金融市场与机构 9Word下载.docx

金融市场与机构 9Word下载.docx

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3.Moneymarketinstruments

（a）areusuallysoldinlargedenominations.

（b）havelowdefaultrisk.

（c）matureinoneyearorless.

（d）arecharacterizedbyalloftheabove.

（e）arecharacterizedbyonly（a）and（b）oftheabove.

D

4.Thebankingindustry

（a）shouldhaveanefficiencyadvantageingatheringinformationthatwouldeliminatetheneedforthemoneymarkets.

（b）existsprimarilytomediatetheasymmetricinformationproblembetweensaver-lendersandborrower-spenders.

（c）issubjecttomoreregulationsandgovernmentalcoststhanarethemoneymarkets.

（d）alloftheabovearetrue.

（e）only（a）and（b）oftheabovearetrue.

5.Insituationswhereasymmetricinformationproblemsarenotsevere,

（a）themoneymarketshaveadistinctcostadvantageoverbanksinprovidingshort-termfunds.

（b）themoneymarketshaveadistinctcostadvantageoverbanksinprovidinglong-termfunds.

（c）bankshaveadistinctcostadvantageoverthemoneymarketsinprovidingshort-termfunds.

（d）themoneymarketscannotallocateshort-termfundsasefficientlyasbankscan.

A

6.Brokeragefirmsthatofferedmoneymarketsecurityaccountsinthe1970shadacostadvantageoverbanksinattractingfundsbecausethebrokeragefirms

（a）werenotsubjecttodepositreserverequirements.

（b）werenotsubjecttothedepositinterestrateceilings.

（c）werenotlimitedinhowmuchtheycouldborrowfromdepositors.

（d）hadtheadvantageofalltheabove.

（e）hadtheadvantageofonly（a）and（b）oftheabove.

E

7.Whichofthefollowingstatementsaboutthemoneymarketaretrue?

（a）Notallcommercialbanksdealfortheircustomersinthesecondarymarket.

（b）Moneymarketsareusedextensivelybybusinessesbothtowarehousesurplusfundsandtoraiseshort-termfunds.

（c）ThesinglemostinfluentialparticipantintheU.S.moneymarketistheU.S.TreasuryDepartment.

（d）Alloftheabovearetrue.

（e）Only（a）and（b）oftheabovearetrue.

8.Whichofthefollowingstatementsaboutthemoneymarketsaretrue?

（a）Mostmoneymarketsecuritiesdonotpayinterest.Insteadtheinvestorpayslessforthesecuritythanitwillbeworthwhenitmatures.

（b）Pensionfundsinvestaportionoftheirassetsinthemoneymarkettohavesufficientliquiditytomeettheirobligations.

（c）Unlikemostparticipantsinthemoneymarket,theU.S.TreasuryDepartmentisalwaysademanderofmoneymarketfundsandneverasupplier.

9.Whichofthefollowingaretruestatementsaboutparticipantsinthemoneymarkets?

（a）LargebanksparticipateinthemoneymarketsbysellinglargenegotiableCDs.

（b）TheU.S.governmentandcorporationsborrowinthemoneymarketsbecausecashinflowsandoutflowsarerarelysynchronized.

（c）TheFederalReserveisthesinglemostinfluentialparticipantintheU.S.moneymarket.

10.Themostinfluentialparticipant（s）intheU.S.moneymarket

（a）istheFederalReserve.

（b）istheU.S.TreasuryDepartment.

（c）arethelargemoneycenterbanks.

（d）aretheinvestmentbanksthatunderwritesecurities.

11.TheFedisanactiveparticipantinmoneymarketsmainlybecauseofitsresponsibilityto

（a）lowerborrowingcoststoencouragecapitalinvestment.

（b）controlthemoneysupply.

（c）increasetheinterestincomeofretireesholdingmoneymarketinstruments.

（d）assisttheSecuritiesandExchangeCommissioninregulatingthebehaviorothermoneymarketparticipants.

12.Commercialbanksarelargeholdersof_________andarethemajorissuerof_________.

（a）negotiablecertificatesofdeposit;

U.S.governmentsecurities

（b）U.S.governmentsecurities;

negotiablecertificatesofdeposit

（c）commercialpaper;

Eurodollars

（d）Eurodollars;

commercialpaper

13.Theprimaryfunctionoflargediversifiedbrokeragefirmsinthemoneymarketisto

（a）sellmoneymarketsecuritiestotheFederalReserveforitsopenmarketoperations.

（b）makeamarketformoneymarketsecuritiesbymaintaininganinventoryfromwhichtobuy

orsell.

（c）buymoneymarketsecuritiesfromcorporationsthatneedliquidity.

（d）buyT-billsfromtheU.S.TreasuryDepartment.

14.Financecompaniesraisefundsinthemoneymarketbyselling

（a）commercialpaper.

（b）federalfunds.

（c）negotiablecertificatesofdeposit.

（d）Eurodollars.

15.Financecompaniesplayauniqueroleinmoneymarketsby

（a）givingconsumersindirectaccesstomoneymarkets.

（b）combiningconsumers’investmentstopurchasemoneymarketsecuritiesontheirbehalf.

（c）borrowingincapitalmarketstofinancepurchasesofmoneymarketsecurities.

（d）assistingthegovernmentinitssalesofU.S.Treasurysecurities.

16.Wheninflationroseinthelate1970s,

（a）consumersmovedmoneyoutofmoneymarketmutualfundsbecausetheirreturnsdidnotkeeppacewithinflation.

（b）bankssolidifiedtheiradvantageovermoneymarketsbyofferinghigherdepositrates.

（c）brokeragehousesintroducedhighlypopularmoneymarketmutualfunds,whichdrewsignificantamountsofmoneyoutofbankdeposits.

（d）consumerswereunabletotakeadvantageofhigherratesinmoneymarketsbecauseoftherequirementoflargetransactionsizes.

17.Whichofthefollowingisthelargestborrowerinthemoneymarkets?

（a）commercialbanks

（b）largecorporations

（c）theU.S.Treasury

（d）U.S.firmsengagedinforeigntrade

18.MoneymarketinstrumentsissuedbytheU.S.Treasuryarecalled

（a）Treasurybills.

（b）Treasurynotes.

（c）Treasurybonds.

（d）Treasurystrips.

19.TheTreasuryauctions91-dayand182-dayTreasurybillsonceaweek.Itauctions52-weekbills

（a）onceamonth.

（b）onceevery13weeks.

（c）onceayear.

（d）everytwoweeks.

20.WhichofthefollowingstatementsaretrueofTreasurybills?

（a）ThemarketforTreasurybillsisextremelydeepandliquid.

（b）Occasionally,investorsfindthatearningsonT-billsdonotcompensatethemforchangesinpurchasingpowerduetoinflation.

（c）Byvolume,mostTreasurybillsaresoldtoindividualswhosubmitnoncompetitivebids.

21.Supposethatyoupurchasea91-dayTreasurybillfor$9,850thatisworth$10,000whenitmatures.Thesecurity’sannualizedyieldifheldtomaturityisabout

（a）4percent.

（b）5percent.

（c）6percent.

（d）7percent.

22.Supposethatyoupurchasea182-dayTreasurybillfor$9,850thatisworth$10,000whenitmatures.Thesecurity’sannualizedyieldifheldtomaturityisabout

（a）1.5%

（b）2%

（c）3%

（d）6%

23.Treasurybillsdonot

（a）payinterest.

（b）haveamaturitydate.

（c）haveafaceamount.

（d）haveanactivesecondarymarket.

24.IfyourcompetitivebidforaTreasurybillissuccessful,thenyouwill

（a）certainlypaylessthanifyouhadsubmittedanoncompetitivebid.

（b）probablypaymorethanifyouhadsubmittedanoncompetitivebid.

（c）paytheaverageofpricesofferedinothersuccessfulcompetitivebids.

（d）paythesameasothersuccessfulcompetitivebidders.

25.IfyournoncompetitivebidforaTreasurybillissuccessful,thenyouwill

（a）certainlypaylessthanifyouhadsubmittedacompetitivebid.

（b）certainlypaymorethanifyouhadsubmittedacompetitivebid.

（c）paytheaverageofpricesofferedinothernoncompetitivebids.

（d）paythesameasothersuccessfulnoncompetitivebidders.

26.Federalfunds

（a）areshort-termfundstransferredbetweenfinancialinstitutions,usuallyforaperiodofoneday.

（b）actuallyhavenothingtodowiththefederalgovernment.

（c）providebankswithanimmediateinfusionofreserves.

（d）arealloftheabove.

（e）areonly（a）and（b）oftheabove.

27.Federalfundsare

（a）usuallyovernightinvestments.

（b）borrowedbybanksthathaveadeficitofreserves.

（c）lentbybanksthathaveanexcessofreserves.

（d）alloftheabove.

（e）only（a）and（b）oftheabove.

28.TheFedcaninfluencethefederalfundsinterestratebyadjustingthelevelofreservesavailabletobanks.TheFedcan

（a）lowerthefederalfundsinterestratebyaddingreserves.

（b）raisethefederalfundsinterestratebyremovingreserves.

（c）removereservesbysellingsecurities.

（d）doalloftheabove.

（e）doonly（a）and（b）oftheabove.

29.TheFederalReservecaninfluencethefederalfundsinterestratebybuyingsecurities,which_________reserves,thereby_________thefederalfundsrate.

（a）adds;

raising

（b）removes;

lowering

（c）adds;

（d）removes;

30.TheFedcanlowerthefederalfundsinterestrateby_________securities,thereby_________reserves.

（a）selling;

adding

（b）selling;

（c）buying;

（d）buying;

31.IftheFedwantstolowerthefederalfundsinterestrate,itwill_________thebankingsystemby_________securities.

（a）addreservesto;

selling

（b）addreservesto;

buying

（c）removereservesfrom;

（d）remover