If you can invest in part of a project, it is ______.

What is the main consideration when deciding to invest in shares？

A．How much you pay for the shares.

B．How quickly you can make a profit.

C．How willing you are to take risks.

D．How financially secure you arc.

A.sell a put option and invest at the risk-free rate of return

B.buy a call option and write a put option on a stock and also borrow funds at the risk-free rate

C.sell a put and buy a call on a stock as well as invest at the risk-free rate of return

D.lend out funds at the risk-free rate of return and sell a put option on the stock

E.borrow funds at the risk-free rate of return and invest the proceeds in equivalent amounts of put and call options.

听力原文： If you want to invest money at short term, you've got several possibilities: first, a current account. This gives you the possibility of having all your money at your immediate disposal. It also entitles you to a cheque-book. Second, you've got a deposit account, which usually pays about 3. 5% interest, less tax. In that respect, a deposit account's a better investment than a current account. However, though you are entitled to a cheque-book, you can only withdraw up to a certain sum each month. For large amounts, you must give the bank a few months' notice. Finally, you have certificates of deposit. These pay in the order of 6.5% interest.

28. How many possibilities are there for a customer to invest money at short term？

29.With what kind of deposit can a customer NOT use a cheque-book？

30.What is the interest rate for maintaining a deposit account？

(28)

A．2.

B．5.

C．4

D．3

There are lots of reasons for buying a new mattress(床垫): getting married，moving to a new home or simply the desire for more sleeping space. No matter what the reason，the ultimate expectation is a good，restful night's sleep.

But with all the different constructions，firmness，sizes and prices for sleep sets，how do you decide which one is right for you？ The makers suggest you treat bedding as a long-term investment. This means carefully considering the quality and comfort you are getting for your money.

If you've decided to buy a new mattress，invest in the very best you can afford. Prices are determined by the material used，the quality of construction and the size of the set. It's an investment in one-third of everyday of your life and that can have a dramatic effect on how you feel the other two-thirds.

the one hand, and in Britain on the other hand. In Britain, the market is really the City of London. It is a free market, and it controls most of the flow of savings to investment. On the Continent, either a few banks or government institutions dominate the money markets. In France and Italy, for example, government officials direct the flow of funds to suit their economic plans. In Germany the flow is directed by the all-powerful banks. In Britain there are more free interplay of market forces and far fewer regulations, rules and "red tape". A French banker summed it up this way: "On the Continent you can't do anything unless you've been told you can; in England on the other hand you can do everything as long as you haven't been told not to. "

There are many basic reasons for these differences. One is that Continental savers tend to prefer gold, cash or short-term assets. They invest only 10% of their savings in institutions like pension funds or insurance companies. But in Britain 50% of saving goes to them, and they, in turn, invest directly in equity market. A far lower proportion of savings is put in the banks in the form. of liquid assets than on the Continent. Continental governments intervene directly or through the banks to collect savings together and transform. them into medium or long-term loans for investment. The equity market is largely bypassed. On the Continent economic planning tends to be far more centralized than in Britain. In Britain it is possible to influence decisions affecting the country's economy from within the City. It attracts skilled and highly qualified work force. In France, on the other hand, an intelligent young man who wants a career in finance would probably find the civil service more attractive.

In Britain the market, or more accurately, money tends to be regarded as an end in itself. On the Continent it is regarded as a means to an end; investment in the economy. To British eyes continental systems with the possible exception of the Dutch seem slow and inef-ficient. But there is one outstanding fact the City should not overlook, British's growth rates and levels of investment over the last ten years have been much lower than on the Continent. There are many reasons for this, but the City must take part of the blame. If it is accepted that the basic function of a financial market is to supply industry and commerce with finance in order to achieve desired rates of growth, it can be said that by concentrating oil the market for its own sake the City has tended to forget that basic function.

What is the best title for the passage？

A．Savings and the Growth Rate.

B．Banking and Finance: Two Different Realities.

C．Monetary Policy in Britain.

D．The European Continent and Britain.

听力原文： A certificate of deposit (CD) is a time deposit with a bank. Time deposits may not be withdrawn on demand like a check account. CDs are generally issued by commercial banks but they can be bought through brokerages. They bear a specific maturity date that usually lasts from 3 months to 5 years, a specified interest rate, and can be issued in any denomination, very similar to bonds. CDs offer a slightly higher yield than T-Bills because of the slightly higher default risk for a bank, but overall the likeliness of a large bank going broke is pretty slim. Of course, the amount of interest you earn depends on a number of factors such as the current interest rate environment, how much money you invest, the length of time, and your specific bank.

24. What is a CD？

25.Which of the followings generally issue CDs？

26.How long does a specific maturity usually last？

27.Why do CDs pay higher return to investors than T-bills？

(24)

A．A term deposit that can be drawn at any time.

B．A time deposit with a bank.

C．A current deposit.

D．A cheek account.

budgeting comes in.A detailed budget helps you keep tabs on your income.There are many people who are able to live comfortably on what they earn, even if their income is modest.A budget, therefore, keeps track of income and expenses.It will segregate your fixed expenses like your food, stay and insurance and your variable expenses like your travel, entertainment, etc.

Adequate insurance for you and your family is an essential part of investing.Life, health and property insurance protect you and your loved ones from unforeseen mishaps.It is also wise to make a will so that your assets can be handled smoothly.

Good personal finance management involves investing, managing risk, insurance, understanding and handling debt and credit, knowing the value of time and money and ensuring that your retirement is taken care of.While planning you make an assessment of your present situation in relation to your goals.Managing personal finances becomes a hassle when you get into debt.Debt is what you owe, and can be good and bad.If you have borrowed money to buy property, it is an investment and the money you pay against interest on the loan is tax deductible.But running up debts like overdue credit cards is not good.This is why budgeting is very important so that you know exactly where your money is going.It is very easy to lose track of what you spend without a budget.

There are multiple ways to invest and save for the future.The crux of the matter is to keep in mind your sources of income and account for your expenses, while keeping a budget that is feasible.Periodical review keeps you in control of your personal finance.

1.The word "modest" in Para.1 probably means "____________"？

2.How many ways of finance management does the author mainly mention？

A.3

B.4

C.5

D.2

3.What's the essential part of investing for a family？

A.Sources of income

B.Various expenses

C.Adequate insurance

D.Detailed budget

4.How does the author think of debt？

A.It's completely bad

B.It's both good and bad

C.It's wonderful

D.It's not mentioned

5.What does this passage mainly talk about？

A.How to manage money

B.How to spend money

C.How to invest money

D.How to loan money

More than how much money comes in it's a matter of how you spend it.That's where budgeting comes in.A detailed budget helps you keep tabs on your income.There are many people who are able to live comfortably on what they earn, even if their income is modest.A budget, therefore, keeps track of income and expenses.It will segregate your fixed expenses like your food, stay and insurance and your variable expenses like your travel, entertainment, etc.

Adequate insurance for you and your family is an essential part of investing.Life, health and property insurance protect you and your loved ones from unforeseen mishaps.It is also wise to make a will so that your assets can be handled smoothly.

Good personal finance management involves investing, managing risk, insurance, understanding and handling debt and credit, knowing the value of time and money and ensuring that your retirement is taken care of.While planning you make an assessment of your present situation in relation to your goals.Managing personal finances becomes a hassle when you get into debt.Debt is what you owe, and can be good and bad.If you have borrowed money to buy property, it is an investment and the money you pay against interest on the loan is tax deductible.But running up debts like overdue credit cards is not good.This is why budgeting is very important so that you know exactly where your money is going.It is very easy to lose track of what you spend without a budget.

There are multiple ways to invest and save for the future.The crux of the matter is to keep in mind your sources of income and account for your expenses, while keeping a budget that is feasible.Periodical review keeps you in control of your personal finance.

1.The word "modest" in Para.1 probably means "____________"？

A.Honest

B.Mild

C.Average.

D.Large

2.How many ways of finance management does the author mainly mention？()

A.3

B.4

C.5

D.2

3.What's the essential part of investing for a family？()

A.Sources of income

B.Various expenses

C.Adequate insurance

D.Detailed budget

4.How does the author think of debt？()

A.It's completely bad

B.It's both good and bad

C.It's wonderful

D.It's not mentioned

5.What does this passage mainly talk about？()

A.How to manage money

B.How to spend money

C.How to invest money

D.How to loan money

A．Universal life insurance was the best solution to the rigidity of whole life insuranc

E．It let consumers enjoy much greater flexibility by allowing premium payment amounts to be adjustabl

E．With a universal life policy, you could also withdraw from your plan without the heavy penalties and interest that whole life plans carried with them．

B．Other varieties of permanent life insurance later came on the sc

E．For example,variable life insurance emerged as a solution for consumers who wanted to take a greater risk with their investment but also gain the potential for much higher returns． Variable permanent life insurance is the best of both worlds because it combines the perks of whole life with the flexibility of universal． You can have greater control over the money you invest in your plan when you choose this option． Additionally, permanent health insurance plans all have great tax breaks, so when you combine the tax incentives of permanent life with the possible returns of investing in a variable plan, you may see your money explode in growth over tim

E．No matter which permanent life option you choose,if you think you are a candidate for coverage,you should seek out an independent financial advisor that can assist you with choosing from these options．

C．You know that investing, risk, and liquidity are not your primary motivators for purchasing life insuranc

E．The main reason is to protect your family with money for their living expenses if you di

E．The great thing about permanent life insurance is that it accomplishes this goal for your whole lifetime,and although investing is secondary, you also get the key benefit of an investment component． A permanent life insurance policy has a kind of "savings account" built right into the policy, so you have the ability to tap into or borrow against the cash value your policy has accumulated over time

D．Permanent life insurance is better than term life because term insurance only covers you for a predetermined number of years． Although term life plans carry much lower premium payments, the policies build up no cash value over tim

E．Permanent life plans are also great because the cash value that you accumulate over time is not taxed until you decide to withdraw it． You can even sidestep those taxes by taking out a loan against your policy． This is great for people who make a lot of money because they can shelter their earnings in a permanent life plan when they have maxed out all of their other investment options．

E．One of the primary disadvantages of permanent life insurance is that it provides more coverage than most people may nee

D．In addition, if you have not maxed out your other investment options, then a permanent life plan might not be your best investment． The goal of permanent life insurance is to provide growth and protection for investors, but most should really seek out those characteristics in separate plans．

F．Additionally, because premiums for permanent life plans tend to be very high, you may be tempted to buy less of a death benefit than you really nee

D．For example,a permanent life insurance policy for ＄1 million for a 40-year-old woman in great health may cost her as much as ＄13,900 a year． On the other hand,that same woman could land a ＄1 million term policy for 20 years for about ＄750． That’s a massive price difference,so cost may essentially be the biggest disadvantage of permanent life insuranc

E．G． Finally, permanent health insurance plans may not be very transparent, so it may be difficult to figure out how much the policy is actually worth as an investment． Some financial experts point out that a good solution to this problem may be to buy a term policy and invest the rest of your money through other avenues． The first place to start is to ask for life insurance quotes and evaluate which option is right for you．