金融市场与机构 10Word格式.docx

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金融市场与机构 10Word格式.docx

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金融市场与机构 10Word格式.docx

（a）（I）istrue,（II）false.

（b）（I）isfalse,（II）true.

（c）Botharetrue.

（d）Botharefalse.

3.（I）Securitiesthathaveanoriginalmaturitygreaterthanoneyeararetradedinmoneymarkets.

（II）Thebestknownmoneymarketsecuritiesarestocksandbonds.

4.（I）Firmsandindividualsusethecapitalmarketsforlong-terminvestments.（II）Thecapitalmarketsprovideanalternativetoinvestmentinassetssuchasrealestateandgold.

5.Theprimaryreasonthatindividualsandfirmschoosetoborrowlong-termistoreducetheriskthatinterestrateswill_________beforetheypayofftheirdebt.

（a）rise

（b）fall

（c）becomemorevolatile

（d）becomemorestable

6.Afirmthatchoosestofinanceanewplantbyissuingmoneymarketsecurities

（a）mustincurthecostofissuingnewsecuritiestorolloveritsdebt.

（b）runstheriskofhavingtopayhigherinterestrateswhenitrollsoveritsdebt.

（c）incursboththecostofreissuingsecuritiesandtheriskofhavingtopayhigherinterestratesonthenewdebt.

（d）ismorelikelytoprofitifinterestratesrisewhiletheplantisbeingconstructed.

7.Theprimaryreasonthatindividualsandfirmschoosetoborrowlong-termisto

（a）reducetheriskthatinterestrateswillfallbeforetheypayofftheirdebt.

（b）reducetheriskthatinterestrateswillrisebeforetheypayofftheirdebt.

（c）reducemonthlyinterestpayments,asinterestratestendtobehigheronshort-termthan

long-termdebtinstruments.

（d）reducetotalinterestpaymentsoverthelifeofthedebt.

8.Afirmwillborrowlong-term

（a）iftheextrainterestcostofborrowinglong-termislessthantheexpectedcostofrisinginterestratesbeforeitretiresitsdebt.

（b）iftheextrainterestcostofborrowingshort-termduetorisinginterestratesdoesnotexceedtheexpectedpremiumthatispaidforborrowinglongterm.

（c）ifshort-terminterestratesareexpectedtodeclineduringthetermofthedebt.

（d）iflong-terminterestratesareexpectedtodeclineduringthetermofthedebt.

9.Theprimaryissuersofcapitalmarketsecuritiesinclude

（a）thefederalandlocalgovernments.

（b）thefederalandlocalgovernments,andcorporations.

（c）thefederalandlocalgovernments,corporations,andfinancialinstitutions.

（d）localgovernmentsandcorporations.

10.Governmentsneverissuestockbecause

（a）theycannotsellownershipclaims.

（b）theConstitutionexpresslyforbidsit.

（c）both（a）and（b）oftheabove.

（d）neither（a）nor（b）oftheabove.

11.（I）Theprimaryissuersofcapitalmarketsecuritiesarefederalandlocalgovernments,andcorporations.（II）Governmentsneverissuestockbecausetheycannotsellownershipclaims.

12.（I）Theprimaryissuersofcapitalmarketsecuritiesarefinancialinstitutions.

（II）Thelargestpurchasersofcapitalmarketsecuritiesarecorporations.

13.Thedistributionofafirm’scapitalbetweendebtandequityisits

（a）leverageratio.

（b）liabilitystructure

（c）acidratio.

（d）capitalstructure.

14.Thelargestpurchasersofcapitalmarketsecuritiesare

（a）households.

（b）corporations

（c）governments.

（d）centralbanks.

15.Individualsandhouseholdsfrequentlypurchasecapitalmarketsecuritiesthroughfinancialinstitutionssuchas

（a）mutualfunds.

（b）pensionfunds.

（c）moneymarketmutualfunds.

（d）alloftheabove.

（e）only（a）and（b）oftheabove.

16.（I）Therearetwotypesofexchangesinthesecondarymarketforcapitalsecurities:

organizedexchangesandover-the-counterexchanges.（II）Whenfirmssellsecuritiesfortheveryfirsttime,theissueisaninitialpublicoffering.

17.（I）Capitalmarketsecuritiesfallintotwocategories:

bondsandstocks.（II）Long-termbondsincludegovernmentbondsandlong-termnotes,municipalbonds,andcorporatebonds.

18.The_________valueofabondistheamountthattheissuermustpayatmaturity.

（a）market

（b）present

（c）discounted

（d）face

19.The_________rateistherateofinterestthattheissuermustpay.

（b）coupon

（c）discount

（d）funds

20.（I）Thecouponrateistherateofinterestthattheissuerofthebondmustpay.

（II）Thecouponrateisusuallyfixedforthedurationofthebondanddoesnotfluctuatewithmarketinterestrates.

21.（I）Thecouponrateistherateofinterestthattheissuerofthebondmustpay.（II）Thecouponrateonoldbondsfluctuateswithmarketinterestratessotheywillremainattractivetoinvestors.

22.Treasurybondsaresubjectto_________riskbutarefreeof_________risk.

（a）default;

interest-rate

（b）default;

underwriting

（c）interest-rate;

default

（d）interest-rate;

23.ThepricesofTreasurynotes,bonds,andbillsarequoted

（a）asapercentageofthecouponrate.

（b）asapercentageofthepreviousday’sclosingvalue.

（c）asapercentageof$100facevalue.

（d）asamultipleoftheannualinterestpaid.

24.ThesecuritywiththelongestmaturityisaTreasury

（a）note.

（b）bond.

（c）acceptance.

（d）bill.

25.（I）Tosellanoldbondwheninterestrateshaverisen,theholderwillhavetodiscountthebonduntiltheyieldtothebuyeristhesameasthemarketrate.（II）Theriskthatthevalueofabondwillfallwhenmarketinterestratesriseiscalledinterest-raterisk.

26.Tosellanoldbondwheninterestrateshave_________,theholderwillhaveto_________thepriceofthebonduntiltheyieldtothebuyeristhesameasthemarketrate.

（a）risen;

lower

（b）risen;

raise

（c）fallen;

（d）risen;

inflate

27.Mostofthetime,theinterestrateonTreasurynotesandbondsis_________thatonmoneymarketsecuritiesbecauseof_________risk.

（a）above;

（b）above;

（c）below;

（d）below;

28.（I）Inmostyearstherateofreturnonshort-termTreasurybillsisbelowthatonthe20-year

Treasurybond.（II）InterestratesonTreasurybillsaremorevolatilethanratesonlong-termTreasurysecurities.

29.（I）BecauseinterestratesonTreasurybillsaremorevolatilethanratesonlong-termsecurities,thereturnonshort-termTreasurysecuritiesisusuallyabovethatonlonger-termTreasurysecurities.

（II）ATreasurySTRIPseparatestheperiodicinterestpaymentsfromthefinalprincipalrepayment.

30.WhichofthefollowingstatementsaboutTreasuryinflation-indexedbondsisnottrue?

（a）Theprincipalamountusedtocomputetheinterestpaymentvarieswiththeconsumer

priceindex.

（b）Theinterestpaymentriseswheninflationoccurs.

（c）Theinterestrateriseswheninflationoccurs.

（d）Atmaturitythesecuritiespaythegreaterofface-valueorinflation-adjustedprincipal.

31.Theinterestratesongovernmentagencybondsare

（a）almostidenticaltothoseavailableonTreasurysecuritiessinceitisunlikelythatthefederalgovernmentwouldpermititsagenciestodefaultontheirobligations.

（b）significantlyhigherthanthoseavailableonTreasurysecuritiesduetotheirlowliquidity.

（c）significantlylowerthanthoseavailableonTreasurysecuritiesbecauseagencyinterestpaymentsaretaxexempt.

（d）significantlylowerthanthoseavailableonTreasurysecuritiesbecausetheinterest-rateriskonagencysecuritiesislowerthanthatonTreasurysecurities.

32.（I）Municipalbondsthatareissuedtopayforessentialpublicprojectsareexemptfromfederaltaxation.（II）Generalobligationbondsdonothavespecificassetspledgedassecurityoraspecificsourceofrevenueallocatedfortheirrepayment.

33.（I）Mostcorporatebondshaveafacevalueof$1000,payinterestsemi-annually,andcanberedeemedanytimetheissuerwishes.（II）Registeredbondshavenowbeenlargelyreplacedbybearerbonds,whichdonothavecoupons.

34.Thebondcontractthatstatest

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