货币银行学题库

1、1)Of the following measures of interest rates, which is considered by economists to be the most accurate?(a) The yield to maturity(b) The coupon rate(c) The current yield(d) The yield on a discount basis Answer: AQuestion Status: Previous Edition2)To claim that a lottery winner who is to receive $1

2、million per year for twenty years has won $20 million ignores the concept of(a) amortizing a loan.(b) par value.(c) deflation.(d) discounting the future.(e) face value.Answer: DQuestion Status: New3)If a security pays $110 next year and $121 the year after that, what is its yield to maturity if it s

3、ells for $200?(a) 9 percent(b) 10 percent(c) 11 percent(d) 12 percent Answer: B4)Which of the following are true of simple loans?(a) A simple loan requires the borrower to repay the principal and interest at the maturity date.(b) Commercial loans to businesses are often of this type.(c) The borrower

4、 repays the loan by making the same payment every month.(d) Both (a) and (b) of the above.(e) Both (b) and (c) of the above. Answer: DQuestion Status: Previous Edition精选文库5)the yield to maturity.For sim pie loa ns, the sim pie in terest rate is(a) greater than(b) less than(c) equal to(d) not comp ar

5、able toAnswer: C6)Questi on Status: P revious Editi on With an in terest rate of 5 p erce nt, the p rese nt value of $100 n ext year is app roximately(a) $100.(b) $105.(c) $95.(d) $90.Answer: C7)If $1102.50 is the amount p ayable in two years for a $1000 simple loa n made today, the in terest rate i

6、s(a) 2.5 percent.(b) 5 percent.(c) 10 perce nt.(d) 12.5 perce nt.(e) 20 percent.Answer: B8)A loa n that requires the borrower to make the same p ayme nt every p eriod un til the maturity date is called a(a) simpie loan.(b) fixed-payment loan.(c) discount loan.(d) a same-payment loan.(e) none of the

7、above.Answer: B9)A coupon bond p ays the owner of the bond(a) the same amount every month until maturity date.(b) the face value of the bond plus an interest payment once the maturity date has bee n reached.(c) a fixed-i nterest p ayme nt every p eriod and rep ays the face value at the maturity date

8、.(d) the face value at the maturity date.(e) none of the above.Answer: C10)Which of the followi ng are true for a coupon bond?(a) When the coupon bond is priced at its face value, the yield to maturity equals the coupon rate.(b) The price of a coupon bond and the yield to maturity are negatively rel

9、ated.(c) The yield to maturity is greater than the coupon rate when the bond price is below the par value.(d) All of the above are true.(e) Only (a) and (b) of the above are true.Answer: DQuesti on Status: P revious Editi on11)The p rice of a con sol(a) equals the coupon payment times the interest r

10、ate.(b) equals the coupon payment plus the interest rate.(c) equals the coupon payment minus the interest rate.(d) equals the coupon payment divided by the interest rate.(e) cannot be determ in ed.Answer: D12)A con sol paying $1 annu ally whe n the in terest rate is 4 p erce nt has a p rice of(a) $4

11、.(b) $20.(c) $25.(d) $100.(e) $400.Answer: C13)Which of the followi ng $1,000 face-value securities has the highest yield to maturity?(a) A 5 percent coupon bond selling for $1,000(b) A 10 perce nt cou pon bo nd selli ng for $1,000(c) A 15 perce nt cou pon bo nd selli ng for $1,000(d) A 15 percent c

12、oupon bond selling for $900Answer: D14)Which of the follow ing bonds would you p refer to be buying?(a) A $10,000 face-value security with a 6 perce nt cou pon selling for $10,000(b) A $10,000 face-value security with a 7 perce nt cou pon selli ng for $10,000(c) A $10,000 face-value security with a

13、9 perce nt cou pon selling for $10,000(d) A $10,000 face-value security with a 10 perce nt cou pon selli ng for $10,000(e) A $10,000 face-value security with a 10 perce nt cou pon selli ng for $9,000 Answer: EQuesti on Status: New3精选文库15)Which of the follow ing bonds would you p refer to be selli ng

14、?(a) A $10,000 face-value security with a 6 perce nt cou pon selling for $10,000(b) A $10,000 face-value security with a 6 perce nt cou pon selli ng for $9,000(c) A $10,000 face-value security with a 6 perce nt cou pon selli ng for $11,000(d) A $10,000 face-value security with a 7 perce nt cou pon s

15、elli ng for $10,000(e) A $10,000 face-value security with a 7 perce nt cou pon selli ng for $9,000 Answer: C16)A credit market in strume nt that p ays the owner the face value of the security at the maturity date and no thi ng p rior to the n is called a(a) simpie loan.(b) fixed-payment loan.(c) cou

16、pon bond.(d) discount bond.Answer: D17)Exa mples of disco unt bonds in clude(a) U.S. Treasury bills.(b) U.S. sav ings bon ds.(c) zero-co upon bon ds.(d) all of the above.(e) only (a) and (b) of the above.Answer: D18)If a $10,000 face-value disco unt bond maturi ng in one year is selli ng for $5,000,

17、 the n its yield to maturity is(a) 5 percent.(b) 10 perce nt.(c) 50 percent.(d) 100 perce nt.Answer: D19)A discou nt bond selli ng for $15,000 with a face value of $20,000 in one year has a yield to maturity of(a) 3 percent.(b) 20 percent.(c) 25 percent.(d) 33.3 percent.(e) 66.7 percent.Answer: D20)

18、Which of the followi ng are true for the curre nt yield?(a) The current yield is defined as the yearly coupon payment divided by the price of the security.(b) The formula for the current yield is identical to the formula describing the yield to maturity for a con sol.(c) The current yield will be a

19、close approximation for the yield to maturity theIon ger the time to maturity, and the closer the bond p rice to its par value.(d) All of the above are true.(e) Only (a) and (b) of the above are true.Answer: DThe curre nt yield, which equals the coupon p ayme nt divided by the p rice of a coupon bon

20、 d, is a less accurate measure of the yield to maturity thethe maturity ofthe bond and thethe p rice is from/to the par value.(a) shorter; closer21)#精选文库(b) shorter; farther(c) Ion ger; closer(d) Ion ger; fartherAnswer: B22)s price is toTheis a better app roximatio n fo the, the n earer the bondthe

21、bond s par value and the Ion ger the maturity of the bond.(a) current yield; yield to maturity(b) current yield; coupon rate(c) yield to maturity; current yield(d) yield to maturity; coupon rateAn swer: A23)The curre nt yield on a $10,000, 10 perce nt cou pon bo nd selling for $5,000 is(a) 30 percen

22、t.(b) 33 percent.(c) 60 percent.(d) 20 percent.Answer: D24)A p roblem with the yield on disco unt basis is that itthe yield to maturity,and thisin creases, thethe maturity of the disco unt bond.(a) un derstates; un derstateme nt; I on ger(b) understates; understatement; shorter(c) overstates; overst

23、ateme nt; I on ger(d) overstates; overstatement; shorter(e) app roximates; app roximati on; Ion gerAn swer: A25)The yield on a discou nt basis of a 90-day $1,000 Treasury bill selli ng for $900 is(a) 10 perce nt.(b) 20 percent.(c) 25 percent.(d) 40 percent.Answer: D26)An equal in crease in all bond

24、in terest rates(a) in creases the p rice of a five-year bond more tha n the p rice of a ten-year bond.(b) in creases the p rice of a ten-year bond more tha n the p rice of a five-year bond.(c) decreases the p rice of a five-year bond more tha n the p rice of a ten-year bond.(d) decreases the p rice

25、of a ten-year bond more tha n the p rice of a five-year bond.(e) in creases all bond p rices by the same dollar amount.Answer: D27)The return on a 5 p erce nt coupon bond that in itially sells for $1,000 and sells for $950 n ext year is(a) 10 perce nt.(b) 5 percent.(c) 0 percent.(d) 5 percent.Answer

26、: CWhich of the followi ng are gen erally true of all bon ds?(a) The only bond whose return equals the initial yield to maturity is one whose time to maturity is the same as the hold ing p eriod.(b) A rise in interest rates is associated with a fall in bond prices, resulting in capital losses on bon

27、ds whose terms to maturity are Ion ger tha n the hold ing p eriods.(C)The Ion ger a bond s rtyathie smaller is the size of the p rice cha nge associated with an in terest rate cha nge.(d) All of the above are true.(e) Only (a) and (b) of the above are true.Answer: E29)The nominal in terest rate minus the exp ected rate of in flati on(a) defines the real interest rate.(b) is a better measure of the inc