《金融英语》练习题答案
以下答案仅供参考，不应作为唯一的标准答案。
Unit 1 Finance and Your Career
1. Answer the following questions based on the text
(1) According to Besley and Brigham, the three main areas of finance are financial markets, investments, and managerial finance (or business finance).
(2) Career opportunities in financial markets include working for financial institutions, such as banks, insurance companies, savings and loan associations, credit unions, mutual funds, investment banks, etc. Career opportunities in investments involve working for stock brokerage firms, financial institutions, investment companies, or insurance companies. Managerial finance offers the greatest number of jobs and mainly deals with decisions that firms make concerning their cash flows. (3) Graduates in finance in China can find jobs in both financial and non-financial areas. Majority of them can and are willing to find jobs in various financial institutions including banks, insurance companies, securities firms, etc. They can also work in accounting or auditing firms or in the department of finance in various enterprises. Job opportunities in international trade, administrative management, human resource management, and even marketing are also available. Some even start their own small businesses.
(4) Because finance plays an important role in management. For example, strategic planning cannot achieve its goals without considering how such plans will affect the overall financial well-being of the firm. (5) It is for the students to answer.
2. Translate the following passages into English
(1) The analysis on the employment of financial graduates in 2007 showed that
financial graduates had chosen the following institutions for their first jobs: a) commercial banks, including the four large-sized state-owned commercial banks, joint-stock commercial banks, city commercial banks, and the representatives or branches of foreign banks in China; b) securities companies, fund management companies, and securities and futures exchanges; c) trust and investment companies, financial investment holding companies, investment consulting companies, and large financial companies; d) financial holding groups, the four assets management companies, financial leasing companies, and guarantee companies; e) insurance companies and insurance brokerage companies; f)
financial regulatory authorities, such as the People’s Bank of China, China Banking Regulatory and Supervisory Commission, China Securities Regulatory and Supervisory Commission, and China Insurance Regulatory and Supervisory Commission; g) policy banks, such as the State Development Bank and the Agricultural Bank of China; h) the social securities fund management centers or bureaus; i) State civil servants in governmental organizations, such as the departments of public finance, auditing, and customs; j) faculty of the financial departments of higher educational institutions and researchers in research institutions; k) the securities and financial departments, representatives of securities affairs, and secretaries to chairmen of the boards of listed companies or companies that will be listed soon.
(2) At present, the qualification examinations of the financial practitioners in China
include: Securities Practitioners Certificate, Certified International Investment Certificate (CIIA), Chartered Financial Analysis (CFA), Sponsor Qualification Certificate, Futures Practitioners Certificate, Insurance Brokerage and Assessment Practitioners Certificate, Financial Planning Analyst, and the Financial English Certificate Test (FECT).
3. Translate the following passages into Chinese
(1) 当你报名参加注册金融分析师考试时，你就成为一名应试者。作为应试者，你需要学习应试指定的课程，然后相继参加三个等级的考试。若你通过了所有这些考试，达到了专业和道德标准，并且成为注册金融分析协会的一名正式会员，你就成为一名注册金融分析师资格证持有者。世界各地的考点均举行各个等级的考试。一级考试在六月和十二月举行，二级和三级考试只在六月份举行。
(2) 参加美国注册会计师统一考试的资格由各州会计委员会来确定。通常要求具有美国学士学位，包括需要多修一个学年且在会计和管理方面有最低资格学时的要求。这项五学年的要求就是著名的“150学时规则”，已经被大多数州的会计委员会所采用，尽管有一些例外。这项强制150学时的要求已经被45个州采纳。
Unit 2 Money
1. Answer the following questions based on the text
(1) The four basic functions of money are medium of exchange, unit of account, store of value, and standard of deferred payment.
(2) M1 is the narrowest measure of money, including currency, checking account deposit, and traveler’s checks. These can be used directly as a medium of exchange. M2 = M1 + other assets, such as money market deposit accounts,
money market mutual fund shares, small-denomination time deposits, savings deposits, overnight repurchase agreements, and overnight Eurodollars. These assets are extremely liquid because they can be turned into cash quickly at very little cost. M3 = M2 + somewhat less liquid assets, such as large-denomination time deposits, term repurchase agreements ,term Eurodollars, and institutional money market mutual fund shares.
(3) Gold standard is a monetary system in which currencies are pegged to gold and convertibility is guaranteed. Under gold coin standard, mints freely accept gold from the public and manufacture coins, and gold coin is legal tender. Under gold bullion standard, gold coins do not circulate, but the authorities have agreed to sell gold bullion on demand at a fixed price in exchange for the circulating currency. (4) In 1944, forty-four countries attended an international conference in Bretton Woods to restructure international finance and currency relationship. The conference created a new international fixed exchange rate regime – the Bretton Woods System. With the new regime, the United States defined the value of its dollar in terms of gold, and one ounce of gold was equal to US $35. All other members had to revalue their currencies in terms of U.S. dollars or gold. Essentially this was an adjustable peg system with parity set within a band of plus or minus 1 percent of par.
(5) The Smithsonian Agreement placed the G-10 countries on an inconvertible paper standard, the “dollar standard”. Nine currencies were revalued relative to the U.S. dollar, making them convertible into the dollar, with the dollar not convertible into gold. As an exception, the Canadian dollar was not pegged to U.S. dollar but allowed to float.
2. Translate the following passages into English
(1) The gold standard began to prevail in the mid-19th century. There were three variations of gold standard in history: gold coin standard, gold bullion standard, and gold exchange standard. Among them, gold coin standard was the most typical one.
(2) Under the Bretton Woods System, U.S. dollar could be converted into gold and other countries carried out an adjustable peg system. They were the two backbones of the system. The International Monetary Fund (IMF) is the central organization to maintain the normal running of the system. The three functions of IMF are supervising exchange rates, providing international credits, and coordinating international currencies.
(3) Under the floating exchange rate system, the countries do not stipulate the bands of exchange rate fluctuations and the central banks are no longer obliged to
maintain the rate caps and floors. The exchange rates freely float and self adjust based on the supply and demand in the foreign exchange markets. 3. Translate the following passages into Chinese
(1) 特别提款权（SDR）是国际货币基金组织于1969年设立的，其目的在于支撑“布雷顿森林体系”下的固定汇率制度。加入该体制的成员国需要官方储备——政府或中央银行持有的黄金或者普遍可接受的外币——在国际外汇市场上购买本国货币来维持其汇率。但是两大储备资产美元和黄金的国际供给证明不足以维持世界贸易扩张和正在进行的金融发展。因此，在国际货币基金组织的支持下，国际社会决定设立一种新的国际储备资产。
(2) 贝宝（PayPal）是通过互联网进行支付与资金转移的电子商务平台。贝宝账户的资金可以从银行账户电子借记，也可以由信用卡提供。一笔贝宝交易的收款人要么要求贝宝支票，确定他们自己的贝宝存款账户，要么要求直接支付到他们的银行账户。
Unit 3 Financial Market
1. Answer the following questions based on the text
(1) Generally speaking, the participants in the financial market can be divided into
borrowers and savers. Savers have excess funds while borrowers have a shortage of funds. From the perspective of investment intention, the participants can be divided into investors and speculators. From the perspective of investment size, the participants can be divided into institutional investors and individual investors. Institutional investors are banks, insurance companies, retirement funds, hedge funds, or mutual funds.
(2) The primary function of financial market is to channel funds from individuals and
businesses that have surplus funds to individuals, businesses, and governments that have a shortage of funds. Other functions include price determination, information aggregation and coordination, risk sharing, liquidity, and efficiency. (3) A debt instrument is a contractual agreement thereby the borrower repays the
lender the principal and interest at regular intervals until the maturity date, regardless of the success or failure of any investment projects for which the borrowed funds are used. It can be considered temporary funding. Equity is not a specific contract guaranteeing that cash distributions will be made or that the investment will be repaid. Equity is more permanent because it has no specific maturity. Equity usually makes dividends to their holders.
(4) Common stock provides the holder voting rights and entitles the holder to a share
of the company’s success through dividend and/or capital appreciation. The return that a common stock holder receives depends on the success of the issuing
company’s performance. A preferred stock holder does not enjoy voting right, but receives a fixed dividend expressed as a percentage of the par value, although the company does not have to pay this dividend if it lacks the financial ability to do so.
(5) The primary market is where new securities are sold to the public. The investment
banker helps the initial sale of securities by underwriting securities and guarantees the sales of part or whole of a corporation’s securities and then sells them to the public.
(6) The over-the-counter market is an intangible one that consists of a network of
brokers and dealers located around the world. Dealers at different locations who have an inventory of securities stand ready to buy and sell securities “over the counter” to anyone who comes to them and are willing to accept their prices in an over-the-counter market.
2. Translate the following passages into English
(1) The market players of China’s financial markets continued to grow rapidly, with
institutional investors constantly increasing and becoming stronger and participants more diversified. These have changed the homogeneity of market participants and improved the market structure. By the end of 2007, the number of institutional investors in the national interbank bond market had reached 7,095, including 2,215 financial institutions and 4,940 non-financial corporations. (2) The market maker system is a trading system in which the business legal person
with a certain financial strength and credibility in securities market and foreign exchange market keeps providing dealers with bid and ask prices of some kind of financial products, is ready to buy and sell at quoted prices, and assumes the obligation to maintain the market liquidity and enjoy certain privileges. Experience in developed countries suggests that the market maker system can efficiently improve market liquidity and meet market demand. It is one of the most important systems in the over-the-counter market. 3. Translate the following passages into Chinese
(1) 美国财政部的基本职能包括：1）管理联邦财政；2）为美国政府征税聚资并替政府买单；3）货币职能；4）管理政府账户和公共债务；5）监管国内银行和储蓄机构；6）为国际国内金融、货币、经济、贸易以及税收政策提供建议；7）执行联邦金融与税收法律；8）调查和起诉逃税、伪造以及造假者。 (2) 香港联合交易所有限公司是香港交易及结算所有限公司全资拥有的子公司。为了加强首次公开发行股票申请流程的透明度，联交所于今日出版了相关的指导材料。这些指导材料是为了简化上市申请流程所做的长期努力的一部分，也是由今年六月出版的《有关建议修改股本证券上市有关存档及核对清单规