暨南大学国际学院货币银行期末考试.docx

暨南大学国际学院货币银行期末考试.docx

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暨南大学国际学院货币银行期末考试

Chp2

1.Financialmarket’sthefollowingcharacteristic:

a.Itdeterminesthelevelofinterestrates

b.Itallowscommonstocktobetraded

cItallowsloanstobemade

d.Itchannelsfundsfromlenderstoborrower

2.Financialmarketshavethebasicfunctionof

a.gettingpeoplewithfundstolendtogether

withpeoplewhowanttoborrowfunds

b.assuringthattheswingsinthebusiness

cyclearelesspronounced

c.bothaandbd.bothbandc

3.Whichofthefollowingcanbedescribedas

involvingdirectfinance?

a.acorporationissuesnewsharesthroughan

investmentbank

b.acorporationbuyscommercialpaperissued

byanothercorporationc.aorbd.botha&b

4.Whichofthefollowingcanbedescribedas

involvingindirectfinance?

a.Youmakealoantoyourneighbor

b.Acompanybuysashareissuedbyanotherone

c.YoubuyaT.B.fromtheUSTreasury

d.Youmakeadepositatabank

5.Whichpfthefollowingcanbedescribedas

involvingindirectfinance?

a.Acorporationtakesoutloansfromabank

b.Peoplebuysharesinamutualfund

c.Acorporationbuyscommercialpaperissued

byanotheroned.Bothaandb

6.Whichofthefollowingaresecurities?

a.CDb.aGMsharec.TBd.Allofa,b&c

7.Whichofthefollowingarelong-termfinancial

instruments?

a.CDb.Bankersacceptance

c.a6-monthloand.TBe.Noneoftheabove

8.Whichofthefollowingstatementsaboutthe

characteristicsofdebtandequityaretrue?

a.Bothbelong-termfinancialinstruments

b.Bothinvolveaclaimontheissuer’sincome

c.Bothenableacorporationtoraisefunds

d.Alloftheabovee.Bothaandb

9.Whichofthefollowingareprimarymarkets?

a.NYSEb.TheUSgovernmentbondmarket

c.OTCstockmarketd.Noneofthem

10.Securitiesare__forthepersonwhobuysthem,

butare__fortheindividualorfirmthatissues

them.

a.assets;liabilitiesb.liabilities;assets

c.good;badd.bad;good

1.capitalmarket:

isamarketonlytradelong-termdebtandequityinstruments

2.currencypapermoneyandcoins

3.financialintermediationtheprocessofusingfinancialintermediates

4.investmentbankafinancialinstitutionhelptheinitialsaleofsecurityinprimarymarket

5.liabilitiessecuritiesareliabilitiesforthosewhoissuethem

6.moneymarketisamarkettradingshort-termsecurity

7.primarymarketisafinancialmarketfornewissueofsecurity

8.secondarymarketisafinancialmarketforthetradeofinitialsecurity

9.OTCmarketisamainsecondarymarket.Dealerssellandbuysecurityoverthecountertoanyonethataccepttheprice

10.long-termmaturityismorethan10years

11.shorttermmaturityislessthanayear

1.No.2,p47

Yes,Ishouldtakeouttheloan,becauseIwillbebetteroffasaresultofdoingso.Myinterestpaymentwillbe$4,500（90%of$5,000）,butasaresult,Iwillearnanadditional$10,000,soIwillbeaheadofthegameby$5,500andacar.

2.No.6,P47

Youwouldratherholdbonds,becausebondholdersarepaidoffbeforeequityholders,whoaretheresidualclaimants.Bondholdersarecreditorsandequityholdersareowners

3.No.12,pP47

True.Iftherearenoinformationortransactionscosts,peoplecouldmakeloanstoeachotheratnocostandwouldthushavenoneedforfinancialintermediaries.What’smore,wecanmakesurehowourmoneyareusedbytheborrowersandcangetbackthemoney.

Chp3

1..Currencyincludes

a.papermoneyandcoins

b.papermoney,coinsandchecks

c.papermoneyandchecks

d.papermoney,coins,checksandsavingsdeposits

2.Theconversionofabartereconomytoonethat

usesmoney

a.increasesefficiencybyreducingtheneedto

exchangegoodsandservices

b.increasesefficiencybyreducingtheneedto

specialize

c.increasesefficiencybyreducingtransactions

costs

d.doesnotincreaseeconomicefficiency

3.--------canserveasastoreofvalue?

a.Moneyb.Stocks&bondsc.Housesd.a,b,&d

4.Ifthepriceleveldoubles,thevalueofmoney

a.doublesb.fallsby50%

c.morethandoubles,duetoscaleeconomies

d.risesbutdoesnotdouble,duetodiminishingreturns

5.ThenarrowestofmoneythattheFedreportsis

a.Mob.M1c.M2d.M3

6.Duringperiodsofrapidlyrisingprices,moneyfailstoserveas

agoodstoreofvalueb.unitofvalue

c.amediumofexchanged.astandardofvalue

7._____isnotincludedintheM1butisinthe

M2?

a.Savingsdeposits

b.demanddeposits

c.traveler’schecks

d.othercheckabledeposits

8.Ifitisgenerallyacceptableasamediumof

exchangethenit

a.mustbeacommodity

b.mustbeapreciousmetalsuchasgoldorsilver

c.ismoneyd.alloftheabove

9.Whichofthefollowingsequencesaccurately

describestheevolutionofthepaymentssystem?

a.Barter,coinsmadeofpreciousmetals,paper

currency,checks,e-fundstransfer

b.Barter,checks,papermoney,e-fundstransfer

c.Barter,checks&gold

d.Bothaandb

10.Althoughmoneyfacilitatesexchange,

exchangeisstillcostly.Thecostsof

exchangearecalled

a.mediumofexchangecostsb.transactioncosts

c.liquiditycostsd.bartercosts

11.Ifanindividualmovesmoneyfromademand

depositaccounttoamoneymarketdeposit

account

a.M1decreasesandM2staysthesame

b.M1staysthesameandM2increases

c.M1staysthesameandM2staysthesame

d.M1increasesandM2decreases

12.Ifanindividualmovesmoneyfromamoney

marketmutualfundtoamoneymarket

depositaccount

a.M2decreasesandM3staysthesame

b.M2staysthesameandM3increases

c.M2staysthesameandM3staysthesame

d.M2increasesandM3decreases

1.commoditymoneymoneymadeupofpreciousmetalorothervaluablecommodity

2.e-moneyalsocallede-cashwhichisusedoninternettopurchasegoodsandservices

3.fiatmoney,papercurrencydecreedbygovernmentaslegaltenderbutnotconvertibleintocoinandpreciousmetal

4.Liquiditytherelativeeaseandspeedwithwhichassetisconvertedintoamediumofexchange

5.mediumofexchange,moneyintheformofcurrencyorcheck.Itisusedtobuygoodsandservices.

6.monetaryaggregate,moneysupply

7.paymentssystem,themethodofconductingtransactionineconomy

8.storeofvalueitisusedtosavepurchasingpowerforfutureuse

9.unitofaccount,itisusedtomeasurevalueinaneconomy

10.wealth,thetotalcollectionofpropertythatservetostorevalue

11.M1,currencytraveler’scheckdemanddepositothercheckabledeposit

12.M2M1smalldenominationtimedepositsavingdepositandmoneymarketdepositaccountmoneymarketmutualfundshare

1.No.3onp62

Cavemendidnotneedmoney.Intheirprimitiveeconomy,theydidnotspecializeinproducingonetypeofgoodandtheyhadlittleneedtotradewithothercavemen

2.No.5onp62

Goldismoreeasilytobecarriedandstored.Therefore,thetransactioncostisrelativelylow

3.No.8onp62

（c）,（a）,（e）,（f）,（b）,and（d）.

4.No.10onp63

BecauseoftherapidinflationinBrazil,thedomesticcurrency,thereal,isapoorstoreofvalue.Thusmanypeoplewouldratherholddollars,whichareabetterstoreofvalue

Chp4

a.couponbonditpaysownerinteresteveryyearuntilthematuritydatewhenfacevaluerepaid

b.b.facevalue（parvalue）thevalueofthesecuritysetbytheissuingparty

c.c.couponratethereturnrateofthesecurity.Theyearlypaymentexpressedasapercentageofthefacevalue

d.d.discountratethepurchasingpriceofdiscountbondexpressedasapercentageofthefacevalue

e.e.facevalue

f.fixed-paymentloanitpaysownerafixedamountofmoneyincludingapartofprincipalandinteresteveryperioduntilmaturitydate

g.nominalinterestratetheinterestrateisnotadjustedbysubtractingtheinflation

h.realinterestratetheinterestrateisadjustedbysubtractingtheinflation

i.return（rateofreturn）howmuchapersoncangainbyholdingasecurity

j.discountbonditisboughtbelowthefacevalueandrepaidthefacevalueatthematuritydate.Itdoesnotpayinterest.

k.nominalinterestrate

l.presentvalueadollarpaidtoyouinthefutureislessvaluablethanyougetadollartoday.Itmeasurethevalueoffutureincome.

m.riskpremiumthespreadbetweentheinterestratesofbondswithdefaultriskanddefault-freebonds

n.riskstructureofinterestratestherelationshipamongdifferentinterestrateswiththesamematurity

o.defaultrisktheissuerofthesecurityfailorareunwillingtomakepayments

1.Aloanthatrequirestheborrowertomakethe

samepaymenteveryperioduntilthematurity

dateiscalledaa.simpleloanb.fixed-paymentloanc.discountloand.noneofa,b&c

2.Ifa$5,000couponbondhasacouponrateof

12%,thenthecouponpaymenteveryyearis

a.$650b.$1,300c.$130d.$13e.Noneof

them

3.Withaninterestrateof5%,thepresentvalueof

$100nextyearisapproximately

a.$100b.$105c.$95d.$90

4.Ifyouexpecttheinflationrateto15%nextyear

andaone-yearbondhasayieldtomaturityof

7%,thentherealinterestrateonthisbondis

a.7%b.22%c.-15%d.-8%

e.Noneoftheabove

5.Inwhichofthefollowingsituationswouldyou

prefertobeborrowing?

a.Theinterestrateis9%,theexpectedinflation

rateis7%

b.Theinterestrateis4%,theexpectedinflation

rateis1%

c.Theinterestrateis13%,theexpectedinflation

rate,15%

d.Theinterestrateis25%andtheexpected

inflationrateis50%

6.Abondthatisboughtatapricebelowitsface

valueandthefacevalueisrepaidata