金融市场与金融机构练习三参考答案.docx

金融市场与金融机构练习三参考答案.docx

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金融市场与金融机构练习三参考答案

天津商业大学2014-2015学年一学期

课程考试试卷答案（C卷）

课程名称：

金融市场与金融机构考试时间：

120分钟年级：

xxx级

专业：

xxx

题目部分，（卷面共有75题，100分，各大题标有题量和总分）

一、MultipleChoiceQuestions（60小题，共60分）

（1分）1、Financialinstitutionsthatareformedunderatrustdeedandattractfundsbyinvitingthepublictobuyunitsare:

A.financecompanies

B.buildingsocieties.

C.unittrusts.

D.lifeinsuranceoffices.

答案：

C

（1分）2、Financialmarkets:

A.actasintermediariesbetweenborrowersandsavers.

B.directlyissueclaimsonsaverstoborrowers.

C.involvethebuyingandsellingofexistingfinancialsecuritiesonly.

D.involvebothprimaryandsecondarytransactions.

答案：

D

（1分）3、‘Liquidity’infinancialtermsis

A.afeatureofmoneyonly.

B.theeasewithwhichanassetcanbesoldatthepublishedmarketprice.

C.thebestmeasureofriskofafinancialasset.

D.tolowertherateofreturnforanasset.

答案：

B

（1分）4、Whenanindividualhasimmediateaccesstotheirfundsfromanaccountwithafinancialintermediary,theintermediaryisengagingin:

A.assettransformation.

B.liabilitymanagement.

C.liquiditymanagement.

D.credittransformation.

答案：

C

（1分）5、Themarketthatincludesindividuals,companiesandgovernmentsinthebuyingandsellingoflong-termdebtandequitysecuritiesisthe:

A.currencymarket.

B.debtmarket.

C.capitalmarket.

D.financialmarket.

答案：

C

（1分）6、Themajorfinancialassetstradedinthecapitalmarketare:

A.bankbillsandcommercialpaper.

B.Treasurynotesandcertificatesofdeposits.

C.bondsandconvertiblesecurities.

D.sharesandbonds.

答案：

D

（1分）7、Whichofthefollowingwouldbemostlikelytousefinancialmarketstoborrow?

A.Ahouseholdwithasmallamountsaved

B.Asmallbusinesswantingtoborrowtobuysomemachinery

C.Agovernmentauthoritywantingtoborrowtofinancehighwayconstruction

D.Acompanywithapoorcreditrating

答案：

C

（1分）8、Bothrealandfinancialassetshavefourprincipalattributesthataresignificantfactorsintheinvestmentdecisionprocess.Theseare:

I.liquidity

II.capitalgain

III.risk

IV.returnoryield

V.timepatternoffuturecashflows

VI.priceandcashflowvolatility

A.I,II,III,IV

B.I,III,IV,V

C.I,III,IV,VI

D.II,III,IV,V

答案：

B

（1分）9、Foradditionalfunding,acompanydecidestoissue$15millionincorporatebonds.Thesecuritieswillbeissuedintothe:

A.retailmarkets.

B.secondarymarkets.

C.moneymarkets.

D.capitalmarkets.

答案：

D

（1分）10、Whichofthefollowingcategoriesrepresentsthemostsignificantproportionoftotalmarket-rate-relatedoff-balance-sheetbusinessofthebanks?

A.Currencyswapagreements

B.Foreignexchangecontracts

C.Interestrateswaps

D.Interestratefutures

答案：

C

（1分）11、Whichofthefollowingstatementsaboutdirectcreditsubstitutesprovidedbyacommercialbankisincorrect?

A.Theyareprovidedtosupportaclient'sfinancialobligations.

B.Anexampleofadirectcreditsubstituteisabankguarantee.

C.Thebankprovidesfundingtoathirdpartyinsteadoftheclientprovidingthefunding.

D.Withadirectcreditsubstituteabank'sclientcanraisefundsdirectlyfromthefinancialmarkets.

答案：

C

（1分）12、WhichofthefollowingisNOTassociatedwiththepurposeofregulatingfinancialinstitutions?

A.Providingstabilityofthemoneysupply

B.Directingflowoffundstopriorityareas

C.Maintainingthesoundnessandstabilityofthefinancialsystem

D.Loweringthecostoffunds

答案：

D

（1分）13、Alargecommercialbankoperatingintheinternationalmarketswillgenerallyapplytothebanks'supervisortousethe_____tocreditrisk.

A.advancedinternalratings-basedapproach

B.foundationexternalratings-basedapproach

C.standardisedapproach

D.standardisedapproachwithexternalratings

答案：

A

（1分）14、Partofabank'sliquiditymanagementistoholdaportfolioof:

A.termloans.

B.mortgages.

C.Commonwealthgovernmentsecurities.

D.creditcardloans.

答案：

C

（1分）15、Withregardtobankbills,theactualroleoftheacceptoristo:

A.providetheinitialfunding.

B.actasmediatorbetweentheborrowerandbank.

C.issuethebankbill.

D.paythefacevalueofthefundstotheholderatmaturity.

答案：

D

（1分）16、Whichofthefollowingisincorrectinrelationtobillfinancing?

A.Thedraweristhepartyseekingthefunds.

B.Ifabankacceptsthebillthisenhancesitscreditquality.

C.Anissuerwillseektosellthebillinthemarketatthehighestyield.

D.Billsaresoldatadiscounttofacevalue.

答案：

C

（1分）17、Abankprovidesaloanof$1milliontoacompanythathasanArating.Calculatethedollarvalueofcapitalrequiredunderthecapitaladequacyrequirementstosupportthefacility.

A.$16000

B.$40000

C.$80000

D.$120000

答案：

B

（1分）18、Whenaninvestmentbankguaranteesacertainpriceforacompanyissuingnewshares,itisactingasa/an:

A.auctioneer.

B.broker.

C.dealer.

D.underwriter.

答案：

D

（1分）19、Whenaninvestmentbankhelpsacompanyselllargeparcelsofsharesdirectlytoinstitutionalinvestors,thisiscalled:

A.duediligence.

B.placement.

C.securitisation.

D.underwriting.

答案：

B

（1分）20、Superannuationfundsthataimatdeliveringalongertermincomestreamandcapitalappreciationbyacquiringadiversifiedassetportfolioacrossawiderriskspectrumareclassifiedas:

A.managedgrowthfunds.

B.capitalguaranteedfunds.

C.balancedgrowthfunds.

D.capitalstablefunds.

答案：

C

（1分）21、Sincetheearly1990s,publicunittrustshaveseenthelargestgrowthinassetsin:

A.cashanddeposits.

B.long-termgovernmentsecurities.

C.equitiesandunitsintrusts.

D.landandbuildings.

答案：

C

（1分）22、Aprimaryaimofcorporatemanagementshouldbeto:

A.maximisethecompany'sprofit.

B.maximisethenumberofshareholders.

C.maximisetheshareholders'wealth.

D.minimisethecompany'scosts.

答案：

C

（1分）23、Awell-developedsecondarymarketislikelyto:

A.aidinraisingextrafinance.

B.helpmanageriskexposuresofinvestors.

C.helpwithcorporateagencyproblems.

D.includeallofthegivenanswers.

答案：

D

（1分）24、Inoptionsmarkets,optionpremiumsarepaidby:

A.optionwriterstobuyers.

B.optionbuyerstosellers.

C.bothoptionbuyersandsellers.

D.putoptionbuyersonly.

答案：

B

（1分）25、Thefinancerequiredbyacompanytofunditsday-to-dayoperationsiscalled:

A.dailyfinancing.

B.operationalfinancing.

C.operationalcapital.

D.workingcapital.

答案：

D

（1分）26、Apro-ratasharerightsoffermeansthattheoffer:

A.mustbemadetoallthestakeholdersofacompany.

B.mustbemadetobondholdersandshareholderswhogettheirofferinbeforeacut-offdate.

C.mustbemadetoshareholdersonthebasisofthenumberofsharesalreadyheld.

D.ismadeonlytotheshareholderswiththelargestnumberofsharesontheshareregisteratacut-offdate.

答案：

C

（1分）27、Anyunpaiddividendsthatmustbepaidbeforepaymentofdividendstoordinaryshareholdersarecalled_________preferenceshares.

A.participating

B.cumulative

C.non-cumulative

D.secured

答案：

B

（1分）28、Shareplacementsmay,subjecttocompliancewithcertainregulations,bemadetoinstitutionalinvestors.WhichofthefollowingconditionsisNOTarequirementoftheAustralianauthorityASICforshareplacements?

A.Theplacementshouldconsistofminimumsubscriptionsof$500000,orbemadeupofnotmorethan20participants.

B.Thediscountfromcurrentmarketpriceshouldnotbeexcessive.

C.Undernocircumstancesshouldplacementsbeinexcessof10%oftheissuedsharespermitted.

D.Thereisnoneedtoregisteraprospectus,butamemorandumofinformationdetailingthecompany'sactivitiesshouldbesenttoallparticipants.

答案：

C

（1分）29、Whenaninvestorpurchasesunitsinaunittrust,thisisknownas________investing.

A.absolute

B.direct

C.indirect

D.value

答案：

C

（1分）30、Whichfinancialratioisusedtomeasureacompany'sabilitytomeetitsshort-termfinancing?

A.Debt

B.Liquidity

C.Capitalstructure

D.Profitability

答案：

B

（1分）31、Ifacompanyoffersaone-for-fivebonusissueandthecurrentsharepricecum-bonusis$7.50,thetheoreticalvalueofeachshareex-bonusis:

A.$7.50

B.$6.25

C.$6.00

D.$5.00

答案：

B

（1分）32、Whichofthefollowingstatementsregardinganefficientcapitalmarketiscorrect?

A.Allsecuritiesthatinvestorswouldliketoinvestinarelisted.

B.Alltransactionsareclosedoutandsettledwithintwodays.

C.Currentpricesreflectallcurrentinformation.

D.Thelowestinterestratesareoffered.

答案：

C

（1分）33、Thegreaterthedegreeofsystematicrisk,the:

A.highertheexpectedshareprice.

B.highertheexpectedrateofreturn.

C.lowertheexpectedreturnonashare.

D.closerashare'sbetawillbeto1.

答案：

B

（1分）34、Theweakformoftheefficientmarkethypothesisdeniestheuseof:

A.technicalanalysis,butsupportsfundamentalanalysisasvalid.

B.fundamentalanalysis,butsupportstechnicalanalysisasvalid.

C.bothtechnicalanalysisandfundamentalanalysis.

D.technicalanalysis,butissilentonthepossibilityofsuccessfulfundamentalanalysis.

答案：

D

（1分）35、Atwhichlevelofmarketefficiencydoestheefficientmarkethypothesissupportthetechnicalanalysisapproachtofuturesharepricedetermination?

A.Weak-formefficiency

B.Semi-strongformefficiency

C.Strong-formefficiency

D.Noneofthegivenanswers

答案：

D

（1分）36、Considerthefollowingfivestatements:

i.Technicalanalystsrelyonverysophisticatedtechnicalmodelsofthemacroeconomicenvironment.

ii.Sinceallchartistsareconfrontedwithidenticalsharepricedata,theyshouldidentifyverysimilarpatternsandgenerateidenticalbuyandsellsignalsfromthedata.

iii.Achartistwilldrawresistancelevelsathighersharepricelevelswhereanincreaseinsupplyhaltspriceincreases.

iv.Chartistswilldrawsupportlinesatlowerpricelevelswhereanincreaseindemandhaltsapricefall.

v.Therandomwalkhy