兹维博迪金融学第二版试题库11TB.docx

兹维博迪金融学第二版试题库11TB.docx

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ChapterEleven

Hedging,Insuring,andDiversifying

Thischaptercontains35multiplechoicequestions,10shortproblemsand5longerproblems.

MultipleChoice

1.Oneissaidto ariskifreducingone’sexposuretoalossrequiresgivingupthepossibilityofagain,whereas meanspayingapremiumtoavoidpossiblelosses.

（a）diversify;hedging

（b）insure;hedging

（c）hedge;insuring

（d）hedge;diversifyingAnswer:

（c）

2.A（n） insurescreditorsagainstlossesstemmingfromadebtor’sfailurtoemakepromisedpayments.

（a）hedge

（b）creditguarantee

（c）option

（d）assetguaranteeAnswer:

（b）

3.Inaforwardcontract,thepriceforimmediatedeliveryofanitemistermedthe .

（a）spotprice

（b）forwardprice

（c）facevalue

（d）longpositionAnswer:

（a）

4.Inaforwardcontract,thepartywhocommitstosellanitemissaidtotakea ,andthepartywhocommitstobuythespecifieditemissaidtotakea .

（a）longposition;shortposition

（b）shortposition,spotposition

（c）shortposition;longposition

（d）longposition;spotpositionAnswer:

（c）

5. aretradedonorganizedexchanges.

（a）Forwardcontracts

（b）Futurescontracts

（c）Options

（d）bandcAnswer:

（d）

6.A（n） isanagreementbetweentwopartiestoexchangeaseriesofcashflowsatspecifiedintervalsoveraspecifiedperiodoftime.

（a）futurescontract

（b）swapcontract

（c）optioncontract

（d）creditcontractAnswer:

（b）

7.Theswapcontractisequivalentto .

（a）aseriesofforwardcontracts

（b）aseriesofcreditcontracts

（c）aseriesofoptioncontracts

（d）aseriesofdiversificationcontractsAnswer:

（a）

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

（a）aswapscontract

（b）anoptionscontract

（c）matchingassetstoliabilities

（d）aninsurancecontractAnswer:

（c）

9. arelimitsplacedoncompensationforparticularlossescoveredunderaninsurancecontract.

（a）exclusions

（b）caps

（c）deductibles

（d）copaymentsAnswer:

（b）

10.Lifeinsurancepoliciespaybenefitsifaninsuredpartydies,butsuchpoliciesdonotpaydeathbenefitsiftheinsuredpersontakeshisorherownlife.Thisisknownasa（n）:

（a）exclusion

（b）cap

（c）deductible

（d）copaymentAnswer:

（a）

11. createincentivesforinsuredpartiestocontroltheirlosses,andrepresenttheamountofmoneytheinsuredpartymustpayoutofhisorherownresourcesbeforereceivinganycompensationfromtheinsurer.

（a）exclusions

（b）caps

（c）deductibles

（d）loanguaranteesAnswer:

（c）

12. meansthattheinsuredpartymustcoverafractionoftheloss.

（a）exclusions

（b）caps

（c）copayments

（d）loanguaranteesAnswer:

（c）

13.A（n） isacontractthatobligestheguarantortomakethepromisedpaymentonaloaniftheborrowerfailstodoso.

（a）exclusion

（b）loanguarantee

（c）copayment

（d）interest-ratecapAnswer:

（b）

14.Aninterestrateinsurancepolicywhichguaranteesamaximuminterestrateisknownas,ortakestheformof .

（a）loanguarantee

（b）interest-rateguarantee

（c）interest-ratefloor

（d）interest-ratecapAnswer:

（d）

15. protectagainstlossesfromadeclineinstockprices.

（a）Expirationoptions

（b）Calloptions

（c）Putoptions

（d）StrikeoptionsAnswer:

（c）

16.The isthefixedpricespecifiedinanoptioncontract.

（a）strikeprice

（b）exerciseprice

（c）spotprice

（d）aandbAnswer:

（d）

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

（a）forwardcontract

（b）option

（c）swap

（d）deductibleAnswer:

（b）

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;Asian-typeoptionAnswer:

（b）

19.YouaretheChiefFinancialOfficerofasoybeanoilcompany.Inyourjobyoureceivedozensofdifferentproposalseachmonthregardingwaystohedgethecompany’sexposuretofallingsoybeanoilprices.Howdoyoudecideamongthedifferentproposals?

（a）Choosethehedgewiththebestinvestmentbankparticipating.

（b）Choosethehedgethatachievesthedesiredreductioninriskthroughthebestinsurancepolicy.

（c）Choosethehedgethatminimizesthecostofachievingthedesiredreductioninrisk.

（d）noneoftheaboveAnswer:

（c）

20.Whichofthefollowingarewaystoavoidlossesthroughinsuring?

（a）Lockinafifteenhundreddollarfareforaholidayairfare.

（b）Agreetopurchaseanapartmentinsixmonthsforthreehundredthousanddollars.

（c）Asasoybeangrow