金融市场与机构 10.docx
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金融市场与机构 10.docx
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金融市场与机构10
1Chapter10
TheBondMarket
1n MultipleChoiceQuestions
1.Comparedtomoneymarketsecurities,capitalmarketsecuritieshave
(a)moreliquidity.
(b)longermaturities.
(c)loweryields.
(d)lessrisk.
Answer:
B
2.(I)Securitiesthathaveanoriginalmaturitygreaterthanoneyeararetradedincapitalmarkets.
(II)Thebestknowncapitalmarketsecuritiesarestocksandbonds.
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
Answer:
C
3.(I)Securitiesthathaveanoriginalmaturitygreaterthanoneyeararetradedinmoneymarkets.
(II)Thebestknownmoneymarketsecuritiesarestocksandbonds.
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
Answer:
D
4.(I)Firmsandindividualsusethecapitalmarketsforlong-terminvestments.(II)Thecapitalmarketsprovideanalternativetoinvestmentinassetssuchasrealestateandgold.
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
Answer:
C
5.Theprimaryreasonthatindividualsandfirmschoosetoborrowlong-termistoreducetheriskthatinterestrateswill_________beforetheypayofftheirdebt.
(a)rise
(b)fall
(c)becomemorevolatile
(d)becomemorestable
Answer:
A
6.Afirmthatchoosestofinanceanewplantbyissuingmoneymarketsecurities
(a)mustincurthecostofissuingnewsecuritiestorolloveritsdebt.
(b)runstheriskofhavingtopayhigherinterestrateswhenitrollsoveritsdebt.
(c)incursboththecostofreissuingsecuritiesandtheriskofhavingtopayhigherinterestratesonthenewdebt.
(d)ismorelikelytoprofitifinterestratesrisewhiletheplantisbeingconstructed.
Answer:
C
7.Theprimaryreasonthatindividualsandfirmschoosetoborrowlong-termisto
(a)reducetheriskthatinterestrateswillfallbeforetheypayofftheirdebt.
(b)reducetheriskthatinterestrateswillrisebeforetheypayofftheirdebt.
(c)reducemonthlyinterestpayments,asinterestratestendtobehigheronshort-termthan
long-termdebtinstruments.
(d)reducetotalinterestpaymentsoverthelifeofthedebt.
Answer:
B
8.Afirmwillborrowlong-term
(a)iftheextrainterestcostofborrowinglong-termislessthantheexpectedcostofrisinginterestratesbeforeitretiresitsdebt.
(b)iftheextrainterestcostofborrowingshort-termduetorisinginterestratesdoesnotexceedtheexpectedpremiumthatispaidforborrowinglongterm.
(c)ifshort-terminterestratesareexpectedtodeclineduringthetermofthedebt.
(d)iflong-terminterestratesareexpectedtodeclineduringthetermofthedebt.
Answer:
A
9.Theprimaryissuersofcapitalmarketsecuritiesinclude
(a)thefederalandlocalgovernments.
(b)thefederalandlocalgovernments,andcorporations.
(c)thefederalandlocalgovernments,corporations,andfinancialinstitutions.
(d)localgovernmentsandcorporations.
Answer:
B
10.Governmentsneverissuestockbecause
(a)theycannotsellownershipclaims.
(b)theConstitutionexpresslyforbidsit.
(c)both(a)and(b)oftheabove.
(d)neither(a)nor(b)oftheabove.
Answer:
A
11.(I)Theprimaryissuersofcapitalmarketsecuritiesarefederalandlocalgovernments,andcorporations.(II)Governmentsneverissuestockbecausetheycannotsellownershipclaims.
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
Answer:
C
12.(I)Theprimaryissuersofcapitalmarketsecuritiesarefinancialinstitutions.
(II)Thelargestpurchasersofcapitalmarketsecuritiesarecorporations.
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
Answer:
D
13.Thedistributionofafirm’scapitalbetweendebtandequityisits
(a)leverageratio.
(b)liabilitystructure
(c)acidratio.
(d)capitalstructure.
Answer:
D
14.Thelargestpurchasersofcapitalmarketsecuritiesare
(a)households.
(b)corporations
(c)governments.
(d)centralbanks.
Answer:
A
15.Individualsandhouseholdsfrequentlypurchasecapitalmarketsecuritiesthroughfinancialinstitutionssuchas
(a)mutualfunds.
(b)pensionfunds.
(c)moneymarketmutualfunds.
(d)alloftheabove.
(e)only(a)and(b)oftheabove.
Answer:
E
16.(I)Therearetwotypesofexchangesinthesecondarymarketforcapitalsecurities:
organizedexchangesandover-the-counterexchanges.(II)Whenfirmssellsecuritiesfortheveryfirsttime,theissueisaninitialpublicoffering.
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
Answer:
C
17.(I)Capitalmarketsecuritiesfallintotwocategories:
bondsandstocks.(II)Long-termbondsincludegovernmentbondsandlong-termnotes,municipalbonds,andcorporatebonds.
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
Answer:
B
18.The_________valueofabondistheamountthattheissuermustpayatmaturity.
(a)market
(b)present
(c)discounted
(d)face
Answer:
D
19.The_________rateistherateofinterestthattheissuermustpay.
(a)market
(b)coupon
(c)discount
(d)funds
Answer:
B
20.(I)Thecouponrateistherateofinterestthattheissuerofthebondmustpay.
(II)Thecouponrateisusuallyfixedforthedurationofthebondanddoesnotfluctuatewithmarketinterestrates.
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
Answer:
C
21.(I)Thecouponrateistherateofinterestthattheissuerofthebondmustpay.(II)Thecouponrateonoldbondsfluctuateswithmarketinterestratessotheywillremainattractivetoinvestors.
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
Answer:
A
22.Treasurybondsaresubjectto_________riskbutarefreeof_________risk.
(a)default;interest-rate
(b)default;underwriting
(c)interest-rate;default
(d)interest-rate;underwriting
Answer:
C
23.ThepricesofTreasurynotes,bonds,andbillsarequoted
(a)asapercentageofthecouponrate.
(b)asapercentageofthepreviousday’sclosingvalue.
(c)asapercentageof$100facevalue.
(d)asamultipleoftheannualinterestpaid.
Answer:
C
24.ThesecuritywiththelongestmaturityisaTreasury
(a)note.
(b)bond.
(c)acceptance.
(d)bill.
Answer:
B
25.(I)Tosellanoldbondwheninterestrateshaverisen,theholderwillhavetodiscountthebonduntiltheyieldtothebuyeristhesameasthemarketrate.(II)Theriskthatthevalueofabondwillfallwhenmarketinterestratesriseiscalledinterest-raterisk.
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
Answer:
C
26.Tosellanoldbondwheninterestrateshave_________,theholderwillhaveto_________thepriceofthebonduntiltheyieldtothebuyeristhesameasthemarketrate.
(a)risen;lower
(b)risen;raise
(c)fallen;lower
(d)risen;inflate
Answer:
A
27.Mostofthetime,theinterestrateonTreasurynotesandbondsis_________thatonmoneymarketsecuritiesbecauseof_________risk.
(a)above;interest-rate
(b)above;default
(c)below;interest-rate
(d)below;default
Answer:
A
28.(I)Inmostyearstherateofreturnonshort-termTreasurybillsisbelowthatonthe20-year
Treasurybond.(II)InterestratesonTreasurybillsaremorevolatilethanratesonlong-termTreasurysecurities.
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
Answer:
C
29.(I)BecauseinterestratesonTreasurybillsaremorevolatilethanratesonlong-termsecurities,thereturnonshort-termTreasurysecuritiesisusuallyabovethatonlonger-termTreasurysecurities.
(II)ATreasurySTRIPseparatestheperiodicinterestpaymentsfromthefinalprincipalrepayment.
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
Answer:
B
30.WhichofthefollowingstatementsaboutTreasuryinflation-indexedbondsisnottrue?
(a)Theprincipalamountusedtocomputetheinterestpaymentvarieswiththeconsumer
priceindex.
(b)Theinterestpaymentriseswheninflationoccurs.
(c)Theinterestrateriseswheninflationoccurs.
(d)Atmaturitythesecuritiespaythegreaterofface-valueorinflation-adjustedprincipal.
Answer:
C
31.Theinterestratesongovernmentagencybondsare
(a)almostidenticaltothoseavailableonTreasurysecuritiessinceitisunlikelythatthefederalgovernmentwouldpermititsagenciestodefaultontheirobligations.
(b)significantlyhigherthanthoseavailableonTreasurysecuritiesduetotheirlowliquidity.
(c)significantlylowerthanthoseavailableonTreasurysecuritiesbecauseagencyinterestpaymentsaretaxexempt.
(d)significantlylowerthanthoseavailableonTreasurysecuritiesbecausetheinterest-rateriskonagencysecuritiesislowerthanthatonTreasurysecurities.
Answer:
B
32.(I)Municipalbondsthatareissuedtopayforessentialpublicprojectsareexemptfromfederaltaxation.(II)Generalobligationbondsdonothavespecificassetspledgedassecurityoraspecificsourceofrevenueallocatedfortheirrepayment.
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
Answer:
C
33.(I)Mostcorporatebondshaveafacevalueof$1000,payinterestsemi-annually,andcanberedeemedanytimetheissuerwishes.(II)Registeredbondshavenowbeenlargelyreplacedbybearerbonds,whichdonothavecoupons.
(a)(I)istrue,(II)false.
(b)(I)isfalse,(II)true.
(c)Botharetrue.
(d)Botharefalse.
Answer:
A
34.Thebondcontractthatstatest
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