单选题The possible reason for commercial banks to hold excess reserves is ______. (a)they have attracted too many deposits. (b)they could not find enough suitable borrowers. (c)they have borrowed too much from the central bank. (d)All of the above.

单选题Government - to - government bilateral loans are generally in the form of grants or credits with very low interest rates and long maturities. The closest meaning of bilateral is ______.

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单选题The historic ______ ceiling is $ 940, but scarcity of resources has long limited access to IDA funds to countries with per capita incomes less than $ 580.

单选题Applicants, at times ,request the issuing bank to issue the documentary credit containing excessive details for the beneficiary to comply with under the documentary credit. Banks should ______ ?

单选题SFAS No. 123(R) gives specific guidelines as to what date is to be used to establish the fair value of the stock awarded through a service-based award program, and whether or not any adjustment for awards that did not vest must be made to compensation expense at the end of the vesting period. Which of the following guidelines is most applicable to Gasline’s program? () Date that fair value is established "True-up" adjustment necessary?

单选题Firms which specialize in helping companies raise capital by selling securities are called ()

单选题 A firm’s cash flows can be divided into cash flow from: (1) operating activities (2) investment activities, and (3) financing activities. The operation activity cash flows are cash flows--inflows and outflows--directly related to origination and sale of the financial firm's assets and to operating costs such as general market activities, security trading activities, interest received and foreclosed collateral. Investment activity cash flows are cash flows and financial investments. Clearly, purchase transactions would result in cash outflows whereas sales transaction would generate cash inflows. The financing activity cash flows result from debt and equity financing transactions. Borrowing and repaying either short - term debt or long - term debt would result in a corresponding cash inflow or outflow. Similarly, the sale of common or preferred stock would result in a cash inflow whereas the repurchase of stock or payment of cash dividends would result in a financing outflow. Summarizing the firm's operating, investment, and financing activity cash flows during a given period helps to account for changes in the firm's cash position from the beginning to the end of the period chosen. Managing cash is a very important activity for financial intermediaries. The cash flow statement provides the basics structure of all sources and uses of cash.

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.