单选题Directions: In this section, you will hear ten short statements. Each statement will be spoken only once. After each statement there will be a pause. During the pause, you must read the four suggested answers marked A, B, C and 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Vivian, CFA, a research analyst assigned to Double Limited, has been recommending the stock’s purchase in her quarterly report. Vivian has recently married and just discovered her husband’s trust account owns several million dollars worth of Double Limited. The stock makes up more than 50 percent of the trust’s value but less than 5 percent of Double Limited’s outstanding shares. According to AIMR Standards of Professional Conduct, Vivian should: ()

单选题In order to withdraw money the bank requires your ______. A. depositor B. interest C. signature

单选题The importer will require a full set of bills of lading in order to obtain the goods from overseas port. The bills of lading can only be obtained by payment of the bill of exchange (D/P), or by acceptance (D/A). Therefore, the importer cannot obtain the goods without paying or accepting the bill of exchange, and conversely an exporter retains control of the goods until payment or acceptance of bill of exchange. When goods are sent by air, the airway bill could show the importer's bank as consignee. Once again the importer must pay or accept a bill of exchange to be able to obtain the goods. Once the importer has paid or accepted the bill of exchange, the importer's bank will issue a delivery order. The delivery order is an authority, signed on behalf of the bank, authorizing the airport to release the goods to the named importer. An exporter should obtain the prior agreement of the importer's bank before he consigns goods to that bank. In practice, the importer's bank will not agree to be named as consignee, unless its own customer is of major importance. When D/P terms are used, it is unnecessary to include a bill of exchange, since the over- seas bank can release documents on payment of the invoice amount. However, sight drafts are usually included.

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单选题The solution to the problem is to introduce money into the economy and have all prices quoted ______ units of that money.

单选题Assets are the economic resources of the business that can be usefully expressed in monetary terms. Liabilities, or creditors, equity, are the obligations, or debts, that the firm must pay in money or services at some time in the future. They therefore represent creditor's claims on the assets of the firm. The owner's interest is equal to the net assets of the business, which is defined as the difference between the assets and liabilities. Thus, owner's equity is the residual claim--a claim to the assets remaining after the debt to creditors has been discharged.

单选题______ strategies attempt to penetrate new areas, expand geographically, seize market opportunities and adopt innovations in order to make the bunk organization a leader in its market.

单选题Any transferee for value who takes possession of an endorsed bill of lading obtains a good title to it, provided the transferor had a good title in the first place. Hem "any transferee for value" and "good title" means' ______.

单选题The worlds of banking have been made more complicated and uncertain because of the internet as an increasingly important commercial tool.

单选题There are two general ways in which the term "market" is used in economics. First, a market is thought of as a formal or informal organization of buyers and sellers who conduct trades in particular commodities or services. The market may be located at a geographical meeting place, such as your friendly neighborhood bookstore or shopping center (a retail market). A market may be organized over wide areas connected through phones or computer terminals. Although the trading room of the New York Stock Exchange is located in New York City, buyers and sellers who actively participate in this market may conduct their trades from distant locations. This description is the institutional way of looking at a market. The second meaning of the word "market" is used in formal economic models. Here the equations that explain the demand and supply of a commodity such as money are sometimes grouped together. The reasons for supplying and holding money are thought to be specific enough to warrant separate equations. This is an abstract way to think of the money market. New financial assets are traded in primary markets. Financial assets that are resold are waded in secondary markets. Firms that specialize in trading either new or reissued financial assets are called primary secondary dealers, respectively.

单选题Commercial banks perform a very important service to all sectors of the economy by providing facilities for the ______ of savings and making them available for economically and socially desirable purposes.

单选题Standby letters of credit can ______.

单选题 Passage 3 Providing for a payment mechanism or the transfer of funds is one of the important functions performed by commercial banks, and it is increasing in importance as greater reliance is placing on the use of checks and credit cards. The increasing efficiency with which funds are managed is indicated by the gradual decline in money holdings relative to the gross national product over the years, despite the increase in the number of financial transactions. In recent years the only kind of money that has increased relative to national income is coin, primarily because of the growth of metering and vending machines. As we can see, at present check deposits are assuming a larger portion of the transaction load, and they are, being used more, efficiently. Most of the checks in the nation are cleared through the commercial banking system. Checks drawn on and deposited in the same bank merely transfer funds from one counter to another. If only two banks are involved in the same town, there is a direct exchange of checks. When several banks are involved within the same city, a clearing hours arrangement is usually employed. The process becomes a bit more complicated and time-consuming. Banks have employed computers and other sophisticated equipment to speed the clearing process, reduce costs, and improve accuracy. In recent years considerable thought and research have been given to what has become known as checkless banking. This would activate computers in banks throughout the nation and thus transfer funds from the purchaser's account, make deposits and loan repayments, and transfer funds between a depositor's accounts, make deposits and loan repayments, and transfer funds between a depositor's savings and checking accounts.

单选题A bank has different kinds of security as cover for advance to its customers. There are several ways in which a bank may take security for an advance by lien, pledge, mortgage and hypothecation. In the case of an ordinary lien, the borrower is stile the owner of the property, but the creditor (bank) is in actual or constructive possession of the property, without as a rule having a right to sell it. The securities subject to the bank"s lien are those which come into a bank"s hands in the ordinary course of its business, for example, bills, cheques and other negotiable instruments deposited with the bank in order that it may collect file proceeds. Pledge is the characteristic model of taking goods as security. It arises when goods (or documents of title thereto) or bearer securities are delivered by one person (called the "pledgor") to another person (called the "pledgee") to be, held as a security for the payment of a debt or for the discharge of some other obligation, upon the express or implied undertaking that the subject matter of the pledge is to be restored to the pledgee as soon as tile debt or other obligation is discharged. The pledgee is entitled to the exclusive possession of the property until the debt is discharged, and the pledgee, in certain circumstances, has the power of sale, but the ownership remains in the pledgor, subject to the pledgee"s right. Securities subject to pledge are goods and chattel and fully negotiable securities. Delivery of possession may be either actual or constructive. Essentially, mortgage is an assignment or charge of some interest in land or other property, as security for the payment of a debt or the discharge of some obligation for which it is given subject to a right of redemption (or equity of redemption), discharge of the obligation the interest conveyed (or charged) shall be reconveyed (or discharged). The mortgagee has a special interest in the property, and also a power of sale, but the possession of the property usually remains with the mortgagor unless and until there is a default and the mortgagee enters into possession, which is rare, or exercises any of his other remedies. Securities subject to mortgage are title deeds, life policies, and stocks and shares and others chosen in action. Hypothecation is a transaction whereby goods may be made available as security for a debt without transferring either the property or the possession to the lender. There is risk of lending against the hypothecation of goods. Since the lender does not obtain actual or constructive possession of the goods, his measure of control over them is often very limited, giving the borrower an easy opportunity of dealing with them fraudulently.

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单选题Which of tile following does not belong to current assets?

单选题At the beginning of a given period, Mr. Ting's inventory was all finished goods. The volume is 600. At file end of this period, 2,000 are completed units and 600 are partly completed. The partly completed units were deemed to be 50% complete. The manufacturing cost is ＄ 30,000. Then cost per unit is ______. (a)＄17.64 (b)＄13.04 (c)＄10.34 (d)＄15

单选题Assume that there is inflation in the United States and the government pursues a contractionary fiscal policy. The likely effect would be that ______. (a)there would be a lower domestic interest rate and an increase in the demand for dollars that would partially offset the policy. (b)there would be a depreciation in the value of the dollar and a decrease in net exports that would partially offset the contractionary fiscal policy. (c)there would be an increase in net exports and an increase in aggregate demand that would partially offset the policy. (d) there would be a decrease in net exports and a decrease in aggregate demand that would partially reinforce the policy.