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考试英文解码 · Exam English Guide
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本页帮助中文母语者快速解读 SIE 考试英文题干。掌握这些句式模板和词汇技巧，审题速度可提升 30-50%。
一、考试常见句式模板
掌握以下题干句式，看到英文立即反应出题型和考点方向：
| # | 英文句式模板 | 中文含义 | 题型提示 |
|---|---|---|---|
| 1 | Which of the following is TRUE regarding... | 关于...以下哪项正确 | 正向选择题 |
| 2 | All of the following are characteristics of X EXCEPT... | 以下都是X的特征，除了... | 反向排除题 |
| 3 | A customer who... | 一个客户...（情景铺垫） | 情景应用题 |
| 4 | Under Regulation [X]... | 根据[X]法规... | 法规细节题 |
| 5 | ...is BEST described as... | ...最佳描述为... | 定义辨析题 |
| 6 | ...would MOST LIKELY... | ...最有可能... | 推理判断题 |
| 7 | An investor seeking [goal] should... | 寻求[目标]的投资者应该... | 推荐适合性题 |
| 8 | Which statement is NOT correct... | 哪个表述不正确... | 反向排除题 |
| 9 | If [condition], then... | 如果[条件]，那么... | 条件推理题 |
| 10 | The PRIMARY purpose of... | ...的首要目的是... | 核心概念题 |
| 11 | Which of the following would be LEAST suitable... | 以下哪项最不适合... | 反向适合性题 |
| 12 | A registered representative MUST... | 注册代表必须... | 合规义务题 |
| 13 | The MAXIMUM [amount/time/limit]... | 最大[金额/时间/限额]... | 数字细节题 |
| 14 | In order to [action], a broker-dealer must... | 为了[做某事]，经纪商必须... | 流程步骤题 |
| 15 | Which of the following securities is EXEMPT from... | 以下哪种证券免于... | 豁免条件题 |
| 16 | When comparing X and Y... | 比较X和Y时... | 对比辨析题 |
| 17 | The term "..." refers to... | "..."这个术语指的是... | 纯定义题 |
| 18 | Which of the following is a characteristic of... | 以下哪项是...的特征 | 特征识别题 |
使用技巧：看到 BEST / MOST / PRIMARY = 可能多个选项都对，要选"最佳"答案。看到 EXCEPT / NOT / LEAST = 三对一错，找那个错的。
二、否定词高亮训练
为什么否定词是中文母语者的头号敌人？
中文的否定词（不、没有、非）通常紧挨动词，英文否定词可能藏在句子中间或用大写标注。在时间压力下，大脑自动"跳过"否定词的概率极高。
高危否定词清单
| 否定词 | 典型用法 | 危险程度 |
|---|---|---|
| NOT | Which is NOT a feature of... | 极高 |
| EXCEPT | All of the following EXCEPT... | 极高 |
| LEAST | Which is LEAST likely... | 高 |
| NEVER | An agent may NEVER... | 中 |
| NEITHER...NOR | Neither the buyer nor the seller... | 中 |
| WITHOUT | Without prior written consent... | 中 |
| UNLESS | ...unless approved by... | 中 |
五道否定词陷阱示例
Example 1 — EXCEPT 改变答案方向
All of the following are characteristics of common stock EXCEPT:
- A) Voting rights
- B) Limited liability
- C) Guaranteed dividends ✓
- D) Preemptive rights
解析：A/B/D 都是普通股特征（正确描述），C 不是（股息不保证）。没看到 EXCEPT 会选 A。
Example 2 — NOT 隐藏在句中
Which of the following is NOT a money market instrument?
- A) Treasury bill
- B) Commercial paper
- C) Corporate bond ✓
- D) Banker's acceptance
解析：如果漏看 NOT，会选一个"是"货币市场工具的选项。
Example 3 — LEAST 要求反向思维
Which investment is LEAST suitable for an investor seeking current income?
- A) Preferred stock
- B) Growth stock ✓
- C) Corporate bond
- D) Municipal bond
解析：LEAST suitable = 最不适合。Growth stock 追求资本增值，不产生当前收入。
Example 4 — NEVER 的绝对性
A registered representative may NEVER:
- A) Recommend speculative securities
- B) Share in profits of a customer's account without proper authorization ✓
- C) Solicit new clients
- D) Charge a commission
解析：NEVER = 绝对禁止。B 是违规行为，永远不允许。
Example 5 — 双重否定
Which of the following is NOT exempt from SEC registration?
- A) U.S. Treasury bonds
- B) Municipal bonds
- C) Corporate IPO shares ✓
- D) Bank securities
解析：NOT exempt = 不豁免 = 需要注册。双重否定让中文思维更容易出错。
"遮住法"技巧
- 先用手指/笔盖住否定词（NOT/EXCEPT）
- 评估每个选项：哪些是对的？哪些是错的？
- 标记 T（True）或 F（False）
- 移开手指，看到否定词 → 选那个 F（或唯一的 T，取决于题型）
三、同义词武器库
SIE 考试中同一概念经常用不同词汇表达。以下是必须掌握的同义词组：
期权相关
| 同义词组 | 中文 | 考试中的用法 |
|---|---|---|
| writer = seller = short position | 期权卖方 | The writer of a call... = 看涨期权卖方 |
| holder = buyer = long position | 期权买方 | The holder has the right... = 买方拥有权利 |
| exercise = activate the right | 行权 | The holder may exercise at any time |
| expire worthless = lose the premium | 到期作废 | If not exercised, the option expires worthless |
| premium = price of the option | 权利金 | The buyer pays a premium |
| strike price = exercise price | 行权价 | The strike price is $50 |
| in-the-money = intrinsic value > 0 | 实值 | A call is ITM when market > strike |
| out-of-the-money = no intrinsic value | 虚值 | A put is OTM when market > strike |
债券相关
| 同义词组 | 中文 | 考试中的用法 |
|---|---|---|
| principal = face value = par value = denomination | 面值/本金 | Bonds are issued at par ($1,000) |
| coupon = interest rate = stated rate | 票面利率 | A 5% coupon bond pays $50/year |
| maturity = expiration date | 到期日 | The bond matures in 10 years |
| yield = return = rate of return | 收益率 | Current yield = annual interest / price |
| redeem = call back = pay off at maturity | 赎回 | The issuer may redeem the bond early |
| in arrears = past due = unpaid = overdue | 欠息/逾期 | Interest in arrears must be paid |
| discount = below par | 折价 | Trading at a discount (below $1,000) |
| premium = above par | 溢价 | Trading at a premium (above $1,000) |
| senior = higher priority | 优先级高 | Senior debt is paid first |
| subordinated = junior = lower priority | 次级 | Subordinated debentures rank below |
交易与账户相关
| 同义词组 | 中文 | 考试中的用法 |
|---|---|---|
| proceeds = funds received from sale | 收到的资金/所得 | Net proceeds after commission |
| appreciation = increase in value = capital gain | 增值 | Stock appreciation over time |
| depreciation = decrease in value = decline | 贬值 | Asset depreciation |
| liquidity = marketability = ease of selling | 流动性 | T-bills have high liquidity |
| leverage = using borrowed money | 杠杆 | Margin accounts provide leverage |
| diversification = spreading risk | 分散投资 | Mutual funds offer diversification |
| fiduciary = person of trust = acting in best interest | 受托人 | A fiduciary duty to clients |
| solicited = recommended by rep | 经纪人推荐的 | Solicited vs. unsolicited trades |
| unsolicited = customer-initiated | 客户主动的 | An unsolicited order |
| discretionary = rep makes decisions | 全权委托 | Discretionary account authority |
法规与合规相关
| 同义词组 | 中文 | 考试中的用法 |
|---|---|---|
| prospectus = disclosure document = offering document | 招股说明书 | Must deliver a prospectus |
| registration = filing with SEC | 注册 | Securities must be registered |
| exempt = not subject to = excluded from | 豁免的 | Exempt from registration |
| prohibited = not allowed = forbidden | 禁止的 | Insider trading is prohibited |
| suitability = appropriateness | 适合性 | Suitability obligations |
| accredited investor = qualified investor | 合格投资者 | Accredited investor exemption |
| material information = significant facts | 重大信息 | Material nonpublic information |
| consent = approval = authorization | 同意/授权 | Written consent required |
| violation = infraction = breach | 违规 | Regulatory violation |
| sanction = penalty = disciplinary action | 处罚 | FINRA may impose sanctions |
基金与投资相关
| 同义词组 | 中文 | 考试中的用法 |
|---|---|---|
| NAV = net asset value = per-share value | 净资产值 | Fund shares priced at NAV |
| load = sales charge = commission | 销售费用 | Front-end load of 5% |
| no-load = no sales charge | 无销售费用 | No-load mutual funds |
| expense ratio = management fee percentage | 费用率 | Annual expense ratio of 0.5% |
| distribution = dividend payment | 分配/派息 | Capital gains distribution |
| portfolio = holdings = investments | 投资组合 | The fund's portfolio |
| prospectus = offering document | 招股书 | Read the prospectus |
| custodian = safekeeping agent | 托管人 | Bank acts as custodian |
四、多义词陷阱
以下单词在金融语境中含义与日常英语差异很大，是中文母语者的高频失误点：
1. Security
| 含义 | 语境 | 例句 |
|---|---|---|
| 证券 | 金融 | A security is any investment instrument (stock, bond, option...) |
| 安全/安保 | 日常 | Building security checked IDs at the entrance |
| 担保品 | 贷款 | The house serves as security for the mortgage |
SIE 考试中 99% 指"证券"。
2. Principal
| 含义 | 语境 | 例句 |
|---|---|---|
| 本金/面值 | 债券 | The principal is repaid at maturity |
| 委托人 | 代理关系 | The principal hires an agent |
| 自营交易商 | 交易 | A dealer acts as principal (用自己的钱交易) |
| 主要的 | 形容词 | The principal risk is credit risk |
判断方法：看前后文。bond/loan → 本金；agency → 委托人；dealer/inventory → 自营。
3. Issue
| 含义 | 语境 | 例句 |
|---|---|---|
| 发行 (v./n.) | 证券 | The company will issue new shares |
| 问题 | 日常 | There is an issue with the account |
| 期/号 | 出版 | The latest issue of the journal |
SIE 考试中主要指"发行"：new issue = 新发行，issuer = 发行人。
4. Interest
| 含义 | 语境 | 例句 |
|---|---|---|
| 利息 | 债券/贷款 | The bond pays 5% interest annually |
| 利益/权益 | 法律 | A beneficial interest in the trust |
| 兴趣 | 日常 | Investor interest in tech stocks is growing |
判断方法：pay/earn/rate + interest → 利息；beneficial/ownership + interest → 权益。
5. Note
| 含义 | 语境 | 例句 |
|---|---|---|
| 票据/中期债券 | 金融 | A Treasury note matures in 2-10 years |
| 笔记/注释 | 日常 | See the notes to the financial statements |
| 纸币 | 货币 | A $100 note |
SIE 考试中：Treasury note = 中期国债（2-10年），promissory note = 本票。
6. Tender
| 含义 | 语境 | 例句 |
|---|---|---|
| 投标/要约收购 | 并购 | A tender offer to buy shares at $50 |
| 法定货币 | 货币 | Legal tender = 法定货币 |
| 提交 | 正式用语 | Tender your resignation |
7. Margin
| 含义 | 语境 | 例句 |
|---|---|---|
| 保证金 | 证券交易 | Reg T requires 50% initial margin |
| 利润率 | 商业 | Profit margin of 20% |
| 边缘/余量 | 日常 | Margin of safety |
SIE 考试中绝大多数指"保证金"：margin account, margin call, margin requirement。
8. Credit
| 含义 | 语境 | 例句 |
|---|---|---|
| 信用 | 金融 | Credit risk = 信用风险 |
| 贷方 | 会计 | Credit balance in the account |
| 信贷/贷款 | 银行 | Line of credit |
| 税收抵免 | 税务 | Tax credit |
9. Fund
| 含义 | 语境 | 例句 |
|---|---|---|
| 基金 | 投资 | Mutual fund, hedge fund |
| 资金 | 一般 | Funds available for withdrawal |
| 资助 (v.) | 动词 | To fund a project |
| 偿债基金 | 债券 | Sinking fund |
10. Market
| 含义 | 语境 | 例句 |
|---|---|---|
| 市场 | 一般 | Stock market, bond market |
| 做市/报价 | 交易 | To make a market in a security |
| 市价 | 订单 | Market order = 市价单 |
| 推销 | 营销 | To market a new fund |
五、被动语态速解
为什么被动语态是中文思维的障碍？
- 中文：主语 + 动词 + 宾语（我提交文件）
- 英文被动：宾语 + be + 过去分词（The document must be filed）
- 大脑需要"翻转"句子结构，在时间压力下造成延迟
被动语态速查表
| 英文被动句式 | 即时中文翻译 | 出现频率 |
|---|---|---|
| must be filed | 必须提交 | 极高 |
| are required to | 被要求/必须 | 极高 |
| shall be delivered | 应当交付 | 高 |
| is considered (to be) | 被视为 | 高 |
| is subject to | 受...约束/需遵守 | 极高 |
| may be imposed | 可能被施加（处罚） | 高 |
| is prohibited from | 被禁止 | 高 |
| are exempt from | 被豁免/免于 | 高 |
| must be disclosed | 必须披露 | 高 |
| is registered with | 在...注册 | 高 |
| shall not be permitted | 不得/不被允许 | 中 |
| is deemed to be | 被认定为 | 中 |
| are governed by | 受...管辖 | 中 |
| may be revoked | 可能被撤销 | 中 |
| is entitled to | 有权获得 | 高 |
速解心法
看到 "be + 过去分词" → 直接翻译成中文主动句：
| 原文 | 错误翻译（逐字） | 正确速解 |
|---|---|---|
| The form must be signed by the customer | 表格必须被客户签署 | 客户必须签表格 |
| The broker-dealer is required to maintain records | 经纪商被要求维护记录 | 经纪商必须保存记录 |
| Dividends are declared by the board | 股息被董事会宣布 | 董事会宣布股息 |
| Registration is not required for... | 注册不被要求对于... | ...不需要注册 |
高频被动搭配
- be + required/obligated/mandated to → 必须做
- be + prohibited/restricted/barred from → 被禁止做
- be + entitled/eligible/authorized to → 有权做/有资格做
- be + subject to + noun → 受...约束（罚款/审查/限制）
- be + deemed/considered/regarded as → 被认定为
六、词根词缀速记法
掌握常见词根词缀，遇到生词也能猜出大致含义：
前缀 (Prefixes)
| 前缀 | 含义 | 金融词汇示例 | 中文 |
|---|---|---|---|
| pre- | 之前 | preemptive rights, premium, preliminary prospectus | 优先权、权利金、初步招股书 |
| sub- | 下面/次级 | subordinated, subprime, subsidiary, subaccount | 次级的、次贷、子公司、子账户 |
| un- | 不/未 | unsecured, unauthorized, unregistered, underlying | 无担保的、未授权的、未注册的、标的 |
| in-/im- | 不/无 | insolvent, illiquid, impaired, inactive | 资不抵债、缺乏流动性、减值的、不活跃 |
| non- | 非 | non-systematic, non-cumulative, non-exempt | 非系统性、非累积、不豁免 |
| trans- | 转移/跨越 | transfer, transaction, transparency, transact | 转让、交易、透明度、进行交易 |
| de- | 减少/移除/向下 | debenture, depreciation, default, deflation, delist | 信用债、折旧、违约、通缩、退市 |
| re- | 再次/回 | reinvest, redeem, refinance, refund, rebalance | 再投资、赎回、再融资、退款、再平衡 |
| dis- | 分开/否定 | disclosure, distribution, disqualify, discount | 披露、分配、取消资格、折扣 |
| over- | 过度/之上 | over-the-counter, overvalued, oversubscribed | 场外、高估的、超额认购 |
| under- | 不足/之下 | underwriter, underlying, undercapitalized | 承销商、标的资产、资本不足 |
| counter- | 对面/反向 | counterparty, counterfeit, counter-cyclical | 对手方、伪造的、逆周期 |
| co-/com-/con- | 共同 | collateral, commission, consolidate, convertible | 抵押品、佣金、合并、可转换的 |
| ex- | 前/无/除外 | ex-dividend, exempt, exchange, expiration | 除息、豁免、交易所、到期 |
| inter- | 之间 | interest, intermediary, interdealer | 利息、中介、交易商间 |
| anti- | 反对 | anti-fraud, anti-money laundering, anti-dilution | 反欺诈、反洗钱、反稀释 |
| mis- | 错误 | misrepresentation, misappropriation | 虚假陈述、挪用 |
| semi- | 半 | semi-annual (interest payments) | 半年一次的 |
后缀 (Suffixes)
| 后缀 | 含义 | 金融词汇示例 | 中文 |
|---|---|---|---|
| -able/-ible | 可以的 | callable, convertible, negotiable, redeemable | 可赎回的、可转换的、可流通的、可赎回的 |
| -tion/-sion | 名词化（动作/状态） | registration, distribution, conversion, redemption | 注册、分配、转换、赎回 |
| -ment | 名词化（结果/过程） | investment, settlement, requirement, assessment | 投资、结算、要求、评估 |
| -ity/-ty | 名词化（性质） | liquidity, maturity, suitability, liability | 流动性、到期、适合性、负债 |
| -er/-or | 执行者 | broker, dealer, investor, issuer, underwriter | 经纪人、交易商、投资者、发行人、承销商 |
| -ee | 接受者 | employee, nominee, trustee, mortgagee | 雇员、被提名人、受托人、抵押权人 |
| -ary/-ory | 与...相关的 | fiduciary, regulatory, statutory, monetary | 受托的、监管的、法定的、货币的 |
| -ure | 动作/过程 | disclosure, exposure, procedure, forfeiture | 披露、敞口、程序、没收 |
词根 (Roots)
| 词根 | 含义 | 金融词汇示例 | 中文 |
|---|---|---|---|
| cred- | 相信 | credit, creditor, accredited | 信用、债权人、合格的 |
| cap- | 头/拿取 | capital, capitalization, per capita | 资本、市值、人均 |
| equ- | 相等 | equity, equivalent, equilibrium | 股权、等价的、均衡 |
| port- | 携带 | portfolio, transport, export | 投资组合、运输、出口 |
| aud- | 听 | audit, auditor | 审计、审计师 |
| sol-/solv- | 支付 | solvent, insolvent, dissolution | 有偿付能力的、破产的、解散 |
| liq- | 液体/流动 | liquid, liquidate, liquidity | 流动的、清算、流动性 |
| ced-/ces- | 走/让步 | proceeds, accession, predecessor | 收益、加入、前任 |
| duc-/duct- | 引导 | fiduciary, deduct, conduct | 受托的、扣除、行为 |
| valu- | 价值 | value, valuation, devalue | 价值、估值、贬值 |
七、易混淆词对
以下 10 组词在拼写或发音上相似，但含义完全不同。SIE 考试中混淆任何一对都可能导致答错：
1. Principal vs. Principle
| Principal | Principle | |
|---|---|---|
| 词性 | 名词/形容词 | 名词 |
| 含义 | 本金；委托人；主要的 | 原则；准则 |
| SIE 例句 | The principal amount of the bond is $1,000. | The principle of suitability requires... |
| 记忆法 | principal = a person (人) 或 amount (金额) | principle = rule (规则) |
2. Stationary vs. Statutory
| Stationary | Statutory | |
|---|---|---|
| 含义 | 静止的、不动的 | 法定的、法令规定的 |
| SIE 例句 | （不会出现） | Statutory disqualification bars a person from the industry. |
| 记忆法 | stationary = stay (停留) | statutory = 来自 statute (法规) |
3. Fiduciary vs. Fiscal
| Fiduciary | Fiscal | |
|---|---|---|
| 含义 | 受托的、信托的 | 财政的、会计年度的 |
| SIE 例句 | A fiduciary must act in the client's best interest. | The company's fiscal year ends in March. |
| 记忆法 | fiduciary = duty (责任/义务) | fiscal = finance (财务/财政) |
4. Proceed vs. Proceeds
| Proceed (v.) | Proceeds (n.) | |
|---|---|---|
| 含义 | 继续、进行 | 收入所得、销售收益 |
| SIE 例句 | The offering may proceed after the cooling-off period. | The proceeds from the sale totaled $50,000. |
| 记忆法 | proceed = go forward | proceeds (加了s) = 收到的钱 |
5. Prescribe vs. Proscribe
| Prescribe | Proscribe | |
|---|---|---|
| 含义 | 规定、开处方 | 禁止、排斥 |
| SIE 例句 | The rule prescribes specific record-keeping requirements. | The act proscribes insider trading. |
| 记忆法 | prescribe = provide rules (提供规定) | proscribe = prohibit (禁止) |
6. Affect vs. Effect
| Affect (v.) | Effect (n./v.) | |
|---|---|---|
| 含义 | 影响 (动词) | 效果 (名词)；实施 (动词) |
| SIE 例句 | Interest rate changes affect bond prices. | The effect of inflation on purchasing power. / To effect a transaction. |
| 记忆法 | Affect = Action (动作) | Effect = End result (结果) |
7. Ensure vs. Insure
| Ensure | Insure | |
|---|---|---|
| 含义 | 确保、保证 | 投保、为...买保险 |
| SIE 例句 | Regulations ensure fair markets. | SIPC insures brokerage accounts up to $500,000. |
| 记忆法 | ensure = make certain (使确定) | insure = insurance (保险) |
8. Eminent vs. Imminent
| Eminent | Imminent | |
|---|---|---|
| 含义 | 著名的、杰出的 | 即将发生的、迫在眉睫的 |
| SIE 例句 | （较少出现） | An imminent default on the bond. |
| 记忆法 | eminent = excellent (优秀的) | imminent = immediate (立即的) |
9. Complement vs. Compliment
| Complement | Compliment | |
|---|---|---|
| 含义 | 补充、互补 | 赞美、恭维 |
| SIE 例句 | Bonds complement a stock portfolio. | （不会在SIE出现） |
| 记忆法 | complement = complete (完善) | compliment = I like you (我赞美你) |
10. Discrete vs. Discreet
| Discrete | Discreet | |
|---|---|---|
| 含义 | 离散的、各自独立的 | 谨慎的、保密的 |
| SIE 例句 | Each transaction is a discrete event. | Representatives must be discreet with client information. |
| 记忆法 | discrete = separate (分开的) | discreet = see carefully (小心看 → 谨慎) |
八、30秒读题训练法
核心原则：最后一句话才是真正的问题
SIE 题目结构通常是：
[背景信息 2-4 行] + [最后一句 = 实际问题]大多数考生从头读到尾，但这浪费时间。正确做法是：
五步速读法
| 步骤 | 动作 | 目的 | 时间 |
|---|---|---|---|
| 1 | 读最后一句 | 知道在问什么 | 5秒 |
| 2 | 识别题型 | 定义/计算/情景/EXCEPT？ | 3秒 |
| 3 | 圈关键词 | 锁定考点范围 | 5秒 |
| 4 | 带着问题读全文 | 有目的地提取信息 | 12秒 |
| 5 | 排除错误选项 | 得出答案 | 5秒 |
实战演练
Practice 1 — 长题干定义题
A 45-year-old investor has a moderate risk tolerance and a 15-year time horizon. She currently holds 60% in large-cap stocks and 20% in corporate bonds. Her financial advisor recommends adding an investment that provides professional management, diversification, and daily liquidity.
The advisor is MOST LIKELY recommending:
30秒批注：
- [Step 1] 最后一句：推荐什么？→ 这是个"识别产品"题
- [Step 2] 题型：MOST LIKELY = 推理题
- [Step 3] 关键词：professional management + diversification + daily liquidity
- [Step 4] 这三个特征 = 共同基金 (mutual fund)
- 不需要关注她的年龄、风险等级（这些是干扰信息）
Practice 2 — 法规细节EXCEPT题
Under the Securities Act of 1933, the registration statement filed with the SEC must include information about the issuer's business, financial statements, the intended use of proceeds, and management background. During the cooling-off period, which lasts a minimum of 20 days, certain activities are permitted while others are not.
All of the following activities are permitted during the cooling-off period EXCEPT:
30秒批注：
- [Step 1] 最后一句：cooling-off period中什么不允许？→ EXCEPT题
- [Step 2] 题型：反向排除（找唯一错的）
- [Step 3] 关键词：cooling-off period + EXCEPT
- [Step 4] 冷却期规则：可以发 preliminary prospectus (red herring)，可以接收 indications of interest，不可以接受订单或卖出证券
- 前面的细节（20天、内容要求）是已知背景，不影响答案
Practice 3 — 计算题
An investor purchases 100 shares of XYZ stock at $50 per share and simultaneously writes 1 XYZ 55 call option for a premium of $3. Two months later, the stock rises to $60, and the call is exercised.
What is the investor's total profit on the combined position?
30秒批注：
- [Step 1] 最后一句：总利润是多少？→ 计算题
- [Step 2] 题型：期权+股票组合计算
- [Step 3] 关键词：buy stock $50, write call 55, premium $3, exercised at $60
- [Step 4] 计算：
- 股票利润：($55 - $50) x 100 = $500（因为被行权必须以$55卖）
- 权利金收入：$3 x 100 = $300
- 总利润：$500 + $300 = $800
- 注意：股价涨到$60是干扰信息，因为被行权后以strike price $55卖出
附录：考试日应急词汇卡
考前最后复习用，覆盖最容易临场忘记的对应关系：
| 看到英文 | 立即想到 |
|---|---|
| pursuant to | 根据、依照 |
| notwithstanding | 尽管、不管 |
| thereof | 其中的 |
| herein | 在此文件中 |
| aforementioned | 前述的 |
| in lieu of | 代替 |
| bona fide | 真实的、善意的 |
| prima facie | 初步证据的、表面上的 |
| de minimis | 最低限度的、微不足道的 |
| pro rata | 按比例 |
| pari passu | 同等地位 |
| vis-a-vis | 关于、相对于 |
| et al. | 等人 |
| i.e. | 即 (that is) |
| e.g. | 例如 (for example) |
| per se | 本身 |
| caveat emptor | 买者自负 |
| ipso facto | 由此事实本身 |
| ad hoc | 临时的、特定的 |
| quid pro quo | 等价交换/对价 |