兹维博迪金融学第二版试题库2TB.docx
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兹维博迪金融学第二版试题库2TB.docx
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兹维博迪金融学第二版试题库2TB
ChapterTwo
FinancialMarketsandInstitutions
Thischaptercontains49multiple-choicequestions,20shortproblemsand10longerproblems.
MultipleChoice
1.Amarketthathasnoonespecificlocationistermeda(n)________market.
(a)over-the-counter
(b)geographiclocation
(c)intermediary
(d)conceptual
Answer:
(a)
2.________problemsarisebecausepartiestocontractsoftencannoteasilymonitororcontroloneanother.
(a)Payment
(b)Counter
(c)Incentive
(d)Exchange
Answer:
(c)
3.Incentiveproblemstakeavarietyofformsandinclude:
(a)moralhazard
(b)adverseselection
(c)principal-agent
(d)alloftheabove
Answer:
(d)
4.The________problemexistswhenhavinginsuranceagainstsomeriskcausestheinsuredpartytotakegreaterriskortotakelesscareinpreventingtheeventthatgivesrisetotheloss.
(a)moralhazard
(b)adverseselection
(c)principal-agent
(d)alloftheabove
Answer:
(a)
5.Lifeannuitiesareexamplesof________problems.
(a)moralhazard
(b)adverseselection
(c)principal-agent
(d)alloftheabove
Answer:
(b)
6.________meansgivingthelendertherighttoseizespecificbusinessassetsintheeventofdefault.
(a)Increasingmoralhazard
(b)Increasingadverseselection
(c)Collateralizationofloans
(d)Alloftheabove
Answer:
(c)
7.________instrumentsarealsocalledfixed-incomeinstruments.
(a)Debt
(b)Equity
(c)Derivative
(d)Alloftheabove
Answer:
(a)
8.Themarketforshort-termdebt(lessthanoneyear)iscalledthe________market,andthemarketforlong-termdebtandequitysecuritiesiscalledthe________market.
(a)capital;money
(b)money;capital
(c)fixed-income;money
(d)derivative;equity
Answer:
(b)
9.________securitiesarefinancialinstrumentsthatderivetheirvaluefromthepricesofoneormoreotherassets.
(a)Debt
(b)Equity
(c)Derivative
(d)Fixed-income
Answer:
(c)
10.Acalloptiongivesitsholdertherightto________someassetataspecifiedpriceonorbeforesomespecifiedexpirationdate.
(a)sell
(b)buy
(c)loan
(d)borrow
Answer:
(b)
11.Aputoptiongivesitsholdertherightto________someassetataspecifiedpriceonorbeforesomespecifiedexpirationdate.
(a)sell
(b)buy
(c)loan
(d)borrow
Answer:
(a)
12.________contractsobligeonepartytothecontracttobuy,andtheotherpartytosell,someassetataspecifiedpriceonsomespecifieddate.
(a)Options
(b)Uncertainty
(c)Moneymarket
(d)Forward
Answer:
(d)
13.The________curvedepictstherelationbetweeninterestratesonfixed-incomeinstrumentsissuedbytheU.S.Treasuryandthematurityoftheinstrument.
(a)long-term
(b)short-term
(c)yield
(d)exchangerate
Answer:
(c)
14.Iftheshort-termratesarehigherthanthelong-termrates,thentheyieldcurveis________.
(a)upwardsloping
(b)downwardsloping
(c)horizontal
(d)vertical
Answer:
(b)
Questions15and16areintendedtobecalculatedasapair.
15.SupposeyouareaFrenchinvestor,whowantsasafeinvestmentintermsoffrancs.Youareinvestingforoneyearandtheinterestrateonaone-yearFrenchgovernmentbondis5%andatthesametimeitis9%onaU.S.governmentbond.Theexchangerateiscurrently6.15Frenchfrancstothedollar.Supposeyouinvest$1,000inaU.S.bond.AlsosupposethatayearfromnowtheFrenchfranc/dollarexchangerateis6.50Frenchfrancstothedollar.WhatwillbetherealizedFrenchfrancrateofreturnontheU.S.bond?
(a)5.69%
(b)9.00%
(c)15.2%
(d)7.00%
Answer:
(c)
16.Inquestion15,whatwouldtheexchangerateatyear’sendhavetobeinorderfortheFrenchinvestortoearnexactly4%peryearontheinvestmentinU.S.bonds?
(a)6.20FF/$
(b)5.87FF/$
(c)6.40FF/$
(d)5.42FF/$
Answer:
(b)
Usethefollowingyielddatatoanswerquestions17and18.
2/29/98
Treasury1-10yr5.58%
10+yr5.72
Corporate1-10yrHighQlty5.98
MedQlty6.17
Corporate10+yrHighQlty6.26
MedQlty6.57
17.CalculatetheyieldspreadforTreasurybondswithmaturity1-10yearandcorporatebondsofhighqualityofthesamematurity.
(a)11.56%
(b)0.68%
(c)0.59%
(d)0.40%
Answer:
(d)
18.CalculatetheyieldspreadforTreasurybondswithmaturity10+yearsandcorporatebondsofmediumqualityofthesamematurity.
(a)12.29%
(b)0.85%
(c)0.54%
(d)0.45%
Answer:
(b)
19.Youinvestinastockthatcosts$45.50pershare.Itpaysacashdividendduringtheyearof$1.20andyouexpectitspricetobe$49atyear’send.Whatisyourexpectedrateofreturnifyousellthestockfor$49attheendoftheyear?
(a)2.64%
(b)7.69%
(c)10.33%
(d)–5.05%
Answer:
(c)
20.Youinvestinastockthatcosts$45.50pershare.Itpaysacashdividendduringtheyearof$1.20andyouexpectitspricetobe$49atyear’send.Whatisyourexpectedrateofreturnifyoudonotsellthestockattheendoftheyear?
(a)2.64%
(b)7.69%
(c)10.33%
(d)–5.05%
Answer:
(c)
21.Youinvestinastockthatcosts$45.50pershare.Itpaysacashdividendduringtheyearof$1.20andyouexpectitspricetobe$49atyear’send.Whatisyourrealizedrateofreturnifthestock’spriceisactually$42atyear’send?
(a)–5.05%
(b)18.02%
(c)10.33%
(d)5.05%
Answer:
(a)
22.The________thestandarddeviation,the________thevolatilityoftherateofreturn.
(a)higher,lower
(b)lower,higher
(c)higher,higher
(d)noneoftheabove
Answer:
(c)
23.________isaninvestmentstrategythatseekstomatchthereturnsofaspecifiedstockmarketindex.
(a)Indexing
(b)Benchmarking
(c)Replicating
(d)Diversifying
Answer:
(a)
24.Supposetherisk-freenominalinterestrateonaone-yearU.S.Treasurybillis7%peryearandtheexpectedrateofinflationis3%peryear.WhatistheexpectedrealrateofreturnontheT-bill?
(a)4%
(b)3.88%
(c)1.34%
(d)3.74%
Answer:
(b)
25.Supposetherisk-freenominalinterestrateonaone-yearU.S.Treasurybillis6%peryearandtheexpectedrateofinflationis4%peryear.WhatistheexpectedrealrateofreturnontheT-bill?
(a)2%
(b)5%
(c)1.92%
(d)1.89%
Answer:
(c)
26.SupposethattherealrateofinterestonaTIPSis4.5%peryearandtheexpectedrateofinflationintheU.S.is5%peryear.Whatistheexpectednominalrateofreturnonthesebonds?
(a)0.476%
(b)4.75%
(c)9.73%
(d)9.75%
Answer:
(c)
27.Currentlyyouhaveabankaccountcontaining$6,000,whichearnsinterestatarateof4%peryear.Youalsohaveanunpaidbalanceonyourcreditcardof$3,000onwhichyouarepayinganinterestrateof18%peryear.Ifthetimeframeisoneyear,thearbitrageopportunityyoufaceis:
(a)$420
(b)$540
(c)$120
(d)$300
Answer:
(a)
28.A________interestrateisdenominatedinunitsofsomecurrency,whereasa________interestrateisdenominatedinunitsofsomecommodityor“basket”ofgoodsandservices.
(a)real,nominal
(b)real,treasury
(c)nominal,real
(d)treasury,real
Answer:
(c)
29.________arefirmswhoseprimaryfunctionistohelpbusinesses,governments,andotherentitiesraisefundstofinancetheiractivitiesbyissuingsecurities.
(a)Closed-endfunds
(b)Investmentbanks
(c)Assetmanagementfunds
(d)Open-endfunds
Answer:
(b)
30.Currently,youhave$24,000inabankaccountearninganinterestrateof4%peryear.Atthesametimeyouhaveanunpaidbalanceonyourcreditcardof$12,000onwhichyouarepayinganinterestrateof18%peryear.Ifthetimeframeisoneyear,thearbitrageopportunityyoufaceis:
(a)$2,160
(b)$1,200
(c)$480
(d)$1,680
Answer:
(d)
31.IntheUnitedStates,the________establishestheprecisedisclosurerequirementsthatmustbesatisfiedforapublicofferingofsecurities.
(a)FinancialAccountingStandardsBoard
(b)WorldBank
(c)FederalReserve
(d)SecuritiesandExchangeCommission
Answer:
(d)
32.Investmentprofessionalstypicallyusea(n)________indexasabenchmarkformeasuringtheperformanceofcommonstockmutualfunds.
(a)inflationadjusted
(b)firm-sizeweighted
(c)market-weighted
(d)book-weighted
Answer:
(c)
33.TheDowJonesIndustrialIndexhassomemajordefects,whichinclude:
(a)ItisnotbroadlydiversifiedenoughtoaccuratelyreflectthewidespectrumofstocksintheUnitedStates.
(b)Itcorrespondstoaportfoliostrategythatisunsuitableasaperformancebenchmark.
(c)Itonlyincludesthe30largestcorporations.
(d)(a)and(b)
Answer:
(d)
34.Interest-ratearbitrageis________atalowerrateand________atahigherrate.
(a)borrowing,lending
(b)borrowing,defaulting
(c)defaulting,lending
(d)lending,borrowing
Answer:
(a)
35.________investtheirfundsinanewbusinessesandhelpthemanagementteamgetthefirmtothepointatwhichitisreadyto“gopublic.”
(a)Investmentbanks
(b)Venturecapitalists
(c)Assetmanagementfirms
(d)Mutualfunds
Answer:
(b)
36.Thecasewherethereisanimbalanceintheexchangeofinformationaboutabusinessopportunityisknownas________.
(a)informationsymmetry
(b)informationasymmetry
(c)informationassets
(d)(a)and(c)
Answer:
(b)
37.Whichofthefollowingrepresentsadefined-contributionpensionplan?
(a)Apensionplanintowhichtheemployerandemployeemakeregularcontributions.
(b)Apensionplanwhosebenefitisdeterminedbyaformulathattakesintoaccountyearsofservice,wages,andsalary.
(c)Apensionplanwhosebenefitformulais1%ofretirementsalaryforeachyearofservice.
(d)Alloftheabove
Answer:
(a)
38.Whichofthefollowingarecharacteristicofamutualfund?
(a)professionalmanagement
(b)diversification
(c)efficientrecordkeepingandadministration
(d)alloftheabove
Answer:
(d)
39.Netassetvalueisdefinedasthe________.
(a)futurevalueofallassetshelddivi
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