2. 外语
  3. •Read the following extract from an article about Security Markets. •For each question 15—20, mark one letter (A, B, C, or D) on

•Read the following extract from an article about Security Markets. •For each question 15—20, mark one letter (A, B, C, or D) on

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问题 •Read the following extract from an article about Security Markets.
•For each question 15—20, mark one letter (A, B, C, or D) on your Answer Sheet for the answer you choose.
      Stocks may be purchased in either the primary or the secondary market. The primary market is a market in which all investor purchases financial securities (via an investment bank or other representative) directly from the issuer of those securities.  Usually, an investment-banking firm  an organization that assists corporations in raising funds — is involved in the marketing and distribution process. A corporation can also obtain equity by selling securities directly to current stockholders.
     The secondary market involves transactions for existing securities that are currently traded between investors and are usually bought and sold through a securities exchange or the over-the-counter market. Securities exchanges are marketplaces where members buy and sell securities for their clients. The New York Stock Exchange is the largest in the United States; it accounts for about 50 percent of stock bought and sold in the United States. Other securities exchanges include the American Stock Exchange and several regional exchanges. The over-the-counter market is a network of account executives(stockbrokers) who buy and sell the securities that are not traded in exchanges. If you invest in securities, chances are that you will use the services of an account executive who works for a brokerage firm.  Most full-service account executives not only process your orders to buy and sell securities but also provide valuable information and advice. For these services, they are paid a commission based on the size and value of tile transaction. An investor should choose an account executive who is ethical ,compatible, and able to provide the level of service required by the investor. Personal investment planning begins with formulating measurable and realistic investment goals. A personal investment plan is then designed to implement those goals. Many financial planners suggest, as a first step, that the investor establish an emergency fund equivalent to three to six months’ living expenses. Then additional funds may be invested according to the investment plan. Finally, all investments should be carefully monitored and, if necessary, the investment plan should be modified.
      Depending on their particular investment goals, investors seek varying degrees of safety, income, growth, and liquidity from their investments. Safety is, in essence ,freedom from the risk of loss. Generally, the greater the risk, the greater should be the potential return on all investment.
      Income is the periodic return from all investment. Growth is an increase in the value of the investment. Liquidity is defined as the ease with which an asset can be converted into cash. Among the traditional investment alternatives are bank accounts, corporate bonds, government bonds, common stock, preferred stock, mutual funds, and real estate. High-risk investment techniques can provide greater returns, but they entail greater risk of loss. They include buying stock on margin, selling short, and trading incommodities and options.
      Information on securities and the firms that issue them can be obtained from the newspapers, brokerage-firm reports, business periodicals, corporate reports, and investors’ services. Most local newspapers report daily securities transactions and stock indexes, or averages. The averages indicate price trends but reveal nothing about the performance of individual stocks. State and federal regulations protect investors from unscrupulous securities trading practices. Federal laws, which are enforced by the Securities and Exchange Commission, require the registration of new securities, the publication and distribution of prospectuses, and the registration of brokers and securities dealers. These laws apply to securities listed on the national security exchanges, to mutual funds, and to some OTC stocks.
What is the first step before a personal investment as many financial planners suggest?
选项 A、Establishing an emergency funds equivalent to three to six months’ living expenses.
B、Finding a full-service account executive.
C、Making a personal investment plan.
D、Formulating measurable and realistic investment goals.
答案A
解析
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