第二单元 金融考试题 西南财经大学天府学院.docx

第二单元 金融考试题 西南财经大学天府学院.docx

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第二单元金融考试题西南财经大学天府学院

FinancialMarketsandInstitutions,7e（Mishkin）

Chapter2OverviewoftheFinancialSystem

2.1MultipleChoice

1）Everyfinancialmarketperformsthefollowingfunction:

A）Itdeterminesthelevelofinterestrates.

B）Itallowscommonstocktobetraded.

C）Itallowsloanstobemade.

D）Itchannelsfundsfromlenders-saverstoborrowers-spenders.

Answer:

D

2）Financialmarketshavethebasicfunctionof

A）bringingtogetherpeoplewithfundstolendandpeoplewhowanttoborrowfunds.

B）assuringthattheswingsinthebusinesscyclearelesspronounced.

C）assuringthatgovernmentsneedneverresorttoprintingmoney.

D）bothAandBoftheabove.

E）bothBandCoftheabove.

Answer:

A

3）Whichofthefollowingcanbedescribedasinvolvingdirectfinance?

A）Acorporation'sstockistradedinanover-the-countermarket.

B）Peoplebuysharesinamutualfund.

C）Apensionfundmanagerbuyscommercialpaperinthesecondarymarket.

D）Aninsurancecompanybuyssharesofcommonstockintheover-the-countermarkets.

E）Noneoftheabove.

Answer:

E

4）Whichofthefollowingcanbedescribedasinvolvingdirectfinance?

A）Acorporation'sstockistradedinanover-the-countermarket.

B）Acorporationbuyscommercialpaperissuedbyanothercorporation.

C）Apensionfundmanagerbuyscommercialpaperfromtheissuingcorporation.

D）BothAandBoftheabove.

E）BothBandCoftheabove.

Answer:

B

5）Whichofthefollowingcanbedescribedasinvolvingindirectfinance?

A）Acorporationtakesoutloansfromabank.

B）Peoplebuysharesinamutualfund.

C）Acorporationbuyscommercialpaperinasecondarymarket.

D）Alloftheabove.

E）OnlyAandBoftheabove.

Answer:

E

6）Whichofthefollowingcanbedescribedasinvolvingindirectfinance?

A）AbankbuysaU.S.Treasurybillfromoneofitsdepositors.

B）Acorporationbuyscommercialpaperissuedbyanothercorporation.

C）Apensionfundmanagerbuyscommercialpaperintheprimarymarket.

D）BothAandCoftheabove.

Answer:

D

7）Financialmarketsimproveeconomicwelfarebecause

A）theyallowfundstomovefromthosewithoutproductiveinvestmentopportunitiestothosewhohavesuchopportunities.

B）theyallowconsumerstotimetheirpurchasesbetter.

C）theyweedoutinefficientfirms.

D）theydoalloftheabove.

E）theydoAandBoftheabove.

Answer:

E

8）Acountrywhosefinancialmarketsfunctionpoorlyislikelyto

A）efficientlyallocateitscapitalresources.

B）enjoyhighproductivity.

C）experienceeconomichardshipandfinancialcrises.

D）increaseitsstandardofliving.

Answer:

C

9）Whichofthefollowingaresecurities?

A）Acertificateofdeposit

B）AshareofTexacocommonstock

C）ATreasurybill

D）Alloftheabove

E）OnlyAandBoftheabove

Answer:

D

10）Whichofthefollowingstatementsaboutthecharacteristicsofdebtandequityaretrue?

A）Theybothcanbelong-termfinancialinstruments.

B）Theybothinvolveaclaimontheissuer'sincome.

C）Theybothenableacorporationtoraisefunds.

D）Alloftheabove.

E）OnlyAandBoftheabove.

Answer:

D

11）Themoneymarketisthemarketinwhich________aretraded.

A）newissuesofsecurities

B）previouslyissuedsecurities

C）short-termdebtinstruments

D）long-termdebtandequityinstruments

Answer:

C

12）Long-termdebtandequityinstrumentsaretradedinthe________market.

A）primary

B）secondary

C）capital

D）money

Answer:

C

13）Whichofthefollowingareprimarymarkets?

A）TheNewYorkStockExchange

B）TheU.S.governmentbondmarket

C）Theover-the-counterstockmarket

D）Theoptionsmarkets

E）Noneoftheabove

Answer:

E

14）Whichofthefollowingaresecondarymarkets?

A）TheNewYorkStockExchange

B）TheU.S.governmentbondmarket

C）Theover-the-counterstockmarket

D）Theoptionsmarkets

E）Alloftheabove

Answer:

E

15）Acorporationacquiresnewfundsonlywhenitssecuritiesaresoldinthe

A）secondarymarketbyaninvestmentbank.

B）primarymarketbyaninvestmentbank.

C）secondarymarketbyastockexchangebroker.

D）secondarymarketbyacommercialbank.

Answer:

B

16）Intermediarieswhoareagentsofinvestorsandmatchbuyerswithsellersofsecuritiesarecalled

A）investmentbankers.

B）traders.

C）brokers.

D）dealers.

E）noneoftheabove.

Answer:

C

17）Intermediarieswholinkbuyersandsellersbybuyingandsellingsecuritiesatstatedpricesarecalled

A）investmentbankers.

B）traders.

C）brokers.

D）dealers.

E）noneoftheabove.

Answer:

D

18）Animportantfinancialinstitutionthatassistsintheinitialsaleofsecuritiesintheprimarymarketisthe

A）investmentbank.

B）commercialbank.

C）stockexchange.

D）brokeragehouse.

Answer:

A

19）Whichofthefollowingstatementsaboutfinancialmarketsandsecuritiesaretrue?

A）Mostcommonstocksaretradedover-the-counter,althoughthelargestcorporationshavetheirsharestradedatorganizedstockexchangessuchastheNewYorkStockExchange.

B）Acorporationacquiresnewfundsonlywhenitssecuritiesaresoldintheprimarymarket.

C）Moneymarketsecuritiesareusuallymorewidelytradedthanlonger-termsecuritiesandsotendtobemoreliquid.

D）Alloftheabovearetrue.

E）OnlyAandBoftheabovearetrue.

Answer:

D

20）Whichofthefollowingstatementsaboutfinancialmarketsandsecuritiesaretrue?

A）Abondisalong-termsecuritythatpromisestomakeperiodicpaymentscalleddividendstothefirm'sresidualclaimants.

B）Adebtinstrumentisintermediatetermifitsmaturityislessthanoneyear.

C）Adebtinstrumentislongtermifitsmaturityistenyearsorlonger.

D）Thematurityofadebtinstrumentisthetime（term）thathaselapsedsinceitwasissued.

Answer:

C

21）Whichofthefollowingstatementsaboutfinancialmarketsandsecuritiesaretrue?

A）Fewcommonstocksaretradedover-the-counter,althoughtheover-the-countermarketshavegrowninrecentyears.

B）Acorporationacquiresnewfundsonlywhenitssecuritiesaresoldintheprimarymarket.

C）Capitalmarketsecuritiesareusuallymorewidelytradedthanlonger-termsecuritiesandsotendtobemoreliquid.

D）Alloftheabovearetrue.

E）OnlyAandBoftheabovearetrue.

Answer:

B

22）Whichofthefollowingmarketsissometimesorganizedasanover-the-countermarket?

A）Thestockmarket

B）Thebondmarket

C）Theforeignexchangemarket

D）Thefederalfundsmarket

E）alloftheabove

Answer:

E

23）Bondsthataresoldinaforeigncountryandaredenominatedinthatcountry'scurrencyareknownas

A）foreignbonds.

B）Eurobonds.

C）Eurocurrencies.

D）Eurodollars.

Answer:

A

24）Bondsthataresoldinaforeigncountryandaredenominatedinacurrencyotherthanthatofthecountryinwhichtheyaresoldareknownas

A）foreignbonds.

B）Eurobonds.

C）Eurocurrencies.

D）Eurodollars.

Answer:

B

25）Financialintermediaries

A）existbecausetherearesubstantialinformationandtransactioncostsintheeconomy.

B）improvethelotofthesmallsaver.

C）areinvolvedintheprocessofindirectfinance.

D）doalloftheabove.

E）doonlyAandBoftheabove.

Answer:

D

26）Themainsourcesoffinancingforbusinesses,inorderofimportance,are

A）financialintermediaries,issuingbonds,issuingstocks.

B）issuingbonds,issuingstocks,financialintermediaries.

C）issuingstocks,issuingbonds,financialintermediaries.

D）issuingstocks,financialintermediaries,issuingbonds.

Answer:

A

27）Thepresenceoftransactioncostsinfinancialmarketsexplains,inpart,why

A）financialintermediariesandindirectfinanceplaysuchanimportantroleinfinancialmarkets.

B）equityandbondfinancingplaysuchanimportantroleinfinancialmarkets.

C）corporationsgetmorefundsthroughequityfinancingthantheygetfromfinancialintermediaries.

D）directfinancingismoreimportantthanindirectfinancingasasourceoffunds.

Answer:

A

28）Financialintermediariescansubstantiallyreducetransactioncostsperdollaroftransactionsbecausetheirlargesizeallowsthemtotakeadvantageof

A）poorlyinformedconsumers.

B）standardization.

C）economiesofscale.

D）theirmarketpower.

Answer:

C

29）Thepurposeofdiversificationisto

A）reducethevolatilityofaportfolio'sreturn.

B）raisethevolatilityofaportfolio'sreturn.

C）reducetheaveragereturnonaportfolio.

D）raisetheaveragereturnonaportfolio.

Answer:

A

30）Aninvestorwhoputsallherfundsintooneasset________herportfolio's________.

A）increases;diversification

B）decreases;diversification

C）increases;averagereturn

D）decreases;averagereturn

Answer:

B

31）Throughrisk-sharingactivities,afinancialintermediary________itsownriskand________therisksofitscustomers.

A）reduces;increases

B）increases;reduces

C）reduces;reduces

D）increases;increases

Answer:

B

32）Thepresenceof________infinancialmarketsleadstoadverseselectionandmoralhazardproblemsthatinterferewiththeefficientfunctioningoffinancialmarkets.

A）noncollateralizedrisk

B）free-riding

C）asymmetricinformation

D）costlystateverification

Answer:

C

33）Whenthelenderandtheborrowerhavedifferentamountsofinformationregardingatransaction,________issaidtoexist.

A）asymmetricinformation

B）adverseselection

C）moralhazard

D）fraud

Answer:

A

34）Whenthepotentialborrowerswhoarethemostlikelytodefaultaretheonesmostactivelyseekingaloan,________issaidtoexist.

A）asymmetricinformation

B）adverseselection

C）moralhazard

D）fraud

Answer:

B

35）Whentheborrowerengagesinactivitiesthatmakeitlesslikelythattheloanwillberepaid,________issaidtoex