投资学题库Chap003.docx
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投资学题库Chap003.docx
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投资学题库Chap003
投资学题库Chap003
Chapter03
HowSecuritiesAreTraded
MultipleChoiceQuestions
1.
Thetradingofstockthatwaspreviouslyissuedtakesplace
A.
inthesecondarymarket.
B.
intheprimarymarket.
C.
usuallywiththeassistanceofaninvestmentbanker.
D.
inthesecondaryandprimarymarkets.
2.
Apurchaseofanewissueofstocktakesplace
A.
inthesecondarymarket.
B.
intheprimarymarket.
C.
usuallywiththeassistanceofaninvestmentbanker.
D.
inthesecondaryandprimarymarkets.
E.
intheprimarymarketandusuallywiththeassistanceofaninvestmentbanker.
3.
Firmsraisecapitalbyissuingstock
A.
inthesecondarymarket.
B.
intheprimarymarket.
C.
tounwaryinvestors.
D.
onlyondayswhenthemarketisup.
4.
Whichofthefollowingstatementsregardingthespecialistaretrue?
A.
Specialistsmaintainabooklistingoutstandingunexecutedlimitorders.
B.
Specialistsearnincomefromcommissionsandspreadsinstockprices.
C.
Specialistsstandreadytotradeatquotedbidandaskprices.
D.
Specialistscannottradeintheirownaccounts.
E.
Specialistsmaintainabooklistingoutstandingunexecutedlimitorders,earnincomefromcommissionsandspreadsinstockprices,andstandreadytotradeatquotedbidandaskprices.
5.
Investmentbankers
A.
actasintermediariesbetweenissuersofstocksandinvestors.
B.
actasadvisorstocompaniesinhelpingthemanalyzetheirfinancialneedsandfindbuyersfornewlyissuedsecurities.
C.
acceptdepositsfromsaversandlendthemouttocompanies.
D.
actasintermediariesbetweenissuersofstocksandinvestorsandactasadvisorstocompaniesinhelpingthemanalyzetheirfinancialneedsandfindbuyersfornewlyissuedsecurities.
6.
Ina"firmcommitment,"theinvestmentbanker
A.
buysthestockfromthecompanyandresellstheissuetothepublic.
B.
agreestohelpthefirmsellthestockatafavorableprice.
C.
findsthebestmarketingarrangementfortheinvestmentbankingfirm.
D.
agreestohelpthefirmsellthestockatafavorablepriceandfindsthebestmarketingarrangementfortheinvestmentbankingfirm.
7.
Thesecondarymarketconsistsof
A.
transactionsontheAMEX.
B.
transactionsintheOTCmarket.
C.
transactionsthroughtheinvestmentbanker.
D.
transactionsontheAMEXandintheOTCmarket.
E.
transactionsontheAMEX,throughtheinvestmentbanker,andintheOTCmarket.
8.
Initialmarginrequirementsaredeterminedby
A.
theSecuritiesandExchangeCommission.
B.
theFederalReserveSystem.
C.
theNewYorkStockExchange.
D.
theFederalReserveSystemandtheNewYorkStockExchange.
9.
YoupurchasedJNJstockat$50pershare.Thestockiscurrentlysellingat$65.Yourgainsmaybeprotectedbyplacinga
A.
stop-buyorder.
B.
limit-buyorder.
C.
marketorder.
D.
limit-sellorder.
E.
Noneoftheoptions
10.
YousoldJCPstockshortat$80pershare.Yourlossescouldbeminimizedbyplacinga
A.
limit-sellorder.
B.
limit-buyorder.
C.
stop-buyorder.
D.
day-order.
E.
Noneoftheoptions
11.
Whichoneofthefollowingstatementsregardingordersisfalse?
A.
Amarketorderissimplyanordertobuyorsellastockimmediatelyattheprevailingmarketprice.
B.
Alimit-sellorderiswhereinvestorsspecifypricesatwhichtheyarewillingtosellasecurity.
C.
IfstockABCissellingat$50,alimit-buyordermayinstructthebrokertobuythestockifandwhenthesharepricefallsbelow$45.
D.
Amarketorderisanordertobuyorsellastockonaspecificexchange(market).
12.
Restrictionsontradinginvolvinginsiderinformationapplytothefollowingexcept
A.
corporateofficers.
B.
corporatedirectors.
C.
majorstockholders.
D.
Alloftheoptionsaresubjecttoinsidertradingrestrictions.
E.
Noneoftheoptionsissubjecttoinsidertradingrestrictions.
13.
Thecostofbuyingandsellingastockconsistsof
A.
broker'scommissions.
B.
dealer'sbid-askedspread.
C.
apriceconcessionaninvestormaybeforcedtomake.
D.
broker'scommissionsanddealer'sbid-askedspread.
E.
broker'scommissions,dealer'sbid-askedspread,andapriceconcessionaninvestormaybeforcedtomake.
14.
Assumeyoupurchased200sharesofGEcommonstockonmarginat$70persharefromyourbroker.Iftheinitialmarginis55%,howmuchdidyouborrowfromthebroker?
A.
$6,000
B.
$4,000
C.
$7,700
D.
$7,000
E.
$6,300
15.
Yousoldshort200sharesofcommonstockat$60pershare.Theinitialmarginis60%.Yourinitialinvestmentwas
A.
$4,800.
B.
$12,000.
C.
$5,600.
D.
$7,200.
16.
Youpurchased100sharesofIBMcommonstockonmarginat$70pershare.Assumetheinitialmarginis50%andthemaintenancemarginis30%.Belowwhatstockpricelevelwouldyougetamargincall?
Assumethestockpaysnodividend;ignoreinterestonmargin.
A.
$21
B.
$50
C.
$49
D.
$80
17.
Youpurchased100sharesofcommonstockonmarginat$45pershare.Assumetheinitialmarginis50%andthestockpaysnodividend.Whatwouldthemaintenancemarginbeifamargincallismadeatastockpriceof$30?
Ignoreinterestonmargin.
A.
0.33
B.
0.55
C.
0.43
D.
0.23
E.
0.25
18.
Youpurchased300sharesofcommonstockonmarginfor$60pershare.Theinitialmarginis60%andthestockpaysnodividend.Whatwouldyourrateofreturnbeifyousellthestockat$45pershare?
Ignoreinterestonmargin.
A.
25.00%
B.
-33.33%
C.
44.31%
D.
-41.67%
E.
-54.22%
19.
Assumeyousellshort100sharesofcommonstockat$45pershare,withinitialmarginat50%.Whatwouldbeyourrateofreturnifyourepurchasethestockat$40pershare?
Thestockpaidnodividendsduringtheperiod,andyoudidnotremoveanymoneyfromtheaccountbeforemakingtheoffsettingtransaction.
A.
20.03%
B.
25.67%
C.
22.22%
D.
77.46%
20.
Yousoldshort300sharesofcommonstockat$55pershare.Theinitialmarginis60%.Atwhatstockpricewouldyoureceiveamargincallifthemaintenancemarginis35%?
A.
$51.00
B.
$65.18
C.
$35.22
D.
$40.36
21.
Assumeyousoldshort100sharesofcommonstockat$50pershare.Theinitialmarginis60%.Whatwouldbethemaintenancemarginifamargincallismadeatastockpriceof$60?
A.
40%
B.
33%
C.
35%
D.
25%
22.
Specialistsonstockexchangesperformwhichofthefollowingfunctions?
A.
Actasdealersintheirownaccounts.
B.
Analyzethesecuritiesinwhichtheyspecialize.
C.
Provideliquiditytothemarket.
D.
Actasdealersintheirownaccountsandanalyzethesecuritiesinwhichtheyspecialize.
E.
Actasdealersintheirownaccountsandprovideliquiditytothemarket.
23.
Sharesforshorttransactions
A.
areusuallyborrowedfromotherbrokers.
B.
aretypicallysharesheldbytheshortseller'sbrokerinstreetname.
C.
areborrowedfromcommercialbanks.
D.
aretypicallysharesheldbytheshortseller'sbrokerinstreetnameandareborrowedfromcommercialbanks.
24.
Whichofthefollowingordersismostusefultoshortsellerswhowanttolimittheirpotentiallosses?
A.
Limitorder
B.
Discretionaryorder
C.
Limit-lossorder
D.
Stop-buyorder
25.
Whichofthefollowingordersinstructsthebrokertobuyatthecurrentmarketprice?
A.
Limitorder
B.
Discretionaryorder
C.
Limit-lossorder
D.
Stop-buyorder
E.
Marketorder
26.
Whichofthefollowingordersinstructsthebrokertobuyatorbelowaspecifiedprice?
A.
Limit-lossorder
B.
Discretionaryorder
C.
Limit-buyorder
D.
Stop-buyorder
E.
Marketorder
27.
Whichofthefollowingordersinstructsthebrokertosellatorbelowaspecifiedprice?
A.
Limit-sellorder
B.
Stop-loss
C.
Limit-buyorder
D.
Stop-buyorder
E.
Marketorder
28.
Whichofthefollowingordersinstructsthebrokertosellatoraboveaspecifiedprice?
A.
Limit-buyorder
B.
Discretionaryorder
C.
Limit-sellorder
D.
Stop-buyorder
E.
Marketorder
29.
Whichofthefollowingordersinstructsthebrokertobuyatoraboveaspecifiedprice?
A.
Limit-buyorder
B.
Discretionaryorder
C.
Limit-sellorder
D.
Stop-buyorder
E.
Marketorder
30.
Shelfregistration
A.
isawayofplacingissuesintheprimarymarket.
B.
allowsfirmstoregistersecuritiesforsaleoveratwo-yearperiod.
C.
increasestransactioncoststotheissuingfirm.
D.
isawayofplacingissuesintheprimarymarketandallowsfirmstoregistersecuritiesforsaleoveratwo-yearperiod.
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