单选题Another name for junk bonds is ______.

单选题A promissory note is the same as a bill.

单选题ArnoldBarkerisananalystatBAYCONInvestments.HehasbeenaskedtoreviseBAYCON’screditanalysisprocessforcorporatefixed-incomesecurities.ThiscreditanalysisprocessisthebasisfortheselectionofindividualbondsforBAYCON’sfixed-incomeportfolios.HankSu,Barker’ssupervisor,commentsthatonelimitationofthecurrentcreditanalysisprocessatBAYCONisthatitonlyprovidesanestimateofabond’sdefaultrisk.HeasksBarkertoexpandthecreditanalysisprocesstoprovideanestimateofabond’screditspreadrisk.Sudefinescreditspreadriskasfollows:　　"Creditspreadriskistheriskthattheissuerwillfailtosatisfythetermsofthebondwithrespecttopayments.”　　Inaddition,Subelievesthatthecurrentcreditanalysisprocessfocusestoomuchoncharacter,collateral,andcovenants,andnotenoughoncapacity.InresponsetoSu’sobservations,Barkerdevelopsaquantitativedebt-capacitymodeltoassessthecapacityofanissuertomeetitsobligations.Hisdebt-capacitymodelisbasedontheissuer’sprofitability,debtcoverage,andcashflowanalysis.BarkerdecidestousethemodeltoevaluateHaynesIndustries,arecentinvestment-gradebondissuer.Tocalculatetheinputstothedebt-capacitymodel,Barkergatheredselectedfinancialdata,displayedinExhibit1,onHaynesIndustries.　　Exhibit1　　SelectedFinancialDataforHaynesIndustries　　(Inmillions)BarkeralsodecidestolookatseveralkeyratiosusedbyStandard&Poor’sandothercreditanalysts,includingcoverageratios,solvencyratios,and"fundsfromoperations/totaldebt."　　EdDawson,afixed-incomeresearchmanageratBAYCON,hasreviewedBarker’sdebt-capacitymodelandmakesthefollowingstatementsaboutthemodel’sapplicabilitytohigh-yieldbonds,asset-backedsecurities,andmunicipalbonds:　　1.Forthemodeltobeusefulforhigh-yieldissues,itmustconsidertheentiredebtstructureoftheissuer.Forexample,high-yieldissuersrelytoagreaterextentonbankdebtthaninvestment-gradeissuers.　　2.Whilethemodelhaslimitedapplicabilityintheassessmentofthecreditofasset-backedsecurities,itcanbeusedtoevaluatethequalityoftheservice.However,itcannotbeusedtoassesstheunderlyingcollateral’sabilitytogeneratecashflows.　　3.Thecreditanalysisofmunicipaltax-backedbondsshouldinvolveassessingtheissuer’s:　　?debtstructure,　　　　　　　　　　　?abilityandpoliticaldisciplinetomaintainsoundbudgetarypolicy,　　　　　　　　　　　?localtaxbaseandintergovernmentalrevenuesavailable,and　　　　　　　　　　　?flowoffundsstructure.

单选题Capital market transactions are either conducted in organized exchanges or individually negotiated between contracting parties.

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单选题Directions: In this section, you will hear ten short conversations. At the end of each conversation, a question will be asked about what was said. The conversation and the question will be spoken only once. During the pause, you must read the four choices marked A, B, C, D, and decide which is the best answer. Then mark the corresponding letter on the ANSWER SHEET with a single line through the center.

单选题In the case of mortgage, ______.

单选题If AD shifts to the right to adapt to oil shocks from OPEC, then: ()

单选题 {{B}} Single, but not level{{/B}} The 1992 programme is going to run a bit late for the European Community's financial services companies. The earliest that the whole -- more or less -- of the industry will be able to take advantage of its single market now looks like being mid - 1994.That is the European Commission's unstated timetable for EC member countries to implement its third life - insurance directive, whose draft is published on February 20th. The directive, which follows similar directive on non -life insurance published in draft a few months ago, is the last big element in its push to open financial markets that are still highly protected. The broad idea is that financial service companies should have the right to operate through- out the EC on the basis of a single "passport", issued by the supervisory authority in their home country. The commission hoped to have the main insurance - all liberalised together at the end of 1992. Now it looks as if only the banking directive, adopted by the Council of Ministers in December 1989, will be operative in time. A draft investment services directive was submitted by the commission to the council in January 1989, and is much further along the legislative road than the two insurance directives. Yet the obstacles that it has run into make it probable that even it will miss the end - 1992 deadline. The directive would let investment banks and stockbrokers serve clients throughout the EC and trade on all EC exchanges, subjected only to home - country control. Problems arose last November, when France proposed to curb their freedom to trade securities outside recognised exchanges. This has split the EC into the usual north/south, liberal/interventionist groups. The 12 finance ministers will try again on February 25th, but progress is unlikely. Eventually, a compromise will no doubt be reached, probably one saying that small investors should have their orders executed on official markets unless they want otherwise. But all this will take time to negotiate. The council is unlikely to adopt the directive formally much before the end of this year. Governments will then be hard put to get it on to their national statute books by mid-1993. Do the delays in the investment services and insurance directives matter? The EC is adept at missed deadlines, and end - 1992 was never carved in stone. The trouble is that banks, investment houses and insurers are now in competition with each other. Banks therefore will have a head start over their non - banking rivals in selling competitive products across the EC. Instead of the single, level playing field for financial services that the Community talks of, the field will indeed be single but still sloping from one end to the other. Senior commission officials say that it is up to national governments to get a move on. This is wishful thinking. On February 19th the British government began consulting with interested parties on last autumn's non -life -insurance draft directive. This process will take months to complete, and only then, say the British, will they be able to begin serious negotiations in the Council of Ministers. The draft life directive, while sharing some principles with the non-life draft, also poses new problems that will take time to resolve. These concerns such issues as consumer protection (that is, disclosure, supervision and so on), calculating technical provisions to meet insurers' liabilities, and the removal of certain national provisions like Belgium's ban on life - insurance policies linked to unit trusts.

单选题A credit card is a plastic card and the like to be used to obtain money, goods, or services and an overdraft is not allowed.

单选题Documents presented to the bank under a commercial letter of credit may include all of the following except ______.

单选题Off- site surveillance can do nothing about the existing problems of banking institutions.

单选题A mortgage is a type of ______.

单选题The fact that interest _-- are tax deductible while dividends are not is a major consideration in the financial structure of an overseas subsidiary.

单选题 To finance the national debt, the government issues a variety of debt securities. The most widely held liquid security is the Treasury bill, which is commonly issued by the ministry of finance. However, some Treasury bills, like the Treasury bill of the U. S. government, do not actually pay interest. Instead they are issued at a discount from par (their value at maturity). The investor's yield comes from the increase in the value of the security between the time it was pm, chased and the time it matures. Treasury bills are attractive to investors because they are backed by the government and therefore are virtually free of default risk. Because even if the government ran out of money, it could simply print more to pay them off when they mature. The risk of unexpected changes in inflation is also low because of the short term to maturity. The markets for Treasury bills in most developed countries are deep and liquid. A deep market is one with many different buyers and sellers. A liquid market is one in which securities can be bought and sold quickly and with low transaction costs. Investors in markets that are deep and liquid have little risk that they will not be able to sell their securities when they want to.

单选题The IDA charges only three fourths of 1 percent as a service charge on ______ loan balances.

单选题Therefore, balance - of- payments deficits often lead to price ______ of a nation"s currency relative to the prices of other currencies.