金融学双语考试题及答案

金融学双语考试题及答案

一、单项选择题（每题2分，共20分）1.Abondwithafacevalueof$1000andacouponrateof5%paysinterestsemi-annually.Thesemi-annualinterestpaymentis:A.$20B.$25C.$50D.$1002.Whichofthefollowingisacharacteristicofmoneymarketinstruments?A.HighriskB.Long-termmaturityC.HighliquidityD.Lowliquidity3.Theinterestratethatisadjustedforexpectedchangesinthepriceleveliscalled:A.ThenominalinterestrateB.TherealinterestrateC.TheprimeinterestrateD.Thediscountinterestrate4.TheDowJonesIndustrialAverageis:A.Aprice-weightedindexB.Avalue-weightedindexC.AnequallyweightedindexD.Ageometric-weightedindex5.Abank'sreserveratiois20%.Ifacustomerdeposits$1000,themaximumamountthebankcanloanoutis:A.$200B.$800C.$1000D.$12006.Whichofthefollowingisnotafunctionofthecentralbank?A.FiscalpolicyimplementationB.IssuingcurrencyC.ControllingthemoneysupplyD.Supervisingthebankingsystem7.Theprocessofconvertingfinancialassetswithonesetofcharacteristicsintoassetswithanothersetofcharacteristicsiscalled:A.SecuritizationB.ArbitrageC.DiversificationD.Hedging8.Intheforeignexchangemarket,ifthedemandforUSdollarsincreasesrelativetotheeuro,theUSdollarwill:A.DepreciateagainsttheeuroB.AppreciateagainsttheeuroC.RemainunchangedagainsttheeuroD.Firstdepreciateandthenappreciateagainsttheeuro9.Aninvestorwhosellsabondshortis:A.BuyingthebondwiththeintentionofsellingitlateratahigherpriceB.SellingabondthattheydonotownandplanningtobuyitbacklateratalowerpriceC.Investinginthebondforthelong-termD.Usingthebondascollateralforaloan10.Iftherequiredrateofreturnonastockis10%andtheexpecteddividendpershareis$2,andtheexpectedgrowthrateofdividendsis5%,thepriceofthestockaccordingtotheGordonGrowthModelis:A.$20B.$40C.$50D.$60二、多项选择题（每题2分，共20分）1.Factorsthataffecttheinterestrateinclude:A.InflationexpectationsB.CentralbankpoliciesC.EconomicgrowthprospectsD.Governmentbudgetdeficits2.Typesoffinancialmarketsinclude:A.MoneymarketB.CapitalmarketC.ForeignexchangemarketD.Derivativesmarket3.Functionsoffinancialintermediariesinclude:A.ProvidingliquidityB.ReducingtransactioncostsC.DiversifyingriskD.Facilitatingtheflowoffunds4.Risksassociatedwithbondsinclude:A.InterestrateriskB.CreditriskC.InflationriskD.Liquidityrisk5.Characteristicsofcommonstocksinclude:A.VotingrightsB.FixeddividendpaymentsC.ResidualclaimonassetsD.Limitedliability6.Toolsofmonetarypolicyusedbycentralbanksare:A.OpenmarketoperationsB.ReserverequirementsC.DiscountratepolicyD.Fiscalstimulus7.Thecomponentsofthebalanceofpaymentsare:A.CurrentaccountB.CapitalaccountC.FinancialaccountD.Officialreservesaccount8.Waystomanageexchangerateriskare:A.ForwardcontractsB.FuturescontractsC.OptionscontractsD.Swaps9.Reasonsforsecuritizationare:A.ToincreaseliquidityB.TotransferriskC.TolowerfundingcostsD.Toimprovecapitaladequacyratios10.Financialratiosusedtoanalyzeacompany'sfinancialhealthare:A.LiquidityratiosB.SolvencyratiosC.ProfitabilityratiosD.Efficiencyratios三、判断题（每题2分，共20分）1.Therealinterestrateisalwayshigherthanthenominalinterestratewhenthereisinflation.()2.Moneymarketinstrumentsaregenerallyforlong-termfinancing.()3.Ahigherreserveratiomeansabankcanloanoutmoremoney.()4.Thecentralbankisresponsibleforbothmonetaryandfiscalpolicies.()5.Inabearmarket,stockpricesgenerallydecline.()6.Bondswithhighercreditratingshavehigherinterestraterisk.()7.Diversificationcancompletelyeliminateallrisksinaportfolio.()8.Forwardcontractsaretradedonorganizedexchanges.()9.Thebalanceofpaymentsmustalwaysbalanceintheaccountingsense.()10.TheGordonGrowthModelassumesthatdividendsgrowataconstantrateindefinitely.()四、简答题（每题5分，共20分）1.Whatisthedifferencebetweenthenominalinterestrateandtherealinterestrate?Answer:Thenominalinterestrateisthestatedinterestrateonaloanorinvestmentwithoutconsideringinflation.Therealinterestrateisadjustedforinflation.Itreflectsthetruecostofborrowingortherealreturnoninvestment,calculatedasthenominalrateminustheinflationrate.2.Explaintheroleoffinancialintermediaries.Answer:Financialintermediaries,likebanks,connectsaversandborrowers.Theyprovideliquidity,reducetransactioncosts,anddiversifyrisk.Theycollectfundsfromsaversandchannelthemtoborrowers,facilitatingtheefficientflowoffundsintheeconomy.3.Whatisthefunctionofthecentralbankinthemonetarysystem?Answer:Thecentralbankissuescurrency,controlsthemoneysupplythroughtoolslikeopen-marketoperations.Itsupervisesthebankingsystemtoensurestability.Italsosetsthediscountrateandreserverequirementstoinfluenceeconomicactivity.4.HowdoestheGordonGrowthModelvalueastock?Answer:TheGordonGrowthModelvaluesastockbyassumingaconstantgrowthrateofdividends.Theformulais\(P=\frac{D_1}{r-g}\),where\(P\)isthestockprice,\(D_1\)isthenext-year'sexpecteddividend,\(r\)istherequiredreturn,and\(g\)isthedividendgrowthrate.五、讨论题（每题5分，共20分）1.Discusstheimpactofinflationonfinancialmarkets.Answer:Inflationcanerodetherealvalueoffixed-incomeassetslikebonds.Itmayleadtohigherinterestratessetbycentralbanks.Stockmarketsmaybeaffectedascompanies'costsrise.Higherinflationcanalsocausecurrencydepreciationintheforeignexchangemarket.2.Analyzetheadvantagesanddisadvantagesofsecuritization.Answer:Advantagesincludeincreasedliquidity,risktransfer,andlowerfundingcostsfororiginators.Disadvantagesarecomplexityinvaluation,potentialformoralhazard,anditcanspreadriskduringafinancialcrisis.3.Explainhowcentralbankpoliciescanaffecttheeconomy.Answer:Byadjustingthemoneysupplythroughopen-marketoperations,