国际金融TestBank3Word文件下载.docx

国际金融TestBank3Word文件下载.docx

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2.Assumethatabank'

sbidrateonJapaneseyenis$.0041anditsaskrateis$.0043.Itsbid-askpercentagespreadis:

about4.99%.

about4.88%.

about4.65%.

about4.43%.

C

Bid-askpercentagespread=（$.0043−$.0041）/$.0043=4.65%

3.Thebid/askspreadforsmallretailtransactionsiscommonlyintherangeof____percent.

3to7

.01to.03

10to15

.5to1

APTS:

4.____isnotafactorthataffectsthebid/askspread.

Ordercosts

Inventorycosts

Volume

Alloftheabovefactorsaffectthebid/askspread

DPTS:

7.Accordingtothetext,theforwardrateiscommonlyusedfor:

hedging.

immediatetransactions.

previoustransactions.

bondtransactions.

8.IfaU.S.firmdesirestoavoidtheriskfromexchangeratefluctuations,anditisreceiving100,000in90days,itcould:

obtaina90-dayforwardpurchasecontractoneuros.

obtaina90-dayforwardsalecontractoneuros.

purchaseeuros90daysfromnowatthespotrate.

selleuros90daysfromnowatthespotrate.

BPTS:

9.IfaU.S.firmdesirestoavoidtheriskfromexchangeratefluctuations,anditwillneedC$200,000in90daystomakepaymentonimportsfromCanada,itcould:

obtaina90-dayforwardpurchasecontractonCanadiandollars.

obtaina90-dayforwardsalecontractonCanadiandollars.

purchaseCanadiandollars90daysfromnowatthespotrate.

sellCanadiandollars90daysfromnowatthespotrate.

10.AssumetheCanadiandollarisequalto$.88andthePeruvianSolisequalto$.35.ThevalueofthePeruvianSolinCanadiandollarsis:

about.3621Canadiandollars.

about.3977Canadiandollars.

about2.36Canadiandollars.

about2.51Canadiandollars.

$.35/$.88=.3977

11.Whichofthefollowingisnottruewithrespecttospotmarketliquidity?

Themorewillingbuyersandsellersthereare,themoreliquidamarketis.

ThespotmarketsforheavilytradedcurrenciessuchastheJapaneseyenareveryliquid.

Acurrency'

sliquidityaffectstheeasewithwhichanMNCcanobtainorsellthatcurrency.

Ifacurrencyisilliquid,anMNCistypicallyabletoquicklypurchasethatcurrencyatareasonableexchangerate.

12.Forwardmarketsforcurrenciesofdevelopingcountriesare:

prohibited.

lessliquidthanmarketsfordevelopedcountries.

moreliquidthanmarketsfordevelopedcountries.

onlyavailableforusebygovernmentagencies.

13.Aforwardcontractcanbeusedtolockinthe____ofaspecifiedcurrencyforafuturepointintime.

purchaseprice

saleprice

AorB

noneoftheabove

CPTS:

14.Theforwardmarket:

foreurosisveryilliquid.

forEasternEuropeancountriesisveryliquid.

doesnotexistforsomecurrencies.

15.____isnotabankcharacteristicimportanttocustomersinneedofforeignexchange.

Quotecompetitiveness

Speedofexecution

Forecastingadvice

Adviceaboutcurrentmarketconditions

e.

Alloftheaboveareimportantbankcharacteristicstocustomersinneedofforeignexchange.

EPTS:

16.TheBaselIIaccordisfocusedoneliminatinginconsistenciesin____acrosscountries.

capitalrequirements

depositrates

depositinsurance

bankfailurepolicies

17.Theinternationalmoneymarketprimarilyconcentrateson:

short-termlending（oneyearorless）.

medium-termlending.

long-termlending.

placingbondswithinvestors.

placingnewlyissuedstockinforeignmarkets.

18.Theinternationalcreditmarketprimarilyconcentrateson:

short-termlending（lessthanoneyear）.

providinganexchangeofforeigncurrenciesforfirmswhoneedthem.

19.Themainparticipantsintheinternationalmoneymarketare:

consumers.

smallfirms.

largecorporations.

smallEuropeanfirmsneedingEuropeancurrenciesforinternationaltrade.

20.LIBORis:

theinterestratecommonlychargedforloansbetweenbanks.

theaverageinflationrateinEuropeancountries.

themaximumloanrateceilingonloansintheinternationalmoneymarket.

themaximumdepositrateceilingondepositsintheinternationalmoneymarket.

themaximuminterestrateofferedonbondsthatareissuedinLondon.

21.Asyndicatedloan:

representsaloanbyasinglebanktoasyndicateofcorporations.

representsaloanbyasinglebanktoasyndicateofcountrygovernments.

representsadirectloanbyasyndicateofoil-producingexporterstoalessdevelopedcountry.

representsaloanbyagroupofbankstoaborrower.

AandB

22.Theinternationalmoneymarketisprimarilyservedby:

thegovernmentsofEuropeancountries,whichdirectlyinterveneinforeigncurrencymarkets.

governmentagenciessuchastheInternationalMonetaryFundthatenhancedevelopmentofcountries.

severallargebanksthatacceptdepositsandprovideloansinvariouscurrencies.

smallbanksthatconvertforeigncurrencyfortouristsandbusinessvisitors.

23.Internationalmoneymarkettransactionsnormallyrepresent:

theequivalentof$1millionormore.

theequivalentof$1,000to$10,000.

theequivalentofbetween$10,000and$100,000.

theequivalentofbetween$100,000and$200,000.

25.From1944to1971,theexchangeratebetweenanytwocurrencieswastypically:

fixedwithinnarrowboundaries.

floating,butsubjecttocentralbankintervention.

floating,andnotsubjecttocentralbankintervention.

nonexistent;

thatiscurrencieswerenotexchanged,butgoldwasusedtopayforallforeigntransactions.

26.AsaresultoftheSmithsonianAgreement,theU.S.dollarwas:

thecurrencytobeusedbyallcountriesasamediumofexchangeforinternationaltrade.

forcedtobefreelyfloatingrelativetoallcurrencieswithoutanyboundaries.

devaluedrelativetomajorcurrencies.

revalued（upward）relativetomajorcurrencies.

27.Accordingtothetext,theaverageforeignexchangetradingaroundtheworld____perday.

equalsabout$200billion

equalsabout$400billion

equalsabout$700billion

exceeds$1trillion

28.AssumeaJapanesefirminvoicesexportstotheU.S.inU.S.dollars.AssumethattheforwardrateandspotrateoftheJapaneseyenareequal.IftheJapanesefirmexpectstheU.S.dollarto____againsttheyen,itwouldlikelywishtohedge.Itcouldhedgeby____dollarsforward.

depreciate;

buying

selling

appreciate;

29.Thebid-askspreadonanexchangeratecanbeusedtodirectlydetermine:

howanexchangeratewillchange.

thetransactioncostofforeignexchange.

theforwardpremium.

thecurrencyoptionpremium.

30.Futurescontractsaretypically____;

forwardcontractsaretypically____.

soldonanexchange;

soldonanexchange

offeredbycommercialbanks;

offeredbycommercialbanks

31.Eurobonds:

areusuallyissuedinbearerform.

typicallycarryseveralprotectivecovenants.

cannotcontaincallprovisions.

32.Whichofthefollowingistrue?

Non-U.S.firmsmaydesiretoissuebondsintheU.S.duetolessregulationsintheU.S.

U.S.firmsmaydesiretoissuebondsintheU.S.duetolessregulationsintheU.S.

U.S.firmsmaydesiretoissuebondsinthenon-U.S.marketsduetolessregulationsinnon-U.S.countries.

33.Eurobonds:

canbeissuedonlybyEuropeanfirms.

canbesoldonlytoEuropeaninvestors.

34.WhichcurrencyisusedthemosttodenominateEurobonds?

theBritishpound.

theJapaneseyen.

theU.S.dollar.

theSwissfranc.

35.WhentheforeignexchangemarketopensintheU.S.eachmorning,theopeningexchangeratequotationswillbebasedonthe:

closingpricesintheU.S.duringthepreviousday.

closingpricesinCanadaduringthepreviousday.

prevailingpricesinlocationswheretheforeignexchangemarketshavebeenopen.

officiallysetbycentralbanksbeforetheU.S.marketopens.

36.TheU.S.dollarisnoteverusedasamediumofexchangein:

industrializedcountriesoutsidetheU.S.

inanyLatinAmericancountries.

inEasternEuropeancountrieswhereforeignexchangerestrictionsexist.

37.WhichofthefollowingisnottrueregardingtheBretton