兹维博迪金融学第二版试题库11TB1Word文件下载.docx

兹维博迪金融学第二版试题库11TB1Word文件下载.docx

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（b）creditguarantee

（c）option

（d）assetguarantee

（b）

3.Inaforwardcontract,thepriceforimmediatedeliveryofanitemistermedthe________.

（a）spotprice

（b）forwardprice

（c）facevalue

（d）longposition

（a）

4.

Inaforwardcontract,thepartywhocommitstosellanitemissaidtotakea________,andthepartywhocommitstobuythespecifieditemissaidtotakea________.

（a）longposition;

shortposition

（b）shortposition,spotposition

（c）shortposition;

longposition

（d）longposition;

spotposition

5.________aretradedonorganizedexchanges.

（a）Forwardcontracts

（b）Futurescontracts

（c）Options

（d）bandc

（d）

6.A（n）________isanagreementbetweentwopartiestoexchangeaseriesofcashflowsatspecifiedintervalsoveraspecifiedperiodoftime.

（a）futurescontract

（b）swapcontract

（c）optioncontract

（d）creditcontract

7.Theswapcontractisequivalentto________.

（a）aseriesofforwardcontracts

（b）aseriesofcreditcontracts

（c）aseriesofoptioncontracts

（d）aseriesofdiversificationcontracts

8.Forasavingsbankwithcustomerliabilitiesthatareshort-termdepositsearninganinterestratethatchangeswithmarketconditions,oneappropriatehedgingstrategymightbetorollovershort-termbonds.Thisistermed________.

（a）aswapscontract

（b）anoptionscontract

（c）matchingassetstoliabilities

（d）aninsurancecontract

9.________arelimitsplacedoncompensationforparticularlossescoveredunderaninsurancecontract.

（a）exclusions

（b）caps

（c）deductibles

（d）copayments

10.Lifeinsurancepoliciespaybenefitsifaninsuredpartydies,butsuchpoliciesdonotpaydeathbenefitsiftheinsuredpersontakeshisorherownlife.Thisisknownasa（n）:

（a）exclusion

（b）cap

（c）deductible

（d）copayment

11.________createincentivesforinsuredpartiestocontroltheirlosses,andrepresenttheamountofmoneytheinsuredpartymustpayoutofhisorherownresourcesbeforereceivinganycompensationfromtheinsurer.

（d）loanguarantees

12.________meansthattheinsuredpartymustcoverafractionoftheloss.

（c）copayments

（c）

13.

A（n）________isacontractthatobligestheguarantortomakethepromisedpaymentonaloaniftheborrowerfailstodoso.

（b）loanguarantee

（c）copayment

（d）interest-ratecap

14.Aninterestrateinsurancepolicywhichguaranteesamaximuminterestrateisknownas,ortakestheformof________.

（a）loanguarantee

（b）interest-rateguarantee

（c）interest-ratefloor

15.________protectagainstlossesfromadeclineinstockprices.

（a）Expirationoptions

（b）Calloptions

（c）Putoptions

（d）Strikeoptions

16.The________isthefixedpricespecifiedinanoptioncontract.

（a）strikeprice

（b）exerciseprice

（c）spotprice

（d）aandb

17.A（n）________istheright,butnottheobligation,tobuyorsellsomethingatanexercisepriceinthefuture.

（a）forwardcontract

（b）option

（c）swap

（d）deductible

18.A（n）________canbeexercisedontheexpirationdateonly,whereasa（n）________canbeexercisedatanytimeuptoandincludingtheexpirationdate.

（a）American-typeoption;

European-typeoption

（b）European-typeoption;

American-typeoption

（c）European-typeoption;

Asian-typeoption

（d）American-typeoption;

19.YouaretheChiefFinancialOfficerofasoybeanoilcompany.Inyourjobyoureceivedozensofdifferentproposalseachmonthregardingwaystohedgethecompany’sexposuretofallingsoybeanoilprices.Howdoyoudecideamongthedifferentproposals?

（a）Choosethehedgewiththebestinvestmentbankparticipating.

（b）Choosethehedgethatachievesthedesiredreductioninriskthroughthebestinsurancepolicy.

（c）Choosethehedgethatminimizesthecostofachievingthedesiredreductioninrisk.

（d）noneoftheabove

20.Whichofthefollowingarewaystoavoidlossesthroughinsuring?

（a）Lockinafifteenhundreddollarfareforaholidayairfare.

（b）Agreetopurchaseanapartmentinsixmonthsforthreehundredthousanddollars.

（c）Asasoybeangrower,enterintoaforwardcontracttosellyoursoybeansatafixedpriceinamonth.

21.Whichofthefollowingarewaystoavoidlossesthroughhedging?

（a）Payapremiumforhealthcarecoverage.

（b）Purchaseaputoptiononastockyoudoown.

（c）Payforacreditguaranteeonaloanyouareworriedaboutcollecting.

（d）Enterintoaswaptoexchangeaseriesofcashflowsatspecifiedintervalsoveraspecifiedperiodoftime.

22.

Whichofthefollowingarewaystoavoidlossesthroughinsuring?

（a）Payapremiumforhealthcarecoverage

（b）Purchaseaputoptiononastockyoudoown

（c）Bothaandb

（d）Neitheranorb

Questions23-25refertothefollowinginformation:

Anoldcollegefriendofyourinvestsincocoafuturesandoptionscontracts.Hehastoldyouthathebelievescocoapricesareescalating.Youdecidetogoaheadandpurchaseacalloptiononcocoawithastrikepriceof$0.80perpound.Thatway,ifcocoapricesgoup,youcanexercisethecall,buythecocoaandsellthematahigherspotprice.

Assumethepriceofanoptiononfiftythousandpoundsisonethousandfivehundreddollars,andyoupurchasesixoptionsforninethousanddollarsonthreehundredthousandpounds.

23.Whattypeoftransactionisthisforyou?

（a）hedgedposition

（b）speculative

（c）insuredposition

24.Calculatethedownsideriskindollarsandpercentageterms.

（a）$1,500;

+100%

（b）$1,500;

–100%

（c）$9,000;

（d）$9,000;

25.Ifthepriceincreasesto$0.85centsperpound,howmuchwouldyounetafterpayingfortheoptions?

（a）$15,000

（b）$13,500

（c）$9,000

（d）$6,000

26.YouareinterestedintakingavacationtoYemennextyear,butyouareworriedaboutthepriceofthetrip.Overthepastthreeyears,thepriceofatriptoYemenhasrangedbetween$3,500and$4,500.Thecurrentpriceis$4,000.Youwishtomaintainthepossibilityofalowerprice.Howwouldyoueliminatethepossibilityofrisingprices,butstillmaintainthepossibilityofagainfromlowerprices?

（a）Purchaseanoptiontodayfromthesponsor,whichwouldallowyoutopaythelowerof$4,000orthemarketpriceatthetimeyoutakeyourYemenvacation.

（b）Purchaseanoptiontodayfromthesponsor,whichwouldallowyoutopaythehigherof$4,000orthemarketpriceatthetimeyoutakeyourvacationtoYemen.

（c）Leaveittothemarket.

（d）Arrangeafuturescontractthroughthenewspaper.

Questions27-30refertothefollowinginformation.

YouareChiefFinancialOfficerofGreenShrimpandyoupurchasealargequantityofcoffeeeachmonth.Youareconcernedaboutthepriceofcoffeeonemonthfromnow.Youwanttoguaranteethatyouwillnotpaymorethan$1.60perpoundforfiftythousandpounds.Youdonotwanttopayforinsurance,butyoudowanttolockinapriceof$1.60perpoundforfiftythousandpounds.

27.Whatistheeconomicsofafuturestransactionifthespotpriceondeliverydateis$1.35?

（a）Costofcoffeepurchasedfromsupplier=$67,500;

cashflowfromfuturescontract=$12,500paidbyGreenShrimp;

totaloutlay=$80,000

（b）Costofcoffeepurchasedfromsupplier=$67,500;

cashflowfromfuturescontract=$12,500paidtoGreenShrimp;

totaloutlay=$55,000

（c）Costofcoffeepurchasedfromsupplier=$80,000;

cashflowfromfuturescontract=$0paidtoGreenShrimp;

total=$80,000

（d）Costofcoffeepurchasedfromsupplier=$80,000;

total=$92,500

28.Whatistheeconomicsofafuturestransactionifthespotpriceondeliverydateis$1.80?

（a）Costofcoffeepurchasedfromsupplier=$62,500;

（b）Costofcoffeepurchasedfromsupplier=$80,000;

cashflowfromfuturescontract=$0paidbyGreenShrimp;

（c）Costofcoffeepurchasedfromsupplier=$90,000;

cashflowfromfuturescontract=$10,000paidtoGreenShrimp;

（d）Costofcoffeepurchasedfromsupplier=$90,000;

cashflowfromfuturescontract=$10,000paidbyGreenShrimp;

totaloutlay=$100,000

29.Youenteracoffeefuturescontractatafuturespriceof$1.60perpound.WhatisthevariabilityofGreenShrimp’stotaloutlaysunderthefuturescontract?

（a）$10,000

（b）$90,000

（c）Outlaysarefixedat$80,000

（d）Outlaysarefixedat$90,000

30.Youenteracoffeefuturescontractatafuturespriceof$1.60perpound.Atthetimeofdelivery,coffeeis$1.35perpound.Shouldyouhaveforegoneenteringintothefuturescontract?

（a）Youshouldhaveconsultedaninvestmentbank

（b）Youmadetherightmovesinceyourgoalwastoavoidpayingmorethan$1.60perpound