投资学模拟题80道.docx
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投资学模拟题80道
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1）Oneofthemajorbenefitsofmutualfundsis________.
a.thattheyarelow-risk
b.thattheyprovideinstantdiversification
c.thattheyhavepredictablereturns
d.thattheyareeasilyboughtandsold
e.alloftheseanswersaremajorbenefits
2）Byaddingstockstoaportfoliothatarenotperfectlycorrelatedwithstocksintheportfolio,youcannot________variability.
a.eliminate
b.decrease
c.increase
d.noneoftheseanswers
3）_______permitsfundstodeductasmuchas1.25percentofaveragenetassetsperyeartocoverdistributioncosts.
a.Rule144a
b.The12b-1plan
c.The12b-1Act
d.TheNewFundsplan
4）IfthenominalRFR（risk-freerate）is.09andtheinflationrateis.05,therealRFRis________.
a..963
b.-.036
c..555
d..038
5）Whichisacharacteristicofanopen-endinvestmentcompany?
a.sellsnofurthershares
b.youreceivetheNAVpriceofanysharesales
c.sellssharesatadiscounttoNAV
d.itsstocktradesonthesecondarymarket
e.marketpriceofitssharesisdeterminedbysupplyanddemand
6）AMarkowitzefficientinvestorisonewho
a.choosesthepointontheefficientfrontierthathasthehighestrateofreturn.
b.choosesonlyapointonorbelowtheefficientfrontier.
c.choosesapointontheefficientfrontierwherehisutilitymapsareperpendiculartotheefficientfrontier.
e.choosesapointontheefficientfrontierwherehisutilitymapsaretangenttotheefficientfrontier.
7）Aninvestmentcompany
a.investsapooloffundsbelongingtomanyindividuals.
b.lendsmoneytoothercompaniesorindividuals.
c.borrowsmoneyfromindividualsandinveststhatmoneyinsecurities.
d.investsonlyinstocks.
8）Moneymarketfundsattemptto________.
I.providecurrentincomeandsafetyofprincipal
II.provideliquidity
III.hedgetheinvestor'srisk
IV.providelong-termcapitalgain
a.IIonly
b.I&IV
c.I&II
d.I&III
9）Youhaveestimatedthattheexpectedrateofreturnonyourinvestmentis10.6%.However,theCAPMrequiredrateofreturnis11.3%.InthecontextofCAPM,yourportfoliois________.
a.under-priced
b.under-oroverpriced
c.fairlypriced
d.overpriced
10）TheaveragediscountfromNAVforaclosed-endinvestmentcompanyshares________overtime.
a.risesandfalls
b.rises
c.remainsconstant
d.falls
11）Tworiskyassets,AandB,havethefollowingscenariosofreturns:
ProbabilityAB
35%10%7%
35%-4%4%
30%9%-6%
ThecovariancebetweenthereturnsofAandBis________.
a.0.0036
b.0.0600
c.0.1052
d.0.0154
12）Open-endinvestmentcompanies
a.havesharesthattendtobepricedatadiscounttotheirNAVs.
b.willrepurchasesharesattheirNAVs.
c.donottypicallyrepurchaseshares.
d.donottypicallysellsharesaftertheirinitialpublicofferings.
13）Whichofthefollowingsituation（s）represent（s）anarbitrageopportunityunderCAPM?
I.AsecurityliesabovetheSML.
II.AsecurityliesbelowtheSML.
III.AsecurityliesabovetheCML.
IV.AsecurityliesbelowtheCML.
a.Ionly
b.IIonly
c.IIIonly
d.I&II
e.IVonly
f.I&III
14）Internationalfunds
a.typicallyhaveone-halfoftheirportfoliosinvestedintheU.S.
b.typicallyhaveone-thirdoftheirportfoliosinvestedintheU.S.
c.typicallyhaveone-fifthoftheirportfoliosinvestedintheU.S.
d.donotinvestanyportionoftheirportfoliosintheU.S.
e.typicallyhavetwo-thirdsoftheirportfoliosinvestedintheU.S.
15）________attempttomatchthecompositionofthemarket.
a.Compositefunds
b.Growthfunds
c.Balancedfunds
d.Marketindexfunds
16）Whichistruewhencombiningarisk-freeassetwithariskyportfolio?
a.Bothreturnandriskincreaseinanon-linearfashionalongthecapitalmarketline.
b.Thestandarddeviationisthenon-linearproportionofthestandarddeviationoftheriskyassetportfolio.
c.Agraphofportfolioreturnsandriskslookslikeastraightlinebetweenthetwoassets.
d.Theexpectedrateofreturnisanaverageweightedrelativelymoretotheriskyassets.
e.Alloftheseanswersarecorrect.
17）WhatwouldtheofferingpricebeiftheNAVofafundwitha7.5%loadis$10.25?
a.10.25
b.11.31
c.10.90
d.10.45
e.11.08
18）Thesharepriceofaclosed-endinvestmentcompanyis
a.generallyhigherthanitsNAV.
b.alwaysequaltoitsNAV.
c.typicallyequaltoitsNAV.
d.generallylowerthanitsNAV.
19）Annualmanagementfeescompensatingtheprofessionalmanagerstypicallyvaryfrom________oftheaveragenetassetsofthefund.
a.onehalftoonepercent
b.onequartertoonepercent
c.onetotwopercent
d.twotofivepercent
20）The"characteristicline"is________.
a.thetypicalMarkowitzefficientfrontier
b.usedtoderivethetotalriskofanasset
c.usedtoderivethesystematicriskofanasset
d.theSML
21）Ifthecorrelationcoefficientbetweentwoassetswithequalriskandexpectedreturnsis0.5,thentheexpectedreturnoftheportfoliowillbe
a.higherthanthatoftheindividualassets.
b.lowerthanthatoftheindividualassets.
c.78.2%ofthatoftheindividualassets.
d.50%ofthatoftheindividualassets.
e.thesameasthatoftheindividualassets.
22）Iftheaverageannualaftertaxcashflowwas$5,101,theaftertaxnetproceedsfromsaleswas$89,514,theinitialequitywas$60,000andnwas5,thenwhatistheapproximateyield?
a.15.7%
b.14.7%
c.15.2%
d.16.9%
23）Systematicriskisdefinedas
a.riskthatcanbediversifiedaway.
b.riskthatisdiversifiedawayinthemarketportfolio.
c.thevariabilityofallriskyassetscausedbymacroeconomicvariables.
d.thevariabilityofallriskyassetscausedbyconditionsuniquetoindividualassets.
24）Themajordutiesofaninvestmentmanagementcompanyare:
I.handlingofredemptionsanddividends
II.investmentresearchandportfoliomanagement
III.recommendingstocksandbondstoinvestors
IV.arrangingbankloansforfundinvestors
a.I,II&III
b.IIonly
c.I&II
d.I,II,III&IV
25）Individualswithnear-term,high-prioritygoalsshouldselect:
a.highrisk,shortterminvestments.
b.highrisk,longterminvestments.
c.lowrisk,shortterminvestments.
d.lowrisk,longterminvestments.
26）Aportfoliothathasanegativebeta:
a.hasanexpectedreturnlessthantherisk-freerate.
b.cannotexist.
c.noneoftheseanswers.
d.hasanexpectedreturnmorethanthemarket'sexpectedrate.
27）Twocountries,GaziabadandJhumritalayya,havewell-developedstockmarkets.Thecovariancebetweentheirnationalmarketindicesis0.04.Gaziabad'sindexhasa20%standarddeviationwhileJhumritalayyadisplaysastandarddeviationof27%.Gaziabad'sindexhasanexpectedreturnof31%whilethatofJhumritalayyahasanexpectedreturnof42%.Aninternationalinvestorwhoinvests35%ofhiswealthinGaziabadandtherestinJhumritalayyacanexpectanexpectedreturnof________andastandarddeviationof________.
a.38%;23%
b.39%;25%
c.33%;26%
d.35%;26.5%
28）WhichofthefollowingisNOToneofthefourdecisionstobemadeinanindividual'sinvestmentstrategy?
a.Determinetheregulatoryconstraintsgoverningtheinvestmentprocess.
b.Assignpolicyweightstoeacheligibleassetclass.
c.Decideonwhichspecificsecuritieswillbepurchased.
d.Identifytheassetclassestobeusedforinvestments.
29）The________interestraterepresentsthepuretimevalueofmoney.
a.long-termborrowing
b.risk-free
c.nominal
d.compounded
30）The________ofaninvestmentcompanydependsonthecompany'sportfolioofstocks.
a.noneoftheseanswers
b.liquidityoftheshares
c.valueoftheshares
d.bond-rating
31）Thebasicinterestrateassumingnoinflationandnouncertaintyaboutcashflowiscalledthe________risk-freerate.
a.subjective
b.nominal
c.real
d.objective
32）Ifinvestorsbecomemoreriskaverse,andexpectedrealgrowthincreases,theslopeofthesecuritymarketline（SML）will________andwillshift________.
a.increase;upwards
b.increase;downwards
c.decrease;upwards
d.decrease;downwards
33）StockA'svarianceis25%anditscovariancewithstockBis20%.Ifthecorrelationcoefficientbetweenthestocksis0.3,thevarianceofstockBis________.
*1,778%
*177.8%
*1.778%
*17.78%
34）Giventhattheriskpremiumonthemarketis14%,andthebetaonanassetis0,whatwouldbetheriskpremiumontheasset?
a.4.4%
b.Notenoughinformation
c.0%
d.2%
35）TheCapitalMarketLinereflectsriskintermsof
a.Sharperatio.
b.coefficientofvariation.
c.beta.
d.standarddeviation.
36）TheexcessreturnonstockZwithbetaof0.88is6.3%.Ifthemarket'sexpectedreturnis13.2%,therisk-freerateequals________.
a.6.19%
b.6.04%
c.5.76%
d.5.91%
37）AsaportfoliomanagerofanAsiaPacificEquityFund,whichofthefollowingaffectyourdecisiononinvestmentsinportfoliowhichreplicatesthereturnsoftheNikkeiindex.（Assumeredemptions=newinvestment）.
I.businessrisk
II.liquidityrisk
III.exchangeraterisk
IV.countryrisk
a.I&II
b.I,II,III,&IV
c.I,II,&IV
d.III&IV
e.II,III,&IV
38）Thecorrelationcoefficientbetweenarisk-lessassetandthemarketportfolioovertheinvestmenthorizonequals________.
a.one
b.noneoftheseanswers
c.zero
d.indeterminate
39）Portfoliotheoryassumesthat
a.investorsareriskaverse.Givenachoicebetweeninvestingintwoassetswiththesamereturns,theywillinvestintheassetwiththelowerrisk.Thepurchaseofinsuranceisanindicat
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