单选题People are interested in liabilities on the balance sheet because it is relatively liquid.

单选题She ______ 10 000 to charity in her will.

单选题Excessive interest rate risk impacts ______.

单选题Cash flow can be generated from a number of sources, including operations, investment and financing. Funds From Operation is also known as Gross Operating Cash Flow. A company"s operating cash flow consists of income plus non - cash charge less non - cash credits. Non - cash charge represents reduction in income not requiring cash outlays. The items include depreciation and amortization, deferred taxes, asset write - downs, amortization of bond discounts, provisions, reserves, Josses on a sale of equipment mid loss in equity investments. Non - cash credit includes equity earnings in unconsolidated investments, amortization of bond premiums, gain on the sale of equipment, and negative deferred tax provisions. A company"s operating cash needs consist of receivable, inventory and prepaid items. Increases in them represent use of cash, while decreases in them represent cash outflow. Operating cash sources include accounts payable, accruals and taxes payable. Increases in them are sources of cash since cash is conserved and outlays are delayed, whilst decreases in them represent uses of cash. Cash from operation (or net operating cash flow) is operating cash flow available after working capital requirements. Cash flow from investment refers to that generated from primary expenditures real internal cash flow. Primary expenditures include cash dividends, long- term debts, repayments, capital expenditures and fixed assets acquired. Internal cash flow includes miscellaneous items and uses not pertaining to ordinary operations. Examples are disposals, non - operating receivable, purchase and sale of treasury stock, increases and decreases in investments, etc. Cash flow front financing involves need to finance and new financing. The first category represents total internally generated cash flow. If the amount is negative, we need to determine if the company"s new financing is sufficient to fund the deficit. The second category includes externally generated cash such as new long- term debt, new equity and net change in short- interest bearing debt. The new financing should be an appropriate source for the major uses causing the deficit. Result change in cash represents the result that the total internally rout externally generated sources of cash net tile total uses of cash during the year.

单选题With through bill of lading, the first part of the journey ______.

单选题Investment institutions (26) the third major category in our financial system. These institutions combine the relatively small amounts of savings from many individuals and invest the (27) in financial assets. Mutual funds purchase corporate stocks and bonds as well as government securities. Real estate investment trusts invest in (28) and mortgages. Money market funds invest in short - term debt securities. While individual investors can invest directly in such securities, investment institutions (29) small investors diversification and experienced management of their funds. The fourth category consists of financial companies. These companies provide loans directly to consumers and businesses. Sales and consumer finance companies lend to individuals. Sales finance companies finance installment loan purchases of automobiles and other (30) goods. Consumer finance companies provide small loans to individuals and households. The fifth category consists of securities market institutions that are involved in the savings - investment process and the marketing and transferring of claims to wealth. Credit -reporting and credit-rating organizations aid lenders in deciding whether to extend credit to consumers and businesses.

单选题The purpose of the syndicated loan is usually to provide finance to ______.

单选题A manufacturer has the following figures for the year ended 31 December 2003: Direct materials ＄7,000 Factory overheads ＄10,000 Direct labor ＄5,000 Increase in works-in-progress ＄2,000 The conversion cost is (a)12,000. (b)17,000. (c)15,000. (d)10,000.

单选题 Directions: There are 10 blanks in the following passages. For each blank, there are four choices marked A, B, C and D.{{B}}Passage One{{/B}} Billions of dollars worth of new securities reach the market each year. The traditional {{U}}(56) {{/U}} in the primary, markets is called an investment banker. The investment banker's principal activity is to bring sellers and buyers together, thus creating a market. He normally buys the new issue from the issuer at an agreed-upon price and hopes to {{U}}(57) {{/U}} it to the investing public at a {{U}}(58) {{/U}} price. In this capacity, investment bankers are said to underwrite, or guarantee, an issue. Usually, a group of investment bankers joins to underwrite a security offering and form what is called an underwriting syndicate. The {{U}}(59) {{/U}} received by the investment banker in this case is the differential, or spread, between his purchase and resale prices. The risk to the underwriter is that the issue may not attract buyers at a {{U}}(60) {{/U}} differential.

单选题 Directions: There are 10 blanks in the following passages. For each blank, there are four choices marked A, B, C and D. You are supposed to choose the best answer and mark the corresponding letter on the ANSWER SHEET by drawing a single line through the center.{{B}}Passage One{{/B}} A certificate of deposit (CD) is issued by a depository- institution {{U}}(56) {{/U}} that the holder has deposited at the institution a certain mount of money for a certain period of time. By issuing a certificate of deposit, a bank, or {{U}}(57) {{/U}} institution, gives its pledge to {{U}}(58) {{/U}} the certificate at maturity and to pay a certain rate of interest for the use of the deposited funds. Certificates of deposit are issued in several different forms. They may be negotiable or nonnegotiable, If a CD is negotiable it may be sold on the secondary market {{U}}(59) {{/U}} to maturity. Usually only large CDs are issued in negotiable form. CDs may also be issued either in bearer or registered form. Negotiable CDs are usually always issued in bearer form because of the ease with which ownership may be {{U}}(60) {{/U}}.

单选题The management of a firm needs to use the results of both financial accounting as well as managerial accounting.

单选题In the U. S. , people must fill out their tax ______ by April 15.

单选题 What determines the rate of exchange between currencies will be examined later in this booklet, but first it is useful to consider the mechanics of international transactions. To enable a UK importer to pay his American supplier, for example, the facilities of two or more banks are used, firstly in handling the often complex documentation and secondly, through the foreign exchange market, in obtaining the currency required. At one time payments to and from other countries were made by bills of exchange; hence in part the term "exchange rate", which was maintained even though other methods of payment have largely superseded the bill of exchange. The British importer will probably need to pay his American supplier in dollars and his British bank can offer him several alternative methods of settlement. It can provide him with a banker's draft drawn in dollars. The bank is able to do this because it will have an account with another bank (called a correspondent bank) in an American city and it simply issues a dollar cheque or draft drawn on that account. The British importer can then send this draft by airmail to the supplier. Since there is a danger that the draft may be lost or fall into the wrong hands' the safer and more normal method would be for the British bank to arrange for payment by mail transfer. Instructions are sent by airmail to the correspondent bank in the US to pay on behalf of its customer the required sum to the named recipient from the British bank's dollar account. This mail transfer system is very flexible since the instructions for payment can be varied or elaborated to suit practically every kind of requirement.

单选题There will be no change in the interest rate during the ______ of the mortgage. A. life B. limit C. title

单选题Passage 2 The balance of payments is a statistical record of all the economic transaction between residents of the reporting country and residents of the rest of the world during a given time period. The usual reporting period for all the statistics included in the accounts is a year. A good or bad set of figures can have an influential effect on the exchange rate and can lead policy makers to change the content of their economic policies. Deficits may lead to the government raising interest rate or reducing public expenditure to reduce imports. Alternatively, deficits may lead to calls for protection against foreign imports or capital controls to defend the exchange rate. A key definition that needs to be resolved at the outset is that of a domestic and foreign resident. It is important to note that citizenship and residency are not necessarily the same thing from the viewpoint of the balance of payments statistics. The term residents comprises individuals, households, firms and the public authorities. There are some problems that arise with respect to the definition of a resident. Multinational corporations are by definition resident in more than one country. For the purposes of balance-of-payments reporting, the subsidiaries of a multinational are treated as being a resident in the country in which they are located even if their shares are actually owned by domestic residents. Another problem concerns the treatment of international organizations such as the International Monetary Fund, the World Bank and the United Nations. These institutions are treated as being foreign residents even though they may actually be located in the reporting country. For example although the International Monetary Fund is located in Washington, contributions by the US government to the Fund are included in the US balance-of-payments statistics because they are regarded as transactions with a foreign resident. Tourists are regarded as being foreign residents if they stay in the reporting country for less than one year. The criterion for a transaction to be included in the balance of payments is that it must involve a transaction between a resident of the reporting country and a resident from the rest of the world. Purchases and sales between residents from the same country are excluded.

单选题 Directions: In this section, you will hear three short passages. At the end of each passage, you will hear some questions. The passages and the questions will be spoken only once. After you hear a question, you must choose the best answer from the four choices marked A, B, C and D. Then mark the corresponding letter on the ANSWER SHEET with a single line through the center.{{B}}Passage One{{/B}}

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单选题In the U. S. , people must fill out their tax ______ by April 15. A. returns B. appraisals C. bequests

单选题A check that can be signed over to a third party is ______. A. subtracted B. negotiable C. overdrawn