财--经--原--版--试--题---副本

1、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 institution

2、s.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 th

3、ree-month Treasury billC) a ten-year bondD) an agreement for a bank to loan funds directly to a company for nine months ANSWER: C5. Money market securities generally have. Capital market securities are typically expected to have a.A) less liquidity; higher annualized returnB) more liquidity; lower a

4、nnualized returnC) less liquidity; lower annualized returnD) more liquidity; higher annualized returnANSWER:D6. The required return to implement a given business project will beif interest rates are lower. This implies that businesses will demand aquantity of loanable fundswhen interest rates are lo

5、wer.A) greater; lowerB) lower; greaterC) lower; lowerD) greater; greater ANSWER: B7. If interest rates are,projects will have positive NPVs.A) higher; moreB) lower; moreC) lower; noD) none of the above ANSWER:B8. The demand for funds resulting from business investment in short-term assets is related

6、 to the number of projects implemented, and is thereforerelated 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

7、 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 C

8、ommissionD) Board of Governors ANSWER: C11. Of the nine directors of each Fed district bank,are elected by member banks in that district.A) 0B) 9C) 6D) 3 ANSWER: C12. Which of the following is not an activity of Fed district banks?A) clearing checksB) replacing old currencyC) providing loans to depo

9、sitory institutionsD) acting as an intermediary to match up lenders and borrowers in the commercial paper marketANSWER:D13. Allare required to be members of the Federal Reserve System.A) state banksB) national banksC) savings and loan associationsD) finance companiesE) a and b ANSWER:B14. Which of t

10、he following is currently a main role of the Federal Reserves 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 the Federal Reserves Board o

11、f 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 strategies ANSWER:A16. Which of the following is not a tool the Fed us

12、es 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 $

13、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 shouldby about.A)increase; $200 millionB)increase; $1.67 billionC)decrease; $200 millionD)decrease; $1.67 billionANSWER: B1

14、8. 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 tend

15、s toeconomic growth andthe 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)

16、 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 perce

17、ntE) 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 firms 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 aprice than t

18、hey projected, their cost of raising funds isthan 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 initiall

19、y issued (especially T-bills and commercial 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 eith

20、er 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;

21、 less than 5 years ANSWER: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 a specified

22、 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 traders ANSWER:D30. If the prices of Treas

23、ury bonds, the value of an existing Treasury bond futures contract should.A) increase; be unaffectedB) decrease; be unaffectedC) A and BD) decrease; decreaseE) decrease; increase ANSWER:31. Assume that a T-bill futures contract with a face value of $1 million is purchased at a price of $95.00 per $1

24、00 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 above ANSWER:32. If speculators believe interest rates will, they would considera T-bill futures contract to

25、day.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 in order to hedge against a change in interest rates, this is referred to asA) a long hedge.B) a

26、 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 price on 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

27、.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 the stocks comprising that index is known asA) program arbitrage.B) covered interest arbitrage.C) index arbitrage.D) future arbitrage.ANSWER:36. Currency futures may be pur

28、chased to hedgeor to capitalize on the expected of that currency against the dollar.A) receivables; appreciationB) receivables; depreciationC) payables; depreciationD) payables; appreciationANSWER:37. Agrants the owner the right to purchase a specified financial instrument for a specified price with

29、in a specified period of time.A) call optionB) put optionC) sale of a futures contractD) purchase of a futures contractANSWER:38. A call option 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 exerci

30、se 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 exe

31、rcise 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 option

32、s.C) selling additional call options on the same stock.D) A and BE) all of the above ANSWER: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