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%

单选题Company A and Company B are identical in every way except their capital structure. 　　Each firm can borrow at 10% and each is taxed at 40%. 　　 Company A Company B 　　Assets 1000 1000 　　Equity 600 1000 　　Debt 400 100 　　EBIT 100 100 　　Which firm had the higher Net Income? Which firm had the higher ROE? ()

单选题Preferred stockholders hold a claim on assets that enjoys priority over the claims of common stockholders and bondholders.

单选题If the marginal rate of technological substitution (MRTS) is more than the price ratio of labor over capital (w/r), then to minimize cost the firm should ______ the input of capital and ______ the input of labor. (a)increase, decrease (b)decrease, increase (c)decrease, decrease (d)increase, increase

单选题"Mirror accounts" mean ______.

单选题Which of the following is not a characteristic of the accounting for non-trading organizations? (a)They normally provide Receipts and Payments Accounts. (b)They have Accumulated Fund, which is more or less the same as capital. (c)It is more common to keep all records on a single entry basis. (d)They must keep books on a double-entry system.

单选题Suppose the economy is running at the level of potential GDP, an increase in government spending in the long run will ______ the price level and ______ the output level. (a)increase, not change (b)increase, increase (c)increase, decrease (d)decrease, increase

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}}

单选题A credit can be negotiated by ______.

单选题In non - recourse factoring, the balance of undrawn funds still held by the factor is carried as ______.

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