第二章金融体系预览英文习题及答案.docx
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第二章金融体系预览英文习题及答案.docx
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第二章金融体系预览英文习题及答案
Chapter2OverviewoftheFinancialSystem
2.1SingleChoice
1)Everyfinancialmarketperformsthefollowingfunction:
A)Itdeterminesthelevelofinterestrates.
B)Itallowscommonstocktobetraded.
C)Itallowsloanstobemade.
D)Itchannelsfundsfromlenders-saverstoborrowers-spenders.
2)Financialmarketshavethebasicfunctionof
A)bringingtogetherpeoplewithfundstolendandpeoplewhowanttoborrowfunds.
B)assuringthattheswingsinthebusinesscyclearelesspronounced.
C)assuringthatgovernmentsneedneverresorttoprintingmoney.
D)bothAandBoftheabove.
E)bothBandCoftheabove.
3)Whichofthefollowingcanbedescribedasinvolvingdirectfinance?
A)Acorporation'sstockistradedinanover-the-countermarket.
B)Peoplebuysharesinamutualfund.
C)Apensionfundmanagerbuyscommercialpaperinthesecondarymarket.
D)Aninsurancecompanybuyssharesofcommonstockintheover-the-countermarkets.
E)Noneoftheabove.
4)Whichofthefollowingcanbedescribedasinvolvingdirectfinance?
A)Acorporation'sstockistradedinanover-the-countermarket.
B)Acorporationbuyscommercialpaperissuedbyanothercorporation.
C)Apensionfundmanagerbuyscommercialpaperfromtheissuingcorporation.
D)BothAandBoftheabove.
E)BothBandCoftheabove.
5)Whichofthefollowingcanbedescribedasinvolvingindirectfinance?
A)Acorporationtakesoutloansfromabank.
B)Peoplebuysharesinamutualfund.
C)Acorporationbuyscommercialpaperinasecondarymarket.
D)Alloftheabove.
E)OnlyAandBoftheabove.
6)Whichofthefollowingcanbedescribedasinvolvingindirectfinance?
A)AbankbuysaU.S.Treasurybillfromoneofitsdepositors.
B)Acorporationbuyscommercialpaperissuedbyanothercorporation.
C)Apensionfundmanagerbuyscommercialpaperintheprimarymarket.
D)BothAandCoftheabove.
7)Financialmarketsimproveeconomicwelfarebecause
A)theyallowfundstomovefromthosewithoutproductiveinvestmentopportunitiestothosewhohavesuchopportunities.
B)theyallowconsumerstotimetheirpurchasesbetter.
C)theyweedoutinefficientfirms.
D)theydoalloftheabove.
E)theydoAandBoftheabove.
8)Acountrywhosefinancialmarketsfunctionpoorlyislikelyto
A)efficientlyallocateitscapitalresources.
B)enjoyhighproductivity.
C)experienceeconomichardshipandfinancialcrises.
D)increaseitsstandardofliving.
9)Whichofthefollowingaresecurities?
A)Acertificateofdeposit
B)AshareofTexacocommonstock
C)ATreasurybill
D)Alloftheabove
E)OnlyAandBoftheabove
10)Whichofthefollowingstatementsaboutthecharacteristicsofdebtandequityaretrue?
A)Theybothcanbelong-termfinancialinstruments.
B)Theybothinvolveaclaimontheissuer'sincome.
C)Theybothenableacorporationtoraisefunds.
D)Alloftheabove.
E)OnlyAandBoftheabove.
11)Themoneymarketisthemarketinwhich_________aretraded.
A)newissuesofsecurities
B)previouslyissuedsecurities
C)short-termdebtinstruments
D)long-termdebtandequityinstruments
12)Long-termdebtandequityinstrumentsaretradedinthe_________market.
A)primary
B)secondary
C)capital
D)money
13)Whichofthefollowingareprimarymarkets?
A)TheNewYorkStockExchange
B)TheU.S.governmentbondmarket
C)Theover-the-counterstockmarket
D)Theoptionsmarkets
E)Noneoftheabove
14)Whichofthefollowingaresecondarymarkets?
A)TheNewYorkStockExchange
B)TheU.S.governmentbondmarket
C)Theover-the-counterstockmarket
D)Theoptionsmarkets
E)Alloftheabove
15)Acorporationacquiresnewfundsonlywhenitssecuritiesaresoldinthe
A)secondarymarketbyaninvestmentbank.
B)primarymarketbyaninvestmentbank.
C)secondarymarketbyastockexchangebroker.
D)secondarymarketbyacommercialbank.
16)Intermediarieswhoareagentsofinvestorsandmatchbuyerswithsellersofsecuritiesarecalled
A)investmentbankers.
B)traders.
C)brokers.
D)dealers.
E)noneoftheabove.
17)Intermediarieswholinkbuyersandsellersbybuyingandsellingsecuritiesatstatedpricesarecalled
A)investmentbankers.
B)traders.
C)brokers.
D)dealers.
E)noneoftheabove.
18)Animportantfinancialinstitutionthatassistsintheinitialsaleofsecuritiesintheprimarymarketisthe
A)investmentbank.
B)commercialbank.
C)stockexchange.
D)brokeragehouse.
19)Whichofthefollowingstatementsaboutfinancialmarketsandsecuritiesaretrue?
A)Mostcommonstocksaretradedover-the-counter,althoughthelargestcorporationshavetheirsharestradedatorganizedstockexchangessuchastheNewYorkStockExchange.
B)Acorporationacquiresnewfundsonlywhenitssecuritiesaresoldintheprimarymarket.
C)Moneymarketsecuritiesareusuallymorewidelytradedthanlonger-termsecuritiesandsotendtobemoreliquid.
D)Alloftheabovearetrue.
E)OnlyAandBoftheabovearetrue.
20)Whichofthefollowingstatementsaboutfinancialmarketsandsecuritiesaretrue?
A)Abondisalong-termsecuritythatpromisestomakeperiodicpaymentscalleddividendstothefirm'sresidualclaimants.
B)Adebtinstrumentisintermediatetermifitsmaturityislessthanoneyear.
C)Adebtinstrumentislongtermifitsmaturityistenyearsorlonger.
D)Thematurityofadebtinstrumentisthetime(term)thathaselapsedsinceitwasissued.
21)Whichofthefollowingstatementsaboutfinancialmarketsandsecuritiesaretrue?
A)Fewcommonstocksaretradedover-the-counter,althoughtheover-the-countermarketshavegrowninrecentyears.
B)Acorporationacquiresnewfundsonlywhenitssecuritiesaresoldintheprimarymarket.
C)Capitalmarketsecuritiesareusuallymorewidelytradedthanlongertermsecuritiesandsotendtobemoreliquid.
D)Alloftheabovearetrue.
E)OnlyAandBoftheabovearetrue.
22)Whichofthefollowingmarketsissometimesorganizedasanover-the-countermarket?
A)Thestockmarket
B)Thebondmarket
C)Theforeignexchangemarket
D)Thefederalfundsmarket
E)alloftheabove
23)Bondsthataresoldinaforeigncountryandaredenominatedinthatcountry'scurrencyareknownas
A)foreignbonds.
B)Eurobonds.
C)Eurocurrencies.
D)Eurodollars.
24)Bondsthataresoldinaforeigncountryandaredenominatedinacurrencyotherthanthatofthecountryinwhichtheyaresoldareknownas
A)foreignbonds.
B)Eurobonds.
C)Eurocurrencies.
D)Eurodollars.
25)Financialintermediaries
A)existbecausetherearesubstantialinformationandtransactioncostsintheeconomy.
B)improvethelotofthesmallsaver.
C)areinvolvedintheprocessofindirectfinance.
D)doalloftheabove.
E)doonlyAandBoftheabove.
26)Themainsourcesoffinancingforbusinesses,inorderofimportance,are
A)financialintermediaries,issuingbonds,issuingstocks.
B)issuingbonds,issuingstocks,financialintermediaries.
C)issuingstocks,issuingbonds,financialintermediaries.
D)issuingstocks,financialintermediaries,issuingbonds.
27)Thepresenceoftransactioncostsinfinancialmarketsexplains,inpart,why
A)financialintermediariesandindirectfinanceplaysuchanimportantroleinfinancialmarkets.
B)equityandbondfinancingplaysuchanimportantroleinfinancialmarkets.
C)corporationsgetmorefundsthroughequityfinancingthantheygetfromfinancialintermediaries.
D)directfinancingismoreimportantthanindirectfinancingasasourceoffunds.
28)Financialintermediariescansubstantiallyreducetransactioncostsperdollaroftransactionsbecausetheirlargesizeallowsthemtotakeadvantageof
A)poorlyinformedconsumers.
B)standardization.
C)economiesofscale.
D)theirmarketpower.
29)Thepurposeofdiversificationisto
A)reducethevolatilityofaportfolio'sreturn.
B)raisethevolatilityofaportfolio'sreturn.
C)reducetheaveragereturnonaportfolio.
D)raisetheaveragereturnonaportfolio.
30)Aninvestorwhoputsallherfundsintooneasset_________herportfolio's_________.
A)increases;diversification
B)decreases;diversification
C)increases;averagereturn
D)decreases;averagereturn
31)Throughrisk-sharingactivities,afinancialintermediary_________itsownriskand_________therisksofitscustomers.
A)reduces;increases
B)increases;reduces
C)reduces;reduces
D)increases;increases
32)Thepresenceof_________infinancialmarketsleadstoadverseselectionandmoralhazardproblemsthatinterferewiththeefficientfunctioningoffinancialmarkets.
A)noncollateralizedrisk
B)free-riding
C)asymmetricinformation
D)costlystateverification
33)Whenthelenderandtheborrowerhavedifferentamountsofinformationregardingatransaction,_________issaidtoexist.
A)asymmetricinformation
B)adverseselection
C)moralhazard
D)fraud
34)Whenthepotentialborrowerswhoarethemostlikelytodefaultaretheonesmostactivelyseekingaloan,_________issaidtoexist.
A)asymmetricinformation
B)adverseselection
C)moralhazard
D)fraud
35)Whentheborrowerengagesinactivitiesthatmakeitlesslikelythattheloanwillberepaid,_________issaidtoexist.
A)asymmetricinformation
B)adverseselection
C)moralhazard
D)fraud
36)Theconceptofadverseselectionhelpstoexplain
A)whichfirmsaremorelikelytoobtainfundsfrombanksandotherfinancialintermediaries,ratherthanfromthesecuritiesmarkets.
B)whyindirectfinance
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