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Business English Exercises
 

Futures Contracts

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Home > Teaching Business English > Business English Lessons, Advanced Level # 344
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CME created the world's first financial futures contracts by introducing futures on seven foreign currencies in May 1972; the original currency contracts included CME British pounds, CME Canadian dollars, CME Deutsche marks, CME French francs, CME Japanese yen, CME Mexican pesos and CME Swiss francs.

Correct answer: (c) financial

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Capital Cost Allowance may be deducted annually in Canada, which is in no way reflective of the expected useful life of the asset, but is an arbitrary determined amount specified in the Income Tax Act; because it is a deduction from income for tax purposes, CCA acts as a tax shield in the year in which it is claimed.

Correct answer: (d) shield

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Any purchase where the down payment is less than 20% is considered a high-ratio mortgage, and the mortgage must be insured by the Canada Mortgage and Housing Corporation (CMHC) or Genworth Financial Canada (Genworth).

Correct answer: (b) ratio

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501 Business English Exercises — Printable, photocopiable.
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To vote as a stockholder of record, please click on the vote link above; registered stockholders typically have their shares held in stock certificate form or in book-entry form by IBM's transfer agent, EquiServe Trust Company, N.A.

Correct answer: (c) of

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A noncompetitive bid is, for a single-price auction, a bid to purchase a stated par amount of securities at the highest yield or discount rate awarded to competitive bidders; for a multiple-price auction, it is a bid to purchase securities at the weighted average yield or discount rate of awards to competitive bidders.

Correct answer: (b) noncompetitive

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As to Type III securities which are currently defined as securities that "a bank may purchase and sell for its own account subject to a 10 percent limitation, but may neither deal in nor underwrite", the proposal merely redefines it as an investment security that does not qualify as a Type I, II, IV or V security.

Correct answer: (c) an investment

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A limited discretionary account is an arrangement in which a client has given his/her broker the ability to make certain types of trades without prior consent; such an arrangement is only recommended if the investor has a high degree of trust in the broker's honesty and professional ability.

Correct answer: (b) discretionary

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In managing a large portfolio with options on different underlying contracts, the volatility risk is of great importance; one tool is a Value at Risk framework to measure and manage that risk, i.e. to estimate a measure in money with a given degree of confidence of how much one can lose from one's portfolio over a given time horizon.

Correct answer: (d) volatility

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If enough banks and investors become sufficiently reluctant to lend, the 'multiplier effect' will go into reverse: total credit will contract, so bank deposits will contract, so the supply of money will contract, all with the same degree of leverage with which they were intially expanded.

Correct answer: (d) multiplier

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Option premiums are determined by open outcry in the trading pits of commodity exchanges such as the Chicago Board of Trade, New York Cotton Exchange, Chicago Mercantile Exchange, and the Kansas City Board of Trade.

Correct answer: (c) premiums

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Business English Practice Exercises Business English Tests — several topics are covered: office matters, job applications, computer English, money expressions, business law, operations management, retail marketing, e-commerce, accounting terms, contracts and agreements, commercial correspondence, etc.
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