金融市场与金融机构练习(二)

PAGEPAGE8装订线装订线————————————————————————————————————————————班级：姓名：学号：2014-2015学年第一学期国际会计专业三级《金融市场与金融机构》（课程）试卷（95分钟）共页试卷来源：万建伟送卷人：万建伟打印：机考校对：万建伟题号一二三总分得分阅卷人一、MultipleChoiceQuestions（60小题，每小题1分，共60分）1、Whenalargecompanyissuesafinancialinstrumentintothefinancialmarkets:A.fundsflowindirectlyfromsavertoborrower.B.thecostoffundsisgenerallyhigherowingtotheriskinvolved.C.itbuysafinancialclaim.D.itsellsafinancialclaim.2、Financialmarkets:A.actasintermediariesbetweenborrowersandsavers.B.directlyissueclaimsonsaverstoborrowers.C.involvethebuyingandsellingofexistingfinancialsecuritiesonly.D.involvebothprimaryandsecondarytransactions.3、WhichofthefollowingisNOTassociatedwithcharacteristicsofshares?A.PartownershipofacompanyB.CapitalgainsC.AfixedinterestpaymentD.Dividends4、Financialinstitutionsthatraisethemajorityoftheirfundsbysellingsecuritiesinthemoneymarketsare:A.commercialbanks.B.buildingsocieties.C.financecompanies.D.lifeinsuranceoffices.5、WhichofthefollowingisNOTatermassociatedwithshares?A.ResidualB.OwnershipC.VotingrightsD.Contractualclaim6、Debtinstrumentsthatcanbeeasilysoldandtransferredinthefinancialmarketsarecalled:A.negotiable.B.secured.C.unsecured.D.discounted.7、WhichofthefollowingstatementsisNOTafeatureoffinancialmarkets?A.Financialmarketsgenerallyprovideborrowerswithlowercostfundsthanthroughafinancialintermediary.B.Fundsarechannelleddirectlyfromsaverstoborrowers.C.Contractualagreementsareissuedbetweensaversandborrowers.D.Financialmarketsgenerallydealonlywiththepurchaseandsaleofgovernmentsecurities.8、Theroleofmoneyasastoreofvaluerefersto:A.thevalueofmoneyfallingonlywhenthemoneysupplyfalls.B.thevalueofmoneyfallingonlywhenthemoneysupplyincreases.C.thefactthatmoneyallowsworthtobestoredreadily.D.thefactthatmoneyneverlosesitsvaluecomparedwithotherassets.9、WhichofthefollowingisNOTafeatureoffuturescontracts?A.FuturescontractsinvolveanobligationtobuyorsellaspecifiedamountB.TradingofcontractsoccursonanexchangeC.ThecontractpriceissettledattheendofthecontractD.Tradinganoppositecontractusuallyclosesoutthecontract10、Financialmarkets:A.actasintermediariesbyholdingacollectionofassetsandissuingclaimsbasedonthemtosavers.B.issueclaimsonfuturecashflowsofindividualborrowersdirectlytolenders.C.transmitfundsindirectlybetweenlendersandborrowers.D.usuallyprovidelenderswithlowerreturnsthanotherfinancialintermediaries.11、Whichofthefollowingstatementsaboutbanks'currentaccountsisincorrect?A.Currentaccountstodaygenerallypayinterest.B.Currentaccountsarearelativelystablesourceofbankfunds.C.Deregulationhadamajorimpactoncurrentaccounts.D.Currentaccountsformanincreasinglyimportanttypeofassetforbanks.12、Bankshavegraduallymovedtoliabilitymanagementinthemanagementoftheirbalancesheets.Whichstatementbestdescribesliabilitymanagement?A.Theloanportfolioistailoredtomatchtheavailabledepositbase.B.Thedepositbaseandotherfundingsourcesaremanagedinordertofundloanandothercommitments.C.Theratioofdebttoequityismanagedtomeetcapitaladequacyrequirements.D.Theliabilitytoassetsratioismaintainedwithincentralbankstandards.13、Ifabankrequiredmoreshort-termfunding,itwouldissue:A.acertificateofdeposit.B.adebenture.C.anunsecurednote.D.preferenceshares.14、TheadvantageofaCDtoabankis/are:A.itsrateofinterestmaybeadjustedquickly.B.itcanbesoldquicklyinthemoneymarketforcash.C.itisanegotiableinstrument.D.allofthegivenchoices.15、Amajordifferencebetweenabank'stermdepositandacertificateofdepositis:A.atermdepositrepresentsanassetforabank,whileacertificateofdepositisaliability.B.acertificateofdepositdoesnotpayinterestuntilmaturity.C.acertificateofdepositisilliquidwhencomparedwithatermdeposit.D.acertificateofdepositisahigh-credit-riskinstrumentwhencomparedwithatermdeposit.16、Allofthefollowingfinancialsecuritiesareconsidered‘usesoffunds'bybanksexcept:A.commercialbills.B.creditcards.C.certificatesofdeposit.D.overdrafts.17、Whichofthefollowingcategoriesrepresentsthemostsignificantproportionoftotalmarket-rate-relatedoff-balance-sheetbusinessofthebanks?A.CurrencyswapagreementsB.ForeignexchangecontractsC.InterestrateswapsD.Interestratefutures18、Foracommercialbank'snormalday-to-daybusiness,thecapitaladequacyguidelinesfortheoperationalriskitisexposedtofallunder:A.Pillar1.B.Pillar2.C.Pillar3.D.Pillar4.19、ForeigncurrencyliabilitieshaveincreasedinimportanceasasourceoffundsforAustralianbanks.WhichofthefollowingstatementsisNOTamajorreason?ernationalisationofglobalfinancialmarketsv.avoidanceofthenon-callabledepositprudentialrequirementvi.expansionofbanks'asset-basedenominatedinforeigncurrenciesA.vB.iiC.iD.Allofthegivenanswersarecorrect.20、Amutualinvestmentfundthatspecialisesinshort-termdebtinstrumentsandmanagedbyafinancialintermediaryiscalleda:A.moneymarketfund.B.cashmanagementtrust.C.certificateofdepositfund.D.bankbillfund.21、Animportantsourceoffundsforcreditunionsis:A.chequeaccounts.B.loaninterest.C.interestfromgovernmentsecurities.D.financialsupportfromtheorganisationsthatemployitsmembers.22、Venturecapitalis:A.fundingprovidedforanewstart-upbusinessbyagroupofinvestors.B.providingadvicetocompaniesontheraisingofnewcapital.C.short-termfundingprovidedbybanks.D.placementofsecuritiestoinstitutionalinvestors.23、Thesuperannuationfundwheretheemployermustmakegoodashortfallinthefundwhenthebenefitistobepaidupisa/an:A.accumulationfund.B.definedbenefitfund.C.fullyfundedfund.D.privatefund.24、Aninitialpublicshareofferingrepresentsthesharemarket's_____role.A.interestrateB.informationC.primaryD.secondary25、Awell-developedsecondarymarketislikelyto:A.aidinraisingextrafinance.B.helpmanageriskexposuresofinvestors.C.helpwithcorporateagencyproblems.D.includeallofthegivenanswers.26、ExamplesofdebtinstrumentslistedonastockexchangedoNOTinclude:A.corporatebonds.B.floatingratenotes.C.convertiblenotes.D.promissorynotes.27、Ifastockexchangeprovidesamarketforthetradeofspecificsharemarket-relatedderivativeproducts,whichofthefollowingoptionsisgenerallyincorrect?A.Thederivativeproductsprovideaninvestmenttooltotakeadvantageoffuturesharepricemovements.B.Thederivativeproductsfacilitatethemanagementofriskwithinanexistingshareportfolio.C.Thederivativeproductsprovideprotectionagainstadversemovementsinshareprices.D.Thederivativeproductsremovethesharepricevolatilityofstockslistedonthestockexchange.28、Financialriskreferstothe:A.riskofowningfinancialassets.B.overallriskofafinancialservicesfirm.C.riskfacedbytheshareholderswhendebtisused.D.riskofnotfindingfinanceforafirm'sinvestment.29、Companiescanraiseequitycapitalthrough:A.themoneymarkets.B.theinter-bankmarket.C.retainedearningsandthesharemarket.D.amajorbank.30、Financingforhigh-riskcompaniesisoftenintheformof:A.limitedliabilityshares.B.no-liabilityshares.C.limitedinstalmentreceipts.D.contributingshares.31、WhichofthefollowingisNOTasimilaritybetweenarightandawarrant?A.Theybothprovidetheright,withouttheobligation,topurchaseaspecifiednumberofsharesatapredeterminedprice.B.Arightandawarrantbothresultinthecompanyraisingadditionalequitycapital.C.Arightandawarrantcanbothbedetachedfromthedebtissueandtradedseparately.D.Arightandawarrantbothhavesimilarmaturities.32、Thehigherthevalueofthe_______ratio,thebetterablethefirmistomeetitsshort-termfinancialobligations.A.debttoequityB.liquidityC.earningspershareD.EBITtolong-termfunds33、Acompanywitha_____ratioofequitytodebtis_________dependentonexternalfinancing.A.lower;lessB.lower;notC.higher;lessD.higher;more34、Whichfinancialratioprovidesinformationessentialforassessingthelong-runoperationofthecompany?A.DebtB.LiquidityC.ProfitabilityD.Shareprice35、Whichfinancialratiolinkslong-termfundsprovidedbythecompany'sownersandthoseofthecreditors?A.DebtB.DebttoequityC.TimesinterestcoverD.Earningstoprice36、Researchofactivelymanagedportfolios,managedbyprofessionalportfoliomanagers:A.indicatesthatoneshouldnotrandomlyselectmanagedportfoliosmanagedbyprofessionalportfoliomanagers.B.indicatesthathistoricalperformanceisagoodindicatoroffutureperformance.C.indicatesthatprofessionalmanagementprovidesinvestorswithsuperiormarketreturns.D.indicatesthemajorityofprofessionalportfoliomanagersoutperformthemarket.37、Oneofthetheoriesonthedeterminationof,andchangeinthevalueof,sharesandothersecuritiesistherandomwalkhypothesis.Whichofthefollowingstatementsinrelationtotherandomwalkhypothesisiscorrect?A.Thetrendofnewinformationintothemarketmaybeconsistentlygoodorconsistentlybadovertime.B.Ifthepriceofashareroseinoneperiod,thereisahigherprobabilitythatitwillriseagaininthenextperiod.C.Sharepricereflectstheshare'sintrinsicvalue,basedonthelatestinformationsetrelevanttocurrentandfutureprospects.D.Thehistoryofpreviouspricemovementscontainsvaluableinformationonlikelyfuturepricemovements.38、Whatisthepricetodayofaninvestmentthatwillpaythesinglesumof$20000afterthreeandahalfyearsifthediscountrateis7.64%perannum,compoundedannually?A.$2743.37B.$15456.89C.$15780.00D.$16036.4839、Uponmaturity,thefinalholderofthebillapproachesthe_________forpayment.A.drawerB.acceptorC.endorserD.discounter40、________isashort-term,unsecureddiscountnoteissuedbycorporateborrowersofhighcreditstanding.Themajorbanksgenerallyissuethesenotesontheirbehalf.A.AlineofcreditB.CommercialpaperC.ArevolvinglineofcreditD.Afullydrawnadvance41、Acompanyisofferedcredittermsof2/10n/40,butdecidestoforgothecashdiscountandpayonthe45thday.Whatisthecompany'scostofforgoingthecashdiscount?A.18.6%B.21.28%C.24.83%D.Noneofthegivenanswers42、Whichoneofthefollowingstatementsregardingfactoringiscorrect?A.Somebanksandbanksubsidiariesmayprovidefactoring.B.Underwith-recoursefactoring,whenacustomermakesapaymentthefactoringcompanypassesthemoneyontothecompanyminusahandlingfee.C.Thediscountchargedbythefactoringcompanyisapproximatelyequaltotheratechargedonasecuredoverdraftloan.D.Withnon-recoursefactoring,thecompanycannotselladditionalaccountsreceivabletothefactoringcompanyaftertheinitialamount.43、Allofthefollowingfeaturesofabondarefixedexceptthe:A.couponrate.B.facevalue.C.price.D.interestpayments.44、Comparedwithacompanywithastrongfinancialrating,acompanywithaweakerratingislikelytobecharged:A.LIBOR.B.LIBORplus10basispoints.C.LIBORplus25basispoints.D.LIBORplus50basispoints.45、Whenaloanagreementcontainsactionsforaborrowingcompanytocomplywith,suchassupplyingfinancialstatements,thesearecalled:A.accountingratios.B.negativecovenants.C.positivecovenants.D.loanoptions.46、Acompanyissuesalong-termdebtsecuritywithspecifiedinterestpaymentsandfixedchargesoverunpledgedassets.Whattypeofsecurityhasbeenissued?A.SubordinateddebtB.UnsecurednotesC.CommercialmortgageD.Debenture47、Whichofthefollowingstatementsiscorrect?A.Short-termdebtinstrumentsaremorevolatileinpricethanlong-terminstruments.B.Couponratesaregenerallyfixedwhenthebondisissued.C.Bondpricesandmarketinterestratesmovetogether.D.Thehigherthecouponofabond,theloweritsprice.48、Comparedwithmissinganinterestpaymentondebt,thepenaltiesformissingafinancialleasepaymentare:A.lesssevere.B.thesame.C.moresevere.D.notrelated.49、Amajorreasonfortheongoinggrowthoftheeuromarketsis:A.thatmosteuromarketsecuritiesarebearerinstruments.B.thatinterestratesondepositsaregenerallyhigherthaninthedomesticcountry.C.thehighlevelofregulationthatreducesthedefaultrisk.D.thataborrowermaydiversifydebtacrossanumberofinternationalmarkets.50、Whichofthefollowingbestdefinesaeuromarket-typetransaction?A.Atransactionconductedin‘Europeancurrencyunits'withintheEuropeanUnionB.AfinancialtransactiondenominatedinacurrencyoutsidethecurrencyofthecountrywherethedebtissueismadeC.AwholesaleforeignexchangetransactionofagovernmentorinstitutionalinvestorD.AfinancialtransactioninUSD,conductedsolelywithintheEuropeanmarkets51、Theprovisionattachedtoadebtsecuritythatenablestheholdertosellittoanotherpartyiscalleda:A.purchaseagreement.B.sell-downprovision.C.tradeprovision.D.vendorprovision.52、ComparedwithaTreasurybond,aTreasurynote:A.paysahigherinterestrate.B.issoldatapricebelowitsfacevalue.C.issoldintermsofpricetothehighestbidder.D.hasahigheryield.53、Banksfrequentlyengageinrepurchaseagreementsto:A.manageliquidity.B.takeadvantageofanticipatedchangesininterestrates.C.lendorborrowforadayortwowithwhatisbasicallyacollaterisedloan.D.doallofthegivenanswers.54、TheReserveBankincreasesinterestratestoreducethelevelofspendingintheeconomy.Astherateofgrowthineconomicactivityslows,thedemandforfundsalsoslows.Thisimpactofachangeininterestratesisdescribedasthe:A.inflationeffect.B.liquidityeffect.C.incomeeffect.D.monetaryeffect.55、The_______showthetermstructureofinterestratesasagraph.A.risk-returncurvesB.yieldcurvesC.supplyanddemandcurvesD.totaldemandcurves56、Iftheyieldsonshort-termsecuritiesarehigherthancomparablelong-termsecurities,theyieldcurvewillbe:A.level.B.negative.C.positive.D.undefined.57、Whenayieldcurvehasanegativeslope:A.long-termyieldsarehigherthanshort-termyields.B.short-termyieldsarehigherthanlong-termyields.C.themoneymarketisexpectingdefaultbyissuersofbankbills.D.theinflationrateisexpectedtorise.58、Theassumptionthatpricesforshort-termandlong-termsecuritiesaredeterminedinthedifferentmaturityrangesisthebasisforthe_____approachtoexplainingthetermstructure.A.liquiditypremiumB.expectationsC.segmentedmarketsD.yieldcurve59、Theimplicationoftheexpectationstheorythatexpectedreturnsforaholdingperiodmustbethesameforbondsofdifferentmaturitiesdependsontheassumptionthat:A.yieldcurvesnormallyslopedownward.B.yieldcurvesnormallyslopeupward.C.instrumentswithdifferenttermstomaturityareperfectsubstitutes.D.lendersaregenerallyrisk-averse.60、Thesegmentedmarketstheoryrejectstwooftheassumptionsoftheexpectationstheory,namely:A.therearealargenumberoffinancialinvestorswhoholdhomogeneousexpectationsaboutfutureinterestratesandnoimpedimentstomarketratesmovingtoequilibrium.B.therearenotransactionscostsandinvestorsholdhomogeneousexpectations.C.thatinvestorsareindifferentbetweenshort-termorlong-termbondsandthatallbondsareperfectsubstitutes.D.thereisnoimpedimenttomarketratesmovingtoequilibriumandthegoalofinvestorsistomaximisetheirexpectedrateofreturn.二、True/FalseQuestions（10小题，每小题1分，共10分）1、InrelationtoAustralianmanagedfunds,superannuationfund