投资学模拟题80道.docx

1、投资学模拟题80道证券投资学模拟题注：请将答案统一写在答题纸上，注明题号！1) One of the major benefits of mutual funds is _. a. that they are low-risk b. that they provide instant diversification c. that they have predictable returns d. that they are easily bought and sold e. all of these answers are major benefits2) By adding stocks t

2、o a portfolio that are not perfectly correlated with stocks in the portfolio, you cannot _ variability.a. eliminateb. decreasec. increased. none of these answers3) _ permits funds to deduct as much as 1.25 percent of average net assets per year to cover distribution costs. a. Rule 144a b. The 12b-1

3、plan c. The 12b-1 Act d. The New Funds plan4) If the nominal RFR(risk-free rate) is .09 and the inflation rate is .05, the real RFR is _. a. .963 b. -.036 c. .555 d. .0385) Which is a characteristic of an open-end investment company? a. sells no further shares b. you receive the NAV price of any sha

4、re sales c. sells shares at a discount to NAV d. its stock trades on the secondary market e. market price of its shares is determined by supply and demand6) A Markowitz efficient investor is one who a. chooses the point on the efficient frontier that has the highest rate of return. b. chooses only a

5、 point on or below the efficient frontier. c. chooses a point on the efficient frontier where his utility maps are perpendicular to the efficient frontier. e. chooses a point on the efficient frontier where his utility maps are tangent to the efficient frontier.7) An investment company a. invests a

6、pool of funds belonging to many individuals. b. lends money to other companies or individuals. c. borrows money from individuals and invests that money in securities. d. invests only in stocks.8) Money market funds attempt to _.I. provide current income and safety of principalII. provide liquidityII

7、I. hedge the investors riskIV. provide long-term capital gain a. II only b. I & IV c. I & II d. I & III9) You have estimated that the expected rate of return on your investment is 10.6%. However, the CAPM required rate of return is 11.3%. In the context of CAPM, your portfolio is _. a. under-priced

8、b. under- or overpriced c. fairly priced d. overpriced10) The average discount from NAV for a closed-end investment company shares _ over time. a. rises and falls b. rises c. remains constant d. falls11) Two risky assets, A and B, have the following scenarios of returns:Probability A B35% 10% 7%35%

9、-4% 4%30% 9% -6%The covariance between the returns of A and B is _. a. 0.0036 b. 0.0600 c. 0.1052 d. 0.015412) Open-end investment companies a. have shares that tend to be priced at a discount to their NAVs. b. will repurchase shares at their NAVs. c. do not typically repurchase shares. d. do not ty

10、pically sell shares after their initial public offerings.13) Which of the following situation(s) represent(s) an arbitrage opportunity under CAPM?I. A security lies above the SML.II. A security lies below the SML.III. A security lies above the CML.IV. A security lies below the CML. a. I only b. II o

11、nly c. III only d. I & II e. IV only f. I & III14) International funds a. typically have one-half of their portfolios invested in the U.S. b. typically have one-third of their portfolios invested in the U.S. c. typically have one-fifth of their portfolios invested in the U.S. d. do not invest any po

12、rtion of their portfolios in the U.S. e. typically have two-thirds of their portfolios invested in the U.S.15) _ attempt to match the composition of the market. a. Composite funds b. Growth funds c. Balanced funds d. Market index funds16) Which is true when combining a risk-free asset with a risky p

13、ortfolio? a. Both return and risk increase in a non-linear fashion along the capital market line. b. The standard deviation is the non-linear proportion of the standard deviation of the risky asset portfolio. c. A graph of portfolio returns and risks looks like a straight line between the two assets

14、. d. The expected rate of return is an average weighted relatively more to the risky assets. e. All of these answers are correct.17) What would the offering price be if the NAV of a fund with a 7.5% load is $10.25? a. 10.25 b. 11.31 c. 10.90 d. 10.45 e. 11.0818) The share price of a closed-end inves

15、tment company is a. generally higher than its NAV. b. always equal to its NAV. c. typically equal to its NAV. d. generally lower than its NAV.19) Annual management fees compensating the professional managers typically vary from _ of the average net assets of the fund. a. one half to one percent b. o

16、ne quarter to one percent c. one to two percent d. two to five percent20) The characteristic line is _. a. the typical Markowitz efficient frontier b. used to derive the total risk of an asset c. used to derive the systematic risk of an asset d. the SML21) If the correlation coefficient between two

17、assets with equal risk and expected returns is 0.5, then the expected return of the portfolio will be a. higher than that of the individual assets. b. lower than that of the individual assets. c. 78.2% of that of the individual assets. d. 50% of that of the individual assets. e. the same as that of

18、the individual assets.22) If the average annual after tax cash flow was $5,101, the after tax net proceeds from sales was $89,514, the initial equity was $60,000 and n was 5, then what is the approximate yield? a. 15.7% b. 14.7% c. 15.2% d. 16.9%23) Systematic risk is defined as a. risk that can be

19、diversified away. b. risk that is diversified away in the market portfolio. c. the variability of all risky assets caused by macroeconomic variables. d. the variability of all risky assets caused by conditions unique to individual assets.24) The major duties of an investment management company are:I

20、. handling of redemptions and dividendsII. investment research and portfolio managementIII. recommending stocks and bonds to investorsIV. arranging bank loans for fund investors a. I, II & III b. II only c. I & II d. I, II, III & IV25) Individuals with near-term, high-priority goals should select: a

21、. high risk, short term investments. b. high risk, long term investments. c. low risk, short term investments. d. low risk, long term investments.26) A portfolio that has a negative beta: a. has an expected return less than the risk-free rate. b. cannot exist. c. none of these answers. d. has an exp

22、ected return more than the markets expected rate.27) Two countries, Gaziabad and Jhumritalayya, have well-developed stock markets. The covariance between their national market indices is 0.04. Gaziabads index has a 20% standard deviation while Jhumritalayya displays a standard deviation of 27%. Gazi

23、abads index has an expected return of 31% while that of Jhumritalayya has an expected return of 42%. An international investor who invests 35% of his wealth in Gaziabad and the rest in Jhumritalayya can expect an expected return of _ and a standard deviation of _. a. 38%; 23% b. 39%; 25% c. 33%; 26%

24、 d. 35%; 26.5%28) Which of the following is NOT one of the four decisions to be made in an individuals investment strategy? a. Determine the regulatory constraints governing the investment process. b. Assign policy weights to each eligible asset class. c. Decide on which specific securities will be

25、purchased. d. Identify the asset classes to be used for investments.29) The _ interest rate represents the pure time value of money. a. long-term borrowing b. risk-free c. nominal d. compounded30) The _ of an investment company depends on the companys portfolio of stocks. a. none of these answers b.

26、 liquidity of the shares c. value of the shares d. bond-rating31) The basic interest rate assuming no inflation and no uncertainty about cash flow is called the _ risk-free rate. a. subjective b. nominal c. real d. objective32) If investors become more risk averse, and expected real growth increases

27、, the slope of the security market line (SML) will _ and will shift _. a. increase; upwards b. increase; downwards c. decrease; upwards d. decrease; downwards33) Stock As variance is 25% and its covariance with stock B is 20%. If the correlation coefficient between the stocks is 0.3, the variance of

28、 stock B is _. * 1,778% * 177.8% * 1.778% * 17.78%34) Given that the risk premium on the market is 14%, and the beta on an asset is 0, what would be the risk premium on the asset? a. 4.4% b. Not enough information c. 0% d. 2%35) The Capital Market Line reflects risk in terms of a. Sharpe ratio. b. c

29、oefficient of variation. c. beta. d. standard deviation.36) The excess return on stock Z with beta of 0.88 is 6.3%. If the markets expected return is 13.2%, the risk-free rate equals _. a. 6.19% b. 6.04% c. 5.76% d. 5.91%37) As a portfolio manager of an Asia Pacific Equity Fund, which of the followi

30、ng affect your decision on investments in portfolio which replicates the returns of the Nikkei index. (Assume redemptions = new investment).I. business riskII. liquidity riskIII. exchange rate riskIV. country risk a. I & II b. I, II, III, & IV c. I, II, & IV d. III & IV e. II, III, & IV38) The corre

31、lation coefficient between a risk-less asset and the market portfolio over the investment horizon equals _. a. one b. none of these answers c. zero d. indeterminate39) Portfolio theory assumes that a. investors are risk averse. Given a choice between investing in two assets with the same returns, they will invest in the asset with the lower risk. The purchase of insurance is an indicat