1．The statement of cash flows is designed to assist users in assessing each of the following， except ______．
　　A．the ability of a company to remain solvent
　　B．the company's profitability
　　C．the major sources of cash receipts during the period
　　D．the reasons why net cash flows from operating activities differ from net income
　　2．Which of the following is a main policy tool of the central bank? ______．
　　A．Taxation
　　B．Open market operation
　　C．The prime rate
　　D．The money supply
　　3．Which of the following is not included in the statement of cash flows， or in a supplementary schedule accompanying the statement of cash flows? ______．
　　A．Disclosure of the amount of cash invested in money market funds during the accounting period
　　B．A reconciliation of net income to net cash flows from operating activities
　　C．Disclosure of investing or financing activities that did not involve cash
　　D．The amount of cash and cash equivalents owned by the business at the end of the accounting period
　　4．The yield on bank reserves is equal to ______．
　　A．the discount rate
　　B．the prime rate
　　C．a specific rate decided by the central bank
　　D．0 percent
　　5．The feature of APT that offers the greatest potential advantage over the simple CAPM is the ______．
　　A．identification of anticipated changes in production， inflation， and term structure of interest rates as key factors explaining the risk－return relationship
　　B．superior measurement of the risk－free rate of return over historical time periods
　　C．use of several factors instead of a single market index to explain the risk－return relationship
　　D．variability of coefficients of sensitivity to the APT factors for a given asset over time
　　6．In documentary collection， the exporters present the documents to ______ after the goods have been shipped．
　　A．the remitting bank
　　B．the collecting bank
　　C．the reimbursing bank
　　D．the opening bank
　　7．If a bank has ______ rate－sensitive liabilities than assets， a ______ in interest rates will reduce bank profits， while a ______ in interest rates will raise bank profits．
　　A．fewer．．．rise．．．decline
　　B．more．．．decline．．．rise
　　C．more．．．rise．．．decline
　　D．fewer．．．rise．．．rise
　　8．An L/C applicant is unhappy with the goods he receives．He is due to pay a term bill of exchange．Which of the following course of action could take place? ______．
　　A．He is obliged to pay as the documents were in order
　　B．He can instruct the issuing bank not to debit him
　　C．He can pay a reduced amount to compensate for the inferior goods
　　D．He instructs the issuing bank to return the documents with a payment refusal statement to the beneficiary
　　9．Which of the following would be considered a Eurodollar?______．
　　A．A U．S．dollar in a bank outside the U．S．
　　B．A U．S．dollar held as an international reserve asset by a foreign central bank
　　C．A Federal Reserve note （a dollar bill） in the pocket of a tourist visiting Europe
　　D．None of the above
　　10．Which of the following is usually least important as a measure of short－term liquidity?______．
　　A．Quick ratio
　　B．Current ratio
　　C．Debt ratio
　　D．Cash flows from operating activities
　　11．When the Japanese yen appreciates， then we might expect （everything else equal） that imports in Japan will ______and exports will______．
　　A．rise．．．fall
　　B．rise．．．rise
　　C．fall．．．fall
　　D．fall．．．rise
　　12．Which of the following statements is correct? ______．
　　A．A change in the discount rate usually precedes changes in reserve requirements
　　B．A change in the discount rate usually confirms policy changes
　　C．A change in the discount rate usually initiates a change in policy
　　D．The discount rate usually moves in the opposite direction from other interest rates
　　13．When borrowers know more than lenders about the future prospects of a project to be undertaken with borrowed funds， the lender faces the problem of______．
　　A．moral indignation
　　B．default risk C．free riding
　　D．asymmetric information
　　14．If a company's current ratio declined in a year during which its quick ratio improved， which of the following is the most likely explanation? ______．
　　A．Inventory is declining
　　B．Inventory is increasing
　　C．Receivables are being collected more rapidly than in the past
　　D．Receivables are being collected more slowly than in the past
　　15．A stock has a beta of 0．5．What does this mean? ______．
　　A．The stock will fall on average by half as much as the market
　　B．The stock will fall and rise by twice as much as the market
　　C．Every time there is a price movement， the stock will rise or fall by half as much as the market
　　D．The stock price change will on average be half as much as the market price change
　　16．What does P/E Ratio stand for?______．
　　A．Public Earnings Ratio
　　B．Premium Earnings Ratio
　　C．Price Earnings Ratio
　　D．Private Equity Ratio
　　17．If the central bank wishes to increase the level of bank reserves temporarily， it should ______．
　　A．purchase government securities outright
　　B．raise reserve requirements
　　C．buy government securities under a repurchase agreement
　　D．sell government securities under a reverse repurchase agreement
　　18．Which of the following business strategies is most likely to increase the net cash flows of a software developer in the short run but to reduce them over a longer term? ______．
　　A．Develop software that is more costly to create but easier to update and improve
　　B．Lower the price of existing versions of products as customer demand begins to fall
　　C．Purchase the building in which the business operates （assume the company currently rents this location）
　　D．Reduce expenditures for the purpose of developing new products
　　19．Exchange controls require the government ______．
　　A．to ensure that the foreign－exchange market is perfectly competitive
　　B．to stop buying foreign exchange
　　C．to sell more foreign exchange than it buys
　　D．to balance inflows and outflows of foreign exchange at the current exchange rate
　　20．See the following diagram：
　　Bank A
　　Assets Liabilities
　　Rate－sensitive$20 million$50 million
　　Fixed－rate$80 million$50 million
　　If interest rates rise by 5%， say from 10% to 15%， bank profits （measured using gap analysis） will ______．
　　A．decline by $0．5 million
　　B．decline by $2．5 million
　　C．decline by $1．5 million
　　D．increase by $1．5 million
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