金融英语证书考试FECT模拟试题及答案5.docx

金融英语证书考试FECT模拟试题及答案5.docx

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金融英语证书考试FECT模拟试题及答案5

2012年金融英语证书考试FECT模拟试题及答案-5

SECTIONONE（Compulsory）：

Single-choicequestions

　　fromthefollowingfouroptions,selectacorrectandfillinitslabelingthebrackets.（Atotalof10points）

　　1.WhichbelongstotheTighteningoffiscalpolicytools?

（）

　　A.Reducegovernmentspendingandincreasetaxrevenue

　　B.Reducegovernmentspendingandreducetaxes

　　C.Increasinggovernmentspendingandreducingtaxes

　　D.Increaseingovernmentexpenditureandincreasetaxrevenue

　　2.WhatmarketistheMostinneedoftheadvertising?

（）

　　A.Fullycompetitivemarket

　　B.Monopolizemarket

　　C.Competitivemonopolymarket

　　D.Oligopolymarket

　　3.Thevalueofnationaloutput:

（）

　　A.Isthesameoftheoutputofallbusinesses.

　　B.Istheaggregateofoutputofemployedpersons.

　　C.Issynonymouswithaggregatemanufacturingoutput.

　　D.Utilizesthe"addedvalue"concept.

　　4.WithC=10+0.7Yandthelevelofincomechangingfrom$70billionto$80billion,theincreaseinconsumptionandtherevisedaveragepropensitytoconsume（ape）respectivelywouldbe:

（）

　　A.$9billionand0.78.

　　B.$6billionand0.8.

　　C.$7billionand0.79.

　　D.$7billionand0.825.

　　5.Whichofthefollowinggoodsislikelytohavethemostelasticdemand?

（）

　　A.Aparticularbrandofbreakfastcereal.

　　B.Breakfastcerealsingeneral.

　　C.Averycheapgoodonwhichnotmuchisspent（e.g.matchesnewspaper）.

　　D.Anessentialgood.

　　6.SchoolstudentspayingalowerfarethanadultsontheMTRtrains,orcheaperticketstothetheatre,isanexampleof:

（）

　　A.Thesuppliersmakinglessprofitbecausesomecustomerspayalowerprice.

　　B.Consumersobtainingmoreconsumersurplus.

　　C.Pricediscriminationallowingthesupplierstomakemoreprofitfromchargingahigherpriceto

　　customerswhosedemandismoreelastic.

　　D.Pricediscriminationallowingthesupplierstomakemoreprofitfromchargingalowerpricetocustomerswhosedemandismoreelastic.

　　7.Afuturestradergoeslongonefuturescontractat$450.Thesettlementprice1daybeforeexpirationis$500.Onexpirationday,thefutureistradingat$505.Theleastlikelywaythefuturestraderwilllockinherprofitsonexpirationis:

（）

　　A.Takedeliveryoftheunderlyingassetandpay$500totheshort.

　　B.Closeoutthefuturespositionbysellingthefuturescontractat$505.

　　C.Takedeliveryoftheunderlyingassetandpaytheexpirationsettlementpricetotheshort.

　　D.Cashsettlethefuturesandreceivethedifferencebetween$500andtheexpirationsettlementprice.

　　8.Inthecontextofbreak-evenanalysis,theMarginofSafetyforafirmis:

（）

　　A.Thedifferencebetweenthesalesrevenueachievedandthebreak-evenrevenue.

　　B.Thedifferencebetweenplanned（oractual）outputandthebreak-evenquantityinaparticulartimeperiod.

　　C.Thepercentagedifferencebetweenplanned（oractual）outputandthebreak-evenquantity.

　　D.Thedifferencebetweenplanned（oractual）outputandthebreak-evenquantity.

　　9.Thereis5-yearannuityof$3,000peryear.However,thefirstpaymentwillnotpayuntilyear3.Assumingtheinterestrateis10%,calculatethepresentvalueofthisannuity.（）

　　A.$8397.

　　B.$9,399.

　　C.$10,258.

　　D.Noneoftheabove.

　　10.HubGlobal,Inc.hasissuedtwoclassesofdebtsecuritiestofinanceitsoperations,afirstmortgagebondanddebenturebonds.Allelseequal,willthedefaultandrecoveryratesofthedebenturelikelybehigherthanthefirstmortgagebond?

（）

　　A.AnswerA.

　　B.AnswerB.

　　C.AnswerC.

　　D.AnswerD.

　　SECTIONTWO（Compulsory）：

ReadingComprehension（10points）

　　GaryZeller,anindependentportfoliomanagerwhomanagesmoneyforhigh-net-worthindividuals,isaproponentoftheefficientmarkethypothesis.HeusestheTreynor-Blackmodeltodetermineassetallocationsforhisportfolios.Atthemoment,heisconsideringseveralinvestmentsfornewportfolios.Herearetheircharacteristics.

　　Therisk-freerateis5.7%.TheexpectedreturnoftheS&P500Indexis10%,andtheindex'sstandarddeviationis14%.

　　ZellerplanstocreateaportfoliousingamixoftheS&P500Index,therisk-freeasset,andthefourstocksdiscussedabove.Heusesthedataabovetoselecttheappropriateassetallocationstomaximizereturns.

　　RecentmarketactivityhasZellerconcerned.Forseveralweekshehasseenstockswithweakfundamentalsstageastrongrally,whilesolid,steady-growthstockshavelagged.Afterextensiveresearchintotechnicaltrendsandananalysisofthemarket'sfundamentals,Zellerhascometobelievetherecenttrendinthemarketislikelytocontinue,withspeculativestockscontinuingtorally.

　　Despitethegainsinspeculativestocks,Zellerseescontinuedweaknessinlarger,solidstockscausingadeclineintheS&P500Index.Tocompensateforthisrisk,hepurchasesputoptionsonthe50largeststocksinthecapitalization-weightedindexinsteadofbuyingtheindexitselfforthenewportfolios.

　　Laterthatday,Zellerreceivesane-mailfromFlorenceWhitaker,aclientwhoseportfoliohasperformedpoorlyinrecentmonths.SheisnothappywiththeresultsandquestionsZeller'sallocationstrategy.

　　Inaresponsee-mail,ZellerdefendstheTreynor-Blackmodelandmakesthefollowingpoints:

　　Thestrategyisdesignedtobeatthemarket,butnotnecessarilytogenerategainswhenthemarketisdown.

　　Inyourportfolio,Ioverweightthestockswiththehighestpotentialreturntoboostperformance.

　　Amixofindividualstocksandindexfundsgivestheportfoliobetterpotentialreturnsthantheindex,whileofferinglessriskthantheindividualstocks.

　　Allofthestocksinyourportfoliohavebetasbelow1.

　　Aftersendingthee-mail,Zelleropensupaspreadsheettocrunchsomenumbers.Severalofhisportfolioshaveunderperformedoverthelastyear,andheresolvestoconsiderwhetherheshouldrelaxhisassumptionsabouttheaccuracyofforecasts.

　　1）Fromhighestallocationtolowest,howshouldZellerallocatethefourstocksinhisportfolio?

（）

　　A.Hearthstone,MinsterMaskandCostume,KustomAuto,ImperialShipyards.

　　B.MinsterMaskandCostume,KustomAuto,ImperialShipyards,Hearthstone.

　　C.KustomAuto,ImperialShipyards,MinsterMaskandCostume,Hearthstone.

　　D.MinsterMaskandCostume,Hearthstone,KustomAuto,ImperialShipyards.

　　2）WhichofZeller'sactionsisleastcompatiblewiththeuseoftheTreynor-Blackmodel?

His:

（）

　　A.Purchaseofputoptions.

　　B.Useofindexfunds.

　　C.Willingnesstoactivelymanageportfolios.

　　D.Supportoftheefficientmarkethypothesis.

　　3）Inlightofhisobservationsaboutmarketmovements,Zellershould:

（）

　　A.Increasehiscashallocation.

　　B.Increasehisindex-fundallocation.

　　C.Takenoaction,themodelwillaccountforanychanges.

　　D.Increasehisallocationofactivelymanagedstocks.

　　4）IfZellerstopsassumingforecastsareaccurate,hewillmostlikely:

（）

　　A.Increasethenumberofstocksintheportfolio.

　　B.ShiftsubtlytowardCAPM.

　　C.Reducebothriskandpotentialreturnoftheportfolio.

　　D.Needtorebalancetheportfoliomoreoften.

　　5）AssumingZellerintendstotakepositionsinallfourofthestocksdiscussedabove,howmanyshouldhesellshort?

（）

　　A.1.

　　B.0.

　　C.2.

　　D.3.

　　SECTIONTHREE（Compulsory）：

Explanationsofterms（25points）

　　1.Marginrequirement

　　2.Interestceiling

　　3.BankforInternationalSettlements（BIS）

　　4.Bancassurance

　　5.Secondarymarket

　　SECTIONFOUR（Compulsory）：

AnswerQuestiones（32points）

　　1:

ExplaintheMechanismofMoneySupply.

　　2:

WhatistheFunctionofstockexchanges?

　　3:

ListtheCounter-measuresofDeflationasmoreaspossible.

　　4:

WhatisFinancialLiberalization?

AndwhatisTheNatureofFinancialLiberalization?

　　SECTIONFIVE（Compulsory）：

Caculation（13points）

　　Let'stakeanexample.SupposethatashareofHaierintheHongKongStockMarkethadaclosingpriceyesterdayofHK$10,butnewinformationwasannouncedafterthemarketclosedthatcausedarevisionintheforecastofpricenextyeartogotoHK$15.IftheannualequilibriumreturnonHaieris20%,whatdoesefficientmarketstheoryindicatethepricewillgototodaywhenthemarketopens?

（AssumethatHaierpaysnodividends.）

　　SECTIONSIX（Compulsory）：

ExplanationsofModel（10points）

　　Pleaseillustratethemacroeconomic-basedriskfactormodels:

参考答案

SECTION1

　　1.BCDDC，DCBBA

　　SECTION2

　　ReadingComprehension:

（10points）

　　1）Bwascorrect!

　　TheTreynor-Blackmodelcallsforgreaterweightstostockswithhighforecastalpharelativetounsystematicrisk.TheSharperatioreflectsthatrelationship.TocalculatetheSharperatio,wesubtracttheriskfreeratefromtheexpectedstockreturns,andthendividebythestock'sstandarddeviation.Betaisnotameasureofunsystematicrisk,soitshouldnotbeused.Sharperatiosforthefourstocksareasfollows:

　　Hearthstone=27.35%.

　　Imperial=27.5%.

　　Minster=46.14%.

　　KustomAuto=37.86%.

　　ThehighertheSharperatio,thehigherthelevelofalpharelativetounsystematicrisk.Assuch,thehighestweightingshouldgotoMinsterMaskandCostume,thesecond-highesttoKustomAuto,thethird-highesttoHearthstone,andthefourth-highesttoImperialShipyards.

　　2）Awascorrect!

　　Indexfundsappealtoefficientmarkettheoristsinpartbecausetheyofferalow-costwayofinvestinginthemarketwithouttryingtoexploitinfrequentmispricing.Whileactivemanagementofanysortmayseemincongruousagainsttheefficientmarketbackdrop,itisactivemanageme