2021年金融英语考试考前冲刺卷（8）.docVIP

金融英语考试考前冲刺卷（8） 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.Which of the following statements does not accurately describe an open-end fund（） A. The open-end investment company continues to sell and repurchase shares after the initial public offering.B. Open-end investment companies are prepared to buy or sell additional shares of the fund at NAV.C. Open-end investment companies redeem the shares without either sales charges or redemption fees. 参考答案：C An open-end investment company continues to sell and repurchase shares after the initial public offering. The open-end investment companies are prepared to buy or sell additional shares of the fund at NAV, with or without sales charge and with or without redemption fees. Open-end funds (about 90% of all funds) differ from closed-end funds in that the open-end funds continue to sell and repurchase shares after the initial public offering at NAV (with or without sales charge). 2.A firm is considering a $5000 project that will generate an annual cash flow of $1000 for the next 8 years. The firm has the following financial data: Debt/equity ratio is 50 percent. Cost of equity capital is 15 percent. Cost of new debt is 9 percent. Tax rate is 33 percent. The project’s net present value (NPV) is:（） A. + $33, so accept the project.B. - $4968, so don’t accept the project.C. - $33, so don’t accept the project. 参考答案：C First, calculate the weights for debt and equitywd+we=1wd=0.50We0.5We+We=1wd=0.333, We=0.667Second, calculate WACCWACC=(wd×kd)×(1-t)+(we×ke) =0.333×0.09×0.67+0.667×0.15=0.020+ 0.100=0.120Third, calculate the PV of the project cash flowsN=8, PMT=-1000, FV=0,I/Y=12, CPT PV=4967And finally, calculate the project NPV by subtracting out the initial cash flowNPV=$4967-$5000=-$33 3.Jane Epworth, CFA, is preparing pro forma financial statements for Gavin Industries, a mature U.S. manufacturing firm with three distinct geographic divisions in the Midwest, South a