金融学试卷

公选课《金融学基础》练习题A

一、判断题

( )1.Finance is the study of how people make money over time under uncertainty environments.

( )2.The financial system is the set of markets and other institutions used for financial contracting and the exchange of assets and risks. It evolves over time. Its ultimate function is to meet people’s financing needs. ( )3.Financial intermediaries are government agencies whose primary business is to provide financial products and services.

( )w of One Price states that in a competitive market, if two assets are equivalent, they tend to have the same market price. Law of One Price is enforced by a process called arbitrage.

( )5.Efficient Market Hypothesis claims that a n asset’s current price fully reflects all publicly available

i nformation about future economic fundamentals affecting the asset’s value.

( )6. When the yield curve is not flat, bonds of the same maturity with different coupon rates have different yields to maturity.

( )7. Growth per se does not add stock’s value. What adds value is the opportunity to invest in projects that can earn rates of return in excess of the required rate.

( )8.CAPM is a theory about equilibrium prices in the markets for risky assets.

( )9. Futures markets are used by individual and firms whose ratings may be costly to check.

( )10.Any contract that gives one of the contracting parties the right and obligation to buy or sell something at a prespecified exercise price is an option.

二、单项选择题

（）1．Which of the following statement is false?

A. Finance is an important subject. It deals with the study of monetary institutions.

B. The costs and benefits of financial decisions are spread over time.

C. The costs and benefits of financial decisions are usually not known with certainty in advanc e by

either the decision makers or anybody else.

D. People make use of financial system to implement their financial decision.

（）2．Which intermediary are the largest (in terms of assets) and oldest of all financial intermediaries?

A. Commercial Banks

B. Thrift institutions

C. Insurance companies

D. Investment banks

（）3．Suppose that the bank deposit rate is 4% annually, inflation rate is 6% per year, then the deposit’s real rate is ___ per year.

A. -1.89%

B. -1.43%

C. 1.5%

D.1.43%

( )4. Suppose you saving account earns an annual percentage rate (APR) 8% which is compounded semiannually, then its effective annual rate (EFF) is ____.

A. 8.00%

B. 4.00%

C. 8.16%

D.16 %

( )5. According to the 72 rule, how many years will it take to double the original investment for an interest rate of 9%?

A. 8

B. 9

C. 10

D.7.2

( )6. For the life-cycle optimization, people usually consume _____ than(to) what they earn at their youth age.

A. more

B. less

C. equal

D. either of the above three choices

( )7. When people get to their retire age, their ____ approaches zero.

A. total wealth

B. human capital

C. retirement fund

D. none of the above three choices ( )8. If one person wants to leave a bequest to his children, then the lifetime consumption will be ____ in the condition of his unchanged lifetime income.

A. increased

B. reduced

C. unchanged

D. either of the above three choices

( )9.If the current price of XYZ stock is 47.85 and the July XYZ 40 call is 5.50, then the call’s intrinsic value is ______.

A. 47.85

B. 42.5

C. 7.85

D. 5.35

( )10. If a stock call option’s exercise price is 85, at the expiration date the price of the underlying stock is 80, then the payoff of the call option is ( ).

A. 100

B. 15

C. -15

D. 0