单选题Five years ago, the DCA Corporation issued 20-year bonds with a coupon rate of 12%. If the investors’ required rate of return (IRR) on these bonds is currently 9%, the bonds will be priced: ()

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单选题 A credit card is a plastic card (or its equivalent) to be used upon presentation by the cardholder to obtain money, goods, or services, possibly under a line of credit established by the card issuer. The cardholder is billed for any outstanding balance. Credit card customers are given a credit limit on the credit card account and can buy goods and services up to this amount. Normally, banks will set different credit lines to the different groups of cardholders. Every time cardholder uses a credit card for purchasing, he/she must sign a sales slip in the presence of the seller, and the signature is then compared to the signature on the card. Copies of the sales slips have the details of the card and they also show the details and amount of the sale. Each month the cardholder receives a statement from the bank which details all the trans- actions in the month, together with the total amount outstanding and any minimum amount that needs to be paid. When the full balance is not settled each month, the cardholder is charged a compound interest ( say 0. 05% ) on the outstanding balance , and this is supposed to provide the bank with a main source of income ( although in China , this revenue is still low because people are reluctant to run into debt) . Other two major sources of credit card services are the annual fee from the cardholders and the percentage of the sales revenue as the commission paid by the seller.

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 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.

单选题 Passage 2 Bankers' acceptances often arise in foreign trade. A business buying goods from abroad where it is not well known and does not have other credit arrangements will first obtain a letter of credit from its own bank. The letter will authorize the foreign seller to draw a draft on the company's bank. It can be made payable on sight, that is, upon presentation, payable upon arrival of merchandise, or payable in a fixed number of days. A draft can be made payable in, say, 30 days after it is presented to the bank against which it is drawn. This draft can be discounted at the seller's bank so that the seller receives immediate payment. If this is done, the draft can be sent through correspondent banks back to the domestic bank against which it is drawn. The domestic bank can buy the draft, a short-term loan agreement to be paid by the company buying the goods abroad. This action would tie up bank funds. Alternatively, the bank can stamp the draft "accepted" with the appropriate signature, thereby indicating that the bank guarantees the draft, and then sell it in the secondary market.

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单选题The handy ATM/debit card you've packed for your big overseas vacation may be packed with fees. Many banks charge fees whenever a customer uses an ATM/debit card outside the United States. Debit cards, such as the Visa Check Card and MasterCard Money, are linked to a cardholder's checking account and can be used for purchases and to withdraw money from overseas ATMs. Foreign-fee double whammy. Most banks zap customers with USD1.50 to USD5 fees for using overseas ATMs. And now some major banks are charging customers 2-percent fees for each debit card purchase made while traveling abroad. These new fees come on top of 1 percent fees long charged by Visa and MasterCard for transactions involving foreign currency. "If your bank is adding 2 percent it's simply because they see it as a way of getting extra money out of you," says Ed Perkins, a nationally syndicated travel columnist and consumer advocate. "By the time your bank gets the charge it's already in dollars. " When you make a purchase with a credit card or debit card, you pay an overseas merchant in local currency. But the charge that shows up on your credit card bill or bank statement is in US dollars.

单选题Before making a loan, potential lenders determine the borrower's ability to meet ______

单选题According to the passage, none of the following statements is correct except ______.

单选题If the price of a good changes, both the substitution effect and the income effect reinforce each other, then the good is a(n) ______. (a)normal good. (b)inferior good. (c)Giffen good. (d)None of the above.

单选题None of the following is a company's operating cash needs except ______.

单选题{{B}}Passage Two{{/B}} When the stock market turns down, holders of common stocks traditionally begin to move some portion of their {{U}}(61) {{/U}} out of stocks and into {{U}}(62) {{/U}} to protect themselves against further declines in the market, PI programs attempt to hedge against the possibility of a market decline by {{U}}(63) {{/U}} stock index futures contracts or stock index options (buying stock index put options). The more the market falls, the more futures and options contracts are sold by PI programs. If the market continues to fall, the rise in the value of the portfolio' futures and option positions cushions the decline in the value of the portfolio' common stocks. PI managers believe that such hedging programs using futures and options involve lower transaction costs and provide greater {{U}}(64) {{/U}} than the traditional method of actually selling stocks and buying treasury {{U}}(65) {{/U}}

单选题{{B}}Passage Three{{/B}}

单选题In balance sheet terms, the purpose of every bank loan can be assigned to one of three categories. The first is to support or acquire assets -- current assets of seasonal nature, noncurrent assets or normal productive capacity. The second is to replace liabilities. Replacing liabilities can take the form of either assistance in making trade discounts, making tax payments or significantly riskier category of taking out( or "bailing out") other banks or financial institutions. The third is to replace equity. Replacing equity is a risky purpose since the effect of substituting equity will substantially increase leverage. Occasionally, such a loan is appropriate, however, particularly in solving control problems of highly profitable companies.

单选题The owner's equity in a business comes from two sources: ______. (1) Investment by the owner (2) Notes receivable (3) Earnings from profitable operation of business (4) Accounts receivable A. (2) and (4) B. (1) and (3) C. (1) and (2) D. (3) and (4)

单选题Designated foreign exchange banks shall use their own funds other than Renminbi fun& to conduct foreign exchange surrender business.

单选题 {{B}} Who can spot the risks?{{/B}} The grand circle that regulators have to square is this: how to establish a framework of regulation that accommodates the characteristics of the traditional specialised banking system and mark it off from other businesses. With the sort of diversified financial services that are actually evolving, the era of strictly compartmentalised financial institutions is passing, leaving the regulatory system designed to match it looking increasingly out of date. A single omnipotent, omniscient regulator for all financial services remains dream. Many say it will stay that way, pointing out how long it took to get agreement just on rudimentary international rules for the capital adequacy of banks. Yet regulators everywhere acknowledge the need to cooperate more closely with their opposite numbers across industrial and geographical boundaries. They also agree that greater harmonisation of regulatory standards on everything from reporting requirements to risk assessment will come surely, if slowly. Much of that is likely to be mere tidying up. A good place to start in America would be scrapping the separate regulation of thrifts, If they have been there is little reason not to regulate them as banks (and especially given the mess thrift regulators have made of the job) . It is what Japan has sensibly done by making its equivalent of thrifts, so go banks, choose to be either credit unions or to become commercial banks. Britain, too, has let those of its building societies with ambitions to be banks, and to be regulated as such. These are moves in another right direction to switch away from regulation by institution, as mostly happens now, to regulation by function. This means that regulation becomes a matter of supervising what is done rather than who does it. Unsystematic deregulation has brought the system to its present ugly pass. This has left an increasing number of competitive anomalies. Much of the pressure for, and resistance to, further change comes from those institutions that wish to alleviate or entrench their market disadvantage. In both America and Japan, the debates about reforming the domestic financial systems, and in particular about updating Glass - Steagall and Article 65 respectively, have been slowed by political horse - trading. This is making worse a situation in which competition is keeping the prices of many financial services artificially low and capacity artificially great in a way that cannot be sustained for long. Systemic risk gets greater, not less, the longer the system is skewed. The point is long past at which regulators might have been able to force market practices back into the old regulatory framework. The global competitive and technological forces against them are too powerful. Neither is the option of turning back the clock through re - regulation feasible, and few regulators show signs either of wanting to undertake such a course, or of having the stomach for the political fight it would entail. Even in Japan, where regulators hold a sway over their industries that their counterparts in Europe and America can only envy, and where the financial system is being emerging new economy. This is being done with the grain of market forces, not against it.

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单选题______ can obtain packing loan from a bank when it receives the letter of credit issued in its favour, but the finance available will not usually exceed ______ of the L/C amount. A. The exporter...90% B. The exporter...110% C. The importer...90% D. The importer...110%