博迪的投资学第二章练习题英.docx
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博迪的投资学第二章练习题英.docx
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博迪的投资学第二章练习题英
2
1.Whichofthefollowingisnotamoneymarketinstrument?
A.Treasurybill
B.Commercialpaper
C.Preferredstock
D.Banker'sacceptance
2.ThirteenweekT-billauctionsareconducted____.
A.daily
B.weekly
C.monthly
D.quarterly
3.Whencomputingthebankdiscountyieldyouwoulduse____daysintheyear.
A.260
B.360
C.365
D.366
4.AdollardenominateddepositataLondonbankiscalled_____.
A.eurodollars
B.LIBOR
C.fedfunds
D.banker'sacceptance
5.Moneymarketsecuritiesaresometimesreferredtoas"cashequivalent"because_____.
A.theyaresafeandmarketable
B.theyarenotliquid
C.theyarehighrisk
D.theyarelowdenomination
6.Themostactivelytradedmoneymarketsecurityis
A.Treasurybills
B.Bankers'Acceptances
C.CertificatesofDeposit
D.Commonstock
7.______votingofcommonstockgivesminorityshareholdersthemostrepresentationontheboardofdirectors.
A.Majority
B.Cumulative
C.Rights
D.Proxy
8.AninvestorinaT-billearnsinterestby_________.
A.receivinginterestpaymentsevery90days
B.receivingdividendpaymentsevery30days
C.convertingtheT-billatmaturityintoahighervaluedT-note
D.buyingthebillatadiscountfromthefacevaluereceivedatmaturity
9.______wouldnotbeincludedintheEAFEindex.
A.Australia
B.Canada
C.France
D.Japan
10._____isconsideredtobeanemergingmarketcountry.
A.France
B.Norway
C.Brazil
D.Canada
11.Whichoneofthefollowingisatruestatement?
A.Dividendsonpreferredstocksaretax-deductibletoindividualinvestorsbutnottocorporateinvestors
B.Commondividendscannotbepaidifpreferreddividendsareinarrearsoncumulativepreferredstock
C.Preferredstockholdershavevotingpower
D.Investorscansuemanagersfornonpaymentofpreferreddividends
12.Thebidpriceofatreasurybillis_________.
A.thepriceatwhichthedealerintreasurybillsiswillingtosellthebill
B.thepriceatwhichthedealerintreasurybillsiswillingtobuythebill
C.greaterthantheaskpriceofthetreasurybillexpressedindollarterms
D.thepriceatwhichtheinvestorcanbuythetreasurybill
13.TheGermanstockmarketismeasuredbywhichmarketindex?
A.FTSE
B.DowJones30
C.DAX
D.Nikkei
14.DepositsofcommercialbanksattheFederalReservearecalled_____.
A.bankersacceptances
B.federalfunds
C.repurchaseagreements
D.timedeposits
15.Whichofthefollowingisnotatruestatementregardingmunicipalbonds?
A.Amunicipalbondisadebtobligationissuedbystateorlocalgovernments.
B.AmunicipalbondisadebtobligationissuedbytheFederalGovernment.
C.Theinterestincomefromamunicipalbondisexemptfromfederalincometaxation.
D.Theinterestincomefromamunicipalbondisexemptfromstateandlocaltaxationintheissuingstate.16.Whichofthefollowingisnotacharacteristicofamoneymarketinstrument?
A.Liquidity
B.Marketability
C.Lowrisk
D.Maturitygreaterthanoneyear
17.Anindividualwhogoesshortinafuturesposition
A.commitstodeliveringtheunderlyingcommodityatcontractmaturity
B.commitstopurchasingtheunderlyingcommodityatcontractmaturity
C.hastherighttodelivertheunderlyingcommodityatcontractmaturity
D.hastherighttopurchasetheunderlyingcommodityatcontractmaturity
18.Whichofthefollowingisnotanicknameforanagencyassociatedwiththemortgagemarkets?
A.FannieMae
B.FreddieMac
C.SallieMae
D.GinnieMae
19.Commercialpaperisashort-termsecurityissuedby__________toraisefunds.
A.theFederalReserve
B.commercialbanks
C.largewell-knowncompanies
D.theNewYorkStockExchange
20.Themaximummaturityoncommercialpaperis
A.270days
B.180days
C.90days
D.30days
21.WhichoneofthefollowingisatruestatementregardingtheDowJonesIndustrialAverage?
A.Itisavalue-weightedaverageof30largeindustrialstocks
B.Itisaprice-weightedaverageof30largeindustrialstocks
C.Itisaprice-weightedaverageof100largestockstradedontheNewYorkStockExchange
D.Itisavalue-weightedaverageofallstockstradedontheNewYorkStockExchange
22.Treasurybillsarefinancialinstrumentsissuedby__________toraisefunds.
A.commercialbanks
B.theFederalGovernment
C.largecorporations
D.stateandcitygovernments
23.WhichofthefollowingaretruestatementsaboutT-bills?
I.T-billstypicallysellindenominationsof$10,000
II.IncomeearnedonT-billsisexemptfromallFederaltaxes
III.IncomeearnedonT-billsisexemptfromstateandlocaltaxes
A.Ionly
B.IandIIonly
C.IandIIIonly
D.I,IIandIII
24.Abondthathasnocollateraliscalled_________.
A.acallablebond
B.adebenture
C.ajunkbond
D.amortgage
25.A__________givesitsholdertherighttosellanassetforaspecifiedexercisepriceonorbeforeaspecifiedexpirationdate.
A.calloption
B.futurescontract
C.putoption
D.interestrateswap
26.AT-billquotesheethas90dayT-billquoteswitha4.92bidanda4.86ask.Ifthebillhasa$10,000facevalueaninvestorcouldbuythisbillfor
A.$10,000.00
B.$9,878.50
C.$9,877.00
D.$9,880.16
27.Whichoneofthefollowingisatruestatementregardingcorporatebonds?
A.Acorporatecallablebondgivesitsholdertherighttoexchangeitforaspecifiednumberofthecompany'scommonshares
B.Acorporatedebentureisasecuredbond
C.Acorporateconvertiblebondgivesitsholdertherighttoexchangeitforaspecifiednumberofthecompany'scommonshares
D.Holdersofcorporatebondshavevotingrightsinthecompany
28.Theyieldontax-exemptbondsis______.
A.usuallylessthan50%oftheyieldontaxablebonds
B.normallyabout90%oftheyieldontaxablebonds
C.greaterthantheyieldontaxablebonds
D.lessthantheyieldontaxablebonds
29.__________isnotamoneymarketinstrument.
A.Acertificateofdeposit
B.Atreasurybill
C.Atreasurybond
D.Commercialpaper
30.AninvestorbuysaT-billatabankdiscountquoteof4.80with150daystomaturity.Theinvestor'sactualannualrateofreturnonthisinvestmentwas_____.
A.4.80%
B.4.97%
C.5.47%
D.5.74%
31.TheU.K.stockindexisthe_________.
A.DAX
B.FTSE
C.GSE
D.TSE
32.A__________givesitsholdertherighttobuyanassetforaspecifiedexercisepriceonorbeforeaspecifiedexpirationdate.
A.calloption
B.futurescontract
C.putoption
D.interestrateswap
33.Whichoneofthefollowingprovidesthebestexampleofsecuritization?
A.convertiblebond
B.calloption
C.mortgagepass-throughsecurity
D.preferredstock
34.Whichofthefollowingindicesaremarket-valueweighted?
I.TheNYSEComposite
II.TheS&P500
III.TheWilshire5000
A.IandIIonly
B.IIandIIIonly
C.IandIIIonly
D.I,IIandIII
35.TheinterestratechargedbylargebanksinLondontolendmoneyamongthemselvesiscalled_________.
A.theprimerate
B.thediscountrate
C.thefederalfundsrate
D.LIBOR
36.Afirmthathaslargesecuritiesholdingsthatwishestoraisemoneyforashortlengthoftimemaybeabletofindthecheapestfinancingfromwhichofthefollowing?
A.Reverserepurchaseagreement
B.Banker'sacceptance
C.Commercialpaper
D.Repurchaseagreement
37.CurrentlytheDowJonesIndustrialAverageiscomputedby_________.
A.addingthepricesof30large"blue-chip"stocksanddividingby30
B.calculatingthetotalmarketvalueofthe30firmsintheindexanddividingby30
C.measuringthecurrenttotalmarketvalueofthe30stocksintheindexrelativetothetotalvalueonthepreviousday
D.addingthepricesof30large"blue-chip"stocksanddividingbyadivisoradjustedforstocksplitsandlargestockdividends
38.Aninvestorpurchasesonemunicipalandonecorporatebondthatpayratesofreturnof5.00%and6.40%respectively.Iftheinvestorisinthe15%taxbracket,hisaftertaxratesofreturnonthemunicipalandcorporatebondswouldberespectively
A.5.00%and6.40%
B.5.00%and5.44%
C.4.25%and6.40%
D.5.75%and5.44%
39.Ifatreasurynotehasabidpriceof$996.25,thequotedbidpriceintheWallStreetJournalwouldbe_________.
A.99:
25
B.99:
63
C.99:
20
D.99:
08
40.TIPSare______.
A.Treasurybondsthatpayavariablerateofinterest
B.U.K.bondsthatprotectinvestorsfromdefaultrisk
C.securitiesthattradeontheTorontostockindex
D.Treasurybondsthatprotectinvestorsfrominflation
41.ThepricequotationsoftreasurybondsintheWallStreetJournalshowabidpriceof102:
12andanaskpriceof102:
14.Ifyousoldthebondyouexpecttoreceive_________.
A.$1,024.75
B.$1,024.38
C.$1,023.75
D.$1,022.50
42.TheDowJonesIndustrialAverageis_________.
A.apriceweightedaverage
B.avalueweightandaverage
C.anequallyweightedaverage
D.anunweightedaverage
43.InvestorswillearnhigherratesofreturnsonTIPSthanequivalentdefaultriskstandardbondsif
_______________.
A.inflationislowerthananticipatedovertheinvestmentperiod
B.inflationishigherthananticipatedovertheinvestmentperiod
C.theU.S.dollarincreasesinvalueagainsttheeuro
D.thespreadbetweencommercialpaperandTreasurysecuritiesremainslow
44.Preferredstockislikelong-termdebtinthat___________.
A.itgivestheholdervotingpowerregardingthefirm'smanagement
B.itpromisestopaytoitsholderafixedstreamofincomeeachyear
C.thepreferreddividendisatax-deductibleexpenseforthefirm
D.intheeventofbankruptcypreferredstockhasequalstatuswithdebt
45.Whichofthefollowingdoesnotapproximatetheperformanceofabuyandholdportfoliostrategy?
A.Anequallyweightedindex
B.Ap
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