金融市场学双语题库及答案第二十章米什金《金融市场与机构》.docx
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金融市场学双语题库及答案第二十章米什金《金融市场与机构》.docx
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金融市场学双语题库及答案第二十章米什金《金融市场与机构》
FinancialMarketsandInstitutions,8e(Mishkin)
Chapter20TheMutualFundIndustry
20.1MultipleChoice
1)Atthebeginningof2013,mutualfundsheldabout________oftheU.S.stockmarketwasheldbymutualfunds.
A)30%
B)50%
C)10%
D)70%
Answer:
A
Topic:
Chapter20.1TheGrowthofMutualFunds
QuestionStatus:
UpdatedfromPreviousEdition
2)Theoriginsofmutualfundscanbetracedbacktothemidtolate1800sin________.
A)EnglandandScotland
B)NewYorkCity
C)Boston
D)Germany
Answer:
A
Topic:
Chapter20.1TheGrowthofMutualFunds
QuestionStatus:
NewQuestion
3)________intermediationmeansthatsmallinvestorscanpooltheirfundswithotherinvestorstopurchasehighfacevaluesecurities.
A)Liquidity
B)Financial
C)Denomination
D)Share
Answer:
C
Topic:
Chapter20.2BenefitsofMutualFunds
QuestionStatus:
PreviousEdition
4)Mutualfundsofferinvestorsallofthefollowingexcept
A)greater-than-averagereturns.
B)diversifiedportfolios.
C)lowertransactioncosts.
D)professionalinvestmentmanagement.
Answer:
A
Topic:
Chapter20.2BenefitsofMutualFunds
QuestionStatus:
PreviousEdition
5)Mutualfunds
A)pooltheresourcesofmanysmallinvestorsbysellingtheseinvestorssharesandusingtheproceedstobuysecurities.
B)allowsmallinvestorstoobtainthebenefitsoflowertransactioncostsinpurchasingsecurities.
C)providesmallinvestorsadiversifiedportfoliothatreducesrisk.
D)doalloftheabove.
E)doonlyAandBoftheabove.
Answer:
D
Topic:
Chapter20.2BenefitsofMutualFunds
QuestionStatus:
PreviousEdition
6)________enablesmutualfundstoconsistentlyoutperformarandomlyselectedgroupofstocks.
A)Managerialexpertise
B)Diversification
C)Denominationintermediation
D)Noneoftheabove
Answer:
D
Topic:
Chapter20.2BenefitsofMutualFunds
QuestionStatus:
PreviousEdition
7)Attheendof2012therewereover________separatemutualfundswithtotalassetsover________.
A)800;$10trillion
B)7,500;$13trillion
C)10,000;$10trillion
D)1,000;$7trillion
Answer:
B
Topic:
Chapter20.2BenefitsofMutualFunds
QuestionStatus:
UpdatedfromPreviousEdition
8)Mostmutualfundsarestructuredintwoways.Themostcommonstructureisa(n)________fund,fromwhichsharescanberedeemedatanytimeatapricethatistiedtotheassetvalueofthefund.A(n)________fundhasafixednumberofnonredeemablesharesthataretradedintheover-the-countermarket.
A)closed-end;open-end
B)open-end;closed-end
C)no-load;closed-end
D)no-load;load
E)load;no-load
Answer:
B
Topic:
Chapter20.3MutualFundStructure
QuestionStatus:
PreviousEdition
9)Whichofthefollowingisanadvantagetoinvestorsofanopen-endmutualfund?
A)Oncealltheshareshavebeensold,theinvestordoesnothavetoputinmoremoney.
B)Theinvestorscanselltheirsharesintheover-the-countermarketwithlowtransactionfees.
C)Thefundagreestoredeemsharesatanytime.
D)Themarketvalueofthefund'ssharesmaybehigherthanthevalueoftheassetsheldbythefund.
Answer:
C
Topic:
Chapter20.3MutualFundStructure
QuestionStatus:
PreviousEdition
10)Thenetassetvalueofamutualfundis
A)determinedbysubtractingthefund'sliabilitiesfromitsassetsanddividingbythenumberofsharesoutstanding.
B)determinedbycalculatingthenetpriceoftheassetsownedbythefund.
C)calculatedevery15minutesandusedfortransactionsoccurringduringthenext15-minuteinterval.
D)calculatedasthedifferencebetweenthefund'sassetsanditsliabilities.
Answer:
A
Topic:
Chapter20.3MutualFundStructure
QuestionStatus:
PreviousEdition
11)________fundsarethesimplesttypeofinvestmentfundstomanage.
A)Balanced
B)Globalequity
C)Growth
D)Index
Answer:
D
Topic:
Chapter20.4InvestmentObjectiveClasses
QuestionStatus:
PreviousEdition
12)Themajorityofmutualfundassetsarenowownedby
A)individualinvestors.
B)institutionalinvestors.
C)fiduciaries.
D)businessorganizations.
E)retirees.
Answer:
A
Topic:
Chapter20.2BenefitsofMutualFunds
QuestionStatus:
PreviousEdition
13)Capitalappreciationfundsselectstocksof________andtendtobe________riskythantotalreturnfunds.
A)large,establishedcompaniesthatpaydividendsregularly;more
B)large,establishedcompaniesthatpaydividendsregularly;less
C)companiesexpectedtogrowrapidly;more
D)companiesexpectedtogrowrapidly;less
Answer:
C
Topic:
Chapter20.4InvestmentObjectiveClasses
QuestionStatus:
PreviousEdition
14)Fromlargesttosmallestintermsoftotalassets,thefourclassesofmutualfundsare
A)equityfunds,bondfunds,hybridfunds,moneymarketfunds.
B)equityfunds,moneymarketfunds,bondfunds,hybridfunds.
C)moneymarketfunds,equityfunds,hybridfunds,bondfunds.
D)bondfunds,moneymarketfunds,equityfunds,hybridfunds.
Answer:
B
Topic:
Chapter20.4InvestmentObjectiveClasses
QuestionStatus:
PreviousEdition
15)Measuredbyassets,themostpopulartypeofbondfundisthe________bondfund.
A)statemunicipal
B)strategicincome
C)government
D)high-yield
Answer:
B
Topic:
Chapter20.4InvestmentObjectiveClasses
QuestionStatus:
PreviousEdition
16)Peoplewhotaketheirmoneyoutofinsuredbankdepositstoinvestinuninsuredmoneymarketmutualfundshave________riskbecausemoneymarketfundsinvestin________assets.
A)high;long-term
B)low;short-term
C)high;short-term
D)low;long-term
Answer:
B
Topic:
Chapter20.4InvestmentObjectiveClasses
QuestionStatus:
PreviousEdition
17)Thelargestshareofassetsheldbymoneymarketmutualfundsis
A)Treasurybills.
B)certificatesofdeposit.
C)commercialpaper.
D)repurchaseagreements.
Answer:
C
Topic:
Chapter20.4InvestmentObjectiveClasses
QuestionStatus:
PreviousEdition
18)Whichofthefollowingisafeatureofindexfunds?
A)Theyhavelowerfees.
B)Theyselectandholdstockstomatchtheperformanceofastockindex.
C)Theydonotrequiremanagerstoselectstocksanddecidewhentobuyandsell.
D)Alloftheabove.
Answer:
D
Topic:
Chapter20.4InvestmentObjectiveClasses
QuestionStatus:
PreviousEdition
19)Adeferred-loadmutualfundchargesacommission
A)whensharesarepurchased.
B)whensharesaresold.
C)bothwhensharesarepurchasedandwhentheyaresold.
D)whensharesareredeemed.
Answer:
D
Topic:
Chapter20.5FeeStructureofInvestmentFunds
QuestionStatus:
PreviousEdition
20)Overthepasttwentyyears,mutualfundfeeshave________,largelybecause________.
A)fallen;SECfeedisclosureruleshaveledtogreatercompetition
B)risen;investorshavelearnedthatfundswithhighfeesprovidebetterperformance
C)risen;therehasbeencollusionbetweenlargemutualfundcompanies
D)fallen;advancesininformationtechnologyhaveloweredtransactioncosts
Answer:
A
Topic:
Chapter20.5FeeStructureofInvestmentFunds
QuestionStatus:
PreviousEdition
21)Whichofthefollowingismostlikelytobeano-loadfund?
A)Valuefunds
B)Hedgefunds
C)Growthfunds
D)Indexfunds
Answer:
D
Topic:
Chapter20.5FeeStructureofInvestmentFunds
QuestionStatus:
PreviousEdition
22)Wheninvestorsswitchbetweenfundswithinthesamefundfamily,mutualfundsmaycharge
A)acontingentdeferredsalescharge.
B)aredemptionfee.
C)anexchangefee.
D)12b-1fees.
E)anaccountmaintenancefee.
Answer:
C
Topic:
Chapter20.5FeeStructureofInvestmentFunds
QuestionStatus:
PreviousEdition
23)TheSecuritiesActsof1933and1934didnot
A)regulatetheactivitiesofinvestmentfunds.
B)requirefundstoregisterwiththeSEC.
C)includeantifraudrulescoveringthepurchaseandsaleoffundshares.
D)applytoinvestmentfunds.
Answer:
B
Topic:
Chapter20.6RegulationofMutualFunds
QuestionStatus:
PreviousEdition
24)Thelargestshareoftotalinvestmentinmutualfundsisin
A)stockfunds.
B)hybridfunds.
C)bondfunds.
D)moneymarketfunds.
Answer:
A
Topic:
Chapter20.4InvestmentObjectiveClasses
QuestionStatus:
PreviousEdition
25)Over________ofthetotaldailyvolumeinstocksisduetoinstitutionsinitiatingtrades.
A)70%
B)50%
C)25%
D)90%
Answer:
A
Topic:
Chapter20.6RegulationofMutualFunds
QuestionStatus:
NewQuestion
26)Hedgefundsare
A)lowriskbecausetheyaremarket-neutral.
B)lowriskiftheybuyTreasurybonds.
C)lowriskbecausetheyhedgetheirinvestments.
D)highriskbecausetheyaremarket-neutral.
E)highrisk,eventhoughtheymaybemarket-neutral.
Answer:
E
Topic:
Chapter20.7HedgeFunds
QuestionStatus:
PreviousEdition
27)ThenearcollapseofLongTermCapitalManagementwascausedby
A)thehighmanagementfeeschargedbythefund'stwoNobelPrizewinners.
B)thefund'shighleverageratioof20to1.
C)asharpdecreaseinthespreadbetweencorporatebondsandTreasurybonds.
D)asharpincreaseinthespreadbetweencorporatebondsandTreasurybonds.
E)thefund'sshiftawayfromamarket-neutralinvestmentstrategy.
Answer:
D
Topic:
Chapter20.7HedgeFunds
QuestionStatus:
PreviousEdition
28)Conflictsariseinthemutualfundsindustrybecause________cannoteffectivelymonitor________.
A)investmentadvisers;directors
B)directors;shareholders
C)shareholders;investmentadvisers
D)investmentadvisers;stocksthatwilloutperformtheoverallmarket
Answer:
C
Topic:
Chapter20.8ConflictsofInterestintheMutualFundIndustry
QuestionStatus:
PreviousEdition
29)Latetradingisthepracticeofallowingordersreceived________totradeatthe________netassetvalue.
A)before4:
00pm;4:
00pm
B)after4:
00pm;4:
00pm
C)after4:
00pm;nextday's
D)before4:
00
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