国际金融IFinanceTestBank.docx
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国际金融IFinanceTestBank.docx
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国际金融IFinanceTestBank
Chapter5—CurrencyDerivatives
1.Kalons,Inc.isaU.S.-basedMNCthatfrequentlyimportsrawmaterialsfromCanada.KalonsistypicallyinvoicedforthesegoodsinCanadiandollarsandisconcernedthattheCanadiandollarwillappreciateinthenearfuture.Whichofthefollowingisnotanappropriatehedgingtechniqueunderthesecircumstances?
a.
purchaseCanadiandollarsforward.
b.
purchaseCanadiandollarfuturescontracts.
c.
purchaseCanadiandollarputoptions.
d.
purchaseCanadiandollarcalloptions.
ANS:
CPTS:
1
2.Graylon,Inc.,basedinWashington,exportsproductstoaGermanfirmandwillreceivepaymentof€200,000inthreemonths.OnJune1,thespotrateoftheeurowas$1.12,andthe3-monthforwardratewas$1.10.OnJune1,Graylonnegotiatedaforwardcontractwithabanktosell€200,000forwardinthreemonths.ThespotrateoftheeuroonSeptember1is$1.15.Graylonwillreceive$____fortheeuros.
a.
224,000
b.
220,000
c.
200,000
d.
230,000
ANS:
B
SOLUTION:
€200,000$1.10=$220,000
PTS:
1
3.Theone-yearforwardrateoftheBritishpoundisquotedat$1.60,andthespotrateoftheBritishpoundisquotedat$1.63.Theforward____is____percent.
a.
discount;1.9
b.
discount;1.8
c.
premium;1.9
d.
premium;1.8
ANS:
B
SOLUTION:
(F/S)−1=($1.60/$1.63)−1=−1.8percent.
PTS:
1
4.The90-dayforwardratefortheeurois$1.07,whilethecurrentspotrateoftheeurois$1.05.Whatistheannualizedforwardpremiumordiscountoftheeuro?
a.
1.9percentdiscount.
b.
1.9percentpremium.
c.
7.6percentpremium.
d.
7.6percentdiscount.
ANS:
C
SOLUTION:
[(F/S)−1]360/90=7.6percent.
PTS:
1
5.Thornton,Inc.needstoinvestfivemillionNepaleserupeesinitsNepalesesubsidiarytosupportlocaloperations.Thorntonwouldlikeitssubsidiarytorepaytherupeesinoneyear.Thorntonwouldliketoengageinaswaptransaction.Thus,Thorntonwould:
a.
converttherupeestodollarsinthespotmarkettodayandconvertrupeestodollarsinoneyearattoday'sforwardrate.
b.
convertthedollarstorupeesinthespotmarkettodayandconvertdollarstorupeesinoneyearattheprevailingspotrate.
c.
convertthedollarstorupeesinthespotmarkettodayandconvertrupeestodollarsinoneyearattoday'sforwardrate.
d.
convertthedollarstorupeesinthespotmarkettodayandconvertrupeestodollarsinoneyearattheprevailingspotrate.
ANS:
CPTS:
1
6.IntheU.S.,thetypicalcurrencyfuturescontractisbasedonacurrencyvalueintermsof:
a.
euros.
b.
U.S.dollars.
c.
Britishpounds.
d.
Canadiandollars.
ANS:
BPTS:
1
7.Currencyfuturescontractssoldonanexchange:
a.
containamitmenttotheowner,andarestandardized.
b.
containamitmenttotheowner,andcanbetailoredtothedesireoftheowner.
c.
containarightbutnotamitmenttotheowner,andcanbetailoredtothedesireoftheowner.
d.
containarightbutnotamitmenttotheowner,andarestandardized.
ANS:
APTS:
1
8.Currencyoptionssoldthroughanoptionsexchange:
a.
containamitmenttotheowner,andarestandardized.
b.
containamitmenttotheowner,andcanbetailoredtothedesireoftheowner.
c.
containarightbutnotamitmenttotheowner,andcanbetailoredtothedesireoftheowner.
d.
containarightbutnotamitmenttotheowner,andarestandardized.
ANS:
DPTS:
1
9.Currencyoptionsaremonlytradedthroughthe____system.
a.
robot
b.
Euro
c.
GLOBEX
d.
Scope
ANS:
CPTS:
1
10.Forwardcontracts:
a.
containamitmenttotheowner,andarestandardized.
b.
containamitmenttotheowner,andcanbetailoredtothedesireoftheowner.
c.
containarightbutnotamitmenttotheowner,andcanbetailoredtothedesireoftheowner.
d.
containarightbutnotamitmenttotheowner,andarestandardized.
ANS:
BPTS:
1
11.WhichofthefollowingisthemostlikelystrategyforaU.S.firmthatwillbereceivingSwissfrancsinthefutureanddesirestoavoidexchangeraterisk(assumethefirmhasnooffsettingpositioninfrancs)?
a.
purchaseacalloptiononfrancs.
b.
sellafuturescontractonfrancs.
c.
obtainaforwardcontracttopurchasefrancsforward.
d.
alloftheaboveareappropriatestrategiesforthescenariodescribed.
ANS:
BPTS:
1
12.WhichofthefollowingisthemostunlikelystrategyforaU.S.firmthatwillbepurchasingSwissfrancsinthefutureanddesirestoavoidexchangeraterisk(assumethefirmhasnooffsettingpositioninfrancs)?
a.
purchaseacalloptiononfrancs.
b.
obtainaforwardcontracttopurchasefrancsforward.
c.
sellafuturescontractonfrancs.
d.
alloftheaboveareappropriatestrategiesforthescenariodescribed.
ANS:
CPTS:
1
13.Ifyourfirme
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