金融市场与机构Madura第九版题库ch06Word文件下载.docx

金融市场与机构Madura第九版题库ch06Word文件下载.docx

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A

4.JarrodKing,aprivateinvestor,purchasesaTreasurybillwitha$10,000parvaluefor$9,645.Onehundreddayslater,JarrodsellstheT-billfor$9,719.WhatisJarrod’sexpectedannualizedyieldfromthistransaction?

A）13.43percent

B）2.78percent

C）10.55percent

D）2.80percent

E）noneoftheabove

D

5.IfaninvestorbuysaTbillwitha90daymaturityand$50,000parvaluefor$48,500andholdsittomaturity,whatistheannualizedyield?

A）about13.4percent

B）about12.5percent

C）about11.3percent

D）about11.6percent

E）about10.7percent

6.AninvestorbuysaTbillwith180daystomaturityand$250,000parvaluefor$242,000. 

Heplanstosellitafter60days,andforecastsasellingpriceof$247,000atthattime. 

Whatistheannualizedyieldbasedonthisexpectation?

A）about10.1percent

B）about12.6percent

C）about11.4percent

D）about13.5percent

E）about14.3percent

7.Assumeinvestorsrequirea5percentannualizedreturnonasix-monthT-billwithaparvalueof$10,000.Thepriceinvestorswouldbewillingtopayis$________.

A）10,000

B）9,524

C）9,756

D）noneoftheabove

8.AnewlyissuedTbillwitha$10,000parvaluesellsfor$9,750,andhasa90daymaturity. 

Whatisthediscount?

A）10.26percent

B）0.26percent

C）$2,500

D）10.00percent

E）11.00percent

9.Largecorporationstypicallymake___________bidsforT-billssotheycanpurchaselargeramounts.

A）competitive

B）noncompetitive

C）verysmall

10.Atanygiventime,theyieldoncommercialpaperis______theyieldonaTbill 

withthesamematurity.

A）slightlylessthan

B）slightlyhigherthan

C）equalto

D）AandBbothoccurwithaboutequalfrequency

11.Tbillsandcommercialpaperaresold

A）withastatedcouponrate.

B）atadiscountfromparvalue.

C）atapremiumaboutparvalue.

D）AandC

12.___________isashort-termdebtinstrumentissuedonlybewell-known,creditworthyfirmsandisnormallyissuedtoprovideliquidityorfinanceafirm’sinvestmentininventoryandaccountsreceivable.

A）Abanker’sacceptance

B）Arepurchaseagreement

C）Commercialpaper

D）ATreasurybill

13.Commercialpaperhasamaximummaturityof_______days.

A）45

B）270

C）360

B

14.Aninvestorbuyscommercialpaperwitha60daymaturityfor$985,000. 

Parvalueis$1,000,000,andtheinvestorholdsittomaturity. 

Whatistheannualizedyield?

A）8.62percent

B）8.78percent

C）8.90percent

D）9.14percent

E）9.00percent

15.Afirmplanstoissue30daycommercialpaperfor$9,900,000. 

Parvalueis$10,000,000. 

Whatisthefirm’scostofborrowing?

A）12.12percent

B）11.11percent

C）13.00percent

D）14.08percent

E）15.25percent

A

16.Whenfirmssellcommercialpaperata______pricethantheyprojected,theircostofraisingfundsis______thanprojected. 

A）higher;

higher

B）lower;

lower

C）AandB

17.Whichofthefollowingisnotamoneymarketinstrument?

A）banker’sacceptance

B）commercialpaper

C）negotiableCDs

D）repurchaseagreements

E）alloftheabovearemoneymarketinstruments

E

18.Arepurchaseagreementcallsforaninvestortobuysecuritiesfor$4,925,000andsellthembackin60daysfor$5,000,000. 

Whatistheyield?

A）9.43percent

B）9.28percent

C）9.14percent

D）9.00percent

C

19.Thefederalfundsmarketallowsdepositoryinstitutionstoborrow

A）shorttermfundsfromeachother.

B）shorttermfundsfromtheTreasury.

C）longtermfundsfromeachother.

D）longtermfundsfromtheFederalReserve.

E）BandD

20.Whenabankguaranteesafuturepaymenttoafirm,thefinancialinstrumentusediscalled

A）arepurchaseagreement.

B）anegotiableCD.

C）abanker’sacceptance.

D）commercialpaper.

21.Whichofthefollowinginstrumentshasahighlyactivesecondarymarket?

A）banker’sacceptances

C）federalfunds

22.Whichofthefollowingistrueofmoneymarketinstruments?

A）Theiryieldsarehighlycorrelatedovertime.

B）Theytypicallysellforparvaluewhentheyareinitiallyissued（especiallyTbillsandcommercialpaper）.

C）Treasurybillshavethehighestyield.

D）Theyallmakeperiodiccoupon（interest）payments.

E）AandB

23.AninvestorpurchasedanNCDayearagointhesecondarymarketfor$980,000.Heredeemsittodayandreceives$1,000,000.Healsoreceivesinterestof$30,000.Theinvestor’sannualizedyieldonthisinvestmentis

A）2.0percent.

B）5.10percent.

C）5.00percent.

D）2.04percent.

24.Aninvestorinitiallypurchasedsecuritiesatapriceof$9,923,418,withanagreementtosellthembackatapriceof$10,000,000attheendofa90-dayperiod.Thereporateis________percent.

A）3.10

B）0.77

C）1.00

25.Therateatwhichdepositoryinstitutionseffectivelylendorborrowfundsfromeachotheristhe___________.

A）federalfundsrate

B）discountrate

C）primerate

D）reporate

26.______________arethemostactiveparticipantsinthefederalfundsmarket.

A）Savingsandloanassociations

B）Securitiesfirms

C）Creditunions

D）Commercialbanks

D

27.Eurodollardeposits

A）areU.S.dollarsdepositedintheU.S.byEuropeaninvestors.

B）aresubjecttointerestrateceilings.

C）havearelativelylargespreadbetweendepositandloanrates（comparedtothespreadbetweendepositsandloansintheUnitedStates）.

D）arenotsubjecttoreserverequirements.

28.Whichmoneymarkettransactionismostlikelytorepresentaloanfromonecommercialbanktoanother?

B）negotiableCD

D）commercialpaper

29.TherateonEurodollarfloatingrateCDsisbasedon

A）aweightedaverageofEuropeanprimerates.

B）theLondonInterbankOfferRate.

C）theU.S.primerate.

D）aweightedaverageofEuropeandiscountrates.

30.Treasurybills

A）haveamaturityofuptofiveyears.

B）haveanactivesecondarymarket.

C）arecommonlysoldatparvalue.

D）commonlyoffercouponpayments.

31.Theyieldoncommercialpaperis______theyieldofTreasurybillsofthesamematurity. 

Thedifferencebetweentheiryieldswouldbeespeciallylargeduringa______period.

A）greaterthan;

recessionary

B）greaterthan;

boomeconomy

C）lessthan;

D）lessthan;

32.TheyieldonNCDsis______theyieldofTreasurybillsofthesamematurity. 

33.Whichofthefollowingissometimesissuedintheprimarymarketbynonfinancialfirmstoborrowfunds?

A）NCDs

B）retailCDs

C）commercialpaper

D）federalfunds

34.Theso-called“flighttoquality”causestheriskdifferentialbetweenriskyandrisk-freesecuritiestobe

A）eliminated.

B）reduced.

C）increased.

D）unchanged（thereisnoeffect）.

35.Theeffectiveyieldofaforeignmoneymarketsecurityis_____whentheforeigncurrencystrengthensagainstthedollar.

A）increased

B）reduced

C）alwaysnegative

D）unaffected

36.Theeffectiveyieldofaforeignmoneymarketsecurityis_____whentheforeigncurrencyweakensagainstthedollar.

37.Treasurybillsaresoldthrough_____wheninitiallyissued.

A）insurancecompanies

B）commercialpaperdealers

C）auction

D）financecompanies

38.Atagivenpointintime,theactualpricepaidforathree-monthTreasurybillis

A）usuallyequaltotheparvalue.

B）morethanthepricepaidforasix-monthTreasurybill.

C）equaltothepricepaidforasix-monthTreasurybill.

39.Theminimumdenominationofcommercialpaperis

A）$25,000.

B）$100,000.

C）$150,000.

D）$200,000.

40.Commercialpaperis

A）alwaysdirectlyplacedwithinvestors.

B）alwaysplacedwiththehelpofcommercialpaperdealers.

C）placedeitherdirectlyorwiththehelpofcommercialpaperdealers.

D）alwaysplacedbybankholdingcompanies.

41.Aninvestor,purchasesasix-month（182-day）T-billwitha$10,000parvaluefor$9,700.IftheTreasurybillisheldtomaturity,theannualizedyieldis_______percent.

A）6.02

B）1.54

C）1.50

D）6.20

42.Whenaninvestorpurchasesasix-month（182-day）T-billwitha$10,000parvaluefor$9,700,theTreasurybilldiscountis______percent.

A）5.93

B）6.12

C）6.20

D）6.02

43.RobbinsCorp.frequentlyinvestsexcessfundsintheMexicanmoneymarket.Oneyearago,Robbinsinvestedinaone-yearMexicanmoneymarketsecuritythatprovidedayieldof25percent.Attheendof