The marketplace where short-term debt securities are traded is referred to as ______.A．a mortgage marketB．a stock marketC．a bond marketD．a money market

Apart from borrowing from hanks, a firm or an individual can obtain funds in a financial market in two ways. The most common method is to issue a (61) , such as a bond or a mortgage, which is a (62) by the borrower to pay the holder of it at (63) until a specified date, when a final payment is made. The (64) of it is the time of expiration date. The second method of raising funds is by issuing (65) , such as common stock, which are claims to share in the net income and the assets of a business.

(46)

A．debt instrument

B．letter of credit

C．letter of guarantee

D．certificate of deposit

The money market is a dealer market where, over the telephone or through electronic systems, ______.

A．a broker receives commission to act as an agent

B．the investors are trading on a central trading floor

C．firms buy and sell securities in their own accounts, at their own risk

D．individual investors can trade on the exchange

According to the passage, stock in general is probably referred to as ______.

A．common stock

B．preferred stock

C．voting stock

D．non-voting stock

听力原文：The foreign exchange market operates much like other financial markets, but isn't located in a specific place like a stock exchange.

(9)

A．The foreign exchange market operates like other financial markets in every respect.

B．The foreign exchange market has a specific place like a stock exchange.

C．There's no physical market place such as stock exchanges for the foreign exchange transactions.

D．The foreign exchange market operates quite differently since the former has no physical market place.

The primary purpose of a stock split is to ( )

A. increase paid-in capital

B. reduce the market price of the stock per share

C. increase the market price of the stock per share

D. increase retained earnings

有如下SQL SELECT 语句SELECT * FROM stock WHERE 单价 BETWEEN 12.76 AND 15.20与该语句等价的是A) SELECT * FROM stock WHERE 单价<=15.20.AND.单价>=12.76B) SELECT * FROM stock WHERE 单价<15.20.AND.单价>12.76C) SELECT * FROM stock WHERE 单价>=15.20.AND.单价<=12.76D) SELECT * FROM stock WHERE 单价>15.20.AND.单价<12.76

In the first paragraph, individual borrowing is cited because_____.

[A] it shares similarities with the government’s Social Security policies

[B] there is no guarantee that it will be profitable in the stock market

[C] it is not proper for the brokerage houses to persuade people to borrow money

[D] it is an indication of the Bush administration’s serious concern over the stock market

听力原文：M: It is reported that in some countries banks are not allowed to make investments in equity securities.

W: Generally commercial banks may invest only in those securities that are rated as "investment grade", or have bond ratings in the top four categories.

Q: Where are banks only allowed to make investments?

(15)

A．In equity securities.

B．In personal funds.

C．In securities rated as investment grade.

D．In property markets.

When the stock market turns down, holders of common stocks traditionally begin to move some portion of their (61) out of stocks and into (62) to protect themselves against further declines in the market, PI programs attempt to hedge against the possibility of a market decline by (63) stock index futures contracts or stock index options (buying stock index put options). The more the market falls, the more futures and options contracts are sold by PI programs. If the market continues to fall, the rise in the value of the portfolio' futures and option positions cushions the decline in the value of the portfolio' common stocks. PI managers believe that such hedging programs using futures and options involve lower transaction costs and provide greater (64) than the traditional method of actually selling stocks and buying treasury (65)

(46)

A．treasure

B．assets

C．investment

D．capital

A.to increase the number of shares outstanding

B.reduce the market price of the stock per share

C.reduce earnings per share

D.increase the market activity of the shares

E.increase paid-in capital

Money market securities are ______.

A．essentially issued by governments, financial institutions, and large corporations

B．very liquid and earns high return

C．denominated in small sums so that individual investors can deal in them

D．purchased by individual investors directly

Any difference between the fair market values of the securities and their cost is a realized gain or loss.()

PartA 2. The National Association of Securities Dealers is investigating whether some brokerage

houses are inappropriately pushing individuals to borrow large sums on their houses

to invest in the stock market. Can we persuade the association to investigate would-be privatizers of Social Security? For it is now apparent that the Bush administration’s privatization proposal will amount to the same thing: borrow trillions, put the

money in the stock market and hope.

Privatization would begin by diverting payroll taxes, which pay for current Social

Security benefits, into personal investment accounts. The government would

have to borrow to make up the shortfall. This would sharply increase the government’s debt. “Never mind”, privatization advocates say, “in the long run, people would

make so much on personal accounts that the government could save money by cutting retirees’

benefits.Even so, if personal investment accounts were invested in Treasury bonds,

this whole process would accomplish precisely nothing. The interest workers would receive on,

their accounts would exactly match the interest the government would

have to pay on its additional debt. To compensate for the initial borrowing,

the government would have to cut future benefits so much that workers would gain nothing at all.

However, privatizersclaim that these investments would make a lot of

money and that, in effect, the government, not the workers, would reap most of those gains,

because as personal accounts grew, the government could cut benefits.

We can argue at length about whether the high stock returns such schemes assume are realistic

(they arent), but lets cut to the chase: in essence, such schemes

involve having the government borrow heavily and put the money in the stock market. That’s because the government would, in effect, confiscate workers’gains in their personal accounts by cutting those workers’ benefits.

Once you realize whatprivatization really means, it doesn’t sound too responsible, does it? But the details make it considerably worse. First,

financial markets would, correctly, treat the reality of huge deficits today as a much more

important indicator of the governments fiscal health than the mere promise that government could save money by

cutting benefits in the distant future. After all, a government bond is a legally binding

promise to pay, while a benefits formula that supposedly cuts costs 40 years from now is nothing

more than a suggestion to future Congresses.

If a privatization plan passed in 2005 called for steep benefit cuts in 2045,

what are the odds that those cuts would really happen? Second,

a system of personal accounts would pay huge brokerage fees. Of course, from Wall Street’s point of view that’s a benefit, not a cost.

第26题：According to the author, “privatizers”are those_____.

[A] borrowing from banks to invest in the stock market [B] who invest in Treasury bonds

[C] advocating the government to borrow money from citizens [D] who earn large sums of money in personal

accounts