投资学题库Chap001

1、chapter01theinvestmentenvironmentmultiplechoicequestions1.thematerialwealthofasocietyisafunctionofa.allfinancialassets.b.allrealassets.c.allfinancialandrealassets.d.allphysicalassets.2._arerealassets.a.landb.machinesc.stocksandbondsd.knowledgee.land,machines,andknowledge精选文库3.themeansbywhichindividu

2、alsholdtheirclaimsonrealassetsinawell-developedeconomyarea.investmentassets.b.depositoryassets.c.derivativeassets.d.financialassets.e.exchange-drivenassets.4._arefinancialassets.a.bondsb.machinesc.stocksd.bondsandstockse.bonds,machines,andstocks5._financialasset(s).a.buildingsareb.landisac.derivativ

3、esared.u.s.agencybondsaree.derivativesandu.s.agencybondsare2精选文库6.financialassetsa.directlycontributetothecountrysproductivecapacity.b.indirectlycontributetothecountrysproductivecapacity.c.contributetothecountrysproductivecapacitybothdirectlyandindirectly.d.donotcontributetothecountrysproductivecapa

4、cityeitherdirectlyorindirectly.e.areofnovaluetoanyone.7.in2012,_wasthemostsignificantrealassetofu.s.householdsintermsoftotalvalue.a.consumerdurablesb.automobilesc.realestated.mutualfundsharese.bankloans8.in2012,_wastheleastsignificantfinancialassetofu.s.householdsintermsoftotalvalue.a.realestateb.mu

5、tualfundsharesc.debtsecuritiesd.lifeinsurancereservese.pensionreserves3精选文库9.in2012,_wasthemostsignificantfinancialassetofu.s.householdsintermsoftotalvalue.a.realestateb.mutualfundsharesc.debtsecuritiesd.lifeinsurancereservese.pensionreserves10.in2012,_wasthemostsignificantassetofu.s.householdsinter

6、msoftotalvalue.a.realestateb.mutualfundsharesc.debtsecuritiesd.lifeinsurancereservese.pensionreserves11.in2012,_wasthemostsignificantliabilityofu.s.householdsintermsoftotalvalue.a.creditcardsb.mortgagesc.bankloansd.studentloanse.otherdebt4精选文库12.whichofthefollowingfinancialassetsmadeupthegreatestpro

7、portionofthefinancialassetsheldbyu.s.households?a.pensionreservesb.lifeinsurancereservesc.mutualfundsharesd.debtsecuritiese.personaltrusts13.in2012_oftheassetsofu.s.householdswerefinancialassetsasopposedtotangibleassets.a.20.4%b.34.2%c.68.8%d.71.7%e.82.5%14.thelargestcomponentofdomesticnetworthin201

8、2wasa.nonresidentialrealestate.b.residentialrealestate.c.inventories.d.consumerdurables.e.equipmentandsoftware.5精选文库15.thesmallestcomponentofdomesticnetworthin2012wasa.nonresidentialrealestate.b.residentialrealestate.c.inventories.d.consumerdurables.e.equipmentandsoftware.16.thenationalnetworthofthe

9、u.s.in2012wasa.$15.411trillion.b.$26.431trillion.c.$42.669trillion.d.$48.616trillion.e.$70.983trillion.17.afixed-incomesecuritypaysa.afixedlevelofincomeforthelifeoftheowner.b.afixedstreamofincomeorastreamofincomethatisdeterminedaccordingtoaspecifiedformulaforthelifeofthesecurity.c.avariablelevelofin

10、comeforownersonafixedincome.d.afixedorvariableincomestreamattheoptionoftheowner.6精选文库18.adebtsecuritypaysa.afixedlevelofincomeforthelifeoftheowner.b.avariablelevelofincomeforownersonafixedincome.c.afixedorvariableincomestreamattheoptionoftheowner.d.afixedstreamofincomeorastreamofincomethatisdetermin

11、edaccordingtoaspecifiedformulaforthelifeofthesecurity.19.moneymarketsecuritiesa.areshortterm.b.arehighlymarketable.c.aregenerallyverylowrisk.d.arehighlymarketableandaregenerallyverylowrisk.e.alloftheoptions20.anexampleofaderivativesecurityisa.acommonshareofmicrosoft.b.acalloptiononintelstock.c.acomm

12、odityfuturescontract.d.acalloptiononintelstockandacommodityfuturescontract.e.acommonshareofmicrosoftandacalloptiononintelstock.7精选文库21.thevalueofaderivativesecuritya.dependsonthevalueoftherelatedsecurity.b.isunabletobecalculated.c.isunrelatedtothevalueoftherelatedsecurity.d.hasbeenenhancedduetothere

13、centmisuseandnegativepublicityregardingtheseinstruments.e.isworthlesstoday.22.althoughderivativescanbeusedasspeculativeinstruments,businessesmostoftenusethemtoa.attractcustomers.b.appeasestockholders.c.offsetdebt.d.hedgerisks.e.enhancetheirbalancesheets.23.financialassetspermitallofthefollowingexcep

14、ta.consumptiontiming.b.allocationofrisk.c.separationofownershipandcontrol.d.eliminationofrisk.8精选文库24.the_referstothepotentialconflictbetweenmanagementandshareholders.a.agencyproblemb.diversificationproblemc.liquidityproblemd.solvencyprobleme.regulatoryproblem25.adisadvantageofusingstockoptionstocom

15、pensatemanagersisthata.itencouragesmanagerstoundertakeprojectsthatwillincreasestockprice.b.itencouragesmanagerstoengageinempirebuilding.c.itcancreateanincentiveformanagerstomanipulateinformationtopropupastockpricetemporarily,givingthemachancetocashoutbeforethepricereturnstoalevelreflectiveofthefirms

16、trueprospects.d.alloftheoptions9精选文库26.whichofthefollowingaremechanismsthathaveevolvedtomitigatepotentialagencyproblems?i)usingthefirmsstockoptionsforcompensationii)hiringbickeringfamilymembersascorporatespiesiii)boardsofdirectorsforcingoutunderperformingmanagementiv)securityanalystsmonitoringthefir

17、mcloselyv)takeoverthreatsa.iiandvb.i,iii,andivc.i,iii,iv,andvd.iii,iv,andve.i,iii,andv27.corporateshareholdersarebestprotectedfromincompetentmanagementdecisionsbya.theabilitytoengageinproxyfights.b.managementscontrolofpecuniaryrewards.c.theabilitytocallshareholdermeetings.d.thethreatoftakeoverbyothe

18、rfirms.e.one-share/one-voteelectionrules.10精选文库28.theoretically,takeoversshouldresultina.improvedmanagement.b.increasedstockprice.c.increasedbenefitstoexistingmanagementoftaken-overfirm.d.improvedmanagementandincreasedstockprice.e.alloftheoptions29.duringtheperiodbetween2000and2002,alargenumberofsca

19、ndalswereuncovered.mostofthesescandalswererelatedtoi)manipulationoffinancialdatatomisrepresenttheactualconditionofthefirm.ii)misleadingandoverlyoptimisticresearchreportsproducedbyanalysts.iii)allocatingipostoexecutivesasaquidproquoforpersonalfavors.iv)greenmail.a.ii,iii,andivb.i,ii,andivc.iiandivd.i

20、,iii,andive.i,ii,andiii11精选文库30.thesarbanes-oxleyacta.requirescorporationstohavemoreindependentdirectors.b.requiresthefirmscfotopersonallyvouchforthefirmsaccountingstatements.c.prohibitsauditingfirmsfromprovidingotherservicestoclients.d.requirescorporationstohavemoreindependentdirectorsandrequiresth

21、efirmscfotopersonallyvouchforthefirmsaccountingstatements.e.alloftheoptions31.assetallocationreferstoa.choosingwhichsecuritiestoholdbasedontheirvaluation.b.investingonlyinsafesecurities.c.theallocationofassetsintobroadassetclasses.d.bottom-upanalysis.32.securityselectionreferstoa.choosingwhichsecuri

22、tiestoholdbasedontheirvaluation.b.investingonlyinsafesecurities.c.theallocationofassetsintobroadassetclasses.d.top-downanalysis.12精选文库33.whichofthefollowingportfolioconstructionmethodsstartswithsecurityanalysis?a.top-downb.bottom-upc.middle-outd.buyandholde.assetallocation34.whichofthefollowingportf

23、olioconstructionmethodsstartswithassetallocation?a.top-downb.bottom-upc.middle-outd.buyandholde.assetallocation35._areexamplesoffinancialintermediaries.a.commercialbanksb.insurancecompaniesc.investmentcompaniesd.creditunionse.alloftheoptions13精选文库36.financialintermediariesexistbecausesmallinvestorsc

24、annotefficientlya.diversifytheirportfolios.b.assesscreditriskofborrowers.c.advertiseforneededinvestments.d.diversifytheirportfoliosandassesscreditriskofborrowers.e.alloftheoptions37._specializeinhelpingcompaniesraisecapitalbysellingsecurities.a.commercialbankersb.investmentbankersc.investmentissuers

25、d.creditraters38.commercialbanksdifferfromotherbusinessesinthatboththeirassetsandtheirliabilitiesaremostlya.illiquid.b.financial.c.real.d.ownedbythegovernment.e.regulated.14精选文库39.in2012,_was(were)themostsignificantfinancialasset(s)ofu.s.commercialbanksintermsoftotalvalue.a.loansandleasesb.cashc.rea

26、lestated.depositse.investmentsecurities40.in2012,_was(were)themostsignificantliability(ies)ofu.s.commercialbanksintermsoftotalvalue.a.loansandleasesb.cashc.realestated.depositse.investmentsecurities41.in2012,_was(were)themostsignificantrealasset(s)ofu.s.nonfinancialbusinessesintermsoftotalvalue.a.eq

27、uipmentandsoftwareb.inventoryc.realestated.tradecredite.marketablesecurities15精选文库42.in2012,_was(were)theleastsignificantrealasset(s)ofu.s.nonfinancialbusinessesintermsoftotalvalue.a.equipmentandsoftwareb.inventoryc.realestated.tradecredite.marketablesecurities43.in2012,_was(were)theleastsignificant

28、liability(ies)ofu.s.nonfinancialbusinessesintermsoftotalvalue.a.bondsandmortgagesb.bankloansc.inventoriesd.tradedebte.marketablesecurities44.intermsoftotalvalue,themostsignificantliability(ies)ofu.s.nonfinancialbusinessesin2012was(were)a.bankloans.b.bondsandmortgages.c.tradedebt.d.otherloans.e.marke

29、tablesecurities.16精选文库45.in2012,_was(were)theleastsignificantfinancialasset(s)ofu.s.nonfinancialbusinessesintermsoftotalvalue.a.cashanddepositsb.tradecreditc.tradedebtd.inventorye.marketablesecurities46.newissuesofsecuritiesaresoldinthe_market(s).a.primaryb.secondaryc.over-the-counterd.primaryandsec

30、ondary47.investorstradepreviouslyissuedsecuritiesinthe_market(s).a.primaryb.secondaryc.primaryandsecondaryd.derivatives17精选文库48.investmentbankersperformwhichofthefollowingrole(s)?a.marketnewstockandbondissuesforfirmsb.provideadvicetothefirmsastomarketconditions,price,etc.c.designsecuritieswithdesira

31、blepropertiesd.alloftheoptionse.noneoftheoptions49.until1999,the_act(s)prohibitedbanksintheunitedstatesfrombothacceptingdepositsandunderwritingsecurities.a.sarbanes-oxleyb.glass-steagallc.secd.sarbanes-oxleyandsece.noneoftheoptions50.thespreadbetweentheliborandthetreasury-billrateiscalledthea.termsp

32、read.b.t-billspread.c.liborspread.d.tedspread.18精选文库51.mortgage-backedsecuritieswerecreatedwhen_beganbuyingmortgageloansfromoriginatorsandbundlingthemintolargepoolsthatcouldbetradedlikeanyotherfinancialasset.a.gnmab.fnmac.fhlmcd.fnmaandfhlmce.gnmaandfnma52.thesaleofamortgageportfoliobysettingupmortg

33、agepass-throughsecuritiesisanexampleofa.creditenhancement.b.securitization.c.unbundling.d.derivatives.19精选文库53.whichofthefollowingistrueaboutmortgage-backedsecurities?i)theyaggregateindividualhomemortgagesintohomogeneouspools.ii)thepurchaserreceivesmonthlyinterestandprincipalpaymentsreceivedfrompaym

34、entsmadeonthepool.iii)thebanksthatoriginatedthemortgagesmaintainownershipofthem.iv)thebanksthatoriginatedthemortgagescontinuetoservicethem.a.ii,iii,andivb.i,ii,andivc.iiandivd.i,iii,andive.i,ii,iii,andiv54._weredesignedtoconcentratethecreditriskofabundleofloansononeclassofinvestor,leavingtheotherinv

35、estorsinthepoolrelativelyprotectedfromthatrisk.a.stocksb.bondsc.derivativesd.collateralizeddebtobligationse.alloftheoptions20精选文库55._areinessenceaninsurancecontractagainstthedefaultofoneormoreborrowers.a.creditdefaultswapsb.cmosc.etfsd.collateralizeddebtobligationse.alloftheoptionsshortanswerquestio

36、ns56.discusstheagencyproblemindetail.21精选文库57.discussthesimilaritiesanddifferencesbetweenrealandfinancialassets.58.discusssecuritizationasitrelatestothefieldofinvestments.22精选文库chapter01theinvestmentenvironmentanswerkeymultiplechoicequestions1.thematerialwealthofasocietyisafunctionofa.allfinancialas

37、sets.b.allrealassets.c.allfinancialandrealassets.d.allphysicalassets.thematerialwealthofasocietyisafunctionofallrealassets.aacsb:analyticblooms:rememberdifficulty:basictopic:assets23精选文库2._arerealassets.a.landb.machinesc.stocksandbondsd.knowledgee.land,machines,andknowledgeland,machinesandknowledgea

38、rerealassets;stocksandbondsarefinancialassets.aacsb:analyticblooms:rememberdifficulty:basictopic:assets3.themeansbywhichindividualsholdtheirclaimsonrealassetsinawell-developedeconomyarea.investmentassets.b.depositoryassets.c.derivativeassets.d.financialassets.e.exchange-drivenassets.financialassetsa

39、llocatethewealthoftheeconomy.example:itiseasierforanindividualtoownsharesofanautocompanythantoownanautocompanydirectly.aacsb:analyticblooms:rememberdifficulty:basictopic:assets24精选文库4._arefinancialassets.a.bondsb.machinesc.stocksd.bondsandstockse.bonds,machines,andstocksmachinesarerealassets;stocksandbondsarefinancialassets.aacsb:analyticblooms:remembe