金融市场与金融机构练习三参考答案Word文件下载.docx
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金融市场与金融机构练习三参考答案Word文件下载.docx
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C.involvethebuyingandsellingofexistingfinancialsecuritiesonly.
D.involvebothprimaryandsecondarytransactions.
D
(1分)3、‘Liquidity’infinancialtermsis
A.afeatureofmoneyonly.
B.theeasewithwhichanassetcanbesoldatthepublishedmarketprice.
C.thebestmeasureofriskofafinancialasset.
D.tolowertherateofreturnforanasset.
B
(1分)4、Whenanindividualhasimmediateaccesstotheirfundsfromanaccountwithafinancialintermediary,theintermediaryisengagingin:
A.assettransformation.
B.liabilitymanagement.
C.liquiditymanagement.
D.credittransformation.
(1分)5、Themarketthatincludesindividuals,companiesandgovernmentsinthebuyingandsellingoflong-termdebtandequitysecuritiesisthe:
A.currencymarket.
B.debtmarket.
C.capitalmarket.
D.financialmarket.
(1分)6、Themajorfinancialassetstradedinthecapitalmarketare:
A.bankbillsandcommercialpaper.
B.Treasurynotesandcertificatesofdeposits.
C.bondsandconvertiblesecurities.
D.sharesandbonds.
(1分)7、Whichofthefollowingwouldbemostlikelytousefinancialmarketstoborrow?
A.Ahouseholdwithasmallamountsaved
B.Asmallbusinesswantingtoborrowtobuysomemachinery
C.Agovernmentauthoritywantingtoborrowtofinancehighwayconstruction
D.Acompanywithapoorcreditrating
(1分)8、Bothrealandfinancialassetshavefourprincipalattributesthataresignificantfactorsintheinvestmentdecisionprocess.Theseare:
I.liquidity
II.capitalgain
III.risk
IV.returnoryield
V.timepatternoffuturecashflows
VI.priceandcashflowvolatility
A.I,II,III,IV
B.I,III,IV,V
C.I,III,IV,VI
D.II,III,IV,V
(1分)9、Foradditionalfunding,acompanydecidestoissue$15millionincorporatebonds.Thesecuritieswillbeissuedintothe:
A.retailmarkets.
B.secondarymarkets.
C.moneymarkets.
D.capitalmarkets.
(1分)10、Whichofthefollowingcategoriesrepresentsthemostsignificantproportionoftotalmarket-rate-relatedoff-balance-sheetbusinessofthebanks?
A.Currencyswapagreements
B.Foreignexchangecontracts
C.Interestrateswaps
D.Interestratefutures
(1分)11、Whichofthefollowingstatementsaboutdirectcreditsubstitutesprovidedbyacommercialbankisincorrect?
A.Theyareprovidedtosupportaclient'
sfinancialobligations.
B.Anexampleofadirectcreditsubstituteisabankguarantee.
C.Thebankprovidesfundingtoathirdpartyinsteadoftheclientprovidingthefunding.
D.Withadirectcreditsubstituteabank'
sclientcanraisefundsdirectlyfromthefinancialmarkets.
(1分)12、WhichofthefollowingisNOTassociatedwiththepurposeofregulatingfinancialinstitutions?
A.Providingstabilityofthemoneysupply
B.Directingflowoffundstopriorityareas
C.Maintainingthesoundnessandstabilityofthefinancialsystem
D.Loweringthecostoffunds
(1分)13、Alargecommercialbankoperatingintheinternationalmarketswillgenerallyapplytothebanks'
supervisortousethe_____tocreditrisk.
A.advancedinternalratings-basedapproach
B.foundationexternalratings-basedapproach
C.standardisedapproach
D.standardisedapproachwithexternalratings
A
(1分)14、Partofabank'
sliquiditymanagementistoholdaportfolioof:
A.termloans.
B.mortgages.
C.Commonwealthgovernmentsecurities.
D.creditcardloans.
(1分)15、Withregardtobankbills,theactualroleoftheacceptoristo:
A.providetheinitialfunding.
B.actasmediatorbetweentheborrowerandbank.
C.issuethebankbill.
D.paythefacevalueofthefundstotheholderatmaturity.
(1分)16、Whichofthefollowingisincorrectinrelationtobillfinancing?
A.Thedraweristhepartyseekingthefunds.
B.Ifabankacceptsthebillthisenhancesitscreditquality.
C.Anissuerwillseektosellthebillinthemarketatthehighestyield.
D.Billsaresoldatadiscounttofacevalue.
(1分)17、Abankprovidesaloanof$1milliontoacompanythathasanArating.Calculatethedollarvalueofcapitalrequiredunderthecapitaladequacyrequirementstosupportthefacility.
A.$16000
B.$40000
C.$80000
D.$120000
(1分)18、Whenaninvestmentbankguaranteesacertainpriceforacompanyissuingnewshares,itisactingasa/an:
A.auctioneer.
B.broker.
C.dealer.
D.underwriter.
(1分)19、Whenaninvestmentbankhelpsacompanyselllargeparcelsofsharesdirectlytoinstitutionalinvestors,thisiscalled:
A.duediligence.
B.placement.
C.securitisation.
D.underwriting.
(1分)20、Superannuationfundsthataimatdeliveringalongertermincomestreamandcapitalappreciationbyacquiringadiversifiedassetportfolioacrossawiderriskspectrumareclassifiedas:
A.managedgrowthfunds.
B.capitalguaranteedfunds.
C.balancedgrowthfunds.
D.capitalstablefunds.
(1分)21、Sincetheearly1990s,publicunittrustshaveseenthelargestgrowthinassetsin:
A.cashanddeposits.
B.long-termgovernmentsecurities.
C.equitiesandunitsintrusts.
D.landandbuildings.
(1分)22、Aprimaryaimofcorporatemanagementshouldbeto:
A.maximisethecompany'
sprofit.
B.maximisethenumberofshareholders.
C.maximisetheshareholders'
wealth.
D.minimisethecompany'
scosts.
(1分)23、Awell-developedsecondarymarketislikelyto:
A.aidinraisingextrafinance.
B.helpmanageriskexposuresofinvestors.
C.helpwithcorporateagencyproblems.
D.includeallofthegivenanswers.
(1分)24、Inoptionsmarkets,optionpremiumsarepaidby:
A.optionwriterstobuyers.
B.optionbuyerstosellers.
C.bothoptionbuyersandsellers.
D.putoptionbuyersonly.
(1分)25、Thefinancerequiredbyacompanytofunditsday-to-dayoperationsiscalled:
A.dailyfinancing.
B.operationalfinancing.
C.operationalcapital.
D.workingcapital.
(1分)26、Apro-ratasharerightsoffermeansthattheoffer:
A.mustbemadetoallthestakeholdersofacompany.
B.mustbemadetobondholdersandshareholderswhogettheirofferinbeforeacut-offdate.
C.mustbemadetoshareholdersonthebasisofthenumberofsharesalreadyheld.
D.ismadeonlytotheshareholderswiththelargestnumberofsharesontheshareregisteratacut-offdate.
(1分)27、Anyunpaiddividendsthatmustbepaidbeforepaymentofdividendstoordinaryshareholdersarecalled_________preferenceshares.
A.participating
B.cumulative
C.non-cumulative
D.secured
(1分)28、Shareplacementsmay,subjecttocompliancewithcertainregulations,bemadetoinstitutionalinvestors.WhichofthefollowingconditionsisNOTarequirementoftheAustralianauthorityASICforshareplacements?
A.Theplacementshouldconsistofminimumsubscriptionsof$500000,orbemadeupofnotmorethan20participants.
B.Thediscountfromcurrentmarketpriceshouldnotbeexcessive.
C.Undernocircumstancesshouldplacementsbeinexcessof10%oftheissuedsharespermitted.
D.Thereisnoneedtoregisteraprospectus,butamemorandumofinformationdetailingthecompany'
sactivitiesshouldbesenttoallparticipants.
(1分)29、Whenaninvestorpurchasesunitsinaunittrust,thisisknownas________investing.
A.absolute
B.direct
C.indirect
D.value
(1分)30、Whichfinancialratioisusedtomeasureacompany'
sabilitytomeetitsshort-termfinancing?
A.Debt
B.Liquidity
C.Capitalstructure
D.Profitability
(1分)31、Ifacompanyoffersaone-for-fivebonusissueandthecurrentsharepricecum-bonusis$7.50,thetheoreticalvalueofeachshareex-bonusis:
A.$7.50
B.$6.25
C.$6.00
D.$5.00
(1分)32、Whichofthefollowingstatementsregardinganefficientcapitalmarketiscorrect?
A.Allsecuritiesthatinvestorswouldliketoinvestinarelisted.
B.Alltransactionsareclosedoutandsettledwithintwodays.
C.Currentpricesreflectallcurrentinformation.
D.Thelowestinterestratesareoffered.
(1分)33、Thegreaterthedegreeofsystematicrisk,the:
A.highertheexpectedshareprice.
B.highertheexpectedrateofreturn.
C.lowertheexpectedreturnonashare.
D.closerashare'
sbetawillbeto1.
(1分)34、Theweakformoftheefficientmarkethypothesisdeniestheuseof:
A.technicalanalysis,butsupportsfundamentalanalysisasvalid.
B.fundamentalanalysis,butsupportstechnicalanalysisasvalid.
C.bothtechnicalanalysisandfundamentalanalysis.
D.technicalanalysis,butissilentonthepossibilityofsuccessfulfundamentalanalysis.
(1分)35、Atwhichlevelofmarketefficiencydoestheefficientmarkethypothesissupportthetechnicalanalysisapproachtofuturesharepricedetermination?
A.Weak-formefficiency
B.Semi-strongformefficiency
C.Strong-formefficiency
D.Noneofthegivenanswers
(1分)36、Considerthefollowingfivestatements:
i.Technicalanalystsrelyonverysophisticatedtechnicalmodelsofthemacroeconomicenvironment.
ii.Sinceallchartistsareconfrontedwithidenticalsharepricedata,theyshouldidentifyverysimilarpatternsandgenerateidenticalbuyandsellsignalsfromthedata.
iii.Achartistwilldrawresistancelevelsathighersharepricelevelswhereanincreaseinsupplyhaltspriceincreases.
iv.Chartistswilldrawsupportlinesatlowerpricelevelswhereanincreaseindemandhaltsapricefall.
v.Therandomwalkhy
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