金融英语课后答案汇总

International Finance 国际金融Notes to the ans wers:1、All the terms can be found in the text.2、The discussions can be attained by reading the original text.Chapter 1Answers:II. T T F F F T TIII. 1. reserve currency 2. appreciate 3. was pegged to 4. deficit 5. fixed exchange rates 6. floating exchange rates 7. depreciate 8. market forcesIV. 1. Confidence in the ability of the U.S. to redeem dollars for gold began to fall as potential claims against the dollar increased and U.S. gold reserves fell.2.Under the fixed exchange rate system, the value of the dollar was tied to gold through itsconvertibility in to gold at the U.S. Treasury, and other nations’ currencies were tied to the dollar by the maintenance of a fixed rate of exchange.3.IMF has adjusted its role in the exchange rate system in view of the development of thesituation.4.After the collapse of the Bretton Woods System, the task of ―rigorous monitoring‖theexchange rate policy of member countries fell on the shoulder of IMF.5.Under normal conditions the stabilizing operations were sufficient to contain short-runfluctuations in a currency’s price within the required bounds of 1% of par value and thereby maintain a system of fixed exchange rates.Chapter 2Answers:I. liquid, turnover, due to, hedge, cross trading, electronic broking, outright forwards,Over-the-counter, futures and options, derivatives, remainder.II.. 1. The fundamental changes occurred in post-war world economy. The international flow of commodities, capital and labor is intensifying, thus leading to integration of international markets.1.Often referred to as ―financial institutions with a soul‖, credit unions are member-ownedcooperatives that offer checking accounts, savings accounts, credit cards, and consumer loans.2.If you think the price of gold will rise, you can buy a most simple kind of financial derivativewhich is called ―futures‖. If by that time the price really goes up, then you make a gain. But if you make a wrong guess and the price declines, then you suffer a loss.3.Financial derivatives are financial commodities deriving from such spot market products asinterest rate or bond, foreign exchange or foreign exchange rate and sto ck or stock indexes.There are mainly three types of derivatives: futures, options and swaps, each of which involves a mix of financial contracts.panies and investment funds are using basic currency futures and currency options, onesthat are regarded as traditional hedging products for investors who want to protect their international assets from sharp gains and declines in currency prices.Chapter 3Answers：II. 1. deposit accounts 2. securitization 3. Deregulation 4. consolidation 5. portfolio 6. thrift institutions 7. listing 8. liquidity 9. banking supervision 10. Credit riskIII. 1. Depository institutions 2. commercial banks 3. credit analysis 4. working capital 5. consolidation 6. financing 7. moral hazard 8. Bank supervision and regulation 9. Credit risk 10. Liquidity riskIV. 1. If a bank’s base rate was below money market rates, a customer could borrow from a bank and lend these funds to the money market, thus making a profit on the deal.2.Financing of international trade is one of the basic functions of a commercial bank. Not onlydoes it father deposits (demand, time and savings accounts), but it also grants loans.3.If you have a credit card, you buy a car, eat a dinner, take a trip,a nd even get a haircut bycharging the cost to your account.4.As the central bank and under the leadership of the State Council, the People’s Bank ofChina will formulate and implement monetary policies, execute supervision and control power over the banking industry.5.One of major function of the central bank is the supervision of the clearing mechanis m. Areliable clearing mechanis m which can settle inter-bank transaction with high efficiency is crucial to a well-operated financial system.Chapter 4 Ans wers:II. 1．integrity 2. pretext 3. released 4. produce 5. facilities 6. obliged 7. alleging 8. Claims 9. cleared 10. deliveryIII. 1. in favor of 2. consignment 3. undertaking, terms and conditions 4. cleared 5. regardless of 6. obliged to 7. undervalue arrangement 8. on the pretext of 9. refrain from 10. hinges onIV. 1. The objective of documentary credits is to facilitate international payment by making use of the financial expertise and credit worthiness of one or more banks.2.In compliance with your request, we have effected insurance on your behalf and debited youraccount with the premium in the amount of $1000.3.When an exporter is trading regularly with an importer, he will offer open account terms.4.Exporters usually insist on payment by cash in advance when they are trading with oldcustomers.5.Cash in advance means that the exporter is paid either when the importer places his order orwhen the goods are ready for shipment.Chapter 5.II．1. b 2. c 3. c 4. a 5. b 6. b 7. a 8. cIII. 1. guaranteed 2. without recourse 3. defaults 4. on the buyer’s account 5. is equivalent to 6. in question 7. devaluation 8. validity 9. discrepancy 10. inconsistent withChapter 6Answers:II. 1. open account, creditworthiness 2. demand 3. draw on, creditor 4. protest 5. schedule, discrepancies 6. acceptance 7. drawee 8. guranteedIII. 1. collecting bank 2. tenor 3. the proceeds 4. protest 5. deferred payment 6. presentation 7. the maturity date 8. a document of title 9. the shipping documents 10. transshipmentIV. 1. Documentary collection is a method by which the exporter authorizes the bank to collect money from the importer.2.When a draft is duly presented for acceptance or payment but the acceptance or paymentis refused, the draft is said to be dishonored.3.In the international money market, draft is a circulative and transferable instrument.Endorsement serves to transfer the title of a draft to the transferee.4.A clean bill of lading is favored by the buyer and the banks for financial settlementpurposes.5.Parcel post receipt is issued by the post office for goods sent by parcel post. It is both areceipt and evidence of dispatch and also the basis for claim and adjustment if there is any damage to or loss of parcels.Chapter 7II. financing, discounting, factoring, forfaiting, without recourse, accounts receivable, factor, trade obligations, promissory notes, trade receivables, specialized.III. 1. a cash flow disadvantage 2. without recourse 3. negotiable instruments 4. promissory notes 5. profit margin 6. at a discount, maturity, credit risk 7. A bill of exchange, A promissory noteIV. 1. When a bill is dishonored by non-acceptance or by non-payment, the holder then has an immediate right of recourse against the drawer and the endorsers.2.If a bill of lading is made out to bearer, it can be legally transferred without endorsement.3.The presenting bank should endeavor to ascertain the reasons non-payment ornon-acceptance and advise accordingly to the collecting bank.4.Any charges and expenses incurred by banks in connection with any action for protection o fthe goods will be for the account of the principal.5.Anyone who has a current account at a bank can use a cheque.Chapter EightStructure of the Foreign Exchange Market外汇市场的构成1. Key Terms1）foreign exchange：―Foreign exchange‖ refers t o money denominated in the currency of another nation or group of nations.2）payment“payment”is the transmission of an instruction to transfer value that results from a transaction in the economy.3）settlement―settlement‖ is the final and uncondit ional transfer of the value specified in a payment instruction.2. True or False1) true 2) true 3) true 4) true1)Tell the reasons why the dollar is the market's most widely tradedcurrency?key points: U.S.A economic background; the leadership of USD in the world economy ; the role it plays in investment , trade, etc.2)What kind of market is the foreign exchange market?Make reference to the following parts:（8.7 The Market Is Made Up of An International Network of Dealers）Chapter 9Instruments交易工具1. Key Terms1) spot transactionA spot transaction is a straightforward (or ―outright‖) exchange of one currency for another. The spot rate is the current market price, the benchmark price.Spot transactions do not require immediate settlement, or payment ―on the spot.‖ By convention, the settlement date, or ―value date,‖is the second business day after the ―deal date‖ (or ―trade date‖) on which the transaction is agreed to by the two traders. The two-day period provides ample time for the two parties to confirm the agreement and arrange the clearing and necessary debiting and crediting of bank accounts in various international locations.2) American termsThe phrase ―American terms‖means a direct quote from the point of view of someone located in the United States. For the dollar, that means that the rate is quoted in variable amounts of U.S. dollars and cents per one unit of foreign currency (e.g., $1.2270 per Euro).3) outright forward transactionAn outright forward transaction, like a spot transaction, is a straightforward single purchase/ sale of one currency for another. The only difference is that spot is settled, or delivered, on a value date no later than two business days after the deal date, while outright forward is settled on any pre-agreed date three or more business days after the deal date. Dealers use the term ―outright forward‖ to make clear that it is a single purchase or sale on a future date, and not part of an ―FX swap‖.4) FX swapAn FX swap has two separate legs settling on two different value dates, even though it is arranged as a single transaction and is recorded in the turnover statistics as a single transaction. The two counterparties agree to exchange two currencies at a particular rate on one date (the ―near date‖) and to reverse payments, almost always at a different rate, on a specified sub sequent date (the ―far date‖). Effectively, it is a spot transaction and an outright forward transaction going in opposite directions, or else two outright forwards with different settlement dates, and going in opposite directions. If both dates are less than one month from the deal date, it is a ―short-dated swap‖; if one or both dates are one month or more from the deal date, it is a ―forward swap.‖5) put-call parity―Put-call parity‖says that the price of a European put (or call) option can be deduced from the price of a European call (or put) option on the same currency, with the same strike price and expiration. When the strike price is the same as the forward rate (an ―at-the-money‖forward), the put and the call will be equal in value. When the strike price is not the same as the forward price, the difference between the value of the put and the value of the call will equal the difference in the present values of the two currencies.2. True or False1) true 2) true 3) true3. Cloze1) Traders in the market thus know that for any currency pair, if the basecurrency earns a higher interest rate than the terms currency, the currency will trade at a forward discount, or below the spot rate; and if the base currency earns a lower interest rate than the terms currency, the base currency will trade at a forward premium, or above the spot rate. Whichever side of the transaction the trader is on, the trader won't gain (or lose) from both the interest rate differential and the forward premium/discount. A trader who loses on the interest rate will earn the forward premium, and vice versa.2) A call option is the right, but not the obligation, to buy the underlyingcurrency, and a put option is the right, but not the obligation, to sellthe underlying currency. All currency option trades involve two sides—the purchase of one currency and the sale of another—so that a put to sell pounds sterling for dollars at a certain price is also a call to buy dollars for pounds sterling at that price. The purchased currency is the call side of the trade, and the sold currency is the put side of the trade. The party who purchases the option is the holder or buyer, and the party who creates the option is the seller or writer. The price at which the underlying currency may be bought or sold is the exercise , or strike, price. The option premium is the price of the option that the buyer pays to the writer. In exchange for paying the option premium up front, the buyer gains insurance against adverse movements in the underlying spot exchange rate while retaining the opportunity to benefit from favorable movements. The option writer, on the other hand, is exposed to unbounded risk—although the writer can (and typically does) seek to protect himself through hedging or offsetting transactions.4. Discussions1)What is a derivate financial instrument? Why is traded?2)Discuss the differences between forward and futures markets in foreigncurrency.3)What advantages do foreign currency futures have over foreigncurrency options?4)What is meant if an option is ―in the money‖, ―out of the money‖,or ―atthe money‖?5)What major international contracts are traded on the ChicagoMercantile Exchange ? Philadelphia Stock Exchange?Chapter 10Managing Risk in Foreign Exchange Trading外汇市场交易的风险管理1. Key Terms1) Market riskMarket risk, in simplest terms, is price risk, or ―exposure to (adverse)price change.‖ For a dealer in foreign exchange, two major elements of market risk are exchange rate risk and interest rate risk—that is, risks of adverse change in a currency rate or in an interest rate.2) VARVAR estimates the potential loss from market risk across an entire portfolio, using probability concepts. It seeks to identify the fundamental risks that the portfolio contains, so that the portfolio can be decomposed into underlying risk factors that can be quantified and managed. Employing standard statistical techniques widely used in other fields, and based in part on past experience, VAR can be used to estimate the daily statistical variance, or standard deviation, or volatility, of the entire portfolio. On the basis of that estimate of variance, it is possible to estimate the expected loss from adverse price movements with a specified probability over a particular period of time (usually a day).3) credit riskCredit risk, inherent in all banking activities, arises from the possibility that the counterparty to a contract cannot or will not make the agreed payment at maturity. When an institution provides credit, whatever the form, it expects to be repaid. When a bank or other dealing institution enters a foreign exchange contract, it faces a risk that the counterparty will not perform according to the provisions of the contract. Between the time of the deal and the time of thesettlement, be it a matter of hours, days, or months, there is an extension of credit by both parties and an acceptance of credit risk by the banks or other financial institutions involved. As in the case of market risk, credit risk is one of the fundamental risks to be monitored and controlled in foreign exchange trading.4) legal risksThere are legal risks, or the risk of loss that a contract cannot be enforced, which may occur, for example, because the counterparty is not legally capable of making the binding agreement, or because of insufficient documentation or a contract in conflict with statutes or regulatory policy.2. True or False1)True 2) true3. Translation1) Broadly speaking, the risks in trading foreign exchange are the same asthose in marketing other financial products. These risks can be categorized and subdivided in any number of ways, depending on the particular focus desired and the degree of detail sought. Here, the focus is on two of the basic categories of risk—market risk and credit risk (including settlement risk and sovereign risk)—as they apply to foreign exchange trading. Note is also taken of some other important risks in foreign exchange trading—liquidity risk, legal risk, and operational risk2) It was noted that foreign exchange trading is subject to a particular form ofcredit risk known as settlement risk or Herstatt risk, which stems in part from the fact that the two legs of a foreign exchange transaction are often settled in two different time zones, with different business hours. Also noted was the fact that market participants and central banks have undertaken considerable initiatives in recent years to reduce Herstatt risk.4. Discussions2)Discuss the way how V AR works in measuring and managing marketrisk?3)Why are banks so interested in political or country risk?4)Discuss other forms of risks which you know in foreign exchange. Chapter 11The Determination of Exchange Rates汇率的决定1. Key Terms1) PPPPurchasing Power Parity (PPP) theory holds that in the long run, exchange rates will adjust to equalize the relative purchasing power of currencies. This concept follows from the law of one price, which holds that in competitive markets, identical goods will sell for identical prices when valued in the same currency.2) the law of one priceThe law of one price relates to an individual product. A generalization of that law is the absolute version of PPP, the proposition that exchange rates will equate nations' overall price levels.3) FEER―fundamental equilibrium exchange rate,‖ or FEER,envisaged as the equilibrium exchange rate that would reconcile a nation's internal and external balance. In that system, each country would commit itself to a macroeconomicstrategy designed to lead, in the medium term, to ―internal balance‖—defined as unemployment at the natural rate and minimal inflation—and to ―external balance‖—defined as achieving the targeted current account balance. Each country would be committed to holding its exchange rate within a band or target zone around the FEER, or the level needed to reconcile internal and external balance during the intervening adjustment period.4) monetary approachThe monetary approach to exchange rate determination is based on the proposition that exchange rates are established through the process of balancing the total supply of, and the total demand for, the national money in each nation. The premise is that the supply of money can be controlled by the nation's monetary authorities, and that the demand for money has a stable and predictable linkage to a few key variables, including an inverse relationship to the interest rate—that is, the higher the interest rate, the smaller the demand for money.5) portfolio balance approachThe portfolio balance approach takes a shorter-term view of exchange rates and broadens the focus from the demand and supply conditions for money to take account of the demand and supply conditions for other financial assets as well. Unlike the monetary approach, the portfolio balance approach assumes that domestic and foreign bonds are not perfect substitutes. According to the portfolio balance theory in its simplest form, firms and individuals balance their portfolios among domestic money, domestic bonds, and foreign currency bonds, and they modify their portfolios as conditions change. It is the process of equilibrating the total demand for, and supply of, financial assets in each country that determines the exchange rate.2. True or False1) true 2) true3. Cloze1）PPP is based in part on some unrealistic assumptions: that goods are identical; that all goods are tradable; that there are no transportationcosts, information gaps, taxes, tariffs, or restrictions of trade; and—implicitly and importantly—that exchange rates are influenced only byrelative inflation rates. But contrary to the implicit PPP assumption,exchange rates also can change for reasons other than differences ininflation rates. Real exchange rates can and do change significantly overtime, because of such things as major shifts in productivitygrowth, advances in technology, shifts in factor supplies, changes inmarket structure, commodity shocks, shortage, and booms.2）Each individual and firm chooses a portfolio to suit its needs, based on a variety of considerations—the holder's wealth and tastes, the level ofdomestic and foreign interest rates, expectations of future inflation,interest rates, and so on. Any significant change in the underlying factorswill cause the holder to adjust his portfolio and seek a new equilibrium.These actions to balance portfolios will influence exchange rates.4. Discussions1）How does the purchasing power parity work?2）Describe and discuss one model for forecasting foreign exchange rates.3）Make commends on how good are the various approaches mentioned in the chapter.4）Central banks occasionally intervene in foreign exchange markets. Discuss the purpose of such intervention. How effective is intervention?Chapter 12The Financial Markets金融市场1. Key Terms1）money marketThe money market is really a market for short-term credit, or the option to use someone else's money for a period of time in return for the payment of interest. The money market helps the participants in the economic process cope with routine financial uncertainties. It assists in bridging the differences in the timing of payments and receipts that arise in a market economy.2）capital marketMarkets dealing in instruments with maturities that exceed one year are often referred to as capital markets.3）primary marketThe term ―primary market‖ applies to the original issuance of a credit market instrument. There are a variety of techniques for such sales, including auctions, posting of rates, direct placement, and active customer contacts by a salesperson specializing in the instrument4） secondary marketOnce a debt instrument has been issued, the purchaser may be able to resell it before maturity in a ―secondary market.‖ Again, a number of techniques are available for bringing together potential buyers and sellers of existing debt instruments. They include various types of formal exchanges, informal telephone dealer markets, and electronic trading through bids and offers on computer screens. Often, the same firms that provide primary marketing services help to create or ―make‖ secondary markets.5）RPsIn addition to making outright purchases and sales in the secondary market, entities with money to invest for a brief period can acquire a security temporarily, and holders of debt instruments can borrow short term by selling securities temporarily. These two types of transactions are repurchase agree-ments (RPs) and reverse RPs,respectively. In the wholesale market, banks and government securities dealers offer RPs at competitive rates of return by selling securities under contracts providing for their repurchase from one day to several months later6）BAs 7）CDs (reference to 13.1)8） EurodollarEurodollars are U.S. dollar deposits at banking offices in a country other than the United States.9） EurobankEurobanks—banks dealing in Eurodollar or some other nonlocal currency deposits, including foreign branches of U.S. banks— originally held deposits almost exclusively in Europe, primarily London. While most such deposits are still held in Europe, they are also held in such places as the Bahamas, Bahrain, Canada, the Cayman Islands, Hong Kong, Singapore, and Tokyo, as well as other parts of the world.10）LIBOR (reference to 13.2.2 Certificates of Deposit)London inter-bank offer rate11）mortgage-backed securities12）Eurobond market (details make reference to13.3.3 )The Eurobond market, centered in London, is an offshore market in intermediate- and long-term debt issues. It serves as a source of capital for multinational corporations and for foreign governments. It developed after the United States instituted the interest equalization tax in 1963 to stem capital outflows inspired by relatively low U.S. interest rates.2. True or False1) true 2) true 3) true3. Discussions1) Describe the characteristics of Interest Rate Swap and the role of it in thebank-related financial market.2) What risks are encountered in the swaps markets?3) Discuss one or two specific examples of derivative products and their use.4. Translations1) Markets dealing in instruments with maturities that exceed one year are often referred to as capital markets, since credit to finance investments in new capital would generally be needed for more than one year. The time division is arbitrary. A long-term project can be started with short-term credit, with additional instruments may need to be renewed before a project is completed. Debt instruments that differ in maturity share other characteristics. Hence, the term ―capital market‖ could be –and occasionally is applied to some shorter maturity transactions.2) The secondary market for Treasure securities consists of a network of dealers, brokers, and investors who effect transactions either by telephone or electronically. Telephone trades are generally between dealers and their customers. Electronics trading is arranged through screen-based systems provided by some of the dealers to their customers. It allows selected trades to take place without a conversation. When dealers trade with each other, they generally use brokers. Brokers provide information on screen, but the final trades are made bytelephone.Chapter 13Concepts of Financial Assets Value金融资产价值的概念1. Key Terms1) absolute measure of valueAn absolute measure of value is used when one must compare it to a nominal amount: purchase price, amount to invest, target sum of money to raise2) relative measure of valueA relative measure of rate of return is more convenient to use when one wishes to compare one financial asset to a set of numerous alternative assets. A rate of return is the most commonly used relative measure of value.3) discountingFuture benefits must be discounted (or converted) to their present (or today's) value, before they are summed. Discounting is part of the study of time value of money, or actuarial mathematics, and a complete treatment of it can be found in specialized textbook.4) time value of moneyTime value of money studies how amounts of money are made equivalent over time. Converting amounts today into their future equivalent consists in adding interest to principal, i.e. compounding. Converting amounts in the future into today's equivalent consists of charging an interest, i.e. discounting. Thus, discounting is the exact inverse of compounding.5) FV 6) PV 7) annuity8) short term securitiesShort term securities (i.e. securities with maturity less than one year) are sold at a discount (i.e. nominal value less the interest to be earned over the remaining number of days to maturity). There is no coupon, and no additional benefits such as conversion right, but there may be a penalty for early redemption in the case of some bank certificates of deposit.9) P/E ratio (make reference to 15.5.3 --Earnings Multiple or P/E Ratio)Another approach which is used as a short-cut by a large number of investors, is the earnings multiple. It is sometimes referred to as earningsmultiplier, and it is most commonly known as price-to-earnings or P/E ratio. In many instances, the approach, rather than being an oversimplification, can be an improvement over the previous format. In its most common presentation, the idea is that the price P of a share should be a multiple m of its earnings per share E. The multiple m is an industry average because it is assumed that all companies in an industry face similar marketing, technological and resource challenges, and thus, should have similar organizational and production patterns.10) intrinsic valueintrinsic value, or difference between market price of the underlying stock and strike price (which is also known as exercise price because it is the price at which an option holder can buy from or sell to the option writer the underlying stock through the options exchange)。

中译英：一.1.金融管理是商业管理的重要方面之一,没有合适的金融计划企业是不可能成功的;Finance is one of the most important aspects of business management. Without proper financial planning a new enterprise is unlikely to be successful.2.金融中介机构的基本宗旨是把不受公众欢迎的金融资产转变为他们能够接受的金融资产;Financial intermediaries play the basic role of transforming financial assets that less desirable for a large part of the public into other financial assets-their own liabilities-which are more widely preferred by the public.3.企业经营是有风险的,因而,财务经理必须对风险进行评估和管理;Businesses are inherently risky, so the financial manager has to identify risks and make sure they are managed properly.4.投资决策首先是指投资机会,常常指资本投资项目;The investment decision stars with the identification of investment opportunities, often referred to as capital investment projects.5.现金预算常常被用来评估企业是否有足够的现金来维持企业的日常经营运转和或是否有太多现金富裕;Cash budgets are often used to assess whether the entity has sufficient cash to fulfill regular operations and/or whether too much cash is being left in unproductive capacities.6.按照金融学的观点,资本就是企业购买商品以生产其它商品或提供服务的货币资金;Capital, in the financial sense, is the money that gives the business the power to buy goods to be used in the production of other goods or the offering of a service.四.1.商业银行应积极开展银行转账功能风险评估和分类,依据收款账户的潜在风险高低,相应设置不同的转账额度和次数限制;A commercial bank shall actively conduct the risk assessment and classification of the telephone banking transfer functions, and set different limits on the transfer amount and times according to the degree of potential risks on the recipient account.2.商业银行相对其他行业属于信息化程度较高的行业,银行数据库里积累了海量的客户信息Commercial banks have gained more information and have large scale of data.3.商业银行的管理人员在分析客户的贷款申请时必须考虑许多因素;Managers in Commercial banks have to consider many factors in analyzinga customer's loan request.4.除中国银行外,交通银行、农业银行、工商银行、建设银行在城乡也都设立了许多的机构,便于你获得金融服务;Besides the Bank of China, the Communication Bank, Agricultural Bank, Industrial and Commercial Bank, Construction Bank also have created many branches in a city or town, and that makes easier for you to get financialservices.5.定期存款也叫CD,是存款证书的一种类型;A certificate of deposit, also called a CD, is a type of savings certificate.6.商业银行作为一家金融机构,其业务范围包括：从个人和公司吸收存款；通过提供贷款和其他对客户的财务或生意的运转很重要的金融业务来建立信贷,包括资金转账、支票兑现、银行保管箱等;A commercial bank is an financial institution established to: accept deposits from individuals and businesses; originate credit by providing loans and offering other financial services essential to the running of a customer's financial or business affairs, including fund transfers, check cashing, safe deposit boxes, etc.六.1.外汇交易市场,也称为"Forex"或"FX"市场,是世界上最大的金融市场,平均每天超过1兆美元的资金在当中周转 -- 相当于美国所有证券市场交易总和的30倍;The Foreign Exchange Market, called by "Forex" market or FX market, is the biggest financial market in the world with trading volumes surpassing USD1 trillion average one-day, it is as big as 30 times of stock market.2."外汇交易"是同时买入一对货币组合中的一种货币而卖出另外一种货币;外汇是以货币对形式交易,例如欧元/美元EUR/USD或美元/日元USD/JPY;“Foreign exchange” is to buy one currency and sell another in currency pair at the same time. The trading form of foreign currency is the currency pair, for example EUR/USD OR USD/JPY.3.外汇交易市场是一个24 小时全球交易市场,市场交易每天从悉尼开始,并且随着地球的转动,全球每个金融中心的营业日将依次开始 , 首先是东京,然后伦敦,和纽约;Foreign exchange market is worldwide market where operating 24 hours a day, the market trading starts from Sydney, turning around the earth , the business day of every financial center in the world will star to trade in turn, then is Tokyo, next is London, and New York.4.外汇交易投资者可以对无论是白天或者晚上发生的经济,社会和政治事件而导致的外汇波动而随时反应;Investors of FX may make decisions base on the fluctuation of foreign currency price leaded by economics, society and political events no matter happens in day time or night.5.外汇交易市场是一个超柜台 OTC 或“ 银行内部”交易市场,因为事实上外汇交易是交易双方通过或者一个电子交易网络而达成的,外汇交易不象股票和期货交易市场那样,不是集中在某一个交易所里进行的;The foreign exchange market is Over the Counter OTC or interbank market because foreign currency is traded through phone or electronic trading net in fact, the trading of foreign currency does not like stock trade, it is not intensive trading in exchange center.6.在外汇交易中,您会看到一个两边的报价,由买价与卖价组成,买价是在此价格上您拟卖掉基础货币同时买进相反货币;卖价是这个价格,在此价格上您可以买进基准货币时卖掉相反货币;You will see the price board consisted of bid price and ask price in trading of foreign currency, bid price is the price you sell your base currency at the same time buy reverse currency. Ask price is the price you buy base currency and sell reverse currency.七.1.企业融资是指企业在发展扩张中筹集所需资金的行为;Business financing is an action of raising money when firms extend business and development2.企业融资是为了满足企业战略调整、产业扩张、现金周转等方面的需要; Business financing is to meet the requirement of strategy adjustment, industry extending, and turnover of cash and so on.3.企业通过融资行为改变资本结构,使资金得以形成、集中、积累、组合,同时形成相应的产权关系和权利、责任、利益格局;The capital structure of the firm will be changed through raising money, the capital will be formed in the form of centralization, accumulation, combination, and at the same time relative property right relations and pattern of benefit, duty and right will be formed.4.内部融资的来源公司的自有资金,以及在生产经营过程中的资金积累部分,在公司内部通过计提折旧而形成现金,或通过留用利润等增加公司资本;The resource of internal financing comes from company’s internal fund, the part of fund accumulation of producing and operating, cash from depreciation, or capital from remaining earning.5.债权性融资主要有向金融机构贷款和发行企业债券两种形式;The two majority forms about debit financing are lending money from financial institutes and issuing company bond.6.目前国内企业在进行投资时采用的融资方式有股权性融资、债权性融资等; Presently financing methods used by domestic enterprises when investing are equity financing and debit financing, etc.九.1.组合投资原则,即将风险资金按一定比例投向不同行业、不同企业项目,或联合几个风险投资公司共同向一家企业投资;The principle of portfolio investment is that the venture capital is invested into different industries and different projects, or make a cooperation with other investing companies to invest a company. 2.风险投资主体多元化原则,在美国,风险资金来源相当广泛,既有政府、财团法人的资金,也有来自大众游资、民间企业和海外的投资,还有养老保险基金的积极参与;The principle of diversification of venture capital, in American, the resource of venture capital is quite widespread, it comes from government, financial institutes, and it can come from privates, private firms and oversea investment, and pension fund joint venture capital too.3.创业投资是由专业投资者投入到新兴的、迅速发展的、有巨大竞争潜力的企业中的一种股权性资本;Venture investment is an equity capital which professional investors invest to a new, developing rapidly and more competitive firm.4.随着社会经济的快速发展,如何投资、如何理财已经成为商业人士关注的焦点;With society economy high-speed development, how to invest and finance is the focal point which business men focus on.5.创业投资以其谋求长期资本收益、分散投资及专业化管理的特点适应了高新技术产业的资金需求,以其特别的投资方式、合同方式和组织架构部分地解决了信息不对称和激励约束不当所带来的问题.Venture capital is looking for long term capital return, the characteristic of diversification of investment and professional management adapts capital requirements of high-new technical industry, special investing model of venture capital, contract model and frame of organization solve problems of information asymmetry and incentive and restraint mechanisms flaw in partly.6.投资者可把目光聚焦到正在发售的银行保本基金上,这种在国际市场上大受欢迎的新型理财品种不但能够提供银行储蓄般的安全感,而且可以利用此次利率上升的机会创造更高的收益；同时,加息导致债券价格下跌,实际上提高了即将入市的银行保本基金的债券投资收益率;Investors may focus on guaranteed fund issued by bank, it is new style of financing product which is welcomed in the international market, it is not only shows the safety like bank deposit, but also make higher return with the interest rate arise, at the same time, rising interest rates will lead to fall of the bond price, and make higher return of guaranteed fund which will be issued by banks.十.1.债券买卖是指交易双方以约定的价格买卖一定金额的债券并在规定的清算时间内办理债券款交割的交易方式;Security trading is a trading model that both of seller and buyer sign a contract with the confirmed bond price and number, during settlement both of seller and buyer make a delivery.2.债券回购是指交易双方进行的以债券为权利质押的一种短期资金融通业务;资金融入方正回购方在将债券卖给资金融出方逆回购方以融入资金的同时,双方约定在将来某一日期由正回购方按约定回购利率计算的金额向逆回购方买回相等数量的同品种债券的交易行为;Redeem of security is a short term financing business that both of issuer and holder of bond takes bond as right pledge, when the borrower of fund positive redeemer sells bond to lender of fund negative redeemer for financing, both of them sign a contract in there positive redeemer will redeem the bond that he issued with redeem interest from negative redeemer before maturity of bond.3.所谓可转换公司债券是指由公司发行的,投资者在一定时期内可选择一定条件转换成公司股票的公司债券,通常称作可转换债券或可转债;这种债券兼具债权和股权双重属性;Convertible bond is security issued by firm which investors have option to convert bond into firm’s stock during holding period, the convertible bond consists of two characters of bond and stock.4.证券交易必需受SEC及证券交易所自我约束机制的监管;Security trading must be managed by SEC and self-regulating mechanism of the stock exchange.5.场外交易市场不是一个正式的证券交易所,而是由经纪人和交易商组成的一个非正式的网络,他们通过这一网络协商证券的交易;The over-the-counter market is not official security exchange market, itis unofficial network grouped by dealers and brokers, dealers and brokers exchange securities through the network.6.一级市场上的发行方式也分为两种,公募和私募;The issue model of stock in the primary market can be classified into: public offering and private offering.十二.1.新股的发行价总是超过面值的,记录在公司帐上的这个差叫附加实缴资本,也叫资本公积;The price at which new shares are sold to inverstors almost always exceeds par value,the difference is entered the company’s accounts as additional paid-in capital, or capital surplus.2.尽管股票这个名字很大众化,但是,大部分人都不是充分了解它;Despite their popularity, however, most people don't fully understand stocks.3.公司的管理层的主要任务是增加公司股票持有人所持有公司资产的价值; The management of the company is supposed to increase the value of the firm for shareholders.4.有限责任是股票的一个十分重要的特征,这意味着公司在不能支付它的债务时股票持有者没有负债责任;An extremely important feature of stock is its limited liability, which means that, as an owner of a stock, you are not personally liable if the company is not able to pay its debts.5.理解股票供求关系是容易的,但是理解人们喜欢哪些股票不喜欢哪些股票是苦难的;Understanding supply and demand is easy, What is difficult to comprehend is what makes people like a particular stock and dislike another stock. 6.一些人人为预测股票价格变化是不可能的,而一些人认为通过画图和分析以前的价格变化就能决定买卖时间;Some believe that it isn't possible to predict how stock prices will change, while others think that by drawing charts and looking at past price movements, you can determine when to buy and sell.英译中：一.1. A cash budget is extremely important, especially for small businesses, because it allows a company to determine how much credit it can extend to customers before it begins to have liquidity problems.现金预算是十分重要的,特别是对小企业,这是因为它决定了企业可以使用多大的赊销份额而不发生现金困难;2. Financial intermediaries include depository institutions commercial banks and credit union who acquired the bulk of their funds by offering their liabilities to the public mostly form of deposit. 金融中介机构包括：存款性机构商业银行和信用合作社主要通过存款的形式向公众借款,从而获得大部分资金;3. A corporation is a legally distinct from its owners, who are called shareholders or stockholders. 公司在法律上独立于其所有者,即股东;financial planning focus on the firm’s goals, the investment that will be needed to meet those goals, and the financing that must be raised. 长期财务计划是关于企业的长期目标、为实现目标所需要的投资以及因此必须筹集的资金的计划;are classified into nonfinancial and financial businesses. These entities borrow funds in the debt market and raise funds in the equity market. 企业可被分成金融企业和非金融企业两类;这些企业在债务市场借款和在权益市场融资;6. Finance is the set of activities dealing with the management of funds. More specifically, it is the decision of collection and use of funds. It is a branch of economics that studies the management of money and other assets.金融是涉及到一系列有关资金管理的活动;特别的,它是有关资金使用和筹集的决策;它是经济学的一个研究货币和其它资产管理的分枝;四. risk-based capital requirements imposed on commercial bank and saving and loan associations.对商业银行和存贷款协会实施以风险为基础的资本金要求;regulates commercial banks and thrifts and types of regulations imposed. 谁来监管商业银行与储蓄机构以及何种方式来进行;3. Banks generate income in three ways: 1the bid-ask spread;2capital gains on the securities or foreign currency used in transactions, and 3in the case of securities, the spread between interest income earned by holding the security and cost of funding the purchase of security.银行可以从三个方面产生收入：1买卖差价；2证券或外汇交易的资本利益；3证券的利息收入和购买证券资金成本之间的价格差异;4. Several types of deposit accounts are available. Checking accounts pay no interest and can be withdrawn upon demand.存款帐户有好几种,支票帐户不支付利息可以随时提取;certificate of deposit can take a wide variety of forms which are negotiable with the issuing bank. 定期存单可以采取多种多样的形式是可转让的发卡银行;that raise most of their funds from the domestic and international money markets, relying less on depositors for funds, are called money center banks.货币中心银行是指较少依赖存款,并在国内或国外货币市场筹集资金的银行;六.1,The foreign exchange market is a place to trade foreign exchange currency, or it is also a place for the transaction of all foreign currency. 外汇市场是交易外国货币或各国货币的场所.foreign exchange rate is the relative value between two currencies. In particular, it is the quantity of one currency required to buy or sell one unit of the other currency.汇率是两种货币间的相对价值, 特别是, 它是买卖一个其它货币单位所代表的本币量值.. dollars are not used to express an exchange rate, the term "cross rate" is usually used to express the relative values between two currencies.在美元被用来表示汇率的地方,套汇汇率就被用来表示两种货币间的相对价值.an online currency trader wants to survive in the business, he must learn to limit his losses. This is one of the keys to smart money management. 如果一个网络货币交易者要持续他的交易他必须学习限制损失,这是货币管理的关键点.is safer to get into a currency position in multiple lots than to do it all at once.在多个地点持有外汇头寸比同时持有多个头寸安全.Forex market itself consists of a worldwide network of primarily interbank traders connected by telephone lines and computers. FX traders constantly negotiate prices between one another and the resulting market bid/ask price for a particular currency is then fed into computers and displayed on official quote screens.外汇市场本身含有提供给银行交易者通过线和计算机连接的全球范围的网络,外汇交易者讨论的汇率价格产生了市场上某种货币的报价和询价并通过计算机系统显示在交易屏幕上.七. you have too much debt, your business may be considered overextended and risky and an unsafe investment.如果你的企业负债比重过高,投资者则会认为企业是扩张过度,对投资者来说是不安全和高风险的;financing is attractive because you do not have to sacrifice any ownership interests in your business, interest on the loan is deductible, and the financing cost is a relatively fixed expense.债务融资对企业权益者是有吸引力的因为债务融资不会牺牲权益者的利益,借款利息可在收益中扣减,财务成本是相对固定费用.corporation is a separate legal entity that can be created only by compliance with state statutes.公司是一个其所有权与经营权相分离的经济实体即法人组织,公司的成立要遵守洲法.partners raise equity funds through their own capital contributions, by adding a new partner, or by restructuring the relative ownership interests of the existing partners to reflect new contributions.合伙人企业可通过出让合伙人自己的资本份额,或增加合伙人的方式来增加企业资本,或采用对原有合伙人所拥有的相对资本份额进行重组的方式来反映新的资本.financing requires that you sell an ownership interest in the business in exchange for capital.权益融资需要企业所有者出让企业的所有权利益来换取资本.major disadvantage to equity financing is the dilution of your ownership interests and the possible loss of control that may accompany a sharingof ownership with additional investors.权益融资的主要缺点是稀释了所有者的利益,随着其他投资者所占权益份额的扩大企业控制权也可能失去.九. is when everything in the economy is great, people are finding jobs, is growing, and are rising. Things are just plain rosy during a bull market is easier because everything is going up.牛市意味着经济发展强劲,工作岗位多,GDP 增长,股票价格上升.前景变得光明.在牛市期间投资股票将有丰厚收益因为所有物品的价格都将上升.markets cannot last forever though, and sometimes they can lead to dangerous situations if stocks become overvalued.牛市不可能永远持续,如果股票价格被高估则牛市就将导致崩盘.a person is optimistic, believing that stocks will go up, he or she is called a "bull" and said to have a "bullish outlook."如果一个人乐观的认为股票价格将上升,他或她被称做”多头”和有一个行情看涨的形象.investments it is critical to distinguish between an expected return the anticipated return for some future period and a realized return the actual return over some past period. Investors invest for the future—for the return they expect to earn—but when the investing period is over, they are left with their realized returns.投资学对期望收益预测的将来某时间段的收益和已实现收益过去某时段的实际收到的收益有严格的区分.投资者投资为将来-他们希望获取的收益-但是在投资周期结束后,他们只得到实际的收益.investors actually earn from their holdings may turn out to be more or less than what they expected to earn when they initiated the investment. This point is the essence of the investments process: investors must always consider the risk involved in investing.投资者在投资期间实际得到的收益与他们初始投资所预想的收益或多或少有差异.投资过程的关键点是:投资者在投资时必须牢记风险的成在.are three important factors you need to consider before buying a bond. The first is the person issuing the bond. The second is the interest or coupon you will receive. The third is the maturity date, the day when the borrower must pay back the principal to the lender.在投资债券前你要考虑三个重要因素:第一是债券发行人;第二是你将得到的利息或折扣;第三是到期时间, 在到期日债券发行人必须将本金退给债券持有人.十. higher rate of return the bond offers, the more risky the investment. There have been instances of companies failing to pay back the bond default, so, to entice investors, most corporate bonds will offer a higher return than a government bond.债券收益率越高投资风险越大,已有公司不能在到期日偿还债券本金违约的先例,所以, 为了诱使投资者购买公司债券大多数公司都发行高于政府债券利率的债券.is important for investors to research a bond just as they would a stock or mutual fund. The bond rating will help in deciphering the default risk.象研究股票和共同基金样研究债券对投资者来说是必要的, 辨别债券等级将有助于识别违约风险.interest is added to the contract price of a bond transaction.应计利息要加到债券交易合同价格中.Gain. An increase in the value of a investment or real estate that gives it a higher worth than the purchase price. The gain is not realized until the asset is sold. A may be short term one year or less or long term more than one year and must be claimed on income taxes.资本利得是资本价值投资或不动产的增加,也就是高于购买价格的增值部分,利得只有在这些资产出售后才能实现, 资本利得可以是短期一年以内或长期一年以上, 资本利得必须征税.any other type of investment vehicle, fixed-income securities should be viewed in terms of their risk and return. Generally speaking, bonds are exposed to five major types of risks: interest rate risk, purchasing power risk, business/financial risk, liquidity risk, and call risk.象任何其它投资工具一样,固定收益证券也应该按照它们的风险和收益来进行评价. 一般看来, 证券有五种主要的风险:利率风险,购买力风险,商业风险,流动性风险和回购风险.far we've discussed the factors of face value, coupon, maturity, issuers and yield. All of these characteristics of a bond play a role in its price.到目前我们已经讨论了债券的面值,利息率,到期日,发行人和收益,全部这些特征都会影响到债券的价格.十二. splits,like stock dividents, do not increase the assets or earning capacity of the firm,the split does decrease the price of the stock and thereby may increase its marketability.股票拆分与股票股利一样,并不能增加公司的资产或者提高公司的盈利能力,拆分降低了股票的价格,从而增加了股票的流动性;may repurchase shares to reduce the chance of an unwanted takeover attempt.管理层可以回购股票来避免公司被收购;two most important characteristics of common stock as an investment are its residual claim and limited liability features.作为投资的普通股的两个最重要的特征是剩余索取权和有限责任;stocks are traded on exchanges, which are places where buyers and sellers meet and decide on a price.大部分股票都是在证券交易所交易,买卖双方在那儿搓合股票价格;5. The most important factor that affects the value of a company is its earnings. Earnings are the profit a company makes, and in the long run no company can survive without them.6. Stock prices change every day as a result of market forces. By this we mean that share prices change because of supply and demand. If more people want to buy a stock demand than sell it supply, then the price moves up.由于市场的原因股票价格每天都在变化,股票价格是由于供求关系的原因而变化的,如果买的人比卖的人多则股票价格上升;。

金融英语练习答案:Lesson 1I. 1.need 2.specialization 3.double coincidence of wants 4.exchange rate 5. money6.medium of exchange7. Commodity money such as cornmodity / common standard value9. store of wealth 10.parchasing power 11.Banknotes. 12.Fiduciary money 13.redemption rate 14.Fiat money 15. legal tender 16.fiduciary money 17.paper money 18.price level 19.reserve rax 20. checkII Translation:1.Money mainly serves three functions :a medium of exchange, a standard of value and a store ofwealth.2.The greater the specialization in the division of labor increased ,the more difficult in finding goodsthat have a double coincidence of wants.3.The value of money is reflected by its purchasing power.4.Fiat money is declared legal tender by the government ,meaning that creditors must accept it aspayment for debt.5.The bearers/holders of fiduciary money may require bank to redeem for gold or other valuablecommodity.6.The fractional reserve banking system requires the banks to keep certain reserve ratio.7.The money that most countries in the world use today is fiat money.8.The wide application of fiduciary money reduces that cost of transactions.9.There were several metals which have been used as commodity money in the history, such as iron,copper, gold ,silver and so on.10.The value of fiat money lies in that people believe that it can be exchanged for commodity andservice.Lesson 2:I.1.investors 2.consumoption / saving 3.enterprises 4. savings 5.investment 6.home7.loan 8.deposit 9.uill rise 10.fallII1.The interest rate refers to the ratio of the interest amount to the proceeds deposited and loaned in agiven period.2.Interest is the price of capital; which is like the market price for general commodity .Theoretically ,itis determined by demand and supply.3.China’s interest rate has been adjusted and reformed for several times .Before 1978,the policy ofgradually rising interest rate was adopted.4.The mutual relation of all kinds of interest rate comprises the structure of interest rate. Generally ,theinterest rate of longer tenor is higher than that of shorter tenor in terms of the same kind of interest rate.5.Among various interest rate, the interest rate for deposit is lower that for loan; the interest rate offeredby commercial bank is higher than discount rate offered by the central bank.6.At present ,China’s interest rate system consists of the interest rate of bank, non-bank financialinstitution, portfolio and market.7.The discount rate offered by central bank refers to the discount rate for the instrument held by thecommercial banks. it reflects the redemption rate for the amounts of rediscount instrument.8.Due to free competition ,the demand and supply of currency borrowing and lending tend to bebalanced out through market mechanism .in this case ,the market interest rate is called equilibrium rate.9.The bond interest rate is interest rate paid by the government, banks and corporation for theaccommodation in the form of issuing, securities in domestic or foreign financial markets.10.The interest rate for corporate bond is basically determined by the bond issuing corporation itself, butthe government exercises control by setting the ceiling.Lesson 3:I.1.Firrancial intermediary 2.demard deposit /checking account 3.savings and loan associations, mutual savings bank and credit union. 4.Federal reserve system ernment securities/require that member banks hold reserves equal to some fraction of their deposits. 6.Feder Reserve Board 7.Federal Open market committee 8.reserve requirements 9.the ceiling 10. interest rate level 11.portfolios 12.outstanding loans 13.were deregulated 14.deposit insurance 15.merge with other banks 16. automatic teller machines 17.By pooling funds of many share holders 18.branches 19.The banking holding company 20.financialII1.Federal Reserve System was established in 1914,with its aim to stabilize the banking system. thepower of the Federal Reserve System was enhanced and centralized after the failures of many American banks in the Great Depression. The Arts passed in1980s authorized the Federal Reserve System with the power to regulate all the saving institutions. The main powers of Federal Reserve System were:(1)guide the transactions of open market so to control supply of money by buying and selling government securities,(2)determine the reserve requirements for saving institution (3)setting rediscount rate.2.The banking regulations in Great Depression made bank a trade that closely controlled andpredictable. But the high interest rate in 1970s disturbed the peaceful days of saving institutions. But many banks still couldn’t survive in the transive period of keen competition.Lesson 4:1.as a result of /helped to /by the time2.concerned about/at the outset3.offerd to take/in dollars/departure fromTransaction account is checking account which can write checks on deposits balance. They have three forms, the first one is “Demand Deposit”which banks don’t pay explicit interest; the second one is “ other checkable deposits”, which includes NOW(Negotiable Order of Withdrawal)accounts; the third one is Money Market Deposit accounts. Although banks can’t pay explicit interest on demand deposit, they can pay implicit interest in the form of proving free services. Different from NOW accounts, commercial banks don’t need to maintain reserves, so banks pay higher interest on the NOW accounts. At present, transaction account is the second largest debt form of the commercial banks.Lesson 5I1.as well as 2.in total assets 3.intermediate 4. title 5.an agent 6.Financial instruments 7.pay 8.as par 9.documentary letters of credit 10.prof-of –shipment documents . 11. HedgingII. Translation:Lesson 6I.1.bank 2.discount 3.buyers/sellers 4.short-term 5.borrowing/lending 6.deposits7.brokers 8.loans 9.linked 10.marketII Translation:1.The activities of money market mainly aim at keeping the liquidity of assets so that they can bechanged into cash on demand.2.On one hand, the money market meets the demand for short-term money of borrowers, one the otherhand, it finds a way out for lenders who have temporary excessive money.3.The Financial instruments of money market mainly are short-term treasury bill, commercial bill, bankacceptance, certificate of deposits, the tenors of these instruments range from one day shortest to one year longest.4.The participants of buying and selling short-term assets in the money market are individuals, businessfirms, various financial institutions, and governments. They act either as the provider of funds or as the demander of funds.5.As the intermediary of money market, various financial institutions have different functions inaffecting the demand for and supply of funds in the capital market, because their stress of importance on business if different.6.The commercial banks provide the money market mainly with short-term loans mainly with themoney obtained from deposits and other sources.7.In many countries, commercial banks are in the position of key importance in the money market,while the central bank controls commercial banks by various means so as to control money market. 8.Just as a country can’t be without a government, the money market can’t be without a central bank,whose activities in money market will affect the volume of money and interest rate at any time.9.The inter-bank market refers to the market where financial institutions solve the problem of excessiveor short of money by financing one another.10.With the development of the reform of financial system in our country, the inter-bank markets startedto develop rapidly.Lesson 7I.1.firms 2.inter rate /exchange 3. regional exchange 4.negotiable 5.exchange6.bond7.funds8.outstanding9.brokers 10.dealers.II. Translation:1.According to the situation of various countries, the issuance of government bonds adopts the methodof raising money from public, which can be divided into direct and indirect ones.2.The government bonds outstanding are not all held by individuals, but by the government units,financial institutions and the public commonly.3.The government should keep a stable increase for the issuance of securities, if the market price for thegovernment bonds often fluctuate, the investors will be reluctant to hold the government bonds.4.Corporate bonds are the certificates that the business owes to the public, it is the issuing corporationthat makes a promise to pay certain amount of money plus interest at a fixed date in future.5.The better the credit standing of a company, the longer maturity of the bond is ,but the solvency ofcorporate bonds cannot be compared with that of government, so the longest tenor of corporate bond will not be very long.pared with stock investment, the holders of corporate bonds can only have the interest income asthe fixed reward for the investment, but they can’t share the profit of the corporation like share holders.pared with stocks, corporation bonds have lower risks, but the safety can’t be compared to that ofgovernments bonds, that’s why the return ration is always higher than government bonds.8.With the rapid development of capitalist industry, shareholding corporation system becomesirresistible trend.9.The price of stocks are of substantial fluctuation, which makes investment of stocks very speculative.10.The market price of stocks is subject to the status of operation, allocation of profits, as well as to theeconomical, political social factors that make the price of stocks more volatile.Lesson 8I. 1.foreign 2.activities/lend 3.standing 4.role 5.independent 6.consortium banks7.money 8.bond 9.subsidiary 10.EurocurrencyII. Translation:1.In most countries, commercial banks all establish international department or foreign department inorder to deal in foreign exchange or to raise money for foreign trade.2.Due to the development of international banking business and the establishment of the bank’soverseas network organization, commercial banks of western countries become real multinational banks.3.The international network of the multinational bank includes branch, subsidiary, correspondent,resident representative and so on.4.The activities of the multinational bank through exclusive international network are retail deposit,money market activities, foreign trade financing, corporation loans, foreign trade business, investment business, trust business and so on .5.Because most of the clients of the multinational bank are large corporations and banks, they mainlydeal in retail deposits with few retail loans.6.The multinational banks put surplus money into money market when the demand is low, but raisemoney when demand is on rise.7.The tenor of foreign trade financing is usually short with high return, mostly denominated in thecurrency other that of the country where the bank locates.8.Corporation loans refer to the loans given to private business, state-owned business, especially to themultinational corporation.9.Foreign exchange business includes buying and selling foreign exchange and hedging conducting inforeign exchange market for the clients.10.Investment business refers to the underwriting of international securities and the distribution activities,as well as advisory service for customers and governments in the issue of securities.Lesson 9I.1.short-term 2.medium-term /long-term 3.restrictions 4.deposits 5.absence6.Euro currencies7.borrowers abroad8.entities9.deposits 10. convertibleII. Translation:1.Eurodollar refers to the deposits denominated in US dollar in various banks outside USA andEuropean branches of American banks, as well as the loans obtained by these banks.2.Off-shore money market is concentrated by Eurocurrency market , which is habitually called theEurodollar market, because the currency traded in this market is mainly Eurodollar.3.Eurobanks deal in Eurocurrency business which is strictly separated from domestic banking.4.London in the largest Eurodollar market, engaging in both deposit and loan, with huge volume oftransactions.5.Eurobank’s business usually not subject to local banking rules, such as deposit rate and maturity,therefore, banks can compete freely to attract customers.6.The interest rate for Eurodollar deposit is higher than for US domestic deposit since there is noreserve requirement for Eurodollar deposit nor premium insurance.7.The emergence of Eurodollar is due to the deficit of American balance of payments The accumulationof huge deficit and the outflow of large amount of US dollar resulted in substantial increase of Eurodollar deposits.8.The brokers or dealers of American stock Exchange often borrow Eurodollars from Eurodollarmarket.9.The Eurodollar market is a short-term wholesale market of inter bank, it functions in Europe asproviding banks with liquidity like the federal fund market in USA.10.Banks put the money in the Eurodollar market when the liquidity is excessive and borrow moneywhen the liquidity is in squeeze.Lesson 10I. Part(1)1.the creation of money 2.cooperative /voluntarily 3.external/economic reforms4.the par value system5.on demand6.stable/predictable/disadvantages7.float8.quota subscriptions 9.needy/favorable 10.buying power/importsPart(2)1.subsidize 2. internal 3.bargain 4.peg 5.payments 6.assistance/sufficient7.stabilizing/strengthening 8.repay/repayment period 9.effectively11.lower/export/governmentII. Translation:1.The fund shows great concern over the internal economic policies of its member countries.2.The Fund is a cooperative institution, overseeing/supervising and monitoring the foreign exchangepolicies its member countries.3.The exchange of currency is the center of financial connection/relation among various countries, aswell as a dispensable tool of world trade.4.Due to constant fluctuation of exchange rate for major/leading currency, the dealers of foreignexchange may gain profit or suffer loss.5.The convertibility of currencies facilitates tourism, trade and investment in a worldwide scale.6.By analyzing the wealth and economic status of each member the fund determines the quotasubscription for each member. The richer the country is, the higher quota it Subscribes.7.Since the abandonment of the par value system, the membership of the Fund has agreed to allow eachmember to choose its own method of determine an exchange value for its money.8.Man large industrial nations allow their currencies to float, other countries peg the value of theircurrency to that of a major currency of a group of currencies so that, for example, as the U.S. dollar rises in value their own currencies rise too.9.The source of finance of the Fund mainly comes from the quota subscription of its member countriesat the same time, the Fund also borrows money from member governments or their monetary authorities.10.The Fund lends money according to regulation to the member countries with a payments problem,due to their expenditure in foreign exchange exceeding income.Lesson 11I. Part(1)1.catalyst 2.equity 3. creditworthy 4.reschedule/made 5.carry6.fourfold7.share8.foreign exchange9.attained 10.indexPart(2)1.productivity 2.affiliates 3.self-sustaining 4.call up 5.quota/economic strength6.a third/raised7.politicalitary/political9.enjoined 10.indexII Translation:1.The IBRD has more than 140 member countries, which all subscribe quotas to the bank.2.The IBRD gives loans only to creditworthy borrowing countries for the project that has a high realrates of economic return.3.The IDA gives loans only to poorest countries with a annual GNP per capita lower than $795.Actually, 80% of IDA’s loans are given to the countries with annual per capita GNP lower than $410.4.The IDA gives loans only to the government of the borrowing countries, with maturity of 50 years(repayable over 50 years) with grace period of 10 years, no interest.5.In the past decade, the volume of the IBRD’s loans have increased by fourfold.6.The IBRD has helped to develop agriculture, improve education, increase the output of energy,expand industry, create better urban facilities, promote family planning, extend telecommunications network, modernize transportation systems, improve water supply and sewerage facilities, and establish medical care.7.It’s hard to say that the IBRD’s decisions on loans are not influenced by the political character of theborrowing countries.8.Some of the earliest borrowing countries of the IBRD have graduated from the reliance on the IBRD’sloans, in return they become the provider of the IBRD’s finance source.9.The IBRD and IFC jointly provide funds for many projects.10.The more quota the member country subscribes, the more votes it gains.Lesson 12I . Part(1) 1.foster 2.raise 3.subregional/regional 4.multilateral 5.cost-effective6.evaluation7.weighted8.proportional9.paid in 10.developrnental Part(2) 1.equity 2.private 3.subscriptions 4.installment 5.subscribed6.coordinate7.procurement8.absorb9.pooling 10.bidsII. Translation:1.The purpose of the ADB is to provide fund and technical assistance to its developing membercountries in the Asia-Pacific region and to promote investment and foster economic growth.2.The shortage of capital, lack of skilled labor, poor technology, limited markets and the vagaries ofnature have impeded the economic development of the developing countries.3.The Bank’s Charter provides that the capital owned by the Asia-Pacific member countries should notbe less than 60% of total equity.4.Multilateral institution plays an important role in the economic development.5.The projects for bank financing are identified after strictly evaluated.6.The ADB keeps close working relationship with the United Nations as well as all kinds of specialinstitution.7.Some member countries in Asia-Pacific region voluntarily increase their subscriptions.8.The main subscribers of the ADB have no veto. In practice, decisions are reached by process ofdiscussion rather than by voting.9.The capital structure of the ADB is crucial/vital key to its loan/financing capacity.10.The ADB is authorized to make and guarantee loans to its member countries.Lesson 13I 1. surplus 2.surplus 3.deficit 4.capital 5.demand 6.supply 7.supply/demand8.outstanding 9.demand 10.supplyII. Translation:1.Just as a country’s domestic economy should have a financial record, a country’s authority should alsohave a statistical summery for all the external economic and financial transaction of its residents.2.The content of the balance of payments concept differs in different historical stage.3.In narrow sense, the balance of payments is defined as the receipts and payments arising frominternational trade or receipt and payments in foreign exchange.4.The balance of payments is a kind of statistic statement in the given period, which reflects thetransactions of goods, services and incomers of an economy.5.The statement of balance of payments is a kind of material that statistical financial transactions in thegiven period according to the form stipulated by IMF.6.The items entering into credit includes goods and services provided from abroad and so on.7.The items entering into debit includes goods and services obtained from abroad and so on.8.Receipts and payment arising from international trade is the most important item in current account,which comprise export and import of various commodities. Generally, the export and import of commodities account for the biggest proportion in the international transactions.9.Capital account reflects the changed of a country’s foreign assets and liabilities. The financial assethere doesn’t include monetary gold and Special Drawing Rights.10.In order to alter the deficits of our country’s balance of payments, the government adopts a series ofpolicies and measures, for examples, reduce domestic basis construction, adjust the structure of exporting and importing commodity, improve the environment for foreign investment, lower the exchange rate of our currency to the main currencies in the world, and so on.Lesson 14I .1.strike 2.The exchange rate 3.bank deposits 4.coordinates5.Arbitraggeurs6.discrepancies7.depreciation8.appreciation9.foreign exchange market 10.speculatorsII. Translation:1.It’s vitally important for those who are engaged in international finance to be aware of the tender offoreign exchange market.2.As long as the foreign exchange floats, there always exist the risks of change of foreign exchange rateand interest rate.3.The arbitrageurs make profits by taking advantage rate across markets to buy low and sell high.4.The buyers and sellers come to an agreement of transaction according to the exchange rate of twocurrencies.5. A greater demand for foreign goods and services means a greater demand for foreign exchange.6.The view that the price of us dollar will fall might note be wrong.7.If more people want to exchange pound into US dollar, the change of exchange rate is favorable to USdollar, and unfavorable to pound when the demand exceeds the supply.8.If the supply of certain goods is excessive, the demand for the goods will go down/decline.9.To devaluate a country’s currency can encourage export.10.There are tow ways to express foreign exchange rate.Lesson 15I. Part (1) 1. fluctuate 2.predictable 3.Capital flows 4.manufactured 5.speed6. refinements7.open/bonds/exchange8.devaluation9.nominal10.halvePart(2) 1.devalues 2.priced 3.demand 4.expectations 5.profit 6.fund7.closed 8.reduces 9.real 10.verticalII. Translation:。

“高职高专商务英语专业规划教材”Unit 1 Financial Market Research练习参考答案I.Read through the text and answer the following questions.1.A financial market is a mechanism that allows people to easily buy andsell (trade) financial securities (such as stocks and bonds), commodities (such as precious metals or agricultural goods), and other fungible items of value at low transaction costs and at prices that reflect the efficient-market hypothesis.2.The raising of capital ;the transfer of risk and international trade3.Capital markets,commodity markets,money markets, derivative markets,insurance markets and foreign exchange markets .4.Financial markets fit in the relationship between lenders andborrowers.5.Individuals, companies, governments, municipalities and publiccorporations.II. Paraphrase the following expressions or abbreviations and translate them into ChineseCheck the answers from the Special Term Lists.III. Fill in the blanks with the proper wordsThe global financial crisis, brewing for a while, really started to show its effects in the middle of 2007 and into 2008. Around the world stock markets have fallen, large financial institutions have collapsed or been bought out, and governments in even the wealthiest nations have had to come up with rescue packages to bail out their financial systems.On the one hand many people are concerned that those responsible for the financial problems are the ones being bailed out, while on the other hand, a global financial meltdown will affect the livelihoods of almost everyone in an increasingly inter-connected world. The problem could have been avoided, if ideologues supporting the current economics models weren’t so vocal, influential and inconsiderate of others’ viewpoints and concerns.IV.Translation.1.金融市场包括很多方面，包括资本市场，华尔街，甚至是市场本身。

金融英语教程第二版杨静宽课后答案1、Once you get on the road, here are some traffic _______ to remember. [单选题] *A. problemsB. positionsC. rules(正确答案)D. points2、74．In England people drive________. [单选题] *A．on the left(正确答案)B．in the leftC．on leftD．in left3、He prefers to use the word “strange”to describe the way（）she walks. [单选题] *A. in which(正确答案)B. by whichC. in thatD. by that4、—Excuse me, how long does it ______ to walk to the library? —About 15 minutes, I’m afraid.（）[单选题] *A. take(正确答案)B. spendC. costD. pay5、75．Why not________ for a walk? [单选题] *A．go out(正确答案)B．to go outC．going outD．goes out6、27．Will it ______ warm in the room? [单选题] *A．areB．be(正确答案)C．isD．going to be7、97．Go ______ the square and you will find the theatre. [单选题] *A．aboveB．atC．across(正确答案)D．on8、24．Kitty’s father ______ a policeman since 2 He loves helping people. [单选题] * A．isB．wasC．has been (正确答案)D．have been9、29．There is a book in your left hand. What’s in your ___________ hand? [单选题] * A．the othersB．other (正确答案)C．anotherD．others10、He has grown rich lately. [单选题] *A. 后来B. 以后C. 终于D. 最近(正确答案)11、The language school started a new（）to help young learners with reading and writing. [单选题] *A. course(正确答案)B. designC. eventD. progress12、We must try hard to make up for the lost time. [单选题] *A. 弥补(正确答案)B. 利用C. 抓紧D. 浪费13、Sam is going to have the party ______ Saturday evening. （）[单选题] *A. inB. on(正确答案)C. atD. to14、83．The school is? ? ? ? ? ? ?the hospital. [单选题] *A．withB．intoC．ontoD．opposite(正确答案)15、—Where did you get the book?—From my friend. I ______ it three days ago. （）[单选题] *A. lentB. borrowed(正确答案)C. keptD. returned16、The commander said that two _____ would be sent to the Iraqi front line the next day. [单选题] *A. women's doctorB. women doctorsC. women's doctorsD. women doctor(正确答案)17、She _______ so much _______ her mother. [单选题] *A. looks; like(正确答案)B. looks; forC. looks; afterD. looks forwards; to18、A?pen _______ writing. [单选题] *A. is used toB. used toC. is used for(正确答案)D. used for19、—Does your grandpa live ______ in the country?—Yes. So I often go to visit him so that he won’t feel ______. （）[单选题] *A. alone; aloneB. lonely; lonelyC. lonely; aloneD. alone; lonely(正确答案)20、How lovely a day,（）? [单选题] *A. doesn't itB. isn't it(正确答案)C.shouldn't itD.hasn't it21、Mum, this T-shirt is much too small for me. Would you buy me a _______ one? [单选题] *A. niceB. largeC. nicerD. larger(正确答案)22、I live a very quiet and peaceful life. [单选题] *A. 宁静的(正确答案)B. 舒适的C. 和平的D. 浪漫的23、_________ along the old Silk Road is an interesting and rewarding experience. [单选题]*A. TravelB. Traveling(正确答案)C. Having traveledD. Traveled24、The boy lost his（）and fell down on the ground when he was running after his brother. [单选题] *A. balance(正确答案)B. chanceC. placeD. memory25、53．On your way home, you can buy some fruit, meat, vegetables and ________. [单选题] * A．something else(正确答案)B．else somethingC．everything elseD．else everything26、Li Jing often helps me ______ my geography.（）[单选题] *A. atB. inC. ofD. with(正确答案)27、33．Body language is even___________ and ___________ than any other language. [单选题] *A．stronger, loudB．strong, louderC．strong, loudD．stronger, louder (正确答案)28、It usually takes him about 15 minutes _______ his bike to school. [单选题] *A. ridesB. ridingC. rideD. to ride(正确答案)29、( ) ________ large the library is! [单选题] *A. WhatB. What aC. How(正确答案)D. How a30、You wouldn' t have caught such ____ bad cold if you hadn' t been caught in ____?rain. [单选题] *A. a, /B. a, aC. a,the(正确答案)D. /, /。

Part One1. What are the main roles of banks?答：Although banks share many common features with other profit-seeking business,they play a unique role in the economy through mobilizing savings,allocating capital funds to fiance productive investment,transmitting monetary policy,providinga payment system and transforming risks.3. According to the revised edition of the Law of the People's Republic of China on the People's Bank of China ,what functions does the PBC perform?答：The PBC 's key functions are to conduct monetary policy, prevent and dissolve financial risks, and maintain financial stability under the leadership of the State Council.4. Can you give some examples of indirect instruments for implementing monetary policy?答：Indirect instruments as required reserve ratio, interest rate adjustment and open market operations.9. What is your definition of share and bond?答：Shares are certificates or book entries representing ownership in a corporation or similar entity.Bonds are written evidences of debts.13. What is your definition of “securities”?答：Securities are paper certificates (definitive securities) or electronic records (book-entry securities) evidencing ownership of equity (stock) or debt obligations (bonds).Part Two2. What are the objectives of banking supervision?First, the key objective of supervision is to maintain stability and public confidence in financial system.The second goal of bank supervisions to ensure that bank operate in a safe and sound manner and that they hold capital and reserve sufficient to cover the risks that may arise in their business.Third, a related goal is to protect depositors’ funds and , if any bank should fail, to minimize the losses to be absorbed by the deposit insurance fund.The fourth goal of bank supervision is to foster an efficient and competition banking system that is responsive to the public need for high quality financial services at reasonable cost.The fifth and final goal of bank supervision is to ensure compliance with banking laws and regulations.3. What risks might the commercial banks have to face?(1)credit risk (2)market risk (3)liquidity risk (4)operational risk (5)legal risk (6)reputation risk4. What are the implication of credit risk, market risk, liquidity risk and operational risk?Credit risk: A major type of risk that banks face is credit risk or the failure of a counterpart to perform according to a contractual arrangement.Market risk: Two specific elements of market risk are foreign exchange risk and interest risk. Banks face a risk of losses in on- and off-balance sheet positions arising from movement in exchange rates. Interest rate risk prefers to the exposure of a bank’s financial condition to adverse movements in interest rates.Liquidity risk: Liquidity risk arises from the inability of a bank to accommodate decreases in liabilities or to fund increases in assets.Operational risk: The most important types of operational risk involve breakdowns in internal controls and corporate governance..5.At what levels does the Basel Accord set the minimum capital ratio requirements for internationally active banks?The Accord sets minimum capital ratio requirements for internationally active banks of 4% tier one capita and 8% total capital (tier one plus tier two) in relation to risk-weighted assets.Part Three1. What does foreign exchange include ?答：Foreign exchange includes the following means of payments and assets denominated in a foreign currency that can be used for international settlement:●Foreign currencies, including banknotes and coins;●Payment vouchers denominated in foreign currency, including negotiableinstruments, bank certificates of deposit and certificates of postal savings;●Securities denominated in foreign currency, including government bonds,corporate bonds and stocks;●Super-national currencies such as Special Drawing Rights and the Euro; and●Other assets denominated in foreign currency.3. What are the requirements for domestic institutions for opening foreign exchange accounts abroad?答：Domestic entities which meet one of the following requirements may apply for opening a foreign exchange account abroad:●Expecting small amount income during a certain period of time abroad;●Expecting small amount ex penditure during a certain period of time abroad;●Undertaking overseas construction projects;and issuing securities denominated in foreign currency abroad.6. Give the definition of foreign exchange?答：Foreign exchange , or forex , is foreign money. All foreign currency, consisting of founds held with banks abroad, or bills or cheques, again in foreign currency and payable abroad , are termed foreign exchange.9. Give the definition of spot and forward transaction?答：Spot transactions involve today’s p rices of currency and delivery of the currency within two business days, except for Canadian dollar (CAD), which must be delivered in one day.10. Tell the difference between forward and futures transactions?答：(1) Forward transactions involve today’s pr ices of currency and delivery on a stipulated future date.(2) Futures transactions are always traded on exchanges. In order to be marketable on exchanges, futures contracts are standardized in terms of quantity, settlement datesand quotation.Part Four14. How could a bank earn interest income?答：The principal source of income for the majority of banks is still the interest received on the funds that the institution has at its disposal and is able to lend out in some form.Whenever a bank lends out money it will generally charge interest to the customer.21. Why should a bank keep sufficient liquid assets?答：It is important for a bank to hold sufficient liquid assets to meet the demands of depositors who may seek to withdraw their funds. However,maintenance of too high a level of liquid assets could be expensive. Cash balances in particular yield no income,yet will cost the same as any other asset to fund.25. What are the three major activities included in a bank's Statement of Cash Flows?答：The statement of cash flows reports cash flows relating to operating,investing and financing activities of a bank.Part five4. What are negotiable instruments? list some examples.答：From a functional perspective, negotiable instruments are documents used in commerce to secure the payment of money. Paying large sums of money in cash is both inconvenient and, unfortunately, risky. In all cases, negotiable instruments represent a right to payment. A right is, by definition, a promise and not a tangible piece of property. So, negotiable instruments are classified as choses in action. The three main types of them are the following: Bills of Exchange, Cheques, Promissory Notes.7. What’s the difference between capital lease and operating lease?答：1: Whether the ownership of property is to be transferred by the end of lease term.2: Whether the lease has an operation to purchase the leased property at a bargain price.3: The lease term is long to or short in according to the estimated economic life of the leased property.4: Whether the lease is a cancelable lease.5: Whether the lease is full-payout lease.9. What’s the meaning of Account Receivable Financing?答：Accounts Receivable represents a promise from customers to pay for a goods sold or services rendered. Account Receivable Financing is a form of collateralized lending in which accounts receivables are the collateral.12. What are basic characteristics of money mark securities?答：Money-mark securities, which are discussed in details later in this chapter, have three basic characteristics in common:They are usually sold in large denominations.They have low default risk.They mature in one year or less from their original issue date. Most money marker instruments mature in less than 120 days.Why teasury bills are attractive to investors?答：Teasury bills are attractive to investors because they are backed by the government and therefore are virtually free of default risk .Even if the government ran out of money, it could simply print more to pay them off when they mature.The risk of unexpected changes in inflation is also low because of their short-termmaturity. 15. What are the features of inter-bank markets?答：Inter-bank markets are money markets in which short-term funds transferred (lent or borrowed) between financial institutions, usually for one day, that is , they are usually overnight investment . The interest rate for borrowing these funds is close to ,but always slightly higher than ,the rate that is available from the central bank. 17．How have NCDs become the second most popular money market instruments?答：Negotiable CDs are in large denominations .Although NCDs denominations are too large for individual investors , they are sometimes purchased by money market funds that have pooled individua l investor’s funds. Thus , the existence of money market funds allows individuals to be indirect investors in NCDs ,marking a more active NCD market.19.What products does the on-line banking provide?答：basic products and services, intermediate products and services ,advanced products and services.Part Six1,What categories can the loan be divided according to their risk?答：The five-category system classifies bank loans according to their inherent risks as pass(normal),special-mention,substandard,doubtful and loss.What are the commonly used methods of credit analysis?答：Tranditionally,key risk factors have been classified according to the five CS of credit:character,capital,capacity,conditions,and collateral. Golden and Walker identify the five CS of bad credit,representing things to guard against to help prevent problems.These include complacency,carelessness,communication breakdown,contingencies,and competition.A useful framework for sorting out the facts and opinions in credit analysis is the 5Ps approach:people,purpose,payment,protection,and perspective.How can a bank take security for an advance?答：A bank has different kinds of security as cover for advance to his customers.There are several ways in which a bank may take security for an advance by lien,pledge,mortgage and hypothecation.。

金融学第二版课后答案英文版中国人民大学Bodie2_IM_Ch01CHAPTER 1 – Financial EconomicsEnd-of-Chapter ProblemsDefining Finance1. What are your main goals in life? How does finance play a part in achieving those goals? What are the major tradeoffs you face?SAMPLE ANSWER:Finish schoolGet good paying job which I likeGet married and have childrenOwn my own homeProvide for familyPay for children’s educationRetireHow Finance Plays a Role:SAMPLE ANSWER:Finance helps me pay for undergraduate and graduate education and helps me decide whether spending the money on graduate education will be a good investment decision or not.Higher education should enhance my earning power and ability to obtain a job I like.Once I am married and have children I will have additional financial responsibilities (dependents) and I will have to learn how to allocate resources among individuals in the household and learn how to set aside enough money to pay for emergencies, education, vacations etc. Finance also helps me understand how to manage risks such as for disability, life and health.Finance helps me determine whether the home I want to buyis a good value or not. The study of finance also helps me determine the cheapest source of financing for the purchase of that home.Finance helps me determine how much money I will have to save in order to pay for my children’s education as well as my own retirement.Major Tradeoffs:SAMPLE ANSWERSpend money now by going to college (and possibly graduate school) but presumably make more money once I graduate due to my higher education.Consume now and have less money saved for future expenditures such as for a house and/or car or save more money now but consume less than some of my friendsFinancial Decisions of Households2. What is your net worth? What have you included among your assets and your liabilities? Would you list the value of your potential lifetime earning power as an asset or liability? How does it compare in value to other assets you have listed?SAMPLE ANSWER:$ ____________ (very possibly negative at this point)Assets:Checking account balanceSavings account balanceFurniture/Jewelry (watch)Car (possibly)Liabilities:Student loansCredit card balanceIf renting, remainder of rental agreement (unless sublettingis a possibility)Car payments (possibly)Students typically don’t think about the high value of their potential lifetime earning power when calculating their net worth but for young people it is often their most valuable asset.3. How are the financial decisions faced by a single person living alone different from those faced by the head of a household with responsibility for several children of school age? Are the tradeoffs they have to make different, or will they evaluate the tradeoffs differently?A single person needs only to support himself and therefore can make every financial decision on his own. If he does not want health insurance (and is willing to bear the financial risks associated with that decision) then no one will be affected by that decision other than that single person. In addition, this person needs to make no decisions about allocating income among dependents. A single person is very mobile and can choose to live almost anywhere. The tradeoffs this individual makes generally concern issues of consuming (or spending) today versus saving for consumption tomorrow. Since this person is supporting only himself, the need to save now is less important than for the head of household discussed next.T he head of household with several children must share resources (income) among dependents. This individual must be prepared to deal with risk management issues such as how to be prepared for potential financial emergencies (such as a serious health problem experienced by a member of the family or home owners insurance in case of a fire or other mishap). Because there are more people in this household than with a single person, there are greater risks that someone will get sick or injured. Andbecause there are dependents, the wage earner(s) should think carefully about life and disability insurance. In addition, the family is not as mobile as the single individual. Because of the school age children, the family might want to live near “good schools” thinking that a stronger education will eventually help those children’s future well being and financial situation. Thus, the tradeoffs for the head of household are more complex: more money is needed to consume today (he or she needs to support more dependents), but a lot more money is also needed to save for future expenses such as education and housing and more money is needed for risk management such as life and disability insurance.4. Family A and family B both consist of a father, mother and two children of school age. In family A both spouses have jobs outside the home and earn a combined income of $100,000 per year. In family B, only one spouse works outside the home and earns $100,000 per year. How do the financial circumstances and decisions faced by the two families differ?With two wage earners, there is less risk of a total loss of family income due to unemployment or disability than there is in a single wage earning household. The single wage earning family will probably want more disability and life insurance than the two wage earning family. On the flip side, however, the two wage earning family may need to spend extra money on child care expenses if they need to pay someone to watch the children after school.5. Suppose we define financial independence as the ability to engage in the four basic household financial decisions without resort to the use of relative’s resources when making financing decisions. At what age should children be expected to becomefinancially independent?Students will have differing responses to this question depending upon their specific experiences and opinions. Most will probably say independence should come after finishing their education, and they have a significant flow of income.6. You are thinking of buying a car. Analyze the decision by addressing the following issues:a.Are there are other ways to satisfy your transportation requirements besides buying a car? Make a list ofall the alternatives and write down the pros and cons.Transportation Mode Pros ConsWalking ?Takes you directly where you wantto goNo out of pocket costsConvenient ?Takes a long time ?Destination may be too far Bicycle ?Takes you directly to where youwant to goNo out of pocket marginal costsConvenient ?Requires physical strength and endurance ?Destination may be too farBus ?InexpensiveReaches more distant destinations ?May not take you directly where you want to go ?Inconvenient schedules to go ?Many stops, not efficientSubway ?InexpensiveFast ?May not take you directly where you want to goLocal destinations only on limited networkTrain ?Reaches distant destinations ?Moderately expensiveMay not take you directly whereyou want to goAirplane ?Reaches distant destinationsFast ?Most expensiveWill not take you directly where you want to gob. What are the different ways you can finance the purchase of a car?F inance through a bank loan or lease, finance through a car dealer with a loan or a lease or finance the car out of your own savings.c. Obtain information from at least three different providers of automobile financing on the terms they offer.d. What criteria should you use in making your decision?Your decision will be to select the financing alternative that has the lowest cost to you.When analyzing the information, you should consider the following:Do you have the cash saved to make an outright purchase? What interest rate would you be giving up to make that purchase? Do you pay a different price for the car if you pay cash rather than finance?For differing loan plans, what is the down payment today? What are the monthly payments? For how long? What is the relevant interest rate you will be paying? Does the whole loan get paid through monthly payments or is there a balloon payment at the end? Are taxes and/or insurance payments included in the monthly payments? ?For differing lease plans, what is the down payment today? What are the monthly payments? For how long? Do you own the car at the end of the lease? If not, what does it cost to buy the car? Do you have to buy the car at the end of the lease or is it an option? Is there a charge if you decide not to buy the car? What relevant interest rate will you be paying? Are taxesand/or insurance payments included in the monthly payments? Are there mileage restrictions?7. Match each of the following examples with one of the four categories of basic types of household financial decisions.At the Safeway paying with your debit card rather than taking the time to write a checkDeciding to take the proceeds from your winning lottery ticket and use it to pay for an extended vacation on the Italian RivieraFollowing Hillary’s advice and selling your Microsoft shares to invest in pork belly futuresHelping your 15-year old son learn to drive by letting putting him behind the wheel on the back road into townTaking up the offer from the pool supply company to pay off your new hot tub with a 15-month loan with zero payments for the first three monthsThe first is the most difficult since in practice it is simply a cash transaction involving no financing. As such the purchase is a consumption decision only and the payment choice is not a financing decision. The second is also a consumption/saving decision. The third is an exchange of one financial asset for another and therefore an investment decision. The fourth is a risk-management decision since you have subjected yourself to increased risk that is not covered by insurance. The final example is a financing decision involving a loan to finance a purchase.Forms of Business Organization8. You are thinking of starting your own business, but have no money.a.Think of a business that you could start without having to borrow any money.A ny business that involves a student’s own personal service would be cheap to start up. For instance he or she could start a business running errands for others, walking their dogs, shopping etc. Along those same lines they could start some kind of consulting business. Both of these businesses could be run out of their dorm room or their own home and could be started with very little capital. If they wanted to hire additional workers, they would have to be paid on a commission basis to limit upfront expenses.b. Now think of a business that you would want to start if you could borrow any amount of money at the going market interest rate.Certainly there are many interesting businesses that could be started if one could finance 100% of the business with borrowed capital and no equity. Since you will be able to borrow 100% of the financing, you will be willing to take a lot greater risk than if you were investing your own money.c. What are the risks you would face in this business?[Answer is, of course, dependent on answer to question “b.”]d. Where can you get financing for your new business?Depending upon the size of the financing needed, students should be looking for both debt and equity financing. The sources of this financing ranges from individuals and credit cards (for very small sums) to banks, venture capitalists, public debt and equity markets, insurance companies and pension funds9. Choose an organization that is not a firm, such as a club or church group and list the most important financial decisions it has to make. What are the key tradeoffs the organization faces? What role do preferences play in choosing among alternatives?Interview the financial manager of the organization and check to see if he or she agrees with you.SAMPLE ANSWER:Local Church group. Most important financial decisions:Whether or not to repair damage done to church and grounds during last big hurricane (specifically repairing the leaking roof)What project to put off in order to pay for repair damageHow to pay for renovations to downstairs Sunday school roomsHow to increase member attendance and contributionsHow to organize and solicit volunteers for the annual Church Sale (largest fund raiser of the year)Key Tradeoffs and Preferences:C hurch group funds are severely limited, so the organization needs to prioritize expenses based upon cost and need. Not all projects that are needed will be undertaken due to the expense involved. An equally large amount of timewill be spent trying to raise financing since funds inflow is variable. Since not all projects can be financed, preferences of different important individuals (such as the pastor) take on great significance in the decision-making process.Market Discipline: Takeovers10. Challenge Question: While there are clear advantages to the separation of management from ownership of business enterprises, there is also a fundamental disadvantage in that it may be costly to align the goals of management with those of the owners. Suggest at least two methods, other than the takeover market, by which the conflict can be reduced, albeit at some cost.One way is to provide incentives for the managers so that they increase their pay when owners interests are improved. An example would be compensating managers with stock options, the value of which increase with the market value of shareholder’s int erests. A second method is to more closely monitor the behavior of the managers. Outside management consultants and auditors serve this role in part particularly to the extent that they report their findings to representatives from ownership groups. Both of these solutions assume the management cannot effectively deceive markets or consultant/auditors through misleading information or actions to inflate the market value of the ownership shares or there performance records.11. Challenge Question:Consider a poorly run local coffee shop with its prime location featuring a steady stream of potential clients passing by on their way to and from campus. How does the longtime disgruntled, sloppy and inefficient owner-manager of Cup-a-Joe survive and avoid disciplining from the takeover market? This is not a question about a misalignment of the goals of the owner(s) and manager(s) of a firm since we have explicitly said the firm is owner-managed. If in fact the coffee shop is mismanaged the potential exists for an outsider to purchase a controlling interest in the operation and put more efficient management into place if the purchase price does not exceed the value of profits to be generated by the efficiently managed firm. If the present owner chooses not to sell he must value the firm for more than the value of the profits generated by an efficiently managed firm. Therefore his position in the firm must generate for him non-pecuniary benefits, or benefits unrelated to the firm’s profitability and he is therefore not avalue maximizer. Perhaps he enjoys making fun of his clients or takes pride in his eclectic tastes in interior decorating. In any case the takeover market does discipline him in the sense that he will be forced to pay for his non-pecuniary benefits in the sense that he trades off profits.The same could be said of an owner-manager who lacks the required specialized skills to properly run the firm but never the less continues to operate the company inefficiently because he ‘likes’ the work!The Role of the Finance Specialist in a Corporation12. Which of the following tasks undertaken within a corporate office are likely to fall under the supervision of the treasurer? The controller?Arranging to extend a line of credit from a bankArranging with an investment bank for a foreign exchange transactionProducing a detailed analysis of the cost structure of the company’s alternative product linesTaking cash payments for company sales and purchasing U.S. Treasury BillsFiling quarterly statements with the Securities and Exchange CommissionThe first two and the fourth items are responsibilities of the treasurer while the third and fifth items fall under the workload of the controller’s office.Objectivesy Define finance.y Explain why finance is worth studying.y Introduce two of the main players in the world of finance—households and firms—and the kinds of financial decisions theymake. The other main players, financial intermediaries and government, are introduced in chapter 2.Contents1.1Defining Finance1.2Why Study Finance?1.3Financial Decisions of Households1.4Financial Decisions of Firms1.5Forms of Business Organization1.6Separation of Ownership and Management1.7The Goal of Management1.8Market Discipline: Takeovers1.9The Role of the Finance Specialist in a CorporationSummaryFinance is the study of how to allocate scarce resources over time. The two features that distinguish finance are that the costs and benefits of financial decisions are spread out over time and are usually not known with certainty in advance by either the decision maker or anybody else.A basic tenet of finance is that the ultimate function of the system is to satisfy people’s consumption preferences. Economic organizations such as firms and governments exist in order to facilitate the achievement of that ultimate function. Many financial decisions can be made strictly on the basis of improving the trade-offs available to people without knowledge of their consumption preferences.There are at least five good reasons to study finance:y To manage your personal resources.y To deal with the world of business.y To pursue interesting and rewarding career opportunities.y To make informed public choices as a citizen.y To expand your mind.The players in finance theory are households, business firms, financial intermediaries, and governments. Households occupy a special place in the theory because the ultimate function of the system is to satisfy the preferences of people, and the theory treats those preferences as given. Finance theory explains household behavior as an attempt to satisfy those preferences. The behavior of firms is viewed from the perspective of how it affects the welfare of households.Households face four basic types of financial decisions:y Saving decisions: How much of their current income should they save for the future?y Investment decisions: How should they invest the money they have saved?y Financing decisions: When and how should they use other people’s money to sa tisfy their wants and needs?y Risk-management decisions: How and on what terms should they seek to reduce the economic uncertainties they face or to take calculated risks?There are three main areas of financial decision making in a business: capital budgeting, capital structure, and working capital management.There are five reasons for separating the management from the ownership of a business enterprise: y Professional managers may be found who have a superior ability to run the business.y To achieve the efficient scale of a business the resources of many households may have to be pooled.y In an uncertain economic environment, owners will want to diversify their risks across many firms. Such efficient diversification is difficult to achieve without separation ofownership and management.y To achieve savings in the costs of gathering information.y The “learning curve” or “going concern” effect: When the owner is also the manager, the new owner has to learn the business from the former owner in order to manage it efficiently. If the owner is not the manager, then when the business is sold, the manager continues in place and works for the new owner.The corporate form is especially well suited to the separation of ownership and management of firms because it allows relatively frequent changes in owners by share transfer without affecting the operations of the firm.The primary goal of corporate management is to maximize shareholder wealth. It leads managers to make the same investment decisions that each of the individual owners would have made had they made the decisions themselves.A competitive stock market imposes a strong discipline on managers to take actions to maximize the market value of the firm’s shares.。

金融英语阅读教程第四版课后练习答案1、The relationship between employers and employees has been studied（）. [单选题] *A. originallyB. extremelyC. violentlyD. intensively(正确答案)2、64．Would you like to drink ________？[单选题] *A．something else(正确答案)B．anything elseC．else somethingD．else anything3、A brown bear escaped from the zoo, which was a（）to everyone in the town. [单选题] *A. HarmB. violenceC. hurtD. threat(正确答案)4、—Is this ______ football, boy? —No, it is not ______.（）[单选题] *A. yours; myB. your; mine(正确答案)C. your; meD. yours; mine5、Don’t _______. He is OK. [单选题] *A. worry(正确答案)B. worried aboutC. worry aboutD. worried6、I arrived _____ the city _____ 9:00 am _______ April [单选题] *A. at, in, atB. to, on, atC. in, or, atD. in, at, on(正确答案)7、Mary _____ be in Paris. I saw her just now on campus. [单选题] *A. mustn'tB. can't(正确答案)C. need notD. may not8、We haven't heard from him so far. [单选题] *A. 到目前为止(正确答案)B. 一直C. 这么远D. 这么久9、Mr. White likes to live in a _______ place. [单选题] *A. quiteB. quiet(正确答案)C. quickD. quietly10、—What were you doing when the rainstorm came?—I ______ in the library with Jane. （）[单选题] *A. readB. am readingC. will readD. was reading(正确答案)11、24．Kitty’s father ______ a policeman since 2 He loves helping people. [单选题] *A．isB．wasC．has been (正确答案)D．have been12、Every year Carl _______ most of his time swimming, camping and traveling with his parents. [单选题] *A. is spendingB. spentC. will spendD. spends(正确答案)13、I am so excited to receive a _______ from my husband on my birthday. [单选题] *A. present(正确答案)B. percentC. parentD. peace14、He _______ getting up early. [单选题] *A. used toB. is used to(正确答案)C. is usedD. is used for15、Yesterday I _______ a book.It was very interesting. [单选题] *A. lookedB. read(正确答案)C. watchedD. saw16、The green shorts are _______ sale for ＄[单选题] *A. forB. on(正确答案)C. atD. with17、25．A watch is important in our life. It is used for ______ the time. [单选题] * A．telling (正确答案)C．speakingD．holding18、76．AC Milan has confirmed that the England star David Beckham （）the team soon. [单选题] *A. has rejoinedB. was going to rejoinC. rejoinedD. is to rejoin(正确答案)19、Your homework must_______ tomorrow. [单选题] *A. hand inB. is handed inC. hands inD. be handed in(正确答案)20、The children ______ visiting the museum. [单选题] *A. look overB. look forward to(正确答案)C. look for21、These plastics flowers look so_____that many people think they are real. [单选题] *A.beautifulB.artificialC.natural(正确答案)D.similar22、41．—________ do you take?—Small, please. [单选题] *A．What size(正确答案)B．What colourC．How manyD．How much23、Just use this room for the time being ,and we’ll offer you a larger one _______it becomes available [单选题] *A. as soon as(正确答案)B unless .C as far asD until24、Mrs. Green has given us some _______ on how to study English well. [单选题] *A. practiceB. newsC. messagesD. suggestions(正确答案)25、Jim, we have _______ important to tell you right now . [单选题] *A. someB. something(正确答案)C. anyD. anything26、I think _______ is nothing wrong with my car. [单选题] *A. thatB. hereC. there(正确答案)D. where27、Which animal do you like _______, a cat, a dog or a bird? [单选题] *A. very muchB. best(正确答案)C. betterD. well28、Nuclear science should be developed to benefit the people_____harm them. [单选题] *A.more thanB.other thanC.rather than(正确答案)D.better than29、Many children have to _______ their parents. [单选题] *A. divide intoB. put onC. depend on(正确答案)D. take on30、The commander said that two _____ would be sent to the Iraqi front line the next day. [单选题] *A. women's doctorB. women doctorsC. women's doctorsD. women doctor(正确答案)。

金融英语综合阅读第二版课后答案1、—Does your grandpa live ______ in the country?—Yes. So I often go to visit him so that he won’t feel ______. （）[单选题] *A. alone; aloneB. lonely; lonelyC. lonely; aloneD. alone; lonely(正确答案)2、100．The bus can ______ you to the Great Wall. [单选题] *A．leaveB．take(正确答案)C．changeD．spend3、Betty works as a waitress to earn money for her education. [单选题] *A. 服务员(正确答案)B. 打字员C. 秘书D. 演员4、It' s a pity that we have to stay at home when we are having（）weather. [单选题] *A. so fineB. so fine aC. such fine(正确答案)D. such a fine5、John had planned to leave, but he decided to stay in the hotel for（）two days because of the heavy rain. [单选题] *A. otherB. the otherC. another(正确答案)D. others6、58．—How much is Lucy's skirt?—She________320 yuan for it. I think it's a little dear. [单选题] *A．tookB．paid(正确答案)C．spentD．bought7、Generally speaking, it is _______ to ask a woman’s age in western countries. [单选题] *A. possibleB. importantC. not polite(正确答案)D. polite8、--What would you like to say to your _______ before leaving school?--I’d like to say"Thank you very much!" [单选题] *A. workersB. nursesC. waitersD. teachers(正确答案)9、Don’t ______. He is OK. [单选题] *A. worriedB. worry(正确答案)C. worried aboutD. worry about10、He has bought an unusual car. [单选题] *A. 平常的B. 异常的(正确答案)C. 漂亮的D. 废弃的11、Seldom _____ in such a rude way. [单选题] *A.we have been treatedB. we have treatedC. have we been treated(正确答案)D. have treated12、—Tony, it’s cold outside. ______ wear a jacket?—OK, mom.（）[单选题] *A. Why not(正确答案)B. Why don’tC. Why did youD. Why do you13、If it _______ tomorrow, I won’t go there. [单选题] *A. rains(正确答案)B. is rainingC. will rainD. would rain14、Li Lei often takes a walk early ______ the morning.（）[单选题] *A. atB. onC. in(正确答案)D. for15、John Smith is _______ of the three young men. [单选题] *A. strongB. strongerC. the strongerD. the strongest(正确答案)16、It’s windy outside. _______ your jacket, Bob. [单选题] *A. Try onB. Put on(正确答案)C. Take offD. Wear17、23．Susan doesn’t like cartoons. She would rather ______ Space War”. [单选题] *B．seesC．seeingD．to see18、14．He is cutting the apple ________ a knife. [单选题] *A．inB．toC．with(正确答案)D．by19、34．My mother isn't in now, but she will be back ______ ten minutes. [单选题] *A．forB．beforeC．in(正确答案)D．at20、They lost their way in the forest, and _____ made matters worse was night began to fall. [单选题] *A. thatB. itD. which21、Tom’s mother will let him _______ traveling if he comes back?in five days. [单选题] *A. to goB. goesC. wentD. go(正确答案)22、_____ Lucy _____ Lily has joined the swimming club because they have no time. [单选题] *A. Not only; but alsoB. Neither; nor(正确答案)C. Either; orD. Both; and23、She has no idea of what the book is about. She_______ have read it carefully. [单选题]*A. Can’t(正确答案)B. mustn’tC. shouldn’tD. needn’t24、I usually read English _______ six o’clock _______ six thirty in the morning. [单选题] *A. from;?atB. from; to(正确答案)C. at; atD. at; to25、There _______ no water or milk in the fridge. [单选题] *A. is(正确答案)B. areC. hasD. have26、Miss Smith is a friend of _____. [单选题] *A. Jack’s sister’s(正确答案)B. Jack’s sisterC. Jack sister’sD. Jack sister27、—These shoes look cool. ______ are they?—They are on sale, only $（）[单选题] *A. How much(正确答案)B. How longC. How manyD. How soon28、37．—What will you be ___________?—I'm not sure. Maybe I'll be a doctor like my father. [单选题] *A．right nowB．in the future(正确答案)C．at onceD．at the moment29、3．Shanghai is my hometown. It’s ________ China. [单选题] *A．nearB．far away fromC．to the east ofD．in the east of(正确答案)30、If by any chance someone comes to see me, ask him to leave a _____. [单选题] *A. message(正确答案)B. letterC. sentenceD. notice。

《金融英语阅读教程第三版》课后答案
《金融英语阅读教程第三版》课后答案
第一部分参考译文
Topic One：Introduction
引言
1.政治与经济
2.金融部门的经济角色
3.金融危机
Topic Two：Financial System
金融体系
4.金融体系
5.国际货币体系和国际收支
6.世界银行
7.国际货币基金组织
8.中国的银行业
9.银团贷款的历史与发展
Topic Three：Money and Economies
货币与经济
10.货币
11.国际货币的`宏观经济学
12.布雷顿森林协议与金汇兑本位制
13.洗钱
14.世界经济全球化
Topic Four：Investment System
投资体系
15.投资系统评估
16.期货与期权
17.为什么进行全球投资
Topic Five：Accounting
会计
18.金融工具会计
19.应收款项估值会计
20.公司融资策略概观TopicSix：Insurance
保险
21.面向家庭的保单
22.保险商提供的投资产品与服务Topic Seven：Law
法律
23.招标广告
24.合同法
25.宾夕法尼亚公平银行
26.为什么税务法规影响投资决策Topic Eight：Optional Reading 补充阅读
27.微观经济学
28.国际收支平衡
29.为什么财务管理如此重要
30.统计学的基本概念
31.管理会计的整体性。

金融英语杨静宽课后答案一个国家在灵活的汇率制度下出现外贸逆差的时候，A.进口自动增加货币自动贬值C.出口自动下降货币自动升值以下哪个陈述不是会计核算?______会计是商业语言B.会计用户包括企业，政府，非营利组织和个人。

会计对决策有用D.会计是一个目的，而不是一个结束的手段3.外汇一词最好由以下声明定义：它是______。

A.两种货币之间的汇率B.货币兑换代名词C.外汇交换的地方D.用于在国家之间付款的纸币，票据和支票等工具什么是资产分配?______A.购买不同类型的资产，风险和潜在回报B.购买具有多个经纪账户的资产C.共同基金的购买能力D.长期购买股票信息的外部用户包括以下所有内容。

A.供应商B.线路经理C.普通公众D.债权人CAPM是缩写。

资本资产定价模型B.现金增加价格矩阵C.资本资产定价矩阵D.成本和价格模型流动性衡量______。

A.资产价值B.可以轻松交换资产C.资产的有用性D.资产与其他资产相比的经济和货币可靠性8.在信用证交易中，银行向______支付卖方，同意______。

A.文件...信用B.商品...合同C.文件...合同买家订购商品易货经济是没有_______的经济体。

任何财富B.印刷货币C.交换媒介黄金10.以下哪项不适用于航空公司票据?______A.货物运送到航空公司时，由航空公司或其代理商签收航空运输单据作为货物的收据B.航空票据是货物所有权的文件C.航空票据还可以提供货物发运证明，标明有关航班的细节D.上述都没有10.以下哪项不适用于航空公司票据?______A.货物运送到航空公司时，由航空公司或其代理商签收航空运输单据作为货物的收据B.航空票据是货物所有权的文件C.航空票据还可以提供货物发运证明，标明有关航班的细节D.上述都没有钱的价值变化_____。

A.直接与失业率B.直接与价格水平C.与失业相反D.与价格水平相反12.电视台的经济新闻报道，美元相对于日元走强。

金融英语课后练习答案APPENDIXKEYTOTHEEXERCISESCHAPTER 1 The Gold Standard Era, 1870 — 19144. automatic mechanism of adjustment 自动调节机制5. achievement of balance of payments equilibrium 达到国际收支平衡6. the response of central banks to gold flows across their borders各国央行对跨国境黄金流动量的反应7. meet their obligation to redeem currency notes 履行（他们的）职责兑换流通券8. ensure full employment 确保全民就业9. subordination of economic policy to external objectives 对外部目标经济政策的依赖性10. tried to reconcile the goals of internal and external balance 试图调整对内对外收支的目标Ⅱ. Give the Chinese meaning of these plurals.1. international reserves 国际储备（额/量）2. gold flows 黄金流通量3. net imports 净进口（量）4. capital outflows 资金外流量5. domestic assets 国内资产Ⅲ. Put these paragraphs into Chinese.1. However, research has shown that countries often reversed the steps mentionedabove and sterilized gold flows, that is, sold domestic assets when foreign reserves were rising and bought domestic assets as foreign reserves fell.Government interference with private gold exports alsoundermined the system.The picture of smooth and automatic balance of payments adjustment before World War I therefore did not always match reality. 然而，研究表明各国经常反道而行之，他们制止黄金的流动，也就是说，当外国储备升高时他们售出国内资产，而当外国储备下降时，他们购买国内资产。

金融专业英语第二版课后答案1、During the Spring Festival, people in Northern China usually eat _______ as a traditional Chinese food. [单选题] *A. pizzaB. dumplings(正确答案)C. hamburgersD. noodles2、The plane arrived at London airport _______ Wednesday morning. [单选题] *A. on(正确答案)B. atC. inD. for3、The little girl held _____ in her hand. [单选题] *A. five breadsB. five piece of breadsC. five piece of breadD. five pieces of bread(正确答案)4、Many people prefer the bowls made of steel to the _____ made of plastic. [单选题] *A. itB. ones(正确答案)C. oneD. them5、You have been sitting on my hat and now it is badly out of（）. [单选题] *A. dateB. shape(正确答案)C. orderD. balance6、You cannot see the doctor _____ you have made an appointment with him. [单选题] *A. exceptB.evenC. howeverD.unless(正确答案)7、There are trees on both sides of the broad street. [单选题] *A. 干净的B. 狭窄的C. 宽阔的(正确答案)D. 宁静的8、One effective（）of learning a foreign language is to study the language in its cultural context. [单选题] *A. approach(正确答案)B. wayC. mannerD. road9、62．--There is? ? ? ? ? sale on in the shop today. Let’s go together.--Please wait? ? ? ? ? ?minute. I’ll finish my homework first. [单选题] *A．a; theB．a; a(正确答案)C．the; aD．the; the10、We sent our children to school to prepare them for the time _____ they will have to work for themselves. [单选题] *A. thatB. when(正确答案)C. whileD. as11、We have ______ homework today. （）[单选题] *A. too manyB. too much(正确答案)C. much tooD. very much12、My English teacher has given us some _______ on how to study English well. [单选题] *A. storiesB. suggestions(正确答案)C. messagesD. practice13、31．That's ______ interesting football game. We are all excited. [单选题] *A．aB．an(正确答案)C．theD．/14、( )Keep quiet, please. It’s ________ noisy here. [单选题] *A. many tooB. too manyC. too muchD. much too(正确答案)15、—Look at those purple gloves! Are they ______, Mary?—No, they aren’t. ______ are pink. （）[单选题] *A. you; IB. your; MyC. yours; Mine(正确答案)D. you; Me16、The twins _______ us something about their country. [单选题] *A. told(正确答案)B. saidC. talkedD. spoke17、Neither she nor her friends ______ been to Haikou. [单选题] *A. have(正确答案)B. hasC. hadD. having18、I often _______ music from the Internet. [单选题] *A. download(正确答案)B. spendC. saveD. read19、It is reported（）three people were badly injured in the traffic accident. [单选题] *A. whichB. that(正确答案)C.whileD.what20、Everyone here is _______ to me. [单选题] *A. happyB. wellC. kind(正确答案)D. glad21、His mother’s _______ was a great blow to him. [单选题] *A. diedB. deadC. death(正确答案)D. die22、Grandpa pointed to the hospital and said, “That’s _______ I was born?”[单选题] *A. whenB. howC. whyD. where(正确答案)23、45．—Let's make a cake ________ our mother ________ Mother's Day.—Good idea. [单选题] *A．with; forB．for; on(正确答案)C．to; onD．for; in24、69．Online shopping is easy, but ________ in the supermarket usually ________ a lot of time. [单选题] *A．shop; takesB．shopping; takeC．shop; takeD．shopping; takes(正确答案)25、80．Thousands of ________ from other countries visit the village every year. [单选题] *A．robotsB．postcardsC．tourists(正确答案)D．bridges26、Chinese people spend _____ money on travelling today as they did ten years ago. [单选题] *A. more than twiceB. as twice muchC. twice as much(正确答案)D. twice more than27、How beautiful the flowers are! Let’s take some _______. [单选题] *A. photos(正确答案)B. potatoesC. paintingsD. tomatoes28、Don’t ______. He is OK. [单选题] *A. worriedB. worry(正确答案)C. worried aboutD. worry about29、His father always _______ by subway. [单选题] *A. go to workB. go to schoolC. goes to bedD. goes to work(正确答案)30、____ is standing at the corner of the street. [单选题] *A. A policeB. The policeC. PoliceD. A policeman(正确答案)。

翻译：(1) Although banks share many comm on features with other profit-seeki ng busi n esses, they playa unique role in the economy through mobilizing savings, allocating capital funds to finaneeproductive investment, transmitting monetary policy, providing a payment system andtransforming risks.尽管银行与其他以盈利为目的的企业具有许多共同的特征，但它在国民经济中还发挥着特殊的作用。

银行可以动员储蓄，为生产性企业投资调配资金，传递货币政策，提供支付系统，转化风险。

(2) The past few years have seen marked acceleration of China's banking reform, particularly significa nt st re ngthe ning of the cen tral bank's capacity for supervisi on and macroeconomic management, substantial improvement in the management of the commercial banks, andgreater ope rm ess of the banki ng in dustry.在过去的几年中，中国银行业的改革速度显著加快，特别是强化了中央银行的监管职能和对宏观经济的管理职能，对商业银行的管理能力也有了显著的提高，同时银行业也更加开放。

(3) The reform of the financial system and particularly the diversification of banking in stituti onshave in creased competiti on in the banking sector and improved fin ancial services in China.金融体系的改革尤其是金融机构的多元化都增加了银行部门的竞争并且提升了中国的金融服务。

What is Money?1. (b)3. Cavemen did not need money. In their primitive economy, they did not specialize inproducing one type of good and they had little need to trade with other cavemen.5. Wine is more difficult to transport than gold and is also more perishable. Gold is thus a betterstore of value than wine and also leads to lower transactions cost. It is therefore a better candidate for use as money.7. Not necessarily. Checks have the advantage in that they provide you withreceipts, are easier to keep track of, and may make it harder for someone to steal money out of your account. These advantages of checks may explain why the movement toward a checkless society has been very gradual.8. The ranking from most liquid to least liquid is: (a), (c), (e), (f), (b), and (d).10.Because of the rapid inflation in Brazil, the domestic currency, the real, is apoor store of value. Thus many people would rather hold dollars, which are a better store of value, and use them in their daily shopping.14. (a) M1, M2, and M3, (b) M2 and M3 for retail MMFs and M3 for institutional MMFs, (c) M3,(d) M2 and M3, (e) M3, (f) M1, M2, and M3.Understanding Interest Rates2.No, because the present discounted value of these payments is necessarily lessthan $20 million as long as the interest rate is greater than zero.4. The yield to maturity is less than 10 percent. Only if the interest rate was lessthan 10 percent would the present value of the payments add up to $4,000, which is more than the $3,000 present value in the previous problem.6. 25% = ($1,000 – $800)/$800 = $200/$800 = .25.8. If the interest rate were 12 percent, the present discounted value of the payments on thegovernment loan are necessarily less than the $1,000 loan amount because they do not start for two years. Thus the yield to maturity must be lower than 12 percent in order for the present discounted value of these payments to add up to $1,000.10. The current yield will be a good approximation to the yield to maturity whenever the bondprice is very close to par or when the maturity of the bond is over ten years.12. You would rather be holding long-term bonds because their price wouldincrease more than the price of the short-term bonds, giving them a higher return.14.People are more likely to buy houses because the real interest rate whenpurchasing a house has fallen from 3 percent (=5 percent - 2 percent) to 1 percent (= 10 percent - 9 percent). The real cost of financing the house is thus lower, even though mortgage rates have risen. (If the tax deductibility of interest payments is allowed for, then it becomes even more likely that people will buy houses.)The Behavior of Interest Rates1. (a) Less, because your wealth has declined; (b) more, because its relative expected return hasrisen; (c) less, because it has become less liquid relative to bonds; (d) less, because its expected return has fallen relative to gold; (e) more, because it has become less risky relative to bonds.3. (a) More, because it has become more liquid; (b) less, because it has become more risky; (c)more, because its expected return has risen; (d) more, because its expected return has risen relative to the expected return on long-term bonds, which has declined.5. The rise in the value of stocks would increase people’s wealth and therefore the demand forRembrandts would rise.7. In the loanable funds framework, when the economy booms, the demand forbonds increases: the public’s income and wealth rises while the supply of bonds also increases, because firms have more attractive investment opportunities. Both the supply and demand curves (B d and B s) shift to the right, but as is indicated in the text, the demand curve probably shifts less than the supply curve so the equilibrium interest rate rises. Similarly, when the economy enters a recession, both the supply and demand curves shift to the left, but the demand curve shifts less than the supply curve so that the interest rate falls. The conclusion is that interest rates rise during booms and fall during recessions: that is, interest rates are procyclical. The same answer is found with the liquidity preference framework. When the economy booms, the demand for money increases: people need more money to carry out an increased amount of transactions and also because their wealth has risen. The demand curve, M d, thus shifts to the right, raising the equilibrium interest rate.When the economy enters a recession, the demand for money falls and the demand curve shifts to the left, lowering the equilibrium interest rate. Again, interest rates are seen to be procyclical.10. Interest rates fall. The increased volatility of gold prices makes bonds relatively less riskyrelative to gold and causes the demand for bonds to increase. The demand curve, B d, shifts to the right and the equilibrium interest rate falls.12. Interest rates might rise. The large federal deficits require the Treasury to issue more bonds;thus the supply of bonds increases. The supply curve, B s, shifts to the right and the equilibrium interest rate rises. Some economists believe that when the Treasury issues more bonds, the demand for bonds increases because the issue of bonds increases the public’s wealth. In this case, the demand curve, B d, also shifts to the right, and it is no longer clear that the equilibrium interest rate will rise. Thus there is some ambiguity in the answer to this question.14. The price level effect has its maximum impact by the end of the first year, and since the pricelevel does not fall further, interest rates will not fall further as a result of a price level effect.On the other hand, expected inflation returns to zero in the second year, so that the expected inflation effect returns to zero. One factor producing lower interest rates thus disappears, so, in the second year, interest rates may rise somewhat from their low point at the end of the second year.16. If the public believes the president’s program will be successful, interest rateswill fall. The president’s announcement will lower expected inflation so that the expected return on goods decreases relative to bonds. The demand for bonds increases and the demand curve, B d, shifts to the right. For a givennominal interest rate, the lower expected inflation means that the real interest rate has risen, raising the cost of borrowing so that the supply of bonds falls.The resulting leftward shift of the supply curve, B s, and the rightward shift of the demand curve, B d, causes the equilibrium interest rate to fall.18. Interest rates will rise. The expected increase in stock prices raises the expected return onstocks relative to bonds and so the demand for bonds falls. The demand curve, B d, shifts to the left and the equilibrium interest rate rises.20. The slower rate of money growth will lead to a liquidity effect, which raises interest rates,while the lower price level, income, and inflation rates in the future will tend to lower interest rates. There are three possible scenarios for what will happen: (a) if the liquidity effect is larger than the other effects, then interest rates will rise; (b) if the liquidity effect is smaller than the other effects and expected inflation adjusts slowly, then interest rates will rise at first but will eventually fall below their initial level; and (c) if the liquidity effect is smaller than the expected inflation effect and there is rapid adjustment of expected inflation, then interest rates will immediately fall.The Risk and Term Structure of Interest Rates1. The bond with a C rating should have a higher interest rate because it has a higher default risk,which reduces its demand and raises its interest rate relative to that on the Baa bond.3. During business cycle booms, fewer corporations go bankrupt and there is less default risk oncorporate bonds, which lowers their risk premium. Similarly, during recessions, default risk on corporate bonds increases and their risk premium increases. The risk premium on corporate bonds is thus anticyclical, rising during recessions and falling during booms.5. If yield curves on average were flat, this would suggest that the risk premium on long-termrelative to short-term bonds would equal zero and we would be more willing to accept the expectations hypothesis.7. (a) The yield to maturity would be 5 percent for a one-year bond, 5.5 percentfor a two-year bond, 6 percent for a three-year bond, 6 percent for a four-year bond, and 5.8 percent for a five-year bond; (b) the yield to maturity would be5 percent for a one-year bond, 4.5 percent for a two-year bond, 4 percent for athree-year bond, 4 percent for a four-year bond, and 4.2 percent for a five-year bond. The upward- and then downward-sloping yield curve in (a) would tend to be even more upward sloping if people preferred short-term bonds over long-term bonds because long-term bonds would then have a positive risk premium. The downward- and then upward-sloping yield curve in (b) also would tend to be more upward sloping because of the positive risk premium for long-term bonds.9. The steep upward-sloping yield curve at shorter maturities suggests that short-term interestrates are expected to rise moderately in the near future because the initial, steep upward slope indicates that the average of expected short-term interest rates in the near future are above the current short-term interest rate. The downward slope for longer maturities indicates that short-term interest rates are eventually expected to fall sharply. With a positive risk premium on long-term bonds, as in the preferred habitat theory, a downward slope of the yield curve occurs only if the average of expected short-term interest rates is declining, which occurs only if short-term interest rates far into the future are falling. Since interest rates and expected inflation move together, the yield curve suggests that the market expects inflation to rise moderately in the near future but fall later on.11. The government guarantee will reduce the default risk on corporate bonds,making them more desirable relative to Treasury securities. The increased demand for corporate bonds and decreased demand for Treasury securities will lower interest rates on corporate bonds and raise them on Treasury bonds. 13. Abolishing the tax-exempt feature of municipal bonds would make them lessdesirable relative to Treasury bonds. The resulting decline in the demand for municipal bonds and increase in demand for Treasury bonds would raise the interest rates on municipal bonds, while the interest rates on Treasury bonds would fall.15. The slope of the yield curve would fall because the drop in expected future short rates meansthat the average of expected future short rates falls so that the long rate falls.The Stock Market, the Theory of Rational Expectations, and the Efficient Market Hypothesis1. The value of any investment is found by computing the value today of all cashflows the investment will generate over its life.3. $1/(1+ .15) + $20/(1+.15) = $18.265. A stock market bubble can occur if market participants either believe that dividends will haverapid growth or if they substantially lower the required return on their equity investments, thus lowering the denominator in the Gordon model and thereby causing stock prices to climb. By raising interest rates the central bank can cause the required rate of return on equity to rise, thereby keeping stock prices from climbing as much. Also raising interest rates may help slow the expected growth rate of the economy and hence of dividends, thus also keeping stock prices from climbing.7. Although Joe’s expectations are typically quite accurate, they could still beimproved by his taking account of a snowfall in his forecasts. Since his expectations could be improved, they are not optimal and hence are not rational expectations.9. True, as an approximation. If large changes in a stock price could be predicted, then theoptimal forecast of the stock return would not equal the equilibrium return for that stock. In this case, there would be unexploited profit opportunities in the market and expectations would not be rational. Very small changes in stock prices could be predictable, however, and the optimal forecast of returns would equal the equilibrium return. In this case, an unexploited profit opportunity would not exist.11. The stock price will rise. Even though the company is suffering a loss, the price of the stockreflects an even larger expected loss. When the loss is less than expected, efficient markets theory then indicates that the stock price will rise.13. Probably not. Although your broker has done well in the past, efficient markets theorysuggests that she has probably been lucky. Unless you believe that your broker has better information than the rest of the market, efficient markets theory indicates that you cannot expect the broker to beat the market in the future.15. False. All that is required for the market to be efficient so that prices reflect information on themonetary aggregates is that some market participants eliminate unexploited profit opportunities. Not everyone in a market has to be knowledgeable for the market to be efficient.17. Because inflation is less than expected, expectations of future short-term interest rates wouldbe lowered, and as we learned in Chapter 7, long-term interest rates would fall. The decline in long-term interest rates implies that long-term bond prices would rise.19. No, because this expected change in the value of the dollar would imply thatthere is a huge unexploited profit opportunity (over a 100% expected return at an annual rate). Since rational expectations rules out unexploited profit opportunities, such a big expected change in the exchange rate could not exist.An Economic Analysis of Financial Structure1. Financial intermediaries can take advantage of economies of scale and thus lower transactionscosts. For example, mutual funds take advantage of lower commissions because the scale of their purchases i s higher than for an individual, while banks’ large scale allows them to keep legal and computing costs per transaction low. Economies of scale which help financial intermediaries lower transactions costs explains why financial intermediaries exist and are so important to the economy.3. No. If the lender knows as much about the borrower as the borrower does,then the lender is able to screen out the good from the bad credit risks and so adverse selection will not be a problem. Similarly, if the lender knows what the borrower is up to, then moral hazard will not be a problem because the lender can easily stop the borrower from engaging in moral hazard.5. The lemons problem would be less severe for firms listed on the New YorkStock Exchange because they are typically larger corporations that are better known in the market place. Therefore it is easier for investors to get information about them and figure out whether the firm is of good quality or isa lemon. This makes the adverse selection–lemons problem less severe.7. Because there is asymmetric information and the free-rider problem, not enough informationis available in financial markets. Thus there is a rationale for the government to encourage information production through regulation so that it is easier to screen out good from bad borrowers, thereby reducing the adverse selection problem. The government can also help reduce moral hazard and improve the performance of financial markets by enforcing standard accounting principles and prosecuting fraud.9. Yes, this is an example of an adverse selection problem. Because a person is rich, the peoplewho are most likely to want to marry him or her are gold diggers. Rich people thus may want to be extra careful to screen out those who are just interested in their money from those who want to marry for love.11. The free-rider problem means that private producers of information will not obtain the fullbenefit of their information-producing activities, and so less information will be produced.This means that there will be less information collected to screen out good from bad risks, making adverse selection problems worse, and that there will be less monitoring of borrowers, increasing the moral hazard problem.13. A financial crisis is more likely to occur when the economy is experiencing deflation becausefirms find that their real burden of indebtedness is increasing while there is no increase in the real value of their assets. The resulting decline in a firm’s net worth increases adverse selection and moral hazard problems facing lenders, making it more likely a financial crisis will occur in which financial markets do not work efficiently to get funds to firms with productive investment opportunities.15. A sharp increase in interest rates can increase the adverse selection problem dramaticallybecause individuals and firms with the riskiest investment projects are the ones who are most willing to pay higher interest rates. A sharp rise in interest rates which increases adverse selection means that lenders will be more reluctant to lend, leading to a financial crisis in which financial markets do not work well and thus to a declining economy.Banking and the Management of Financial Institutions1. Because if the bank borrows too frequently from the Fed, the Fed may restrict its ability toborrow in the future.3. The T-accounts for the two banks are as follows:First National Bank Second National BankAssets Liabilities Assets Liabilities5. The $50 million deposit outflow means that reserves fall by $50 million to $25 million. Sincerequired reserves are $45 million (10 percent of the $450 million of deposits), your bank needs to acquire $20 million of reserves. You could obtain these reserves by either calling in or selling off $20 million of loans, by borrowing $20 million in discount loans from the Fed, by borrowing $20 million from other banks or corporations, by selling $20 million of securities, or by some combination of all of these.7. Because when a deposit outflow occurs, a bank is able to borrow reserves inthese overnight loan markets quickly; thus, it does not need to acquire reserves at a high cost by calling in or selling off loans. The presence of overnight loan markets thus reduces the costs associated with deposit outflows, so banks will hold fewer excess reserves.9. To lower capital and raise ROE holding its assets constant, it can pay out more dividends orbuy back some of its shares. Alternatively, it can keep its capital constant, but increase the amount of its assets by acquiring new funds and then seeking out new loan business or purchasing more securities with these new funds.11. In order for a banker to reduce adverse selection she must screen out good from bad creditrisks by learning all she can about potential borrowers. Similarly in order to minimize moral hazard, she must continually monitor borrowers to ensure that they are complying with restrictive loan covenants. Hence it pays for the banker to be nosy.13. False. Although diversification is a desirable strategy for a bank, it may stillmake sense for a bank to specialize in certain types of lending. For example, a bank may have developed expertise in screening and monitoring a particular kind of loan, thus improving its ability to handle problems of adverse selection and moral hazard.15. The gap is $10 million ($30 million of rate-sensitive assets minus $20 millionof rate-sensitive liabilities). The change in bank profits from the interest rate rise is +0.5 million (5% ⨯ $10 million); the interest rate risk can be reduced by increasing rate-sensitive liabilities to $30 million or by reducing rate-sensitive assets to $20 million. Alternatively, you could engage in an interest rate swap in which you swap the interest on $10 million of rate-sensitive assets for the interest on another bank’s $10 million of fixed-rate assets.。

Part One1. What are the main roles of banks?答：Although banks share many common features with other profit-seeking business,they play a unique role in the economy through mobilizing savings,allocating capital funds to fiance productive investment,transmitting monetary policy,providinga payment system and transforming risks.3. According to the revised edition of the Law of the People's Republic of China on the People's Bank of China ,what functions does the PBC perform?答：The PBC 's key functions are to conduct monetary policy, prevent and dissolve financial risks, and maintain financial stability under the leadership of the State Council.4. Can you give some examples of indirect instruments for implementing monetary policy?答：Indirect instruments as required reserve ratio, interest rate adjustment and open market operations.9. What is your definition of share and bond?答：Shares are certificates or book entries representing ownership in a corporation or similar entity.Bonds are written evidences of debts.13. What is your definition of “securities”?答：Securities are paper certificates (definitive securities) or electronic records (book-entry securities) evidencing ownership of equity (stock) or debt obligations (bonds).Part Two2. What are the objectives of banking supervision?First, the key objective of supervision is to maintain stability and public confidence in financial system.The second goal of bank supervisions to ensure that bank operate in a safe and sound manner and that they hold capital and reserve sufficient to cover the risks that may arise in their business.Third, a related goal is to protect depositors’ funds and , if any bank should fail, to minimize the losses to be absorbed by the deposit insurance fund.The fourth goal of bank supervision is to foster an efficient and competition banking system that is responsive to the public need for high quality financial services at reasonable cost.The fifth and final goal of bank supervision is to ensure compliance with banking laws and regulations.3. What risks might the commercial banks have to face?(1)credit risk (2)market risk (3)liquidity risk (4)operational risk (5)legal risk (6)reputation risk4. What are the implication of credit risk, market risk, liquidity risk and operational risk?Credit risk: A major type of risk that banks face is credit risk or the failure of a counterpart to perform according to a contractual arrangement.Market risk: Two specific elements of market risk are foreign exchange risk and interest risk. Banks face a risk of losses in on- and off-balance sheet positions arising from movement in exchange rates. Interest rate risk prefers to the exposure of a bank’s financial condition to adverse movements in interest rates.Liquidity risk: Liquidity risk arises from the inability of a bank to accommodate decreases in liabilities or to fund increases in assets.Operational risk: The most important types of operational risk involve breakdowns in internal controls and corporate governance..5.At what levels does the Basel Accord set the minimum capital ratio requirements for internationally active banks?The Accord sets minimum capital ratio requirements for internationally active banks of 4% tier one capita and 8% total capital (tier one plus tier two) in relation to risk-weighted assets.Part Three1. What does foreign exchange include ?答：Foreign exchange includes the following means of payments and assets denominated in a foreign currency that can be used for international settlement:●Foreign currencies, including banknotes and coins;●Payment vouchers denominated in foreign currency, including negotiableinstruments, bank certificates of deposit and certificates of postal savings;●Securities denominated in foreign currency, including government bonds,corporate bonds and stocks;●Super-national currencies such as Special Drawing Rights and the Euro; and●Other assets denominated in foreign currency.3. What are the requirements for domestic institutions for opening foreign exchange accounts abroad?答：Domestic entities which meet one of the following requirements may apply for opening a foreign exchange account abroad:●Expecting small amount income during a certain period of time abroad;●Expecting small amount ex penditure during a certain period of time abroad;●Undertaking overseas construction projects;and issuing securities denominated in foreign currency abroad.6. Give the definition of foreign exchange?答：Foreign exchange , or forex , is foreign money. All foreign currency, consisting of founds held with banks abroad, or bills or cheques, again in foreign currency and payable abroad , are termed foreign exchange.9. Give the definition of spot and forward transaction?答：Spot transactions involve today’s p rices of currency and delivery of the currency within two business days, except for Canadian dollar (CAD), which must be delivered in one day.10. Tell the difference between forward and futures transactions?答：(1) Forward transactions involve today’s pr ices of currency and delivery on a stipulated future date.(2) Futures transactions are always traded on exchanges. In order to be marketable on exchanges, futures contracts are standardized in terms of quantity, settlement datesand quotation.Part Four14. How could a bank earn interest income?答：The principal source of income for the majority of banks is still the interest received on the funds that the institution has at its disposal and is able to lend out in some form.Whenever a bank lends out money it will generally charge interest to the customer.21. Why should a bank keep sufficient liquid assets?答：It is important for a bank to hold sufficient liquid assets to meet the demands of depositors who may seek to withdraw their funds. However,maintenance of too high a level of liquid assets could be expensive. Cash balances in particular yield no income,yet will cost the same as any other asset to fund.25. What are the three major activities included in a bank's Statement of Cash Flows?答：The statement of cash flows reports cash flows relating to operating,investing and financing activities of a bank.Part five4. What are negotiable instruments? list some examples.答：From a functional perspective, negotiable instruments are documents used in commerce to secure the payment of money. Paying large sums of money in cash is both inconvenient and, unfortunately, risky. In all cases, negotiable instruments represent a right to payment. A right is, by definition, a promise and not a tangible piece of property. So, negotiable instruments are classified as choses in action. The three main types of them are the following: Bills of Exchange, Cheques, Promissory Notes.7. What’s the difference between capital lease and operating lease?答：1: Whether the ownership of property is to be transferred by the end of lease term.2: Whether the lease has an operation to purchase the leased property at a bargain price.3: The lease term is long to or short in according to the estimated economic life of the leased property.4: Whether the lease is a cancelable lease.5: Whether the lease is full-payout lease.9. What’s the meaning of Account Receivable Financing?答：Accounts Receivable represents a promise from customers to pay for a goods sold or services rendered. Account Receivable Financing is a form of collateralized lending in which accounts receivables are the collateral.12. What are basic characteristics of money mark securities?答：Money-mark securities, which are discussed in details later in this chapter, have three basic characteristics in common:They are usually sold in large denominations.They have low default risk.They mature in one year or less from their original issue date. Most money marker instruments mature in less than 120 days.Why teasury bills are attractive to investors?答：Teasury bills are attractive to investors because they are backed by the government and therefore are virtually free of default risk .Even if the government ran out of money, it could simply print more to pay them off when they mature.The risk of unexpected changes in inflation is also low because of their short-termmaturity. 15. What are the features of inter-bank markets?答：Inter-bank markets are money markets in which short-term funds transferred (lent or borrowed) between financial institutions, usually for one day, that is , they are usually overnight investment . The interest rate for borrowing these funds is close to ,but always slightly higher than ,the rate that is available from the central bank. 17．How have NCDs become the second most popular money market instruments?答：Negotiable CDs are in large denominations .Although NCDs denominations are too large for individual investors , they are sometimes purchased by money market funds that have pooled individua l investor’s funds. Thus , the existence of money market funds allows individuals to be indirect investors in NCDs ,marking a more active NCD market.19.What products does the on-line banking provide?答：basic products and services, intermediate products and services ,advanced products and services.Part Six1,What categories can the loan be divided according to their risk?答：The five-category system classifies bank loans according to their inherent risks as pass(normal),special-mention,substandard,doubtful and loss.What are the commonly used methods of credit analysis?答：Tranditionally,key risk factors have been classified according to the five CS of credit:character,capital,capacity,conditions,and collateral. Golden and Walker identify the five CS of bad credit,representing things to guard against to help prevent problems.These include complacency,carelessness,communication breakdown,contingencies,and competition.A useful framework for sorting out the facts and opinions in credit analysis is the 5Ps approach:people,purpose,payment,protection,and perspective.How can a bank take security for an advance?答：A bank has different kinds of security as cover for advance to his customers.There are several ways in which a bank may take security for an advance by lien,pledge,mortgage and hypothecation.。

Answers for Part 2Section A1-5 C B B D A 6-10 C D D B D11-15 D C D B CSection B16. 储备银行必须将其权力用于维护健全有效的金融体系，避免一家注册银行的倒闭对金融体系造成的巨大伤害。

17. 我们监管银行因为我们知道存在一些与某个大银行或银行集团倒闭相关的外部因素。

单个的银行倒闭可能会引发其他的失败。

这是因为好的银行的存款者在看到一个信誉不好的银行倒闭时会提走他们在好银行的存款。

18. 在资本金没有恢复到最低要求前，银行不能给股东分红。

同时相关资产规模也不能扩张，而且如果一级资本低于3%，该银行的信用总量也不能扩张。

19. 委员会相信，对银行来说，运用必要的力量（或资源）来度量操作风险水平以及将它们并入银行全部资本充足率的评价中是非常重要的。

委员会建议针对其他风险发展一套明确的资本要求，并且正在研究使之付诸实践的方法和途径。

20. 资产质量评级反映与贷款及各种投资组合、其他不动产、其他资产、表外业务等相关的信用风险（包括现在和潜在的）状况。

21. 在对金融机构资产流动性进行评估时，应考虑如下因素：相对于资金需求而言，流动资产目前水平和未来渠道，机构规模、业务复杂程度和风险状况一定情况下的资金管理水平。

22. 非现场评价是基于如下方面的：交谈市场情况、现场检查、媒体的报道、国际评级机构、定期回馈、和内外部审计者谈话，收取审计报告、和银行管理当局谈话、国外监管者等。

23. 货币监理署（OCC）的监管理念包括评估风险和确保个体银行在问题损害其安全和稳健之前即采取纠正措施。

这种监管理念体现在OCC的风险监管规划里。

24. 德国人编造了一个新词---金融一体化（Allfinanz），意思是把银行业和保险业以及其他的零售服务业结合起来，但是他们的银行和保险商却在具体实施中落在了欧洲竞争对手的后面。

Section C25-30 C C B B A CSection D31-35 top most revenue bear sound36-40 ratios set due regarding fashionSection E41-45 D B C B B46-50 B C A D A。

金融英语刘文国王纯课后答案1、I don't know the man _____ you are talking about. [单选题] *A. who'sB. whose(正确答案)C. whomD. which2、--Mom, I will not eat fast food this year. Believe me.--If you make a _______, you must keep it. [单选题] *A. jokeB. noiseC. mistakeD. promise(正确答案)3、It’s raining outside. Take an _______ with you. [单选题] *A. cashB. life ringC. cameraD. umbrella(正确答案)4、One effective（）of learning a foreign language is to study the language in its cultural context. [单选题] *A. approach(正确答案)B. wayC. mannerD. road5、I’m so tired after _______ walk. [单选题] *A. three hour’sB. three hours’(正确答案)C. three hoursD. three hour6、Amy and her best friend often ______ books together.（）[单选题] *A. read(正确答案)B. readsC. is readingD. to read7、If you do the same thing for a long time, you'll be tired of it. [单选题] *A. 试图B. 努力C. 厌倦(正确答案)D. 熟练8、I’m not sure whether we’ll go on ______ foot or by _____ bike? [单选题] *A. the; theB. /; theC. /; /(正确答案)D. the; /9、--All of you have passed the test!--_______ pleasant news you have told us! [单选题] *A. HowB. How aC. What(正确答案)D. What a10、There are about eight ______ students in my school.（）[单选题] *A. hundred(正确答案)B. hundredsC. hundred ofD. hundreds of11、The bookstore is far away. You’d better _______ the subway. [单选题] *A. sitB. take(正确答案)C. missD. get12、Tony is a quiet student, _______ he is active in class. [单选题] *A. soB. andC. but(正确答案)D. or13、40．—________ apples do we need to make fruit salad?—Let me think…We need three apples. [单选题] *A．How longB．How oftenC．How muchD．How many(正确答案)14、—These shoes look cool. ______ are they?—They are on sale, only $（）[单选题] *A. How much(正确答案)B. How longC. How manyD. How soon15、He always ______ the teacher carefully in class. [单选题] *A. listensB. listens to(正确答案)C. hearsD. hears of16、Online shopping _______ very popular now. [单选题] *A. is(正确答案)B. areC. wasD. were17、We need some green paint badly, but there' s _____ at hand. [单选题] *A. notB. nothingC. little(正确答案)D. none18、She often _______ at 21: [单选题] *A. go to bedB. gets upC. goes to bed(正确答案)D. gets to19、Sometimes Americans are said to be _____. [单选题] *A superficially friendB superficial friendC. superficial friendlyD. superficially friendly(正确答案)20、The scenery is so beautiful. Let’s _______. [单选题] *A. take photos(正确答案)B. take mapsC. take busD. take exams21、61．How is online shopping changing our way? ? ? ? ? ? life? [单选题] *A．of(正确答案)B．inC．onD．for22、_____ whether robots will one day have vision as good as human vision. [单选题] *A. What is not yet knownB. It is not yet known(正确答案)C. As is not yet knownD. This is not yet known23、The soldiers were_____of running away when the enemy attacked. [单选题] *A.chargedB.accused(正确答案)C.scoldedD.estimated24、She _______ so much _______ her mother. [单选题] *A. looks; like(正确答案)B. looks; forC. looks; afterD. looks forwards; to25、You have coughed for several days, Bill. Stop smoking, _______ you’ll get better soon. [单选题] *A. butB. afterC. orD. and(正确答案)26、26．—Mary, is this your pen?—No, it isn't. ________ is black. [单选题] *A．MyB．IC．MeD．Mine(正确答案)27、Mom is making dinner. It _______ so nice! [单选题] *A. smells(正确答案)C. feelsD. sounds28、I paint a lot of pictures. [单选题] *A. 评论B. 注意C. 悬挂D. 画(正确答案)29、1．I saw ________ action film with my friend yesterday, and ________ film was amazing. [单选题] *A．a...aB．a...theC．an...the(正确答案)D．an...a30、—______ you speak French?—Yes, I can.（）[单选题] *A. NeedB. Can(正确答案)C. Might。