2025年金融考研真題英語及答案

一、單項(xiàng)選擇題（每題2分，共10題）1.Thefinancialmarketismostefficientwhenit:A.AllowsonlylargeinstitutionstotradeB.HaslowtransactioncostsC.IsheavilyregulatedbythegovernmentD.Operatesinavacuumwithoutexternalinfluences答案：B2.Whichofthefollowingisacharacteristicofaprimarymarket?A.ItdealswithsecondarysecuritiesB.ItiswherecompaniesissuenewstocksC.ItinvolvesthetradingofexistingbondsD.Itisprimarilyforinstitutionalinvestors答案：B3.Theprocessofconvertingassetsintocashquicklywithoutsignificantlossofvalueisknownas:A.LiquidityB.LeverageC.DiversificationD.Hedging答案：A4.Afinancialinstrumentthatprovidestheholderwiththerighttobuyorsellanassetatapredeterminedpriceiscalled:A.AfuturescontractB.AnoptionscontractC.AforwardcontractD.Aswapagreement答案：B5.Theterm"floatationcosts"refersto:A.ThecostsassociatedwiththeissuanceofnewsecuritiesB.ThecostsofmaintainingaportfolioC.ThecostsoftradingsecuritiesD.Thecostsoffinancialanalysis答案：A6.Theriskthataninvestment'sreturnswillbeaffectedbychangesininterestratesisknownas:A.CreditriskB.MarketriskC.LiquidityriskD.Inflationrisk答案：B7.Aportfoliothatcombinesstocksandbondstobalanceriskandreturnisknownas:A.AgrowthportfolioB.AbalancedportfolioC.AvalueportfolioD.Adividendportfolio答案：B8.Theprinciplethattwoassetswithaperfectnegativecorrelationcanreduceoverallportfolioriskisknownas:A.DiversificationB.HedgingC.ArbitrageD.Speculation答案：A9.Theprocessofevaluatingacompany'sfinancialperformanceandprospectstodetermineitsintrinsicvalueisknownas:A.FundamentalanalysisB.TechnicalanalysisC.QuantitativeanalysisD.Qualitativeanalysis答案：A10.Theterm"beta"isusedtomeasure:A.ThevolatilityofanindividualstockcomparedtothemarketB.Therisk-freerateofreturnC.TheexpectedreturnonaninvestmentD.Theliquidityofanasset答案：A二、多項(xiàng)選擇題（每題2分，共10題）1.ThefollowingarefunctionsofthefinancialsystemEXCEPT:A.FacilitatingtradeB.ProvidingliquidityC.ManagingriskD.Regulatingtheeconomy答案：D2.Theprimarymarketincludes:A.StockexchangesB.Initialpublicofferings(IPOs)C.SecondarybondmarketsD.Auctionmarkets答案：B3.ThefollowingaretypesoffinancialrisksEXCEPT:A.MarketriskB.CreditriskC.OperationalriskD.Politicalrisk答案：C4.ThefollowingarecharacteristicsofanefficientmarketEXCEPT:A.AllavailableinformationisreflectedinpricesB.TherearenotransactioncostsC.ThereisperfectcompetitionD.Therearenomarketparticipants答案：D5.ThefollowingaretypesoffinancialinstrumentsEXCEPT:A.StocksB.BondsC.OptionsD.Realestate答案：D6.Thefollowingarecomponentsofthecapitalassetpricingmodel(CAPM)EXCEPT:A.Risk-freerateB.MarketreturnC.BetaD.Inflationrate答案：D7.ThefollowingarestrategiesforportfoliomanagementEXCEPT:A.DiversificationB.HedgingC.SpeculationD.Arbitrage答案：D8.ThefollowingarefactorsthataffectthevalueofabondEXCEPT:A.CouponrateB.YieldtomaturityC.MarketinterestratesD.Inflationrate答案：D9.ThefollowingaretypesoffinancialanalysisEXCEPT:A.FundamentalanalysisB.TechnicalanalysisC.QuantitativeanalysisD.Qualitativeanalysis答案：D10.ThefollowingarefunctionsofacentralbankEXCEPT:A.ControllinginflationB.RegulatingcommercialbanksC.ManagingthemoneysupplyD.Providingfinancialadvicetoindividuals答案：D三、判斷題（每題2分，共10題）1.Theprimarymarketiswhereexistingsecuritiesaretraded.答案：錯(cuò)誤2.Afinancialinstrumentthatprovidestheholderwiththerighttobuyanassetatapredeterminedpriceiscalledacalloption.答案：正確3.Theprocessofdiversifyinginvestmentsacrossvariousassetstoreduceriskisknownashedging.答案：錯(cuò)誤4.Theterm"floatationcosts"referstothecostsassociatedwiththeissuanceofnewsecurities.答案：正確5.Theriskthataninvestment'sreturnswillbeaffectedbychangesininterestratesisknownascreditrisk.答案：錯(cuò)誤6.Aportfoliothatcombinesstocksandbondstobalanceriskandreturnisknownasabalancedportfolio.答案：正確7.Theprinciplethattwoassetswithaperfectnegativecorrelationcanreduceoverallportfolioriskisknownasdiversification.答案：正確8.Theprocessofevaluatingacompany'sfinancialperformanceandprospectstodetermineitsintrinsicvalueisknownastechnicalanalysis.答案：錯(cuò)誤9.Theterm"beta"isusedtomeasurethevolatilityofanindividualstockcomparedtothemarket.答案：正確10.Theterm"liquidity"referstotheeasewithwhichaninvestmentcanbeconvertedintocashwithoutsignificantlossofvalue.答案：正確四、簡(jiǎn)答題（每題5分，共4題）1.Whataretheprimaryfunctionsofthefinancialsystem?答案：Theprimaryfunctionsofthefinancialsystemincludefacilitatingtradebyprovidingamediumofexchange,providingliquiditybyallowingassetstobeconvertedintocashquickly,managingriskthroughvariousfinancialinstruments,andallocatingcapitalefficientlybychannelingfundsfromsaverstoborrowers.2.Whatisthedifferencebetweenaprimarymarketandasecondarymarket?答案：Aprimarymarketiswherecompaniesissuenewsecuritiestoraisecapital,whileasecondarymarketiswhereexistingsecuritiesaretradedamonginvestors.Theprimarymarketisfortheinitialissuanceofsecurities,whilethesecondarymarketisforthetradingofalreadyissuedsecurities.3.Whatisthecapitalassetpricingmodel(CAPM),andwhatareitscomponents?答案：Thecapitalassetpricingmodel(CAPM)isatheoreticalframeworkusedtodeterminetheexpectedreturnonaninvestmentbasedonitsrisk.ThecomponentsofCAPMincludetherisk-freerate,themarketreturn,andthebetaoftheinvestment.TheformulaforCAPMis:ExpectedReturn=Risk-FreeRate+Beta(MarketReturn-Risk-FreeRate).4.Whatarethemaintypesoffinancialrisks,andhowcantheybemanaged?答案：Themaintypesoffinancialrisksincludemarketrisk,creditrisk,andliquidityrisk.Marketriskistheriskthataninvestment'sreturnswillbeaffectedbychangesinmarketconditions.Creditriskistheriskthataborrowerwilldefaultonaloanorbond.Liquidityriskistheriskthataninvestmentcannotbesoldquicklywithoutsignificantlossofvalue.Theseriskscanbemanagedthroughdiversification,hedging,andproperportfolioallocation.五、討論題（每題5分，共4題）1.Discusstheimportanceofdiversificationinportfoliomanagement.答案：Diversificationiscrucialinportfoliomanagementbecauseithelpstoreduceriskbyspreadinginvestmentsacrossvariousassets.Bydiversifying,investorscanminimizetheimpactofanysingleinvestmentperformingpoorly.Diversificationcanbeachievedthroughdifferentassetclasses,sectors,andgeographies.Itisbasedontheprinciplethatdifferentassetsdonotmoveinperfectcorrelation,thusreducingtheoverallriskoftheportfolio.2.Discusstheroleofthecentralbankinthefinancialsystem.答案：Thecentralbankplaysavitalroleinthefinancialsystembycontrollingmonetarypolicy,regulatingcommercialbanks,andmanagingthemoneysupply.Itaimstomaintainpricestability,promoteeconomicgrowth,andensurefinancialstability.Thecentralbankcaninfluenceinterestrates,conductopenmarketoperations,andactasalenderoflastresorttobanksintimesoffinancialdistress.3.Discussthefactorsthataffectthevalueofabond.答案：Severalfactorsaffectthevalueofabond,includingthecouponrate,yieldtomaturity,marketinterestrates,andthecreditworthinessoftheissuer.Thecouponrateisthefixedinterestpaymentmadebythebondholder.Theyieldtomaturityisthetotalreturnanticipatedifthebondishelduntilitmatures.Marketinterestratespla