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Passage Three Similar to a non-financial business, a commercial bank obtains funds from creditors and shareholders; uses funds for its raw materials labor, and recovers funds, hopefully in excess of the amount. The raw materials purchased are funds instead of steel, clothing, or groceries. As in non-financial business a band management’s basic objective should be to maximize the value of the owner’s investment in the bank. Useful information on the appropriate tradeoffs between made and risks taken is obtained from relatively efficient markets for most publicly held banks. The management of smaller banks seeks to achieve the highest returns for the risk level deemed appropriate by the shareholders. The recovery of funds of a commercial bank is ideally managed on a parallel with its expenditure.
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Passage Two The Securities Exchange Act of 1936 established the Securities and Exchange (61) (SEC) and gave it authority (62) the securities markets. All brokers and dealers doing business in the organized markets must register (63) the SEC. A broker assists the trading process by buying or selling securities in the market for a (n) (64) . A dealer satisfies investors’ trades by buying and selling securities from his own inventory. In addition, attempts to (65) securities prices were declared illegal.
Passage 2 Liabilities are obligations a company owes to outside parties. They represent rights of others to money or services of the company. Examples include bank loans, debts to suppliers and debts to employees. On the balance sheet, liabilities are generally broken down into current liabilities and long-term liabilities. Current liabilities are those obligations that are usually paid within the year, such as accounts payable, interest on long-term debts, taxes payable, and dividends payable. Because current liabilities are usually paid with current assets, as an investor it is important to examine the degree to which current assets exceed current liabilities. The most pervasive item in the current liability section of the balance sheet is accounts payable. Accounts payable are debts owed to suppliers for the purchase of goods and services on an open account. Almost all firms buy some or all of their goods on account. Therefore, you will often see accounts payable on most balance sheets. Long-term debt is a liability of a period greater than one year. It usually refers to loans a company takes out. These debts are often paid in installments. If this is the case, the portion to be paid off in the current year is considered a current liability. That wraps up our short review of liabilities. You only have one piece of the balance sheet left to learn shareholders’ equity. Remember that assets minus liabilities equals shareholders’ equity. Shareholders’ equity is the value of a business to its owners after all of its obligations have been met. This net worth belongs to the owners. Shareholders’ equity generally reflects the amount of capital the owners invested plus any profits that the company generates that are subsequently reinvested in the company. This reinvested income is called retained earnings. Which of the following statements is true Accounts payable are ______.
Passage 3 Date: 26 Jan. 1993 From: the Kwangtung provincial bank, H. K. Corporate division-treasury Foreign exchange market: Dollar continued its weakness and dropped almost two pfennigs against mark on Monday dealing. Traders’ sentiment was changing greatly. At the beginning of this year, dollar rallied due to positive sentiment that the economy would recover in the expected fashion and German interest rate would ease soon. However, the hopes were dashed after a series worse-than-expected data were released and reluctance to cut rate by German Bundesbank. It seemed that the present us-German interest rate differential would be unlikely to narrow. On Monday trading, technical factor drove dollar further lower and it was quoted as low as 1.57 marks. Some dealers were quite bearish towards dollar, expecting it to ease further to 1.55 even 1.53 level in near future. Dollar also performed weak against Japanese yen. Dealers claimed that the talk of Japanese interest rate cut had been discounted, adding almost no pressure on the Japanese yen. Meanwhile, market was turning focuse on trade balance. Due to huge surplus, dealers believed that the yen should be stronger. During intraday dealing, the dollar was once quoted as low as 122. 75 yen. "Some dealers were quite bearish towards dollar." What does "bearish" mean in this sentence
Directions: There are 10 blanks in the following passages. For each blank, there are four choices marked A, B, C and D.Passage One Liquidity risk arises from the inability of a bank to accommodate unexpected decreases in (56) or to fund increases in (57) . When a bank has (58) liquidity, it cannot obtain sufficient funds, either by increasing liabilities or by (59) assets promptly, at a reasonable cost, thereby affecting profitability. In extreme cases, insufficient liquidity can lead to the (60) of a bank.
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