2021年云南金融英语考试考前冲刺卷（1）.docVIP

云南金融英语考试考前冲刺卷（1） 本卷共分为1大题50小题，作答时间为180分钟，总分100分，60分及格。 严格遵守考试纪律，维护考试秩序！ 一、单项选择题（共50题，每题2分。每题的备选项中，只有一个最符合题意） 1.An investor does research about forward rate agreement and takes a $1million short position in a forward rate agreement 3×9 quoted at 5% according to LIBOR. At expiration, the investor gathers the following rates: Underlying Rate Rate 30-day LIBOR 5.20% 60-day LIBOR 5.30% 90-day LIBOR 5.40% The payoff for this investor is closest to:（） A. $495.62B. $500.00C. $660.83 参考答案：A FRA 3×9说明该远期利率协议是3个月的期限，针对6个月的LIBOR，所以取5.3%作为到期结算的LIBOR。[1000000×(5.30%-5%)×60/360]/(1+5.30%×60/360)=500/1.00883=495.62。 2.An analyst does research about Eurodollar time deposits. Which of the following statements about Eurodollar time deposits is teast accurate（） A. The interest is not deducted from the principal.B. The interest rate is based on LIBOR.C. The deposits are essentially short-term secured loans. 参考答案：C 欧洲美元存款是在美国以外的以美元计价的短期借贷资金，其交易中心在伦敦，它所决定的短期借贷利率也被称为伦敦同业银行拆借利率(London Interbank Offer Rate，LIBOR)。该欧洲美元存款必须是短期且不经过担保的贷款，所以选项C错。与美国国库券市场不同，报价中利息不是从本金中减去，而是将利息加到面值上进行报价，所以选项A是正确的。 3.An analyst does research about future contracts. A commodity futures account has the following margin balances: Initial margin requirement $18700 Maintenance margin requirement $14300 Margin balance $12500 The variation margin is closest to:（） A. $1800B. $4400C. $6200 参考答案：C $18700-$12500=$6200，当保证金余额低于维持保证金时，要增加保证金到初始保证金的额度，增加的部分被称为变动保证金。 4.An analyst does research about commodity. For an investor with a long-term time horizon, the return from rolling forward the maturity of the derivative position is most likely described as:（） A. convenience yield.B. price return.C. collateral yield. 参考答案：A 展期收益(roll yield)也被称为便利收益(convenience yield)，是由于商品期货合约到期后进行展期所获得的收益，当市场价格处于下降过程中时，多头投资者的展期收益为正；而当市场价格处于上升过程中时，多头投资者的展期收益为负。 5.Which of the following is least accurate An interest rate collar is:（） A. a combination of a long cap and a short floor.B. a combination of a short cap and a long floor.C. a comb