投资学题库Chap001.docx
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投资学题库Chap001.docx
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投资学题库Chap001
Chapter01
TheInvestmentEnvironment
MultipleChoiceQuestions
1.
Thematerialwealthofasocietyisafunctionof
A.
allfinancialassets.
B.
allrealassets.
C.
allfinancialandrealassets.
D.
allphysicalassets.
2.
_______arerealassets.
A.
Land
B.
Machines
C.
Stocksandbonds
D.
Knowledge
E.
Land,machines,andknowledge
3.
Themeansbywhichindividualsholdtheirclaimsonrealassetsinawell-developedeconomyare
A.
investmentassets.
B.
depositoryassets.
C.
derivativeassets.
D.
financialassets.
E.
exchange-drivenassets.
4.
_______arefinancialassets.
A.
Bonds
B.
Machines
C.
Stocks
D.
Bondsandstocks
E.
Bonds,machines,andstocks
5.
_________financialasset(s).
A.
Buildingsare
B.
Landisa
C.
Derivativesare
D.
U.S.agencybondsare
E.
DerivativesandU.S.agencybondsare
6.
Financialassets
A.
directlycontributetothecountry'sproductivecapacity.
B.
indirectlycontributetothecountry'sproductivecapacity.
C.
contributetothecountry'sproductivecapacitybothdirectlyandindirectly.
D.
donotcontributetothecountry'sproductivecapacityeitherdirectlyorindirectly.
E.
areofnovaluetoanyone.
7.
In2012,____________wasthemostsignificantrealassetofU.S.householdsintermsoftotalvalue.
A.
consumerdurables
B.
automobiles
C.
realestate
D.
mutualfundshares
E.
bankloans
8.
In2012,____________wastheleastsignificantfinancialassetofU.S.householdsintermsoftotalvalue.
A.
realestate
B.
mutualfundshares
C.
debtsecurities
D.
lifeinsurancereserves
E.
pensionreserves
9.
In2012,____________wasthemostsignificantfinancialassetofU.S.householdsintermsoftotalvalue.
A.
realestate
B.
mutualfundshares
C.
debtsecurities
D.
lifeinsurancereserves
E.
pensionreserves
10.
In2012,____________wasthemostsignificantassetofU.S.householdsintermsoftotalvalue.
A.
realestate
B.
mutualfundshares
C.
debtsecurities
D.
lifeinsurancereserves
E.
pensionreserves
11.
In2012,____________wasthemostsignificantliabilityofU.S.householdsintermsoftotalvalue.
A.
creditcards
B.
mortgages
C.
bankloans
D.
studentloans
E.
otherdebt
12.
WhichofthefollowingfinancialassetsmadeupthegreatestproportionofthefinancialassetsheldbyU.S.households?
A.
Pensionreserves
B.
Lifeinsurancereserves
C.
Mutualfundshares
D.
Debtsecurities
E.
Personaltrusts
13.
In2012_______oftheassetsofU.S.householdswerefinancialassetsasopposedtotangibleassets.
A.
20.4%
B.
34.2%
C.
68.8%
D.
71.7%
E.
82.5%
14.
Thelargestcomponentofdomesticnetworthin2012was
A.
nonresidentialrealestate.
B.
residentialrealestate.
C.
inventories.
D.
consumerdurables.
E.
equipmentandsoftware.
15.
Thesmallestcomponentofdomesticnetworthin2012was
A.
nonresidentialrealestate.
B.
residentialrealestate.
C.
inventories.
D.
consumerdurables.
E.
equipmentandsoftware.
16.
ThenationalnetworthoftheU.S.in2012was
A.
$15.411trillion.
B.
$26.431trillion.
C.
$42.669trillion.
D.
$48.616trillion.
E.
$70.983trillion.
17.
Afixed-incomesecuritypays
A.
afixedlevelofincomeforthelifeoftheowner.
B.
afixedstreamofincomeorastreamofincomethatisdeterminedaccordingtoaspecifiedformulaforthelifeofthesecurity.
C.
avariablelevelofincomeforownersonafixedincome.
D.
afixedorvariableincomestreamattheoptionoftheowner.
18.
Adebtsecuritypays
A.
afixedlevelofincomeforthelifeoftheowner.
B.
avariablelevelofincomeforownersonafixedincome.
C.
afixedorvariableincomestreamattheoptionoftheowner.
D.
afixedstreamofincomeorastreamofincomethatisdeterminedaccordingtoaspecifiedformulaforthelifeofthesecurity.
19.
Moneymarketsecurities
A.
areshortterm.
B.
arehighlymarketable.
C.
aregenerallyverylowrisk.
D.
arehighlymarketableandaregenerallyverylowrisk.
E.
Alloftheoptions
20.
Anexampleofaderivativesecurityis
A.
acommonshareofMicrosoft.
B.
acalloptiononIntelstock.
C.
acommodityfuturescontract.
D.
acalloptiononIntelstockandacommodityfuturescontract.
E.
acommonshareofMicrosoftandacalloptiononIntelstock.
21.
Thevalueofaderivativesecurity
A.
dependsonthevalueoftherelatedsecurity.
B.
isunabletobecalculated.
C.
isunrelatedtothevalueoftherelatedsecurity.
D.
hasbeenenhancedduetotherecentmisuseandnegativepublicityregardingtheseinstruments.
E.
isworthlesstoday.
22.
Althoughderivativescanbeusedasspeculativeinstruments,businessesmostoftenusethemto
A.
attractcustomers.
B.
appeasestockholders.
C.
offsetdebt.
D.
hedgerisks.
E.
enhancetheirbalancesheets.
23.
Financialassetspermitallofthefollowingexcept
A.
consumptiontiming.
B.
allocationofrisk.
C.
separationofownershipandcontrol.
D.
eliminationofrisk.
24.
The____________referstothepotentialconflictbetweenmanagementandshareholders.
A.
agencyproblem
B.
diversificationproblem
C.
liquidityproblem
D.
solvencyproblem
E.
regulatoryproblem
25.
Adisadvantageofusingstockoptionstocompensatemanagersisthat
A.
itencouragesmanagerstoundertakeprojectsthatwillincreasestockprice.
B.
itencouragesmanagerstoengageinempirebuilding.
C.
itcancreateanincentiveformanagerstomanipulateinformationtopropupastockpricetemporarily,givingthemachancetocashoutbeforethepricereturnstoalevelreflectiveofthefirm'strueprospects.
D.
Alloftheoptions
26.
Whichofthefollowingaremechanismsthathaveevolvedtomitigatepotentialagencyproblems?
I)Usingthefirm'sstockoptionsforcompensation
II)Hiringbickeringfamilymembersascorporatespies
III)Boardsofdirectorsforcingoutunderperformingmanagement
IV)Securityanalystsmonitoringthefirmclosely
V)Takeoverthreats
A.
IIandV
B.
I,III,andIV
C.
I,III,IV,andV
D.
III,IV,andV
E.
I,III,andV
27.
Corporateshareholdersarebestprotectedfromincompetentmanagementdecisionsby
A.
theabilitytoengageinproxyfights.
B.
management'scontrolofpecuniaryrewards.
C.
theabilitytocallshareholdermeetings.
D.
thethreatoftakeoverbyotherfirms.
E.
one-share/one-voteelectionrules.
28.
Theoretically,takeoversshouldresultin
A.
improvedmanagement.
B.
increasedstockprice.
C.
increasedbenefitstoexistingmanagementoftaken-overfirm.
D.
improvedmanagementandincreasedstockprice.
E.
Alloftheoptions
29.
Duringtheperiodbetween2000and2002,alargenumberofscandalswereuncovered.Mostofthesescandalswererelatedto
I)manipulationoffinancialdatatomisrepresenttheactualconditionofthefirm.
II)misleadingandoverlyoptimisticresearchreportsproducedbyanalysts.
III)allocatingIPOstoexecutivesasaquidproquoforpersonalfavors.
IV)greenmail.
A.
II,III,andIV
B.
I,II,andIV
C.
IIandIV
D.
I,III,andIV
E.
I,II,andIII
30.
TheSarbanes-OxleyAct
A.
requirescorporationstohavemoreindependentdirectors.
B.
requiresthefirm'sCFOtopersonallyvouchforthefirm'saccountingstatements.
C.
prohibitsauditingfirmsfromprovidingotherstoclients.
D.
requirescorporationstohavemoreindependentdirectorsandrequiresthefirm'sCFOtopersonallyvouchforthefirm'saccountingstatements.
E.
Alloftheoptions
31.
Assetallocationrefersto
A.
choosingwhichsecuritiestoholdbasedontheirvaluation.
B.
investingonlyin"safe"securities.
C.
theallocationofassetsintobroadassetclasses.
D.
bottom-upanalysis.
32.
Securityselectionrefersto
A.
choosingwhichsecuritiestoholdbasedontheirvaluation.
B.
investingonlyin"safe"securities.
C.
theallocationofassetsintobroadassetclasses.
D.
top-downanalysis.
33.
Whichofthefollowingportfolioconstructionmethodsstartswithsecurityanalysis?
A.
Top-down
B.
Bottom-up
C.
Middle-out
D.
Buyandhold
E.
Assetallocation
34.
Whichofthefollowingportfolioconstructionmethodsstartswithassetallocation?
A.
Top-down
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