投资学题库Chap001.docx

投资学题库Chap001.docx

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投资学题库Chap001

Chapter01

TheInvestmentEnvironment

MultipleChoiceQuestions

1.

Thematerialwealthofasocietyisafunctionof 

A. 

allfinancialassets.

B. 

allrealassets.

C. 

allfinancialandrealassets.

D. 

allphysicalassets.

2.

_______arerealassets. 

A. 

Land

B. 

Machines

C. 

Stocksandbonds

D. 

Knowledge

E. 

Land,machines,andknowledge

3.

Themeansbywhichindividualsholdtheirclaimsonrealassetsinawell-developedeconomyare 

A. 

investmentassets.

B. 

depositoryassets.

C. 

derivativeassets.

D. 

financialassets.

E. 

exchange-drivenassets.

4.

_______arefinancialassets. 

A. 

Bonds

B. 

Machines

C. 

Stocks

D. 

Bondsandstocks

E. 

Bonds,machines,andstocks

5.

_________financialasset（s）. 

A. 

Buildingsare

B. 

Landisa

C. 

Derivativesare

D. 

U.S.agencybondsare

E. 

DerivativesandU.S.agencybondsare

6.

Financialassets 

A. 

directlycontributetothecountry'sproductivecapacity.

B. 

indirectlycontributetothecountry'sproductivecapacity.

C. 

contributetothecountry'sproductivecapacitybothdirectlyandindirectly.

D. 

donotcontributetothecountry'sproductivecapacityeitherdirectlyorindirectly.

E. 

areofnovaluetoanyone.

7.

In2012,____________wasthemostsignificantrealassetofU.S.householdsintermsoftotalvalue. 

A. 

consumerdurables

B. 

automobiles

C. 

realestate

D. 

mutualfundshares

E. 

bankloans

8.

In2012,____________wastheleastsignificantfinancialassetofU.S.householdsintermsoftotalvalue. 

A. 

realestate

B. 

mutualfundshares

C. 

debtsecurities

D. 

lifeinsurancereserves

E. 

pensionreserves

9.

In2012,____________wasthemostsignificantfinancialassetofU.S.householdsintermsoftotalvalue. 

A. 

realestate

B. 

mutualfundshares

C. 

debtsecurities

D. 

lifeinsurancereserves

E. 

pensionreserves

10.

In2012,____________wasthemostsignificantassetofU.S.householdsintermsoftotalvalue. 

A. 

realestate

B. 

mutualfundshares

C. 

debtsecurities

D. 

lifeinsurancereserves

E. 

pensionreserves

11.

In2012,____________wasthemostsignificantliabilityofU.S.householdsintermsoftotalvalue. 

A. 

creditcards

B. 

mortgages

C. 

bankloans

D. 

studentloans

E. 

otherdebt

12.

WhichofthefollowingfinancialassetsmadeupthegreatestproportionofthefinancialassetsheldbyU.S.households?

A. 

Pensionreserves

B. 

Lifeinsurancereserves

C. 

Mutualfundshares

D. 

Debtsecurities

E. 

Personaltrusts

13.

In2012_______oftheassetsofU.S.householdswerefinancialassetsasopposedtotangibleassets. 

A. 

20.4%

B. 

34.2%

C. 

68.8%

D. 

71.7%

E. 

82.5%

14.

Thelargestcomponentofdomesticnetworthin2012was 

A. 

nonresidentialrealestate.

B. 

residentialrealestate.

C. 

inventories.

D. 

consumerdurables.

E. 

equipmentandsoftware.

15.

Thesmallestcomponentofdomesticnetworthin2012was 

A. 

nonresidentialrealestate.

B. 

residentialrealestate.

C. 

inventories.

D. 

consumerdurables.

E. 

equipmentandsoftware.

16.

ThenationalnetworthoftheU.S.in2012was 

A. 

$15.411trillion.

B. 

$26.431trillion.

C. 

$42.669trillion.

D. 

$48.616trillion.

E. 

$70.983trillion.

17.

Afixed-incomesecuritypays 

A. 

afixedlevelofincomeforthelifeoftheowner.

B. 

afixedstreamofincomeorastreamofincomethatisdeterminedaccordingtoaspecifiedformulaforthelifeofthesecurity.

C. 

avariablelevelofincomeforownersonafixedincome.

D. 

afixedorvariableincomestreamattheoptionoftheowner.

18.

Adebtsecuritypays 

A. 

afixedlevelofincomeforthelifeoftheowner.

B. 

avariablelevelofincomeforownersonafixedincome.

C. 

afixedorvariableincomestreamattheoptionoftheowner.

D. 

afixedstreamofincomeorastreamofincomethatisdeterminedaccordingtoaspecifiedformulaforthelifeofthesecurity.

19.

Moneymarketsecurities 

A. 

areshortterm.

B. 

arehighlymarketable.

C. 

aregenerallyverylowrisk.

D. 

arehighlymarketableandaregenerallyverylowrisk.

E. 

Alloftheoptions

20.

Anexampleofaderivativesecurityis 

A. 

acommonshareofMicrosoft.

B. 

acalloptiononIntelstock.

C. 

acommodityfuturescontract.

D. 

acalloptiononIntelstockandacommodityfuturescontract.

E. 

acommonshareofMicrosoftandacalloptiononIntelstock.

21.

Thevalueofaderivativesecurity 

A. 

dependsonthevalueoftherelatedsecurity.

B. 

isunabletobecalculated.

C. 

isunrelatedtothevalueoftherelatedsecurity.

D. 

hasbeenenhancedduetotherecentmisuseandnegativepublicityregardingtheseinstruments.

E. 

isworthlesstoday.

22.

Althoughderivativescanbeusedasspeculativeinstruments,businessesmostoftenusethemto 

A. 

attractcustomers.

B. 

appeasestockholders.

C. 

offsetdebt.

D. 

hedgerisks.

E. 

enhancetheirbalancesheets.

23.

Financialassetspermitallofthefollowingexcept 

A. 

consumptiontiming.

B. 

allocationofrisk.

C. 

separationofownershipandcontrol.

D. 

eliminationofrisk.

24.

The____________referstothepotentialconflictbetweenmanagementandshareholders. 

A. 

agencyproblem

B. 

diversificationproblem

C. 

liquidityproblem

D. 

solvencyproblem

E. 

regulatoryproblem

25.

Adisadvantageofusingstockoptionstocompensatemanagersisthat 

A. 

itencouragesmanagerstoundertakeprojectsthatwillincreasestockprice.

B. 

itencouragesmanagerstoengageinempirebuilding.

C. 

itcancreateanincentiveformanagerstomanipulateinformationtopropupastockpricetemporarily,givingthemachancetocashoutbeforethepricereturnstoalevelreflectiveofthefirm'strueprospects.

D. 

Alloftheoptions

26.

Whichofthefollowingaremechanismsthathaveevolvedtomitigatepotentialagencyproblems?

I）Usingthefirm'sstockoptionsforcompensation

II）Hiringbickeringfamilymembersascorporatespies

III）Boardsofdirectorsforcingoutunderperformingmanagement

IV）Securityanalystsmonitoringthefirmclosely

V）Takeoverthreats 

A. 

IIandV

B. 

I,III,andIV

C. 

I,III,IV,andV

D. 

III,IV,andV

E. 

I,III,andV

27.

Corporateshareholdersarebestprotectedfromincompetentmanagementdecisionsby 

A. 

theabilitytoengageinproxyfights.

B. 

management'scontrolofpecuniaryrewards.

C. 

theabilitytocallshareholdermeetings.

D. 

thethreatoftakeoverbyotherfirms.

E. 

one-share/one-voteelectionrules.

28.

Theoretically,takeoversshouldresultin 

A. 

improvedmanagement.

B. 

increasedstockprice.

C. 

increasedbenefitstoexistingmanagementoftaken-overfirm.

D. 

improvedmanagementandincreasedstockprice.

E. 

Alloftheoptions

29.

Duringtheperiodbetween2000and2002,alargenumberofscandalswereuncovered.Mostofthesescandalswererelatedto

I）manipulationoffinancialdatatomisrepresenttheactualconditionofthefirm.

II）misleadingandoverlyoptimisticresearchreportsproducedbyanalysts.

III）allocatingIPOstoexecutivesasaquidproquoforpersonalfavors.

IV）greenmail. 

A. 

II,III,andIV

B. 

I,II,andIV

C. 

IIandIV

D. 

I,III,andIV

E. 

I,II,andIII

30.

TheSarbanes-OxleyAct 

A. 

requirescorporationstohavemoreindependentdirectors.

B. 

requiresthefirm'sCFOtopersonallyvouchforthefirm'saccountingstatements.

C. 

prohibitsauditingfirmsfromprovidingotherservicestoclients.

D. 

requirescorporationstohavemoreindependentdirectorsandrequiresthefirm'sCFOtopersonallyvouchforthefirm'saccountingstatements.

E. 

Alloftheoptions

31.

Assetallocationrefersto 

A. 

choosingwhichsecuritiestoholdbasedontheirvaluation.

B. 

investingonlyin"safe"securities.

C. 

theallocationofassetsintobroadassetclasses.

D. 

bottom-upanalysis.

32.

Securityselectionrefersto 

A. 

choosingwhichsecuritiestoholdbasedontheirvaluation.

B. 

investingonlyin"safe"securities.

C. 

theallocationofassetsintobroadassetclasses.

D. 

top-downanalysis.

33.

Whichofthefollowingportfolioconstructionmethodsstartswithsecurityanalysis?

A. 

Top-down

B. 

Bottom-up

C. 

Middle-out

D. 

Buyandhold

E. 

Assetallocation

34.

Whichofthefollowingportfolioconstructionmethodsstartswithassetallocation?

A. 

Top-down

B. 

Bottom-up

C. 

Middle-out

D. 

Buyandhold