Chapter 01 The Investment Environment.docx
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Chapter01TheInvestmentEnvironment
Chapter01
TheInvestmentEnvironment
MultipleChoiceQuestions
1. Thematerialwealthofasocietyisafunctionof_________.
A. allfinancialassets
B. allrealassets
C. allfinancialandrealassets
D. allphysicalassets
E. allcommodities
2. _______is/arearealasset（s）.
A. Onlyland
B. Onlymachines
C. Onlystocksandbonds
D. Onlyknowledge
E. Land,machines,andknowledgearerealassets
3. Themeansbywhichindividualsholdtheirclaimsonrealassetsinawell-developedeconomyare
A. investmentassets.
B. depositoryassets.
C. derivativeassets.
D. financialassets.
E. exchange-drivenassets.
4. _______is/arefinancialassets.
A. Onlybonds
B. Onlymachines
C. Onlystocks
D. Stocksandbonds
E. Knowledge
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. In2009,____________wasthemostsignificantrealassetofTaiwanesehouseholdsintermsoftotalvalue.
A. consumerdurablesandsemi-durables
B. foreignassets
C. realestate
D. mutualfunds
E. bankloans
8. In2009,Currencyand____________weretheleastsignificantfinancialassetsofTaiwanesehouseholdsintermsoftotalvalue.
A. realestate
B. mutualfunds
C. lifeinsurancereserves
D. debtsecuritiesandother
E. pensionfundreserves
9. In2009,____________wasthemostsignificantfinancialassetofTaiwanesehouseholdsintermsoftotalvalue.
A. realestate
B. mutualfunds
C. debtsecuritiesandother
D. lifeinsurancereserves
E. deposits
10. In2009,____________wasthemostsignificantassetofTaiwanesehouseholdsintermsoftotalvalue.
A. realestate
B. mutualfunds
C. debtsecuritiesandother
D. lifeinsurancereserves
E. pensionfundreserves
11. In2009,____________wasthemostsignificantliabilityofTaiwanesehouseholdsintermsoftotalvalue.
A. foreignliabilities
B. loans
C. accountspayable
D. realestate
E. otherdebt
12. WhichofthefollowingfinancialassetsmadeupthegreatestproportionofthefinancialassetsheldbyTaiwanesehouseholds?
A. Deposits
B. Lifeinsurancereserves
C. Mutualfunds
D. Debtsecuritiesandother
E. Personaltrusts
13. In2009,_______ofthetotalassetsofTaiwanesehouseholdsweredomesticfinancialassets.
A. 20.4%
B. 34.2%
C. 56.5%
D. 71.7%
E. 82.5%
14. ThelargestcomponentofdomesticnetworthofTaiwanin2009was____________.
A.equipment
B. realestate
C. otherassets
D. consumerdurablesandsemi-durables
E. inventories
15. ThesmallestcomponentofdomesticnetworthofTaiwanin2009was____________.
A.equipment
B. realestate
C. otherassets
D. consumerdurablesandsemi-durables
E. inventories
16. ThenationalnetworthofTaiwanin2009（inNT$100million）was_________.
A. NT$154,111
B. NT$264,387
C. NT$426,698
D. NT$1,302,656
E. NT$1,709,836
17. Afixed-incomesecuritypays____________.
A. afixedlevelofincomeforthelifeoftheowner
B. afixedstreamofincomeorastreamofincomethatisdeterminedaccordingtoaspecifiedformulaforthelifeofthesecurity
C. avariablelevelofincomeforownersonafixedincome
D. afixedorvariableincomestreamattheoptionoftheowner
E. arisklessreturnthatisfixedforlife
18. Adebtsecuritypays____________.
A. afixedlevelofincomeforthelifeoftheowner
B. avariablelevelofincomeforownersonafixedincome
C. afixedorvariableincomestreamattheoptionoftheowner
D. afixedstreamofincomeorastreamofincomethatisdeterminedaccordingtoaspecifiedformulaforthelifeofthesecurity
E. arisklessreturnthatisfixedforlife
19. Moneymarketsecurities____________.
A. areshortterm
B. arehighlymarketable
C. aregenerallyverylowrisk
D. areshortterm,highlymarketable,andgenerallyverylowrisk
E. highlymarketableandgenerallyverylowrisk
20. Anexampleofaderivativesecurityis/are______.
A. acommonshareofMicrosoft
B. anIntelbond
C. acommodityfuturescontractandacalloptiononIntelstock
D. acalloptiononIntelstockandanIntelbond
E. acommonshareofIntelstock
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. Financialassetscanpermitallofthefollowingexcept____________.
A. consumptiontiming
B. allocationofrisk
C. separationofownershipandcontrol
D. eliminationofrisk
E. easytransferofownership
24. The____________referstothepotentialconflictbetweenmanagementandshareholders.
A. agencyproblem
B. diversificationproblem
C. liquidityproblem
D. solvencyproblem
E. regulatoryproblem
25. Adisadvantageofusingstockoptionstocompensatemanagersisthat
A. itencouragesmangerstoundertakeprojectsthatwillincreasestockprice.
B. itencouragesmanagerstoengageinempirebuilding.
C. itcancreateanincentiveformangerstomanipulateinformationtopropupastockpricetemporarily,givingthemachancetocashoutbeforethepricereturnstoalevelreflectiveofthefirm'strueprospects.
D. itcausesmanagerstotakeunduerisks.
E. itcausesmanagerstobetooconservative.
26. Whichofthefollowingaremechanismsthathaveevolvedtomitigatepotentialagencyproblems?
I）Compensationintheformofthefirm'sstockoptions
II）Hiringbickeringfamilymembersascorporatespies
III）Underperformingmanagementteamsbeingforcedoutbyboardsofdirectors
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. increasedbenefitstoexistingmanagementoftakenoverfirm
D. improvedmanagementandincreasedstockprice
E. worsemanagementanddecreasedstockprice
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. requirescorporationstohavemoreindependentdirectorsandrequiresthefirm'sCFOtopersonallyvouchforthefirm'saccountingstatements,prohibitsauditingfirmsfromprovidingotherservicestoclients,andrequirescorporationstohavemoreindependentdirectorsandrequiresthefirm'sCFOtopersonallyvouchforthefirm'saccountingstatements
31. Assetallocationrefersto____________.
A. choosingwhichsecuritiestoholdbasedontheirvaluation
B. investingonlyin"safe"securities
C. theallocationofassetsintobroadassetclasses
D. bottom-upanalysis
E. top-downanalysis
32. Securityselectionrefersto____________.
A. choosingwhichsecuritiestoholdbasedontheirvaluation
B. investingonlyin"safe"securities
C. theallocationofassetsintobroadassetclasses
D. top-downanalysis
E. movingassetsbetweenstocksandbonds
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
E. Assetallocation
35. _______areexamplesoffinancialintermediaries.
A. Commercialbanks
B. Insurancecompanies
C. Investmentcompanies
D. Creditunions
E. Commercialbanks,insurancecompanies,investmentcompanies,andcreditunions
36. Financialintermediariesexistbecausesmallinvestorscannotefficiently________.
A. diversifytheirportfolios
B. assesscreditriskofborrowers
C. advertiseforneededinvestments
D. diversifytheirportfolios,assesscreditriskofborrowers,oradvertiseforneededinvestments
E. diversifytheirportfoliosorassesscreditriskofborrowers
37. ___
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