金融市场与金融机构基础FabozziChapter02剖析.docx
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金融市场与金融机构基础FabozziChapter02剖析
FoundationsofFinancialMarketsandInstitutions,4e（Fabozzi/Modigliani/Jones）
Chapter2FinancialInstitutions,FinancialIntermediaries,andAssetManagementFirms
MultipleChoiceQuestions
1FinancialInstitutions
1）Financialenterprises,morepopularlyreferredtoasfinancialinstitutions,provideavarietyofservices.WhichofthebelowisNOToneofthese?
A）Transformfinancialassetsacquiredthroughthemarketandconstitutingthemintoadifferent,andmorewidelypreferable,typeofasset–whichbecomestheirliability.
B）Exchangefinancialassetsonbehalfofcustomersbutnotfortheirownaccounts.
C）Managetheportfoliosofothermarketparticipants.
D）Assistinthecreationoffinancialassetsfortheircustomers,andthensellthosefinancialassetstoothermarketparticipants.
Answer:
B
Comment:
Financialenterprisesexchangefinancialassetsbothonbehalfofcustomersandfortheirownaccounts.
Diff:
2
Topic:
2.1FinancialInstitutions
Objective:
2.1thebusinessoffinancialinstitutions
2）Financialintermediariesinclude________thatacquirethebulkoftheirfundsbyofferingtheirliabilitiestothepublicmostlyintheformofdeposits;insurancecompanies,pensionfunds,andfinancecompanies.
A）depositoryinstitutions
B）utilities
C）initialpublicofferings
D）preferredequityinstrument.
Answer:
A
Diff:
1
Topic:
2.1FinancialInstitutions
Objective:
2.1thebusinessoffinancialinstitutions
3）Somenonfinancialenterpriseshavesubsidiariesthatprovidefinancialservices.Thesefinancialinstitutionsarecalled________.
A）freefinancecompanies.
B）captivefinancecompanies.
C）captiveinvestmentcompanies.
D）captivefinanceshares.
Answer:
B
Comment:
Somenonfinancialenterpriseshavesubsidiariesthatprovidefinancialservices.Forexample,manylargemanufacturingfirmshavesubsidiariesthatprovidefinancingfortheparentcompany’scustomer.Thesefinancialinstitutionsarecalledcaptivefinancecompanies.ExamplesincludeGeneralMotorsAcceptanceCorporation（asubsidiaryofGeneralMotors）andGeneralElectricCreditCorporation（asubsidiaryofGeneralElectric）.
Diff:
2
Topic:
2.1FinancialInstitutions
Objective:
2.1thebusinessoffinancialinstitutions
4）Depositoryinstitutionsinclude________.
A）commercialbanks.
B）savingsandloanassociations.
C）savingsbanksandcreditunions.
D）Allofthese
Answer:
D
Diff:
1
Topic:
2.1FinancialInstitutions
Objective:
2.1thebusinessoffinancialinstitutions
2RoleofFinancialIntermediaries
1）Financialintermediariesgetfundsbyissuingfinancialclaimsagainstthemselvestomarketparticipants,andtheninvestingthosefunds.Theinvestmentsmadebyfinancialintermediariescanbein________.
A）loansbutnotinsecurities.
B）securitiesbutnotinloans.
C）loansand/orsecurities.
D）onlyequity.
Answer:
C
Diff:
1
Topic:
2.2RoleofFinancialIntermediaries
Objective:
2.2theroleoffinancialintermediaries
2）Financialintermediariesplaythebasicroleoftransformingfinancialassetsthatarelessdesirableforalargepartofthepublicintootherfinancialassets（theirownliabilities）whicharemorewidelypreferredbythepublic.Thistransformationinvolvesatleastoneoffoureconomicfunctions.WhichofthebelowisNOToneofthesefunctions?
A）providingmaturityintermediation
B）enhancingriskviadiversification
C）reducingthecostsofcontractingandinformationprocessing
D）providingapaymentsmechanism
Answer:
B
Comment:
Financialintermediariesplaythebasicroleoftransformingfinancialassetsthatarelessdesirableforalargepartofthepublicintootherfinancialassets（theirownliabilities）whicharemorewidelypreferredbythepublic.Thistransformationinvolvesatleastoneoffoureconomicfunctions:
（1）providingmaturityintermediation,
（2）reducingriskviadiversification,（3）reducingthecostsofcontractingandinformationprocessing,and（4）providingapaymentsmechanism.
Diff:
2
Topic:
2.2RoleofFinancialIntermediaries
Objective:
2.2theroleoffinancialintermediaries
3）Thecommercialbankbyissuingitsownfinancialclaimstransformsalonger-termassetintoashorter-termonebygivingtheborroweraloanforthelengthoftimesoughtandtheinvestor/depositorafinancialassetforthedesiredinvestmenthorizon.Thisfunctionofafinancialintermediaryiscalled________.
A）diversification.
B）maturityintermediation.
C）informationprocessingcosts.
D）providingpaymentmechanisms.
Answer:
B
Diff:
2
Topic:
2.2RoleofFinancialIntermediaries
Objective:
2.4howfinancialintermediariestransformthematurityofliabilitiesandgivebothshort-termdepositorsandlonger-term,finalborrowerswhattheywant
4）Theeconomicfunctionoffinancialintermediariesthattransformsmoreriskyassetsintolessriskyonesiscalled________.
A）diversification.
B）maturityintermediation.
C）informationprocessingcosts.
D）providingpaymentmechanisms.
Answer:
A
Diff:
1
Topic:
2.2RoleofFinancialIntermediaries
Objective:
2.5howfinancialintermediariesofferinvestorsdiversificationandsoreducetherisksoftheirinvestments
5）Thecostsofwritingloancontractsarereferredtoas________.
A）assetcosts.
B）loancosts.
C）informationprocessingcosts.
D）contractingcosts.
Answer:
D
Comment:
Thecostsofwritingloancontractsarereferredtoascontractingcosts.Thereisalsoanotherdimensiontocontractingcosts,thecostofenforcingthetermsoftheloanagreement.
Diff:
2
Topic:
2.2RoleofFinancialIntermediaries
Objective:
2.6thewayfinancialintermediariesreducethecostsofacquiringinformationandenteringintocontractswithfinalborrowersoffunds
6）WhichofthebelowstatementsisFALSE?
A）Investorspurchasingfinancialassetsshouldtakethetimetodevelopskillsnecessarytounderstandhowtoevaluateaninvestmentandthenapplytheseskillstotheanalysisofspecificfinancialassetsthatarecandidatesforpurchase（orsubsequentsale）.
B）Investorswhowanttomakealoantoaconsumerorbusinesswillneedtowritetheloancontract（orhireanattorneytodoso）.Althoughtherearesomepeoplewhoenjoydevotingleisuretimetothistask,mostprefertousethattimeforjustthat–leisure.
C）Inadditiontotheopportunitycostofthetimetoprocesstheinformationaboutthefinancialassetanditsissuer,thereisthecostofacquiringthatinformation.Allthesecostsarecalledcontractingcosts.
D）Onedimensiontocontractingcostsinvolvesthecostofenforcingthetermsoftheloanagreement.
Answer:
C
Comment:
Inadditiontotheopportunitycostofthetimetoprocesstheinformationaboutthefinancialassetanditsissuer,thereisthecostofacquiringthatinformation.Allthesecostsarecalledinformationprocessingcosts.
Diff:
3
Topic:
2.2RoleofFinancialIntermediaries
Objective:
2.6thewayfinancialintermediariesreducethecostsofacquiringinformationandenteringintocontractswithfinalborrowersoffunds
3OverviewofAsset/LiabilityManagementforFinancialInstitutions
1）Tounderstandthereasonsmanagersoffinancialinstitutionsinvestinparticulartypesoffinancialassetsandthetypesofinvestmentstrategiestheyuse,itisnecessarytohaveageneralunderstandingofthe________thattheyface.
A）investment/employeeproblem
B）riskmanagement/dividendproblem
C）shot-term/long-termassetproblem
D）asset/liabilityproblem
Answer:
D
Diff:
3
Topic:
2.3OverviewofAsset/LiabilityManagementforFinancialInstitutions
Objective:
2.8thenatureofthemanagementofassetsandliabilitiesbyfinancialintermediaries
2）Theobjectiveofa________istoearnapositivespreadbetweentheassetsitinvestsin（whatithassoldthemoneyfor）andthecostsofitsfunds（whatithaspurchasedthemoneyfor）.
A）limitedpartnership
B）corporation
C）lifeinsurancecompany
D）depositoryinstitution
Answer:
D
Diff:
2
Topic:
2.3OverviewofAsset/LiabilityManagementforFinancialInstitutions
Objective:
2.8thenatureofthemanagementofassetsandliabilitiesbyfinancialintermediaries
3）WhichofthebelowstatementsisFALSE?
A）Thenatureoftheliabilitiesdictatestheinvestmentstrategyafinancialinstitutionwillpursue.
B）Theobjectiveofadepositoryinstitutionistoearnapositivespreadbetweentheassetsitinvestsin（whatithassoldthemoneyfor）andthecostsofitsfunds（whatithaspurchasedthemoneyfor）.
C）Lifeinsurancecompaniesand,toacertainextent,propertyandcasualtyinsurancecompaniesareinthespreadbusiness.
D）Pensionfundsareinthespreadbusinessinthattheydonotraisefundsthemselvesinthemarket.
Answer:
D
Comment:
Pensionfundsarenotinthespreadbusinessinthattheydonotraisefundsthemselvesinthemarket.
Diff:
1
Topic:
2.3OverviewofAsset/LiabilityManagementforFinancialInstitutions
Objective:
2.8thenatureofthemanagementofassetsandliabilitiesbyfinancialintermediaries
4）WhichofthebelowstatementsisTRUE?
A）ForType-IILiabilities,boththeamountandthetimingoftheliabilitiesareknownwithcertainty
B）Bytheliabilitiesofafinancialinstitution,wemeantheamountandtimingofthecashoutlaysthatmustbemadetosatisfythecontractualtermsoftheobligationsissued.
C）Whenwerefertoacashoutlayasbeinguncertain,wemeanthatitcannotbepredicted.
D）Type-ILiabilities,theamountofcashoutlayisknown,butthetimingofthecashoutlayisuncertain.
Answer:
B
Comment:
ForType-ILiabilities,boththeamountandthetimingoftheliabilitiesareknownwithcertainty.Type-IILiabilities,theamountofcashoutlayisknown,butthetimingofthecashoutlayisuncertain.When
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