兹维博迪金融学第二版试题库11TB1.docx
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兹维博迪金融学第二版试题库11TB1.docx
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兹维博迪金融学第二版试题库11TB1
兹维博迪金融学第二版试题库11TB
(1)
ChapterEleven
Hedging,Insuring,andDiversifying
Thischaptercontains35multiplechoicequestions,10shortproblemsand5longerproblems.
MultipleChoice
1.Oneissaidto________ariskifreducingone’sexposuretoalossrequiresgivingupthepossibilityofagain,whereas________meanspayingapremiumtoavoidpossiblelosses.
(a)diversify;hedging
(b)insure;hedging
(c)hedge;insuring
(d)hedge;diversifying
Answer:
(c)
2.A(n)________insurescreditorsagainstlossesstemmingfromadebtor’sfailuretomakepromisedpayments.
(a)hedge
(b)creditguarantee
(c)option
(d)assetguarantee
Answer:
(b)
3.Inaforwardcontract,thepriceforimmediatedeliveryofanitemistermedthe________.
(a)spotprice
(b)forwardprice
(c)facevalue
(d)longposition
Answer:
(a)
4.
Inaforwardcontract,thepartywhocommitstosellanitemissaidtotakea________,andthepartywhocommitstobuythespecifieditemissaidtotakea________.
(a)longposition;shortposition
(b)shortposition,spotposition
(c)shortposition;longposition
(d)longposition;spotposition
Answer:
(c)
5.________aretradedonorganizedexchanges.
(a)Forwardcontracts
(b)Futurescontracts
(c)Options
(d)bandc
Answer:
(d)
6.A(n)________isanagreementbetweentwopartiestoexchangeaseriesofcashflowsatspecifiedintervalsoveraspecifiedperiodoftime.
(a)futurescontract
(b)swapcontract
(c)optioncontract
(d)creditcontract
Answer:
(b)
7.Theswapcontractisequivalentto________.
(a)aseriesofforwardcontracts
(b)aseriesofcreditcontracts
(c)aseriesofoptioncontracts
(d)aseriesofdiversificationcontracts
Answer:
(a)
8.Forasavingsbankwithcustomerliabilitiesthatareshort-termdepositsearninganinterestratethatchangeswithmarketconditions,oneappropriatehedgingstrategymightbetorollovershort-termbonds.Thisistermed________.
(a)aswapscontract
(b)anoptionscontract
(c)matchingassetstoliabilities
(d)aninsurancecontract
Answer:
(c)
9.________arelimitsplacedoncompensationforparticularlossescoveredunderaninsurancecontract.
(a)exclusions
(b)caps
(c)deductibles
(d)copayments
Answer:
(b)
10.Lifeinsurancepoliciespaybenefitsifaninsuredpartydies,butsuchpoliciesdonotpaydeathbenefitsiftheinsuredpersontakeshisorherownlife.Thisisknownasa(n):
(a)exclusion
(b)cap
(c)deductible
(d)copayment
Answer:
(a)
11.________createincentivesforinsuredpartiestocontroltheirlosses,andrepresenttheamountofmoneytheinsuredpartymustpayoutofhisorherownresourcesbeforereceivinganycompensationfromtheinsurer.
(a)exclusions
(b)caps
(c)deductibles
(d)loanguarantees
Answer:
(c)
12.________meansthattheinsuredpartymustcoverafractionoftheloss.
(a)exclusions
(b)caps
(c)copayments
(d)loanguarantees
Answer:
(c)
13.
A(n)________isacontractthatobligestheguarantortomakethepromisedpaymentonaloaniftheborrowerfailstodoso.
(a)exclusion
(b)loanguarantee
(c)copayment
(d)interest-ratecap
Answer:
(b)
14.Aninterestrateinsurancepolicywhichguaranteesamaximuminterestrateisknownas,ortakestheformof________.
(a)loanguarantee
(b)interest-rateguarantee
(c)interest-ratefloor
(d)interest-ratecap
Answer:
(d)
15.________protectagainstlossesfromadeclineinstockprices.
(a)Expirationoptions
(b)Calloptions
(c)Putoptions
(d)Strikeoptions
Answer:
(c)
16.The________isthefixedpricespecifiedinanoptioncontract.
(a)strikeprice
(b)exerciseprice
(c)spotprice
(d)aandb
Answer:
(d)
17.A(n)________istheright,butnottheobligation,tobuyorsellsomethingatanexercisepriceinthefuture.
(a)forwardcontract
(b)option
(c)swap
(d)deductible
Answer:
(b)
18.A(n)________canbeexercisedontheexpirationdateonly,whereasa(n)________canbeexercisedatanytimeuptoandincludingtheexpirationdate.
(a)American-typeoption;European-typeoption
(b)European-typeoption;American-typeoption
(c)European-typeoption;Asian-typeoption
(d)American-typeoption;Asian-typeoption
Answer:
(b)
19.YouaretheChiefFinancialOfficerofasoybeanoilcompany.Inyourjobyoureceivedozensofdifferentproposalseachmonthregardingwaystohedgethecompany’sexposuretofallingsoybeanoilprices.Howdoyoudecideamongthedifferentproposals?
(a)Choosethehedgewiththebestinvestmentbankparticipating.
(b)Choosethehedgethatachievesthedesiredreductioninriskthroughthebestinsurancepolicy.
(c)Choosethehedgethatminimizesthecostofachievingthedesiredreductioninrisk.
(d)noneoftheabove
Answer:
(c)
20.Whichofthefollowingarewaystoavoidlossesthroughinsuring?
(a)Lockinafifteenhundreddollarfareforaholidayairfare.
(b)Agreetopurchaseanapartmentinsixmonthsforthreehundredthousanddollars.
(c)Asasoybeangrower,enterintoaforwardcontracttosellyoursoybeansatafixedpriceinamonth.
(d)noneoftheabove
Answer:
(d)
21.Whichofthefollowingarewaystoavoidlossesthroughhedging?
(a)Payapremiumforhealthcarecoverage.
(b)Purchaseaputoptiononastockyoudoown.
(c)Payforacreditguaranteeonaloanyouareworriedaboutcollecting.
(d)Enterintoaswaptoexchangeaseriesofcashflowsatspecifiedintervalsoveraspecifiedperiodoftime.
Answer:
(d)
22.
Whichofthefollowingarewaystoavoidlossesthroughinsuring?
23.
(a)Payapremiumforhealthcarecoverage
(b)Purchaseaputoptiononastockyoudoown
(c)Bothaandb
(d)Neitheranorb
Answer:
(c)
Questions23-25refertothefollowinginformation:
Anoldcollegefriendofyourinvestsincocoafuturesandoptionscontracts.Hehastoldyouthathebelievescocoapricesareescalating.Youdecidetogoaheadandpurchaseacalloptiononcocoawithastrikepriceof$0.80perpound.Thatway,ifcocoapricesgoup,youcanexercisethecall,buythecocoaandsellthematahigherspotprice.
Assumethepriceofanoptiononfiftythousandpoundsisonethousandfivehundreddollars,andyoupurchasesixoptionsforninethousanddollarsonthreehundredthousandpounds.
24.Whattypeoftransactionisthisforyou?
(a)hedgedposition
(b)speculative
(c)insuredposition
(d)noneoftheabove
Answer:
(b)
25.Calculatethedownsideriskindollarsandpercentageterms.
(a)$1,500;+100%
(b)$1,500;–100%
(c)$9,000;–100%
(d)$9,000;+100%
Answer:
(c)
26.Ifthepriceincreasesto$0.85centsperpound,howmuchwouldyounetafterpayingfortheoptions?
(a)$15,000
(b)$13,500
(c)$9,000
(d)$6,000
Answer:
(d)
27.YouareinterestedintakingavacationtoYemennextyear,butyouareworriedaboutthepriceofthetrip.Overthepastthreeyears,thepriceofatriptoYemenhasrangedbetween$3,500and$4,500.Thecurrentpriceis$4,000.Youwishtomaintainthepossibilityofalowerprice.Howwouldyoueliminatethepossibilityofrisingprices,butstillmaintainthepossibilityofagainfromlowerprices
(a)Purchaseanoptiontodayfromthesponsor,whichwouldallowyoutopaythelowerof$4,000orthemarketpriceatthetimeyoutakeyourYemenvacation.
(b)Purchaseanoptiontodayfromthesponsor,whichwouldallowyoutopaythehigherof$4,000orthemarketpriceatthetimeyoutakeyourvacationtoYemen.
(c)Leaveittothemarket.
(d)Arrangeafuturescontractthroughthenewspaper.
Answer:
(a)
Questions27-30refertothefollowinginformation.
YouareChiefFinancialOfficerofGreenShrimpandyoupurchasealargequantityofcoffeeeachmonth.Youareconcernedaboutthepriceofcoffeeonemonthfromnow.Youwanttoguaranteethatyouwillnotpaymorethan$1.60perpoundforfiftythousandpounds.Youdonotwanttopayforinsurance,butyoudowanttolockinapriceof$1.60perpoundforfiftythousandpounds.
28.Whatistheeconomicsofafuturestransactionifthespotpriceondeliverydateis$1.35?
(a)Costofcoffeepurchasedfromsupplier=$67,500;cashflowfromfuturescontract=$12,500paidbyGreenShrimp;totaloutlay=$80,000
(b)Costofcoffeepurchasedfromsupplier=$67,500;cashflowfromfuturescontract=$12,500paidtoGreenShrimp;totaloutlay=$55,000
(c)Costofcoffeepurchasedfromsupplier=$80,000;cashflowfromfuturescontract=$0paidtoGreenShrimp;total=$80,000
(d)Costofcoffeepurchasedfromsupplier=$80,000;cashflowfromfuturescontract=$12,500paidtoGreenShrimp;total=$92,500
Answer:
(a)
29.Whatistheeconomicsofafuturestransactionifthespotpriceondeliverydateis$1.80?
(a)Costofcoffeepurchasedfromsupplier=$62,500;cashflowfromfuturescontract=$12,500paidbyGreenShrimp;totaloutlay=$80,000
(b)Costofcoffeepurchasedfromsupplier=$80,000;cashflowfromfuturescontract=$0paidbyGreenShrimp;totaloutlay=$80,000
(c)Costofcoffeepurchasedfromsupplier=$90,000;cashflowfromfuturescontract=$10,000paidtoGreenShrimp;totaloutlay=$80,000
(d)Costofcoffeepurchasedfromsupplier=$90,000;cashflowfromfuturescontract=$10,000paidbyGreenShrimp;totaloutlay=$100,000
Answer:
(c)
30.Youenteracoffeefuturescontractatafuturespriceof$1.60perpound.WhatisthevariabilityofGreenShrimp’stotaloutlaysunderthefuturescontract?
(a)$10,000
(b)$90,000
(c)Outlaysarefixedat$80,000
(d)Outlaysarefixedat$90,000
Answer:
(c)
31.Youenteracoffeefuturescontractatafuturespriceof$1.60perpound.Atthetimeofdelivery,coffeeis$1.35perpound.Shouldyouhaveforegoneenteringintothefuturescontract?
(a)Youshouldhaveconsultedaninvestmentbank
(b)Youmadetherightmovesinceyourgoalwastoavoidp
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