金融市场与金融机构练习(一)-参考答案

PAGE8试卷答案第1页（共1页）天津商业大学2014-2015学年一学期课程考试试卷答案(A卷)课程名称：金融市场与金融机构考试时间：120分钟年级：xxx级专业：xxx题目部分，（卷面共有75题，100分，各大题标有题量和总分）一、MultipleChoiceQuestions（60小题，共60分）(1分)1、Whichofthefollowingborrowerswouldpaythelowestinterestrateondebtsofequalmaturity?A.TheNationalBankofAustraliaB.TelstraC.TheCityofSydneyD.The答案：D(1分)2、Whenaborrowerissuesadebtinstrumentwithcollateralspecifiedinitscontractthisdebtinstrumentiscalled:A.unsecured.B.secured.C.defined.D.negotiable.答案：B(1分)3、Themovementoffundsbetweenthefoursectorsofadomesticeconomyandtherestoftheworldiscalled:A.flowoffunds.B.sectoranalysis.C.sectorialflows.D.cross-sectorflows.答案：A(1分)4、WhichofthefollowingisNOTafeatureofthemoneymarket?A.ItisamainlywholesalemarketB.Itdealswithshort-termfinancialclaimsC.Itisimportantinfinancingtheworking-capitalneedsofbusinessesandgovernmentsD.Itonlyoperatesasamarketinwhichnewsecurityissuesarecreatedandmarketed答案：D(1分)5、Fromtheviewpointofacorporation,whichsourceoflong-termfundingdoesnothavetoberepaid?A.EquityB.CommercialpaperC.CorporatebondsD.Bankbills答案：A(1分)6、Financialintermediariescanengageincreditrisktransformationbecausethey:A.obtaincostadvantagesowingtotheirsizeandbusinessvolumestransacted.B.canquicklyconvertfinancialassetsintocash,closetothecurrentmarketprice.C.developexpertiseinlendinganddiversifyingloans.D.canpoolsavers'short-termdepositsandmakelong-termloans.答案：C(1分)7、WhichofthefollowinginstitutionsaresupervisedbyAPRA?A.BuildingsocietiesB.CommercialbanksC.CreditunionsD.Allofthegivenanswers答案：D(1分)8、UnderBaselIIprudentialstandards,aninstitutionisrequiredtomaintainarisk-basedcapitalratioof_____oftotal-risk-weightedassets.A.2.00percentB.4.00percentC.8.00percentD.10.00percent答案：C(1分)9、Asadepositorshiftsfundsfromcurrentdepositstotermdepositsinabank,generallythedepositor’s:A.liquidityincreasesandcreditriskincreases.B.liquiditydecreasesandinterestincomeincreases.C.liquiditydecreasesandinterestincomedecreases.D.implicitinterestincreasesandexplicitinterestdecreases.答案：B(1分)10、TheadvantageofaCDtoabankis/are:A.itsrateofinterestmaybeadjustedquickly.B.itcanbesoldquicklyinthemoneymarketforcash.C.itisanegotiableinstrument.D.allofthegivenchoices.答案：D(1分)11、Whichofthefollowingstatementsistrueforoff-balance-sheetbusinessforbanks?A.Off-balance-sheetbusinessisasmallpartofabank'sincome.B.Off-balance-sheetbusinessisrecordedonabank'sstatementofincomeandexpense.C.Off-balance-sheetbusinessrepresentsfee-basedincome.D.Off-balance-sheetbusinessrecordsdepositsthatdonotfitonthebalancesheet.答案：C(1分)12、Off-balance-sheetbusinessisusuallydividedintofourmajorcategories:A.Directcreditsubstitutes,tradeandperformance-relateditems,commitmentsandtradeguarantees.B.Directcreditsubstitutes,tradeandperformance-relateditems,commitmentsandmarket-relatedtransactions.C.Directcreditsubstitutes,tradeandperformance-relateditems,commitmentsandunderwritingfacilities.D.Directcreditsubstitutes,‘standbylettersofcredit',commitmentsandmarket-relatedtransactions.答案：B(1分)13、WhichofthefollowingisNOTassociatedwiththepurposeofregulatingfinancialinstitutions?A.ProvidingstabilityofthemoneysupplyB.DirectingflowoffundstopriorityareasC.MaintainingthesoundnessandstabilityofthefinancialsystemD.Loweringthecostoffunds答案：D(1分)14、Bankshavegraduallymovedtoliabilitymanagementinthemanagementoftheirbalancesheets.Whichstatementbestdescribesliabilitymanagement?A.Theloanportfolioistailoredtomatchtheavailabledepositbase.B.Thedepositbaseandotherfundingsourcesaremanagedinordertofundloanandothercommitments.C.Theratioofdebttoequityismanagedtomeetcapitaladequacyrequirements.D.Theliabilitytoassetsratioismaintainedwithincentralbankstandards.答案：B(1分)15、Ifabankrequiredmoreshort-termfunding,itwouldissue:A.acertificateofdeposit.B.adebenture.C.anunsecurednote.D.preferenceshares.答案：A(1分)16、Whichofthefollowingstatementsaboutbillacceptancefacilitiesisincorrect?A.Whenabankdiscountsabillfortheissuer,itbuysit.B.Whenabankthatholdsabillrediscountsitthebankonsellsit.C.Whenabankactsasanacceptoritwillpaythefacevalueofthebilltotheholderatmaturity.D.Ifinterestrateschangebeforeabankbillmatures,thebankcanchangetheinterestrateonit.答案：D(1分)17、Off-balance-sheetbusinessforabankrefersto:A.depositsandloanslongerthanoneyear.B.transactionsthatarecurrentlyonlyacontingentliability.C.calldepositsthatmaybewithdrawnondemand.D.consumerloansthatareindefault.答案：B(1分)18、Allofthefollowingareoff-balance-sheettransactionsofabankexcept:A.documentarylettersofcredit.B.performanceguarantees.C.underwritingfacilities.D.billsreceivable.答案：D(1分)19、Withregardtobankbills,theactualroleoftheacceptoristo:A.providetheinitialfunding.B.actasmediatorbetweentheborrowerandbank.C.issuethebankbill.D.paythefacevalueofthefundstotheholderatmaturity.答案：D(1分)20、Thefinancialinstitutionthatisaspecialistprovideroffinancialandadvisoryservicestocompaniesisa/an:A.creditunion.B.financecompany.C.buildingsociety.D.investmentbank.答案：D(1分)21、ThelargestproportionoffundsheldbycashmanagementfundsinAustraliaisin:A.cashanddeposits.B.billsofexchange.C.promissorynotesandCDs.D.billsofexchangeandCDs.答案：A(1分)22、WhichofthefollowingstatementsisNOTafeatureofpublicunittrusts?A.Thefourmainclassesoftrustsareproperty,equity,mortgageandfixedinteresttrusts.B.Therewasenormousgrowthinpublicunittrustsduringthe1990s.C.Themajorityofmortgagesheldbyamortgagetrustare‘first'mortgages.D.Propertytrustsaregenerallyunlistedastheyneednoticetoselltheirphysicalassets.答案：D(1分)23、Abusinessorganisationthatisaseparatelegalentity,canbuypropertyinitsownnameandcanenterintocontractswithotherentitiesisa:A.soleproprietorship.B.partnership.C.specialpartnership.D.corporation.答案：D(1分)24、Ifasoleproprietorshipfailstomeetitsobligationstoitscreditors,then:A.thecreditorshavealegalrighttotakepossessionofthepersonalassetsoftheowner(s).B.thecreditorsarerestrictedinwhatrightstheyhaveoverthepersonalassetsoftheowner(s).C.theliabilityofthesoleproprietorshipisrestrictedtothevalueoftheoriginalissueprice.D.therightsofthecreditorsarerestrictedtothefinancialassetsoftheowner(s).答案：A(1分)25、Astockexchangemayalsolistsomedebtissuesofcompaniesandgovernments.Thisprovisionbyastockexchangeisknownasa/an:A.subordinatedebtmarket.B.interestratemarket.C.primarydebtmarket.D.secondarybondmarket.答案：B(1分)26、Whentheownersofacompanyhirefull-timeexecutivestoberesponsiblefortheday-to-daydecisions,this_____the_____problem.A.lessens,shareholder-lenderB.lessens,managers-shareholdersC.bringson,managers-shareholdersD.bringson,shareholder-lender答案：C(1分)27、Acompanymayraiseadditionalequitycapitalthrough:A.arightsissue.B.aplacement.C.adividendreinvestmentscheme.D.allofthegivenanswers.答案：D(1分)28、Anyunpaiddividendsthatmustbepaidbeforepaymentofdividendstoordinaryshareholdersarecalled_________preferenceshares.A.participatingB.cumulativeC.non-cumulativeD.secured答案：B(1分)29、OrdinarysharesinlimitedliabilitycompaniesarethemajorsourceofexternalequityfundingforAustraliancompanies.Whichofthefollowingstatementsregardingtheissuanceofordinarysharesbyanewlylistedlimitedliabilitycompanyisincorrect?A.Sharesmaybeissuedonafullypaidorpartlypaidbasis.B.Aholderofinstalmentreceiptsonlyhastopaytheremainingamountwhendueorcalled.C.Sharepriceisdeterminedwithreferencetoarangeofvariablefactors.D.Noliabilitycompanycanissuesharesonlyonafullypaidbasisbecauseoftherisk.答案：D(1分)30、Whenaninvestorpurchasesunitsinaunittrust,thisisknownas________investing.A.absoluteB.directC.indirectD.value答案：C(1分)31、Whensharesarepurchasedcum-rightsitmeansthepurchaseroftheshare:A.cannotusuallyselltherightseparately.B.maytakepartintherightsoffer.C.cannottakepartintherightsoffer.D.cantakeuptheofferoftherightwithouthavingtopayextraforthesubscriptionprice.答案：B(1分)32、Aninvestorholds100sharesofacompanythatisabouttomakeabonusissueoffivesharesforeverytwoheld.Ifthesharesarecurrentlytradingfor$2.50,whatwillbethevalueoftheholdingafterthebonusissue?A.$200B.$250C.$400D.$500答案：B(1分)33、Theapproachthatseekstoidentifyfactorsthatarelikelytoinfluencethegrowthrateandfutureprofitsofacompanyiscalled:A.economicanalysis.B.factoranalysis.C.fundamentalanalysis.D.technicalanalysis.答案：C(1分)34、Aninvestorfindsthatforaparticulargroupofshares,largepositivepricechangesarealwaysfollowedbylargenegativepricechanges.Thisfindingviolates:A.thestrongformoftheefficientmarkethypothesis.B.thesemi-strongformoftheefficientmarkethypothesis.C.theweakformoftheefficientmarkethypothesis.D.noneofthegivenchoices.答案：C(1分)35、Proponentsoftheefficientmarkethypothesisassertthattechnicalanalysts:A.shouldfocusonresistancelevels.B.shouldfocusonrelativestrength.C.shouldfocusonsupportlevels.D.arewastingtheirtimeandmoney.答案：D(1分)36、Adebtsecuritysupportedorsecuredbymortgageassetsheldbyabankisa/an:A.debenture.B.incomebond.C.mortgagebond.D.fixed-chargedebenture.答案：C(1分)37、Acompanycanborrowfromabankatamargintothebank'sbaserate.Accordingtothetext,allofthefollowingfactorsaffectthismarginexcept:A.thecreditriskofthecompany.B.thetermoftheloan.C.thetermstructureofinterestrates.D.theloanrepaymentschedule.答案：C(1分)38、Whenalenderincludesconditionsinaloanagreementtoprotectitsloan,theseareknownas:A.loanagreements.B.loancovenants.C.loanterms.D.loanactions.答案：B(1分)39、Whichofthefollowingisapositiveloancovenant?A.AminimumworkingcapitalratioB.AmaximumgearingratioC.AmaximumlevelofunsecureddebtD.Allofthegivenanswers答案：A(1分)40、Anunsecurednotediffersfromadebentureinthatithas:A.assecurityonlyunpledgedassets.B.assecurityafloatingchargeoverassets.C.assecurityafixedchargeoverassets.D.nosupportingsecurity.答案：D(1分)41、Ifabond'spriceisatadiscounttofacevalue,ithasa:A.yieldbelowitscouponrateofinterest.B.yieldequaltoitscouponrateofinterest.C.yieldaboveitscouponrate.D.decreasedriskpremium.答案：C(1分)42、Akeydifferencebetweenapositivecovenantandanegativecovenantis,fora:A.positivecovenant,acompanymustcomplywithrestrictionsonitsfinancialstructure.B.negativecovenant,acompanymustmaintainaminimumlevelofworkingcapital.C.negativecovenant,acompanymustprovideannualauditedfinancialstatements.D.positivecovenant,acompanymustmaintainaminimumdebttogrosscashflowratio.答案：D(1分)43、Theadvantage(s)ofanADRprogramforacorporationis/are:A.itaffordsacompanyaccesstothelargeUScapitalmarkets.B.itincreasestheprofileofacompanyexpandinginternationally.C.itprovidesabroaderinvestorbaseforthecorporation.D.allofthegivenanswers.答案：D(1分)44、WhenadebtsecurityisissuedanditsperformancedoesnotmeettheexpectationsoftheS&Pratingagency,thedebtratingmaybeplacedinitiallyon:A.credithold.B.creditdowngrade.C.creditwatch.D.creditnotice.答案：C(1分)45、Whichofthefollowingisabenefitofaeurocommercialpaper(ECP)issue?A.AnECPissueisafixed-interestsecuritywithannualcouponpayments.B.AnECPissuecandelivercheaperfundsforbest-nameborrowers.C.Generally,onlyaleadmanagerisrequiredforanECPissue.D.AnECPissueisamedium-termfacilitywithmaturitiesgenerallylongerthantenyears.答案：B(1分)46、Debtissueswithacreditratingof________andaboveareregardedasinvestmentgradebytheS&Pratingagency.A.BCCB.BB-C.BBBD.BB+答案：C(1分)47、Currentlytheyieldsforfixed-interesteuromarketsecurities(MTNs)are6.5%perannum.AnexistingMTNwithafacevalueofUSD1million,paying7.3%perannumcouponsandmaturinginthreeyearstradescurrentlyatapriceof:A.$982371.28B.$1000000.00C.$1049367.68D.$1678976.97答案：C(1分)48、Oneoftheadvantagesofattachingaprovisionwithaloanforittobeconvertedintoatransferableloancertificateisthat:A.theoriginallenderreceivesinterestpaymentsfromthenewholder.B.theloanisoffthebalancesheetoftheoriginallender.C.thecertificatecanbesoldtothirdpartieswhoreceiveinterestpaymentsfromtheoriginallender.D.theloanremainsonthebooksoftheoriginallender.答案：B(1分)49、WhentheAustraliangovernmentfacesmonth-by-monthmismatchesbetweeninflowoffundsandcashoutflowsitmayissue:A.Treasurybonds.B.Treasurybills.C.Treasurynotes.D.Treasurypaper.答案：C(1分)50、WhichofthefollowingaboutTreasurybondsisNOTcorrect?A.Banksinvestexcessshort-termfundsinTreasurybondsastheyareliquid.B.Afinancialinstitutionwithaneedforfundscanquicklysellsomeitsgovernmentsecurities.C.Treasurybondscanbeheldtomanagethematurityprofileofabondportfolio.D.CommercialbanksarerequiredbytheprudentialsupervisortoholdaprescribednumberofTreasurybonds.答案：D(1分)51、Whenthecurrentmarketinterestratesrise,thepriceofbonds:A.goesup.B.goesdown.C.isunchanged.D.maygoupordownorbeunchanged,dependingonconditions.答案：B(1分)52、MonetarypolicyinAustraliaisimplementedbytheReserveBank,andiscurrentlyprincipallydirectedtowards:A.affectingthelevelofshort-terminterestrates.B.effectingareductioninthecurrentaccountdeficit.C.affectingthelevelofgrowthinthemoneysupply.D.affectingthevalueoftheAUD,andtheexchangerate.答案：A(1分)53、Theadvantagesassociatedwiththeissueofinscribedstockforbondissuesare:A.itislesscostlytomaintainaregisterofbondholdersthanprintanddistributephysicalbonds.B.inscribedstockprotectsholdersfromriskoftheft.C.couponpaymentsareeasilymadeelectronicallytotheregisteredholders.D.allofthegivenanswers.答案：D(1分)54、WhichofthefollowingproceduresisNOTtrueforbiddingforTreasurybondsunderthetendersystem?A.OnlybidssubmittedelectronicallybyregisteredbiddersthroughAOFMtendersystemareaccepted.B.Minimumbidmustbefor$1000000andmultiplesof$1000000thereafter.C.Bidsaremadeintermsofyieldtomaturityuptothreedecimalplaces.D.Bidsareacceptedindescendingorder;thatis,thelowestpriceisallottedfirst.答案：D(1分)55、WhichofthefollowingstatementsregardingthesecondarymarketforAustraliangovernmentsecuritiesisincorrect?A.Thevolumeofon-exchangetradesofgovernmentsecuritiesisveryhigh.B.TreasurynotesandbondsmaybelistedontheAustralianSecuritiesExchange(ASX).C.Banksbuyandsellgovernmentsecuritiestomanagetheiroperationalliquidity.D.AllwholesaleelectronictransactionsinvolvingCommonwealthgovernmentsecuritiesaresettledthroughAustraclear.答案：A(1分)56、IfinterestratesmovelowerafteraTreasurynoteisissued,aholdersellingitintothesecondarymarkets:A.receivesacapitalgain.B.receivesacapitalloss.C.receivestheoriginalprice,asshort-termmarketsarenotsoaffectedbyinterestratemovements.D.receivesahigheryieldowingtothetimeelapsed.答案：A(1分)57、IftheAustralianReserveBankwantstoexpandthemoneysupply,itwill:A.buyB.increasethecashrate.C.sellD.sellrepurchaseagreements.答案：A(1分)58、Ifacentralbanksellsgovernmentsecuritiesaspartofimplementingmonetarypolicy:A.theliquidityinthefinancialsystemwillincrease.B.interestratesarelikelytoincrease.C.spendingintheeconomyislikelytoincrease.D.thepriceofthecurrencyislikelytodepreciate.答案：B(1分)59、Inthetextbook,realgrossdomesticproduct(GDP)isshownas:A.aleadingindicatorofthebusinesscycle.B.alaggingindicatorofthebusinesscycle.C.acoincidentindicatorofthebusinesscycle.D.unrelatedtothebusinesscycle.答案：C(1分)60、Iftheyieldcurveisobservedtobeflat,accordingtotheliquiditypremiumtheory,thisindicatesthatthemarketispredicting:A.asmallriseinshort-termratesinthenearfutureandasmalldeclinefurtheroutinthefuture.B.constantshort-terminterestratesinthenearfuture,andfurtheroutinthefuture.C.asmalldeclineinshort-terminterestratesinthenearfuture,continuingtodeclineslowlyfurtheroutinthefuture.D.constantshort-terminterestratesinthenearfutureandasmalldeclinefurtheroutinthefuture.答案：C二、True/FalseQuestions（10小题，共10分）(1分)1、Asthemajorityofbanks'assetsareshort-termloans,theyareactiveinthemoneymarketsinordertofundpartoftheirlending.答案：False(1分)2、Cashmanagementtrustsarerestrictedundertheirtrustdeedtoholdonlybankdepositsandcash.答案：FALSE(1分)3、Theshareholdersofapubliccorporationdonotparticipatedirectlyintheday-to-dayoperationofacompanybutappointtheexecutivemanagementgrouptodosoattheshareholders'generalmeeting.答案：FALSE(1分)4、Foralimitedliabilitycompanytheliabilityisrestrictedtothedebtholdersofthecompanyandnottheshareholders.答案：FALSE(1分)5、Agrowthmaximisationstrategybymanagementalwaysresultsinwealthmaximisationfortheshareholders.答案：FALSE(1分)6、Whenashareholderfirstsellstheirsharesonastockexchangethisinvolvesthesecondaryroleofthesharemarket.答案：TRUE(1分)7、Efficientpricediscoverymeansthatshareinformationisdisclosedatthelowestpossibletransactionscost.答案：FALSE(1分)8、Historically,AustralianbankshavehadlowEPSratioscomparedwiththeretailsectorbecauseoftheamountoflendingtheydo.答案：FALSE(1分)9、Ifaninvestorpurchasesacommercialbillwithafacevalueof$100000withayieldof7.00%perannumandthen,in60days,sellsitatayieldof7.50%perannum,theinvestorwillmakeacapitalgainonthesaleofthebill.答案：FALSE(1分)10、Theacceptorofacommercialbillundertakestopaythefacevalueofthebilltotheholderatmaturity.答案：TRUE三、ShortAnswerQuestions（5小题，共30分）(6分)1、Whatismonetarypolicyandwhoisresponsibleforitsimplementation?答案：Monetarypolicyistheuseofinterestratesto