第二十五章金融衍生工具的对冲交易.docx
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第二十五章金融衍生工具的对冲交易.docx
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第二十五章金融衍生工具的对冲交易
第二十五章金融衍生工具的对冲交易
Chapter25HedgingwithFinancialDerivatives
25.1SingleChoice
1)Financialderivativesinclude
A)stocks.
B)bonds.
C)futures.
D)noneoftheabove.
2)Financialderivativesinclude
A)stocks.
B)bonds.
C)forwardcontracts.
D)bothAandB.
3)Whichofthefollowingisnotafinancialderivative?
A)Stock
B)Futures
C)Options
D)Forwardcontracts
4)Acontractthatrequirestheinvestortobuysecuritiesonafuturedateiscalleda
A)shortcontract.
B)longcontract.
C)hedge.
D)cross.
5)Acontractthatrequirestheinvestortosellsecuritiesonafuturedateiscalleda
A)shortcontract.
B)longcontract.
C)hedge.
D)microhedge.
6)Alongcontractrequiresthattheinvestor
A)sellsecuritiesinthefuture.
B)buysecuritiesinthefuture.
C)hedgeinthefuture.
D)closeouthispositioninthefuture.
7)Ashortcontractrequiresthattheinvestor
A)sellsecuritiesinthefuture.
B)buysecuritiesinthefuture.
C)hedgeinthefuture.
D)closeouthispositioninthefuture.
8)Whichisnotaproblemofforwardcontracts?
A)alackofliquidity
B)alackofflexibility
C)thedifficultyoffindingacounterparty
D)defaultrisk
9)Bysellingshortafuturescontractof$100,000atapriceof115,youareagreeingtodeliver_________facevaluesecuritiesfor_________.
A)$100,000;$115,000
B)$115,000;$110,000
C)$100,000;$100,000
D)$115,000;$115,000
10)Bysellingshortafuturescontractof$100,000atapriceof96,youareagreeingtodeliver_________facevaluesecuritiesfor_________.
A)$100,000;$104,167
B)$96,000;$100,000
C)$100,000;$96,000
D)$100,000;$100,000
11)Bybuyingalong$100,000futurescontractfor115,youagreetopay_________for_________facevaluesecurities.
A)$100,000;$115,000
B)$115,000;$100,000
C)$86,956;$100,000
D)$86,956;$115,000
12)Ifyousellashortcontractonfinancialfutures,youhopeinterestrateswill
A)rise.
B)fall.
C)notchange.
D)fluctuate.
13)Ifyoubuyalongcontractonfinancialfutures,youhopeinterestrateswill
A)rise.
B)fall.
C)notchange.
D)fluctuate.
14)Ifyousellashortfuturescontract,youhopethatbondpriceswill
A)rise.
B)fall.
C)notchange.
D)fluctuate.
15)Theeliminationofrisklessprofitopportunitiesinthefuturesmarketisreferredtoas
A)speculation.
B)hedging.
C)arbitrage.
D)openinterest.
E)marktomarket.
16)Futurescontractsareregularlytradedonthe
A)ChicagoBoardofTrade.
B)NewYorkStockExchange.
C)AmericanStockExchange.
D)ChicagoBoardOptionsExchange.
17)Financialfuturesareregularlytradedonallofthefollowingexceptthe
A)ChicagoBoardofTrade.
B)ChicagoMercantileExchange.
C)NewYorkFuturesExchange.
D)ChicagoCommodityMarketsBoard.
18)Theagencyresponsibleforregulationofthefuturesexchangesandtradinginfinancialfuturesisthe
A)CommodityFuturesTradingCommission.
B)SecuritiesandExchangeCommission.
C)FederalTradeCommission.
D)FuturesExchangeCommission.
19)ThepurposeoftheCommodityFuturesTradingCommissionistodoallofthefollowingexcept
A)overseefuturestrading.
B)seethatpricesarenotmanipulated.
C)approveproposedfuturescontracts.
D)establishminimumpricesforfuturescontracts.
20)Thenumberofcontractsoutstandinginaparticularfinancialfutureisthe
A)demandcoefficient.
B)openinterest.
C)indexlevel.
D)outstandingbalance.
21)Thefuturesmarketshavegrownrapidlyinrecentyearsbecause
A)interestratevolatilityhasincreased.
B)financialmanagersaremoreriskaverse.
C)bothAandB.
D)neitherAnorB.
22)Theadvantageofforwardcontractsoverfuturescontractsisthatforwardcontracts
A)arestandardized.
B)havelowerdefaultrisk.
C)aremoreliquid.
D)noneoftheabove.
23)Theadvantageofforwardcontractsoverfuturescontractsisthatforwardcontracts
A)arestandardized.
B)havelowerdefaultrisk.
C)aremoreflexible.
D)bothAandBaretrue.
24)Futuresmarketshavegrownrapidlybecausefuturescontracts
A)arestandardized.
B)havelowerdefaultrisk.
C)areliquid.
D)alloftheabove.
25)Futuresdifferfromforwardsbecausetheyare
A)usedtohedgeportfolios.
B)usedtohedgeindividualsecurities.
C)usedinbothfinancialandforeignexchangemarkets.
D)standardizedcontracts.
答案:
1-5:
CCABA6-10:
BABAC11-15:
BABBC16-20:
ADADB21-25:
CDCDD
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