单选题StrongsvilleFabricatorsInc.usestheFIFOmethodofinventoryvaluation.Assumingarisingcostsenvironmentandotherfactorsheldconstant,Strongsville’sprice-to-earningsandprice-to-bookmultiplesrelativetothoseforanothercompanythatusestheLIFOmethodofinventoryvaluationwouldbe:()

单选题A mortgage is a type of ______. A. supply B. conveyance C. limit

单选题In addition to financing the agricultural, commercial, and industrial activities of the natian, commercial banks facilitate consumption by making ______ loans.

单选题The issuing bank will guarantee that bills drawn by the beneficiary under a documentary credit will be honored, provided all the other terms of the credit are met. Here "bills will be honored" means that.

单选题A.Spotrate+dealingcommission.B.Thesameasthespotrate.C.Spotrate+premiumordiscount.D.Spotrate+bankcharge.

单选题{{B}}Passage Two{{/B}} A derivative is a security which "derives" its value from another underlying {{U}}(61) {{/U}} instrument, index, or other investment. Derivatives are available based on the performance of stocks, interest rates, currency exchange rates, as well as {{U}}(62) {{/U}} contracts and various indexes. Derivatives give the buyer greater leverage for a {{U}}(63) {{/U}} cost than purchasing the actual underlying instrument to achieve the same position. For this reason, when used properly, they can serve to "hedge" a {{U}}(64) {{/U}} of securities against losses. However, because derivatives have a date of {{U}}(65) {{/U}} , the level of risk is greatly increased in relation to their term. One of the simplest forms of a derivative is a stock option. A stock option gives the holder the right to buy or sell the underlying stock at a fixed price for a specified period of time.

单选题 Passage 2 Term loans are designed to fund long-and-medium-term business investments, such as the purchase of equipment or the construction of physical facilities, covering a period longer than one year. Usually the borrowing firm applies for a lump-sum loan based on the budgeted cost of its proposed project and then pledges to meet the scheduled repayment in a series of installments (often payments are made every quarter or even monthly). Thus, term loans look to the flow of future earnings of the business firm to amortize and retire the credit. The schedule of installment payments is usually structured with the borrower's normal cycle of cash inflows and outflows firmly in mind. For example, there may be 'blind spots' built into the repayment schedule, so there will be no installment payments due at those times of the year when the customer is short of cash. However, these payment must be made up later, when cash is more abundant. Some term loan agreements do not call for repayment of loan principal until the end of the loan period, for example, in a 'bullet loan' , only interest is paid periodically, with the full principal due when the loan matures. Term loans normally are secured by fixed assets (e. g. premises, equipment, furniture and fixtures) owned by the borrower and may carry either a fixed or floating interest rate. That rate normally is higher than on short-term business loans, due to the greater risk exposure to the bank from such loans. Certainly the probability of default or other adverse changes in the borrower's position is greater over the course of a long-term loan.

单选题Who can spot the risks? 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Which of the following statements is false? ______. A. To increase cash, debit the account B. To increase revenue, credit the account C. To decrease a receivable, debit the account D. To increase a receivable, debit the account

单选题The first supervisory technique is the process of licensing or chartering hanks. In most countries banks must acquire a charter in order to undertake banking business. By basing banking supervision on a system of licensing &posit"- taking institutions (and, where appropriate, other types of financial institutions), the supervisors will have a means of identifying the population to be supervised and entry to the banking system will be controlled. The licensing process attempts to prevent destabilizing factors (such as inadequate financial resources, unqualified management, or excessive competition) from entering the banking system in the first place. Although the licensing process cannot guarantee that a bank will be well run after it opens, it has proven to be an effective method for reducing the number of unstable situations. Bank charter is usually granted by the central bank or a separate supervisory body of a country. The actual licensing processes and scrutinizing factors considered by different chartering authorities may not be the same but usually share some similarities.

单选题Those economists who believe that long- run inflationary bias will continue do so 1 the basis of the following factors: (1) Prices and wages tend to 2 during periods of boom in a competitive economy. This tendency is reinforced by wage contracts that provide escalator clauses to keep wages in 3 with prices trod by wage increases that are sometimes greater than 4 in productivity. (2) During recessions, prices tend to remain stable 5 decrease.

单选题{{B}}Passage Two{{/B}}

单选题On the balance sheet, assets and liabilities are classified as either (61) or long-term to indicate their relative liquidity. Liquidity is a (62) of how quickly an item may be converted to cash. Therefore, (63) is the most liquid asset. Accounts receivable are a (64) liquid asset because the business expects to collect the amount in cash in the near future. (65) are less liquid than accounts receivable, and furniture and buildings are even less so.

单选题______ balance sheet items by interest rate sensitivity rather than by traditional accounting categories permits managers to examine several distinct asset/liability groupings.

单选题A ______ foreign exchange deal is one made for settlement in two working days' time.