单选题 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 expenditure on 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, United Nations and so forth. 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 a 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Many financial transactions are ______ sheet items such as interest rate swaps and are not clearly identified through the usual reporting channels.

单选题The process becomes a bit more complicated, time - consuming, and expensive when checks are ______ between banks located In different parts of the country.

单选题Directions: In this section you will hem' 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 hark the corresponding letter on the ANSWER SHEET with a single line through the center. {{B}}Passage One{{/B}}

单选题The objective of Federal Reserve policy is to provide a money - supply ______ with the national objectives of stable prices, ,sound economic growth, and a high level of employment.

单选题A company buys 10 items at a price of ￡200 each, all on 14 days free credit. It then sells on the next day 5 units for ￡350 each. One item was sold for cash, the remainder on 21 days free credit. What effect do these transactions have on the firm’s cash flow on the day of the sale? ()

单选题These are four main methods of securing payment in international trade: (1) payment under documentary credit (2) open account (3) collection, that is document against payment or acceptance of a bill of exchange (4) payment in advance From an exporter's point of view, the order of preference is ______.

单选题Mr.WongisasmallmanufacturerofbicyclesinHongKong.Hisbusinessincurredthefollowingcostsfortheyearended31December2003.＄Materials(100%variable)300,000Labor(25%variable)200,000Selling&distributioncost(20%variable)50,000Othercosts(fixed){{U}}170,000{{/U}}Normally,thebusinesssells3,000unitsat＄300each:Required:(a)Calculatethebreakevenpointinunitsanddollarsales.(b)Calculatethecontributiontosalesratio.(c)Calculatethemarginofsafetyinpercentage.

单选题In the establishment of a trust, there are primarily ______.

单选题A derivative is a security which "derives" its value from another underlying (61) instrument, index, or other investment. Derivatives are available based on the performance of stocks, interest rates, currency exchange rates, as well as (62) contracts and various indexes. Derivatives give the buyer greater leverage for a (63) cost than purchasing the actual underlying instrument to achieve the same position. For this reason, when used properly, they can serve to "hedge" a (64) of securities against losses. However, because derivatives have a date of (65) , 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Running open foreign exchange positions is ______, especially during periods of instability in exchange rates.

单选题For withdrawals by the trustee where a trustee has both a personal account and a trustee account in the bank.

单选题What does IPO stand for? A. Initial Pact Organization B. Initial Public Offering C. International Public Offering D. Intellectual Property Organization

单选题You are auditing a business, May Company for 1999 and 2000. You discover that May Company has adopted the following treatment of certain items in the accounts. —In 1999, inventory valuation method was FIFO, but in 2000 LIFO method has been used, as the prices is rising. —Insurance expense from 1 July 2000 to 1 July 2001 has been absolutely recorded in the accounts for expenses incurred. Required: State the fundamental accounting concept which governs each of the above two treatments: (a)inventory valuation method (b)insurance expense and discuss the effect which each treatment will have on the following financial ratios: (i)net profit margin (ii)return on capital employed (iii)current ratio (iv)quick (acid test)ratio

单选题In many instances the initial purchase of raw materials or finished foods for resale is on 1 Thus, suppliers can provide financing in the form of 2 payable. The accounts payable period covers the period between when tile order for law materials is 3 and when the resulting payable is paid. The accounts payable period is subtracted 4 the length of the operating cycle to get the cash conversion cycle. The cash conversion cycle measures a firm"s financing gap in 5 of time. In other words, it is the time between when the firm pays its suppliers and when it collects money from its customers.

单选题A.Asafeandconvenientway.B.Oneofthemostimportantservices.C.Animportantservice.D.Onemoreimportantservice.

单选题Banks with serious problems will have to launch a remedial action program based on the natures of the problems.

单选题{{B}}Passage Two{{/B}} Commercial paper may either be dealer placed or directly placed. If it is dealer placed, the {{U}}(61) {{/U}} sells its promissory notes to one of the ten-regular commercial paper dealers, which, in turn, sells it to others. If commercial paper is directly placed, the issuing corporation sells its notes directly in the market, without the intermediation of the {{U}}(62) {{/U}} . This is the method used primarily by sales-finance companies because they {{U}}(63) {{/U}} in the market on a virtually continuous basis. Sales-finance companies are companies that supply the credit for the installment purchase of major {{U}}(64) {{/U}} items, for example, automobiles, refrigerators, and television sets. These companies find the commercial paper {{U}}(65) {{/U}} particularly well suited to their needs since it enables them to adjust to swings in demand for installment purchases.

单选题A “liquid asset” means

单选题BSection One/B Directions: In this section, you will hear short statements. Each statement will be spoken only once. After each statement there will be a pause. During file pause, you must read file 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.