金融市场与机构.docx
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金融市场与机构.docx
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金融市场与机构
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)
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