FECT Exercises－1（3）

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　　69. A barter economy is one that does not possess _______.
　　A. any wealth B. printed currency
　　C. a medium of exchange D. gold
　　70. Which of the following is not true of airway bill？ ______.
　　A. When goods are delivered to the airline， the airway bill is signed by them or their agents as a receipt of the goods
$ z5 S/ E' o; h6 a% J7 t　　B. Airway bill is a document of title to the goods
　　C. Airway bill may also provide evidence of despatch of the goods where it has been stamped indicating details of the relevant flight
　　D. None of the above
　　71. The value of money varies _____.
) Z# Q; h* j& i2 V% ]6 D8 c　　A. directly with the unemployment rate
8 Q3 F' N6 h! r/ r3 f4 G. J2 j　　B. directly with the price level
　　C. inversely with the unemployment
* ^( _! T0 z5 O! _4 L: h　　D. inversely with the price level
　　72. The economics news on the television reports that the dollar has strengthened relative to the Japanese yen. This means that ______.
; @6 m9 W* M3 g　　A. the dollar has depreciated relative to the yen
　　B. the dollar can now purchase more yen
% n& C; a$ E" H9 i" T　　C. the yen can now purchase more dollars
　　D. the US trade balance with the Japanese economy has improved
- ^: s  C6 A! w6 F9 M　　73. The theory of international exchange that holds that exchange rates are set so that the price of similar goods in different countries is the same is the ______.
　　A. price feedback theory
　　B. trade feedback theory
　　C. purchasing power parity theory
3 h- W: t7 D$ b6 v- o　　D. J－curve theory
, A5 c' q* G4 i! B# o* }4 j1 ^5 c　　74. According to the optimal portfolio theory， where should portfolios lie？ ______.
　　A. On the efficient frontier
　　B. Above the efficient frontier
3 i! b$ J0 V9 U  }; w/ N& E　　C. Under the efficient frontier
6 u3 r% y8 W: {# I& T　　D. Anywhere， as long as the portfolio is diversified
% w8 U( G( V; p, l　　75. Which of the following is not a user of management accounting information？ ______.
　　A. Store manager
6 p/ h9 @' ^3 P8 w0 z. R1 W+ Y! S; I　　B. Creditor
+ f% W+ L9 S# T, J& ^, F! [　　C. CEO
) E+ g- N8 S+ t/ |: @) M　　D. CFO
) p6 o$ v4 [/ P. j& k+ W( x　　76. Based on the scenarios below， what is the expected return for a portfolio with the following return profile？ ______.
5 W4 A1 I( A& A4 g" C) B　　Market Condition
" O4 C( B, B1 O, H/ c　　bear　 Normal　 Bull 　 Probability　 02　 0.3　 05　 Rate of return　 —25%　 10%　 24%
( G* o' v" _8 B  U8 L5 z! ^8 W　　A. 4% B. 10% C. 20% D. 25% Use the following expectations on Stocks X and Y to answer questions 17 through 19 （round to the nearest percent）.
: G9 k& j+ k( E" u$ D' {# p　　Bear Market　 Normal Market　 Bull Market　 Probability　 0.2　 0.5　 0.3　 Stock X_　 －20%　 18%　 50%　 Stock Y　 －15%　 20%　 10%
' m$ i; C" S' Z2 Q7 {　　77. Financial markets serve to channel funds from ______.
　　A. the government to contractors
　　B. investors to consumers
, F' a! Z3 d2 R! g　　C. consumers to producers
　　D. savers to investors
4 c7 @& p/ m" d6 l, E8 h　　78. The agreements that were reached at the Bretton Woods conference in 1944 established a system .
# J7 z7 b: S4 O+ Z  a　　A. of essentially fixed exchange rates under which each country agreed to intervene in the foreign exchange market when necessary to maintain the agreed－upon value of its currency
　　B. of floating exchange rates determined by the supply and demand of one nation‘s currency relative to the currency of other nations
1 _+ f- [7 s; e! K2 W- s　　C. that prohibited governments from intervening in the foreign exchange markets
　　D. in which the values of currencies were fixed in terms of a specific number of ounces of gold， which in turn determined their values in international trading
! L8 T( ]+ C" d　　79. Which of the following statements is not consistent with generally accepted accounting principles relating to asset valuation？
5 q! m' u. Z8 \; \- E6 q6 Z6 e* X　　.
% `; z. ?( U* e0 D2 [4 w$ G　　A. Assets are originally recorded in accounting records at their cost to the business entity
　　B. Accountants prefer to base the valuation of assets upon objective， verifiable evidence rather than upon appraisals or personal opinion
　　C. Accountants assume that assets such as office supplies， land and buildings will be used in business operations rather than sold at current market prices
　　D. Subtracting total liabilities from total assets indicates what the owner‘s equity in the business is worth under current market conditions
　　80. A fiscal expansion in the UK ______ the pound sterling.
　　A. tends to appreciate
' b6 k  ~8 h# t' P; W. P' u　　B. tends to depreciate
　　C. does not affect the price of
$ W1 c% K" E# Q) N1 h　　D. has no predictable effect on the price of
　　81. What are the expected returns for Stocks X and Y respectively？ ______.

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　　A. 20% and 10%
　　B. 18% and 12%
　　C. 20% and 11%
, H( j, @4 v+ c5 h' V) F6 s　　D. 18% and 5%