warrants. 18.The primary statements of a company include the balance sheet, the income statement and the statement of the flow. 19.Financial institutions undertaking foreign exchange operations should submit to the SAFE their balance sheets, income statements, other financial and

47、accounting statements and information of foreign exchange operations. 20.The four types of documentary credit are payment credit, negotiation credit, acceptance credit and deferred payment credit respectively. 21.Considering purchasing KH Company, you are evaluating KHs revenue generalizing ability.

48、 Then the following inventory valuation errors have been discovered. the 2000 year end inventory was overstated by 23,000 the 2001 year end inventory was understated by 61,000 the 2002 year end inventory was understated by 17,000 And the report income before taxes for KH was: Year Income before taxe

49、s 2000 138,000 2001 254,000 2002 168,000 Required: (a)How much should the reported income before taxes have been for the years 2000, 2001 and 2002 (b)Discuss if 2000 year end inventorys overvaluation will influence file 2002 years report income before taxes or not. 22.ABC Sport acquired equipment at

50、 a cost of 200,000 on 1 January 2003. The asset was estimated to have a scrap value of 20,000 and an estimated useful life of 5 years. If you are the accountant of ABC Sport, please compute the annual depreciation expense for each year respectively. Required: (a)Using straight-line method. (b)Using

51、double-declining-balance method (reducing balance method). (c)Using sum-of-the-years-digits method. 23.The following information was extracted from the ledgers of Billy Company for its products for the year ended 31 December 2002: Sales (100,000 units) 500,000 Direct materials 100,000 Direct wages 7

52、0,000 Fixed production overheads 110,000 Variable production overheads20,000 Administration expenses (60% fixed, 40% variable) 80,000 Selling expenses (60% fixed, 40% variable) 130,000 Required: (a)Prepare the Profit and Loss Statement by using Absorption Cost method. (b)Prepare the Profit and Loss Statement by using Marginal Cost method. 24.Mr. Wong is a small manufacturer of bicycles in Hong Kong. His business incurred the following costs for the year ended 31 December 2003. M