复习资料学生用.docx

复习资料学生用.docx

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复习资料学生用

Chapter1

THEROLEOFFINANCIALMARKETS

TRUE/FALSE

F1.ThepowertocreatemoneyisgivenbytheConstitutiontotheFederalReserve.

F2.SinceM2excludestimedeposits,M-2isaless

comprehensivemeasureofthemoneysupplythanM1.

T3.Whenindividualswithdrawcashfromcheckingaccounts,themoneysupplyisunaffected.

F4.Theyieldcurverelatesriskandinterestrates.

T5.Duringmosthistoricalperiods,theyieldcurvehasbeenpositivelysloped.

T13.Apositively-slopedyieldcurveforecaststheinterestrateswillrise.

F14.Sinceinvestorsprefershort-termsecuritiestolonger-termsecurities,theyieldcurveisalwayspositivelysloped.

MULTIPLECHOICE

a1.M1includescoins,currency,and.

a.demanddeposits

b.savingsaccounts

c.certificatesofdeposit

d.timedeposits

c5.Moneyservesas

a.asubstituteforequity

b.aprecautionagainstinflation

c.amediumofexchange

d.arisk-freeliability

c6.Anassetisliquidifitiseasily

a.convertedintocash

b.marketed

c.convertedintocashwithoutloss

d.sold

d7.M2includes

1.demanddeposits

2.savingsaccounts

3.smallcertificatesofdeposit

a.1and2

b.2and3

c.1and3

d.allthree

Chapter2

INVESTMENTBANKING

TRUE/FALSE

T5.Theunderwritingofanissueofsecuritiesguaranteesthefirmissuingthesecuritiesaspecifiedamountofmoney.

T6.Theriskassociatedwithanunderwritingrestswiththeinvestmentbankers.

F7.AmajorfunctionoftheNewYorkStockExchangeisto

raisemoneyforfirms.

F8.Thepriceofanewissueisestablishedthroughthe

registrationprocesswiththeSEC.

F9.Inabesteffortsagreementtosellnewsecurities,thefirmissuingthesecuritiesagreestomakethebestefforttosellthesecurities.

MULTIPLECHOICE

c1.Afirmthatguaranteestheproceedsfromthesaleofanewissueofsecuritiesisthe

a.brokeragefirm

b.syndicate

c.underwriter

d.insurancecompany

b2.Iftheinitialofferpricefornewsecuritiesistoohigh,theunderwritersmay

1.purchasethesecuritieswiththeirownfunds

2.sellthesecuritiesattheofferprice

3.letthepricefall

a.1and2

b.1and3

c.2and3

d.1,2,and3

b3.Ifastockisinitiallyofferedtothepublicfor$20inanunderwritingbutthepriceimmediatelyfallsto$15,

1.thefirmreceived$20ashare

2.theinitialinvestorssustainaloss

3.demandexceededsupply

4.supplyexceededdemand

a.1,2,and3

b.1,2,and4

c.2and3

d.2and4

d4.Aninvestmentbanker

1.oftenunderwritesnewissuesofsecurities

2.maybeadivisionwithinabrokeragefirm

3.facilitatesthesaleofnewsecurities

a.1and2

b.1and3

c.2and3

d.allthree

b5.Whichofthefollowingisnotpartoftheunderwritingprocess?

a.theprospectus

b.theFederalReserve

c.theSecuritiesandExchangeCommission

d.thesyndicate

a13.TheSecuritiesandExchangeCommissionregulates

a.tradinginpubliclyheldsecurities

b.tradinginprivatelyheldsecurities

c.themarginrequirement

d.theamountastock'spricemaychange

d14.Theregulationofsecuritiesmarkets

a.discouragesinvestingbyrequiringtheregistration

ofinvestors

b.isenforcedbytheFederalReserve

c.protectsinvestorsfromtheirownmistakes

d.providesinvestorswithinformationtomake

informeddecisions

Chapter3

SECURITIESMARKETS

TRUE/FALSE

T16.Afterinvestorspurchasesecurities,theymustmakepaymentbythesettlementdate.

F17.ThemarginrequirementforstocksissetbytheFederalReserve.

T18.Theuseofmarginincreasesthepotentialpercentagereturnonaninvestmentinstock.

F19.Securitiesmarketsareofteninefficient,soinvestorscananticipatebeatingthemarketoveraperiodofyears.

T20.Stockpricestendtoadjustrapidlytonewinformation.

MULTIPLECHOICE

c1.Theregulationofsecuritymarkets

a.protectsinvestorsfrompoorinvestments

b.isenforcedbytheFederalReserve

c.isenforcedbytheSEC

d.appliesonlytogovernmentsecurities

c2.Organizedsecuritiesmarkets

a.areexamplesoffinancialintermediaries

b.transferresourcesfromsaverstoborrowers

c.aresecondarymarkets

d.arenotsubjecttoregulation

b3.Theindividual（orfirm）whomakesamarket

1.guaranteestobuyatspecified（bid）prices

2.guaranteestobuyatspecified（ask）prices

3.guaranteestosellatspecified（bid）prices

4.guaranteestosellatspecified（ask）prices

a.1and3

b.1and4

c.2and3

d.2and4

d4.Theminimummarginrequirementisestablishedby

a.brokeragefirms

b.Congress

c.theSEC

d.theFederalReserve

c9.Ifanindividualbuysstockonmarginanditspricerises,

a.theinvestormustputupadditionalcollateral

b.theinvestormustpaytaxontheunrealizedgain

c.theinvestormustpayinterestontheborrowedfunds

d.theinvestormaytakedeliveryofthestock

b10.Efficientsecuritiesmarketsimplythat

a.investorscannotoutperformthemarket

b.investorscannotexpecttooutperformthemarket

c.securitypricesarerandomlydetermined

d.thereislittleriskoflossoveranextendedinvestment

horizon

d11.Aninvestormayplacealimitorderthat

a.limitstheamountofcommissions

b.specifieswhenthestockwillbepurchased

c.establishestheexchangeonwhichthesecurity

istobeboughtorsold

d.statesapriceatwhichtheinvestorseeksto

buyorsellthestock

d16.Buyingstockonmargin

1.isanexampleoffinancialleverage

2.isbuyingstockwithborrowedfunds

3.requiresleavingthestockwiththebroker

a.1and2

b.1and3

c.2and3

d.allthree

a17.Over-the-counterstockquotesareobtainedthrough

a.Nasdaq

b.SEC

c.SIPC

d.FDIC

c18.Theefficientmarkethypothesis

a.suggeststhatthemarketforsecuritiesisbecoming

lessefficient

b.impliesthatinvestorcanconsistentlyoutperform

themarket

c.isbuiltuponcompetitionandtherapiddissemination

ofinformation

d.suggeststhatsecuritypriceschangeslowlyovertime

d19.Whichofthefollowingisinconsistentwithefficientsecuritiesmarkets?

a.stockpriceschangerapidlyinresponsetonew

information

b.investorscannotexpecttooutperformthemarket

consistently

c.bondpriceschangerapidlyinresponsetonew

information

d.analysisoffinancialdatawillleadtosuperior

investmentperformance

Chapter4

FINANCIALINTERMEDIARIES

TRUE/FALSE

T5.Ingeneral,bankspreferloansthatstressliquidity

andsafety.

T6.Savingsandloanassociationsareamajorsourceofmortgagefunds.

F7.Insurancecompaniesareamajorsourceofloanstoindividuals.

T8.Moneymarketmutualfundsinvestinshort-termsecuritieslikeU.S.Treasurybills.

T12.Afinancialintermediarycreatesclaimsonitself,whenitacceptsdepositors'funds.

F13.Ifafirmissuessecuritiesthataresoldtoacommercialbank,individuals'savingsaredirectlytransferredtothefirm.

F14.M-2excludescheckingaccountsinsavingsbanks.

MULTIPLECHOICE

b10.Afinancialintermediarytransfers

a.savingstohouseholds

b.savingstoborrowers

c.stockstobrokers

d.newstockissuestobuyers

a11.M2includes

1.demanddeposits

2.savingsaccounts

3.negotiablecertificatesofdeposit

a.1and2

b.2and3

c.1and3

d.allthree

b12.Aninvestmentbankisnotafinancialintermediarybecause

a.itdoesnottransfermoneyfrominvestorstofirms

b.itdoesnotcreateclaimsonitself

c.itdoesfacilitatethetransferoffunds

d.itcreatesclaimsonitself

Chapter5

THEFEDERALRESERVE

TRUE/FALSE

F1.ThepowertocreatemoneyisgivenbytheConstitutiontotheFederalReserve.

T2.Whencorporationsretire（payoff）loansfromcommercialbanks,excessreservesareincreased.

F3.Whenthegeneralpublicusesmoneyincheckingaccounts

topurchasestockissuedbycorporations,therequiredreservesofbanksarereduced.

F4.OnlylargecommercialbanksaresubjecttotheregulationoftheFederalReserve.

F5.WhentheFederalReservesellssecurities,themoneysupplyisincreased.

T6.WhentheFederalReservebuyssecurities,thereservesofbanksareincreased.

MULTIPLECHOICE

d10.ThepurposeoftheFederalReserveisto

a.financegovernmentoperations

b.protectinvestorsfrombankfailures

c.protectdepositsfrombankfailures

d.controlthesupplyofmoneyandcredit

b20.TheBoardofGovernors

a.managesthenation'sstockofgold

b.hasthesubstantivecontroloverthemoneysupply

c.controlstheU.S.Treasury

d.isappointedbytheU.S.Treasurer

a21.Ifcommercialbanksgrantloans,

a.themoneysupplyisincreased

b.totalreservesareincreased

c.excessreservesareincreased

d.themoneysupplyisreduced

d22.Commercialbanksmayborrowreservesfromeachotherinthe

a.reservesmarket

b.stockmarket

c.bankmarket

d.federalfundsmarket

a23.Bysellingsecuritiestothegeneralpublic,theFED

a.reducesthemoneysupply

b.raisescommercialbanks'deposits

c.increasesthemoneysupply

d.increasesbanks'excessreserves

a24.Thetoolsofmonetarypolicyinclude

a.openmarketoperations

b.thepurchaseofcorporatestock

c.thefederalgovernmentdeficit

d.taxation

b25.Ifthefederalgovernmentrunsadeficit,

a.taxesexceedexpenditures

b.expendituresexceedtaxes

c.receiptsexceedtaxes

d.taxesexceedrevenues

Chapter7THETIMEVALUEOFMONEY

TRUE/FALSE

F11.Ifabankpays5percentcompoundedsemiannually,thetruerateofinterestislessthan5percentannually.

F12.Ifapersonowes$50,000at10percentandannually