金融市场与机构复习题.docx
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金融市场与机构复习题.docx
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金融市场与机构复习题
复习题
1Chapter2
OverviewoftheFinancialSystem
1.Financialmarketshavethebasicfunctionof
(a)bringingtogetherpeoplewithfundstolendandpeoplewhowanttoborrowfunds.
(b)assuringthattheswingsinthebusinesscyclearelesspronounced.
(c)assuringthatgovernmentsneedneverresorttoprintingmoney.
(d)both(a)and(b)oftheabove.
(e)both(b)and(c)oftheabove.
2.Whichofthefollowingcanbedescribedasinvolvingdirectfinance?
(a)Acorporation’sstockistradedinanover-the-countermarket.
(b)Peoplebuysharesinamutualfund.
(c)Apensionfundmanagerbuyscommercialpaperinthesecondarymarket.
(d)Aninsurancecompanybuyssharesofcommonstockintheover-the-countermarkets.
(e)Noneoftheabove.
3.Whichofthefollowingcanbedescribedasinvolvingdirectfinance?
(a)Acorporation’sstockistradedinanover-the-countermarket.
(b)Acorporationbuyscommercialpaperissuedbyanothercorporation.
(c)Apensionfundmanagerbuyscommercialpaperfromtheissuingcorporation.
(d)Both(a)and(b)oftheabove.
(e)Both(b)and(c)oftheabove.
4.Intermediarieswholinkbuyersandsellersbybuyingandsellingsecuritiesatstatedpricesarecalled
(a)investmentbankers.
(b)traders.
(c)brokers.
(d)dealers.
(e)noneoftheabove.
5.Animportantfinancialinstitutionthatassistsintheinitialsaleofsecuritiesintheprimarymarketisthe
(a)investmentbank.
(b)commercialbank.
(c)stockexchange.
(d)brokeragehouse.
6.Whichofthefollowingstatementsaboutfinancialmarketsandsecuritiesaretrue?
(a)Mostcommonstocksaretradedover-the-counter,althoughthelargestcorporationshavetheirsharestradedatorganizedstockexchangessuchastheNewYorkStockExchange.
(b)Acorporationacquiresnewfundsonlywhenitssecuritiesaresoldintheprimarymarket.
(c)Moneymarketsecuritiesareusuallymorewidelytradedthanlonger-termsecuritiesandsotendtobemoreliquid.
(d)Alloftheabovearetrue.
(e)Only(a)and(b)oftheabovearetrue.
7.Whichofthefollowingstatementsaboutfinancialmarketsandsecuritiesaretrue?
(a)Abondisalong-termsecuritythatpromisestomakeperiodicpaymentscalleddividendstothefirm’sresidualclaimants.
(b)Adebtinstrumentisintermediatetermifitsmaturityislessthanoneyear.
(c)Adebtinstrumentislongtermifitsmaturityistenyearsorlonger.
(d)Thematurityofadebtinstrumentisthetime(term)thathaselapsedsinceitwasissued.
8.Whichofthefollowingcanbedescribedasinvolvingindirectfinance?
A.AbankbuysaU.S.Treasurybillfromoneofitsdepositors.
B.Acorporationbuyscommercialpaperissuedbyanothercorporation.
C.Apensionfundmanagerbuyscommercialpaperintheprimarymarket.
D.BothAandCoftheabove.
9.Financialintermediaries_________________________________________________.
A.existbecausetherearesubstantialinformationandtransactioncostsintheeconomy
B.improvethelotofthesmallsaver
C.areinvolvedintheprocessofindirectfinance
D.doalloftheabove
10.Bondsthataresoldinaforeigncountryandaredenominatedinthatcountry’scurrencyareknownas
(a)foreignbonds.
(b)Eurobonds.
(c)Eurocurrencies.
(d)Eurodollars.
11.Bondsthataresoldinaforeigncountryandaredenominatedinacurrencyotherthanthatofthecountryinwhichtheyaresoldareknownas
(a)foreignbonds.
(b)Eurobonds.
(c)Eurocurrencies.
(d)Eurodollars.
10.Financialintermediaries
(a)existbecausetherearesubstantialinformationandtransactioncostsintheeconomy.
(b)improvethelotofthesmallsaver.
(c)areinvolvedintheprocessofindirectfinance.
(d)doalloftheabove.
(e)doonly(a)and(b)oftheabove.
2Chapter3
WhatDoInterestRatesMeanandWhatIsTheir
RoleinValuation?
12.Acouponbondpaystheownerofthebond
(a)thesameamounteverymonthuntilmaturitydate.
(b)afixedinterestpaymenteveryperiodandrepaysthefacevalueatthematuritydate.
(c)thefacevalueofthebondplusaninterestpaymentoncethematuritydatehasbeenreached.
(d)thefacevalueatthematuritydate.
(e)noneoftheabove.
13.Abond’sfuturepaymentsarecalledits
(a)cashflows.
(b)maturityvalues.
(c)discountedpresentvalues.
(d)yieldstomaturity.
14.Acreditmarketinstrumentthatpaystheownerthefacevalueofthesecurityatthematuritydate
andnothingpriortotheniscalleda
(a)simpleloan.
(b)fixed-paymentloan.
(c)couponbond.
(d)discountbond.
15.(I)Asimpleloanrequirestheborrowertorepaytheprincipalatthematuritydatealongwithaninterestpayment.(II)Adiscountbondisboughtatapricebelowitsfacevalue,andthefacevalueisrepaidatthematuritydate.
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
16.Whichofthefollowingaretrueofcouponbonds?
(a)Theownerofacouponbondreceivesafixedinterestpaymenteveryyearuntilthematuritydate,whenthefaceorparvalueisrepaid.
(b)U.S.Treasurybondsandnotesareexamplesofcouponbonds.
(c)Corporatebondsareexamplesofcouponbonds.
(d)Alloftheabove.
(e)Only(a)and(b)oftheabove.
17.Ifa$10,000facevaluediscountbondmaturinginoneyearissellingfor$5,000,thenitsyieldtomaturityis
(a)5percent.
(b)10percent.
(c)50percent.
(d)100percent.
18Ifa$5,000facevaluediscountbondmaturinginoneyearissellingfor$5,000,thenitsyieldtomaturityis
(a)0percent.
(b)5percent.
(c)10percent.
(d)20percent.
19.TheFisherequationstatesthat
(a)thenominalinterestrateequalstherealinterestrateplustheexpectedrateofinflation.
(b)therealinterestrateequalsthenominalinterestratelesstheexpectedrateofinflation.
(c)thenominalinterestrateequalstherealinterestratelesstheexpectedrateofinflation.
(d)both(a)and(b)oftheabovearetrue.
(e)both(a)and(c)oftheabovearetrue.
20Ifyouexpecttheinflationratetobe15percentnextyearandaone-yearbondhasayieldtomaturityof7percent,thentherealinterestrateonthisbondis
(a)7percent.
(b)22percent.
(c)–15percent.
(d)–8percent.
(e)noneoftheabove.
21.Whichofthefollowing$1,000facevaluesecuritieshasthehighestyieldtomaturity?
A.A5percentcouponbondsellingfor$1,000
B.A10percentcouponbondsellingfor$1,000
C.A12percentcouponbondsellingfor$1,000
D.A12percentcouponbondsellingfor$1,100
22.Ifa$5,000couponbondhasacouponrateof13percent,thenthecouponpaymenteveryyear
is_________.
A.$650B.$1,300C.$130D.Noneoftheabove
23Ifyouexpecttheinflationratetobe5percentnextyearandaone-yearbondhasayieldtomaturityof7percent,thentherealinterestrateonthisbondis
(a)–12percent.
(b)–2percent.
(c)2percent.
(d)12percent.
3Chapter4
WhyDoInterestRatesChange?
24.Whenthepriceofabondisbelowtheequilibriumprice,thereisexcess_________inthebondmarketandthepricewill_________.
(a)demand;rise
(b)demand;fall
(c)supply;fall
(d)supply;rise
25Whenthepriceofabondis_________theequilibriumprice,thereisanexcesssupplyofbondsandthepricewill_________.
(a)above;rise
(b)above;fall
(c)below;fall
(d)below;rise
26.Whenthepriceofabondis_________theequilibriumprice,thereisanexcessdemandforbondsandthepricewill_________.
(a)above;rise
(b)above;fall
(c)below;fall
(d)below;rise
27.Whentheinterestrateonabondisabovetheequilibriuminterestrate,thereisexcess_________inthebondmarketandtheinterestratewill_________.
(a)demand;rise
(b)demand;fall
(c)supply;fall
(d)supply;rise
28.Wh.entheinterestrateonabondisbelowtheequilibriuminterestrate,thereisexcess_________inthebondmarketandtheinterestratewill_________.
(a)demand;rise
(b)demand;fall
(c)supply;fall
(d)supply;rise
29.Whentheinterestrateonabondis_________theequilibriuminterestrate,thereisexcess_________inthebondmarketandtheinterestratewill_________.
(a)above;demand;fall
(b)above;demand;rise
(c)below;supply;fall
(d)above;supply;rise
30.Whentheinterestrateonabondis_________theequilibriuminterestrate,thereisexcess_________inthebondmarketandtheinterestratewill_________.
(a)below;demand;rise
(b)below;demand;fall
(c)below;supply;rise
(d)above;supply;fall
31..Whenthedemandforbonds_________orthesupplyofbonds_________,interestraterise.
(a)increases;increases
(b)increases;decreases
(c)decreases;decreases
(d)decreases;increases
32.Whenthedemandforbonds_________orthesupplyofbonds_________,interestratesfall.
(a)increases;increases
(b)increases;decreases
(c)decreases;decreases
(d)decreases;increases
33Whenthedemandforbonds_________orthesupplyofbonds_________,bondpricesrise.
(a)increases;decreases
(b)decreases;increases
(c)decreases;decreases
(d)increases;increases
34.Whatisthereturnona5percentcouponbondthatinitiallysellsfor$1,000andsellsfor$900
oneyearlater?
A.5percentB.10percentC.–5percentD.–10percent
12.Asthepriceofabond_________andtheexpectedreturn_________,bondsbecomemoreattractive
toinvestorsandthequantitydemandedrises.
A.falls;risesB.falls;fallsC.rises;risesD.rises;falls
35.Consideringthefollowingdiagram.Themostlikelycauseoftheincreaseintheequilibriuminterestratefromi1toi2isa(n)________inthe______________.
A.increase;expectedinflationrateB.decrease;expectedinflationrate.
C.increase;governmentbudgetdeficitD.d
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