第二单元 金融考试题 西南财经大学天府学院.docx
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第二单元金融考试题西南财经大学天府学院
FinancialMarketsandInstitutions,7e（Mishkin）
Chapter2OverviewoftheFinancialSystem
2.1MultipleChoice
1）Everyfinancialmarketperformsthefollowingfunction:
A）Itdeterminesthelevelofinterestrates.
B）Itallowscommonstocktobetraded.
C）Itallowsloanstobemade.
D）Itchannelsfundsfromlenders-saverstoborrowers-spenders.
Answer:
D
2）Financialmarketshavethebasicfunctionof
A）bringingtogetherpeoplewithfundstolendandpeoplewhowanttoborrowfunds.
B）assuringthattheswingsinthebusinesscyclearelesspronounced.
C）assuringthatgovernmentsneedneverresorttoprintingmoney.
D）bothAandBoftheabove.
E）bothBandCoftheabove.
Answer:
A
3）Whichofthefollowingcanbedescribedasinvolvingdirectfinance?
A）Acorporation'sstockistradedinanover-the-countermarket.
B）Peoplebuysharesinamutualfund.
C）Apensionfundmanagerbuyscommercialpaperinthesecondarymarket.
D）Aninsurancecompanybuyssharesofcommonstockintheover-the-countermarkets.
E）Noneoftheabove.
Answer:
E
4）Whichofthefollowingcanbedescribedasinvolvingdirectfinance?
A）Acorporation'sstockistradedinanover-the-countermarket.
B）Acorporationbuyscommercialpaperissuedbyanothercorporation.
C）Apensionfundmanagerbuyscommercialpaperfromtheissuingcorporation.
D）BothAandBoftheabove.
E）BothBandCoftheabove.
Answer:
B
5）Whichofthefollowingcanbedescribedasinvolvingindirectfinance?
A）Acorporationtakesoutloansfromabank.
B）Peoplebuysharesinamutualfund.
C）Acorporationbuyscommercialpaperinasecondarymarket.
D）Alloftheabove.
E）OnlyAandBoftheabove.
Answer:
E
6）Whichofthefollowingcanbedescribedasinvolvingindirectfinance?
A）AbankbuysaU.S.Treasurybillfromoneofitsdepositors.
B）Acorporationbuyscommercialpaperissuedbyanothercorporation.
C）Apensionfundmanagerbuyscommercialpaperintheprimarymarket.
D）BothAandCoftheabove.
Answer:
D
7）Financialmarketsimproveeconomicwelfarebecause
A）theyallowfundstomovefromthosewithoutproductiveinvestmentopportunitiestothosewhohavesuchopportunities.
B）theyallowconsumerstotimetheirpurchasesbetter.
C）theyweedoutinefficientfirms.
D）theydoalloftheabove.
E）theydoAandBoftheabove.
Answer:
E
8）Acountrywhosefinancialmarketsfunctionpoorlyislikelyto
A）efficientlyallocateitscapitalresources.
B）enjoyhighproductivity.
C）experienceeconomichardshipandfinancialcrises.
D）increaseitsstandardofliving.
Answer:
C
9）Whichofthefollowingaresecurities?
A）Acertificateofdeposit
B）AshareofTexacocommonstock
C）ATreasurybill
D）Alloftheabove
E）OnlyAandBoftheabove
Answer:
D
10）Whichofthefollowingstatementsaboutthecharacteristicsofdebtandequityaretrue?
A）Theybothcanbelong-termfinancialinstruments.
B）Theybothinvolveaclaimontheissuer'sincome.
C）Theybothenableacorporationtoraisefunds.
D）Alloftheabove.
E）OnlyAandBoftheabove.
Answer:
D
11）Themoneymarketisthemarketinwhich________aretraded.
A）newissuesofsecurities
B）previouslyissuedsecurities
C）short-termdebtinstruments
D）long-termdebtandequityinstruments
Answer:
C
12）Long-termdebtandequityinstrumentsaretradedinthe________market.
A）primary
B）secondary
C）capital
D）money
Answer:
C
13）Whichofthefollowingareprimarymarkets?
A）TheNewYorkStockExchange
B）TheU.S.governmentbondmarket
C）Theover-the-counterstockmarket
D）Theoptionsmarkets
E）Noneoftheabove
Answer:
E
14）Whichofthefollowingaresecondarymarkets?
A）TheNewYorkStockExchange
B）TheU.S.governmentbondmarket
C）Theover-the-counterstockmarket
D）Theoptionsmarkets
E）Alloftheabove
Answer:
E
15）Acorporationacquiresnewfundsonlywhenitssecuritiesaresoldinthe
A）secondarymarketbyaninvestmentbank.
B）primarymarketbyaninvestmentbank.
C）secondarymarketbyastockexchangebroker.
D）secondarymarketbyacommercialbank.
Answer:
B
16）Intermediarieswhoareagentsofinvestorsandmatchbuyerswithsellersofsecuritiesarecalled
A）investmentbankers.
B）traders.
C）brokers.
D）dealers.
E）noneoftheabove.
Answer:
C
17）Intermediarieswholinkbuyersandsellersbybuyingandsellingsecuritiesatstatedpricesarecalled
A）investmentbankers.
B）traders.
C）brokers.
D）dealers.
E）noneoftheabove.
Answer:
D
18）Animportantfinancialinstitutionthatassistsintheinitialsaleofsecuritiesintheprimarymarketisthe
A）investmentbank.
B）commercialbank.
C）stockexchange.
D）brokeragehouse.
Answer:
A
19）Whichofthefollowingstatementsaboutfinancialmarketsandsecuritiesaretrue?
A）Mostcommonstocksaretradedover-the-counter,althoughthelargestcorporationshavetheirsharestradedatorganizedstockexchangessuchastheNewYorkStockExchange.
B）Acorporationacquiresnewfundsonlywhenitssecuritiesaresoldintheprimarymarket.
C）Moneymarketsecuritiesareusuallymorewidelytradedthanlonger-termsecuritiesandsotendtobemoreliquid.
D）Alloftheabovearetrue.
E）OnlyAandBoftheabovearetrue.
Answer:
D
20）Whichofthefollowingstatementsaboutfinancialmarketsandsecuritiesaretrue?
A）Abondisalong-termsecuritythatpromisestomakeperiodicpaymentscalleddividendstothefirm'sresidualclaimants.
B）Adebtinstrumentisintermediatetermifitsmaturityislessthanoneyear.
C）Adebtinstrumentislongtermifitsmaturityistenyearsorlonger.
D）Thematurityofadebtinstrumentisthetime（term）thathaselapsedsinceitwasissued.
Answer:
C
21）Whichofthefollowingstatementsaboutfinancialmarketsandsecuritiesaretrue?
A）Fewcommonstocksaretradedover-the-counter,althoughtheover-the-countermarketshavegrowninrecentyears.
B）Acorporationacquiresnewfundsonlywhenitssecuritiesaresoldintheprimarymarket.
C）Capitalmarketsecuritiesareusuallymorewidelytradedthanlonger-termsecuritiesandsotendtobemoreliquid.
D）Alloftheabovearetrue.
E）OnlyAandBoftheabovearetrue.
Answer:
B
22）Whichofthefollowingmarketsissometimesorganizedasanover-the-countermarket?
A）Thestockmarket
B）Thebondmarket
C）Theforeignexchangemarket
D）Thefederalfundsmarket
E）alloftheabove
Answer:
E
23）Bondsthataresoldinaforeigncountryandaredenominatedinthatcountry'scurrencyareknownas
A）foreignbonds.
B）Eurobonds.
C）Eurocurrencies.
D）Eurodollars.
Answer:
A
24）Bondsthataresoldinaforeigncountryandaredenominatedinacurrencyotherthanthatofthecountryinwhichtheyaresoldareknownas
A）foreignbonds.
B）Eurobonds.
C）Eurocurrencies.
D）Eurodollars.
Answer:
B
25）Financialintermediaries
A）existbecausetherearesubstantialinformationandtransactioncostsintheeconomy.
B）improvethelotofthesmallsaver.
C）areinvolvedintheprocessofindirectfinance.
D）doalloftheabove.
E）doonlyAandBoftheabove.
Answer:
D
26）Themainsourcesoffinancingforbusinesses,inorderofimportance,are
A）financialintermediaries,issuingbonds,issuingstocks.
B）issuingbonds,issuingstocks,financialintermediaries.
C）issuingstocks,issuingbonds,financialintermediaries.
D）issuingstocks,financialintermediaries,issuingbonds.
Answer:
A
27）Thepresenceoftransactioncostsinfinancialmarketsexplains,inpart,why
A）financialintermediariesandindirectfinanceplaysuchanimportantroleinfinancialmarkets.
B）equityandbondfinancingplaysuchanimportantroleinfinancialmarkets.
C）corporationsgetmorefundsthroughequityfinancingthantheygetfromfinancialintermediaries.
D）directfinancingismoreimportantthanindirectfinancingasasourceoffunds.
Answer:
A
28）Financialintermediariescansubstantiallyreducetransactioncostsperdollaroftransactionsbecausetheirlargesizeallowsthemtotakeadvantageof
A）poorlyinformedconsumers.
B）standardization.
C）economiesofscale.
D）theirmarketpower.
Answer:
C
29）Thepurposeofdiversificationisto
A）reducethevolatilityofaportfolio'sreturn.
B）raisethevolatilityofaportfolio'sreturn.
C）reducetheaveragereturnonaportfolio.
D）raisetheaveragereturnonaportfolio.
Answer:
A
30）Aninvestorwhoputsallherfundsintooneasset________herportfolio's________.
A）increases;diversification
B）decreases;diversification
C）increases;averagereturn
D）decreases;averagereturn
Answer:
B
31）Throughrisk-sharingactivities,afinancialintermediary________itsownriskand________therisksofitscustomers.
A）reduces;increases
B）increases;reduces
C）reduces;reduces
D）increases;increases
Answer:
B
32）Thepresenceof________infinancialmarketsleadstoadverseselectionandmoralhazardproblemsthatinterferewiththeefficientfunctioningoffinancialmarkets.
A）noncollateralizedrisk
B）free-riding
C）asymmetricinformation
D）costlystateverification
Answer:
C
33）Whenthelenderandtheborrowerhavedifferentamountsofinformationregardingatransaction,________issaidtoexist.
A）asymmetricinformation
B）adverseselection
C）moralhazard
D）fraud
Answer:
A
34）Whenthepotentialborrowerswhoarethemostlikelytodefaultaretheonesmostactivelyseekingaloan,________issaidtoexist.
A）asymmetricinformation
B）adverseselection
C）moralhazard
D）fraud
Answer:
B
35）Whentheborrowerengagesinactivitiesthatmakeitlesslikelythattheloanwillberepaid,________issaidtoex
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