货币银行学doc题库.docx

货币银行学doc题库.docx

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货币银行学doc题库

1）Ofthefollowingmeasuresofinterestrates,whichisconsideredbyeconomiststobethemostaccurate?

（a）Theyieldtomaturity

（b）Thecouponrate

（c）Thecurrentyield

（d）Theyieldonadiscountbasis

Answer:

A

QuestionStatus:

PreviousEdition

2）Toclaimthatalotterywinnerwhoistoreceive$1millionperyearfortwentyyearshaswon$20millionignorestheconceptof

（a）amortizingaloan.

（b）parvalue.

（c）deflation.

（d）discountingthefuture.

（e）facevalue.

Answer:

D

QuestionStatus:

New

3）Ifasecuritypays$110nextyearand$121theyearafterthat,whatisitsyieldtomaturityifitsellsfor$200?

（a）9percent

（b）10percent

（c）11percent

（d）12percent

Answer:

B

4）Whichofthefollowingaretrueofsimpleloans?

（a）Asimpleloanrequirestheborrowertorepaytheprincipalandinterestatthematuritydate.

（b）Commercialloanstobusinessesareoftenofthistype.

（c）Theborrowerrepaystheloanbymakingthesamepaymenteverymonth.

（d）Both（a）and（b）oftheabove.

（e）Both（b）and（c）oftheabove.

Answer:

D

QuestionStatus:

PreviousEdition

5）Forsimpleloans,thesimpleinterestrateis_____theyieldtomaturity.

（a）greaterthan

（b）lessthan

（c）equalto

（d）notcomparableto

Answer:

C

6）QuestionStatus:

PreviousEditionWithaninterestrateof5percent,thepresentvalueof$100nextyearisapproximately

（a）$100.

（b）$105.

（c）$95.

（d）$90.

Answer:

C

7）If$1102.50istheamountpayableintwoyearsfora$1000simpleloanmadetoday,theinterestrateis

（a）2.5percent.

（b）5percent.

（c）10percent.

（d）12.5percent.

（e）20percent.

Answer:

B

8）Aloanthatrequirestheborrowertomakethesamepaymenteveryperioduntilthematuritydateiscalleda

（a）simpleloan.

（b）fixed-paymentloan.

（c）discountloan.

（d）asame-paymentloan.

（e）noneoftheabove.

Answer:

B

9）Acouponbondpaystheownerofthebond

（a）thesameamounteverymonthuntilmaturitydate.

（b）thefacevalueofthebondplusaninterestpaymentoncethematuritydatehasbeenreached.

（c）afixed-interestpaymenteveryperiodandrepaysthefacevalueatthematuritydate.

（d）thefacevalueatthematuritydate.

（e）noneoftheabove.

Answer:

C

10）Whichofthefollowingaretrueforacouponbond?

（a）Whenthecouponbondispricedatitsfacevalue,theyieldtomaturityequalsthecouponrate.

（b）Thepriceofacouponbondandtheyieldtomaturityarenegativelyrelated.

（c）Theyieldtomaturityisgreaterthanthecouponratewhenthebondpriceisbelowtheparvalue.

（d）Alloftheabovearetrue.

（e）Only（a）and（b）oftheabovearetrue.

Answer:

D

QuestionStatus:

PreviousEdition

11）Thepriceofaconsol

（a）equalsthecouponpaymenttimestheinterestrate.

（b）equalsthecouponpaymentplustheinterestrate.

（c）equalsthecouponpaymentminustheinterestrate.

（d）equalsthecouponpaymentdividedbytheinterestrate.

（e）cannotbedetermined.

Answer:

D

12）Aconsolpaying$1annuallywhentheinterestrateis4percenthasapriceof

（a）$4.

（b）$20.

（c）$25.

（d）$100.

（e）$400.

Answer:

C

13）Whichofthefollowing$1,000face-valuesecuritieshasthehighestyieldtomaturity?

（a）A5percentcouponbondsellingfor$1,000

（b）A10percentcouponbondsellingfor$1,000

（c）A15percentcouponbondsellingfor$1,000

（d）A15percentcouponbondsellingfor$900

Answer:

D

14）Whichofthefollowingbondswouldyouprefertobebuying?

（a）A$10,000face-valuesecuritywitha6percentcouponsellingfor$10,000

（b）A$10,000face-valuesecuritywitha7percentcouponsellingfor$10,000

（c）A$10,000face-valuesecuritywitha9percentcouponsellingfor$10,000

（d）A$10,000face-valuesecuritywitha10percentcouponsellingfor$10,000

（e）A$10,000face-valuesecuritywitha10percentcouponsellingfor$9,000

Answer:

E

QuestionStatus:

New

15）Whichofthefollowingbondswouldyouprefertobeselling?

（a）A$10,000face-valuesecuritywitha6percentcouponsellingfor$10,000

（b）A$10,000face-valuesecuritywitha6percentcouponsellingfor$9,000

（c）A$10,000face-valuesecuritywitha6percentcouponsellingfor$11,000

（d）A$10,000face-valuesecuritywitha7percentcouponsellingfor$10,000

（e）A$10,000face-valuesecuritywitha7percentcouponsellingfor$9,000

Answer:

C

16）Acreditmarketinstrumentthatpaystheownerthefacevalueofthesecurityatthematuritydateandnothingpriortotheniscalleda

（a）simpleloan.

（b）fixed-paymentloan.

（c）couponbond.

（d）discountbond.

Answer:

D

17）Examplesofdiscountbondsinclude

（a）U.S.Treasurybills.

（b）U.S.savingsbonds.

（c）zero-couponbonds.

（d）alloftheabove.

（e）only（a）and（b）oftheabove.

Answer:

D

18）Ifa$10,000face-valuediscountbondmaturinginoneyearissellingfor$5,000,thenitsyieldtomaturityis

（a）5percent.

（b）10percent.

（c）50percent.

（d）100percent.

Answer:

D

19）Adiscountbondsellingfor$15,000withafacevalueof$20,000inoneyearhasayieldtomaturityof

（a）3percent.

（b）20percent.

（c）25percent.

（d）33.3percent.

（e）66.7percent.

Answer:

D

20）Whichofthefollowingaretrueforthecurrentyield?

（a）Thecurrentyieldisdefinedastheyearlycouponpaymentdividedbythepriceofthesecurity.

（b）Theformulaforthecurrentyieldisidenticaltotheformuladescribingtheyieldtomaturityforaconsol.

（c）Thecurrentyieldwillbeacloseapproximationfortheyieldtomaturitythelongerthetimetomaturity,andthecloserthebondpricetoitsparvalue.

（d）Alloftheabovearetrue.

（e）Only（a）and（b）oftheabovearetrue.

Answer:

D

21）Thecurrentyield,whichequalsthecouponpaymentdividedbythepriceofacouponbond,isalessaccuratemeasureoftheyieldtomaturitythe______thematurityofthebondandthe______thepriceisfrom/totheparvalue.

（a）shorter;closer

（b）shorter;farther

（c）longer;closer

（d）longer;farther

Answer:

B

22）The_____isabetterapproximationforthe_____,thenearerthebond’spriceistothebond’sparvalueandthelongerthematurityofthebond.

（a）currentyield;yieldtomaturity

（b）currentyield;couponrate

（c）yieldtomaturity;currentyield

（d）yieldtomaturity;couponrate

Answer:

A

23）Thecurrentyieldona$10,000,10percentcouponbondsellingfor$5,000is

（a）30percent.

（b）33percent.

（c）60percent.

（d）20percent.

Answer:

D

24）Aproblemwiththeyieldondiscountbasisisthatit__________theyieldtomaturity,andthis__________increases,the___________thematurityofthediscountbond.

（a）understates;understatement;longer

（b）understates;understatement;shorter

（c）overstates;overstatement;longer

（d）overstates;overstatement;shorter

（e）approximates;approximation;longer

Answer:

A

25）Theyieldonadiscountbasisofa90-day$1,000Treasurybillsellingfor$900is

（a）10percent.

（b）20percent.

（c）25percent.

（d）40percent.

Answer:

D

26）Anequalincreaseinallbondinterestrates

（a）increasesthepriceofafive-yearbondmorethanthepriceofaten-yearbond.

（b）increasesthepriceofaten-yearbondmorethanthepriceofafive-yearbond.

（c）decreasesthepriceofafive-yearbondmorethanthepriceofaten-yearbond.

（d）decreasesthepriceofaten-yearbondmorethanthepriceofafive-yearbond.

（e）increasesallbondpricesbythesamedollaramount.

Answer:

D

27）Thereturnona5percentcouponbondthatinitiallysellsfor$1,000andsellsfor$950nextyearis

（a）10percent.

（b）5percent.

（c）0percent.

（d）5percent.

Answer:

C

28）Whichofthefollowingaregenerallytrueofallbonds?

（a）Theonlybondwhosereturnequalstheinitialyieldtomaturityisonewhosetimetomaturityisthesameastheholdingperiod.

（b）Ariseininterestratesisassociatedwithafallinbondprices,resultingincapitallossesonbondswhosetermstomaturityarelongerthantheholdingperiods.

（c）Thelongerabond’smaturity,thesmalleristhesizeofthepricechangeassociatedwithaninterestratechange.

（d）Alloftheabovearetrue.

（e）Only（a）and（b）oftheabovearetrue.

Answer:

E

29）Thenominalinterestrateminustheexpectedrateofinflation

（a）definestherealinterestrate.

（b）isabettermeasureoftheincentivestoborrowandlendthanisthenominalinterestrate.

（c）isamoreaccurateindicatorofthetightnessofcreditmarketconditionsthanisthenominalinterestrate.

（d）indicatesalloftheabove.

（e）indicatesonly（a）and（b）oftheabove.

Answer:

D

30）Inwhichofthefollowingsituationswouldyouprefertobethelender?

（a）Theinterestrateis9percentandtheexpectedinflationrateis7percent.

（b）Theinterestrateis4percentandtheexpectedinflationrateis1percent.

（c）Theinterestrateis13percentandtheexpectedinflationrateis15percent.

（d）Theinterestrateis25percentandtheexpectedinflationrateis50percent.

Answer:

B

31）Ifyouexpecttheinflationratetobe4percentnextyearandaoneyearbondhasayieldtomaturityof7percent,thentherealinterestrateonthisbondis

（a）3percent.

（b）2percent.

（c）3percent.

（d）7percent.

Answer:

C