金融市场学双语题库及答案(第二十章)米什金《金融市场与机构》

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FinancialMarketsandInstitutions,8e(Mishkin).

Chapter20TheMutualFundIndustry.

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20.1MultipleChoice.

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1)Atthebeginningof2013,mutualfundsheldabout________oftheU.S.stockmarketwasheldbymutualfunds..

A)30%.

B)50%.

C)10%.

D)70%.

Answer:A.

Topic:Chapter20.1TheGrowthofMutualFunds.

QuestionStatus:UpdatedfromPreviousEdition.

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2)Theoriginsofmutualfundscanbetracedbacktothemidtolate1800sin________..

A)EnglandandScotland.

B)NewYorkCity.

C)Boston.

D)Germany.

Answer:A.

Topic:Chapter20.1TheGrowthofMutualFunds.

QuestionStatus:NewQuestion.

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3)________intermediationmeansthatsmallinvestorscanpooltheirfundswithotherinvestorstopurchasehighfacevaluesecurities..

A)Liquidity.

B)Financial.

C)Denomination.

D)Share.

Answer:C.

Topic:Chapter20.2BenefitsofMutualFunds.

QuestionStatus:PreviousEdition.

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4)Mutualfundsofferinvestorsallofthefollowingexcept.

A)greater-than-averagereturns..

B)diversifiedportfolios..

C)lowertransactioncosts..

D)professionalinvestmentmanagement..

Answer:A.

Topic:Chapter20.2BenefitsofMutualFunds.

QuestionStatus:PreviousEdition.

5)Mutualfunds.

A)pooltheresourcesofmanysmallinvestorsbysellingtheseinvestorssharesandusingtheproceedstobuysecurities..

B)allowsmallinvestorstoobtainthebenefitsoflowertransactioncostsinpurchasingsecurities..

C)providesmallinvestorsadiversifiedportfoliothatreducesrisk..

D)doalloftheabove..

E)doonlyAandBoftheabove..

Answer:D.

Topic:Chapter20.2BenefitsofMutualFunds.

QuestionStatus:PreviousEdition.

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6)________enablesmutualfundstoconsistentlyoutperformarandomlyselectedgroupofstocks..

A)Managerialexpertise.

B)Diversification.

C)Denominationintermediation.

D)Noneoftheabove.

Answer:D.

Topic:Chapter20.2BenefitsofMutualFunds.

QuestionStatus:PreviousEdition.

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7)Attheendof2012therewereover________separatemutualfundswithtotalassetsover________..

A)800;$10trillion.

B)7,500;$13trillion.

C)10,000;$10trillion.

D)1,000;$7trillion.

Answer:B.

Topic:Chapter20.2BenefitsofMutualFunds.

QuestionStatus:UpdatedfromPreviousEdition.

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8)Mostmutualfundsarestructuredintwoways.Themostcommonstructureisa(n)________fund,fromwhichsharescanberedeemedatanytimeatapricethatistiedtotheassetvalueofthefund.A(n)________fundhasafixednumberofnonredeemablesharesthataretradedintheover-the-countermarket..

A)closed-end;open-end.

B)open-end;closed-end.

C)no-load;closed-end.

D)no-load;load.

E)load;no-load.

Answer:B.

Topic:Chapter20.3MutualFundStructure.

QuestionStatus:PreviousEdition.

9)Whichofthefollowingisanadvantagetoinvestorsofanopen-endmutualfund?.

A)Oncealltheshareshavebeensold,theinvestordoesnothavetoputinmoremoney..

B)Theinvestorscanselltheirsharesintheover-the-countermarketwithlowtransactionfees..

C)Thefundagreestoredeemsharesatanytime..

D)Themarketvalueofthefund'ssharesmaybehigherthanthevalueoftheassetsheldbythefund..

Answer:C.

Topic:Chapter20.3MutualFundStructure.

QuestionStatus:PreviousEdition.

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10)Thenetassetvalueofamutualfundis.

A)determinedbysubtractingthefund'sliabilitiesfromitsassetsanddividingbythenumberofsharesoutstanding..

B)determinedbycalculatingthenetpriceoftheassetsownedbythefund..

C)calculatedevery15minutesandusedfortransactionsoccurringduringthenext15-minuteinterval..

D)calculatedasthedifferencebetweenthefund'sassetsanditsliabilities..

Answer:A.

Topic:Chapter20.3MutualFundStructure.

QuestionStatus:PreviousEdition.

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11)________fundsarethesimplesttypeofinvestmentfundstomanage..

A)Balanced.

B)Globalequity.

C)Growth.

D)Index.

Answer:D.

Topic:Chapter20.4InvestmentObjectiveClasses.

QuestionStatus:PreviousEdition.

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12)Themajorityofmutualfundassetsarenowownedby.

A)individualinvestors..

B)institutionalinvestors..

C)fiduciaries..

D)businessorganizations..

E)retirees..

Answer:A.

Topic:Chapter20.2BenefitsofMutualFunds.

QuestionStatus:PreviousEdition.

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13)Capitalappreciationfundsselectstocksof________andtendtobe________riskythantotalreturnfunds..

A)large,establishedcompaniesthatpaydividendsregularly;more.

B)large,establishedcompaniesthatpaydividendsregularly;less.

C)companiesexpectedtogrowrapidly;more.

D)companiesexpectedtogrowrapidly;less.

Answer:C.

Topic:Chapter20.4InvestmentObjectiveClasses.

QuestionStatus:PreviousEdition.

14)Fromlargesttosmallestintermsoftotalassets,thefourclassesofmutualfundsare.

A)equityfunds,bondfunds,hybridfunds,moneymarketfunds..

B)equityfunds,moneymarketfunds,bondfunds,hybridfunds..

C)moneymarketfunds,equityfunds,hybridfunds,bondfunds..

D)bondfunds,moneymarketfunds,equityfunds,hybridfunds..

Answer:B.

Topic:Chapter20.4InvestmentObjectiveClasses.

QuestionStatus:PreviousEdition.

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15)Measuredbyassets,themostpopulartypeofbondfundisthe________bondfund..

A)statemunicipal.

B)strategicincome.

C)government.

D)high-yield.

Answer:B.

Topic:Chapter20.4InvestmentObjectiveClasses.

QuestionStatus:PreviousEdition.

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16)Peoplewhotaketheirmoneyoutofinsuredbankdepositstoinvestinuninsuredmoneymarketmutualfundshave________riskbecausemoneymarketfundsinvestin________assets..

A)high;long-term.

B)low;short-term.

C)high;short-term.

D)low;long-term.

Answer:B.

Topic:Chapter20.4InvestmentObjectiveClasses.

QuestionStatus:PreviousEdition.

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17)Thelargestshareofassetsheldbymoneymarketmutualfundsis.

A)Treasurybills..

B)certificatesofdeposit..

C)commercialpaper..

D)repurchaseagreements..

Answer:C.

Topic:Chapter20.4InvestmentObjectiveClasses.

QuestionStatus:PreviousEdition.

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18)Whichofthefollowingisafeatureofindexfunds?.

A)Theyhavelowerfees..

B)Theyselectandholdstockstomatchtheperformanceofastockindex..

C)Theydonotrequiremanagerstoselectstocksanddecidewhentobuyandsell..

D)Alloftheabove..

Answer:D.

Topic:Chapter20.4InvestmentObjectiveClasses.

QuestionStatus:PreviousEdition.

19)Adeferred-loadmutualfundchargesacommission.

A)whensharesarepurchased..

B)whensharesaresold..

C)bothwhensharesarepurchasedandwhentheyaresold..

D)whensharesareredeemed..

Answer:D.

Topic:Chapter20.5FeeStructureofInvestmentFunds.

QuestionStatus:PreviousEdition.

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20)Overthepasttwentyyears,mutualfundfeeshave________,largelybecause________..

A)fallen;SECfeedisclosureruleshaveledtogreatercompetition.

B)risen;investorshavelearnedthatfundswithhighfeesprovidebetterperformance.

C)risen;therehasbeencollusionbetweenlargemutualfundcompanies.

D)fallen;advancesininformationtechnologyhaveloweredtransactioncosts.

Answer:A.

Topic:Chapter20.5FeeStructureofInvestmentFunds.

QuestionStatus:PreviousEdition.

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21)Whichofthefollowingismostlikelytobeano-loadfund?.

A)Valuefunds.

B)Hedgefunds.

C)Growthfunds.

D)Indexfunds.

Answer:D.

Topic:Chapter20.5FeeStructureofInvestmentFunds.

QuestionStatus:PreviousEdition.

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22)Wheninvestorsswitchbetweenfundswithinthesamefundfamily,mutualfundsmaycharge.

A)acontingentdeferredsalescharge..

B)aredemptionfee..

C)anexchangefee..

D)12b-1fees..

E)anaccountmaintenancefee..

Answer:C.

Topic:Chapter20.5FeeStructureofInvestmentFunds.

QuestionStatus:PreviousEdition.

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23)TheSecuritiesActsof1933and1934didnot.

A)regulatetheactivitiesofinvestmentfunds..

B)requirefundstoregisterwiththeSEC..

C)includeantifraudrulescoveringthepurchaseandsaleoffundshares..

D)applytoinvestmentfunds..

Answer:B.

Topic:Chapter20.6RegulationofMutualFunds.

QuestionStatus:PreviousEdition.

24)Thelargestshareoftotalinvestmentinmutualfundsisin.

A)stockfunds..

B)hybridfunds..

C)bondfunds..

D)moneymarketfunds..

Answer:A.

Topic:Chapter20.4InvestmentObjectiveClasses.

QuestionStatus:PreviousEdition.

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25)Over________ofthetotaldailyvolumeinstocksisduetoinstitutionsinitiatingtrades..

A)70%.

B)50%.

C)25%.

D)90%.

Answer:A.

Topic:Chapter20.6RegulationofMutualFunds.

QuestionStatus:NewQuestion.

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26)Hedgefundsare.

A)lowriskbecausetheyaremarket-neutral..

B)lowriskiftheybuyTreasurybonds..

C)lowriskbecausetheyhedgetheirinvestments..

D)highriskbecausetheyaremarket-neutral..

E)highrisk,eventhoughtheymaybemarket-neutral..

Answer:E.

Topic:Chapter20.7HedgeFunds.

QuestionStatus:PreviousEdition.

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27)ThenearcollapseofLongTermCapitalManagementwascausedby.

A)thehighmanagementfeeschargedbythefund'stwoNobelPrizewinners..

B)thefund'shighleverageratioof20to1..

C)asharpdecreaseinthespreadbetweencorporatebondsandTreasurybonds..

D)asharpincreaseinthespreadbetweencorporatebondsandTreasurybonds..

E)thefund'sshiftawayfromamarket-neutralinvestmentstrategy..

Answer:D.

Topic:Chapter20.7HedgeFunds.

QuestionStatus:PreviousEdition.

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28)Conflictsariseinthemutualfundsindustrybecause________cannoteffectivelymonitor________..

A)investmentadvisers;directors.

B)directors;shareholders.

C)shareholders;investmentadvisers.

D)investmentadvisers;stocksthatwilloutperformtheoverallmarket.

Answer:C.

Topic:Chapter20.8ConflictsofInterestintheMutualFundIndustry.

QuestionStatus:PreviousEdition.

29)Latetradingisthepracticeofallowingordersreceived________totradeatthe________netassetvalue..

A)before4:00pm;4:00pm.

B)after4:00pm;4:00pm.

C)after4:00pm;nextday's.

D)before4:00pm;previousday's.

Answer:B.

Topic:Chapter20.8ConflictsofInterestintheMutualFundIndustry.

QuestionStatus:PreviousEdition.

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30)Markettiming.

A)takesadvantageoftimedifferencesbetweentheeastandwestcoastsoftheUnitedStates..

B)takesadvantageofarbitrageopportunitiesinforeignstocks..

C)takesadvantageofthetimelagbetweenthereceiptandexecutionoforders..

D)isdiscouragedbythestifffeesmutualfundschargeeveryinvestorforbuyingandthensellingsharesonthesameday..

Answer:B.

Topic:Chapter20.8ConflictsofInterestintheMutualFundIndustry.

QuestionStatus:PreviousEdition.

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31)Latetradingandmarkettiming.

A)allowlarge,favoredinvestorsinamutualfundtoprofitattheexpenseofotherinvestorsinthefund..

B)hurtordinaryinvestorsbyincreasingthenumberoffundsharesanddilutingthefund'snetassetvalue..

C)arebothAandBoftheabove..

D)arenoneoftheabove..

Answer:C.

Topic:Chapter20.8ConflictsofInterestintheMutualFundIndustry.

QuestionStatus:PreviousEdition.

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32)Whichofthefollowingisnotaproposaltodealwithabusesinthemutualfundindustry?.

A)Strictlyenforcethe4:00pmnetassetvaluerule..

B)Makeredemptionfeesmandatory..

C)Disclosecompensationarrangementsforinvestmentadvisers..

D)Increasethenumberofdependentdirectors..

Answer:D.

Topic:Chapter20.8ConflictsofInterestintheMutualFundIndustry.

QuestionStatus:PreviousEdition.

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33)________meanstheinvestorscanconverttheirinvestmentintocashquicklyatalowcost..

A)Liquidityintermediation.

B)Denominationintermediation.

C)Diversification.

D)Managerialexpertise.

Answer:A.

Topic:Chapter20.2BenefitsofMutualFunds.

QuestionStatus:PreviousEdition.

34)Atthestartof2014,oneshareofBerkshireHathaway'sA-shareswastradingatover$150,000.________inanmutualfundgivesasmallinvestoraccesstotheseshares..

A)Liquidityintermediation.

B)Denominationintermediation.

C)Diversification.

D)Managerialexpertise.

Answer:B.

Topic:Chapter20.2BenefitsofMutualFunds.

QuestionStatus:PreviousEdition.

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35)Mutualfundcompaniesfrequentlyofferanumberofseparatemutualfundscalled________..

A)indexes.

B)complexes.

C)components.

D)actuaries.

Answer:B.

Topic:Chapter20.4InvestmentObjectiveClasses.

QuestionStatus:PreviousEdition.

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36)EquityfundscanbeplacedinwhichclassaccordingtotheInvestmentCompanyInstitute?.

A)Capitalappreciationfunds.

B)Worldfunds.

C)Totalreturnfunds.

D)Alloftheabove.

Answer:D.

Topic:Chapter20.4InvestmentObjectiveClasses.

QuestionStatus:PreviousEdition.

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37)Governmentbondsareessentiallydefaultrisk-free,________returns..

A)andwillyieldhigh.

B)andwillyieldthehighest.

C)butwillhaverelativelylow.

D)noneoftheabove.

Answer:C.

Topic:Chapter20.4InvestmentObjectiveClasses.

QuestionStatus:PreviousEdition.

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38)________bondscombinestocksintoonefund..

A)Hybrid.

B)Moneymarket.

C)Municipal.

D)Equity.

Answer:A.

Topic:Chapter20.4InvestmentObjectiveClasses.

QuestionStatus:PreviousEdition.

39)All________areopen-endinvestmentfundsthatinvestonlyinmoneymarketsecurities..

A)Stockfunds.

B)Bondfunds.

C)Moneymarketmutualfunds.

D)alloftheabove.

Answer:C.

Topic:Chapter20.4InvestmentObjectiveClasses.

QuestionStatus:PreviousEdition.

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20.2True/False.

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1)Thelargerthenumberofsharestradedinastocktransaction,thelowerthetransactioncostspershare..

Answer:TRUE.

Topic:Chapter20.2BenefitsofMutualFunds.

QuestionStatus:PreviousEdition.

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2)Theincreaseinthenumberofdefinedcontributionpensionfundshasslowedthegrowthofmutualfunds..

Answer:FALSE.

Topic:Chapter20.1TheGrowthofMutualFunds.

QuestionStatus:PreviousEdition.

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3)Mutualfundsaccountedfor$5.3trillion,or27%,ofthe$19.5trillionU.S.retirementmarketatthebeginningof2013..

Answer:TRUE.

Topic:Chapter20.2BenefitsofMutualFunds.

QuestionStatus:UpdatedfromPreviousEdition.

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4)Amongtheinvestorsinmutualfunds,onlyabout25%citepreparingforretirementasoneoftheirmainreasonsforholdingshares..

Answer:FALSE.

Topic:Chapter20.2BenefitsofMutualFunds.

QuestionStatus:UpdatedfromPreviousEdition.

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5)Open-endmutualfundsaremorecommonthanclosed-endfunds..

Answer:TRUE.

Topic:Chapter20.3MutualFundStructure.

QuestionStatus:PreviousEdition.

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6)Thenetassetvalueofamutualfundistheaveragemarketpriceofthestocks,bonds,andotherassetsthefundowns..

Answer:FALSE.

Topic:Chapter20.3MutualFundStructure.

QuestionStatus:PreviousEdition.

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7)Amutualfund'sboardofdirectorspicksthesecuritiesthatwillbeheldandmakesbuyandselldecisions..

Answer:FALSE.

Topic:Chapter20.4InvestmentObjectiveClasses.

QuestionStatus:PreviousEdition.

8)MoneymarketmutualfundsoriginatedwhenthebrokeragefirmMerrillLynchoffereditscustomersanaccountfromwhichfundscouldbetakentopurchasesecuritiesandintowhichfundscouldbedepositedwhensecuritiesweresold..

Answer:TRUE.

Topic:Chapter20.4InvestmentObjectiveClasses.

QuestionStatus:PreviousEdition.

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9)Adeferredloadisafeechargedwhensharesinamutualfundareredeemed..

Answer:TRUE.

Topic:Chapter20.5FeeStructureofInvestmentFunds.

QuestionStatus:PreviousEdition.

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10)Severalacademicresearchstudiesshowthatinvestorsearnhigherreturnsbyinvestinginmutualfundsthatchargehigherfees..

Answer:FALSE.

Topic:Chapter20.5FeeStructureofInvestmentFunds.

QuestionStatus:PreviousEdition.

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11)Hedgefundshaveaminimuminvestmentrequirementofbetween$100,000and$20million,withthetypicalminimuminvestmentbeing$1million..

Answer:TRUE.

Topic:Chapter20.7HedgeFunds.

QuestionStatus:NewQuestion.

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12)SECresearchsuggeststhataboutthree-fourthsofmutualfundsletprivilegedshareholdersengageinmarkettiming..

Answer:TRUE.

Topic:Chapter20.8ConflictsofInterestintheMutualFundIndustry.

QuestionStatus:PreviousEdition.

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13)Onefactorexplainingtherapidgrowthinmutualfundsisthattheyarefinancialintermediariesthatarenotregulatedbythefederalgovernment..

Answer:FALSE.

Topic:Chapter20.1TheGrowthofMutualFunds.

QuestionStatus:PreviousEdition.

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14)Whetherafundisorganizedasaclosed-oranopen-endfund,iswillhavethesamebasicorganizationalstructure..

Answer:TRUE.

Topic:Chapter20.3MutualFundStructure.

QuestionStatus:PreviousEdition.

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15)Theprimarypurposeofloadsistoprovidecompensationforsalesbrokers..

Answer:TRUE.

Topic:Chapter20.5FeeStructureofInvestmentFunds.

QuestionStatus:PreviousEdition.

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16)Mutualfundsareregulatedunderfourfederallawsdesignedtoprotectinvestors..

Answer:TRUE.

Topic:Chapter20.6RegulationofMutualFunds.

QuestionStatus:PreviousEdition.

20.3Essay.

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1)Whatbenefitsdomutualfundsofferinvestors?.

To