2020年12月甘肃CIA机考预约开放时间11月10日 - 11月30日

______ are bonds which carry a rate of interest and give the owner the right to exchange the bonds at some stage in the future into ordinary shares according to a prearranged formula.

A．Treasury bonds

B．Corporate bonds

C．Convertible bonds

D．Revenue bonds

听力原文：The bank's foreign exchange department has to keep constant track of the positions in the various currencies.

(7)

A．The bank's foreign exchange department has to record the positions in the various currencies.

B．The hank's foreign exchange department has to record the positions in the various currencies.

C．The bank's foreign branches department has to record the various foreign currency liabilities.

D．The bank's foreign branches department has to record the positions in the various currencies.

"Vulnerable to" in Line 3 probably means ______.

A．subject to

B．easy to be attacked by

C．of great volume

D．likely to damage

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