金融市场与机构Madura第九版题库ch06.docx
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金融市场与机构Madura第九版题库ch06.docx
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金融市场与机构Madura第九版题库ch06
Chapter6
MoneyMarkets
1.Securitieswithmaturitiesofoneyearorlessareclassifiedas
A)capitalmarketinstruments.
B)moneymarketinstruments.
C)preferredstock.
D)noneoftheabove
ANSWER:
B
2.Whichofthefollowingisnotamoneymarketsecurity?
A)Treasurybill
B)negotiablecertificateofdeposit
C)commonstock
D)federalfunds
ANSWER:
C
3.________aresoldatanauctionatadiscountfromparvalue.
A)Treasurybills
B)Repurchaseagreements
C)Banker’sacceptances
D)Commercialpaper
ANSWER:
A
4.JarrodKing,aprivateinvestor,purchasesaTreasurybillwitha$10,000parvaluefor$9,645.Onehundreddayslater,JarrodsellstheT-billfor$9,719.WhatisJarrod’sexpectedannualizedyieldfromthistransaction?
A)13.43percent
B)2.78percent
C)10.55percent
D)2.80percent
E)noneoftheabove
ANSWER:
D
5.IfaninvestorbuysaTbillwitha90daymaturityand$50,000parvaluefor$48,500andholdsittomaturity,whatistheannualizedyield?
A)about13.4percent
B)about12.5percent
C)about11.3percent
D)about11.6percent
E)about10.7percent
ANSWER:
B
6.AninvestorbuysaTbillwith180daystomaturityand$250,000parvaluefor$242,000. Heplanstosellitafter60days,andforecastsasellingpriceof$247,000atthattime. Whatistheannualizedyieldbasedonthisexpectation?
A)about10.1percent
B)about12.6percent
C)about11.4percent
D)about13.5percent
E)about14.3percent
ANSWER:
B
7.Assumeinvestorsrequirea5percentannualizedreturnonasix-monthT-billwithaparvalueof$10,000.Thepriceinvestorswouldbewillingtopayis$________.
A)10,000
B)9,524
C)9,756
D)noneoftheabove
ANSWER:
C
8.AnewlyissuedTbillwitha$10,000parvaluesellsfor$9,750,andhasa90daymaturity. Whatisthediscount?
A)10.26percent
B)0.26percent
C)$2,500
D)10.00percent
E)11.00percent
ANSWER:
D
9.Largecorporationstypicallymake___________bidsforT-billssotheycanpurchaselargeramounts.
A)competitive
B)noncompetitive
C)verysmall
D)noneoftheabove
ANSWER:
A
10.Atanygiventime,theyieldoncommercialpaperis______theyieldonaTbill withthesamematurity.
A)slightlylessthan
B)slightlyhigherthan
C)equalto
D)AandBbothoccurwithaboutequalfrequency
ANSWER:
B
11.Tbillsandcommercialpaperaresold
A)withastatedcouponrate.
B)atadiscountfromparvalue.
C)atapremiumaboutparvalue.
D)AandC
E)noneoftheabove
ANSWER:
B
12.___________isashort-termdebtinstrumentissuedonlybewell-known,creditworthyfirmsandisnormallyissuedtoprovideliquidityorfinanceafirm’sinvestmentininventoryandaccountsreceivable.
A)Abanker’sacceptance
B)Arepurchaseagreement
C)Commercialpaper
D)ATreasurybill
ANSWER:
C
13.Commercialpaperhasamaximummaturityof_______days.
A)45
B)270
C)360
D)noneoftheabove
ANSWER:
B
14.Aninvestorbuyscommercialpaperwitha60daymaturityfor$985,000. Parvalueis$1,000,000,andtheinvestorholdsittomaturity. Whatistheannualizedyield?
A)8.62percent
B)8.78percent
C)8.90percent
D)9.14percent
E)9.00percent
ANSWER:
D
15.Afirmplanstoissue30daycommercialpaperfor$9,900,000. Parvalueis$10,000,000. Whatisthefirm’scostofborrowing?
A)12.12percent
B)11.11percent
C)13.00percent
D)14.08percent
E)15.25percent
ANSWER:
A
16.Whenfirmssellcommercialpaperata______pricethantheyprojected,theircostofraisingfundsis______thanprojected.
A)higher;higher
B)lower;lower
C)AandB
D)noneoftheabove
ANSWER:
D
17.Whichofthefollowingisnotamoneymarketinstrument?
A)banker’sacceptance
B)commercialpaper
C)negotiableCDs
D)repurchaseagreements
E)alloftheabovearemoneymarketinstruments
ANSWER:
E
18.Arepurchaseagreementcallsforaninvestortobuysecuritiesfor$4,925,000andsellthembackin60daysfor$5,000,000. Whatistheyield?
A)9.43percent
B)9.28percent
C)9.14percent
D)9.00percent
ANSWER:
C
19.Thefederalfundsmarketallowsdepositoryinstitutionstoborrow
A)shorttermfundsfromeachother.
B)shorttermfundsfromtheTreasury.
C)longtermfundsfromeachother.
D)longtermfundsfromtheFederalReserve.
E)BandD
ANSWER:
A
20.Whenabankguaranteesafuturepaymenttoafirm,thefinancialinstrumentusediscalled
A)arepurchaseagreement.
B)anegotiableCD.
C)abanker’sacceptance.
D)commercialpaper.
ANSWER:
C
21.Whichofthefollowinginstrumentshasahighlyactivesecondarymarket?
A)banker’sacceptances
B)commercialpaper
C)federalfunds
D)repurchaseagreements
ANSWER:
A
22.Whichofthefollowingistrueofmoneymarketinstruments?
A)Theiryieldsarehighlycorrelatedovertime.
B)Theytypicallysellforparvaluewhentheyareinitiallyissued(especiallyTbillsandcommercialpaper).
C)Treasurybillshavethehighestyield.
D)Theyallmakeperiodiccoupon(interest)payments.
E)AandB
ANSWER:
A
23.AninvestorpurchasedanNCDayearagointhesecondarymarketfor$980,000.Heredeemsittodayandreceives$1,000,000.Healsoreceivesinterestof$30,000.Theinvestor’sannualizedyieldonthisinvestmentis
A)2.0percent.
B)5.10percent.
C)5.00percent.
D)2.04percent.
ANSWER:
B
24.Aninvestorinitiallypurchasedsecuritiesatapriceof$9,923,418,withanagreementtosellthembackatapriceof$10,000,000attheendofa90-dayperiod.Thereporateis________percent.
A)3.10
B)0.77
C)1.00
D)noneoftheabove
ANSWER:
A
25.Therateatwhichdepositoryinstitutionseffectivelylendorborrowfundsfromeachotheristhe___________.
A)federalfundsrate
B)discountrate
C)primerate
D)reporate
ANSWER:
A
26.______________arethemostactiveparticipantsinthefederalfundsmarket.
A)Savingsandloanassociations
B)Securitiesfirms
C)Creditunions
D)Commercialbanks
ANSWER:
D
27.Eurodollardeposits
A)areU.S.dollarsdepositedintheU.S.byEuropeaninvestors.
B)aresubjecttointerestrateceilings.
C)havearelativelylargespreadbetweendepositandloanrates(comparedtothespreadbetweendepositsandloansintheUnitedStates).
D)arenotsubjecttoreserverequirements.
ANSWER:
D
28.Whichmoneymarkettransactionismostlikelytorepresentaloanfromonecommercialbanktoanother?
A)banker’sacceptance
B)negotiableCD
C)federalfunds
D)commercialpaper
ANSWER:
C
29.TherateonEurodollarfloatingrateCDsisbasedon
A)aweightedaverageofEuropeanprimerates.
B)theLondonInterbankOfferRate.
C)theU.S.primerate.
D)aweightedaverageofEuropeandiscountrates.
ANSWER:
B
30.Treasurybills
A)haveamaturityofuptofiveyears.
B)haveanactivesecondarymarket.
C)arecommonlysoldatparvalue.
D)commonlyoffercouponpayments.
ANSWER:
B
31.Theyieldoncommercialpaperis______theyieldofTreasurybillsofthesamematurity. Thedifferencebetweentheiryieldswouldbeespeciallylargeduringa______period.
A)greaterthan;recessionary
B)greaterthan;boomeconomy
C)lessthan;boomeconomy
D)lessthan;recessionary
ANSWER:
A
32.TheyieldonNCDsis______theyieldofTreasurybillsofthesamematurity. Thedifferencebetweentheiryieldswouldbeespeciallylargeduringa______period.
A)greaterthan;recessionary
B)greaterthan;boomeconomy
C)lessthan;boomeconomy
D)lessthan;recessionary
ANSWER:
A
33.Whichofthefollowingissometimesissuedintheprimarymarketbynonfinancialfirmstoborrowfunds?
A)NCDs
B)retailCDs
C)commercialpaper
D)federalfunds
ANSWER:
C
34.Theso-called“flighttoquality”causestheriskdifferentialbetweenriskyandrisk-freesecuritiestobe
A)eliminated.
B)reduced.
C)increased.
D)unchanged(thereisnoeffect).
ANSWER:
C
35.Theeffectiveyieldofaforeignmoneymarketsecurityis_____whentheforeigncurrencystrengthensagainstthedollar.
A)increased
B)reduced
C)alwaysnegative
D)unaffected
ANSWER:
A
36.Theeffectiveyieldofaforeignmoneymarketsecurityis_____whentheforeigncurrencyweakensagainstthedollar.
A)increased
B)reduced
C)alwaysnegative
D)unaffected
ANSWER:
B
37.Treasurybillsaresoldthrough_____wheninitiallyissued.
A)insurancecompanies
B)commercialpaperdealers
C)auction
D)financecompanies
ANSWER:
C
38.Atagivenpointintime,theactualpricepaidforathree-monthTreasurybillis
A)usuallyequaltotheparvalue.
B)morethanthepricepaidforasix-monthTreasurybill.
C)equaltothepricepaidforasix-monthTreasurybill.
D)noneoftheabove
ANSWER:
B
39.Theminimumdenominationofcommercialpaperis
A)$25,000.
B)$100,000.
C)$150,000.
D)$200,000.
ANSWER:
B
40.Commercialpaperis
A)alwaysdirectlyplacedwithinvestors.
B)alwaysplacedwiththehelpofcommercialpaperdealers.
C)placedeitherdirectlyorwiththehelpofcommercialpaperdealers.
D)alwaysplacedbybankholdingcompanies.
ANSWER:
C
41.Aninvestor,purchasesasix-month(182-day)T-billwitha$10,000parvaluefor$9,700.IftheTreasurybillisheldtomaturity,theannualizedyieldis_______percent.
A)6.02
B)1.54
C)1.50
D)6.20
E)noneoftheabove
ANSWER:
D
42.Whenaninvestorpurchasesasix-month(182-day)T-billwitha$10,000parvaluefor$9,700,theTreasurybilldiscountis______percent.
A)5.93
B)6.12
C)6.20
D)6.02
E)noneoftheabove
ANSWER:
A
43.RobbinsCorp.frequentlyinvestsexcessfundsintheMexicanmoneymarket.Oneyearago,Robbinsinvestedinaone-yearMexicanmoneymarketsecuritythatprovidedayieldof25percent.Attheendof
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