第二十五章 金融衍生工具的对冲交易
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Chapter 25 Hedging with Financial Derivatives
25.1 Single Choice
1) Financial derivatives include
A) stocks.
B) bonds.
C) futures.
D) none of the above.
2) Financial derivatives include
A) stocks.
B) bonds.
C) forward contracts.
D) both A and B.
3) Which of the following is not a financial derivative?
A) Stock
B) Futures
C) Options
D) Forward contracts
4) A contract that requires the investor to buy securities on a future date is called a
A) short contract.
B) long contract.
C) hedge.
D) cross.
5) A contract that requires the investor to sell securities on a future date is called a
A) short contract.
B) long contract.
C) hedge.
D) micro hedge.
6) A long contract requires that the investor
A) sell securities in the future.
B) buy securities in the future.
C) hedge in the future.
D) close out his position in the future.
7) A short contract requires that the investor
A) sell securities in the future.
B) buy securities in the future.
C) hedge in the future.
D) close out his position in the future.
8) Which is not a problem of forward contracts?
A) a lack of liquidity
B) a lack of flexibility
C) the difficulty of finding a counterparty
D) default risk
9) By selling short a futures contract of $100,000 at a price of 115, you are agreeing to deliver _________ face value securities for _________.
A) $100,000; $115,000
B) $115,000; $110,000
C) $100,000; $100,000
D) $115,000; $115,000
10) By selling short a futures contract of $100,000 at a price of 96, you are agreeing to deliver _________ face value securities for _________.
A) $100,000; $104,167
B) $96,000; $100,000
C) $100,000; $96,000
D) $100,000; $100,000
11) By buying a long $100,000 futures contract for 115, you agree to pay _________ for _________ face value securities.
A) $100,000; $115,000
B) $115,000; $100,000
C) $86,956; $100,000
D) $86,956; $115,000
12) If you sell a short contract on financial futures, you hope interest rates will
A) rise.
B) fall.
C) not change.
D) fluctuate.
13) If you buy a long contract on financial futures, you hope interest rates will
A) rise.
B) fall.
C) not change.
D) fluctuate.
14) If you sell a short futures contract, you hope that bond prices will
A) rise.
B) fall.