财 经 原 版 试 题 - 副本

财经原版试题班级2012级金融一班姓名麻婧学号2012040201251. Financial market participants who provide funds are calledA) deficit units.B) surplus units.C) primary units.D) secondary units.ANSWER: B2. The main provider(s) of funds to the U.S. Treasury is (are)A) households and businesses.B) foreign financial institutions.C) the Federal Reserve System.D) foreign nonfinancial sectors.ANSWER: A3. Funds are provided to the initial issuer of securities in theA) secondary market.B) primary market.C) deficit market.D) surplus market.ANSWER: B4. Which of the following is a capital market instrument?A) a six-month CDB) a three-month Treasury billC) a ten-year bondD) an agreement for a bank to loan funds directly to a company for nine monthsANSWER: C5. Money market securities generally have ______. Capital market securities are typicallyexpected to have a ______.A) less liquidity; higher annualized returnB) more liquidity; lower annualized returnC) less liquidity; lower annualized returnD) more liquidity; higher annualized returnANSWER: D6. The required return to implement a given business project will be ______ if interest ratesare lower. This implies that businesses will demand a ______ quantity of loanable fundswhen interest rates are lower.A) greater; lowerB) lower; greaterC) lower; lowerD) greater; greaterANSWER: B7. If interest rates are ______ , ______ projects will have positive NPVs.A) higher; moreB) lower; moreC) lower; noD) none of the aboveANSWER:B8. The demand for funds resulting from business investment in short-term assets is ______related to the number of projects implemented, and is therefore ______ related to the interest rate.A) inversely; positivelyB) positively; inverselyC) inversely; inverselyD) positively; positivelyANSWER: B9. Which of the following will probably not result in an increase in the business demand for loanable funds?A)an increase in positive net present value (NPV) projectsB) a reduction in interest rates on business loansC) a recessionD)none of the aboveANSWER: C10. Which of the following is not a major component of the Federal Reserve System?A) member banksB) Federal Open Market CommitteeC) Securities and Exchange CommissionD) Board of GovernorsANSWER: C11. Of the nine directors of each Fed district bank, ______ are elected by member banks inthat district.A) 0B) 9C) 6D) 3ANSWER: C12. Which of the following is not an activity of Fed district banks?A) clearing checksB) replacing old currencyC) providing loans to depository institutionsD) acting as an intermediary to match up lenders and borrowers in the commercial papermarketANSWER: D13. All ______ are required to be members of the Federal Reserve System.A) state banksB) national banksC) savings and loan associationsD) finance companiesE) a and bANSWER: B14. Which of the following is currently a main role of the Federal Reserve’s Board of Governors?A) regulating commercial banksB) regulating foreign tradeC) controlling monetary policyD) a and cANSWER: D15. With regard to monetary policy, which of the following is under direct control of theFederal Reserve’s Board of Governors?A) revise reserve requirements for depository institutionsB) authorize changes in the amount of borrowing by the TreasuryC) monitor the stock market for insider tradingD) monitor the options market for illegal trading strategiesANSWER: A16. Which of the following is not a tool the Fed uses to increase or decrease the money supply?A) open market operationsB) adjusting the discount rateC) adjusting the reserve requirement ratioD) adjusting the federal funds rateANSWER: D17.Assume that the reserve requirement ratio is 12 percent and that the Fed uses open market operations by selling $200 million worth of Treasury securities. Assuming that banks use all funds except required reserves to make loans and that the public does not store any cash, the money supply should ___________ by about ____________.A)increase; $200 millionB)increase; $1.67 billionC)decrease; $200 millionD)decrease; $1.67 billionANSWER: B18. The Phillips Curve suggestsA) a positive relationship between unemployment and inflation.B) an inverse relationship between unemployment and inflation.C) an inverse relationship between GNP and inflation.D) a positive relationship between GNP and unemployment.ANSWER: B19. A loose money policy tends to ______ economic growth and ______ the inflation rate.A) stimulate; place downward pressure onB) stimulate; place upward pressure onC) dampen; place upward pressure onD) dampen; place downward pressure onANSWER: B20. Securities with maturities of one year or less are classified asA) capital market instruments.B) money market instruments.C) preferred stock.D) none of the aboveANSWER: B21. If an investor buys a T-bill with a 90-day maturity and $50,000 par value for $48,500 and holds it to maturity, what is the annualized yield?A) about 13.4 percentB) about 12.5 percentC) about 11.3 percentD) about 11.6 percentE) about 10.7 percentANSWER: B22. A firm plans to issue 30-day commercial paper for $9,900,000. Par value is$10,000,000. What is the firm’s cost of borrowing?A) 12.12 percentB) 11.11 percentC) 13.00 percentD) 14.08 percentE) 15.25 percentANSWER: A23. When firms sell commercial paper at a ______ price than they projected, their cost ofraising funds is ______ than projected.A) higher; higherB) lower; lowerC) A and BD) none of the aboveANSWER: D24. Which of the following is true of money market instruments?A) Their yields are highly correlated over time.B) They typically sell for par value when they are initially issued (especially T-bills andcommercial paper).C) Treasury bills have the highest yield.D) They all make periodic coupon (interest) payments.E) A and BANSWER: E25. Commercial paper isA) always directly placed with investors.B) always placed with the help of commercial paper dealers.C) placed either directly or with the help of commercial paper dealers.D) always placed by bank holding companies.ANSWER: C26.Note maturities are usually ______, while bond maturities are ______.A) less than 10 years; 10 years or moreB) 10 years or more; less than 10 yearsC) less than 5 years; 5 years or moreD) 5 years or more; less than 5 yearsANSWER: A27. Interest earned from Treasury bonds isA) exempt from all income tax.B) exempt from federal income tax.C) exempt from state and local taxes.D) subject to all income taxes.ANSWER: C28. A(n) ______ is a standardized agreement to deliver or receive a specified amount of aspecified financial instrument at a specified price and date.A) option contractB) brokerage contractC) financial futures contractD) margin callANSWER: C29. ______ trade futures contracts for their own account.A) Commission brokersB) Floor brokersC) Commission tradersD) Floor tradersANSWER: D30. If the prices of Treasury bonds ______, the value of an existing Treasury bond futurescontract should ______.A) increase; be unaffectedB) decrease; be unaffectedC) A and BD) decrease; decreaseE) decrease; increaseANSWER:31. Assume that a T-bill futures contract with a face value of $1 million is purchased at aprice of $95.00 per $100 face value. At settlement, the price of T-bills is $95.50. What is the difference between the selling and purchase price of the futures contract?A) $.50B) $50C) $500D) $5,000E) none of the aboveANSWER:32. If speculators believe interest rates will _______, they would consider ______ a T-bill futures contract today.A) increase; sellingB) increase; buyingC) decrease, sellingD) decrease; purchasing a call option onANSWER:33. According to the text, when a financial institution sells futures contracts on securities inorder to hedge against a change in interest rates, this is referred to asA) a long hedge.B) a short hedge.C) a closed out position.D) basis trading.ANSWER:34. The value of an S&P 500 futures contract is $500 times the index. Assume the futures priceon the S&P 500 index is 1612 at the time of purchase. If the index price is $1619 when the position is closed out, the gain isA) $700.B) $7,000.C) $3,190.D) $3,120.E) $3,500.ANSWER:35. The buying or selling of stock index futures with a simultaneous opposite position in thestocks comprising that index is known asA) program arbitrage.B) covered interest arbitrage.C) index arbitrage.D) future arbitrage.ANSWER:36. Currency futures may be purchased to hedge ______ or to capitalize on the expected______ of that currency against the dollar.A) receivables; appreciationB) receivables; depreciationC) payables; depreciationD) payables; appreciationANSWER:37. A ______ grants the owner the right to purchase a specified financial instrument for aspecified price within a specified period of time.A) call optionB) put optionC) sale of a futures contractD) purchase of a futures contractANSWER:38. A call o ption is “in the money” when theA) market price of the underlying security exceeds the exercise price.B) market price of the underlying security equals the exercise price.C) market price of the underlying security is less than the exercise price.D) premium on the option is less than the exercise price.ANSWER:39. A put option is “out of the money” when theA) market price of the security exceeds the exercise price.B) market price of the security equals the exercise price.C) market price of the security is less than the exercise price.D) premium on the option is less than the exercise price.ANSWER:40. Sellers (writers) of call options can offset their position at any point in time byA) selling a put option on the same stock.B) buying identical call options.C) selling additional call options on the same stock.D) A and BE) all of the aboveANSWER:41. A speculator buys a call option for $3, with an exercise price of $50. The stock is currently priced at $49, and rises to $55 on the expiration date. The speculator will exercise the option on the expiration date (if it is feasible to do so). What is the speculator’s profit per unit?A) $1B) $5C) $2D) -$1E) -$2ANSWER:42. A speculator buys a call option for $3, with an exercise price of $50. The stock is currentlypriced at $49, and rises to $55 on the expiration date. What is the stock price at which the speculator would break even?A) $50B) $58C) $52D) $53E) $49ANSWER:43. A speculator purchases a put option for a premium of $4, with an exercise price of$30. The stock is presently priced at $29, and rises to $32 before the expiration date. What is the maximum profit per unit to the speculator who owned the put option assuming he or she exercises the option at the ideal time?A) -$4B) -$3C) -$2D) $2E) $3ANSWER:44. A speculator purchases a put option for a premium of $4, with an exercise price of$30. The stock is presently priced at $29, and rises to $32 before the expiration date. What is the stock price at which the speculator would break even?A) $26B) $34C) $28D) $29E) $32ANSWER:你对这门课的想法：这门课是让人受益匪浅的,只有通过原版的阅读,才能了解原汁原味的金融学理论.迫切地希望学校能多开设这样的课程,遗憾的是,我们学校给这样的课的课时太少了,深感不过瘾.。