CMA考试New Part2 模拟练习题（九）

　　第41题

　　In a managed floating exchange rate system

　　1、 the currency exchange rate is changed only when approved by the central bank administrators.

　　2、 the currency rate is supported by interventions by central banks in order to stabilize or alter rates.

　　3、 currency exchange rates are determined solely by market supply and demand.

　　4、 the currency rate is tied to a certain relationship to the price of gold.

　　第42题

　　A letter of credit is

　　1、 a bill that must be paid at a specified time in the future or upon completion of specified requirements by the exporter.

　　2、 a draft drawn to finance an export, with the bank promising to pay the draft at a specified future date to whomever holds the certificate.

　　3、 sent by a lender to an exporter on behalf of an importer stating that the bank will pay a draft with appropriate accompanying documentation.

　　4、 a written agreement where an importer agrees to sell product for an importer and remit proceeds of the sale when completed.

　　第43题

　　Garner Products is considering a new accounts payable and cash disbursement process which is projected to add 3 days to the disbursement schedule without having significant negative effects on supplier relations. Daily cash outflows average $1,500,000. Garner is in a short-term borrowing position for 8 months of the year and in an investment position for 4 months. On an annual basis, bank lending rates are expected to average 7% and marketable securities yields are expected to average 4%. What is the maximum annual expense that Garner could incur for this new process and still break even?

　　1、 $270,000

　　2、 $315,000

　　3、 $180,000

　　4、 $90,000

　　第44题

　　Dexter had a total sales of $250,000 in the first quarter of the year. If its accounts receivable (A/R) balance was $140,000 on January 1st and was $180,000 on March 31st, how much cash did it collect from its customers in the first quarter of the year?

　　1、 $250,000

　　2、 $210,000

　　3、 $40,000

　　4、 $290,000

　　第45题

　　Each month, a parts supplier sends a fabricator a monthly statement showing invoices for the period. Established credit terms are 5/10 net 30. Which of the following types of credit extension does this represent?

　　1、 Revolving credit

　　2、 Letter of credit agreement

　　3、 Installment credit

　　4、 Open account