金融专业英语
一、选择题（一共10题，每题2分，共20分）
第8题和第16题替补再后面。
1.Only what happens if the supply is le than demand?（actual price is higher than the equilibrium price）2.When the Consumer income and established conditions for commodity prices is still, consumers can buy the two commodities to the greatest number of combinations.What did the Line call?
（consumption may Line）
3.Opportunity cost:（Measures the cost of doing \"x\" in terms of what else might be done）4.The normal downward slope of demand curves is necearily explained by:（Limited spending power）5 .For a closed two-good economy, the output of the two goods should be at the point where:（The highest indifference curve touches the production poibility curve）
6 .The \"J-curve\" shows that following depreciation: （The cost of imports rises immediately from the price effect, worsening the current account bal-ance, but later quantities of imports and exports respond and the current account balance im-proves）
7.Which of the following statements about standby letters of credit is true? :（They can serve as a guarantee to a buyer against a seller defaulting）8.What information would you find in a statement of cash flows that you would not be able to get from the other two primary financial statements?（Total liabilities due to creditors at the end of the period） *8&16.
Which of the following is not a characteristic of a competitive industry?( There is a fierce price war among rivals.) 9.Which of these best describes the U.S.Federal Reserve? （Responsible for monetary policy/money supply）10.What is the basic purpose of profits in our market economy? （Lead businees to produce what consumers want）
11.Which of the following will NOT cause a shift in the demand for baseballs? (An increase in the price of baseballs)12.Decreasing returns to scale may arise from (Inefficiencies in management)
13.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 Decrease the input of capital and increase the input of labor.
14.The price of a good changes, both the substitution effect and the income effect reinforce each other, then the good is a (n) (Normal good )15.What market is the Most in need of the advertising? (Competitive monopoly market )16 .American economist Modigliani’s life-cycle hypothesis is that: (Work time after retirement savings for the consumer finance)17.According to the rules of debit and credit for balance sheet accounts: (Decreases in aet and liability accounts are recorded by credits)18.Individuals will accept the medium of exchange in return for goods and services only if they are confident that: (They can exchange it for gold)
19.The prices of meat products in a competitive market are determined by: (Supply and demand)20.Which one of the following is most likely to improve the wages of American workers? (An increase in productivity)
二、阅读题（一共5题，每题4分，共20分）
Reading A:Laura James is the head portfolio manager for national Fund 1.Aume an industry exhibits tendencies of “regreion toward the mean.”This could mean all of the following EXCEPT: （Profits increase as firms enter the industry）2.In a receionary environment, an automaker such as Ford would be expected to: （Produce lower end vehicles）
3.Aume domestic automakers are growing at a rate of –2%.Ford expects to increase its market share by 0.5%.What is Ford’s growth rate? （–1.51%）(1 + growth of firm sales) = (1 + growth of industry sales) x (1 + fractional change of market share)= 0.98 x 1.005
= 0.9849
Growth of firm sales = –1.51%
4.Suppose instead that Ford’s growth of firm sales is expected to be –3% and the growth of industry sales is 1%.What is Ford’s expected change in market share? （-4%）0.97 = 1.01 x (1 + x)
0.9604 = 1 + x
–3.96% = x
5.Which of the following scenarios would be most likely to have a positive impact on Ford’s market share? （An increase in its marketing budget）Reading B:Liquidity is a measure of how quickly an item may be converted to cash.
1.Long-term aets are all aets other than current aets.(Doesn’t say) 2.Supplies are le liquid than accounts receivable, and furniture and buildings are even le so.(Right)
3.People are interested in liabilities on the balance sheet because it is relatively liquid.(Wrong)Reading C:Whereas the money markets provide very short-term loans, the capital market takes account of medium and long-term loans.4.An industrial corporate can meet its financial needs by seeking funds from the capital markets.(Right)
5.Nowadays a private busine usually obtains its working capital through a commercial bank.(Wrong) 6.In the UK commercial banks often raise funds by iuing bands and stocks.(Doesn’t say)
三、简答题（一共8题，每题5分，共40分）
需要先把题目翻译成中文，用英语回答内容。
1.What is finance? 什么叫金融？ The word “finance” signifies capital in monetary form, that is, in the form of funds lent or borrowed, normally for capital purposes, through financial markets or financial institutions.When finance goes international, it is then an international finance.2.What is financial market?什么是金融市场？
It is a place where financial transactions take place.Financial markets facilitate the lending of funds from savers to those who wish to undertake investments.Those that wish to borrow to finance investment projects sell financial instruments to savers.
3.what is primary market? 什么是初级市场？ A primary market is a financial market in which new iues of a security, such as a bond or a stock, are sold to initial buyers by the corporation or government agency borrowing the funds.
4.What is secondary market? 什么是二级市场？ A secondary market is a financial market in which securities that have been previously iued (and are thus secondhand) can be resold.
5.Which methods could be used to balance the international payment deficit? 哪些方法可以用来平衡国际收支逆差？
The methods will be used as following:
a.import restrictionb.export promotion c.tighten monetary policy
d.tighten fiscal policy e.devaluation
6.What are the major functions of modern commercial bank?现代商业银行的主要功能是什么？ a.They are medium of credit.b.They are medium of payment.
c.They change money into capital.d.They are creation of credit.7.先解释货币市场再说特征
businees have aggreively pursued alternatives to low-interest-rate bank accounts.One such alternative is provided by the money markets.Money market have three basic characteristics in common:
a.They are usually sold in large denominations.b.They have low default risk.c.They mature in one year or le from their original iue date.Most money market instruments mature in le than 120 days.
8.Participants of Money Market 货币市场的参与者（选择其中两个解释即可） a.The Government In money market, the government is unique because it is always a supplier and demander of money market funds.The U.S.Treasury is the largest of all money market borrowers worldwide.It iues Treasury bills (often called T-bills) and other securities that are popular with other money market participants.Short-term iues enable the government to raise the maturing iues.
b.The Central Bank The Central Bank is the Treasury’s agent for the distribution of government securities.The central bank holds vast quantities of Treasury securities that it sells if it believes that the money supply should be reduced.Similarly, the central bank purchases Treasury securities if it believes that the money supply should be expanded.The central bank’s responsibility for the money supply makes it the single most influential participant in the money market.
c.Commercial BanksCommercial banks hold a larger percentage of government securities than any other group of financial institutions.This is partly because of regulations that limit the investment opportunities available to banks.Specifically, banks are prohibited from owning risky securities, such as stocks or corporate bonds.There are no restrictions against holding Treasury securities because of their low risk and high liquidity.
Banks are also the major iuer of negotiable certificates of deposit (CDs), banker’s acceptances, and repurchase agreements.In addition to money market securities to help manage their own liquidity, many banks trade on behalf of their customers.
Not all commercial banks deal for their customers in the secondary money market.The ones that do are among the largest in the country and are often referred to as money center banks.d.Businees
Many businees buy and sell securities in the money market.Such activity is usually limited to major corporations because of the large transactions involved.As discued earlier, the money market is used extensively by businees both to warehouse surplus funds and to raise short-term funds.e.Investment Companies Large diversified brokerage firms are active in money markets.The primary function of these dealers is to “make a market” for money market securities by maintaining an inventory from which to buy or sell.These firms are very important to the liquidity of the money market because they help ensure that both buyers and sellers can readily market their securities in the primary market as well as in the secondary market.
f.Insurance Companies Property and casualty insurance companies must maintain liquidity because of their unpredictable need for funds.To meet this demand, the insurance companies sell some of their money market securities to raise cash.As to the life insurance companies, because their obligations are reasonably predictable, large money market security holdings are unneceary.However, it is a common practice that an individual can have his/her money invested in the money market through the agent department of banks and investment companies, to earn a higher interest rate than otherwise deposited in the banks.9.Inter-bank Markets 银行同业拆借市场 Inter-bank markets are money markets in which short-term funds transferred (loaned or borrowed) between financial institutions, usually for a period of one day, that is, they are usually overnight investment.The interest rate for borrowing these funds is close to, but always slightly higher than rate that is available from the central bank.10.Bank’s Acceptances 银行承兑
A bank’s acceptance is an order to pay a specified amount of money to the bearer on a given date.Banker’s acceptances have been in use since the twelfth century, and are commonly used for international trade transactions.
四、综合运用题（共20分）
1.What is financial crisis?金融危机是什么 A financial crisis is a disruption to financial markets in which adverse selection and moral hazard problems become much worse, so that financial markets are unable to efficiently channel funds to those who have the most productive investment opportunities.As a result, a financial crisis can drive the economy away from an equilibrium with high output in which financial markets perform well to one in which output declines sharply.
2.The effects of financial crisis?金融危机的影响 ①Many financial institutions went broke or recombined
②Global income redistribution is appearing
③The development of financial liberation has been inhibited
④International currency system is forced to be changed
