金融市场与金融机构练习三参考答案.docx

1、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、Multiple Choice Questions（60小题，共60分）(1分)1、Financial institutions that are formed under a trust deed and attract funds by inviting the public to buy units are:A.finance companiesB.b

2、uilding societies.C.unit trusts.D.life insurance offices.答案：C(1分)2、Financial markets:A.act as intermediaries between borrowers and savers.B.directly issue claims on savers to borrowers.C.involve the buying and selling of existing financial securities only.D.involve both primary and secondary transac

3、tions.答案：D(1分)3、Liquidity in financial terms isA.a feature of money only.B.the ease with which an asset can be sold at the published market price.C.the best measure of risk of a financial asset.D.to lower the rate of return for an asset.答案：B(1分)4、When an individual has immediate access to their fund

4、s from an account with a financial intermediary, the intermediary is engaging in:A.asset transformation.B.liability management.C.liquidity management.D.credit transformation.答案：C(1分)5、The market that includes individuals, companies and governments in the buying and selling of long-term debt and equi

5、ty securities is the:A.currency market.B.debt market.C.capital market.D.financial market.答案：C(1分)6、The major financial assets traded in the capital market are:A.bank bills and commercial paper.B.Treasury notes and certificates of deposits.C.bonds and convertible securities.D.shares and bonds.答案：D(1分

6、)7、Which of the following would be most likely to use financial markets to borrow?A.A household with a small amount savedB.A small business wanting to borrow to buy some machineryC.A government authority wanting to borrow to finance highway constructionD.A company with a poor credit rating答案：C(1分)8、

7、Both real and financial assets have four principal attributes that are significant factors in the investment decision process. These are:I. liquidityII. capital gainIII. riskIV. return or yieldV. time pattern of future cash flowsVI. price and cash flow volatilityA.I, II, III, IVB.I, III, IV, VC.I, I

8、II, IV, VID.II, III, IV, V答案：B(1分)9、For additional funding, a company decides to issue $15 million in corporate bonds. The securities will be issued into the:A.retail markets.B.secondary markets.C.money markets.D.capital markets.答案：D(1分)10、Which of the following categories represents the most signif

9、icant proportion of total market-rate-related off-balance-sheet business of the banks?A.Currency swap agreementsB.Foreign exchange contractsC.Interest rate swapsD.Interest rate futures答案：C(1分)11、Which of the following statements about direct credit substitutes provided by a commercial bank is incorr

10、ect?A.They are provided to support a clients financial obligations.B.An example of a direct credit substitute is a bank guarantee.C.The bank provides funding to a third party instead of the client providing the funding.D.With a direct credit substitute a banks client can raise funds directly from th

11、e financial markets.答案：C(1分)12、Which of the following is NOT associated with the purpose of regulating financial institutions?A.Providing stability of the money supplyB.Directing flow of funds to priority areasC.Maintaining the soundness and stability of the financial systemD.Lowering the cost of fu

12、nds答案：D(1分)13、A large commercial bank operating in the international markets will generally apply to the banks supervisor to use the _ to credit risk.A.advanced internal ratings-based approachB.foundation external ratings-based approachC.standardised approachD.standardised approach with external rat

13、ings答案：A(1分)14、Part of a banks liquidity management is to hold a portfolio of:A.term loans.B.mortgages.C.Commonwealth government securities.D.credit card loans.答案：C(1分)15、With regard to bank bills, the actual role of the acceptor is to:A.provide the initial funding.B.act as mediator between the borr

14、ower and bank.C.issue the bank bill.D.pay the face value of the funds to the holder at maturity.答案：D(1分)16、Which of the following is incorrect in relation to bill financing?A.The drawer is the party seeking the funds.B.If a bank accepts the bill this enhances its credit quality.C.An issuer will seek

15、 to sell the bill in the market at the highest yield.D.Bills are sold at a discount to face value.答案：C(1分)17、A bank provides a loan of $1 million to a company that has an A rating. Calculate the dollar value of capital required under the capital adequacy requirements to support the facility.A.$16 00

16、0B.$40 000C.$80 000D.$120 000答案：B(1分)18、When an investment bank guarantees a certain price for a company issuing new shares, it is acting as a/an:A.auctioneer.B.broker.C.dealer.D.underwriter.答案：D(1分)19、When an investment bank helps a company sell large parcels of shares directly to institutional inv

17、estors, this is called:A.due diligence.B.placement.C.securitisation.D.underwriting.答案：B(1分)20、Superannuation funds that aim at delivering a longer term income stream and capital appreciation by acquiring a diversified asset portfolio across a wider risk spectrum are classified as:A.managed growth fu

18、nds.B.capital guaranteed funds.C.balanced growth funds.D.capital stable funds.答案：C(1分)21、Since the early 1990s, public unit trusts have seen the largest growth in assets in:A.cash and deposits.B.long-term government securities.C.equities and units in trusts.D.land and buildings.答案：C(1分)22、A primary

19、aim of corporate management should be to:A.maximise the companys profit.B.maximise the number of shareholders.C.maximise the shareholders wealth.D.minimise the companys costs.答案：C(1分)23、A well-developed secondary market is likely to:A.aid in raising extra finance.B.help manage risk exposures of inve

20、stors.C.help with corporate agency problems.D.include all of the given answers.答案：D(1分)24、In options markets, option premiums are paid by:A.option writers to buyers.B.option buyers to sellers.C.both option buyers and sellers.D.put option buyers only.答案：B(1分)25、The finance required by a company to fu

21、nd its day-to-day operations is called:A.daily financing.B.operational financing.C.operational capital.D.working capital.答案：D(1分)26、A pro-rata share rights offer means that the offer:A.must be made to all the stakeholders of a company.B.must be made to bond holders and shareholders who get their off

22、er in before a cut-off date.C.must be made to shareholders on the basis of the number of shares already held.D.is made only to the shareholders with the largest number of shares on the share register at a cut-off date.答案：C(1分)27、Any unpaid dividends that must be paid before payment of dividends to o

23、rdinary shareholders are called _ preference shares.A.participatingB.cumulativeC.non-cumulativeD.secured答案：B(1分)28、Share placements may, subject to compliance with certain regulations, be made to institutional investors. Which of the following conditions is NOT a requirement of the Australian author

24、ity ASIC for share placements?A.The placement should consist of minimum subscriptions of $500 000, or be made up of not more than 20 participants.B.The discount from current market price should not be excessive.C.Under no circumstances should placements be in excess of 10% of the issued shares permi

25、tted.D.There is no need to register a prospectus, but a memorandum of information detailing the companys activities should be sent to all participants.答案：C(1分)29、When an investor purchases units in a unit trust, this is known as _ investing.A.absoluteB.directC.indirectD.value答案：C(1分)30、Which financi

26、al ratio is used to measure a companys ability to meet its short-term financing?A.DebtB.LiquidityC.Capital structureD.Profitability答案：B(1分)31、If a company offers a one-for-five bonus issue and the current share price cum-bonus is $7.50, the theoretical value of each share ex-bonus is:A.$7.50B.$6.25C

27、.$6.00D.$5.00答案：B(1分)32、Which of the following statements regarding an efficient capital market is correct?A.All securities that investors would like to invest in are listed.B.All transactions are closed out and settled within two days.C.Current prices reflect all current information.D.The lowest in

28、terest rates are offered.答案：C(1分)33、The greater the degree of systematic risk, the:A.higher the expected share price.B.higher the expected rate of return.C.lower the expected return on a share.D.closer a shares beta will be to 1.答案：B(1分)34、The weak form of the efficient market hypothesis denies the

29、use of:A.technical analysis, but supports fundamental analysis as valid.B.fundamental analysis, but supports technical analysis as valid.C.both technical analysis and fundamental analysis.D.technical analysis, but is silent on the possibility of successful fundamental analysis.答案：D(1分)35、At which le

30、vel of market efficiency does the efficient market hypothesis support the technical analysis approach to future share price determination?A.Weak-form efficiencyB.Semi-strong form efficiencyC.Strong-form efficiencyD.None of the given answers答案：D(1分)36、Consider the following five statements:i. Technic

31、al analysts rely on very sophisticated technical models of the macroeconomic environment.ii. Since all chartists are confronted with identical share price data, they should identify very similar patterns and generate identical buy and sell signals from the data.iii. A chartist will draw resistance levels at higher share price levels where an increase in supply halts price increases.iv. Chartists will draw support lines at lower price levels where an increase in demand halts a price fall.v. The random walk hy